MGE Energy, Inc. (NASDAQ:MGEE), today reported financial results for the second quarter of 2026.

MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the second quarter of 2026 were $33.4 million, or $0.89 per share, compared to $26.5 million, or $0.72 per share, for the same period in the prior year.

Electric segment earnings increased $3.0 million for 2026 compared to 2025, reflecting strategic capital investments that grew rate base, largely driven by the successful deployment of key renewable energy projects. Gas net income remained stable compared to the second quarter of 2025. In addition, earnings benefited from approximately $3.9 million of investment gains, including returns from venture capital funds focused on technologies and innovations relevant to the evolving energy industry.

MGE Energy, Inc.
(In thousands, except per-share amounts)
(Unaudited)
Three Months Ended June 30,	2026		2025
Operating revenues	$	161,195	$	159,452
Operating income	$	32,634	$	34,223
Net income	$	33,353	$	26,498
Earnings per share - basic	$	0.89	$	0.73
Earnings per share - diluted	$	0.89	$	0.72
Weighted average shares outstanding - basic		37,351		36,540
Weighted average shares outstanding - diluted		37,456		36,569

Six Months Ended June 30,	2026		2025
Operating revenues	$	403,898	$	378,422
Operating income	$	85,786	$	87,088
Net income	$	81,834	$	68,090
Earnings per share - basic	$	2.21	$	1.86
Earnings per share - diluted	$	2.21	$	1.86
Weighted average shares outstanding - basic		36,972		36,526
Weighted average shares outstanding - diluted		37,029		36,557

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 170,000 customers in Dane County, Wis., and purchases and distributes natural gas to 180,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the "Risk Factors" sections in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission.

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Steve B. Schultz

Media Relations

608-252-7219 | sbschultz@mge.com

Ken Frassetto

Investor Relations

608-252-4723 | kfrassetto@mge.com