
United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: September 30, 2026 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _______________ to _______________
Commission File No.	Name of Registrant, State of Incorporation, Address of Principal Executive Offices, and Telephone No.	IRS Employer Identification No.
000-49965	MGE Energy, Inc. (a Wisconsin Corporation) 133 South Blair Street Madison, Wisconsin 53788 (608) 252-7000 \| mgeenergy.com	39-2040501
000-1125	Madison Gas and Electric Company (a Wisconsin Corporation) 133 South Blair Street Madison, Wisconsin 53788 (608) 252-7000 \| mge.com	39-0444025

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $1 Par Value Per Share	MGEE	The NASDAQ Stock Market

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days:


MGE Energy, Inc. Yes ☒ No ☐	Madison Gas and Electric Company Yes ☒ No ☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files):


MGE Energy, Inc. Yes ☒ No ☐	Madison Gas and Electric Company Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


	Large Accelerated Filer	Accelerated Filer	Non-accelerated Filer	Smaller Reporting Company	Emerging Growth Company
MGE Energy, Inc.	☒	☐	☐	☐	☐
Madison Gas and Electric Company	☐	☐	☒	☐	☐

If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


MGE Energy, Inc. ☐	Madison Gas and Electric Company ☐

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act):


MGE Energy, Inc. Yes ☐ No ☒	Madison Gas and Electric Company Yes ☐ No ☒


Number of Shares Outstanding of Each Class of Common Stock as of October 30, 2026
MGE Energy, Inc.	Common stock, $1.00 par value, 37,823,515 shares outstanding.
Madison Gas and Electric Company	Common stock, $1.00 par value, 17,347,894 shares outstanding (all of which are owned beneficially and of record by MGE Energy, Inc.).

Table of Contents


PART I. FINANCIAL INFORMATION.	3
Filing Format.	3
Forward-Looking Statements.	3
Where to Find More Information.	3
Definitions, Abbreviations, and Acronyms Used in the Text and Notes of this Report.	4
Item 1. Financial Statements.	6
MGE Energy, Inc.	6
Consolidated Statements of Income (unaudited).	6
Consolidated Statements of Cash Flows (unaudited).	7
Consolidated Balance Sheets (unaudited).	8
Consolidated Statements of Common Equity (unaudited).	9
Madison Gas and Electric Company.	10
Consolidated Statements of Income (unaudited).	10
Consolidated Statements of Cash Flows (unaudited).	11
Consolidated Balance Sheets (unaudited).	12
Consolidated Statements of Equity (unaudited).	13
MGE Energy, Inc., and Madison Gas and Electric Company - Notes to Consolidated Financial Statements (unaudited).	14
1. Summary of Significant Accounting Policies.	14
2. New Accounting Standards.	15
3. Investment in ATC and ATC Holdco.	15
4. Taxes.	16
5. Pension and Other Postretirement Plans.	16
6. Equity and Financing Arrangements.	17
7. Share-Based Compensation.	19
8. Commitments and Contingencies.	19
9. Rate Matters.	23
10. Derivative and Hedging Instruments.	24
11. Fair Value of Financial Instruments.	26
12. Joint Plant Construction Project Ownership.	28
13. Revenue.	29
14. Segment Information.	29
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.	33
Item 3. Quantitative and Qualitative Disclosures About Market Risk.	49
Item 4. Controls and Procedures.	50
PART II. OTHER INFORMATION.	51
Item 1. Legal Proceedings.	51
Item 1A. Risk Factors.	51
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	51
Item 3. Defaults Upon Senior Securities.	51
Item 4. Mine Safety Disclosures.	51
Item 5. Other Information.	51
Item 6. Exhibits.	52
Signatures - MGE Energy, Inc.	53
Signatures - Madison Gas and Electric Company.	54

PART I. FINANCIAL INFORMATION.

Filing Format

This combined Form 10-Q is being filed separately by MGE Energy, Inc. (MGE Energy) and Madison Gas and Electric Company (MGE). MGE is a wholly owned subsidiary of MGE Energy and represents a majority of its assets, liabilities, revenues, expenses, and operations. Thus, all information contained in this report relates to, and is filed by, MGE Energy. Information that is specifically identified in this report as relating solely to MGE Energy, such as its financial statements and information relating to its nonregulated business, does not relate to, and is not filed by, MGE. MGE makes no representation as to that information. The terms "we" and "our," as used in this report, refer to MGE Energy and its consolidated subsidiaries, unless otherwise indicated.

Forward-Looking Statements

Certain matters discussed in this report include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on historical performance and current expectations, estimates, forecasts and projections about our future financial results, goals, plans, commitments, strategies and objectives, particularly related to future load growth, revenues, expenses, capital expenditures and rate recovery, financial resources, regulatory matters, and the scope and expense associated with future environmental regulation. Such statements involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond our control and could cause our future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Words such as "believe," "expect," "anticipate," "estimate," "could," "should," "intend," "will," "commit," "target," "plan," and other similar words, and words relating to goals, targets and projections, generally identify forward-looking statements. Both MGE Energy and MGE caution investors that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed, or implied.

The factors that could cause actual results to differ materially from the forward-looking statements made by a registrant include (a) those factors discussed in the following sections of the registrants' 2025 Annual Report on Form 10-K: Item 1A. Risk Factors; Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, as updated by Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in this report; and Item 8. Financial Statements and Supplementary Data – Footnote 16, as updated by Part I, Item 1. Financial Statements – Footnote 8 in this report; and (b) other factors discussed herein and in other filings made by that registrant with the Securities and Exchange Commission (SEC).

Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this report. MGE Energy and MGE undertake no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances after the date of this report, whether as a result of new information, future events, changed circumstances or otherwise, except as required by law.

Where to Find More Information

We file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and other information with the SEC. The SEC maintains an internet site at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

MGE Energy maintains a website at mgeenergy.com, and MGE maintains a website at mge.com. Copies of the reports and other information that we file with the SEC may be obtained from our websites free of charge. Information contained on MGE Energy's and MGE's websites shall not be deemed incorporated into, or to be a part of, this report.

Definitions, Abbreviations, and Acronyms Used in the Text and Notes of this Report

Abbreviations, acronyms, and definitions used in the text and notes of this report are defined below.


MGE Energy and Subsidiaries:

CWDC	Central Wisconsin Development Corporation
MAGAEL	MAGAEL, LLC
MGE	Madison Gas and Electric Company
MGE Energy	MGE Energy, Inc.
MGE Power	MGE Power, LLC
MGE Power Elm Road	MGE Power Elm Road, LLC
MGE Power West Campus	MGE Power West Campus, LLC
MGE Services	MGE Services, LLC
MGE State Energy Services	MGE State Energy Services, LLC
MGE Transco	MGE Transco Investment, LLC
MGEE Transco	MGEE Transco, LLC
North Mendota	North Mendota Energy & Technology Park, LLC

Other Defined Terms:

2025 Annual Report on Form 10-K	MGE Energy's and MGE's Annual Report on Form 10-K for the year ended December 31, 2025
2024 ELG Rule	Supplemental Effluent Limitations Guidelines and Standards for the Steam Electric Power Generating Point Source Category
2021 Incentive Plan	MGE Energy's 2021 Long-Term Incentive Plan
AD/CVD	Antidumping and Countervailing Duties
AFUDC	Allowance for Funds Used During Construction
ATC	American Transmission Company LLC
ATC Holdco	ATC Holdco, LLC
ATM	At-the-Market Offering Program
Badger Hollow	Badger Hollow Solar Park and Wind Energy Center
Blount	Blount Station
BTA	Best Technology Available
CA	Certificate of Authority
CBP	U.S. Customs and Border Protection
CCR	Coal Combustion Residual
Codification	Financial Accounting Standards Board Accounting Standards Codification
Columbia	Columbia Energy Center
Cooling degree days (CDD)	Measure of the extent to which the average daily temperature is above 65 degrees Fahrenheit, which is considered an indicator of possible increased demand for energy to provide cooling
CWIP	Construction Work in Progress
Dth	Dekatherms, a quantity measure for natural gas
DOC	United States Department of Commerce
Elm Road Units	Elm Road Generating Station
EPA	United States Environmental Protection Agency
FERC	Federal Energy Regulatory Commission
FTR	Financial Transmission Rights
GHG	Greenhouse gas
Heating degree days (HDD)	Measure of the extent to which the average daily temperature is below 65 degrees Fahrenheit, which is considered an indicator of possible increased demand for energy to provide heating
High Noon	High Noon Solar Energy Center
IRS	Internal Revenue Service
ITC	Investment Tax Credit
Koshkonong	Koshkonong Solar Park
kWh	Kilowatt-hour, a measure of electric energy produced
MISO	Midcontinent Independent System Operator, Inc.
MW	Megawatt, a measure of electric energy generating capacity
MWh	Megawatt-hour, a measure of electric energy produced
NAAQS	National Ambient Air Quality Standards
Nasdaq	The Nasdaq Stock Market
NOx	Nitrogen Oxide
OBBBA	One Big Beautiful Bill Act
Paris	Paris Solar-Battery Park


PGA	Purchased Gas Adjustment clause, a regulatory mechanism used to reconcile natural gas costs recovered in rates to actual costs
PM	Particulate Matter
PSCW	Public Service Commission of Wisconsin
PTC	Production Tax Credit
ROE	Return on Equity
Saratoga	Saratoga Solar Electric Generation and BESS Facility
SEC	Securities and Exchange Commission
SO2	Sulfur Dioxide
Stock Plan	Direct Stock Purchase and Dividend Reinvestment Plan of MGE Energy
Sunnyside	Sunnyside Solar and Battery Project
Therm	Measure of quantity of heat used to measure gas supply
UFLPA	Uyghur Forced Labor Prevention Act
Ursa	Ursa Solar Electric Generation Facility
USITC	United States International Trade Commission
VIE	Variable Interest Entity
WCCF	West Campus Cogeneration Facility
WDNR	Wisconsin Department of Natural Resources
WEPCO	Wisconsin Electric Power Company, a subsidiary of WEC Energy Group, Inc.
West Riverside	West Riverside Energy Center
WPDES	Wisconsin Pollutant Discharge Elimination System
WRO	Withhold Release Order
XBRL	eXtensible Business Reporting Language

Item 1. Financial Statements.

MGE Energy, Inc.

Consolidated Statements of Income (unaudited)

(In thousands, except per share amounts)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025
Operating Revenues:
Electric revenues	$	172,928		$	155,491		$	435,962		$	410,507
Gas revenues		17,469			20,188			158,333			143,594
Total Operating Revenues		190,397			175,679			594,295			554,101

Operating Expenses:
Fuel for electric generation		24,068			22,189			57,284			56,050
Purchased power		5,065			4,289			13,345			14,229
Cost of gas sold		461			4,865			80,569			70,142
Other operations and maintenance		66,947			58,325			193,757			172,661
Depreciation and amortization		29,302			28,816			86,330			84,848
Other general taxes		6,471			6,120			19,141			18,008
Total Operating Expenses		132,314			124,604			450,426			415,938
Operating Income		58,083			51,075			143,869			138,163

Other income, net		17,033			9,888			42,309			16,199
Interest expense, net		(9,368	)		(8,677	)		(28,461	)		(24,715	)
Income before income taxes		65,748			52,286			157,717			129,647
Income tax provision		(9,390	)		(7,789	)		(19,525	)		(17,060	)
Net Income	$	56,358		$	44,497		$	138,192		$	112,587

Earnings Per Share of Common Stock
Basic	$	1.49		$	1.22		$	3.71		$	3.08
Diluted	$	1.48		$	1.22		$	3.70		$	3.08

Dividends per share of common stock	$	0.508		$	0.475		$	1.458		$	1.375

Weighted Average Shares Outstanding
Basic		37,791			36,542			37,248			36,531
Diluted		38,018			36,576			37,373			36,565

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

MGE Energy, Inc.

Consolidated Statements of Cash Flows (unaudited)

(In thousands)


	Nine Months Ended
	September 30,
	2026			2025
Operating Activities:
Net income	$	138,192		$	112,587
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization		86,330			84,848
Deferred income taxes		9,994			4,784
Provision for doubtful receivables		5,269			6,600
Employee benefit plan credit		(6,325	)		(3,697	)
Cash contributions to pension and other postretirement plans		(5,803	)		(5,678	)
Equity earnings in investments		(11,261	)		(9,586	)
Dividends from investments		8,499			8,411
Changes in assets and liabilities
Current assets		22,196			18,109
Accounts payable		(15,986	)		(396	)
Deferred income taxes		12,153			—
Other current liabilities		1,527			180
Regulatory assets and liabilities, net		11,957			9,557
Other, net		(15,688	)		3,051
Cash Provided by Operating Activities		241,054			228,770

Investing Activities:
Capital expenditures		(292,222	)		(255,622	)
Capital contributions to investments		(12,072	)		(9,208	)
Other		7,154			2,984
Cash Used for Investing Activities		(297,140	)		(261,846	)

Financing Activities:
Issuance of common stock, net		91,979			3,750
Cash dividends paid on common stock		(54,505	)		(50,230	)
Repayments of long-term debt		(20,260	)		(3,951	)
Issuance of long-term debt		90,000			—
(Repayments of) proceeds from short-term debt		(44,277	)		74,000
Other		(1,694	)		(969	)
Cash Provided by Financing Activities		61,243			22,600

Change in cash, cash equivalents, and restricted cash		5,157			(10,476	)
Cash, cash equivalents, and restricted cash at beginning of period		8,736			24,496
Cash, cash equivalents, and restricted cash at end of period	$	13,893		$	14,020

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

MGE Energy, Inc.

Consolidated Balance Sheets (unaudited)

(In thousands)


	September 30,		December 31,
ASSETS	2026		2025
Current Assets:
Cash and cash equivalents	$	10,539	$	5,666
Accounts receivable, less reserves of $10,078 and $8,578, respectively		44,997		57,558
Other accounts receivable, less reserves of $2,458 and $2,084, respectively		15,408		12,983
Unbilled revenues		26,998		42,770
Materials and supplies, at average cost		42,359		37,850
Fuel for electric generation, at average cost		9,676		11,010
Stored natural gas, at average cost		16,735		15,317
Prepaid taxes		14,533		19,314
Regulatory assets - current		9,036		8,879
Other current assets		15,641		17,201
Total Current Assets		205,922		228,548
Regulatory assets		56,454		42,758
Pension and other postretirement benefit asset		176,127		164,985
Other deferred assets and other		20,754		18,348
Property, Plant, and Equipment:
Property, plant, and equipment, net		2,348,629		2,279,899
Construction work in progress		412,483		292,969
Total Property, Plant, and Equipment		2,761,112		2,572,868
Investments		139,470		127,913
Total Assets	$	3,359,839	$	3,155,420

LIABILITIES AND CAPITALIZATION
Current Liabilities:
Long-term debt due within one year	$	5,549	$	21,633
Short-term debt		50,250		94,527
Accounts payable		65,377		117,673
Accrued interest and taxes		11,427		10,269
Accrued payroll related items		16,684		17,244
Regulatory liabilities - current		26,966		23,490
Other current liabilities		11,908		11,873
Total Current Liabilities		188,161		296,709
Other Credits:
Deferred income taxes		353,188		337,798
Investment tax credit - deferred		60,746		48,609
Regulatory liabilities		198,969		185,372
Accrued pension and other postretirement benefits		51,501		51,105
Asset retirement obligations		80,210		76,289
Other deferred liabilities and other		67,742		63,397
Total Other Credits		812,356		762,570
Capitalization:
Common shareholders' equity		1,481,470		1,303,936
Long-term debt		877,852		792,205
Total Capitalization		2,359,322		2,096,141
Commitments and contingencies (see Footnote 8)
Total Liabilities and Capitalization	$	3,359,839	$	3,155,420

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

MGE Energy, Inc.

