Mge Energy Inc (NASDAQ: MGEE)

MGE Energy is a Wisconsin based holding company that provides regulated electric and gas utility services through its subsidiary Madison Gas and Electric Company, while also engaging in nonregulated energy activities, transmission investments, and related investments. The company operates primarily in the utility sector, delivering electricity and natural gas to customers in south central Wisconsin.

The company generates revenue chiefly from the sale of electricity and natural gas to residential, commercial, and industrial customers, as well as from wholesale market transactions, transmission investment returns, and leasing of owned generation capacity to its utility subsidiary. Additional income is derived from investments in transmission affiliates and other related ventures. Electric operations accounted for about 72% of total regulated revenues in 2025.

The company operates through the following segments: Regulated electric utility operations, Regulated gas utility operations, Nonregulated energy operations, Transmission investments, and All other.

• Regulated electric utility operations: This segment generates, purchases, and distributes electricity through MGE, serving an area of about 264 square miles in Dane County and maintaining a generation mix that includes coal, natural gas, renewables, and purchased power.

• Regulated gas utility operations: This segment purchases and distributes natural gas through MGE across a service area of approximately 1,722 square miles in seven south central Wisconsin counties.

• Nonregulated energy operations: This segment owns and leases electric generating capacity that assists MGE via subsidiaries MGE Power Elm Road and MGE Power West Campus, holding undivided interests in the Elm Road Units coal fired facility and the West Campus Cogeneration Facility.

• Transmission investments: This segment represents the company’s investment in American Transmission Company LLC, which provides electric transmission services primarily in Wisconsin, and in ATC Holdco LLC, which facilitates out of state transmission development and investments.

• All other: This segment includes investments in companies and property related to regulated operations and financing of regulated operations through subsidiaries CWDC, MAGAEL, and North Mendota, as well as corporate functions.

Within the Midwest utility sector, MGE Energy maintains a stable market position as the principal electric and gas distributor for its service territory, competing with other regional utilities while benefiting from regulatory support and a balanced mix of owned generation, purchased power, and transmission investments.

As of December 31, 2025, MGE Energy served approximately 170,000 electric customers and 180,000 natural gas customers, primarily consisting of residential, commercial, and industrial accounts across Dane County and surrounding south central Wisconsin communities.