Earnings release
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From: Brendan Conway (media) 414-221-4444 brendan.conway@wecenergygroup.com Beth Straka (investment community) 414-221-4639 beth.straka@wecenergygroup.com July 29, 2026 WEC Energy Group reports second-quarter results MILWAUKEE – WEC Energy Group (NYSE: WEC) today reported net income of $299.2 million, or 91 cents per share, for the second quarter of 2026 - up from $245.4 million, or 76 cents per share, for last year's second quarter. For the first six months of 2026, the company recorded net income of $1.1 billion, or $3.36 per share – up from $969.6 million, or $3.02 per share, in the corresponding period a year ago. Consolidated revenues totaled $5.5 billion, up $337.3 million from the first half of 2025. “Our focus on customer service, financial discipline and operating efficiency — while continuing to execute on our capital plan — helped deliver a strong quarter,” said Scott Lauber, chairman, president and CEO. Retail deliveries of electricity – excluding the iron ore mine in Michigan’s Upper Peninsula and Very Large Customers (VLCs) in Wisconsin – were essentially flat in the second quarter of 2026, compared to the second quarter last year. Electricity consumption by small commercial and industrial customers was 0.2 percent lower. Electricity use by large commercial and industrial customers – excluding the iron ore mine and VLCs – increased by 0.9 percent. Residential electricity use decreased by 1.1 percent. On a weather-normal basis, retail deliveries of electricity during the second quarter of this year – excluding the iron ore mine and VLCs – increased by 1.2 percent. 1
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The company is reaffirming its 2026 earnings guidance of $5.51 to $5.61 per share. This assumes normal weather for the remainder of the year. Earnings per share listed in this news release are on a fully diluted basis. Conference call A conference call is scheduled for 1 p.m. Central time, Wednesday, July 29. The call will review 2026 second-quarter earnings and the company’s outlook for the future. All interested parties, including stockholders, news media and the general public, are invited to listen. Access the call at 888-330-2443 up to 15 minutes before it begins. The number for international callers is 240-789-2728. The conference ID is 3088105. Conference call access also is available at wecenergygroup.com. Under 'Webcasts,' select 'Q2 Earnings.' In conjunction with this earnings announcement, WEC Energy Group will post on its website a package of detailed financial information on its second-quarter performance. The materials will be available at 6:30 a.m. Central time, Wednesday, July 29. Replay A replay will be available on the website and by phone. Access to the webcast replay will be available on the website about two hours after the call. Access to a phone replay also will be available approximately two hours after the call and remain accessible through Aug. 12, 2026. Domestic callers should dial 800-770-2030. International callers should dial 647-362-9199. The replay conference ID is 3088105. WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving 4.8 million customers in Wisconsin, Illinois, Michigan and Minnesota. The company’s principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a fleet of renewable generation facilities in states ranging from South Dakota to Texas. WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 31,000 stockholders of record, 7,000 employees and more than $52 billion of assets. Forward-looking statements Certain statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management’s current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other 2