Consolidated Statements of Common Equity (unaudited)

(In thousands, except per share amounts)


								Accumulated
			Additional					Other
	Common		Paid-in		Retained			Comprehensive
	Stock		Capital		Earnings			Income/(Loss)		Total
Three Months Ended September 30, 2025
Beginning Balance	$	36,542	$	434,080	$	799,351		$	—	$	1,269,973
Net income						44,497					44,497
Common stock dividends declared ($0.475 per share)						(17,358	)				(17,358	)
Equity-based compensation plans and other				541							541
Ending Balance - September 30, 2025	$	36,542	$	434,621	$	826,490		$	—	$	1,297,653

Three Months Ended September 30, 2026
Beginning Balance	$	37,781	$	523,768	$	878,970		$	—	$	1,440,519
Net income						56,358					56,358
Common stock dividends declared ($0.508 per share)						(19,206	)				(19,206	)
Issuance of common stock, net		39		2,992							3,031
Equity-based compensation plans and other				768							768
Ending Balance - September 30, 2026	$	37,820	$	527,528	$	916,122		$	—	$	1,481,470

Nine Months Ended September 30, 2025
Beginning Balance	$	36,490	$	429,515	$	764,133		$	—	$	1,230,138
Net income						112,587					112,587
Common stock dividends declared ($1.375 per share)						(50,230	)				(50,230	)
Issuance of common stock, net	41			3,709							3,750
Equity-based compensation plans and other		11		1,397							1,408
Ending Balance - September 30, 2025	$	36,542	$	434,621	$	826,490		$	—	$	1,297,653

Nine Months Ended September 30, 2026
Beginning Balance	$	36,542	$	434,959	$	832,435		$	—	$	1,303,936
Net income						138,192					138,192
Common stock dividends declared ($1.458 per share)						(54,505	)				(54,505	)
Issuance of common stock, net		1,256		90,723							91,979
Equity-based compensation plans and other	22			1,846							1,868
Ending Balance - September 30, 2026	$	37,820	$	527,528	$	916,122		$	—	$	1,481,470

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

Madison Gas and Electric Company

Consolidated Statements of Income (unaudited)

(In thousands)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025
Operating Revenues:
Electric revenues	$	172,928		$	155,491		$	435,962		$	410,507
Gas revenues		17,469			20,188			158,333			143,594
Total Operating Revenues		190,397			175,679			594,295			554,101

Operating Expenses:
Fuel for electric generation		24,068			22,189			57,284			56,050
Purchased power		5,065			4,289			13,345			14,229
Cost of gas sold		461			4,865			80,569			70,142
Other operations and maintenance		66,092			58,096			192,191			171,847
Depreciation and amortization		29,302			28,816			86,330			84,848
Other general taxes		6,471			6,120			19,141			18,008
Total Operating Expenses		131,459			124,375			448,860			415,124
Operating Income		58,938			51,304			145,435			138,977

Other income, net		7,959			3,393			22,286			3,756
Interest expense, net		(9,420	)		(8,702	)		(28,610	)		(24,891	)
Income before income taxes		57,477			45,995			139,111			117,842
Income tax provision		(6,560	)		(6,236	)		(14,269	)		(13,805	)
Net Income	$	50,917		$	39,759		$	124,842		$	104,037
Less: Net Income Attributable to Noncontrolling Interest, net of tax		(5,764	)		(5,668	)		(17,099	)		(16,981	)
Net Income Attributable to MGE	$	45,153		$	34,091		$	107,743		$	87,056

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

Madison Gas and Electric Company

Consolidated Statements of Cash Flows (unaudited)

(In thousands)


	Nine Months Ended
	September 30,
	2026			2025
Operating Activities:
Net income	$	124,842		$	104,037
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization		86,330			84,848
Deferred income taxes		8,116			4,083
Provision for doubtful receivables		5,269			6,600
Employee benefit plan credit		(6,325	)		(3,697	)
Cash contributions to pension and other postretirement plans		(5,803	)		(5,678	)
Changes in assets and liabilities
Current assets		20,808			18,084
Accounts payable		(16,335	)		(414	)
Deferred income taxes		12,153			—
Other current liabilities		3,845			(633	)
Regulatory assets and liabilities, net		11,957			9,557
Other, net		(7,264	)		5,195
Cash Provided by Operating Activities		237,593			221,982

Investing Activities:
Capital expenditures		(292,222	)		(255,622	)
Other		(4,966	)		(1,371	)
Cash Used for Investing Activities		(297,188	)		(256,993	)

Financing Activities:
Cash dividends paid to parent by MGE		(33,500	)		(37,500	)
Distributions to parent from noncontrolling interest		(13,500	)		(11,500	)
Capital contribution from parent		83,500			2,000
Repayments of long-term debt		(20,260	)		(3,951	)
Issuance of long-term debt		90,000			—
(Repayments of) proceeds from short-term debt		(44,277	)		74,000
Other		(1,694	)		(969	)
Cash Provided by Financing Activities		60,269			22,080

Change in cash, cash equivalents, and restricted cash		674			(12,931	)
Cash, cash equivalents, and restricted cash at beginning of period		5,318			20,059
Cash, cash equivalents, and restricted cash at end of period	$	5,992		$	7,128

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

Madison Gas and Electric Company

Consolidated Balance Sheets (unaudited)

(In thousands)


	September 30,		December 31,
ASSETS	2026		2025
Current Assets:
Cash and cash equivalents	$	2,638	$	2,248
Accounts receivable, less reserves of $10,078 and $8,578, respectively		44,997		57,558
Other accounts receivable, less reserves of $2,458 and $2,084, respectively		15,392		12,979
Unbilled revenues		26,998		42,770
Materials and supplies, at average cost		42,359		37,850
Fuel for electric generation, at average cost		9,676		11,010
Stored natural gas, at average cost		16,735		15,317
Prepaid taxes		14,920		18,748
Regulatory assets - current		9,036		8,879
Other current assets		16,113		17,225
Total Current Assets		198,864		224,584
Regulatory assets		56,454		42,758
Pension and other postretirement benefit asset		176,127		164,985
Other deferred assets and other		18,949		17,817
Property, Plant, and Equipment:
Property, plant, and equipment, net		2,348,660		2,279,927
Construction work in progress		412,483		292,969
Total Property, Plant, and Equipment		2,761,143		2,572,896

Total Assets	$	3,211,537	$	3,023,040

LIABILITIES AND CAPITALIZATION
Current Liabilities:
Long-term debt due within one year	$	5,549	$	21,633
Short-term debt		50,250		94,527
Accounts payable		65,013		117,658
Accrued interest and taxes		10,681		10,234
Accrued payroll related items		16,684		17,244
Regulatory liabilities - current		26,966		23,490
Other current liabilities		11,908		8,843
Total Current Liabilities		187,051		293,629
Other Credits:
Deferred income taxes		314,710		301,198
Investment tax credit - deferred		60,746		48,609
Regulatory liabilities		198,969		185,372
Accrued pension and other postretirement benefits		51,501		51,105
Asset retirement obligations		80,210		76,289
Other deferred liabilities and other		71,804		67,281
Total Other Credits		777,940		729,854
Capitalization:
Common shareholder's equity		1,208,307		1,050,564
Noncontrolling interest		160,387		156,788
Total Equity		1,368,694		1,207,352
Long-term debt		877,852		792,205
Total Capitalization		2,246,546		1,999,557
Commitments and contingencies (see Footnote 8)
Total Liabilities and Capitalization	$	3,211,537	$	3,023,040

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

Madison Gas and Electric Company

Consolidated Statements of Equity (unaudited)

(In thousands)


										Accumulated
					Additional					Other		Non-
	Common Stock				Paid-in		Retained			Comprehensive		Controlling
	Shares		Value		Capital		Earnings			Income/(Loss)		Interest			Total
Three Months Ended September 30, 2025
Beginning balance		17,348	$	17,348	$	283,667	$	717,869		$	—	$	153,699		$	1,172,583
Net income								34,091					5,668			39,759
Capital contributions from parent						2,000										2,000
Cash dividends paid to parent by MGE								(14,000	)							(14,000	)
Distributions to parent from noncontrolling interest													(3,500	)		(3,500	)
Ending Balance - September 30, 2025		17,348	$	17,348	$	285,667	$	737,960		$	—	$	155,867		$	1,196,842

Three Months Ended September 30, 2026
Beginning balance		17,348	$	17,348	$	369,667	$	785,639		$	—	$	159,873		$	1,332,527
Net income								45,153					5,764			50,917
Capital contributions from parent						6,000										6,000
Cash dividends paid to parent by MGE								(15,500	)							(15,500	)
Distributions to parent from noncontrolling interest													(5,250	)		(5,250	)
Ending Balance - September 30, 2026		17,348	$	17,348	$	375,667	$	815,292		$	—	$	160,387		$	1,368,694

Nine Months Ended September 30, 2025
Beginning balance		17,348	$	17,348	$	283,667	$	688,404		$	—	$	150,386		$	1,139,805
Net income								87,056					16,981			104,037
Capital contributions from parent						2,000										2,000
Cash dividends paid to parent by MGE								(37,500	)							(37,500	)
Distributions to parent from noncontrolling interest													(11,500	)		(11,500	)
Ending Balance - September 30, 2025		17,348	$	17,348	$	285,667	$	737,960		$	—	$	155,867		$	1,196,842

Nine Months Ended September 30, 2026
Beginning balance		17,348	$	17,348	$	292,167	$	741,049		$	—	$	156,788		$	1,207,352
Net income								107,743					17,099			124,842
Capital contributions from parent						83,500										83,500
Cash dividends paid to parent by MGE								(33,500	)							(33,500	)
Distributions to parent from noncontrolling interest													(13,500	)		(13,500	)
Ending Balance - September 30, 2026		17,348	$	17,348	$	375,667	$	815,292		$	—	$	160,387		$	1,368,694

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

MGE Energy, Inc., and Madison Gas and Electric Company

Notes to Consolidated Financial Statements (unaudited)

September 30, 2026

Summary of Significant Accounting Policies – MGE Energy and MGE.

Basis of Presentation.

This report is a combined report of MGE Energy and MGE. References in this report to "MGE Energy" are to MGE Energy, Inc. and its subsidiaries. References in this report to "MGE" are to Madison Gas and Electric Company.

MGE Power Elm Road and MGE Power West Campus own electric generating assets and lease those assets to MGE. Both entities are variable interest entities (VIE) under applicable authoritative accounting guidance. MGE is considered the primary beneficiary of these entities as a result of contractual agreements. As a result, MGE has consolidated MGE Power Elm Road and MGE Power West Campus in its financial reports. See Footnote 3 of the Notes to the Consolidated Financial Statements under Item 8, Financial Statements and Supplementary Data, of MGE Energy's and MGE's 2025 Annual Report on Form 10-K (the 2025 Annual Report on Form 10-K).

The accompanying consolidated financial statements as of September 30, 2026, and for the three and nine months ended, as applicable, are unaudited but include all adjustments that MGE Energy and MGE management consider necessary for a fair statement of their respective financial statements. All adjustments are of a normal, recurring nature except as otherwise disclosed. The year-end consolidated balance sheet information was derived from the audited balance sheet appearing in the 2025 Annual Report on Form 10-K but does not include all disclosures required by accounting principles generally accepted in the United States of America. These notes should be read in conjunction with the financial statements and the notes thereto located on pages 52 through 105 of the 2025 Annual Report on Form 10-K.

Supplemental Cash Flow Information – MGE Energy and MGE.


	MGE Energy				MGE(b)
	September 30,		September 30,		September 30,		September 30,
(In Thousands)	2026		2025		2026		2025
Income tax paid (receipts), net(a):
US Federal	$	(8,353)	$	5,431	$	(9,623)	$	4,211
US State and Local:
Wisconsin		6,000		7,000		5,650		6,540
Other		91		66		—		—
Significant noncash investing activities:
Accrued capital expenditures		19,040		14,785		19,040		14,785

(a)

For the nine months ended September 30, 2026, federal tax receipts include $12.2 million of proceeds from the transfer of federal tax credits under Internal Revenue Code Section 6418.

(b)

MGE Energy files a consolidated federal income tax return with its subsidiaries. While taxes are filed on a consolidated basis, MGE calculates its respective share of tax liability and makes intercompany tax payments to or from its parent company.

The following table presents the components of total cash, cash equivalents, and restricted cash on the consolidated balance sheets.


	MGE Energy				MGE
	September 30,		December 31,		September 30,		December 31,
(In thousands)	2026		2025		2026		2025
Cash and cash equivalents	$	10,539	$	5,666	$	2,638	$	2,248
Restricted cash		731		952		731		952
Receivable - margin account		2,623		2,118		2,623		2,118
Cash, cash equivalents, and restricted cash	$	13,893	$	8,736	$	5,992	$	5,318

Cash Equivalents

All highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents.

Restricted Cash

MGE has certain cash accounts that are restricted to uses other than current operations and designated for a specific purpose. MGE's restricted cash accounts include cash held by trustees for certain employee benefits and cash deposits held by third parties. These are included in "Other current assets" on the consolidated balance sheets.

Receivable – Margin Account

Cash amounts held by counterparties as margin collateral for certain financial transactions are recorded as Receivable – margin account in "Other current assets" on the consolidated balance sheets. The costs being hedged are fuel for electric generation, purchased power, and cost of gas sold.

New Accounting Standards - MGE Energy and MGE.

In November 2024, the Financial Accounting Standards Board issued authoritative guidance within the codification's Income Statement - Reporting Comprehensive Income topic, which added disclosure requirements for the disaggregation of certain income statement expenses. The authoritative guidance will become effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. MGE Energy and MGE will adopt the standard as of the effective date. The adoption of this standard will not have a material impact on MGE Energy's and MGE's financial statements.

In September 2025, the Financial Accounting Standards Board issued authoritative guidance within the codification’s Internal-Use Software topic, which amends certain aspects of the accounting for and disclosure of software costs. The authoritative guidance will become effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods; early adoption is permitted as of the beginning of an annual reporting period. MGE Energy and MGE will adopt the standard as of the effective date. The adoption of this standard is not expected to have a material impact on MGE Energy's and MGE’s financial statements.

In May 2026, the Financial Accounting Standards Board issued authoritative guidance within the codification’s Environmental Credits topic, which establishes a comprehensive model for the recognition, measurement, presentation, and disclosure of environmental credits and related obligations. The authoritative guidance will become effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods; early adoption is permitted. MGE Energy and MGE will adopt the standard as of the effective date. The adoption of this standard is not expected to have a material impact on MGE Energy's and MGE’s financial statements.

Investments - MGE Energy and MGE.

ATC and ATC Holdco.

ATC owns and operates electric transmission facilities primarily in Wisconsin. MGE received an interest in ATC when it, like other Wisconsin electric utilities, contributed its electric transmission facilities to ATC, as required by Wisconsin law. That interest is presently held by MGE Transco, a subsidiary of MGE Energy. ATC Holdco was formed by several members of ATC, including MGE Energy, to pursue electric transmission development and investments outside of Wisconsin. The ownership interest in ATC Holdco is held by MGEE Transco, a subsidiary of MGE Energy.

MGE Transco and MGEE Transco have accounted for their investments in ATC and ATC Holdco, respectively, under the equity method of accounting. Equity earnings from investments are recorded as "Other income" on the consolidated statements of income of MGE Energy. MGE Transco recorded the following amounts related to its investment in ATC:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2026		2025		2026		2025
Equity earnings from investment in ATC	$	3,907	$	3,224	$	11,205	$	9,280
Dividends received from ATC		2,954		2,403		8,404		8,035
Capital contributions to ATC		3,567		3,214		10,183		8,385

In October 2026, MGE Transco made a $4.3 million capital contribution to ATC.

ATC's summarized financial data is as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In thousands)	2026			2025			2026			2025
Operating revenues	$	280,753		$	245,104		$	820,060		$	721,260
Operating expenses		(129,377	)		(116,919	)		(386,418	)		(351,228	)
Other income, net		87			188			2,015			821
Interest expense, net		(47,330	)		(41,593	)		(137,731	)		(124,040	)
Earnings before members' income taxes	$	104,133		$	86,780		$	297,926		$	246,813

MGE receives transmission and other related services from ATC. During the three and nine months ended September 30, 2026, MGE recorded $11.2 million and $33.6 million, respectively, for transmission service compared to $10.2 million and $30.6 million for the comparable periods in 2025. MGE also provides a variety of operational, maintenance, and project management work for ATC, which is reimbursed by ATC. As of September 30, 2026, and December 31, 2025, MGE had a receivable due from ATC of $4.0 million and $2.5 million, respectively. The receivable is primarily related to transmission interconnection activities at the renewable generation sites. MGE will be reimbursed for these costs after the new generation assets are placed into service.

Other Investments - MGE Energy.

During the three and nine months ended September 30, 2026 and 2025, certain investments were liquidated for MGE Energy. There were no material liquidations for MGE during these periods. As a result of the liquidations, the following was received:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2026		2025		2026		2025
Cash proceeds	$	6,724	$	4,244	$	12,133	$	4,402
Gain on sale		5,346		3,156		9,322		3,233

Taxes - MGE Energy and MGE.

Effective Tax Rate.

The effective income tax rates for the period, computed by dividing income tax expense by income before taxes, were as follows:


	MGE Energy						MGE
Effective income tax rate	2026			2025			2026			2025
Three Months Ended September 30,		14.3	%		14.9	%		11.4	%		13.6	%
Nine Months Ended September 30,		12.4	%		13.2	%		10.3	%		11.7	%

The effective tax rates were different than the federal statutory rate primarily due to state income taxes, net of the related federal tax benefit, federal production tax credits (PTC) and investment tax credits (ITC), the amortization of excess deferred taxes, and the impact of non-taxable income related to the equity portion of Allowance for Funds Used During Construction (AFUDC), net of depreciation. For both MGE Energy and MGE, the decrease in the effective tax rate for the nine months ended September 30, 2026, compared to the prior year period, was driven primarily by additional federal tax credits associated with renewable generation and energy storage projects, as well as increased non-taxable income related to the equity portion of AFUDC on projects under construction.

Pension and Other Postretirement Plans - MGE Energy and MGE.

MGE maintains qualified and nonqualified pension plans, health care, and life insurance benefits and defined contribution 401(k) benefit plans for its employees and retirees.

The components of net periodic benefit cost, other than the service cost component, are recorded in "Other income, net" on the consolidated statements of income. The service cost component is recorded in "Other operations and maintenance" on

the consolidated statements of income. MGE has regulatory treatment and recognizes regulatory assets or liabilities for timing differences between when net periodic benefit costs are recovered and when costs are recognized.

The following table presents the components of net periodic benefit costs recognized.


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In thousands)	2026			2025			2026			2025
Pension Benefits
Components of net periodic benefit cost:
Service cost	$	595		$	653		$	1,797		$	1,959
Interest cost		3,992			4,285			12,065			12,854
Expected return on assets		(7,679	)		(7,254	)		(23,205	)		(21,761	)
Amortization of:
Actuarial loss		50			75			153			225
Net periodic benefit (credit) cost	$	(3,042	)	$	(2,241	)	$	(9,190	)	$	(6,723	)

Postretirement Benefits
Components of net periodic benefit cost:
Service cost	$	176		$	186		$	528		$	557
Interest cost		679			757			2,038			2,271
Expected return on assets		(709	)		(678	)		(2,128	)		(2,036	)
Amortization of:
Transition obligation		—			1			—			2
Actuarial gain		(194	)		(161	)		(583	)		(482	)
Net periodic benefit (credit) cost	$	(48	)	$	105		$	(145	)	$	312

As approved by the PSCW, MGE is allowed to defer differences between actual employee benefit plan costs and costs reflected in current rates. The deferred costs may be recovered or refunded in MGE's next rate filing. In 2026, MGE is refunding over-collected costs from previous years. For the three months ended September 30, 2025, MGE did not recover any previously deferred pension and other postretirement costs. For the nine months ended September 30, 2025, MGE recovered $0.7 million. These costs have not been reflected in the table above.

Equity and Financing Arrangements.

Stock Plan Share Issuances - MGE Energy.

