MGE Energy (MGEE) director adds 372.8392 shares in open-market buy

Rhea-AI Filing Summary

MGE Energy Inc. director James G. Berbee bought additional company stock in an open-market transaction. On March 11, 2026, he purchased 372.8392 shares of common stock at $77.74 per share.

Following this transaction, his direct holdings increased to 9,362.0713 shares of MGE Energy common stock. A footnote notes that the position includes adjustments for accrued dividends through a dividend reinvestment arrangement that is exempt from Section 16 under Rule 16a-11.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Berbee James G

(Last) (First) (Middle)

133 S BLAIR STREET

PO BOX 1231

(Street)

MADISON WI 53701-1231

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MGE ENERGY INC [ MGEE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/11/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/11/2026		P		372.8392	A	$77.74	9,362.0713(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes adjustments for accrued dividends pursuant to dividend reinvestment and exempt from Sec 16 under Rule 16a-11

	/s/ James G. Berbee	03/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did MGE Energy (MGEE) director James G. Berbee report?

James G. Berbee reported an open-market purchase of MGE Energy common stock. He bought 372.8392 shares on March 11, 2026, at a price of $77.74 per share, increasing his direct ownership position in the company.

How many MGE Energy (MGEE) shares does James G. Berbee hold after this Form 4?

After the reported transaction, James G. Berbee directly holds 9,362.0713 shares of MGE Energy common stock. This total includes adjustments for accrued dividends credited through a dividend reinvestment arrangement described in the filing’s footnote.

Was the MGE Energy (MGEE) insider transaction a purchase or a sale?

The transaction was a purchase. The Form 4 classifies it as an open-market purchase of common stock, with 372.8392 shares acquired at $77.74 per share, increasing director James G. Berbee’s direct holdings in MGE Energy.

What price did James G. Berbee pay for MGE Energy (MGEE) shares?

He paid an average price of $77.74 per share for the MGE Energy common stock. The Form 4 identifies this as the transaction price for the 372.8392 shares acquired on March 11, 2026, in an open-market purchase.

Does the MGE Energy (MGEE) Form 4 mention dividend reinvestment for Berbee’s shares?

Yes. A footnote explains that his holdings include adjustments for accrued dividends credited through a dividend reinvestment arrangement. These adjustments are described as exempt from Section 16 reporting under Rule 16a-11 in the filing.