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MGE Energy (MGEE) investor relations material
MGE Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income for Q2 2025 was $26.5 million ($0.73/share), up from $23.8 million ($0.66/share) year-over-year; six-month net income was $68.1 million ($1.86/share), up from $57.6 million ($1.59/share) year-over-year.
Earnings growth driven by increased electric investments, favorable weather boosting residential sales, and higher gas retail sales due to colder weather.
Major capital projects include new solar and battery storage facilities, with significant investments in renewable generation and grid modernization.
Regulatory approval for 2025 rate increases: 2.63% for electric and 1.32% for gas; pending 2026/2027 rate increases under review.
Rate base investment growth and favorable weather conditions contributed to improved results.
Financial highlights
Q2 2025 operating revenues were $159.5 million, up from $145.7 million year-over-year; six-month revenues were $378.4 million, up from $337.0 million year-over-year.
Operating income for Q2 2025 was $34.2 million, up from $29.7 million year-over-year; six-month operating income was $87.1 million, up from $70.5 million year-over-year.
Q2 2025 EPS was $0.73 (diluted), up from $0.66; six-month EPS was $1.86, up from $1.59.
Cash provided by operating activities for the six months ended June 30, 2025, was $134.0 million, up from $130.4 million year-over-year.
Capital expenditures for the six months ended June 30, 2025, totaled $111.8 million, primarily for utility projects.
Outlook and guidance
Pending PSCW approval for 2026/2027 rate increases: proposed 4.89% electric and 2.33% gas for 2026, and 4.33% electric and 2.16% gas for 2027.
Ongoing focus on renewable generation, battery storage, and grid modernization to achieve 80% carbon reduction by 2030.
Continued investment in renewable generation and energy storage expected to support ongoing asset and earnings growth.
Monitoring regulatory and trade policy developments that may impact solar project costs and timelines.
Liquidity expected to be adequate for future operations and capital expenditures, with access to credit facilities and capital markets.
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