MGE Energy sells shares of its common stock through its Direct Stock Purchase and Dividend Reinvestment Plan (the Stock Plan). Those shares may be newly issued shares or shares that are purchased in the open market by an independent agent for participants in the Stock Plan. Sales of newly issued shares under the Stock Plan are covered by a shelf registration statement that MGE Energy filed with the SEC. During the nine months ended September 30, 2026, and 2025, net proceeds from the Stock Plan were approximately $8.6 million and $3.8 million, respectively, which were used for general corporate purposes.

At-the-Market Equity Offering - MGE Energy.

In February 2026, MGE Energy filed a prospectus supplement under which it may sell shares of its common stock having an aggregate offering price of up to $100 million, through Guggenheim Securities, LLC, and Morgan Stanley & Co. LLC (each, a Manager) in negotiated transactions that are deemed to be an "at-the-market offering" (ATM). The ATM may be terminated by MGE Energy or, with respect only to itself, any Manager. Unless earlier terminated, the ATM shall automatically terminate on February 23, 2029, if MGE Energy does not file a new shelf registration statement relating to the shares to be sold under the ATM on or prior to such date. Each Manager will be entitled to compensation at a commission equal to up to 2.0% of the gross offering proceeds of the shares of common stock sold under the ATM. MGE Energy expects to use the net proceeds from any issuance of common stock for general corporate purposes, including repayment of short-term debt, repurchases, retirements and refinancing of other securities, funding capital expenditures, and investments in subsidiaries. As of September 30, 2026, MGE Energy sold an aggregate of 154,321 shares of its common stock under the ATM for aggregate net proceeds of $11.5 million and $0.2 million in transaction fees paid.

Common Stock Public Offering and Forward Equity Sale Agreements - MGE Energy.

On May 6, 2026, MGE Energy completed a registered public offering of 3,300,331 shares of its common stock at a public offering price of $75.75 per share, for aggregate gross proceeds of approximately $250 million. Of the shares offered, 990,099 shares were issued and sold by MGE Energy, resulting in net proceeds of approximately $72.2 million after underwriting discounts and commissions. The remaining 2,310,232 shares were sold to Morgan Stanley & Co. LLC, Bank of America, N.A., and JPMorgan Chase Bank, National Association or their respective affiliates pursuant to separate forward sale agreements entered into by MGE Energy with each of these counterparties. Under the forward sale agreements, MGE Energy has the right to elect physical settlement, cash settlement, or net share settlement, in whole or in part, through January 2028, and the agreements are classified as equity instruments. Based on the initial forward sale price of $72.9094 per share, MGE Energy expects to receive net proceeds of approximately $168.4 million upon full physical settlement of the forward sale agreements, subject to adjustments specified in such agreements. MGE Energy intends to use the net proceeds from the offering and any future settlement of the forward sale agreements for general corporate purposes, which may include repayment of short-term debt, repurchase, retirement or refinancing of other securities, funding capital expenditures, and investments in subsidiaries.

Changes in Common Shares Outstanding - MGE Energy.

The share issuances discussed above, together with shares issued pursuant to stock-based compensation arrangements, resulted in the following changes in outstanding common stock:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2026	2025	2026	2025
Common stock shares outstanding at beginning of period	37,780,751	36,541,849	36,541,849	36,489,641
Shares issued:
At-the-market offering program	—	—	154,321	—
Stock-based compensation	—	—	22,050	11,213
Stock plan	39,407	—	111,839	40,995
Public offering	—	—	990,099	—
Common stock shares outstanding at end of period	37,820,158	36,541,849	37,820,158	36,541,849

Earnings Per Share - MGE Energy.

Basic earnings per share is calculated by dividing net income attributable to MGE Energy by the weighted-average number of MGE Energy's common shares outstanding during the period. In the calculation of diluted earnings per share, weighted-average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. Potentially dilutive securities for MGE Energy consist of restricted stock units and shares under the forward equity sale agreements, as discussed above.


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In thousands)	2026	2025	2026	2025
Net income attributed to common shareholders	56,358	44,497	138,192	112,587
Weighted average common shares outstanding - basic	37,791	36,542	37,248	36,531
Effect of dilutive securities:
Dilutive effect of stock-based compensation awards	59	34	48	34
Dilutive effect of forward equity sale agreements	168	—	77	—
Weighted average common shares outstanding - diluted	38,018	36,576	37,373	36,565

Basic earnings per share	$1.49	$1.22	$3.71	$3.08
Diluted earnings per share	$1.48	$1.22	$3.70	$3.08

Third Amended and Restated Credit Agreements - MGE Energy and MGE.

As of September 30, 2026, MGE Energy and MGE had revolving credit facilities with aggregate commitments of $50 million and $130 million, respectively. As of September 30, 2026, no borrowings were outstanding under these facilities.

On October 1, 2026, MGE Energy and MGE entered into third amended and restated credit agreements (collectively, the Third Amended and Restated Credit Agreements), which amended and restated their existing revolving credit facilities to, among other things, (i) extend the maturity dates to October 1, 2031 and (ii) increase the aggregate commitment under MGE's revolving credit facilities from $130 million to $250 million. MGE Energy's revolving credit commitment remained $50 million.

The Third Amended and Restated Credit Agreements contain customary representations and warranties, covenants and events of default. Each of the Third Amended and Restated Credit Agreements requires the borrower thereunder to maintain a ratio of consolidated indebtedness to consolidated total capitalization not to exceed 0.65 to 1.00. The ratio calculation excludes assets, liabilities, revenues, and expenses included in a borrower's financial statements as the result of the consolidation of "variable interest entities."

A change in control constitutes a default under each of the Third Amended and Restated Credit Agreements. Change in control events are defined in each of the Third Amended and Restated Credit Agreements as (i) a failure by MGE Energy to hold 100% of the outstanding voting equity interest in MGE or (ii) the acquisition of beneficial ownership of 30% or more of the voting power of the outstanding voting stock of MGE Energy by one person or two or more persons acting in concert.

Share-Based Compensation - MGE Energy and MGE.

During the three and nine months ended September 30, 2026, MGE recorded $0.7 million and $3.4 million, respectively, in compensation expense related to share-based compensation awards compared to $0.8 million and $2.5 million, respectively, for the comparable periods in 2025.

In the first quarter of 2026, participants received cash payments totaling $1.7 million and 22,050 shares of common stock upon settlement of awards granted in 2023 to employees and non-employee directors, and in 2025 to non-employee directors, under the 2021 Incentive Plan.

In March 2026, MGE granted 24,879 performance units and 34,230 restricted stock units under the 2021 Incentive Plan to eligible employees and non-employee directors. In April 2026, MGE granted 25,000 restricted stock units under the 2021 Incentive Plan to eligible employees.

Share-based compensation expense is recognized on a straight-line basis over the requisite service period. Awards classified as equity awards are measured based on their grant-date fair value. Awards classified as liability awards are recorded at fair value each reporting period. The performance units can be paid out in cash, shares of common stock, or a combination of cash and stock and are classified as a liability award. The restricted stock units will be paid out in shares of common stock and therefore are classified as equity awards.

Commitments and Contingencies - MGE Energy and MGE.

Environmental.

MGE Energy and MGE are subject to frequently changing local, state, and federal regulations concerning air quality, water quality, land use, threatened and endangered species, hazardous materials handling, and solid waste disposal. These regulations affect how we conduct operations and may affect both operating costs and capital expenditures. Several of these environmental rules are subject to legal challenges, reconsideration and/or other uncertainties. Regulatory initiatives, proposed rules, and court challenges to adopted rules could have the potential to have a material effect on capital expenditures and operating costs. Management believes compliance costs will be recovered in future rates based on previous treatment of environmental compliance projects.

These initiatives, proposed rules, and court challenges include:

•

The United States Environmental Protection Agency's (EPA) promulgated water Effluent Limitations Guidelines (ELG) and standards for steam electric power plants that focus on the reduction of metals and other pollutants in wastewater from new and existing power plants.

With the closure of the wet pond system in 2023, Columbia complies with ELG requirements. With the installation of additional wastewater treatment equipment completed in 2023, the Elm Road Units comply with ELG requirements.

In May 2024, the EPA finalized the Supplemental Effluent Limitations Guidelines and Standards for the Steam Electric Power Generating Point Source Category (2024 ELG Rule) that further regulates the wastewater discharges associated with coal-fired power plants. The rule impacts Columbia and the Elm Road Units. The 2024 ELG Rule focuses on wastewater discharges from flue gas desulfurization, combustion residual leachate, and bottom ash transport water, building upon the prior standards of the 2020 ELG Rule. The 2024 ELG Rule includes reduced requirements for plants that have already installed pollution controls based on previous versions of the rule, and for plants that will be retiring or switching to natural gas by certain dates. The 2020 and 2024 ELG Rules, along with the subsequent 2025 Rule extending compliance deadlines, are currently being challenged in federal court. The litigation is on hold while the EPA undertakes a reconsideration process. The operator of the Elm Road Units is in compliance with the 2024 ELG Rule. The operator of Columbia is in compliance with the 2024 ELG Rule. MGE will continue to monitor the outcomes of the rule challenges and work with our co-owners on their compliance plans.

•

The EPA's cooling water intake rules require that cooling water intake structures at electric power plants meet best technology available (BTA) standards to reduce the mortality from entrainment (drawing aquatic life into a plant's cooling system) and impingement (trapping aquatic life on screens of cooling water intake structures).

Blount received its most recent Wisconsin Pollutant Discharge Elimination System (WPDES) permit from the Wisconsin Department of Natural Resources (WDNR) in October 2023. Blount's latest WPDES permit assumes that the plant meets BTA standards for entrainment for the duration of this permit which expires in 2028. The WDNR included a requirement to conduct an optimization study to demonstrate compliance with impingement BTA standards in the latest permit which needs to be completed by January 2028. Once the WDNR determines the impingement requirements at Blount, MGE will be able to determine any compliance costs of meeting Blount's permit requirements.

Intakes at Columbia are subject to this rule. In March 2026, Columbia received an updated WPDES permit from the WDNR. The WPDES permit indicates that Columbia's existing intake structure meets BTA standards. MGE does not, based on current information, anticipate any further requirements at Columbia and thus does not expect this rule to have a material effect on Columbia.

•

The EPA has set new source performance standards and emission guidelines for greenhouse gas (GHG) emissions from fossil fuel-fired electric generating units.

In May 2024, the EPA published final performance standards and emission guidelines under Section 111 of the Clean Air Act for carbon dioxide emissions from new combustion turbines and existing fossil fuel-fired boilers used to produce electricity. Preliminary evaluation of the May 2024 rule showed that MGE met the requirements for the gas-fired boilers at Blount. Evaluations done by the owners of Columbia and the Elm Road Units in 2024 indicated that they have a plan for complying with the May 2024 rule.

In September 2026, the EPA published a final rule repealing the May 2024 rule's carbon dioxide emission guidelines for existing fossil fuel-fired units while retaining the efficiency-based requirements for new natural gas-fired combustion turbines. The September 2026 rule will go into effect on November 16, 2026, after which MGE's existing fossil fuel-fired generating units will no longer be subject to the GHG requirements of the May 2024 rule. Both the September 2026 final rule and the May 2024 rule are under legal challenge.

Also in September 2026, the EPA published a proposed rule that would rescind the EPA's findings supporting the regulation of GHG emissions from fossil fuel-fired power plants under Section 111 of the Clean Air Act and repeal all remaining Section 111 GHG standards for fossil fuel-fired electric generating units, including the efficiency-based requirements for new natural gas-fired combustion turbines. MGE will continue to monitor this rulemaking.

In February 2026, the EPA finalized a rule rescinding its 2009 findings of contribution and endangerment for GHG emissions under Section 202(a) of the Clean Air Act and repealing all GHG emission standards for light-duty, medium-duty, and heavy-duty vehicles and engines. EPA concluded that it lacks statutory authority to regulate GHG emissions in response to global climate change concerns under Section 202(a)(1). The scope and timing of any impacts of this decision on federal GHG regulation under the Clean Air Act remain uncertain pending litigation and potential further agency action. MGE will continue to monitor developments.

•

The EPA's rule to regulate ambient levels of ozone through the 2015 Ozone National Ambient Air Quality Standards (NAAQS).

The Elm Road Units are located in Milwaukee County, Wisconsin, a nonattainment area for the 2015 Ozone NAAQS. The area was redesignated to serious nonattainment by the EPA in December 2024, effective January 2025, but remains categorized as moderate nonattainment following a stay granted by the U.S. Court of Appeals for the Seventh Circuit in September 2025. At this time, the operator of the Elm Road Units does not expect that the 2015 Ozone NAAQS or the Milwaukee County nonattainment designation will have a direct material effect on the Elm Road Units.

•

The EPA's rule to regulate Fine Particulate Matter (PM2.5).

In March 2024, the EPA published a final rule to lower the average annual PM2.5 NAAQS from 12 ug/m3 to 9 ug/m3 effective May 2024.

Multiple states and industry groups challenged the March 2024 PM2.5 NAAQS rule in the United States Court of Appeals for the District of Columbia Circuit. In February 2025, Wisconsin's Governor Evers submitted a state-wide attainment recommendation to the EPA. In June 2026, the United States Court of Appeals for the District of Columbia Circuit denied the petitions for review. As a result, absent further judicial relief, EPA action, or other legal developments, the annual PM2.5 standard of 9 µg/m3 remains in effect.

The new annual PM2.5 NAAQS could impact Milwaukee County, where the Elm Road Units are located, if the county is determined to be in nonattainment. A nonattainment designation would require the State of Wisconsin to develop a plan to get into attainment, which would likely include additional limitations for new and modified plants in the county.

In October 2026, the EPA notified the State of Wisconsin of its intended approach for area designations under the revised PM2.5 NAAQS. The EPA indicated that Milwaukee County is being considered for designation as a nonattainment area and provided the State an opportunity to submit additional information before final designations are issued. Final area designations are expected by February 2027, unless modified through ongoing administrative or judicial proceedings.

The final impact of this rule will not be known until the EPA determines the attainment status of Wisconsin counties and the State of Wisconsin develops an attainment implementation plan. MGE will continue to follow the rule's developments.

•

Rules regulating nitrogen oxide (NOx) and sulfur dioxide (SO2) emissions, including the Good Neighbor Plan and Clean Air Visibility Rule.

The EPA's Good Neighbor Plan and its progeny are a suite of interstate air pollution transport rules designed to reduce ozone and PM2.5 ambient air levels in areas that the EPA has determined as being significantly impacted by pollution from upwind states. This is accomplished through a reduction in NOx and SO2 from qualifying fossil fuel-fired power plants and industrial boilers in upwind "contributing" states. NOx and SO2 contribute to fine particulate pollution, and NOx contributes to ozone formation in downwind areas. Reductions are generally achieved through a cap-and-trade system. Individual plants can meet their caps through reducing emissions and/or buying allowances on the market.

In March 2023 (published June 2023), the EPA finalized its Federal Implementation Plan to address state obligations under the Clean Air Act "good neighbor" provisions for the 2015 Ozone NAAQS (Good Neighbor Plan). The Good Neighbor Plan impacts 23 states, including Wisconsin. For Wisconsin, the Good Neighbor Plan includes revisions to the current obligations for fossil-fuel power generation, which includes Blount, Columbia, the Elm Road Units, WCCF, West Riverside, and West Marinette. Initial obligations under the Federal Implementation Plan were scheduled to begin during the 2023 ozone season. In 2026, additional obligations would have gone into effect if not for a judicial stay, including a further reduction in emissions budgets. Wisconsin would need to submit a State Implementation Plan to meet its obligations or accept the EPA's Good Neighbor Plan.

Multiple legal challenges to the Good Neighbor Plan and related state implementation plan disapprovals are pending, including in the United States Court of Appeals for the District of Columbia Circuit. In June 2024, the Supreme Court of the United States granted a request to stay the Good Neighbor Plan and block its enforcement pending judicial review by the U.S. Court of Appeals for the District of Columbia Circuit on the merits of petitioner's challenges to implementation of the rule. The EPA has temporarily halted the enforcement of the Good Neighbor Plan's requirements for all pollution sources in states affected by the plan, including Wisconsin. While the EPA addresses these concerns, interim rules have been implemented in Wisconsin to address interstate pollution. Based on MGE's current evaluation, if the Good Neighbor Plan goes into effect as-is, the additional emission reductions may impact the Elm Road Units. However, the final impact of the rules will not be known until judicial reviews are completed and/or the EPA takes further action regarding the rule.

•

The EPA's Coal Combustion Residuals (CCR) Rule.

The CCR Rule regulates the disposal of solid waste coal ash and defines what ash use activities would be considered generally exempt beneficial reuse of coal ash. The CCR Rule also regulates landfills, ash ponds, and other surface impoundments used for coal combustion residuals by regulating their design, location, monitoring, and operation. The CCR Rule requires owners and operators of coal-fired power plants to stop transporting CCR and non-CCR wastewater to unlined surface impoundments. At Columbia, the coal combustion residuals system completed in 2023 replaced the unlined surface impoundment, and Columbia complies with this rule.

Review of the Elm Road Units has indicated that the costs to comply with the CCR Rule are not expected to be significant.

In May 2024, the EPA published its final CCR Legacy Rule. The CCR Legacy Rule applies to previously closed disposal sites. In 2024, MGE recorded an asset retirement obligation for its estimated share of the legal liability associated with the effect of the CCR Legacy Rule for remediation and groundwater compliance monitoring at Columbia. Actual costs of compliance may be different than the amount recorded due to potential changes in compliance strategies that will be used, as well as other potential changes in cost estimate.

In February 2026, the EPA finalized the CCR Management Unit Deadline Extension Rule, which provides a one-year extension for the submission of Facility Evaluation Reports and extends the deadline for the implementation of groundwater monitoring systems at legacy CCR management units to February 2031. Columbia continues to evaluate the impact of this extension on its compliance timeline. This update is not expected to materially affect anticipated compliance costs. In April 2026, the EPA published a proposed rule that would amend the CCR regulations by eliminating certain closure requirements that previously applied to legacy surface impoundments and CCR management units. MGE will continue to monitor legal developments and any future updates to this rule.