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things, statements concerning management’s expectations and projections regarding earnings, earnings growth rates, dividend payments and future results. In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “guidance,” “intends,” “may,” “objectives,” “plans,” “possible,” “potential,” “projects,” “should,” “targets,” “will” or similar terms or variations of these terms. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company’s service territories; timing, resolution and impact of rate cases and other regulatory decisions, including rider reconciliations; the company’s ability to continue to successfully integrate the operations of its subsidiaries; availability of the company’s generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; unusual, varying or severe weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; electrification initiatives, mandates and other efforts to reduce the use of natural gas; the company’s ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan, including projects related to serving data centers and other large-scale customers; terrorist, physical or cyber-security threats or attacks and data security breaches; construction risks; labor disruptions; equity and bond market fluctuations; changes in the company’s and its subsidiaries’ ability to access the capital markets; changes in tax legislation or our ability to use certain tax benefits and carryforwards; changes in and uncertainty around federal, state, and local legislation and regulation, including changes in rate-setting policies or procedures and environmental standards, in the enforcement of these laws and regulations and in the interpretation of regulations or permit conditions by regulatory agencies; supply chain disruptions; inflation; political or geopolitical developments impacting the global economy, supply chain and fuel prices generally, including as a result of changes to government trade policies, geopolitical tensions between the U.S. and other countries, such as the war with Iran, or other new, protracted or escalating regional or international conflicts; the impact from any health crises, including epidemics and pandemics; current and future litigation and regulatory investigations, proceedings or inquiries; the ability of the Company to successfully and/or timely adopt new technologies, including artificial intelligence; changes in accounting standards; the financial performance of the American Transmission Company as well as projects in which the company’s energy infrastructure business invests; the ability of the company to obtain additional generating capacity at competitive prices; goodwill and its possible impairment; and other factors described under the heading “Factors Affecting Results, Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition and Results of Operations and under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” contained in the company’s Form 10-K for the year ended Dec. 31, 2025, and in subsequent reports filed with the Securities and Exchange Commission. Except as may be required by law, the company expressly disclaims any obligation to publicly update or revise any forward-looking information. Tables follow 3
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WEC ENERGY GROUP, INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) Three Months Ended Six Months Ended June 30 June 30 (in millions, except per share amounts) 2026 2025 2026 2025 Operating revenues $ 2,062.1 $ 2,009.5 $ 5,496.3 $ 5,159.0 Operating expenses Cost of sales 555.6 570.5 1,946.6 1,736.2 Other operation and maintenance 617.1 596.2 1,225.8 1,204.2 Depreciation and amortization 384.9 368.9 764.7 728.8 Property and revenue taxes 71.7 69.0 146.4 147.4 Total operating expenses 1,629.3 1,604.6 4,083.5 3,816.6 Operating income 432.8 404.9 1,412.8 1,342.4 Equity in earnings of transmission affiliates 62.6 51.9 122.1 105.5 Other income, net 61.5 26.5 109.7 44.6 Interest expense 228.9 220.8 457.4 443.8 Other expense (104.8) (142.4) (225.6) (293.7) Income before income taxes 328.0 262.5 1,187.2 1,048.7 Income tax expense 27.0 19.5 80.1 80.2 Net income 301.0 243.0 1,107.1 968.5 Preferred stock dividends of subsidiary 0.3 0.3 0.6 0.6 Net (income) loss attributed to noncontrolling interests (1.5) 2.7 (2.9) 1.7 Net income attributed to common shareholders $ 299.2 $ 245.4 $ 1,103.6 $ 969.6 Earnings per share Basic $ 0.92 $ 0.77 $ 3.39 $ 3.04 Diluted $ 0.91 $ 0.76 $ 3.36 $ 3.02 Weighted average common shares outstanding Basic 325.8 320.3 325.7 319.3 Diluted 328.9 322.2 328.6 320.7 Dividends per share of common stock $ 0.9525 $ 0.8925 $ 1.9050 $ 1.7850 4
