MGE Energy — Third Quarter 2026 Earnings Summary

Financial Performance

• GAAP earnings for the third quarter of 2026 were $56.4 million ($1.48 per diluted share), up from $44.5 million ($1.22 per diluted share) in the same period of 2025.
• Operating revenues for the three months ended September 30, 2026, were $190.4 million, compared to $175.7 million in 2025.
• Operating income for the three months ended September 30, 2026, was $58.1 million, compared to $51.1 million in 2025.
• Net income for the nine months ended September 30, 2026, was $138.2 million, compared to $112.6 million in 2025.
• Earnings per share (diluted) for the nine months ended September 30, 2026, were $3.70, compared to $3.08 in 2025.
• Investment gains increased by approximately $2.2 million in the third quarter of 2026 compared to the prior year, driven by returns from venture capital funds focused on energy technologies.

Business Segments and Product Lines

• Electric segment earnings increased by $11.6 million in 2026 compared to 2025, driven by strategic capital investments that expanded the rate base.
• The electric segment earnings growth was largely driven by the successful deployment of key renewable energy projects.
• Allowance for funds used during construction (AFUDC) equity increased by $3.3 million in the third quarter of 2026 compared to the prior year, associated with the construction of Koshkonong, High Noon, Sunnyside, and other early development projects.
• Gas net income remained stable compared to the third quarter of 2025.

Other Key Points

• MGE Energy is a public utility holding company whose principal subsidiary, Madison Gas and Electric, serves 170,000 electricity customers in Dane County, Wisconsin, and 180,000 natural gas customers in seven south-central and western Wisconsin counties.
• The company has roots in the Madison area dating back more than 150 years.