Legal Matters.

MGE is involved in various legal matters that are being defended and handled in the normal course of business. MGE accrues for costs that are probable of being incurred and subject to reasonable estimation. The accrued amount for these matters is not material to the financial statements. MGE does not expect the resolution of these matters to have a material adverse effect on its consolidated results of operations, financial condition, or cash flows.

Purchase Contracts.

MGE Energy and MGE have entered into various commodity supply, transportation, and storage contracts to meet their obligations to deliver electricity and natural gas to customers. Management expects to recover these costs in future

customer rates. The following table shows future minimum commitments related to purchase contracts as of September 30, 2026:


(In thousands)	2026		2027		2028		2029		2030		Thereafter
Coal(a)	$	5,026	$	12,386	$	7,907	$	—	$	—	$	—

(a)

Total coal commitments for MGE's share of the Columbia and Elm Road Units, including transportation. Fuel procurement for MGE's jointly owned Columbia and Elm Road Units is handled by Wisconsin Power and Light Company and WEPCO, respectively, who are the operators of those facilities.

Rate Matters - MGE Energy and MGE.

Rate Proceedings.


	Rate increase	Return on Common Equity	Common Equity Component of Regulatory Capital Structure	Effective Date
Approved 2024/2025 rate proceeding(a)(b)
Electric(c)	2.63%	9.7%	56.1%	1/1/2025
Gas	1.32%	9.7%	56.1%	1/1/2025
Approved 2026/2027 settlement(b)(d)
Electric	0.15%	9.8%	56.1%	1/1/2026
Gas	2.77%	9.8%	56.1%	1/1/2026
Electric(e)	3.63%	9.8%	56.1%	1/1/2027
Gas	2.04%	9.8%	56.1%	1/1/2027

(a)

The electric rate increase was driven by an increase in rate base including our investments made in West Riverside, local solar, continued investment in grid modernization, as well as higher costs for transmission, pension and other post retirement benefits, and uncollectible costs (including costs previously deferred from prior years). This increase in electric costs is offset by a decrease in fuel costs and benefit from lower tax expense (including impacts from the Inflation Reduction Act). MGE filed an updated 2025 fuel forecast with the PSCW in 2024, which impacted rates in 2025, based on any variance between the forecast submitted as part of the rates and updated forecast. In addition, the PSCW authorized MGE to defer a recovery of and a return on costs associated for any change in the in-service date for Paris and force majeure costs for Badger Hollow II and Paris that were not reflected in this rate filing. The PSCW also approved deferral of any differential in PTC tax credits reflected in rates and actual credits produced. These deferrals will be reflected in MGE's next rate case filing. The gas rate increases were also driven by our investment made in grid modernization and higher pension and other post retirement benefits and uncollectible costs (including costs previously deferred from prior years). This increase in gas costs is offset by a tax benefit related to excess deferred taxes. Included in the gas residential rate is a reduction in the customer fixed charge.

(b)

Includes an earnings sharing mechanism, under which, if MGE earns above the authorized Return on Equity (ROE) in the rate order: (i) the utility will retain 100.0% of earnings for the first 15 basis points above the authorized ROE; (ii) 50.0% of the next 60 basis points will be required to be deferred and returned to customers; and (iii) 100.0% of any remaining excess earnings will be required to be refunded to customers. The earnings calculation excludes fuel rules adjustments. See "Fuel Rules" below.

(c)

The PSCW approved a 2025 Fuel Cost Plan in December 2024. The plan lowered the 2025 increase in electric rates to 2.63% to reflect lower expected fuel costs.

(d)

The electric rate increase reflects growth in rate base, primarily from investments in solar and battery projects, West Riverside, and continued investment in grid modernization, as well as higher costs for transmission. The increase in electric costs is offset by a decrease in fuel costs, changes in pension and other post retirement benefits, updated depreciation rates, and benefit from lower tax expense (including impacts from the Inflation Reduction Act). The gas increase is driven by an increase in rate base including continued distribution infrastructure improvements designed to enhance reliability and safety and system modernization, and updated depreciation rates. The increase in gas costs is offset by changes in pension and other post retirement benefits.

(e)

MGE filed a 2027 Fuel Cost Plan with the PSCW in June 2026. The plan would lower the 2027 increase in electric rates to 2.31% to reflect lower expected fuel costs. MGE expects a final decision from the PSCW on the Fuel Cost Plan by the end of 2026.

Fuel Rules.

Fuel rules require Wisconsin utilities to defer electric fuel-related costs that fall outside a symmetrical cost tolerance band around the amount approved for a utility in its annual fuel proceedings. Any over- or under-recovery of the actual costs is determined in the following year and is then reflected in future billings to electric retail customers. The fuel rules bandwidth is set at plus or minus 2% in 2026 and 2025. The electric fuel-related costs are subject to an excess revenues test. Excess revenues are defined as revenues in the year in question that provide MGE with a greater return on common equity than authorized by the PSCW in MGE's latest rate order. The recovery of under-collected electric fuel-related costs would be reduced by the amount that exceeds the excess revenue test. These costs are subject to the PSCW's annual

review of fuel costs completed in the year following the deferral. The following table summarizes deferred electric fuel-related costs:


	Fuel Costs (Savings) (in millions)	Refund or Recovery Period
2024	($3.0)(a)	October 2025
2025	($7.1)(a)	October 2026
2026	($7.6)	(b)

(a)

There was no change to the refund or recovery in the fuel rules proceedings from the amount MGE deferred.

(b)

These costs (savings) will be subject to the PSCW's annual review of 2026 fuel costs, expected to be completed in 2027.

10.

Derivative and Hedging Instruments - MGE Energy and MGE.

Purpose.

As part of its regular operations, MGE enters into contracts, including options, swaps, futures, forwards, and other contractual commitments, to manage its exposure to commodity prices. To the extent that these contracts are derivatives, MGE assesses whether or not the normal purchases or normal sales exclusion applies. For contracts to which this exclusion cannot be applied, the derivatives are recognized in the consolidated balance sheets at fair value. MGE's financial commodity derivative activities are conducted in accordance with its electric and gas risk management program, which is approved by the PSCW and limits the volume MGE can hedge with specific risk management strategies. The maximum length of time over which cash flows related to energy commodities can be hedged is four years. If the derivative qualifies for regulatory deferral, the derivatives are marked to fair value and are offset with a corresponding regulatory asset or liability depending on whether the derivative is in a net loss or net gain position, respectively. The deferred gain or loss is recognized in earnings in the delivery month applicable to the instrument. Gains and losses related to hedges qualifying for regulatory treatment are refundable or recoverable in gas rates through the Purchased Gas Adjustment (PGA) or in electric rates as a component of the fuel rules mechanism.

Notional Amounts.

The gross notional volume of open derivatives is as follows:

          
         September 30, 2026

         December 31, 2025

Commodity derivative contracts

233,040

MWh

224,360

MWh

Commodity derivative contracts

9,902,500

Dth

8,230,000

Dth

FTRs

3,750

MW

2,413

MW

Financial Statement Presentation.

MGE purchases and sells exchange-traded and over-the-counter options, swaps, and futures contracts. These arrangements are primarily entered into to help stabilize the price risk associated with gas or power purchases. These transactions are employed by both MGE's gas and electric segments. Additionally, as a result of the firm transmission agreements that MGE holds on electricity transmission paths in the MISO market, MGE holds financial transmission rights (FTRs). An FTR is a financial instrument that entitles the holder to a stream of revenues or charges based on the differences in hourly day-ahead energy prices between two points on the transmission grid. The fair values of these instruments are offset with a corresponding regulatory asset/liability depending on whether the instruments are in a net loss/gain position. Depending on the nature of the instrument, the gain or loss associated with these transactions will be reflected as cost of gas sold, fuel for electric generation, or purchased power expense in the delivery month applicable to the instrument. As of September 30, 2026, and December 31, 2025, the cost basis of exchange traded derivatives and FTRs exceeded their fair value by $0.7 million and $1.4 million, respectively.

The following table summarizes the fair value of the derivative instruments on the consolidated balance sheets. All derivative instruments in this table are presented on a gross basis and are calculated prior to the netting of instruments with the same counterparty under a master netting agreement as well as the netting of collateral. For financial statement purposes, instruments are netted with the same counterparty under a master netting agreement as well as the netting of collateral.


	Derivative		Derivative
(In thousands)	Assets		Liabilities		Balance Sheet Location
September 30, 2026
Commodity derivative contracts(a)	$	1,974	$	2,416	Other current liabilities
Commodity derivative contracts(a)		326		96	Other deferred liabilities and other
FTRs(a)		—		481	Other current liabilities

December 31, 2025
Commodity derivative contracts(a)	$	448	$	2,380	Other current liabilities
Commodity derivative contracts(a)		366		185	Other deferred liabilities and other
FTRs		337		—	Other current assets

(a)

As of September 30, 2026, and December 31, 2025, collateral of $0.7 million and $1.8 million, respectively, was posted against and netted with derivative liability positions. The fair value of the derivatives disclosed in this table has not been adjusted for the collateral posted.

The following table shows the effect of netting arrangements for recognized derivative assets and liabilities that are subject to a master netting arrangement or similar arrangement on the consolidated balance sheets.

Offsetting of Derivative Assets and Liabilities


(In thousands)	Gross Amounts		Gross Amounts Offset in Balance Sheets			Collateral Posted Against Derivative Positions			Net Amount Presented in Balance Sheets
September 30, 2026
Assets
Commodity derivative contracts	$	2,300	$	(2,300	)	$	—		$	—
Liabilities
FTRs		481		—			(481	)		—
Commodity derivative contracts		2,512		(2,300	)		(212	)		—

December 31, 2025
Assets
Commodity derivative contracts	$	814	$	(814	)	$	—		$	—
FTRs		337		—			—			337
Liabilities
Commodity derivative contracts		2,565		(814	)		(1,751	)		—

The following tables summarize the unrealized and realized gains (losses) related to the derivative instruments on the consolidated balance sheets and the consolidated statements of income.


	2026						2025
(In thousands)	Current and Long-Term Regulatory Asset (Liability)			Other Current Assets			Current and Long-Term Regulatory Asset (Liability)			Other Current Assets
Three Months Ended September 30:
Unrealized loss		1,387			—			1,484			—
Realized (loss) gain reclassified to a deferred account		(421	)		421			(381	)		381
Realized loss reclassified to income statement		(1,066	)		(269	)		(383	)		(167	)

Nine Months Ended September 30:
Unrealized (gain) loss	$	(2,365	)	$	—		$	1,846		$	—
Realized gain (loss) reclassified to a deferred account		1,942			(1,942	)		(118	)		118
Realized gain (loss) reclassified to income statement		(298	)		1,992			(1,645	)		104


	Realized Losses (Gains)
	2026						2025
(In thousands)	Fuel for Electric Generation/ Purchased Power			Cost of Gas Sold			Fuel for Electric Generation/ Purchased Power		Cost of Gas Sold
Three Months Ended September 30:
Commodity derivative contracts	$	174		$	—		$	288	$	—
FTRs		1,161			—			262		—

Nine Months Ended September 30:
Commodity derivative contracts	$	(392	)	$	(2,231	)	$	884	$	(203	)
FTRs		929			—			860		—

MGE's commodity derivative contracts and FTRs are subject to regulatory deferral. These derivatives are marked to fair value and are offset with a corresponding regulatory asset or liability. Realized gains and losses are deferred on the consolidated balance sheets and are recognized in earnings in the delivery month applicable to the instrument. As a result of the treatment described above, there are no unrealized gains or losses that flow through earnings.

Certain counterparties extend MGE a credit limit. If MGE exceeds these limits, the counterparties may require collateral to be posted. As of both September 30, 2026, and December 31, 2025, no counterparties were in a net liability position.

Nonperformance of counterparties to the non-exchange traded derivatives could expose MGE to credit loss. However, MGE enters into transactions only with companies that meet or exceed strict credit guidelines, and it monitors these counterparties on an ongoing basis to mitigate nonperformance risk in its portfolio. As of September 30, 2026, no counterparties had defaulted.

11.

Fair Value of Financial Instruments - MGE Energy and MGE.

Fair value is defined as the price that would be received to sell an asset or would be paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The accounting standard clarifies that fair value should be based on the assumptions market participants would use when pricing the asset or liability including assumptions about risk. The standard also establishes a three-level fair value hierarchy based upon the observability of the assumptions used and requires the use of observable market data when available. The levels are:

Level 1 - Pricing inputs are quoted prices within active markets for identical assets or liabilities.

Level 2 - Pricing inputs are quoted prices within active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations that are correlated with or otherwise verifiable by observable market data.

Level 3 - Pricing inputs are unobservable and reflect management's best estimate of what market participants would use in pricing the asset or liability.

Fair Value of Financial Assets and Liabilities Recorded at the Carrying Amount.

The carrying amount of cash, cash equivalents, and outstanding commercial paper approximates fair market value due to the short maturity of those investments and obligations. The estimated fair market value of long-term debt is based on quoted market prices for similar financial instruments. Since long-term debt is not traded in an active market, it is classified as Level 2. The estimated fair market value of the financial instruments are as follows:


	September 30, 2026				December 31, 2025
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt(a)	$	887,855	$	777,827	$	818,115	$	768,889

(a)

Includes long-term debt due within one year. Excludes debt issuance costs and unamortized discount of $4.5 million and $4.3 million as of September 30, 2026, and December 31, 2025, respectively.

Recurring Fair Value Measurements.

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis for both MGE and MGE Energy.


	Fair Value as of September 30, 2026
(In thousands)	Total		Level 1		Level 2		Level 3
Assets:
Derivatives, net(a)	$	2,300	$	725	$	—	$	1,575
Liabilities:
Derivatives, net(a)	$	2,993	$	2,441	$	—	$	552
Deferred compensation		7,818		—		7,818		—
Total Liabilities	$	10,811	$	2,441	$	7,818	$	552


	Fair Value as of December 31, 2025
(In thousands)	Total		Level 1		Level 2		Level 3
Assets:
Derivatives, net(a)	$	1,151	$	568	$	—	$	583
Liabilities:
Derivatives, net(a)	$	2,565	$	1,331	$	—	$	1,234
Deferred compensation		7,172		—		7,172		—
Total Liabilities	$	9,737	$	1,331	$	7,172	$	1,234

(a)

Exchange-traded Investments. Investments include exchange-traded investment securities valued using quoted prices on active exchanges and are therefore classified as Level 1.

Deferred Compensation. The deferred compensation plans allow participants to defer certain cash compensation into notional investment accounts. These amounts are included within "Other deferred liabilities and other" in the consolidated balance sheets. The value of certain deferred compensation obligations is based on the market value of the participants' notional investment accounts. The underlying notional investments are comprised primarily of equities, mutual funds, and fixed income securities that are based on directly and indirectly observable market prices. Since the deferred compensation obligations themselves are not exchanged in an active market, they are classified as Level 2.

The value of legacy deferred compensation obligations is based on notional investments that earn interest based upon the semiannual rate of U.S. Treasury Bills having a 26-week maturity increased by 1% compounded monthly with a minimum annual rate of 7%, compounded monthly. The notional investments are based upon observable market data, however, since the deferred compensation obligations themselves are not exchanged in an active market, they are classified as Level 2.

Derivatives. Derivatives include exchange-traded derivative contracts, over-the-counter transactions, and FTRs. Most exchange-traded derivative contracts are valued based on unadjusted quoted prices in active markets and are therefore classified as Level 1. A small number of exchange-traded derivative contracts are valued using quoted market pricing in markets with insufficient volumes and are therefore considered unobservable and classified as Level 3. Transactions done with an over-the-counter party are on inactive markets and are therefore classified as Level 3. These transactions are valued based on quoted prices from markets with similar exchange-traded transactions. FTRs are priced based upon monthly auction results for identical or similar instruments in a closed market with limited data available and are therefore classified as Level 3.

The following table summarizes the changes in Level 3 commodity derivative assets and liabilities measured at fair value on a recurring basis.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2026		2025		2026		2025
Realized and unrealized gains (losses):
Included in regulatory assets		—		—		—		—
Included in regulatory liability		1,232		515	$	1,674	$	1,158
Included in earnings		(1,039)		(456)		(202)		(1,722)
Settlements		1,039		456		202		1,723

The following table presents total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis(b).


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2026		2025		2026		2025
Purchased power expense	$	(1,039)	$	(456)	$	(202)	$	(1,722)

(b)

MGE's exchange-traded derivative contracts, over-the-counter party transactions, purchased power agreement, and FTRs are subject to regulatory deferral. These derivatives are therefore marked to fair value and are offset in the financial statements with a corresponding regulatory asset or liability.

12.

Joint Plant Construction Project Ownership - MGE Energy and MGE.

MGE has ownership interests in generation projects with other co-owners, some of which are under construction, as shown in the following table. Incurred costs are reflected in "Property, plant, and equipment, net" or "Construction work in progress" on the consolidated balance sheets.

         Project

         Ownership Interest

         Source

         Share of 
Generation

         Share of Estimated 
Costs(a)

         Costs incurred as 
of September 30, 2026(a)

         Estimated Date of Commercial Operation

         Darien(b)(c)

         10%

         Battery

         7.5 MW

         $18 million(k)

         $8.1 million

         2027

         Koshkonong(b)(d)

         10%

         Solar/Battery

         30 MW/16.5 MW

         $93 million(k)

         $76.1 million

         2026 Solar
2027 Battery

         High Noon(b)(e)

         10%

         Solar/Battery

         30 MW/16.5 MW

         $99 million

         $67.6 million

         2027

         Badger Hollow(b)(f)

         10%

         Wind

         11.2 MW

         $36 million

         $8.2 million

         2027

         Whitetail(g)

         10%

         Wind

         6.7 MW

         $23 million

         $1.2 million

         2027

         Dawn Harvest(b)(h)

         10%

         Solar

         15 MW

         $34 million

         $19.5 million

         2027

         Forward Repower(b)(i)

         13%

         Wind

         18 MW

         $14 million

         $10.0 million

         2027

         Columbia Energy Dome(b)(e)

         19%

         Storage

         3.4 MW

         $22 million(k)(l)

         $7.1 million

         2028

         Ursa(b)(e)

         10%

         Solar

         20 MW

         $46 million

         $6.6 million

         2028

         Saratoga(b)(j)

         10%

         Solar/Battery

         15 MW/5 MW

         $46 million

         $12.3 million

         2028

         Good Oak(b)(e)

         10%

         Solar

         9.8 MW

         $22 million

         $9.3 million

         2028

         Gristmill(b)(e)

         10%

         Solar

         6.7 MW

         $15 million

         $6.5 million

         2028

(a)

Excluding AFUDC.