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WEC ENERGY GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share amounts) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 50.0 $ 27.6 Accounts receivable and unbilled revenues, net of reserves of $148.9 and $148.7, respectively 1,529.2 2,062.7 Materials, supplies, and inventories 744.6 803.4 Prepaid taxes 203.2 178.8 Other prepayments 57.8 92.4 Other 197.0 119.8 Current assets 2,781.8 3,284.7 Long-term assets Property, plant, and equipment, net of accumulated depreciation and amortization of $12,783.3 and $12,411.5, respectively 39,827.6 38,278.1 Regulatory assets (June 30, 2026 and December 31, 2025 include $63.6 and $67.5, respectively, related to WEPCo Environmental Trust Finance I, LLC) 3,130.4 3,156.3 Equity investment in transmission affiliates 2,420.7 2,280.4 Goodwill 3,052.8 3,052.8 Pension and OPEB assets 1,115.6 1,082.4 Other 421.5 383.6 Long-term assets 49,968.6 48,233.6 Total assets $ 52,750.4 $ 51,518.3 Liabilities and Equity Current liabilities Short-term debt $ 1,934.1 $ 1,924.7 Current portion of long-term debt (June 30, 2026 and December 31, 2025 include $9.4 and $9.3, respectively, related to WEPCo Environmental Trust Finance I, LLC) 1,413.5 1,519.4 Accounts payable 1,018.6 1,140.1 Other 842.2 1,009.2 Current liabilities 5,208.4 5,593.4 Long-term liabilities Long-term debt (June 30, 2026 and December 31, 2025 include $62.8 and $67.4, respectively, related to WEPCo Environmental Trust Finance I, LLC) 19,216.3 18,498.1 Finance lease obligations 415.8 372.0 Deferred income taxes 6,165.3 5,891.7 Deferred revenue, net 305.0 314.2 Regulatory liabilities 4,229.6 4,121.3 Intangible liabilities 550.3 580.3 Environmental remediation liabilities 466.2 484.1 Asset retirement obligations 668.6 647.0 Other 951.9 963.4 Long-term liabilities 32,969.0 31,872.1 Commitments and contingencies Common shareholders' equity Common stock – $0.01 par value; 650,000,000 shares authorized; 325,849,383 and 325,461,519 shares outstanding, respectively 3.3 3.3 Additional paid in capital 5,162.3 5,124.4 Retained earnings 8,976.8 8,493.5 Accumulated other comprehensive loss (7.5) (7.6) Common shareholders' equity 14,134.9 13,613.6 Preferred stock of subsidiary 30.4 30.4 Noncontrolling interests 407.7 408.8 Total liabilities and equity $ 52,750.4 $ 51,518.3 5
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WEC ENERGY GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30 (in millions) 2026 2025 Operating activities Net income $ 1,107.1 $ 968.5 Reconciliation to cash provided by operating activities Depreciation and amortization 764.7 728.8 Deferred income taxes and ITCs, net 189.9 220.0 AFUDC-Equity (94.8) (38.6) Contributions and payments related to pension and OPEB plans (7.2) (7.1) Equity income in transmission affiliates, net of distributions (27.8) (3.4) Change in – Accounts receivable and unbilled revenues, net 479.5 136.4 Materials, supplies, and inventories 58.8 110.2 Other current assets (39.5) 65.4 Accounts payable (102.1) (172.1) Other current liabilities (104.2) (44.8) Other, net (13.7) 52.6 Net cash provided by operating activities 2,210.7 2,015.9 Investing activities Capital expenditures (2,079.9) (1,530.5) Acquisition of Hardin Solar Energy III Center, net of cash acquired of $ – and $0.2, respectively (3.0) (406.1) Capital contributions to transmission affiliates (112.4) (87.8) Proceeds from the sale of assets 21.7 0.7 Reimbursement for American Transmission Company LLC's transmission infrastructure upgrades 10.4 39.7 Other, net (37.3) 11.2 Net cash used in investing activities (2,200.5) (1,972.8) Financing activities Exercise of stock options 9.1 24.7 Issuance of common stock, net 23.8 398.8 Dividends paid on common stock (620.3) (568.7) Issuance of long-term debt 1,804.2 1,025.0 Retirement of long-term debt (1,189.1) (567.6) Change in commercial paper 8.0 (308.0) Other, net (20.9) (20.3) Net cash provided by (used in) financing activities 14.8 (16.1) Net change in cash, cash equivalents, and restricted cash 25.0 27.0 Cash, cash equivalents, and restricted cash at beginning of period 70.9 42.2 Cash, cash equivalents, and restricted cash at end of period $ 95.9 $ 69.2 6
