MGEE · MGE Energy, Inc.

MGE Energy, Inc. delivered stronger first quarter 2026 results with GAAP net income rising to $48.5 million or $1.32 per diluted share from $41.6 million or $1.14 per share in the year-ago quarter. Operating revenues grew to $242.7 million from $219.0 million, while operating income edged up slightly to $53.2 million from $52.9 million. The electric segment drove the earnings improvement, with a $5.5 million increase attributed to strategic capital investments that expanded the rate base, primarily fueled by the successful deployment of key renewable energy projects. In contrast, the gas segment maintained steady performance with minimal variation year-over-year, reflecting stable operations in natural gas distribution. Weighted average diluted shares outstanding increased modestly to 36,620 from 36,539. As a public utility holding company, MGE Energy operates through its principal subsidiary Madison Gas and Electric, serving approximately 170,000 electric customers in Dane County, Wisconsin, and 180,000 gas customers across seven south-central and western Wisconsin counties. The press release contains forward-looking statements based on current expectations, with risks detailed in the 2025 Form 10-K. No specific guidance for future periods was provided in the release.