(b)

MGE received specific approval to recover 100% AFUDC. During the three and nine months ended September 30, 2026, MGE recognized $4.7 million and $12.6 million, respectively, after tax, in AFUDC for these projects compared to $1.6 million and $3.8 million for the comparable periods in 2025.

(c)

Darien Solar Energy Center is located in Walworth and Rock Counties in southern Wisconsin.

(d)

Koshkonong Solar Energy Center is located in the Towns of Christiana and Deerfield in Dane County, Wisconsin.

(e)

Located in Columbia County, Wisconsin.

(f)

Badger Hollow Wind is located in Iowa and Grant Counties, Wisconsin.

(g)

Whitetail Wind is located in Grant County, Wisconsin.

(h)

Dawn Harvest Solar Energy Center is located in Rock County, Wisconsin.

(i)

Forward Wind Energy Center is located in Dodge and Fond du Lac Counties, Wisconsin.

(j)

Saratoga Solar Energy Center is located in Wood County, Wisconsin.

(k)

Estimated costs are expected to exceed PSCW previously approved Certificate of Authority (CA) levels. Notifications are provided to the PSCW when costs increase above CA levels. MGE has and will continue to request recovery of the updated costs in its rate case proceedings.

(l)

This project was awarded with a grant from the U.S. Department of Energy's Office of Clean Energy Demonstrations. This will reduce the total estimated project expenses. The remaining cost is expected to be approximately $16 million. As of September 30, 2026, MGE received $4.3 million in reimbursements. This is not reflected in the table above.

13.

Revenue - MGE Energy and MGE.

Revenues disaggregated by revenue source were as follows:


	Three Months Ended				Nine Months Ended
(In thousands)	September 30,				September 30,
Electric revenues	2026		2025		2026		2025
Residential	$	59,630	$	54,253	$	148,874	$	142,574
Commercial		78,342		72,004		205,379		196,666
Industrial		3,873		3,393		9,995		9,474
Other-retail/municipal		12,160		10,764		32,346		30,454
Total retail		154,005		140,414		396,594		379,168
Sales to the market		18,071		13,980		36,706		28,300
Other		638		883		2,174		2,576
Total electric revenues		172,714		155,277		435,474		410,044

Gas revenues
Residential		11,990		12,646		92,761		84,470
Commercial/Industrial		5,352		6,273		60,716		53,820
Total retail		17,342		18,919		153,477		138,290
Gas transportation		21		1,156		4,343		4,853
Other		106		113		513		451
Total gas revenues		17,469		20,188		158,333		143,594

Non-regulated energy revenues		214		214		488		463
Total Operating Revenue	$	190,397	$	175,679	$	594,295	$	554,101

14.

Segment Information - MGE Energy and MGE.

MGE Energy operates in the following business segments: electric utility, gas utility, nonregulated energy, transmission investment, and all other. See Footnote 22 to the consolidated financial statements included in Part II, Item 8 of the 2025 Annual Report on Form 10-K for additional discussion of each of these segments.

Fuel and purchased power and Purchased gas costs are significant segment expenses as defined in Segment Reporting. The Chief Operating Decision Maker does not review disaggregated assets on a segment basis; therefore, such information is not presented.

The following tables show segment information for MGE Energy's and MGE's operations:


(In thousands) MGE Energy	Electric			Gas			Non-Regulated Energy			Transmission Investment			Total Reportable Segments			All Others			Consolidation/ Elimination			Consolidated Total
Three Months Ended September 30, 2026
Operating revenues	$	172,714		$	17,469		$	214		$	—		$	190,397		$	—		$	—		$	190,397
Interdepartmental revenues		5			5,400			11,773			—			17,178			—			(17,178	)		—
Total operating revenues		172,719			22,869			11,987			—			207,575			—			(17,178	)		190,397
Fuel and purchased power		(30,512	)		—			—			—			(30,512	)		—			1,379			(29,133	)
Purchased gas costs		—			(4,494	)		—			—			(4,494	)		—			4,033			(461	)
Depreciation and amortization		(22,278	)		(5,034	)		(1,990	)		—			(29,302	)		—			—			(29,302	)
Interest expense		(8,231	)		(2,263	)		(801	)		—			(11,295	)		—			—			(11,295	)
Other segment items(a)		(58,211	)		(16,247	)		(37	)		—			(74,495	)		4,346			11,766			(58,383	)
Income tax (provision) benefit		(5,565	)		1,500			(2,495	)		(1,069	)		(7,629	)		(1,761	)		—			(9,390	)
Equity in earnings of investments		—			—			—			3,925			3,925			—			—			3,925
Net income (loss)		47,922			(3,669	)		6,664			2,856			53,773			2,585			—			56,358

Three Months Ended September 30, 2025
Operating revenues	$	155,277		$	20,188		$	214		$	—		$	175,679		$	—		$	—		$	175,679
Interdepartmental revenues		(98	)		6,393			11,249			—			17,544			—			(17,544	)		—
Total operating revenues		155,179			26,581			11,463			—			193,223			—			(17,544	)		175,679
Fuel and purchased power		(27,878	)		—			—			—			(27,878	)		—			1,400			(26,478	)
Purchased gas costs		—			(9,868	)		—			—			(9,868	)		—			5,003			(4,865	)
Depreciation and amortization		(22,470	)		(4,396	)		(1,950	)		—			(28,816	)		—			—			(28,816	)
Interest expense		(6,703	)		(1,836	)		(873	)		—			(9,412	)		—			—			(9,412	)
Other segment items(a)		(56,785	)		(14,439	)		(30	)		—			(71,254	)		2,946			11,141			(57,167	)
Income tax (provision) benefit		(5,039	)		1,148			(2,345	)		(912	)		(7,148	)		(641	)		—			(7,789	)
Equity in earnings of investments		—			—			—			3,345			3,345			—			—			3,345
Net income (loss)		36,304			(2,810	)		6,265			2,433			42,192			2,305			—			44,497

Nine Months Ended September 30, 2026
Operating revenues	$	435,474		$	158,333		$	488		$	—		$	594,295		$	—		$	—		$	594,295
Interdepartmental revenues		(13	)		16,609			34,767			—			51,363			—			(51,363	)		—
Total operating revenues		435,461			174,942			35,255			—			645,658			—			(51,363	)		594,295
Fuel and purchased power		(74,094	)		—			—			—			(74,094	)		—			3,465			(70,629	)
Purchased gas costs		—			(93,750	)		—			—			(93,750	)		—			13,181			(80,569	)
Depreciation and amortization		(65,491	)		(14,898	)		(5,941	)		—			(86,330	)		—			—			(86,330	)
Interest expense		(24,478	)		(6,736	)		(2,455	)		—			(33,669	)		—			—			(33,669	)
Other segment items(a)		(171,362	)		(47,224	)		(118	)		—			(218,704	)		7,345			34,717			(176,642	)
Income tax provision		(3,821	)		(3,164	)		(7,284	)		(3,068	)		(17,337	)		(2,188	)		—			(19,525	)
Equity in earnings of investments		—			—			—			11,261			11,261			—			—			11,261
Net income		96,215			9,170			19,457			8,193			133,035			5,157			—			138,192

Nine Months Ended September 30, 2025
Operating revenues	$	410,044		$	143,594		$	463		$	—		$	554,101		$	—		$	—		$	554,101
Interdepartmental revenues		(174	)		15,423			33,474			—			48,723			—			(48,723	)		—
Total operating revenues		409,870			159,017			33,937			—			602,824			—			(48,723	)		554,101
Fuel and purchased power		(73,508	)		—			—			—			(73,508	)		—			3,229			(70,279	)
Purchased gas costs		—			(82,369	)		—			—			(82,369	)		—			12,227			(70,142	)
Depreciation and amortization		(66,099	)		(12,975	)		(5,774	)		—			(84,848	)		—			—			(84,848	)
Interest expense		(19,681	)		(5,367	)		(2,668	)		—			(27,716	)		—			—			(27,716	)
Other segment items(a)		(170,894	)		(45,550	)		(97	)		—			(216,541	)		2,219			33,267			(181,055	)
Income tax provision		(3,609	)		(3,278	)		(6,918	)		(2,614	)		(16,419	)		(641	)		—			(17,060	)
Equity in earnings of investments		—			—			—			9,586			9,586			—			—			9,586
Net income		76,079			9,478			18,480			6,972			111,009			1,578			—			112,587

(a)

Other segment items include AFUDC Income, Other Income, Net, Other Operations and Maintenance, Other General Taxes, and Interest Revenue.


(In thousands) MGE	Electric			Gas			Non-Regulated Energy			Total Reportable Segments			Consolidation/ Elimination			Consolidated Total
Three Months Ended September 30, 2026
Operating revenues	$	172,714		$	17,469		$	214		$	190,397		$	—		$	190,397
Interdepartmental revenues		5			5,400			11,773			17,178			(17,178	)		—
Total operating revenues		172,719			22,869			11,987			207,575			(17,178	)		190,397
Fuel and purchased power		(30,512	)		—			—			(30,512	)		1,379			(29,133	)
Purchased gas costs		—			(4,494	)		—			(4,494	)		4,033			(461	)
Depreciation and amortization		(22,278	)		(5,034	)		(1,990	)		(29,302	)		—			(29,302	)
Interest expense		(8,231	)		(2,263	)		(801	)		(11,295	)		—			(11,295	)
Other segment items(b)		(58,211	)		(16,247	)		(37	)		(74,495	)		11,766			(62,729	)
Income tax (provision) benefit		(5,565	)		1,500			(2,495	)		(6,560	)		—			(6,560	)
Net income attributable to noncontrolling interest, net of tax		—			—			—			—			(5,764	)		(5,764	)
Net income (loss) attributable to MGE		47,922			(3,669	)		6,664			50,917			(5,764	)		45,153

Three Months Ended September 30, 2025
Operating revenues	$	155,277		$	20,188		$	214		$	175,679		$	—		$	175,679
Interdepartmental revenues		(98	)		6,393			11,249			17,544			(17,544	)		—
Total operating revenues		155,179			26,581			11,463			193,223			(17,544	)		175,679
Fuel and purchased power		(27,878	)		—			—			(27,878	)		1,400			(26,478	)
Purchased gas costs		—			(9,868	)		—			(9,868	)		5,003			(4,865	)
Depreciation and amortization		(22,470	)		(4,396	)		(1,950	)		(28,816	)		—			(28,816	)
Interest expense		(6,703	)		(1,836	)		(873	)		(9,412	)		—			(9,412	)
Other segment items(b)		(56,785	)		(14,439	)		(30	)		(71,254	)		11,141			(60,113	)
Income tax (provision) benefit		(5,039	)		1,148			(2,345	)		(6,236	)		—			(6,236	)
Net income attributable to noncontrolling interest, net of tax		—			—			—			—			(5,668	)		(5,668	)
Net income (loss) attributable to MGE		36,304			(2,810	)		6,265			39,759			(5,668	)		34,091

Nine Months Ended September 30, 2026
Operating revenues	$	435,474		$	158,333		$	488		$	594,295		$	—		$	594,295
Interdepartmental revenues		(13	)		16,609			34,767			51,363			(51,363	)		—
Total operating revenues		435,461			174,942			35,255			645,658			(51,363	)		594,295
Fuel and purchased power		(74,094	)		—			—			(74,094	)		3,465			(70,629	)
Purchased gas costs		—			(93,750	)		—			(93,750	)		13,181			(80,569	)
Depreciation and amortization		(65,491	)		(14,898	)		(5,941	)		(86,330	)		—			(86,330	)
Interest expense		(24,478	)		(6,736	)		(2,455	)		(33,669	)		—			(33,669	)
Other segment items(b)		(171,362	)		(47,224	)		(118	)		(218,704	)		34,717			(183,987	)
Income tax provision		(3,821	)		(3,164	)		(7,284	)		(14,269	)		—			(14,269	)
Net income attributable to noncontrolling interest, net of tax		—			—			—			—			(17,099	)		(17,099	)
Net income (loss) attributable to MGE		96,215			9,170			19,457			124,842			(17,099	)		107,743

Nine Months Ended September 30, 2025
Operating revenues	$	410,044		$	143,594		$	463		$	554,101		$	—		$	554,101
Interdepartmental revenues		(174	)		15,423			33,474			48,723			(48,723	)		—
Total operating revenues		409,870			159,017			33,937			602,824			(48,723	)		554,101
Fuel and purchased power		(73,508	)		—			—			(73,508	)		3,229			(70,279	)
Purchased gas costs		—			(82,369	)		—			(82,369	)		12,227			(70,142	)
Depreciation and amortization		(66,099	)		(12,975	)		(5,774	)		(84,848	)		—			(84,848	)
Interest expense		(19,681	)		(5,367	)		(2,668	)		(27,716	)		—			(27,716	)
Other segment items(b)		(170,894	)		(45,550	)		(97	)		(216,541	)		33,267			(183,274	)
Income tax provision		(3,609	)		(3,278	)		(6,918	)		(13,805	)		—			(13,805	)
Net income attributable to noncontrolling interest, net of tax		—			—			—			—			(16,981	)		(16,981	)
Net income (loss) attributable to MGE		76,079			9,478			18,480			104,037			(16,981	)		87,056

(b)

Other segment items include AFUDC Income, Other Income, Net, Other Operations and Maintenance, Other General Taxes, and Interest Revenue.

The following tables show segment information for MGE Energy's and MGE's capital expenditures:


	Utility				Consolidated
(In thousands) MGE Energy	Electric		Gas		Non-regulated Energy		Transmission Investment		All Others		Consolidation/ Elimination Entries		Total
Nine Months Ended September 30, 2026	$	241,768	$	41,183	$	9,271	$	—	$	—	$	—	$	292,222
Nine Months Ended September 30, 2025		210,095		36,396		9,131		—		—		—		255,622


	Utility				Consolidated
(In thousands) MGE	Electric		Gas		Non-regulated Energy		Consolidation/ Elimination Entries		Total
Nine Months Ended September 30, 2026	$	241,768	$	41,183	$	9,271	$	—	$	292,222
Nine Months Ended September 30, 2025		210,095		36,396		9,131		—		255,622

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

General

MGE Energy is an investor-owned public utility holding company operating through subsidiaries in five business segments:

•

Regulated electric utility operations, conducted through MGE, which generate and distribute electricity to approximately 170,000 customers in Dane County, Wisconsin,

•

Regulated gas utility operations, conducted through MGE, which distribute natural gas to approximately 180,000 customers in seven south-central and western Wisconsin counties,

•

Nonregulated energy operations, conducted through MGE Power and its subsidiaries, which own interests in electric generating capacity that is leased to MGE,

•

Transmission investments, representing our equity investment in ATC, which owns and operates electric transmission facilities primarily in Wisconsin, and ATC Holdco, a company created to facilitate out-of-state electric transmission development and investments, and

•

All other, which includes investing in companies and property that relate to the regulated operations and financing of the regulated operations, through its wholly owned subsidiaries CWDC, MAGAEL, and North Mendota, and corporate operations and services.

MGE will continue to focus on growing earnings while controlling operating and fuel costs. MGE's goal is to provide safe and efficient operations in addition to providing customer value. We believe it is critical to maintain a strong credit rating consistent with financial strength in MGE in order to accomplish these goals.

The ownership/leasing structure for our nonregulated energy operations was adopted under applicable state regulatory guidelines for MGE's participation in these generation facilities, consisting principally of a stable return on the equity investment in the new generation facilities over the term of the related leases. The nonregulated energy operations include an ownership interest in two coal-fired generating units in Oak Creek, Wisconsin, and a partial ownership of a cogeneration project on the UW-Madison campus. A third party operates the units in Oak Creek, and MGE operates the cogeneration project. Due to the nature of MGE's participation in these facilities, the results of MGE Energy's nonregulated operations are also consolidated into MGE's consolidated financial position and results of operations under applicable accounting standards.

Executive Overview

We principally earn revenue and generate cash from operations by providing electric and natural gas utility services, including electric power generation and electric power and gas distribution. The earnings and cash flows from the utility business are sensitive to various external factors, including, but not limited to:

•

Weather, and its impact on customer sales,

•

Economic conditions, including current business activity and employment and their impact on customer demand,

•

Regulation and regulatory issues, and their impact on the timing and recovery of costs,

•

Energy commodity prices, including natural gas prices,

•

Equity price risk pertaining to pension-related assets,

•

Credit market conditions, including interest rates and our debt credit rating,

•

Environmental laws and regulations, including adopted and pending environmental rule changes, and

•

Other factors listed in Item 1A. Risk Factors in our 2025 Annual Report on Form 10-K.

During the three months ended September 30, 2026, MGE Energy's earnings were $56.4 million, or $1.48 per diluted share, compared to $44.5 million, or $1.22 per diluted share, during the same period in the prior year. MGE's earnings during the three months ended September 30, 2026, were $45.2 million compared to $34.1 million during the same period in the prior year.

During the nine months ended September 30, 2026, MGE Energy's earnings were $138.2 million, or $3.70 per diluted share, compared to $112.6 million, or $3.08 per diluted share, during the same period in the prior year. MGE's earnings during the nine months ended September 30, 2026, were $107.7 million compared to $87.1 million during the same period in the prior year.