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WEC ENERGY GROUP, INC. Summary of Regulated Operation and Maintenance Expense Wisconsin Segment Three Months Ended June 30 (in millions) 2026 2025 B (W) Operation and maintenance not included in the line items below $ 183.3 $ 177.1 $ (6.2) Transmission (1) 163.0 147.0 (16.0) Regulatory amortizations and other pass through expenses (2) 83.6 61.2 (22.4) We Power (3) 30.8 32.5 1.7 Earnings sharing mechanisms (0.8) (1.8) (1.0) Total other operation and maintenance $ 459.9 $ 416.0 $ (43.9) (1) Represents transmission expense that our electric utilities are authorized to collect in rates. The Public Service Commission of Wisconsin (PSCW) has approved escrow accounting for American Transmission Company LLC and Midcontinent Independent System Operator Inc. network transmission expenses for Wisconsin Electric Power Company (WE) and Wisconsin Public Service Corporation (WPS). As a result, WE and WPS defer as a regulatory asset or liability, the difference between actual transmission costs and those included in rates until recovery or refund is authorized in a future rate proceeding. During the second quarter of 2026 and 2025, $194.5 million and $159.9 million, respectively, of costs were billed to our electric utilities by transmission providers. (2) Regulatory amortizations and other pass through expenses are substantially offset in margins and therefore do not have a significant impact on net income. (3) Represents costs associated with the W.E. Power, LLC (We Power) generation units, including operating and maintenance costs recognized by WE. During the second quarter of 2026 and 2025, $30.1 million and $32.9 million, respectively, of costs were billed to or incurred by WE related to the We Power generation units, with the difference in costs billed or incurred and expenses recognized, either deferred or deducted from the regulatory asset or liability. Illinois Segment Three Months Ended June 30 (in millions) 2026 2025 B (W) Operation and maintenance not included in the line items below $ 84.8 $ 78.4 $ (6.4) Riders (1) 22.0 33.3 11.3 Regulatory amortizations (1) 0.1 0.7 0.6 Total other operation and maintenance $ 106.9 $ 112.4 $ 5.5 (1) These riders and regulatory amortizations are substantially offset in margins and therefore do not have a significant impact on net income. Other States Segment Three Months Ended June 30 (in millions) 2026 2025 B (W) Operation and maintenance not included in line item below $ 18.9 $ 19.2 $ 0.3 Regulatory amortizations and other pass through expenses (1) 5.2 4.7 (0.5) Total other operation and maintenance $ 24.1 $ 23.9 $ (0.2) (1) Regulatory amortizations and other pass through expenses are substantially offset in margins and therefore do not have a significant impact on net income. 7
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WEC ENERGY GROUP, INC. Summary of Regulated Operation and Maintenance Expense - YTD Wisconsin Segment Six Months Ended June 30 (in millions) 2026 2025 B (W) Operation and maintenance not included in the line items below $ 357.3 $ 357.0 $ (0.3) Transmission (1) 324.2 292.9 (31.3) Regulatory amortizations and other pass through expenses (2) 168.1 118.8 (49.3) We Power (3) 62.2 65.1 2.9 Earnings sharing mechanisms (1.7) (2.7) (1.0) Total other operation and maintenance $ 910.1 $ 831.1 $ (79.0) (1) Represents transmission expense that our electric utilities are authorized to collect in rates. The Public Service Commission of Wisconsin (PSCW) has approved escrow