Wec Energy Group, Inc. · NYSE:WEC
Wec Energy — Q3 2026 Earnings Presentation
53 slides from Wec Energy's earnings presentation, Oct 29, 2026
Slide 1: Transforming the Future: Investor Update September 2026
TRANSFORMING THE FUTURE Investor Update: September 2026 1
Slide 2: Cautionary Statement Regarding Forward-Looking Information
Cautionary Statement Regarding Forward-Looking Information Much of the information contained in this presentation is forward-looking information based upon management’s current expectations and projections that involve risks and uncertainties. Forward-looking information includes, among other things
Slide 3: A Premier Energy Company in America's Heartland
A Premier Energy Company in America’s Heartland $34.6 billion market cap* 4.8 million retail customers $52.8 billion of assets 60% ownership of American Transmission Company Ranked first overall in the 2025 E Source Large Business Customer Satisfaction Study * As of Aug. 31, 2026 3
Slide 4: History of Consistent, Strong Earnings and Dividend Growth
Exceeded or achieved EPS guidance for multiple decades History of Consistent, Strong Earnings and Dividend Growth Earnings Per Share Annualized Dividends Per Share $6 ~6.7% CAGR1 $4 ~6.9% CAGR $3.81 $5.51-$5.61 $5 $3 $4 $3 $2 $2 $1 $1 3 4 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E '15 '16 '17
Slide 5: Consistent Performance Over Time
Consistent Performance Over Time 22 consecutive years of exceeding or meeting top end of earnings guidance* * On an adjusted basis 5
Slide 6: Robust Long-Term EPS Growth Outlook
Robust Long-Term EPS Growth Outlook $5.22 2025 2026 2027 2028 2029 2030 1. Growth rate based on $5.22 per share, the midpoint of our 2025 adjusted guidance. 6
Slide 7: Strong Dividend Growth Continues
Strong Dividend Growth Continues In January, dividend was raised by 6.7% to a new annual rate of $3.81 per share* 23rd consecutive year of rewarding shareholders with higher dividends Top-decile dividend growth in industry** Included in S&P's High Yield Dividend Aristocrats Index Expect to
Slide 8: What's New?
What’s New? Oak Creek Site Construction 1,100 MW CTs (left) 2 Bcf LNG storage (right) 8
Slide 9: Point Beach Power Purchase Agreement (PPA) Extension
Point Beach Power Purchase Agreement (PPA) Extension WEC entered into an agreement with NextEra to extend the Point Beach PPA for ~1GW of carbon-free capacity Unit 1 extended from Oct 2030 to Oct 2050 Unit 2 extended from Mar 2033 to Mar 2053 The PPA extension is expected to result in saving
Slide 10: Very Large Customer (VLC) Tariff Approved
Wisconsin Very Large Customer (VLC) Tariff Approved Meets the unique needs of very large customers while protecting other customers and shareholders Applies to customers with 100 MW or more of forecasted new load Customer subscribes to a portion of one or more dedicated new generation resources
Slide 11: Wisconsin Rate Reviews
Wisconsin Rate Reviews On April 1, Wisconsin Electric, Wisconsin Gas and Wisconsin Public Service filed applications with the state Public Service Commission In 2027, we’ll focus our investment on: Typical Wisconsin Electric Building infrastructure needed to support jobs and economic growth in and
Slide 12: Wisconsin Rate Review Summary