MGE Energy's net income was derived from our business segments as follows:


	Three Months Ended				Nine Months Ended
(In millions)	September 30,				September 30,
Business Segment:	2026		2025		2026		2025
Electric Utility	$	47.9	$	36.3	$	96.2	$	76.1
Gas Utility		(3.6)		(2.8)		9.2		9.5
Nonregulated Energy		6.7		6.3		19.5		18.5
Transmission Investments		2.9		2.4		8.2		6.9
All Other		2.5		2.3		5.1		1.6
Net Income	$	56.4	$	44.5	$	138.2	$	112.6

Our net income during the three and nine months ended September 30, 2026, compared to the same periods in the prior year, primarily reflects the effects of the following factors:

Electric Utility

Earnings for the three and nine months ended September 30, 2026, increased year-over-year, primarily driven by a rise in the rate base due to increased electric investments approved in the 2026/2027 rate case. The increase also reflected higher allowance for funds used during construction (AFUDC) equity associated with the construction of Koshkonong, High Noon, Sunnyside, and other early development projects.

Transmission Investments

Transmission investment income increased primarily due to higher equity earnings from MGE Transco's investment in ATC.

All Other

Investment gains from venture capital funds resulted in higher earnings for the three and nine months ended September 30, 2026, compared to the same periods in the prior year. These venture capital investments support early-stage companies working to advance smart technologies, the customer experience, distributed energy resources, electrification, cybersecurity and other priorities for utility companies, such as greater sustainability.

Significant Events

The following events affected the first nine months of 2026:

2026/2027 Rate Settlement Agreement: In December 2025, the PSCW approved a unanimous settlement agreement that MGE reached with intervening parties in its 2026/2027 rate case. As part of the settlement agreement, the PSCW approved a 0.15% increase for electric rates and a 2.77% increase to gas rates for 2026 and a 3.63% increase for electric rates and a 2.04% increase to gas rates for 2027. MGE filed a 2027 Fuel Cost Plan with the PSCW in June 2026. The plan would lower the 2027 increase in electric rates to 2.31% to reflect lower expected fuel costs. MGE expects a final decision from the PSCW on the Fuel Cost Plan by the end of 2026. See "Other Matters" below for additional information on the 2026/2027 rate case settlement.

2026 Deferred Fuel Savings: MGE had deferred fuel savings through the nine months ended September 30, 2026. As of September 30, 2026, MGE deferred $7.6 million of 2026 fuel savings. These costs will be subject to the PSCW's annual review of 2026 fuel costs, expected to be completed during 2027. See Footnote 9 of the Notes to the Consolidated Financial Statements in this Report for further information regarding fuel cost proceedings.

Large Scale Utility Projects: Large scale generation projects recently completed or under construction are summarized in the following table. Incurred costs are reflected in "Property, plant, and equipment, net" for projects placed in service, or "Construction work in progress" for projects under construction on the consolidated balance sheets.


Source (In millions)		Share of Estimated Costs(a)		Costs Incurred as of September 30, 2026(a)(b)
Solar	$	539	$	185.9
Wind		73		19.3
Battery		200		92.5
Storage		22		7.1
Other		11		1.0

(a)

Excluding AFUDC.

(b)

MGE received specific approval to recover 100% AFUDC. After tax, MGE recognized $5.5 million, $4.3 million, $3.0 million, and $3.3 million of AFUDC equity earnings through September 30, 2026, on Koshkonong, High Noon, Sunnyside, and other projects, respectively, during construction. AFUDC has been excluded from the costs incurred in the table above.

In February 2026, MGE executed an asset purchase agreement to acquire a 33.4% ownership interest in the RockGen Energy Center, an existing natural gas-fired generating plant near Cambridge, Wisconsin. MGE's estimated cost is approximately $203 million. If approved, the transaction is expected to close in late 2027.

In the near term, several items may affect us, including:

2025 Annual Fuel Proceeding: MGE had fuel savings in 2025. As of December 31, 2025, MGE deferred $7.1 million of 2025 fuel savings. The PSCW has completed the annual review of 2025 fuel costs and gave approval for MGE to return these savings in October 2026. There was no change to the costs to be refunded in the fuel rule proceedings from the amount MGE deferred in the previous year.

Environmental Initiatives: There are proposed legislative rules and initiatives involving matters related to air emissions, water effluent, hazardous materials, and greenhouse gases, all of which affect generation plant capital expenditures and operating costs as well as future operational planning. Legislation and rulemaking addressing climate change and related matters could significantly affect the costs of owning and operating fossil-fueled generating plants. MGE would expect to seek and receive recovery of any such costs in rates. However, it is difficult to estimate the amount of such costs due to the uncertainty as to the timing and form of any legislation or rules, the timing and effects of any judicial review, and the scope and time of the recovery of costs in rates, which may occur after those costs have been incurred and paid.

Future Generation – MGE continues to work toward its goal of net-zero carbon electricity by 2050. Solar, wind, and storage projects are a major step toward deep decarbonization and greater use of clean energy sources in pursuit of our goal.

•

Growing renewable generation and storage. MGE is seeking to acquire, or has acquired, joint interests in several renewable generation and storage projects. The forecasted capital expenditures include approximately 252 MW of solar, 18 MW of wind, and 107 MW of storage, which include projects approved or pending PSCW approval. See the 2026-2031 capital expenditures forecast included under "Liquidity and Capital Resources" below for information on those projects.

•

Transitioning away from coal. Elm Road Units: In October 2025, MGE, along with the plant co-owners, filed a joint application with the PSCW to end the use of coal as a primary fuel at the Elm Road Units and transition the plant to natural gas. See the 2026-2031 capital expenditures forecast included under "Liquidity and Capital Resources" below for additional information. By the end of 2030, coal is expected to be used only as a backup fuel at the Elm Road Units. By the end of 2032, MGE expects that the Elm Road Units will be fully transitioned away from coal.

Columbia: Operational, regulatory, and environmental regulation considerations have impacted and continue to impact Columbia's generation planning. MGE, as a minority owner, and Columbia's other co-owners continue to evaluate transitioning away from coal, including potential alternatives at Columbia while maintaining electric service reliability.

Environmental Initiatives – Natural gas distribution: Building upon our long-standing commitment to providing affordable, sustainable energy, MGE has set a goal to achieve net-zero methane emissions from its natural gas distribution system by 2035. If MGE can accelerate plans to achieve net-zero methane emissions from its natural gas system—through the evolution of new

technologies, such as renewable natural gas—it will. MGE is working to reduce overall emissions from its natural gas distribution system in a quick and cost-effective manner. MGE offers two voluntary renewable natural gas programs. The initial program, launched in May 2024, enables customers to offset emissions associated with their natural gas consumption through a mechanism in which MGE purchases renewable thermal credits and retires them on behalf of participating customers. The second program, launched in January 2026, enables customers to inject renewable natural gas produced on the customer's premise into MGE's distribution system. Customers may sell the natural gas to MGE or another third party and may retain or sell to MGE or another third party the associated environmental attributes.

Solar Procurement Disruptions: MGE is monitoring import regulations under the Uyghur Forced Labor Prevention Act and the U.S. Department of Commerce's new solar tariffs. These disruptions have a potential to impact current and future solar projects which may result in an increase in costs or delays in construction timelines. In the event that such disruptions cause costs to exceed the levels approved for specific projects, we have filed, and expect to continue to file, notifications with the PSCW and expect to request recovery of any increases in MGE's future rate proceedings. See "Other Matters" below for additional information on the solar procurement disruptions.

Tariffs: MGE is monitoring the actions of the Trump Administration with respect to certain proposed or recently implemented import tariffs on foreign goods. These tariffs have a potential impact on cost of operations and on current and future capital projects. See "Other Matters" below for additional information on tariffs.

Financing and Equity Issuance Plans: On September 30, 2026, the PSCW approved MGE's application for authority to issue and sell (i) up to $800 million aggregate principal amount of long-term debt securities through December 31, 2029, and (ii) up to $250 million aggregate principal amount of short-term debt, with the authorization becoming effective on October 1, 2026. MGE Energy has equity programs available to issue new shares of common stock, including its at-the-market offering program, forward equity sale agreements, and its Direct Stock Purchase and Dividend Reinvestment Plan. See Footnote 6 of the Notes to Consolidated Financial Statements in this Report for additional information on these programs. The amount and timing of any financings will be primarily driven by capital investments and cash requirements and will depend upon market conditions, regulatory approvals, and other factors.

Large-Load Growth: Management continues to receive inquiries from prospective large-load customers, including data-intensive and technology-focused operations, regarding electric service in our service territory. MGE evaluates these opportunities on a case-by-case basis, including consideration of load requirements, transmission and interconnection needs, and potential impacts on the electric system. The scope and timing of any resulting customer load remain uncertain.

The following discussion is based on the business segments as discussed in Footnote 14 of the Notes to Consolidated Financial Statements in this Report.

Results of Operations

Three Months Ended September 30, 2026 and 2025

Electric sales and revenues

The following table compares MGE's electric revenues and electric kWh sales by customer class for each of the periods indicated:


	Revenues					Sales (kWh)
	Three Months Ended September 30,					Three Months Ended September 30,
(In thousands, except CDD)	2026		2025		% Change	2026	2025	% Change
Residential	$	59,630	$	54,253	9.9%	286,184	270,444	5.8%
Commercial		78,342		72,004	8.8%	515,993	504,033	2.4%
Industrial		3,873		3,393	14.1%	38,440	37,780	1.7%
Other-retail/municipal		12,160		10,764	13.0%	113,004	104,264	8.4%
Total retail		154,005		140,414	9.7%	953,621	916,521	4.0%
Sales to the market		18,071		13,980	29.3%	109,341	145,831	(25.0)%
Other		638		883	(27.7)%	—	—	—%
Total	$	172,714	$	155,277	11.2%	1,062,962	1,062,352	0.1%

Cooling degree days (normal 509)						571	504	13.3%

Electric revenue increased $17.4 million during the three months ended September 30, 2026, compared to the same period in the prior year, due to the following:


(In millions)
Revenue subject to refund, net	$	5.5
Sales to the market		4.1
Increase in residential volume		2.9
Rate changes		2.8
Net increase in commercial, industrial and other-retail/municipal volume		1.4
Customer fixed and demand charges		0.9
Other		(0.2)
Total	$	17.4

•

Revenue subject to refund. For cost recovery mechanisms, any over-collection of revenues resulting from costs authorized to be collected from customers in rates exceeding actual costs is recorded as a reduction of revenue in the period incurred, as the over-collection is expected to be refunded to customers in a subsequent period. In the year the over-collection is refunded, rates are reduced and offset as revenue subject to refund. There is no net income impact in the year the costs are refunded.

•

Sales to the market. Sales to the market typically occur when MGE has more generation in the MISO market than is needed for its customer demand. The excess electricity is then sold to other utilities or power marketers in the MISO market. During the three months ended September 30, 2026, sales were made at higher prices and were partially offset by decreased market volume compared to the same period in the prior year. The revenue generated from these sales is largely offset by fuel rules costs, and does not have a significant impact on net income. See fuel rules discussion in Footnote 9 of the Notes to Consolidated Financial Statements in this Report.

•

Residential Volume. During the three months ended September 30, 2026, residential sales increased by approximately 6% compared to the same period in the prior year. This increase was driven by favorable weather conditions and an increase in customers during the three months ended September 30, 2026, compared to the same period in the prior year.

•

Rate changes. In December 2025, the PSCW authorized MGE to increase 2026 rates for retail electric customers by approximately 0.15%. Rates charged to retail customers during the three months ended September 30, 2026, were $2.8 million higher than those charged during the same period in the prior year. See Footnote 9 of the Notes to Consolidated Financial Statements in this Report for further information on the rate increase. Any increases in rates associated with fuel or purchased power costs are generally offset by fuel and purchased power costs and do not have a significant impact on net income.

•

Commercial, industrial, and other-retail/municipal volume. During the three months ended September 30, 2026, there was an approximately 2% increase in commercial sales compared to the same period in the prior year. This increase was driven by more favorable weather conditions and increased use per customer in the current year.

Electric fuel and purchased power


	Three Months Ended September 30,
(In millions)	2026		2025		$ Change
Fuel for electric generation	$	24.1	$	22.2	$	1.9
Purchased power		5.1		4.3		0.8

The $1.9 million increase in fuel for electric generation was due to an approximately 9% increase in the average cost compared to the same period in the prior year.

Excluding deferred fuel costs, purchased power increased $0.8 million. The increase in purchased power was due to an approximately 12% increase in average cost and an approximately 6% increase in market purchases. There were no deferred fuel costs recovered during the three months ended September 30, 2026 and 2025.

Fuel and purchased power costs are generally offset by electric revenue and do not have a significant impact on net income. MGE expects to seek and receive recovery of fuel and purchased power costs that exceed the fuel rules bandwidth in customer rates. See Footnote 9 of the Notes to Consolidated Financial Statements in this Report for further information on the fuel rules bandwidth.

Gas deliveries and revenues

The following table compares MGE's gas revenues and gas therms delivered by customer class for each of the periods indicated:


	Revenues					Therms Delivered
(In thousands, except HDD and average	Three Months Ended September 30,					Three Months Ended September 30,
rate per therm of retail customer)	2026		2025		% Change	2026	2025	% Change
Residential	$	11,990	$	12,646	(5.2)%	6,108	6,156	(0.8)%
Commercial/Industrial		5,352		6,273	(14.7)%	9,614	9,527	0.9%
Total retail		17,342		18,919	(8.3)%	15,722	15,683	0.2%
Gas transportation		21		1,156	(98.2)%	14,295	15,838	(9.7)%
Other		106		113	(6.2)%	—	—	—%
Total	$	17,469	$	20,188	(13.5)%	30,017	31,521	(4.8)%
Heating degree days (normal 128)						95	105	(9.5)%
Average rate per therm of retail customer	$	1.103	$	1.206	(8.5)%

Gas revenue decreased $2.7 million during the three months ended September 30, 2026, compared to the same period in the prior year, due to the following:


(In millions)
Revenue subject to refund, net	$	(4.5)
Other		1.1
Rate changes		0.7
Total	$	(2.7)

•

Other. For the three months ended September 30, 2026, other gas revenue increased primarily due to customer growth and higher residential customer fixed rate.

Cost of gas sold

Cost of gas sold decreased $4.4 million during the three months ended September 30, 2026, compared to the same period in the prior year, primarily due to lower gas costs, including a refund associated with revised transportation and storage rates. This was partially offset by an increase in therms delivered of approximately 2%. MGE recovers the cost of natural gas in its gas segment through the PGA as described under gas deliveries and revenues above.

Consolidated operations and maintenance expenses

During the three months ended September 30, 2026, operations and maintenance expenses increased $8.6 million, compared to the same period in the prior year. The following contributed to the net change:


(In millions)
Increased administrative and general costs	$	2.8
Increased electric production expenses		1.6
Increased transmission costs		1.6
Increased customer accounts costs		1.1
Increased electric distribution expenses		0.6
Increased gas distribution expenses		0.5
Increased other expenses		0.4
Total	$	8.6

•

costs included in rates and to be recovered or refunded in a future rate proceeding. Pension and other postretirement costs are generally offset by electric revenue and do not have a significant impact on net income.

•

Electric production expenses increased primarily due to higher operating and maintenance costs at the Columbia generating station, including boiler plant maintenance and other generation-related expenses.

•

Increased transmission costs are primarily a result of an increase in transmission rate. Transmission costs represent ATC and MISO network transmission expenses authorized to be collected in rates. The PSCW has authorized MGE to defer as a regulatory asset or liability, the difference between actual costs included in rates and to be recovered or refunded in a future rate proceeding. Transmission cost is generally offset by electric revenue and does not have a significant impact on net income.

•

Increased customer accounts costs are primarily due to higher costs associated with customer-related technology systems and supporting activities.

Consolidated depreciation expense

Electric depreciation expense decreased $0.2 million and gas depreciation expense increased $0.6 million during the three months ended September 30, 2026, compared to the same period in the prior year. In December 2025, the PSCW approved new depreciation rates, which were implemented and became effective as of January 1, 2026. These new rates were the primary driver for the change in depreciation expense.

Electric and gas other income

Electric other income increased $4.3 million and gas other income increased $0.3 million during the three months ended September 30, 2026, compared to the same period in the prior year, driven by a $0.7 million positive impact from non-service costs components of pension and other postretirement costs. The PSCW has authorized MGE to defer as a regulatory asset or liability, the difference between actual pension and other postretirement costs included in rates and to be recovered or refunded in a future rate proceeding. Pension and other postretirement cost is generally offset by electric and gas revenue and does not have a significant impact on net income. Higher AFUDC-Equity due to continued capital investment further contributed to an increase of $3.3 million in electric other income.

Nonregulated Energy Operations - MGE Energy and MGE

The nonregulated energy operations are conducted through MGE Energy's subsidiaries: MGE Power Elm Road (the Elm Road Units) and MGE Power West Campus (WCCF), which have been formed to own and lease electric generating capacity to assist MGE. During the three months ended September 30, 2026 and 2025, net income at the nonregulated energy operations segment was $6.7 million and $6.3 million, respectively.

Transmission Investment Operations - MGE Energy

The transmission investment segment holds our interest in ATC and ATC Holdco, and its income reflects our equity in the earnings of those investments. ATC Holdco was formed in December 2016 to pursue transmission development opportunities that typically have long development and investment lead times before becoming operational. During the three months ended September 30, 2026 and 2025, other income at the transmission investment segment primarily reflects ATC's operations and was $3.9 million and $3.3 million, respectively. See Footnote 3 of the Notes to Consolidated Financial Statements in this Report for summarized financial information regarding ATC.

All Other Operations - MGE Energy

Other income

The increase of $2.0 million in other income from all other operations during the three months ended September 30, 2026, primarily reflects results from investment gains recognized in the current year from venture capital funds. These venture capital investments support early-stage companies working to advance smart technologies, the customer experience, distributed energy resources, electrification, cybersecurity and other priorities for utility companies, such as greater sustainability.