accounting for American Transmission Company LLC and Midcontinent Independent System Operator Inc. network transmission expenses for Wisconsin Electric Power Company (WE) and Wisconsin Public Service Corporation (WPS). As a result, WE and WPS defer as a regulatory asset or liability, the difference between actual transmission costs and those included in rates until recovery or refund is authorized in a future rate proceeding. During the six months ended June 30, 2026 and 2025, $358.8 million and $308.8 million, respectively, of costs were billed to our electric utilities by transmission providers. (2) Regulatory amortizations and other pass through expenses are substantially offset in margins and therefore do not have a significant impact on net income. (3) Represents costs associated with the W.E. Power, LLC (We Power) generation units, including operating and maintenance costs recognized by WE. During the six months ended June 30, 2026 and 2025, $65.0 million and $60.0 million, respectively, of costs were billed to or incurred by WE related to the We Power generation units, with the difference in costs billed or incurred and expenses recognized, either deferred or deducted from the regulatory asset or liability. Illinois Segment Six Months Ended June 30 (in millions) 2026 2025 B (W) Operation and maintenance not included in the line items below $ 152.9 $ 161.8 $ 8.9 Riders (1) 67.6 96.2 28.6 Regulatory amortizations (1) 0.4 1.3 0.9 Other 0.2 — (0.2) Total other operation and maintenance $ 221.1 $ 259.3 $ 38.2 (1) These riders and regulatory amortizations are substantially offset in margins and therefore do not have a significant impact on net income. Other States Segment Six Months Ended June 30 (in millions) 2026 2025 B (W) Operation and maintenance not included in line item below $ 39.8 $ 39.3 $ (0.5) Regulatory amortizations and other pass through expenses (1) 13.8 13.3 (0.5) Total other operation and maintenance $ 53.6 $ 52.6 $ (1.0) (1) Regulatory amortizations and other pass through expenses are substantially offset in margins and therefore do not have a significant impact on net income. 8
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WEC ENERGY GROUP, INC. SECOND QUARTER 2026 AND 2025 WEATHER AND VOLUMES Weather — Degree Days 2026 2025 Change Wisconsin Gas and Wisconsin Electric (1) Heating (880 Normal) 806 1,013 (20.4) % Cooling (179 Normal) 134 176 (23.9) % Wisconsin Public Service (1) Heating (919 Normal) 907 888 2.1 % Cooling (156 Normal) 115 160 (28.1) % Upper Michigan Energy Resources (1) Heating (1,170 Normal) 1,116 1,166 (4.3) % Cooling (87 Normal) 77 102 (24.5) % Peoples Gas and North Shore Gas (1) Heating (688 Normal) 564 698 (19.2) % Minnesota Energy Resources (1) Heating (942 Normal) 912 892 2.2 % Michigan Gas (1) Heating (770 Normal) 678 817 (17.0) % (1) Normal degree days are based on a 10 to 20-year moving average of monthly temperature readings from the National Oceanic and Atmospheric Administration weather stations within each company's respective service territories. ELECTRIC UTILITY OPERATIONS – SECOND QUARTER MWh (in thousands) 2026 2025 Change Customer class Residential 2,536.3 2,564.5 (1.1) % Small commercial and industrial (1) 3,132.9 3,138.7 (0.2) % Large commercial and industrial (1) 3,292.6 3,003.1 9.6 % Other 22.7 24.9 (8.8) % Total retail (1) 8,984.5 8,731.2 2.9 % Wholesale 395.1 417.7 (5.4) % Resale 770.4 1,507.1 (48.9) % Total MWh sales (1) 10,150.0 10,656.0 (4.7) % (1) Includes distribution sales for customers who have purchased power from an alternative electric supplier in Michigan. GAS UTILITY OPERATIONS – SECOND QUARTER Therms 2026 2025 Change (in millions) Wisconsin Illinois Other States Total Wisconsin Illinois Other States Total Wisconsin Illinois Other States Total Customer class Residential 137.6 104.2 40.5 282.3 155.3 122.6 42.1 320.0 (11.4) % (15.0) % (3.8) % (11.8) % Commercial/industrial 97.2 39.5 28.0 164.7 109.1 41.2 26.2 176.5 (10.9) % (4.1) % 6.9 % (6.7) % Total retail 234.8 143.7 68.5 447.0 264.4 163.8 68.3 496.5 (11.2) % (12.3) % 0.3 % (10.0) % Transportation 311.7 117.0 181.5 610.2 303.1 132.6 168.3 604.0 2.8 % (11.8) % 7.8 % 1.0 % Total sales in therms 546.5 260.7 250.0 1,057.2 567.5 296.4 236.6 1,100.5 (3.7) % (12.0) % 5.7 % (3.9) % 9