Wisconsin Rate Review Summary Wisconsin Electric Wisconsin Gas Wisconsin Public Service Electric Natural Gas Natural Gas Electric Natural Gas Current ROE 9.8% 9.8% 9.8% 9.8% 9.8% Current Equity Ratio 53.0% 53.0% 53.0% 53.0% 53.0% Proposed ROE 9.9% 9.9% 9.9% 9.9% 9.9% Proposed Equity Ratio 53.5% 53.5
Slide 13: Illinois Rider Settlement Approved
Illinois Rider Settlement Approved The Illinois Commerce Commission (ICC) approved the settlement agreement among Peoples Gas (PGL), North Shore Gas (NSG), the Illinois Attorney General, CUB, and ICC Staff to resolve all issues related to 12 open dockets for a total of approximately $2.3 billion, ex
Slide 14: Illinois Rate Reviews
Illinois Rate Reviews In January, Peoples Gas and North Shore Gas filed applications with the Illinois Commerce Commission: Peoples Gas North Shore Gas Current ROE 9.38% 9.38% Current Equity Ratio 50.79% 52.58% Proposed ROE 10.10% 10.10% Proposed Equity Ratio 54.0% 54.0% Forecasted 2027 Rate Base $4
Slide 15: Powering Industry Leaders in Our Region
Powering Industry Leaders in Our Region 15
Slide 16: Longer-Term Sales and Load Growth Remain Strong
Wisconsin Segment Longer-Term Sales and Load Growth Remain Strong Sales Growth Forecast (weather-normalized) Year-Over-Year 2026-2030 2028-2030 expecting to add 3.9 GW (~45%) Electric 6.0%-8.0% of electric demand Gas 0.7%-1.0% 16
Slide 17: 2.6 GW of Demand Forecasted through 2030
Strong Regional Growth 2.6 GW of Demand Forecasted through 2030 Robust demand along I-94 Milwaukee to Chicago corridor: Microsoft Data Center Announced investment of $20+ billion $7.3 billion – Phase 1 and 2 $13 billion - Additional Building 15 additional data centers beyond Phase 1 and 2
Slide 18: 1.3 GW of Demand Forecasted through 2030
Strong Regional Growth 1.3 GW of Demand Forecasted through 2030 Vantage Data Centers is developing a large campus that will be part of OpenAI and Oracle’s partnership for the Stargate expansion: Four data center buildings under construction on 670 acres with expected investment of $15+ billion in
Slide 19: Largest Five-Year Capital Plan in Company History
2026-2030 Capital Plan Supports 7.0% to 8.0% Long-Term EPS Growth Largest Five-Year Capital Plan in Company History $37.5 $4.1 $7.1 Electric Transmission (ATC)* $4.7 Gas Distribution** $1.3 Electric Distribution WI LNG Capacity Electric Generation $20.3 $ In billions 2026-2030 *ATC is accounted for
Slide 20: Capital Plan Drives EPS Growth
$37.5 Billion Projected Capital Spend From 2026-2030 Capital Plan Drives EPS Growth 10,000 9,000 $8,275 $7,752 $7,852 $7,946 8,000 901 802 886 896 7,000 1,378 1,336 6,000 $5,675 1,611 1,469 Electric Transmission (ATC)* 657 805 1,025 5,000 946 973 Gas Distribution** 326 623 1,287 82 112 4,000 Electri
Slide 21: Diverse Portfolio of Businesses
Diverse Portfolio of Businesses 2030E Asset base 2025A Asset base $59.6 billion $34.2 billion 10% 4% 10% 5% 9% 2% Electric generation and distribution Natural gas distribution By Business 49% LNG (distribution and generation) 23% WECI 58% 30% Electric transmission* 11.7% CAGR 10% 10% 3% 4% 9% WI IL
Slide 22: Investing $12.6 Billion in Regulated Renewables
2026-2030 Capital Plan Investing $12.6 Billion in Regulated Renewables Solar Battery Storage Wind 3,850 MW 2,130 MW 555 MW $7.9 billion $2.9 billion $1.8 billion Grand Total 6,535 MW $12.6 billion Dollars exclude capital spend outside of 2026-2030. 22
Slide 23: Investing $7.4B in Our Thermal Generation Fleet and LNG Capacity
