Strong Performance, Future-Focused Strategy Highlighted at Annual Meeting

MGE Energy’s 2026 Annual Meeting of Shareholders in mid-May highlighted the Company’s continued financial strength and disciplined investment strategy to ensure safe, reliable, affordable and sustainable energy for the future.

Strong financial results

MGE Energy marked 50 years of consecutive dividend increases in 2025. The Company’s Board of Directors increased the annualized dividend growth rate by 5.6% to $1.90 per share. In the last five years, shareholders have seen a compound annual growth rate in dividends of 5%.

“This disciplined approach—to retain a greater share of earnings—enables the Company to invest for long-term value creation, system reliability, upgrades to infrastructure and growth opportunities that support steady earnings over time,” said Executive Vice President – Chief Financial Officer and Treasurer Jared Bushek.

Bushek highlighted steady earnings performance in 2025, with earnings per share of $3.72, up from $3.33 the previous year. Over the past five years, the Company has achieved a compound annual earnings growth rate of 7.4%, reflecting operational excellence and responsible investment across its regulated electric and gas businesses.

Recent investments in clean energy continue to support the Company’s growth. In 2025, MGE added new solar capacity through the Darien Solar project in Rock and Walworth counties and enhanced system reliability with battery storage at the Paris Solar-Battery Park in Kenosha County.

Future investment for continued growth

Bushek noted the Company’s strong financial foundation and high credit ratings continue to support significant capital investment. The Company expects to invest roughly $1.5 billion in renewable energy and battery storage between 2015 and 2030, contributing to long-term earnings growth while advancing sustainability goals.

A recent $250 million equity offering completed in May also will provide additional financial flexibility to support future capital needs and investments. 

Balancing affordability, reliability and sustainability 

Chairman, President and CEO Jeff Keebler emphasized MGE’s continued focus on balancing affordability, reliability and sustainability, all of which are foundational to serving as your community energy company.

Keebler said Wisconsin has consistently ranked among the most affordable for electric bills, and MGE has managed to control costs, keeping rate increases below the rate of inflation in recent years.

“We know our obligation extends beyond safety and reliability—maintaining energy affordability and working with our customers to manage their bills helps keep both our communities and our Company strong,” Keebler said.

Keebler noted the Company also continues to deliver top-ranked electric reliability, consistently ranking among the best utilities in the nation.

Investing in sustainable energy, reliability and grid stability

Keebler also discussed how the Company is planning for the future as the energy industry—and customers’ needs—continue to evolve. MGE continues to expand renewable generation and battery storage while maintaining reliable service through a balanced energy mix.

MGE is seeking regulatory approval to purchase a 33% share of the existing RockGen Energy Center, a natural gas-fired power plant. If approved by State regulators, this investment will provide flexible, dispatchable power to support reliability, especially during periods when renewable generation is limited.

“MGE uses renewables first. Even with our ongoing growth in battery storage, the intermittency of renewable generation still requires firm capacity, such as gas, to ensure reliable service to our customers,” Keebler said. “Flexible natural gas generation plays a necessary supporting role during this transition while other technologies, such as battery energy storage and others, continue to mature.”

Preparing for emerging energy needs

Large energy users, such as data centers, continue to show interest in the region and in MGE’s service territory. Data centers require highly reliable, resilient and scalable electric service.

Keebler discussed the Company’s approach to serving data centers and their potential impact, emphasizing that any growth would be managed carefully within Wisconsin’s regulatory framework. State regulation helps to ensure that new large customers pay the incremental costs required to serve them, protecting existing customers from cost impacts.

“Our deliberate and thoughtful approach, within our public and transparent regulatory process, serves to ensure fairness for all customers,” Keebler said.

Looking ahead

“Our approach is future-forward,” Keebler said, noting the Company’s commitment to innovation and growth while maintaining its obligation to serve and its values as your community energy company.

With continued investment in infrastructure, clean energy and system resilience, MGE Energy is positioned to support customers, communities and shareholders for years to come.

Watch the webcast

Directors James Berbee, Londa Dewey and Angela Rieger were each reelected to serve three-year terms on the board. For more from the 2026 annual meeting, watch the webcast at virtualshareholdermeeting.com/mgee2026.