MGEE · MGE Energy, Inc.

MGE Energy, Inc. entered into an Underwriting Agreement and Forward Sale Agreements on May 6, 2026, to conduct a public offering of 3,300,331 shares of its common stock. The offering consists of 990,099 shares sold directly by the company and 2,310,232 shares borrowed from third parties and sold by forward sellers. The forward sale agreements with Morgan Stanley, Bank of America, and JPMorgan Chase allow the company to settle at its discretion by January 8, 2028, at an initial forward price of $72.9094 per share. The company will not initially receive proceeds from the borrowed shares but expects to upon settlement. Net proceeds are intended for general corporate purposes, which may include repaying short-term debt, repurchasing securities, funding capital expenditures, and investing in subsidiaries. The forward sale agreements include provisions for price adjustments based on interest rates and dividends, and the company anticipates no dilutive effect on earnings per share unless the market price exceeds the adjusted forward price. This financing provides MGE Energy with flexible capital to support its strategic initiatives.