WEC Energy Group (WEC) investor relations material

Earnings and shareholder returns

• 2026 EPS guidance of $5.60-$5.64; adjusted-basis record of 22 consecutive years meeting or exceeding the top end of earnings guidance.

• 2026 annualized dividend rate rose 6.7% to $3.81 per share, marking 23 consecutive years of increases; dividend growth target is 6.5%-7% with a 60%-70% payout ratio.

• Estimated 2027-2031 total shareholder return is 10%+, based on 7%-9%+ EPS growth and ~3% dividend yield.

Growth and investment

• Weather-normalized 2026-2031 sales growth forecast: electric 6.0%-8.0% YoY and gas 0.5%-0.8% YoY; 4.9 GW of new electric demand expected.

• Five-year capital plan increased $10.0B to $47.5B for 2027-2031, including $8.4B more for generation and $1.2B more for transmission.

• Plan includes $13.7B for regulated renewables: 3,100 MW solar, 3,450 MW battery storage and 600 MW wind.

• Plan allocates $10.1B to thermal generation and LNG capacity, including 3,540 MW of CT and RICE generation and 4 Bcf of LNG storage.

• Projected 2027-2031 cash from operations of $26.1B-$27.1B and incremental debt of $18.7B-$19.3B; capital plan excludes ATC investment.

Regulatory and operating outlook

• Wisconsin rate review outcome includes 9.50% authorized ROE and 53.0% equity ratio for the 2027-2028 test year; final written order expected before year-end.

• Illinois gas utilities filed proposed 10.10% ROEs; Peoples Gas reduced its rate request by $58M to $144M in July, with new rates expected Jan. 1, 2027.

• Point Beach PPA extension covers ~1 GW of carbon-free capacity through 2050 and 2053; Oracle’s subscription is expected to save customers $300M in fuel costs through 2033, subject to PSCW approval.

• Electric generation CO2 emissions were reduced 53% from 2005 levels by 2025; long-term goal is net carbon-neutral generation by end-2050.