WEC Energy : May Investor Book

Published: 2026-05-11 19:36:12 ET WEC

Published on 05/11/2026 at 07:36 pm EDT

Investor Update:

A Premier Energy Company in

America's Heartland

$38.4 billion market cap*

4.8 million retail customers

$51.7 billion of assets

60% ownership of American Transmission Company

Ranked first overall in the 2025 E Source Large Business Customer Satisfaction Study

* As of Apr. 30, 2026

Exceeded or achieved EPS guidance for multiple decades

Earnings Per Share

$6 ~6.7% CAGR1

$5.51-$5.61

Annualized Dividends Per Share

~6.9% CAGR

$3.81

'15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E

GAAP

'153 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E4

Estimated based on 2026 guidance midpoint of $5.56 per share.

See Appendix for reconciliation of adjusted amounts to GAAP amounts.

Annualized based on 4th quarter 2015 dividend of 45.75 cents per share.

Annualized based on 1st quarter 2026 dividend of 95.25 cents per share.

22 consecutive years of exceeding or meeting top end of earnings guidance*

$5.22

2025 2026 2027 2028 2029 2030

1. Growth rate based on $5.22 per share, the midpoint of our 2025 adjusted guidance.

In January, dividend was raised by 6.7% to a new annual rate of

$3.81 per share*

23rd consecutive year of rewarding shareholders with higher dividends

Top-decile dividend growth in industry**

Included in S&P's High Yield Dividend Aristocrats Index

Expect to grow dividend at a rate of 6.5-7%

Targeting payout ratio of 65-70% of earnings

*Annualized based on the first quarter of 2026 dividend of 95.25 cents per share.

** Reflects current and expected dividends declared in 2026.

Wisconsin

Meets the unique needs of very large customers while protecting other customers and shareholders

Applies to customers with 100 MW or more of forecasted new load

Customer subscribes to a portion of one or more dedicated new generation resources

Terms:

Wind and solar: 20 years

Depreciable life for natural gas and battery storage assets

Fixed for entire term: Return on Equity range of 10.48% to 10.98% and Equity Ratio of 57%, as agreed upon with customers

Revenues and costs recovered through tariff excluded from future rate case proceedings and earnings sharing mechanisms

Early termination: Customer pays for remaining net book value, to the extent it cannot be repurposed

Verbal approval received April 24, 2026; all terms subject to final PSCW written order

Typical Wisconsin Electric and Wisconsin Public Service residential customer bills are, and will continue to be, below the national average and in line with utilities in Wisconsin and across the Midwest.

Order expected in Q4 2026 for new rates effective January 1, 2027 & 2028

On April 1, Wisconsin Electric, Wisconsin Gas and Wisconsin Public Service filed applications with the state Public Service Commission

In 2027, we'll focus our investment on:

Building infrastructure needed to support jobs and economic growth in Wisconsin

Enhancing reliability and safety (grid hardening)

Proposed Base Rate Increases

Wisconsin Electric

2027

2028

Electric*

4.7%

4.5%

Natural Gas**

0.3%

4.9%

Wisconsin Gas

Natural Gas

6.8%

4.0%

Wisconsin Public Service

Electric*

6.3%

3.5%

Natural Gas

4.9%

1.5%

* Electric proposed increases excludes fuel

** Gas proposed increases excludes the impact of the costs directly assigned to natural gas

electric generation facilities 10

Wisconsin Electric

Wisconsin Gas

Wisconsin Public Service

Electric

Natural Gas

Electric

Natural Gas

Current ROE

9.8%

Current Equity Ratio

53.0%

Proposed ROE

9.9%

Proposed Equity Ratio

53.5%

55.0%

Forecasted 2027 Rate Base

(in millions)

$ 10,179*

$ 2,290

$ 2,571

$ 5,051

$ 1,037

Earnings Sharing

Mechanism

No sharing on first 15 bp above allowed ROE

50/50 on next 25 bp

100% to customers beyond 40 bp

No sharing on first 15 bp above allowed ROE

50/50 on next 60 bp

100% to customers beyond 75 bp

Peoples Gas (PGL) and North Shore Gas (NSG) reached an agreement on the terms of a proposed settlement with the Illinois Attorney General, CUB, and ICC Staff. If approved by the Illinois Commerce Commission (ICC), it would resolve all issues related to 12 open dockets for a total of approximately $2.3 billion, excluding carry costs.