2026-2030 Capital Plan Investing $7.4B in Our Thermal Generation Fleet and LNG Capacity Investing $6.1B in our thermal generation fleet Investing $1.3B in LNG storage facilities Modern, efficient natural gas generation serves as a critical LNG provides a solution to ensure gas supply for resource in
Slide 24: Future Transmission Investment
Future Transmission Investment WEC portion of ATC investment expected from 2026-2030: $4.1 billion Capital Drivers*: Projected Capital Expenditures (millions) Economic Growth $1,477 $1,493 $1,502 $1.4 billion $1,337 LRTP $1,095 Tranche 1 $896 $901 $886 $802 $700 million $657 Tranche 2
Slide 25: Pipe Retirement Program (PRP)
Illinois Pipe Retirement Program (PRP) Plan to retire over 1,000 miles of older, cast and ductile iron pipe (less than 36 inches in diameter) Annual investment for pipe replacement expected to ramp up to $500 million in 2028 ICC ordered program to be complete by January 1, 2035 25
Slide 26: Projected Cash Flows and Financing Plan
Projected Cash Flows and Financing Plan ($ in billions) 2026-2030 Common Equity $5.3 - $5.7 Incremental Debt 2 $14.2 - $14.8 Capital Plan 1 $33.3 Cash from Operations $20.5 - $21.5 Dividends $7.6 - $7.8 Cash Uses Cash Sources 1. Excludes ATC’s capital. ATC is accounted for using the equity method. 2
Slide 27: Credit Quality — Maintaining a Healthy Balance Sheet
Credit Quality — Maintaining a Healthy Balance Sheet FFO/Debt Metrics 2026-2030 Current Issuer Credit Ratings WEC Energy Group Target Entity S&P Rating Moody’s Rating S&P WEC Energy Group A- Baa1 >15% FFO to Debt Wisconsin Electric A- A2 Moody’s >16% Wisconsin Gas A A3 CFO Pre-WC/Debt Wisconsin Publ
Slide 28: Coal Generation
Coal Generation Since 2018, we have retired nearly 2,500 MW of fossil fuel generation Retirements planned: Oak Creek Units 7-8: 611 MW (targeting end of 2027)* Weston Unit 3: 328 MW (expected end of 2031) Enhancing fuel flexibility (gas blending) at Oak Creek Power the Future units and Wes
Slide 29: Tracking Carbon Reduction
Electric Generation Tracking Carbon Reduction Achieved CO2 reductions (net mass) 0 -20 -40 -53% Goal*: -60 Net carbon -80 neutral by end of 2050 -100 2005 2025 * We have paused our near-term reduction goals due to a combination of factors, including tightened energy supply requirements in the Midwes
Slide 30: Key Takeaways for WEC Energy Group
Key Takeaways for WEC Energy Group Consistent, strong earnings growth Top-decile dividend growth Capital plan supported by economic growth Drives premium long-term EPS growth of 7.0% to 8.0% on a compound annual basis 100% of capital allocated to regulated businesses Poised to deliver am
Slide 31: Appendix
Appendix Waw Vz Eneroy Group
Slide 32: Electric Generation, Distribution, Natural Gas Distribution, Transmission
Electric Generation Electric Distribution Natural Gas Distribution Energy Infrastructure Electric Transmission 60% ownership 32
Slide 33: Regulated Renewable Generation and Storage Projects: Solar
Regulated Renewable Generation and Storage Projects Anticipated WEC Capacity WEC Investment Anticipated Solar Projects Docket Ownership Approval (MW) ($M) In-Service Koshkonong Solar Park 5-BS-258 270 565E 2026 High Noon Solar Park 5-BS-276 270 576E 2027 Ursa Solar Park 180 406E 2027 5-BS-280 WEPCO/
Slide 34: Regulated Renewable Generation and Storage Projects: Battery and Wind