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WEC ENERGY GROUP, INC. SECOND QUARTER YTD 2026 AND 2025 WEATHER AND VOLUMES Weather — Degree Days 2026 2025 Change Wisconsin Gas and Wisconsin Electric (1) Heating (4,094 Normal) 3,959 4,296 (7.8) % Cooling (179 Normal) 134 176 (23.9) % Wisconsin Public Service (1) Heating (4,511 Normal) 4,474 4,414 1.4 % Cooling (156 Normal) 115 160 (28.1) % Upper Michigan Energy Resources (1) Heating (5,083 Normal) 4,985 5,080 (1.9) % Cooling (87 Normal) 77 102 (24.5) % Peoples Gas and North Shore Gas (1) Heating (3,752 Normal) 3,488 3,740 (6.7) % Minnesota Energy Resources (1) Heating (4,854 Normal) 4,589 4,790 (4.2) % Michigan Gas (1) Heating (3,870 Normal) 3,719 3,823 (2.7) % (1) Normal degree days are based on a 10 to 20-year moving average of monthly temperature readings from the National Oceanic and Atmospheric Administration weather stations within each company's respective service territories. ELECTRIC UTILITY OPERATIONS – SECOND QUARTER YTD MWh (in thousands) 2026 2025 Change Customer class Residential 5,338.4 5,361.1 (0.4) % Small commercial and industrial (1) 6,340.3 6,323.3 0.3 % Large commercial and industrial (1) 6,261.1 5,856.6 6.9 % Other 54.3 58.7 (7.5) % Total retail (1) 17,994.1 17,599.7 2.2 % Wholesale 835.6 866.5 (3.6) % Resale 1,597.0 2,818.6 (43.3) % Total MWh sales (1) 20,426.7 21,284.8 (4.0) % (1) Includes distribution sales for customers who have purchased power from an alternative electric supplier in Michigan. GAS UTILITY OPERATIONS – SECOND QUARTER YTD Therms 2026 2025 Change (in millions) Wisconsin Illinois Other States Total Wisconsin Illinois Other States Total Wisconsin Illinois Other States Total Customer class Residential 663.6 508.3 194.3 1,366.2 703.1 534.2 201.2 1,438.5 (5.6) % (4.8) % (3.4) % (5.0) % Commercial/ industrial 414.5 191.0 123.3 728.8 442.2 194.6 123.2 760.0 (6.3) % (1.8) % 0.1 % (4.1) % Total retail 1,078.1 699.3 317.6 2,095.0 1,145.3 728.8 324.4 2,198.5 (5.9) % (4.0) % (2.1) % (4.7) % Transportation 731.1 419.7 410.4 1,561.2 731.2 457.4 390.9 1,579.5 — % (8.2) % 5.0 % (1.2) % Total sales in therms 1,809.2 1,119.0 728.0 3,656.2 1,876.5 1,186.2 715.3 3,778.0 (3.6) % (5.7) % 1.8 % (3.2) % 10
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WEC ENERGY GROUP, INC. RETAIL ELECTRIC SALES VOLUME INFORMATION SECOND QUARTER DELIVERED ELECTRIC VOLUMES – TOTAL WISCONSIN SEGMENT Three Months Ended June 30 Annual 2026 Actual vs. 2025 Actual 2026 Normalized vs. 2025 Normalized (1) 2026 Forecast vs. 2025 Normalized (1), (2) Residential (1.1) % 2.2 % (0.6) % Small commercial/industrial (0.2) % 0.8 % — % Large commercial/industrial (ex. mine/VLCs) 0.9 % 0.7 % 0.1 % Total large commercial/industrial 9.6 % 9.5 % 5.1 % Total retail sales volumes 2.9 % 4.2 % 1.5 % Total retail sales volumes (ex. mine/VLCs) (0.1) % 1.2 % (0.2) % RETAIL ELECTRIC SALES VOLUME INFORMATION SECOND QUARTER YTD DELIVERED ELECTRIC VOLUMES – TOTAL WISCONSIN SEGMENT Six Months Ended June 30 Annual 2026 Actual vs. 2025 Actual 2026 Normalized vs. 2025 Normalized (1) 2026 Forecast vs. 2025 Normalized (1), (2) Residential (0.4) % 1.5 % (0.6) % Small commercial/industrial 0.3 % 0.6 % — % Large commercial/industrial (ex. mine/VLCs) 0.1 % 0.1 % 0.1 % Total large commercial/industrial 6.9 % 7.0 % 5.1 % Total retail sales volumes 2.2 % 3.0 % 1.5 % Total retail sales volumes (ex. mine/VLCs) — % 0.7 % (0.2) % (1) Normalized — 20 year average weather adjusted. (2) Actual results may differ materially from these forecasts because of seasonal, economic, and other factors. 11
