MGE Energy Inc. · NASDAQ:MGEE
MGE Energy — EEI Financial Conference 2026
33 slides from MGE Energy's conference presentation, Nov 5, 2026
Slide 1: EEI Financial Conference November 2026
EEI Financial Conference November 2026 1
Slide 2: Cautionary Note – Forward-Looking Information
Cautionary Note – Forward-Looking Information Certain matters discussed in this presentation include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that are not statements of historical facts are, or may be deemed to be, forwar
Slide 3: Company Mission and Values
Company Mission and Values MGE Energy is an investor-owned public utility holding company headquartered in the state capital of Madison, Wis. MGE Energy is the parent company of MGE, your community energy company. With roots in the community dating back more than 150 years, the utility provides affo
Slide 4: Company Highlights
Company Highlights Diversified Customer Base and Revenue Profile Regulated, Highly Visible Growth Resilient Revenue Stream and Customer Base Forecasted capital investment of ~$2.0B from 2027 through 2031 • Electric service to ~170,000 customers located in • Increased dividend by 7% in 2026 the city
Slide 5: Core Businesses Aligned to Pure Play Regulated Utility Strategy
Core Businesses Aligned to Pure Play Regulated Utility Strategy Madison Gas and Nonregulated Transmission Energy Investment All Others3 Electric Company (3) (Leased Generation)1 (ATC)2 Regulated electric and natural gas utility (~75% of 2025 net income) Non-regulated generation resources providing e
Slide 6: Earnings and Dividends Growth
Earnings and Dividends Growth Diluted Earnings Per Share Dividends Per Share $3.72 $1.85 $1.76 $3.33 $1.67 $3.25 $1.59 $3.07 $1.52 $2.92 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Increased Dividend by 7% in Q3 2026 51 Consecutive Years of Dividend Growth 6 See slides 31-32 for endnotes.
Slide 7: Service Territory Highlights
Service Territory Highlights MGE's service territory is anchored by Wisconsin’s premier growth market, supported by a diversified economy, leading employers, and sustained population growth. • Dane County projected ~43% population growth through 2050 – highest in Wisconsin1 • Seat of State governmen
Slide 8: Constructive Regulatory Environment
Constructive Regulatory Environment • Forward-looking test years • Historical approval of various expense deferrals • Fuel Rules (2% bandwidth) and Gas Cost Recovery Mechanism • Preapproval from regulator for major construction projects (Certificate of Authority projects) • Current return on 50% of
Slide 9: PSCW Regulators
PSCW Regulators WISCONSIN PARTY TERM BEGAN TERM ENDS COMMISSIONERS Summer Strand (Chair) D Mar 2023 Mar 2029 Kristy Nieto* D Feb 2024 Mar 2031 Marcus Hawkins* D Apr 2024 Mar 2027 * Pending confirmation • PSCW Commissioners remain focused on stability and prudent management of the regulatory compact
Slide 10: Current and Upcoming Rate Cases
Current and Upcoming Rate Cases 2026–2027 Rate Case Outcomes TERMS APPROVED ($000s where applicable) 2026 TY 2027 TY Average Electric Rate Base $1,346,269 $1,537,938 Average Gas Rate Base $375,594 $393,558 Average Common Stock Equity $1,115,374 $1,180,187 Regulatory Equity Layer 56.09% 56.05% Author
Slide 11: Customer Affordability
Customer Affordability Average residential electric customer bill as percentage of Wisconsin median household income1,2 2.25% 2.00% MGE works hard to keep costs at an affordable level for all customers. An MGE residential 1.75% electric customer bill as a percentage of 1.63% customer wallet at 1.45%
Slide 12: Prepared to Serve Large-Load Customers
Prepared to Serve Large-Load Customers MGE has taken steps to prepare to serve future large-load customers. MGE will take appropriate steps to disclose large-load commitments and impacts, if one would materialize and locate with the MGE service territory. MGE filed Very Large Customer (VLC) and Besp
Slide 13: Capital Program Focused on Reliability and Sustainability
Capital Program Focused on Reliability and Sustainability 1 Projected Capital Expenditures $594 $600 Includes ~$203 million RockGen Purchase $400 $345 $349 $354 $358 ($ millions) $200 $0 2027 2028 2029 2030 2031 2 Electric Utility Gas Utility Nonregulated Total 5-Year Capital Expenditures: $2.0 bill
Slide 14: Balanced Funding Approach for Capital Investment Plan
Balanced Funding Approach for Capital Investment Plan Backed by Solid Balance Sheet and Strong Cash Flows Financing capital investments with internally generated cash flow and a balance of new debt and common equity • Financing mix to support MGE’s authorized equity layer • 100% of equity needs thro
Slide 15: Strong Credit Ratings