Regulated Renewable Generation and Storage Projects Anticipated WEC Capacity WEC Investment Anticipated Battery Projects Docket Ownership Approval (MW) ($M) In-Service Darien Battery Park 5-BS-255 68 140E 2027 Koshkonong Battery Park 5-BS-258 149 272E 2027 WEPCO/WPS 90%1 High Noon Battery Park 5-BS-
Slide 35: Thermal Generation and Other Projects
Thermal Generation and Other Projects Anticipated WEC Capacity WEC Investment Anticipated Project Docket Ownership Approval (MW) ($M) In-Service Oak Creek CTs 6630-CE-317 1,100 1,200E 2027/2028 Paris RICE generation 6630-CE-316 128 300E 2027 Approved WEPCO 100% Oak Creek LNG 6630-CG-140 - 456E 2027
Slide 36: Commitment to Stewardship and Governance
Commitment to Stewardship and Governance Responsible Appointed six new independent directors since 2020 — increasing depth Governance of utility experience of our board of directors. Contributed by our companies and foundations to nonprofit $24 million organizations in 2025. Spent with certified min
Slide 37: Exiting Coal
Exiting Coal Electricity Supply by Fuel Type (megawatt-hours delivered to regulated utility customers) 73% 55% 36% 33% 27% 21% Planned exit Net carbon 17% 17% from coal neutral goal 10% 7% 1% 3% 2005 2025 2030E 2032 2050 Coal Natural Gas Nuclear Renewables 37
Slide 38: Investing in Innovation
Clean Energy Pilot Projects Investing in Innovation Organic Flow Battery Storage Columbia Energy Storage Project Leading a pilot project to test a new 20 MW carbon dioxide-based, long ‘green battery’ – a form of long-duration duration battery project being developed energy storage that incorpora
Slide 39: WEC Infrastructure Portfolio
WEC Infrastructure Portfolio Total Project Capacity (MW) Investment (in millions) Wind ● Upstream 200 $307 ● Bishop Hill III 132 166 SD ● Coyote Ridge 97 145 ● Blooming Grove 250 389 ● Tatanka Ridge 155 240 NE OH ● Jayhawk 190 282 IL ● Thunderhead 300 381 KS ● Sapphire Sky 250 442 Solar ● Samson I 2
Slide 40: Infrastructure Investment Summary
Infrastructure Investment Summary Project Ownership Percentage Offtake Agreement WEC Commercial Operations Bishop Hill III Wind Energy Center 90% ownership WPPI Energy – 22 years 8/31/18 Upstream Wind Energy Center 90% ownership Affiliate of Allianz – 10 years 1/10/19 82% ownership and Coyote Ridge
Slide 41: Capital Plan Projections ($ in millions)
Capital Plan Projections ($ in millions) Company 2026 2027 2028 Wisconsin Electric $3,212.1 $4,670.5 $4,666.0 Wisconsin Gas 257.5 296.3 257.7 Wisconsin Public Service 706.3 959.0 999.4 Upper Michigan Energy 47.1 26.7 26.6 Wisconsin Segment $4,223.0 $5,952.5 $5,949.7 Peoples Gas 512.7 680.7 700.0 Nor
Slide 42: Composition of Asset Base
Composition of Asset Base Total 2025 Average Asset Base of $34.2 Billion Company Asset Base - $B % of Total Wisconsin Electric $10.5 30.7% Wisconsin Gas 2.3 6.7 Wisconsin Public Service 5.2 15.2 Upper Michigan Energy Resources 0.5 1.5 Peoples Gas 4.4 12.9 North Shore Gas 0.4 1.2 Minnesota Energy Res
Slide 43: Power the Future Investments
Power the Future Investments Port Washington Oak Creek Expansion (Natural Gas) (Coal/Co-Fire Gas2) Capacity1 1,090 MW 1,030 MW ROE / Equity 12.7% / 53% 12.7% / 55% 2024 Investment Book Value for $790 million $2.4 billion Lease Calculation Purposes1 Base Lease Term 25 years 30 years Unit 1 – July 203