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WEC ENERGY GROUP, INC. RETAIL NATURAL GAS SALES VOLUME INFORMATION SECOND QUARTER DELIVERED NATURAL GAS VOLUMES – TOTAL WISCONSIN SEGMENT Three Months Ended June 30 Annual 2026 Actual vs. 2025 Actual 2026 Normalized vs. 2025 Normalized (1) 2026 Forecast vs. 2025 Normalized (1), (2) Residential (11.4) % (3.5) % 0.5 % Total commercial/industrial (10.9) % (6.2) % (0.6) % Total retail sales volumes (11.2) % (4.6) % 0.1 % Transport (w/o power generation) 2.8 % 3.7 % (0.1) % Total sales volumes (w/o power generation) (3.7) % (0.2) % — % RETAIL NATURAL GAS SALES VOLUME INFORMATION SECOND QUARTER YTD DELIVERED NATURAL GAS VOLUMES – TOTAL WISCONSIN SEGMENT Six Months Ended June 30 Annual 2026 Actual vs. 2025 Actual 2026 Normalized vs. 2025 Normalized (1) 2026 Forecast vs. 2025 Normalized (1), (2) Residential (5.6) % (2.3) % 0.5 % Total commercial/industrial (6.3) % (4.1) % (0.6) % Total retail sales volumes (5.9) % (3.0) % 0.1 % Transport (w/o power generation) — % 0.7 % (0.1) % Total sales volumes (w/o power generation) (3.6) % (1.5) % — % (1) Normalized — 20 year average weather adjusted. (2) Actual results may differ materially from these forecasts because of seasonal, economic, and other factors. 12
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WEC ENERGY GROUP, INC. OTHER FINANCIAL INFORMATION SIX MONTHS ENDED JUNE 30, 2026 AND 2025 EBIT and EBITDA 2026 2025 (in millions) Actual Actual Net income attributed to common shareholders $ 1,103.6 $ 969.6 Income tax expense 80.1 80.2 Interest expense 457.4 443.8 EBIT 1,641.1 1,493.6 Depreciation and amortization 764.7 728.8 EBITDA $ 2,405.8 $ 2,222.4 Capitalization Structure June 30, 2026 (in millions) Actual Adjusted (1) Common shareholders' equity $ 14,134.9 $ 14,809.9 Preferred stock of subsidiary 30.4 30.4 Long-term debt (including current portion) 20,629.8 19,954.8 Short-term debt 1,934.1 1,934.1 Total capitalization $ 36,729.2 $ 36,729.2 Total debt $ 22,563.9 $ 21,888.9 Ratio of debt to total capitalization 61.4 % 59.6 % Capitalization Structure December 31, 2025 (in millions) Actual Adjusted (1) Common shareholders' equity $ 13,613.6 $ 14,288.6 Preferred stock of subsidiary 30.4 30.4 Long-term debt (including current portion) 20,017.5 19,342.5 Short-term debt 1,924.7 1,924.7 Total capitalization $ 35,586.2 $ 35,586.2 Total debt $ 21,942.2 $ 21,267.2 Ratio of debt to total capitalization 61.7 % 59.8 % (1) Included in long-term debt on our Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, was $600 million principal amount of WEC Energy Group's 2025 Junior Subordinated Notes due 2056, and $750 million principal amount of WEC Energy Group's 2024 Junior Subordinated Notes due 2055. At June 30, 2026 and December 31, 2025, the adjusted presentation attributes $675.0 million of the Junior Notes to common equity and $675.0 million to long-term debt, similar to how the majority of rating agencies treat them. Summary of Forward Equity Sales Contracts A summary of forward equity sales contracts entered into is presented below by the quarter in which the contracts were executed. As of June 30, 2026, no shares had been settled under these contracts. Estimated cash proceeds represent proceeds that would have been received if all shares under the forward equity sales contracts had been physically settled as of June 30, 2026. Forward Equity Sale Contracts - Quarter Executed Maturity Date Shares Estimated Cash Proceeds (millions of dollars) Fourth quarter - 2025 June 30, 2027 58,533 $ 6.5 First quarter - 2026 September 30, 2027 3,726,090 428.3 Second quarter - 2026 December 31, 2027 2,607,398 290.8 Total 6,392,021 $ 725.6 13
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CREDIT RATINGS S & P Moody's Fitch WEC Energy Group, Inc. Senior unsecured debt BBB+ Baa1 BBB+ Commercial paper A-2 P-2 F2 Junior subordinated notes BBB Baa2 BBB- Wisconsin Electric Senior unsecured debt A- A2 A+ Commercial paper A-2 P-1 F1 Wisconsin Public Service Senior unsecured debt A- A2 A+ Commercial paper A-2 P-1 F1 Wisconsin Gas Senior unsecured debt A A3 A Commercial paper A-1 P-2 F2 Peoples Gas Light & Coke Senior secured debt N/A Aa3 A+ Commercial paper A-2 P-1 F2 Elm Road Generating Station Supercritical, LLC Senior secured debt A- A2 A+ 14