WEC Energy Group — Q3 2026 Earnings Summary

Financial Performance

• Reported net income of $389.3 million ($1.18 per share) for the third quarter of 2026, compared to $271.3 million ($0.83 per share) in the same period in 2025.
• For the nine months ended September 30, 2026, net income totaled $1.49 billion ($4.54 per share), up from $1.24 billion ($3.85 per share) in the prior year.
• Consolidated operating revenues for the nine months ended September 30, 2026, were $7.8 billion, an increase of $523.9 million from the corresponding period in 2025.
• Operating income for the nine-month period was $1.98 billion, compared to $1.79 billion in 2025.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $3.41 billion, compared to $2.95 billion in 2025.
• Net cash used in investing activities was $3.60 billion for the nine months ended September 30, 2026, compared to $3.57 billion in 2025.
• Net cash provided by financing activities was $246.3 million for the nine months ended September 30, 2026, compared to $691.2 million in 2025.
• Total assets as of September 30, 2026, were $53.9 billion, up from $51.5 billion as of December 31, 2025.
• Long-term debt as of September 30, 2026, was $19.7 billion, compared to $18.5 billion at the end of 2025.
• Deferred revenue, net, stood at $300.3 million as of September 30, 2026, down from $314.2 million at the end of 2025.
• Dividends paid on common stock for the nine months ended September 30, 2026, were $930.8 million, compared to $857.4 million in 2025.

Guidance and Future Outlook

• Raised and narrowed 2026 earnings guidance to a range of $5.60 to $5.64 per share, assuming normal weather for the remainder of the year.
• Previous 2026 earnings guidance was a range of $5.51 to $5.61 per share.
• Management stated the company remains on track to deliver solid financial and operational performance in 2026.

Business Segments and Product Lines

• Retail electricity deliveries (excluding the iron ore mine in Michigan's Upper Peninsula and Very Large Customers in Wisconsin) increased by 3.3% in the third quarter of 2026 compared to the prior year.
• On a weather-normal basis, retail electricity deliveries increased by 0.4% in the third quarter of 2026.
• Electricity consumption by small commercial and industrial customers rose by 3.5%.
• Electricity use by large commercial and industrial customers (excluding the iron ore mine and VLCs) increased by 1.0%.
• Residential electricity use increased by 5.1%.
• The company acquired the Hardin Solar Energy III Center for $3.0 million during the nine months ended September 30, 2026.
• The company paid $170.8 million for an option to acquire projects during the nine months ended September 30, 2026.

Market and Competitive Landscape

• The company serves 4.8 million customers across Wisconsin, Illinois, Michigan, and Minnesota.
• Principal utilities include We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources, and Upper Michigan Energy Resources.
• We Power designs, builds, and owns electric generating plants.
• WEC Infrastructure LLC owns a fleet of renewable generation facilities ranging from South Dakota to Texas.
• The company is a Fortune 500 company and a component of the S&P 500.

Risks and Challenges

• Forward-looking statements are subject to risks including general economic conditions, regulatory decisions, rate cases, and rider reconciliations.
• Risks include unanticipated changes in fuel and purchased power costs, severe weather conditions, and industry restructuring.
• Potential challenges involve electrification initiatives, mandates to reduce natural gas use, and the adoption of new technologies.
• The company faces risks related to cyber-security threats, supply chain disruptions, inflation, and geopolitical developments impacting global economies and fuel prices.
• Specific risks include the financial performance of the American Transmission Company and projects in which the company's energy infrastructure business invests.

Management Commentary and Tone

• Scott Lauber, chairman, president, and CEO, stated that strong results were driven by warmer-than-normal weather, execution of the capital plan, and operating efficiency.
• Management emphasized that a continued focus on business fundamentals is creating value for customers and stockholders.
• The tone regarding the 2026 outlook was confident, citing the company's ability to deliver solid performance.

Other Key Points

• A conference call was scheduled for 1 p.m. Central time on October 29, 2026, to review earnings and outlook.
• The company has approximately 31,000 stockholders of record and 7,000 employees.
• Total assets exceeded $53 billion as of the reporting period.
• The company issued $2.40 billion in long-term debt and retired $1.56 billion in long-term debt during the nine months ended September 30, 2026.
• Proceeds from the sale of assets were $23.3 million for the nine months ended September 30, 2026.
• Capital expenditures, including AFUDC-Debt, totaled $3.32 billion for the nine months ended September 30, 2026.