Mge Energy Inc SEC Filings

MGE Energy, Inc. reported that it furnished its third quarter 2025 earnings press release under Item 2.02. The press release, dated November 5, 2025, is attached as Exhibit 99.1.

This combined report is furnished separately by MGE Energy and Madison Gas and Electric Company; each provides information on its own behalf. No financial statements, pro forma information, or shell company transactions were included. MGE Energy’s common stock trades on NASDAQ under the symbol MGEE.

MGE Energy, Inc. (MGEE) reported higher third‑quarter and year‑to‑date results. For Q3 2025, operating revenues were $175.7 million versus $168.5 million a year ago, and net income was $44.5 million versus $40.9 million; diluted EPS was $1.22 versus $1.13. Year‑to‑date, operating revenues reached $554.1 million (vs. $505.5 million) with net income of $112.6 million (vs. $98.5 million).

Operating cash flow for the first nine months was $228.8 million (vs. $209.8 million), while capital expenditures were $255.6 million. Short‑term debt stood at $76.0 million and long‑term debt due within one year at $20.4 million. The company paid year‑to‑date common dividends of $1.375 per share and reported 36,541,849 MGEE shares outstanding as of October 30, 2025.

Subsequently, MGE committed to issue $25 million of 5.12% senior unsecured notes due 2036 and $25 million of 5.76% notes due 2055, with funding expected November 13, 2025, to assist with capital expenditures and other obligations.

MGE Energy’s subsidiary, Madison Gas and Electric (MGE), entered a Note Purchase Agreement to issue $50 million of unsecured senior notes, split between $25 million 5.12% Series A due November 15, 2036 and $25 million 5.76% Series B due November 15, 2055. Closing is expected on November 13, 2025, subject to customary conditions.

Interest is payable semi‑annually on May 15 and November 15, starting May 15, 2026. The notes are callable at par plus accrued interest and a make‑whole premium, except no premium applies within the final 90 days before the Series A maturity and 180 days before the Series B maturity. Following a change in control event tied to ratings and ownership thresholds, holders must be offered prepayment at 100% of principal plus accrued interest.

MGE expects to use net proceeds for capital expenditures and other corporate obligations. Key covenants include a maximum 65% consolidated debt‑to‑capitalization and a Priority Debt limit not exceeding 20% of consolidated assets, with provisions to secure the notes equally if the principal credit facility is secured.

James G. Berbee, a director of MGE Energy Inc. (MGEE), purchased 253.5834 shares of the company's common stock on 09/08/2025 at a price of $83.75 per share. After the transaction he beneficially owned 6,582.8884 shares. The filing notes that the post-transaction total includes adjustments for accrued dividends under the company’s dividend reinvestment plan and the shares are exempt from Section 16 under Rule 16a-11. The Form 4 was signed by Mr. Berbee on 09/09/2025 and reports the purchase under transaction code P.

James G. Berbee, a director of MGE Energy Inc. (MGEE), reported a purchase of 506.6875 shares of the company's common stock on 08/15/2025 at a price of $83.83 per share. After the transaction, Mr. Berbee beneficially owns 6,329.305 shares, held directly. The filing notes that the reported amount includes adjustments for accrued dividends pursuant to dividend reinvestment and that those shares are exempt from Section 16 under Rule 16a-11. The form was signed by Mr. Berbee on 08/18/2025.

MGE Energy (MGEE) reported solid year-over-year growth for the quarter ended 30 Jun 2025. Consolidated operating revenue rose 9.4% to $159.5 million, driven by higher electric sales (+7.4%) and gas sales (+19.2%). Operating income expanded 15.1% to $34.2 million as higher fuel and gas costs were more than offset by larger rate base and lower purchased-power expense. Net income attributable to common shareholders increased 11.4% to $26.5 million; diluted EPS improved to $0.72 from $0.66.

For the first six months, revenue advanced 12.3% to $378.4 million and net income climbed 18.2% to $68.1 million, lifting year-to-date EPS to $1.86 (vs $1.59). Operating cash flow edged up to $134.0 million; after $111.8 million in capital expenditures, free cash flow remained positive. The balance sheet shows equity of $1.27 billion against long-term debt of $761 million, maintaining a 62% equity capitalization. Cash declined to $10.6 million, partly reflecting higher dividends (+5.1% to $0.45 per share) and $111.8 million of capex linked to renewable and grid-modernization projects.

Regulatory: 2024-25 PSCW-approved rate increases of 1.5% (electric) and 2.4% (gas) are in effect; MGEE has filed for additional electric/gas hikes of 4.9% and 2.3% effective 2026 under a proposed 10.0% allowed ROE. No impairments were recorded for the planned 2029 retirement of Columbia Units 1-2. Management continues to defer variances in production-tax credits and fuel costs for future recovery.