MGE Energy(MGEE) - 2025 Q2 - Quarterly Results

Second Quarter 2025 Earnings Overview MGE Energy reported increased GAAP earnings for Q2 2025, driven by rate base investments, favorable weather, and new renewable generation projects Financial Performance Summary MGE Energy reported increased GAAP earnings for the second quarter of 2025, with net income rising to $26.5 million, or $0.73 per share, compared to $23.8 million, or $0.66 per share, in the prior year GAAP Financial Performance | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | Change (Millions USD) | | :----------------------- | :--------------------- | :--------------------- | :-------------------- | | GAAP Net Income | $26.5 | $23.8 | +$2.7 | | GAAP Earnings Per Share | $0.73 (USD) | $0.66 (USD) | +$0.07 (USD) | - Electric net income increased $3.9 million compared to the second quarter of 2024[2] - Electric residential sales increased approximately 5% largely driven by warmer-than-normal weather[3] - Gas net income exhibited steady performance, with minimal variation compared to the second quarter of 2024[3] Operational Drivers and Strategic Investments MGE's increased electric earnings were significantly influenced by ongoing investments in new, cost-effective renewable generation, enhancing system reliability and contributing to asset growth - MGE continues to invest in new, cost-effective renewable generation, supporting the company's ongoing asset growth[2] - The Darien Solar Project (25 MW solar capacity) became operational in March 2025[2] - The Paris Battery Energy Storage System (11 MW battery capacity) went into service in June 2025[2] Consolidated Financial Statements (Unaudited) This section provides the unaudited consolidated financial statements for MGE Energy for the three and six months ended June 30, 2025 and 2024 Three and Six Months Ended June 30, 2025 and 2024 This section presents the unaudited consolidated financial results for MGE Energy for the three and six months ended June 30, 2025, compared to the same periods in 2024, detailing operating revenues, operating income, net income, and earnings per share Consolidated Statements of Income (Three Months Ended June 30) | Metric | 2025 (Thousands USD) | 2024 (Thousands USD) | | :------------------------------------ | :------------------- | :------------------- | | Operating revenues | $159,452 | $145,713 | | Operating income | $34,223 | $29,735 | | Net income | $26,498 | $23,794 | | Earnings per share - basic | $0.73 (USD) | $0.66 (USD) | | Earnings per share - diluted | $0.72 (USD) | $0.66 (USD) | | Weighted average shares outstanding - basic | 36,540 (Shares) | 36,176 (Shares) | | Weighted average shares outstanding - diluted | 36,569 (Shares) | 36,197 (Shares) | Consolidated Statements of Income (Six Months Ended June 30) | Metric | 2025 (Thousands USD) | 2024 (Thousands USD) | | :------------------------------------ | :------------------- | :------------------- | | Operating revenues | $378,422 | $337,049 | | Operating income | $87,088 | $70,480 | | Net income | $68,090 | $57,608 | | Earnings per share - basic | $1.86 (USD) | $1.59 (USD) | | Earnings per share - diluted | $1.86 (USD) | $1.59 (USD) | | Weighted average shares outstanding - basic | 36,526 (Shares) | 36,173 (Shares) | | Weighted average shares outstanding - diluted | 36,557 (Shares) | 36,196 (Shares) | Additional Company Information This section provides essential company details, including its business overview, forward-looking statement disclaimers, and key contact information About MGE Energy MGE Energy is a public utility holding company, with its primary subsidiary, Madison Gas and Electric, serving 167,000 electricity customers and 178,000 natural gas customers across Wisconsin counties - MGE Energy is a public utility holding company[6] - Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 167,000 customers in Dane County, Wis[6] - Madison Gas and Electric purchases and distributes natural gas to 178,000 customers in seven south-central and western Wisconsin counties[6] Forward-looking Statements This section provides a standard disclaimer regarding forward-looking statements, emphasizing that they are based on current expectations and are subject to inherent uncertainties - Forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain[7] - Readers are cautioned not to place undue reliance on any forward-looking statements[7] - For a further description of risks and uncertainties, refer to the 'Risk Factors' sections in the Annual Report on Form 10-K for the year ended December 31, 2024[7] Contacts This section provides contact information for MGE Energy's Investor Relations and Media Relations departments - Investor Relations: Ken Frassetto, 608-252-4723, kfrassetto@mge.com[8] - Media Relations: Steve B. Schultz, 608-252-7219, sbschultz@mge.com[8]