Consolidated Income Taxes - MGE Energy and MGE

See Footnote 4 of the Notes to Consolidated Financial Statements in this Report for the effective tax rate reconciliation.

Noncontrolling Interest, Net of Tax - MGE

Noncontrolling interest, net of tax, reflects the accounting required for MGE Energy's interest in MGE Power Elm Road (the Elm Road Units) and MGE Power West Campus (WCCF). MGE Energy owns 100% of MGE Power Elm Road and MGE Power West Campus. They are not owned by MGE. Due to the contractual agreements for these projects with MGE, the entities are considered VIEs with respect to MGE and their results are consolidated with those of MGE, the primary beneficiary of the VIEs. The following table shows MGE Energy's noncontrolling interest, net of tax, reflected on MGE's consolidated statement of income:


		Three Months Ended
		September 30,
(In millions)		2026		2025
MGE Power Elm Road	$	3.9	$	3.7
MGE Power West Campus		1.9		2.0

Results of Operations

Nine Months Ended September 30, 2026 and 2025

Electric sales and revenues

The following table compares MGE's electric revenues and electric kWh sales by customer class for each of the periods indicated:


		Revenues				Sales (kWh)
		Nine Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except CDD)		2026		2025	% Change	2026	2025	% Change
Residential	$	148,874	$	142,574	4.4%	705,093	688,780	2.4%
Commercial		205,379		196,666	4.4%	1,389,462	1,374,283	1.1%
Industrial		9,995		9,474	5.5%	110,010	108,050	1.8%
Other-retail/municipal		32,346		30,454	6.2%	295,924	283,214	4.5%
Total retail		396,594		379,168	4.6%	2,500,489	2,454,327	1.9%
Sales to the market		36,706		28,300	29.7%	289,693	365,330	(20.7)%
Other revenues		2,174		2,576	(15.6)%	—	—	—%
Total	$	435,474	$	410,044	6.2%	2,790,182	2,819,657	(1.0)%

Cooling degree days (normal 712)						735	727	1.1%

Electric revenue increased $25.4 million during the nine months ended September 30, 2026, compared to the same period in the prior year, due to the following:


(In millions)
Sales to the market	$	8.4
Rate changes		6.8
Revenue subject to refund, net		3.9
Increase in residential volume		3.0
Customer fixed and demand charges		2.0
Net increase in commercial, industrial and other-retail/municipal volume		1.7
Other		(0.4)
Total	$	25.4

•

Sales to the market. Sales to the market typically occur when MGE has more generation in the MISO market than is needed for its customer demand. The excess electricity is then sold to other utilities or power marketers in the MISO market. During the nine months ended September 30, 2026, sales were made at higher prices and were partially offset by decreased market volume compared to the same period in the prior year. The revenue generated from these sales is largely offset by fuel rules costs, and does not have a significant impact on net income. See fuel rules discussion in Footnote 9 of the Notes to Consolidated

Financial Statements in this Report.

•

Rate changes. In December 2025, the PSCW authorized MGE to increase 2026 rates for retail electric customers by approximately 0.15%. Rates charged to retail customers during the nine months ended September 30, 2026, were $6.8 million higher than those charged during the same period in the prior year. See Footnote 9 of the Notes to Consolidated Financial Statements in this Report for further information on the rate increase. Any increases in rates associated with fuel or purchased power costs are generally offset by fuel and purchased power costs and do not have a significant impact on net income.

•

Residential Volume. During the nine months ended September 30, 2026, residential sales increased by approximately 2% compared to the same period in the prior year. This increase was driven by favorable weather conditions and an increase in customers during the nine months ended September 30, 2026, compared to the same period in the prior year.

•

Customer fixed and demand charges. During the nine months ended September 30, 2026, fixed and demand charges increased $2.0 million, primarily attributable to the increase in demand charges for commercial customers.

•

Commercial, industrial, and other-retail/municipal volume. During the nine months ended September 30, 2026, there was an approximately 1% increase in commercial sales compared to the same period in the prior year. This increase was driven by more favorable weather conditions and increased use per customer in the current year.

Electric fuel and purchased power


	Nine Months Ended September 30,
(In millions)	2026		2025		$ Change
Fuel for electric generation	$	57.3	$	56.1	$	1.2
Purchased power		13.3		14.2		(0.9)

The $1.2 million increase in fuel for electric generation in the first nine months of 2026 was due to an approximately 6% increase in the average cost, partially offset by an approximately 3% decrease in internal generation, each compared to the same period in the prior year.

Excluding deferred fuel costs, purchased power decreased $0.9 million in the first nine months of 2026, compared to the same period in the prior year. The decrease in purchased power was due to an approximately 27% decrease in average cost. This decrease was partially offset by an approximately 29% increase in market purchases as a result of decreased internal generation. There were no deferred fuel costs recovered during the nine months ended September 30, 2026 and 2025.

Gas deliveries and revenues

The following table compares MGE's gas revenues and gas therms delivered by customer class for each of the periods indicated:


		Revenues				Therms Delivered
(In thousands, except HDD and average		Nine Months Ended September 30,				Nine Months Ended September 30,
rate per therm of retail customer)		2026		2025	% Change	2026	2025	% Change
Residential	$	92,761	$	84,470	9.8%	68,816	71,418	(3.6)%
Commercial/Industrial		60,716		53,820	12.8%	68,586	70,147	(2.2)%
Total retail		153,477		138,290	11.0%	137,402	141,565	(2.9)%
Gas transportation		4,343		4,853	(10.5)%	51,259	53,091	(3.5)%
Other revenues		513		451	13.7%	—	—	—%
Total	$	158,333	$	143,594	10.3%	188,661	194,656	(3.1)%
Heating degree days (normal 4,412)						4,123	4,317	(4.5)%
Average rate per therm of retail customer	$	1.117	$	0.977	14.3%

Gas revenue increased $14.7 million during the nine months ended September 30, 2026, compared to the same period in the prior year, due to the following:


(In millions)
Rate changes	$	16.8
Other		3.3
Decrease in volume		(3.2)
Revenue subject to refund, net		(2.2)
Total	$	14.7

•

Rate changes. In December 2025, the PSCW authorized MGE to increase 2026 rates for retail gas customers by approximately 2.77%.

MGE recovers the cost of natural gas in its gas segment through the PGA. Under the PGA, MGE is able to pass through to its gas customers the cost of gas. Changes in PGA recoveries affect revenues but do not change net income in view of the pass-through treatment of the costs. Payments for natural gas increased, driving higher rates during the nine months ended September 30, 2026.

The average retail rate per therm excluding customer fixed charges for the nine months ended September 30, 2026, increased approximately 14% compared to the same period in the prior year, reflecting an increase in natural gas commodity costs (recovered through the PGA).

•

Other. For the nine months ended September 30, 2026, other gas revenue increased primarily due to customer growth and higher residential customer fixed rate.

•

Volume. For the nine months ended September 30, 2026, retail gas deliveries decreased approximately 3% compared to the same period in the prior year. The decrease was primarily attributable to lower residential use per customer. Unfavorable weather conditions during the first nine months of 2026 further contributed to the reduction in volumes.

•

Cost of gas sold

Cost of gas sold increased $10.4 million during the nine months ended September 30, 2026, compared to the same period in the prior year. Cost per therm increased approximately 18%, partially offset by a decrease in therms delivered of approximately 3%. MGE recovers the cost of natural gas in its gas segment through the PGA as described under gas deliveries and revenues above.

Consolidated operations and maintenance expenses

During the nine months ended September 30, 2026, operations and maintenance expenses increased $21.1 million, compared to the same period in the prior year. The following contributed to the net change:


(In millions)
Increased administrative and general costs	$	9.8
Increased transmission costs		4.8
Increased electric production expenses		3.8
Increased electric distribution expenses		1.1
Increased gas distribution expenses		0.6
Increased customer accounts costs		0.5
Increased other expenses		0.5
Total	$	21.1

•

Increased administrative and general costs are primarily related to increased pension and other postretirement costs. The PSCW has authorized MGE to defer as a regulatory asset or liability, the difference between actual pension and other postretirement costs included in rates and to be recovered or refunded in a future rate proceeding. Pension and other postretirement cost are generally offset by electric revenue and does not have a significant impact on net income.

•

Increased transmission costs are primarily a result of an increase in transmission rate. Transmission costs represent ATC and MISO network transmission expenses authorized to collect in rates. The PSCW has authorized MGE to defer as a regulatory asset or liability, the difference between actual costs included in rates and to be recovered or refunded in a future rate proceeding. Transmission cost is generally offset by electric revenue and does not have a significant impact on net income.

•

Electric distribution costs increased, primarily due to higher system maintenance and operating costs, including overhead line maintenance and increased locating services.

Consolidated depreciation expense

Electric depreciation expense decreased $0.6 million and gas depreciation expense increased $1.9 million during the nine months ended September 30, 2026, compared to the same period in the prior year. In December 2025, the PSCW approved new depreciation rates, which were implemented and became effective as of January 1, 2026. These new rates were the primary driver for the change in depreciation expense.

Electric and gas other income

Electric other income increased $15.2 million and gas other income increased $3.3 million during the nine months ended September 30, 2026, compared to the same period in the prior year, driven by a $7.2 million positive impact from non-service costs components of pension and other postretirement costs. The PSCW has authorized MGE to defer as a regulatory asset or liability, the difference between actual pension and other postretirement costs included in rates and to be recovered or refunded in a future rate proceeding. Pension and other postretirement cost is generally offset by electric and gas revenue and does not have a significant impact on net income. Higher AFUDC-Equity due to continued capital investment further contributed to an increase of $9.5 million in electric other income.

Nonregulated Energy Operations - MGE Energy and MGE

The nonregulated energy operations are conducted through MGE Energy's subsidiaries: MGE Power Elm Road (the Elm Road Units) and MGE Power West Campus (WCCF), which have been formed to own and lease electric generating capacity to assist MGE. During the nine months ended September 30, 2026 and 2025, net income at the nonregulated energy operations segment was $19.5 million and $18.5 million, respectively.

Transmission Investment Operations - MGE Energy

The transmission investment segment holds our interest in ATC and ATC Holdco, and its income reflects our equity in the earnings of those investments. ATC Holdco was formed in December 2016 to pursue transmission development opportunities that typically have long development and investment lead times before becoming operational. During the nine months ended September 30, 2026 and 2025, other income at the transmission investment segment primarily reflects ATC's operations and was $11.3 million and $9.6 million, respectively. See Footnote 3 of the Notes to Consolidated Financial Statements in this Report for summarized financial information regarding ATC.

All Other Operations - MGE Energy

Other income

The increase of $5.9 million in other income from all other operations during the nine months ended September 30, 2026, primarily reflects results from investment gains recognized in the current year, from venture capital funds. These venture capital investments support early-stage companies working to advance smart technologies, the customer experience, distributed energy resources, electrification, cybersecurity and other priorities for utility companies, such as greater sustainability.

Consolidated Income Taxes - MGE Energy and MGE

See Footnote 4 of the Notes to Consolidated Financial Statements in this Report for the effective tax rate.

Noncontrolling Interest, Net of Tax - MGE

Noncontrolling interest, net of tax, reflects the accounting required for MGE Energy's interest in MGE Power Elm Road (the Elm Road Units) and MGE Power West Campus (WCCF). MGE Energy owns 100% of MGE Power Elm Road and MGE Power West Campus. They are not owned by MGE. Due to the contractual agreements for these projects with MGE, the entities are considered VIEs with respect to MGE and their results are consolidated with those of MGE, the primary beneficiary of the VIEs. The following table shows MGE's noncontrolling interest, net of tax, reflected on MGE's consolidated statement of income:


	Nine Months Ended
	September 30,
(In millions)	2026		2025
MGE Power Elm Road	$	11.4	$	11.4
MGE Power West Campus		5.7		5.6

Contractual Obligations and Commercial Commitments - MGE Energy and MGE

There were no material changes, other than from the normal course of business, to MGE Energy's and MGE's contractual obligations (representing cash obligations that are considered to be firm commitments) and commercial commitments (representing commitments triggered by future events) during the nine months ended September 30, 2026, except as noted below. Further discussion of the contractual obligations and commercial commitments is included in Footnote 16 of the Notes to Consolidated Financial Statements and "Contractual Obligations and Commercial Commitments for MGE Energy and MGE" under Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2025 Annual Report on Form 10-K.

Purchase Contracts – MGE Energy and MGE

See Footnote 8.c. of Notes to Consolidated Financial Statements in this Report for a description of commitments as of September 30, 2026, that MGE Energy and MGE have entered into with respect to various commodity supply and transportation contracts to meet their obligations to deliver electricity and natural gas to customers.

Liquidity and Capital Resources

MGE Energy and MGE expect to have adequate liquidity to support future operations and capital expenditures over the next twelve months. Available resources include cash and cash equivalents, operating cash flows, liquid assets, borrowing working capacity under revolving credit facilities, and access to equity and debt capital markets, including our at-the-market program. In May 2026, MGE Energy also completed a public offering of common stock, including forward sale agreements that will provide an additional source of liquidity and financial flexibility to support future capital investment needs upon settlement of the shares of common stock sold under the agreements, as described in Footnote 6.c. of the Notes to Consolidated Financial Statements in this Report. The

amount and timing of any financings will be primarily driven by capital investments and cash requirements and will depend upon market conditions, regulatory approvals, and other factors. MGE plans to maintain a capital structure consistent with authorized levels approved by its regulator. See "Credit Facilities" under Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources in the 2025 Annual Report on Form 10-K for information regarding MGE Energy's and MGE's credit facilities, together with the disclosure under the heading "Third Amended and Restated Credit Agreements" below and Footnote 6 of the Notes to Consolidated Financial Statements in this Report.

Cash Flows

The following summarizes cash flows for MGE Energy and MGE during the nine months ended September 30, 2026 and 2025:


	MGE Energy				MGE
(In thousands)	2026		2025		2026		2025
Cash provided by (used for):
Operating activities	$	241,054	$	228,770	$	237,593	$	221,982
Investing activities		(297,140)		(261,846)		(297,188)		(256,993)
Financing activities		61,243		22,600		60,269		22,080

Cash Provided by Operating Activities

Cash flows from operating activities for MGE Energy and MGE principally reflect the receipt of customer payments for electric and gas service and outflows related to fuel for electric generation, purchased power, gas, and operation and maintenance expenditures.

The principal increases (decreases) in cash flows from operating activities during the nine months ended September 30, 2026, compared to the same period in 2025, were as follows:


(In millions)	MGE Energy		MGE
Higher overall collections from customers, driven by higher electric and gas rates	$	48.3	$	48.3
Changes in income taxes paid/received - includes proceeds from renewable tax credits transferred to other corporate taxpayers during 2026 of $12.2 million		14.8		14.7
Higher payments for other operation and maintenance expenses		(26.9)		(23.4)
Higher payments for fuel and purchased power at our generation plants, as well as higher natural gas costs to our customers		(19.1)		(19.1)
Higher payments for interest		(4.4)		(4.4)
Other operating activities		(0.4)		(0.5)
Increase in cash provided by operating activities	$	12.3	$	15.6

Capital Requirements and Investing Activities

The principal increases (decreases) in cash flows from investing activities during the nine months ended September 30, 2026, compared to the same period in 2025, were as follows:


(In millions)	MGE Energy		MGE
Capital expenditures, primarily reflects an increase in electric and gas utility expenditures, specifically related to spending for Sunnyside, Dawn Harvest, Saratoga, Forward Repower, and local battery storage construction	$	(36.6)	$	(36.6)
Capital contributions to ATC and other investments		(2.9)		—
Proceeds from the sale of investments		7.7		—
Other investing activities		(3.5)		(3.6)
Decrease in cash flows from investing activities	$	(35.3)	$	(40.2)

Capital Expenditures

The following table shows MGE Energy's forecasted capital expenditures for 2026 through 2031:


		Forecasted
(In thousands)		2026(a)		2027		2028		2029		2030		2031
Electric	$	354,000	$	527,000	$	275,000	$	261,000	$	267,000	$	271,000
Gas		49,000		52,000		55,000		75,000		77,000		78,000
Utility plant total		403,000		579,000		330,000		336,000		344,000		349,000
Nonregulated		12,000		15,000		15,000		13,000		10,000		9,000
MGE Energy total	$	415,000	$	594,000	$	345,000	$	349,000	$	354,000	$	358,000

(a)

Includes actual capital expenditures already incurred in 2026 and estimated capital expenditures for the remainder of the year.

Forecasted capital expenditures are based upon management's assumptions with respect to future events, including the timing and amount of expenditures associated with environmental compliance initiatives, legislative and regulatory action, supply chain and market disruptions, customer demand and support for electrification and renewable energy resources, energy conservation programs, load growth, the timing of any required regulatory approvals, and the adequacy of rate recovery. Actual events may differ materially from these assumptions and result in material changes to those forecasted amounts.

Forecasted capital expenditures reflect the following significant generation and storage projects that are currently under construction or pending regulatory approval:


Project	Ownership Interest	Source	Share of Generation/ Storage	Share of Estimated Costs(b)	In-Service or Estimated Date of Commercial Operation
Sunnyside(a)	100%	Solar/Battery	20 MW/40 MW	$112 million(c)(d)	2026 Solar 2027 Battery
Koshkonong(a)	10%	Solar/Battery	30 MW/16.5 MW	$93 million(c)(d)(f)	2026 Solar 2027 Battery
Badger Hollow(a)	10%	Wind	11.2 MW	$36 million(c)(d)	2027
Darien(a)	10%	Battery	7.5 MW	$18 million(c)(d)(f)	2027
Dawn Harvest(a)	10%	Solar	15 MW	$34 million(c)(d)	2027
Forward Repower(a)	13%	Wind	18 MW	$14 million(c)(d)	2027
High Noon(a)	10%	Solar/Battery	30 MW/16.5 MW	$99 million(c)(d)	2027
RockGen(e)(i)	33%	Natural Gas	168 MW	$203 million	2027
Whitetail(a)	10%	Wind	6.7 MW	$23 million(d)	2027
Columbia Energy Dome(a)	19%	Storage	3.4 MW	$22 million(c)(d)(f)(g)	2028
Elm Road(e)(h)	8%	Natural Gas Conversion	106 MW	$11 million	2028
Fox(e)	10%	Solar	10 MW	$27 million	2028
Good Oak(a)	10%	Solar	9.8 MW	$22 million(c)(d)	2028
Gristmill(a)	10%	Solar	6.7 MW	$15 million(c)(d)	2028
Saratoga(a)	10%	Solar/Battery	15 MW/5 MW	$46 million(c)(d)	2028
Superior(e)	10%	Solar	15 MW	$40 million	2028
Ursa(a)	10%	Solar	20 MW	$46 million(c)(d)	2028
Akron(e)	10%	Solar	20 MW	$52 million	2029
Dawn Break(e)	10%	Solar/Battery	18 MW/18 MW	$78 million	2029
Emerald Bluffs(e)	10%	Solar	22.5 MW	$57 million	2029

(a)

Approved by the PSCW.

