MGE ENERGY Business Summary

MGE Energy Inc (MGEE) operates as a public utility holding company, generating the majority of its revenue through regulated electric and natural gas services provided to approximately 161,000 and 173,000 customers, respectively, in the Madison, Wisconsin, metropolitan area. The company’s business is organized into four primary segments: Regulated Electric Utility, which manages generation and distribution; Regulated Gas Utility, focused on natural gas delivery; Non-Regulated Energy Operations, which owns and leases generating capacity through subsidiaries like MGE Power; and Transmission Investments, consisting of a 3.6% stake in the American Transmission Co. (ATC). MGE Energy distinguishes itself through a conservative, dividend-focused model, having increased its dividend for over 50 consecutive years as of 2026. It competes primarily with other regional and national utility giants such as Alliant Energy (LNT), Ameren (AEE), and Atmos Energy (ATO), maintaining a niche as a highly stable, small-to-mid-cap regional player with a strong focus on transitioning its generation mix toward renewable sources. While the company traces its operational roots back to the founding of Madison Gas and Electric in 1896, it is currently led by a veteran executive team focused on grid modernization and decarbonization. Jeffrey M. Keebler serves as the Chairman, President, and Chief Executive Officer, bringing over three decades of experience within the utility sector since joining the firm in 1995. He is supported by Jared J. Bushek, Vice President – Chief Financial Officer and Treasurer, and Bryan R. Sullivan, who serves as the Chief Technology Officer overseeing scientific and R&D initiatives. The company’s strategic direction is further guided by a board of directors featuring high-pedigree regional leaders, including Patricia K. Ackerman (formerly of A.O. Smith), Daniel J. Kelly (former CFO of American Family Insurance), and Angela S. Rieger (formerly of Lands' End). Major institutional backing is provided by prominent investors such as The Vanguard Group and BlackRock, reinforcing its status as a staple in defensive utility portfolios.