$MGEE

MGE ENERGY INC

CIK:0001161728|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues:
Electric revenues	$ 131,594	$ 129,527	$ 263,034	$ 255,016
Gas revenue	29,601	29,925	140,864	123,406
Total Operating Revenues	161,195	159,452	403,898	378,422
Operating Expenses:
Fuel for electric generation	12,907	16,292	33,216	33,861
Purchased power	5,813	5,562	8,280	9,940
Cost of gas sold	9,285	11,313	80,108	65,277
Other operations and maintenance	65,242	57,777	126,810	114,336
Depreciation and amortization	28,939	28,354	57,028	56,032
Other general taxes	6,375	5,931	12,670	11,888
Total Operating Expenses	128,561	125,229	318,112	291,334
Operating Income	32,634	34,223	85,786	87,088
Other income, net	14,286	3,707	25,276	6,311
Interest expense, net	(9,288)	(8,457)	(19,093)	(16,038)
Income before income taxes	37,632	29,473	91,969	77,361
Income tax provision	(4,279)	(2,975)	(10,135)	(9,271)
Net income attributed to common shareholders	33,353	26,498	81,834	68,090
Net Income	$ 33,353	$ 26,498	$ 81,834	$ 68,090
Earnings per share of Common Stock - Basic	$ 0.89	$ 0.73	$ 2.21	$ 1.86
Earnings per share of Common Stock - Diluted	0.89	0.72	2.21	1.86
Dividends per share of common stock	$ 0.475	$ 0.45	$ 0.95	$ 0.9
Weighted Average Shares Outstanding - Basic	37,351	36,540	36,972	36,526
Weighted Average Shares Outstanding - Diluted	37,456	36,569	37,029	36,557
MGE [Member]
Operating Revenues:
Electric revenues	$ 131,594	$ 129,527	$ 263,034	$ 255,016
Gas revenue	29,601	29,925	140,864	123,406
Total Operating Revenues	161,195	159,452	403,898	378,422
Operating Expenses:
Fuel for electric generation	12,907	16,292	33,216	33,861
Purchased power	5,813	5,562	8,280	9,940
Cost of gas sold	9,285	11,313	80,108	65,277
Other operations and maintenance	64,863	57,489	126,099	113,751
Depreciation and amortization	28,939	28,354	57,028	56,032
Other general taxes	6,375	5,931	12,670	11,888
Total Operating Expenses	128,182	124,941	317,401	290,749
Operating Income	33,013	34,511	86,497	87,673
Other income, net	7,644	747	14,327	363
Interest expense, net	(9,366)	(8,554)	(19,190)	(16,189)
Income before income taxes	31,291	26,704	81,634	71,847
Income tax provision	(3,079)	(2,229)	(7,709)	(7,569)
Net income attributed to common shareholders	28,212	24,475	73,925	64,278
Less Net Income Attributable to Noncontrolling Interest, net of tax	(5,729)	(5,714)	(11,335)	(11,313)
Net Income	$ 22,483	$ 18,761	$ 62,590	$ 52,965

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net Income	$ 81,834	$ 68,090
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization	57,028	56,032
Deferred income taxes	5,518	2,578
Provision for doubtful receivables	3,513	4,400
Employee benefit plan credit	(4,232)	(2,320)
Cash contributions to pension and other postretirement plans	(3,752)	(3,800)
Equity earnings in investments	(7,336)	(6,241)
Dividends from investments	5,545	6,008
Changes in assets and liabilities
Current assets	23,420	13,105
Accounts payable	(21,055)	(13,491)
Deferred income taxes	9,532	0
Other current liabilities	298	(2,309)
Regulatory assets and liabilities, net	9,995	7,381
Other, net	(11,480)	4,520
Cash Provided by Operating Activities	148,828	133,953
Investing Activities:
Capital expenditures	(210,906)	(111,753)
Capital contributions to investments	(7,714)	(5,871)
Other	2,287	(630)
Cash Used for Investing Activities	(216,333)	(118,254)
Financing Activities:
Issuance of common stock, net	88,948	3,750
Cash dividends paid on common stock	(35,299)	(32,872)
Repayments of long-term debt	(3,897)	(2,625)
Issuance of long-term debt	90,000	0
Proceeds from short-term debt	(59,777)	5,500
Other	(1,523)	(812)
Cash Provided by (Used for) Financing Activities	78,452	(27,059)
Change in cash, cash equivalents, and restricted cash	10,947	(11,360)
Cash, cash equivalents, and restricted cash at beginning of period	8,736	24,496
Cash, cash equivalents, and restricted cash at end of period	19,683	13,136
MGE [Member]
Operating Activities:
Net Income	73,925	64,278
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization	57,028	56,032
Deferred income taxes	4,376	1,785
Provision for doubtful receivables	3,513	4,400
Employee benefit plan credit	(4,232)	(2,319)
Cash contributions to pension and other postretirement plans	(3,752)	(3,800)
Changes in assets and liabilities
Current assets	22,278	13,107
Accounts payable	(21,297)	(13,533)
Deferred income taxes	9,532	0
Other current liabilities	3,428	(2,771)
Regulatory assets and liabilities, net	9,995	7,381
Other, net	(8,344)	3,428
Cash Provided by Operating Activities	146,450	127,988
Investing Activities:
Capital expenditures	(210,906)	(111,753)
Other	(3,116)	(765)
Cash Used for Investing Activities	(214,022)	(112,518)
Financing Activities:
Cash dividends paid to parent by MGE	(18,000)	(23,500)
Distributions to parent from noncontrolling interest	(8,250)	(8,000)
Capital contributions from parent	77,500	0
Repayments of long-term debt	(3,897)	(2,625)
Issuance of long-term debt	90,000	0
Proceeds from short-term debt	(59,777)	5,500
Other	(1,523)	(812)
Cash Provided by (Used for) Financing Activities	76,053	(29,437)
Change in cash, cash equivalents, and restricted cash	8,481	(13,967)
Cash, cash equivalents, and restricted cash at beginning of period	5,318	20,059
Cash, cash equivalents, and restricted cash at end of period	$ 13,799	$ 6,092