Strong Credit Ratings 1 S&P (UTILITY RATINGS) MOODY'S (UTILITY RATINGS) Corporate credit AA- Secured Aa2 Business risk Excellent Unsecured A1 Commercial paper A-1+ MGE works hard Commercial to keep costs an affordable paper P-1 level for all customers. An MGE residential electric customer Outlook St
Slide 16: Acquisition of Joint Interest in RockGen Energy Center
Acquisition of Joint Interest in RockGen Energy Center MGE to acquire 168 MW (33.4%) of the RockGen natural gas-fired plant from Dairyland Power Cooperative • $203 million transaction expected to close in late 2027, subject to PSCW approval • Cost-effective natural gas plants add needed reliability
Slide 17: Clean Energy Investments Driving Growth
Clean Energy Investments Driving Growth 17
Slide 18: Expanding Generation and Storage Portfolio
Expanding Generation and Storage Portfolio MGE Anticipated MGE MGE Anticipated Anticipated Project Source Nameplate Investment Ownership Approval In-Service Date Capacity ($M)1 Interest Sunnyside Solar 20 MW $422 100% Approved 2026 Koshkonong Solar 30 MW $632,3 10% Approved 2026 High Noon Solar 30 M
Slide 19: Expanding Generation and Storage Portfolio
Expanding Generation and Storage Portfolio MGE Anticipated MGE MGE Anticipated Anticipated Project Source Nameplate Investment Ownership Approval In-Service Date Capacity ($M)1 Interest Sunnyside Battery 40 MW $702 100% Approved 2027 Darien Battery 7.5 MW $182,3 10% Approved 2027 Koshkonong Battery
Slide 20: Ongoing Transition Toward Cleaner Energy
Ongoing Transition Toward Cleaner Energy Climate Transition and Our Business MGE Energy is investing in renewable generation and innovative energy solutions to advance portfolio sustainability while improving grid resilience and maintaining 2050 energy affordability. The company continues to work to
Slide 21: Appendix
APPENDIX ENERGY.
Slide 22: Third Quarter EPS by Segment
Third Quarter EPS by Segment Three Months Ended September 30 22
Slide 23: Year-to-Date EPS by Segment
Year-to-Date EPS by Segment Nine Months Ended September 30 23
Slide 24: Strong Record of Regulated Asset Growth
Strong Record of Regulated Asset Growth $3,000 $2,500 Net PP&E + CWIP ($millions) $2,000 $1,500 $1,000 $500 $- 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 24
Slide 25: Electric Utility Mix
Electric Utility Mix Twelve Months Ended December 31, 2025 Electric Retail Revenues Electric Retail Volumes Electric Customers 56% 87% 52% 38% 28% 5% 8% 11% 13% 2% Residential Commercial Industrial Other 25
Slide 26: Gas Utility Mix
Gas Utility Mix Twelve Months Ended December 31, 2025 Gas Revenues Gas Volumes Gas Customers 37% 90% 38% 59% 10% 37% 26% 3% Residential Commercial/Industrial Other 26
Slide 27: Allowance for Funds Used During Construction (AFUDC)
Allowance for Funds Used During Construction (AFUDC) AFUDC-Eligible Projects Anticipated MGE Anticipated Anticipated Source Excluded from Rate Case Investment ($M)1 Approval In-Service Badger Hollow Wind $36 Approved 2027 Dawn Harvest Solar $34 Approved 2027 Forward Repower Wind $14 Approved 2027 20
Slide 28: Leased Generation Facility Investments
Leased Generation Facility Investments Elm Road West Campus Generating Cogeneration Facility Station (WCCF)1 (ERGS)2,3 Fuel Type Natural Gas Coal Capacity Owned by MGE Energy 157 MW 106 MW Lease Agreement Equity Ratio / ROE 53.0% / 12.1% 55.0% / 12.7% Base Lease Term 30 Years 30 Years Unit 1: 2040 B
Slide 29: Transmission Investment Outlook
Transmission Investment Outlook MGE Energy anticipates transmission investment opportunities later this decade through American Transmission Company (ATC) • MGE Energy holds 3.6% equity ownership interest in ATC1 • Federal Energy Regulatory Commission (FERC)-regulated formula rates provide predictab
Slide 30: ESG – Disclosures
ESG – Disclosures Below are links to ESG information: Corporate Responsibility and Sustainability Report EEI-AGA Quantitative Template EEO-1 Data Report MGE works hard to keep costs an affordable level for Task Force on Climate-Related Financial Disclosures Report all customers. An MGE residential e
Slide 31: Endnotes
Endnotes: Slide Notes 1. Customer and revenue mix as of December 31, 2025. 2. A credit rating is not a recommendation to buy, sell or hold securities and may be lowered or withdrawn by the rating agency at any time. 4 3. Compound annual growth rate (CAGR) of earnings per share refers to the period b
Slide 32: Endnotes
Endnotes: Slide Notes 15 1. A credit rating is not a recommendation to buy, sell or hold securities and may be lowered or withdrawn by the rating agency at any time. 1. Excluding AFUDC 2. MGE received PSCW approval to recover 100% AFUDC 18 3. Estimated costs are expected to exceed PSCW previously ap
Slide 33: Thank you.
Thank you. [email protected] Learn more at mge.com.