Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable net assets acquired. The table below shows our goodwill balances by segment at September 30, 2026. We had no changes to the carrying amount of goodwill during the nine months ended September 30, 2026.

At September 30, 2026 and December 31, 2025, we had $229.7 million and $44.4 million, respectively, of other indefinite-lived intangible assets included in other long-term assets on our balance sheets. In July 2026, WE and WPS entered into an option agreement and made a refundable aggregate payment of $170.8 million for exclusive rights to purchase certain generation projects to be constructed in Wisconsin. In October 2025, we entered into an option agreement for exclusive rights to purchase land for future generation development in Wisconsin. We have made two annual option payments for exclusive rights to purchase the land and incurred total costs of $29.6 million and $15.1 million as of September 30, 2026 and December 31, 2025, respectively, with a right to exercise our option before December 31, 2030. In addition, we have other indefinite-lived intangible assets consisting of $24.1 million of spectrum frequencies, which enable our utilities to transmit data and voice communications over a wavelength dedicated to us throughout our service territories. We also have $5.2 million of other indefinite-lived intangible assets, consisting of a MGU trade name from a previous acquisition.

At September 30, 2026 and December 31, 2025, we had $18.3 million and $17.4 million, respectively, of finite-lived intangible assets included in other long-term assets on our balance sheets. These assets largely consist of a PPA for Maple Flats Solar Energy Center LLC acquired by WECI in November 2024, with a gross carrying amount of $18.8 million. The PPA is being amortized over a useful life

of 15 years and expires in 2039. At September 30, 2026 and December 31, 2025, accumulated amortization related to the intangible assets was $2.3 million and $1.4 million, respectively. Amortization was not material for the three and nine months ended September 30, 2026 and 2025. Amortization to be recorded as a decrease to operating revenues is expected to be $1.3 million in each of the next five years.


	September 30, 2026						December 31, 2025
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
PPAs (1)	$	751.2	$	(220.9)	$	530.3	$	751.2	$	(176.5)	$	574.7
Proxy revenue swap (2)	7.2		(5.5)		1.7		7.2		(4.9)		2.3
Interconnection agreements (3)	4.7		(1.5)		3.2		4.7		(1.4)		3.3
Total intangible liabilities	$	763.1	$	(227.9)	$	535.2	$	763.1	$	(182.8)	$	580.3

(1) Represents PPAs related to the acquisitions of Blooming Grove, Tatanka Ridge, Jayhawk, Thunderhead, Samson I, Sapphire Sky Wind Energy LLC, Delilah I, and Hardin III expiring between 2030 and 2040. The weighted-average remaining useful life of the PPAs is 9 years. See Note 2, Acquisitions, for more information on recent WECI acquisitions.

(2) Represents an agreement with a counterparty to swap the market revenue of Upstream Wind Energy LLC's wind generation for fixed quarterly payments over 10 years, which expires in 2029. The remaining useful life of the proxy revenue swap is two years.

(3) Represents interconnection agreements related to the acquisitions of Tatanka Ridge and Bishop Hill Energy III LLC, expiring in 2040 and 2041, respectively. These agreements relate to payments for connecting our facilities to the infrastructure of another utility to facilitate the movement of power onto the electric grid. The weighted-average remaining useful life of the interconnection agreements is 14 years.

Amortization related to these intangible liabilities for the three and nine months ended September 30, 2026, was $15.1 million and $45.1 million, respectively. Amortization related to these intangible liabilities for the three and nine months ended September 30, 2025, was $14.7 million and $43.4 million, respectively. Amortization for the next five years, including amounts recorded through September 30, 2026, is estimated to be:


	For the Years Ending December 31
(in millions)	2026		2027		2028		2029		2030
Amortization to be recorded as an increase to operating revenues	$	59.9	$	59.9	$	59.9	$	59.3	$	59.1
Amortization to be recorded as a decrease to other operation and maintenance	0.2		0.2		0.2		0.2		0.2