Resolves Qualifying Infrastructure Plant Rider (QIP) annual reconciliation proceedings from 2017-

2023 (PGL)

Resolves Uncollectible Expense Adjustment Rider (UEA) annual reconciliation proceedings from 2019-2023 (PGL/NSG)

Proposed settlement terms

$130 million gross plant reduction, prospective with new rates in pending rate case (Rider QIP)

$75 million cash credit, payable over three years (Rider QIP)

$50 million cash credit, payable over three years (Rider UEA)

Motion for settlement filed with the ICC and pending approval

In January, Peoples Gas and North Shore Gas filed applications with the Illinois Commerce Commission:

Peoples Gas

North Shore Gas

Current ROE

9.38%

Current Equity Ratio

50.79%

52.58%

Proposed ROE

10.10%

Proposed Equity Ratio

54.0%

Forecasted 2027 Rate Base

$4,671M

$433M

Proposed Base Rate Increase

$201.3M

$12.7M

Order expected in Q4 2026 for new rates effective January 1, 2027

The estimated customer impact of our filing-if approved by state regulators-would be $10

to $11 per month for the typical Peoples Gas residential customer.

Chicago home heating bills are among the lowest of other major U.S. cities in the coldest month. That is expected to continue with this filing.

Powering Industry Leaders in Our Region

Wisconsin Segment

Sales Growth Forecast

Year-Over-Year

2028-2030

Electric 6.0%-8.0%

Gas 0.7%-1.0%

(weather-normalized)

2026-2030

expecting to add

3.9 GW (~45%)

of electric demand

Strong Regional Growth

Robust demand along I-94 Milwaukee to Chicago corridor:

Microsoft Data Center

Announced investment of $20+ billion

$7.3 billion - Phase 1 and 2

$13 billion - Additional

Building 15 additional data centers beyond

Phase 1 and 2

More than 2,200 acres purchased to date

Phase 1 operations commenced in April 2026

'Mount Pleasant AI data center will be among the world's most advanced'

-Brad Smith, President of Microsoft

BizTimes Milwaukee

Strong Regional Growth

Vantage Data Centers is developing a large campus that will be part of OpenAI and Oracle's partnership for the Stargate expansion:

Four data center buildings under construction on 670 acres with expected investment of

$15+ billion in Port Washington

4,000+ construction jobs

1,000+ permanent jobs

Site potential up to 3.5 GW over time

Approximately 1,900 acres

2026-2030 Capital Plan Supports 7.0% to 8.0% Long-Term EPS Growth

$37.5

$4.1

$7.1

$1.3

$4.7

Electric Transmission (ATC)* Gas Distribution**

$20.3

Electric Distribution WI LNG Capacity Electric Generation

$ In billions

2026-2030

*ATC is accounted for using the equity method; this represents WEC Energy Group's portion of the investment.

** Includes all gas utilities and Bluewater.

$37.5 Billion Projected Capital Spend From 2026-2030

10,000

9,000

8,000

$7,752 $7,852 $7,946 $8,275

901

7,000

6,000

5,000

4,000

3,000

2,000

1,000

$5,675

657

1,287

972

178

2,581

802

1,611

946

4,311

886

1,469

973

112

4,412

896

1,336

805

326

4,583

1,378

1,025

623

4,348

Electric Transmission (ATC)* Gas Distribution**

Electric Distribution WI LNG Capacity Electric Generation

2026 2027 2028 2029 2030

Depreciation at utilities expected to average $1.6 billion annually, and $190 million at ATC, over 2026-2030 period

*ATC is accounted for using the equity method; this represents WEC Energy Group's portion of the investment.

** Includes all gas utilities and Bluewater.

2025A Asset base

$34.2 billion

2030E Asset base

$59.6 billion

10%

By Business

10%

30%

49%

Electric generation and distribution

Natural gas distribution

LNG (distribution and generation) WECI

Electric transmission*

23%

58%

By Jurisdiction

14%

10%

63%

IL MI/MN WECI

11.7% CAGR

3% 4%

10%

15%

10%

58%

non-VLC/bespoke

73%

Total WI

ATC*

VLC/bespoke

Based on average asset base.

*ATC is accounted for using the equity method; this represents WEC Energy Group's portion of the asset base. 20

Disclaimer

WEC Energy Group Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 23:35 UTC.