MGE Energy (MGEE) Q1 2026 earnings summary

Executive summary

• Serves ~170,000 electric and ~180,000 gas customers in south-central and western Wisconsin, with a diversified and resilient revenue stream; 72% of regulated revenue from electric, 28% from gas.

• Strong financial profile with stable earnings growth, 50 consecutive years of dividend increases, and a 5-year EPS CAGR of 7.4%.

• Focused on clean energy transition, targeting net-zero carbon electricity by 2050 and net-zero methane emissions from gas distribution by 2035.

• Constructive regulatory environment with forward-looking test years and preapproval for major projects.

Financial highlights

• First quarter 2026 diluted EPS was $1.32, up from $1.14 in the prior year.

• Full year 2025 diluted EPS reached $3.72, up from $3.33 in 2024.

• 5-year EPS CAGR of 7.4% and dividend CAGR of 5.0% from 2021 to 2025.

• 10-year regulated asset CAGR of 7.6%.

Outlook and guidance

• Forecasted capital investment of $1.9 billion from 2026 through 2030, focused on reliability and sustainability.

• 750 MW of renewable generation and storage additions planned from 2015 through 2030.

• Ongoing transition away from coal, with Elm Road units expected to be fully transitioned to natural gas by 2032.