Slide 44: Port Washington Power the Future Lease Renewal
Port Washington Power the Future Lease Renewal WEPCO filed a $227 million Turbine Upgrade project at Port Washington* Three options: Renew the lease First Renewal is 50% of last base term payment for 7 years (Unit 1 – July 2037, Unit 2 – May 2040) Turbine Project earns 100% of the original lea
Slide 45: National Leader in Operating Efficiency and Financial Discipline
National Leader in Operating Efficiency and Financial Discipline 2025 Non-Fuel O&M per MWh* $90.70 $90 $80 $70 $60 $50 $40 $28.51 $30.70 $30 $26.50 $23.90 $19.20 $20.90 $21.60 AVERAGE $18.70 $19.50 $20 $13.40 WEC $10 $0 The top 10 vertically integrated electric utilities by Dec. 31, 2025 market cap
Slide 46: Projected Financing Plans for 2026
Projected Financing Plans for 2026 1 Completed Financing Planned Financing $2,500 Existing Facilities $100 - $500 $2.3B net liquidity $2,000 (as of Aug. 31, 2026) $1,500 (in millions) $1,600 - $2,200 $1,000 $ 2,050 $3.9B $500 $900 - $1,100 $400 $0 2 3 Holding Company Utilities & Energy Infrastructur
Slide 47: Balanced and Diverse Sales Mix
Balanced and Diverse Sales Mix 2025 Retail MWh Deliveries Mix* 33% Large C&I by Segment Paper/Packaging 24% Mining/Minerals 10% Foundry (SIC 33) 8% Large C&I Other Manufacturing 8% Small C&I 36% 33% Medical 7% Metal (SIC 34,35,37) 6% Food/Agriculture 6% Education 4% Residential Chemical 3% and Farm
Slide 48: Regulatory Matters
Regulatory Matters Estimated Decision Date Wisconsin (apps.psc.wi.gov) Decision on Very Large Customer Tariff (Docket: 6630-TE-113 filed 3/31/25) Decision on general rate review for new base rates effective 1/1/2027 Q4 2026 (Dockets: WE and WG: 5-UR-112 and WPS: 6690-UR-129) Illinois (icc.illi
Slide 49: Regulatory Environment
Regulatory Environment Wisconsin Illinois Governor Tony Evers (D) Governor J.B. Pritzker (D) Term ends January 2027 Term ends January 2027 Commission Commission Gubernatorial appointment, Gubernatorial appointment, Senate confirmation Senate confirmation Chairman: Gubernatorial app
Slide 50: Rate-Making Parameters by Company
Rate-Making Parameters by Company Utility Equity Layer1 Authorized ROE Wisconsin Electric – non-VLC/Bespoke 50.50%-55.50% 9.80%2 Wisconsin Electric – VLC/Bespoke 57.00% 10.48%-10.98%3 Wisconsin Public Service 50.50%-55.50% 9.80% Wisconsin Gas 50.50%-55.50% 9.80% Peoples Gas 50.79% 9.38% North Shore
Slide 51: Key Rate-Making Components
Key Rate-Making Components State Illinois Minnesota Michigan Wisconsin Utility Gas Gas Electric and Gas Gas Electric Gas Pipeline Replacement Rider MGU Bad Debt Rider ✓ Bad Debt Escrow Accounting Residential Residential Decoupling ✓ ✓ Fuel Cost Recovery 1 for 1 recovery of prudent fuel costs +/- 2%
Slide 52: Reconciliation of EPS (GAAP) to Adjusted EPS (Non-GAAP)
Reconciliation of EPS (GAAP) to Adjusted EPS (Non-GAAP) 2015 2016 2017 2023 2024 2025 EPS – GAAP basis $2.34 $2.96 $3.79 $4.22 $4.83 $4.81 Acquisition Costs 0.39 0.01 – Integrys Earnings (0.47) Impact of Additional Shares 0.47 Tax Benefit Related to Tax Cuts and Jobs Act of 2017 (0.65) Illinois Disa
Slide 53: Contact Information
Contact Information M. Beth Straka Senior Vice President – Investor Relations and Corporate Communications [email protected] 414-221-4639 Ashley Pless Investor Relations Analyst [email protected] 414-221-4088 53