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 16,621	$ 5,666
Accounts receivable, less reserves	42,330	57,558
Other accounts receivables, less reserves	14,421	12,983
Unbilled revenues	29,967	42,770
Materials and supplies, at average cost	38,553	37,850
Fuel for electric generation, at average cost	12,753	11,010
Stored natural gas, at average cost	13,671	15,317
Prepaid taxes	19,123	19,314
Regulatory assets - current	8,705	8,879
Other current assets	14,751	17,201
Total Current Assets	210,895	228,548
Regulatory assets	51,244	42,758
Pension benefit asset	172,412	164,985
Other deferred assets and other	19,872	18,348
Property, Plant, and Equipment:
Property, plant, and equipment, net	2,337,481	2,279,899
Construction work in progress	372,628	292,969
Total Property, Plant, and Equipment	2,710,109	2,572,868
Investments	135,673	127,913
Total Assets	3,300,205	3,155,420
Current Liabilities:
Long-term debt due within one year	20,509	21,633
Short-term debt	34,750	94,527
Accounts payable	66,836	117,673
Accrued interest and taxes	12,127	10,269
Accrued payroll related items	15,742	17,244
Regulatory liabilities - current	23,801	23,490
Other current liabilities	11,799	11,873
Total Current Liabilities	185,564	296,709
Other Credits:
Deferred income taxes	340,423	337,798
Investment tax credit - deferred	61,466	48,609
Regulatory liabilities	197,539	185,372
Accrued pension and other postretirement benefits	51,452	51,105
Asset retirement obligations	79,395	76,289
Other deferred liabilities and other	64,743	63,397
Total Other Credits	795,018	762,570
Capitalization:
Common shareholders equity	1,440,519	1,303,936
Long-term debt	879,104	792,205
Total Capitalization	2,319,623	2,096,141
Commitments and contingencies (see Footnote 8)
Total Liabilities and Capitalization	3,300,205	3,155,420
MGE [Member]
Current Assets:
Cash and cash equivalents	10,737	2,248
Accounts receivable, less reserves	42,330	57,558
Other accounts receivables, less reserves	14,419	12,979
Unbilled revenues	29,967	42,770
Materials and supplies, at average cost	38,553	37,850
Fuel for electric generation, at average cost	12,753	11,010
Stored natural gas, at average cost	13,671	15,317
Prepaid taxes	19,027	18,748
Regulatory assets - current	8,705	8,879
Other current assets	15,445	17,225
Total Current Assets	205,607	224,584
Regulatory assets	51,244	42,758
Pension benefit asset	172,412	164,985
Other deferred assets and other	18,243	17,817
Property, Plant, and Equipment:
Property, plant, and equipment, net	2,337,509	2,279,927
Construction work in progress	372,628	292,969
Total Property, Plant, and Equipment	2,710,137	2,572,896
Total Assets	3,157,643	3,023,040
Current Liabilities:
Long-term debt due within one year	20,509	21,633
Short-term debt	34,750	94,527
Accounts payable	66,579	117,658
Accrued interest and taxes	12,192	10,234
Accrued payroll related items	15,742	17,244
Regulatory liabilities - current	23,801	23,490
Other current liabilities	11,798	8,843
Total Current Liabilities	185,371	293,629
Other Credits:
Deferred income taxes	302,681	301,198
Investment tax credit - deferred	61,466	48,609
Regulatory liabilities	197,539	185,372
Accrued pension and other postretirement benefits	51,452	51,105
Asset retirement obligations	79,395	76,289
Other deferred liabilities and other	68,108	67,281
Total Other Credits	760,641	729,854
Capitalization:
Common shareholders equity	1,172,654	1,050,564
Noncontrolling interest	159,873	156,788
Total Equity	1,332,527	1,207,352
Long-term debt	879,104	792,205
Total Capitalization	2,211,631	1,999,557
Commitments and contingencies (see Footnote 8)
Total Liabilities and Capitalization	$ 3,157,643	$ 3,023,040