(b)

Excluding AFUDC.

(c)

MGE received PSCW approval to recover 100% AFUDC.

(d)

See Footnote 12 of Notes to Consolidated Financial Statements in this Report for information on costs incurred.

(e)

Pending approval by the PSCW.

(f)

Estimated costs are expected to exceed PSCW previously approved CA levels. Notifications are provided to the PSCW when costs increase above CA levels. MGE has and will continue to request recovery of the updates in its rate case proceedings.

(g)

The project was awarded with a grant from the U.S. Department of Energy Office of Clean Energy Demonstrations. The grant will reduce the total estimated project expenses. MGE holds a 19% ownership interest in this project and the cost, after grant, is expected to be approximately $16 million.

(h)

In October 2025, MGE and other co-owners filed a joint application with the PSCW for upgrades to the non-regulated Elm Road Units. The project would convert existing coal-fired boilers to natural gas. MGE holds an 8.33% ownership interest in the facility. MGE's estimated cost is approximately $11 million. If approved, the project is expected to be placed in service in 2028.

(i)

MGE continues to assess the potential impact of procurement disruptions on current and future generation projects that may result in an increase in costs or delays in construction timelines. In the event that such disruptions cause costs to exceed the levels approved for specific projects, we have filed, and expect to continue to file, notifications with the PSCW and expect to request recovery of any increases in MGE's future rate proceedings. See further information on procurement disruptions discussed under "Other Matters" section below.

Other local solar and battery storage projects: In 2026 through 2028, electric renewable capital expenditures include local investments in solar generation and battery storage. Forecasted total capital expenditures for those years are approximately $46 million.

Cash Provided by Financing Activities

The principal sources and uses of cash are related to short-term and long-term borrowings and repayments and the payment of cash dividends.

The principal increases (decreases) in cash flows from financing activities during the nine months ended September 30, 2026, compared to the same period in 2025, were as follows:


(In millions)	MGE Energy		MGE
Higher issuance of common stock	$	88.2	$	—
Change in long-term debt(a)		73.7		73.7
Higher capital contribution from parent (MGE Energy)		—		81.5
Lower cash dividends to parent (MGE Energy)		—		4.0
Change in short-term debt borrowings, net		(118.3)		(118.3)
Higher cash dividends paid, dividend rate per share ($1.458 vs. $1.375)		(4.3)		—
Higher distributions to parent (MGE Energy) from noncontrolling interest, representing distributions from MGE Power Elm Road and MGE Power West Campus(b)		—		(2.0)
Other financing activities		(0.7)		(0.7)
Increase in cash flows from financing activities	$	38.6	$	38.2

(a)

In January 2026, MGE issued $90 million of senior unsecured notes that were used to assist with financing additional capital expenditures and other corporate obligations. In January 2026, MGE completed a redemption of $1.2 million of its outstanding first mortgage bonds. In September 2026, MGE repaid $15 million of outstanding long-term debt.

(b) The noncontrolling interest arises from the accounting required for the entities, which are not owned by MGE but are consolidated as VIEs.

Capitalization Ratios

MGE Energy's capitalization ratios were as follows:


	MGE Energy
	September 30, 2026	December 31, 2025
Common shareholders' equity	61.3%	58.9%
Long-term debt(a)	36.6%	36.8%
Short-term debt	2.1%	4.3%

(a)

Includes the current portion of long-term debt.

Credit Ratings

MGE Energy's and MGE's access to the capital markets, including, in the case of MGE, the commercial paper market, and their respective financing costs in those markets, may depend on the credit ratings of the entity that is accessing the capital markets.

None of MGE Energy's or MGE's borrowing is subject to default or prepayment as a result of a downgrading of credit ratings, although a downgrading of MGE's credit ratings would increase fees and interest charges under both MGE Energy's and MGE's credit agreements and may affect the collateral required to be posted under derivative transactions.

Third Amended and Restated Credit Agreements

As of September 30, 2026, MGE Energy and MGE had revolving credit facilities with aggregate commitments of $50 million and $130 million, respectively.

On October 1, 2026, MGE Energy and MGE entered into third amended and restated credit agreements which amended and restated their existing revolving credit facilities to, among other things, (i) extend the maturity dates to October 1, 2031 and (ii) increase the aggregate commitment under MGE's revolving credit facilities from $130 million to $250 million. MGE Energy's revolving credit commitment remained $50 million.

Environmental Matters

See the discussion of environmental matters included in the 2025 Annual Report on Form 10-K, as updated by Footnote 8.a. of Notes to Consolidated Financial Statements in this Report.

Other Matters

Rate Matters

In December 2025, the PSCW approved a settlement agreement for MGE's 2026/2027 rate case. As part of that settlement agreement, the PSCW approved a 0.15% increase for electric rates and a 2.77% increase to gas rates for 2026 and a 3.63% increase for electric rates and a 2.04% increase to gas rates for 2027. MGE filed a 2027 Fuel Cost Plan with the PSCW in June 2026. The plan would lower the 2027 increase in electric rates to 2.31% to reflect lower expected fuel costs. MGE expects a final decision from the PSCW on the Fuel Cost Plan by the end of 2026.

Details related to MGE's 2026/2027 settlement are as follows:


(Dollars in thousands)	Average Rate Base(a)		Average CWIP(b)		Return on Common Equity(c)	Common Equity Component of Regulatory Capital Structure	Effective Date
Electric (2026 Test Period)	$	1,346,269	$	37,232	9.8%	56.09%	1/1/2026
Gas (2026 Test Period)	$	375,594	$	7,764	9.8%	56.09%	1/1/2026
Electric (2027 Test Period)	$	1,537,938	$	33,082	9.8%	56.05%	1/1/2027
Gas (2027 Test Period)	$	393,558	$	8,912	9.8%	56.05%	1/1/2027

(a)

Average rate base amounts reflect MGE's allocated share of rate base and do not include construction work in progress (CWIP) or a cash working capital allowance and were calculated using a forecasted 13-month average for the test periods. The PSCW provides a return on selected CWIP and a cash working capital allowance by adjusting the percentage return on rate base.

(b)

50% of the forecasted 13-month average CWIP for the test periods earns an AFUDC return. Projects eligible to earn 100% AFUDC are excluded from this balance and discussed further in the Management's Discussion and Analysis of Financial Condition and Results of Operations - Significant Events section.

(c)

Returns on common equity may not be indicative of actual returns earned or projections of future returns, as actual returns will be affected by the volume of electricity or gas sold.

See Footnote 9 of Notes to Consolidated Financial Statements in this Report for further discussion of rate proceedings and an earnings sharing mechanism if MGE earns above the authorized return on common equity in the rate order.

Uyghur Forced Labor Prevention Act

The UFLPA, a federal law that became effective in June 2022, prohibits importation of goods, including silica-based products used in the production of solar panels, that are mined, produced, or manufactured wholly or in part in China’s Xinjiang Uyghur Autonomous Region. Suppliers for MGE's current solar projects were able to provide the CBP sufficient documentation to meet WRO and UFLPA compliance requirements, however we cannot currently predict what, if any, impact the UFLPA will have on the overall supply of solar panels into the United States and the related impact to timing and cost of solar projects included in our capital plan. In the

event that such disruptions increase costs beyond approved levels, we have filed and expect to continue filing notifications with the PSCW and will seek recovery of those costs in future rate proceedings.

The UFLPA Entity List continues to expand, including entities participating in solar and solar supply chain activities. MGE continues to monitor developments related to the UFLPA, evaluate supplier compliance, and assess potential impacts to current and future projects.

U.S. Department of Commerce - Solar Cells and Modules

In June 2024, following AD/CVD investigations by the DOC and the USITC determining that Chinese manufacturers were circumventing tariffs on solar panels by shipping them through Cambodia, Malaysia, Thailand, and Vietnam, the DOC began applying tariffs to the importation of solar cells from those countries. In the second quarter of 2025, the DOC and USITC issued final determinations affirming and increasing the tariffs. Later that year, the U.S. Court of International Trade ruled that the prior two-year moratorium was unlawful, permitting retroactive collection, though the ruling has been stayed pending appeal to the Federal Circuit.

In late 2025, the DOC initiated new AD/CVD investigations into solar imports from India, Indonesia, and Laos. In September 2026, the DOC issued final affirmative determinations in both investigations, establishing increased tariff rates. The USITC also released a final affirmative determination in its parallel injury investigation in October 2026. Additionally, in August 2026, following a 'Section 232' national security investigation into the global polysilicon supply chain, the U.S. government announced new trade measures applicable to imports of polysilicon and certain derivative products, including solar cells and modules.

MGE continues to assess the potential impact of these tariffs on current and future solar projects, which may result in increased costs, delays in construction timelines, or a new and potentially material financial liability due to retroactive tariffs. In the event that such disruptions increase costs beyond approved levels, we have filed and expect to continue filing notifications with the PSCW and will seek recovery of those costs in future rate proceedings.

Tariffs

U.S. and international trade policies, including tariffs, port fees, trade sanctions, import restrictions, and other import/export regulations, continue to evolve, influenced by geopolitical developments and economic priorities. In September 2026, the U.S. government announced additional trade measures under Section 338 of the Tariff Act of 1930 that modified tariffs on certain Canadian goods and imposed targeted import restrictions. MGE is proactively evaluating the potential effects of these and other trade policy changes on operating costs and capital investments, particularly for renewable energy and battery storage initiatives. Such policy changes could lead to higher costs, supply chain disruptions, or delays in project timelines.

Tax Update - One Big Beautiful Bill Act

In July 2025, the OBBBA was signed into law, introducing significant changes to tax credits and compliance requirements. The OBBBA accelerates the termination of the Clean Electricity PTC and ITC for wind and solar projects placed in service after 2027. Pursuant to the OBBBA, the July 4, 2026 commencement-of-construction deadline for wind and solar projects has passed, and projects that did not begin construction by that date generally must be placed in service by December 31, 2027 to remain eligible for these credits. The phase out of PTCs and ITCs does not apply to energy storage, hydroelectric facilities, nuclear, or any other zero emission technology. The OBBBA imposes restrictions on credit eligibility, disallowing credits, and foreign entity material assistance. The Treasury Department issued new beginning-of-construction guidance in August 2025. However, a federal court vacated the guidance in June 2026, reinstating the prior physical work and 5% safe harbor framework, subject to further developments. Interim guidance has also been released on domestic content requirements. MGE has evaluated the impact of the OBBBA and will continue monitoring Treasury Department updates and engaging with industry groups to ensure compliance.

Adoption of Accounting Principles and Recently Issued Accounting Pronouncements

See Footnote 2 of Notes to Consolidated Financial Statements in this Report for discussion of new accounting pronouncements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

There were no material changes to the market risks disclosed in Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our 2025 Annual Report on Form 10-K.

Item 4. Controls and Procedures.

During the third quarter of 2026, each registrant's management, including the principal executive officer and principal financial officer, evaluated its disclosure controls and procedures related to the recording, processing, summarization, and reporting of information in its periodic reports that it files with the SEC. These disclosure controls and procedures have been designed to ensure that material information relating to that registrant, including its subsidiaries, is accumulated and made known to that registrant's management, including these officers, by other employees of that registrant and its subsidiaries as appropriate to allow timely decisions regarding required disclosure, and that this information is recorded, processed, summarized, evaluated, and reported, as applicable, within the time periods specified in the SEC's rules and forms. The evaluations take into account changes in the internal and external operating environments that may impact those controls and procedures. Due to the inherent limitations of control systems, not all misstatements may be detected. These inherent limitations include the realities that judgments in decision making can be faulty and breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. Also, MGE Energy does not control or manage certain of its unconsolidated entities and thus, its access and ability to apply its procedures to those entities is more limited than is the case for its consolidated subsidiaries.

As of September 30, 2026, each registrant's principal executive officer and principal financial officer concluded that its disclosure controls and procedures were effective. Each registrant intends to strive continually to improve its disclosure controls and procedures to enhance the quality of its financial reporting.

During the quarter ended September 30, 2026, there were no changes in either registrant's internal controls over financial reporting that materially affected, or are reasonably likely to materially affect, that registrant's internal control over financial reporting.

PART II. OTHER INFORMATION.

Item 1. Legal Proceedings.

MGE Energy and its subsidiaries, including MGE, from time to time are involved in various legal proceedings that are handled and defended in the ordinary course of business. See Footnotes 8.a. and 8.b. of Notes to Consolidated Financial Statements in this Report for more information.

Item 1A. Risk Factors.

There were no material changes from the risk factors disclosed in Item 1A. Risk Factors in our 2025 Annual Report on Form 10-K, other than as set forth below:

We have in the past entered, and may in the future enter, into forward sale transactions that subject us to certain risks.

We have previously entered into forward sale agreements and may in the future enter into additional forward sale agreements that subject us to certain risks. The future issuance of any shares of common stock upon settlement of any forward sale agreement will result in dilution to our earnings per share, return on equity, and dividends per share. The purchase of common stock in connection with the unwinding of the forward purchaser's hedge position could cause our stock price to increase (or prevent a decrease) over such time, thereby increasing the amount of cash we would owe (or decreasing the amount of cash owed to us) upon a cash settlement. In addition, pursuant to each forward sale agreement, the relevant forward purchaser will have the right to accelerate the settlement of the forward sale agreement in connection with certain specified events. In such cases, we could be required to settle that particular forward sale agreement and issue common stock irrespective of our capital needs.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable to MGE Energy and MGE.

Item 5. Other Information.

During the three months ended September 30, 2026, no director or officer of MGE Energy or MGE adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408 of Regulation S-K.

Item 6. Exhibits.



Ex. No.		Exhibit Description
10.1		Third Amended and Restated Credit Agreement dated as of October 1, 2026, among MGE Energy, Inc., the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and Bank of America, N.A. and U.S. Bank National Association, as Syndication Agents (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by MGE Energy and MGE with the U.S. Securities and Exchange Commission on October 5, 2026).

10.2		Third Amended and Restated Credit Agreement dated as of October 1, 2026, among Madison Gas and Electric Company, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and Bank of America, N.A. and U.S. Bank National Association, as Syndication Agents (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by MGE Energy and MGE with the U.S. Securities and Exchange Commission on October 5, 2026).

10.3		Third Amended and Restated Credit Agreement dated as of October 1, 2026, among Madison Gas and Electric Company, the Lenders party thereto, U.S. Bank National Association, as Administrative Agent, and Associated Bank, N.A., as Syndication Agent (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by MGE Energy and MGE with the U.S. Securities and Exchange Commission on October 5, 2026).

31.1	*	Certifications Pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934 filed by Jeffrey M. Keebler for MGE Energy, Inc.

31.2	*	Certifications Pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934 filed by Jared J. Bushek for MGE Energy, Inc.

31.3	*	Certifications Pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934 filed by Jeffrey M. Keebler for Madison Gas and Electric Company

31.4	*	Certifications Pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934 filed by Jared J. Bushek for Madison Gas and Electric Company

32.1	**	Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code (Sarbanes-Oxley Act of 2002) filed by Jeffrey M. Keebler for MGE Energy, Inc.

32.2	**	Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code (Sarbanes-Oxley Act of 2002) filed by Jared J. Bushek for MGE Energy, Inc.

32.3	**	Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code (Sarbanes-Oxley Act of 2002) filed by Jeffrey M. Keebler for Madison Gas and Electric Company

32.4	**	Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 United States Code (Sarbanes-Oxley Act of 2002) filed by Jared J. Bushek for Madison Gas and Electric Company

101.INS	*	XBRL Instance
101.SCH	*	XBRL Taxonomy Extension Schema With Embedded Linkbases Document
101.CAL	*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	*	Inline XBRL Taxonomy Extension Definitions Linkbase Document
104.1	*	Included in the cover page, formatted in Inline XBRL

*		Filed herewith.
**		Furnished herewith.

Signatures - MGE Energy, Inc.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	MGE ENERGY, INC.



Date: November 4, 2026	/s/ Jeffrey M. Keebler
	Jeffrey M. Keebler Chairman, President and Chief Executive Officer (Duly Authorized Officer)



Date: November 4, 2026	/s/ Jared J. Bushek
	Jared J. Bushek Executive Vice President - Chief Financial Officer and Treasurer (Chief Financial Officer)



Date: November 4, 2026	/s/ Jenny L. Lagerwall
	Jenny L. Lagerwall Assistant Vice President - Accounting and Controller (Chief Accounting Officer)

Signatures – Madison Gas and Electric Company

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	MADISON GAS AND ELECTRIC COMPANY



Date: November 4, 2026	/s/ Jeffrey M. Keebler
	Jeffrey M. Keebler Chairman, President and Chief Executive Officer (Duly Authorized Officer)



Date: November 4, 2026	/s/ Jared J. Bushek
	Jared J. Bushek Executive Vice President - Chief Financial Officer and Treasurer (Chief Financial Officer)



Date: November 4, 2026	/s/ Jenny L. Lagerwall
	Jenny L. Lagerwall Assistant Vice President - Accounting and Controller (Chief Accounting Officer)