MGE Energy VP files Form 4 share disposition

MGE Energy Inc. officer Cari Anne Renlund, who serves as VP, General Counsel and Secretary, reported a change in her direct ownership of the company’s common stock.

Rhea-AI Filing Summary

MGE Energy Inc. officer Cari Anne Renlund, who serves as VP, General Counsel and Secretary, reported a change in her direct ownership of the company’s common stock. On 01/02/2026, a Form 4 transaction coded “F” showed the disposition of 438 shares of common stock at a price of $78.44 per share. After this transaction, she directly beneficially owned 5,319.5459 shares of MGE Energy common stock. A footnote explains that the reported holdings include adjustments for accrued dividends through dividend reinvestment that are exempt from Section 16 reporting under Rule 16a-11.

Insider Trade Summary

Exercise Price or Tax Liability: 438 shares

Exercise Price or Tax Liability 1 txn

Insider Renlund Cari Anne

Role VP General Counsel & Sec.

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	438	$78.44	$34K

Holdings After Transaction: Common Stock — 5,319.5459 shares (Direct)

Footnotes (1)

1. F1. Includes adjustments for accrued dividends pursuant to dividend reinvestment and exempt from Sec 16 under Rule 16a-11

FAQ

What insider transaction did MGE Energy (MGEE) report in this Form 4?

The Form 4 reports that officer Cari Anne Renlund had a disposition of 438 shares of MGE Energy common stock in a transaction coded “F” on 01/02/2026.

How many MGE Energy (MGEE) shares were involved and at what price?

The reported transaction involved 438 shares of MGE Energy common stock at a price of $78.44 per share.

How many MGE Energy shares does Cari Anne Renlund own after this transaction?

Following the reported transaction, Cari Anne Renlund beneficially owned 5,319.5459 shares of MGE Energy common stock directly.

What is Cari Anne Renlund’s role at MGE Energy (MGEE)?

Cari Anne Renlund is an officer of MGE Energy, serving as VP, General Counsel & Secretary, and she is not listed as a director or 10% owner.

Is the reported MGE Energy (MGEE) ownership direct or indirect?

The Form 4 shows direct (D) ownership for the 5,319.5459 MGE Energy shares beneficially owned after the transaction.

What does the dividend reinvestment footnote in the MGE Energy Form 4 mean?

A footnote states that the reported holdings include adjustments for accrued dividends pursuant to dividend reinvestment, which are exempt from Section 16 under Rule 16a-11.

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Accepted by SEC EDGAR 01/06/2026 - 12:44 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Renlund Cari Anne

(Last) (First) (Middle)

623 RAILROAD 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP General Counsel & Sec.

3. Date of Earliest Transaction (Month/Day/Year)
01/02/2026

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	01/02/2026		F		438	D	$78.44	5,319.5459(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/ Cari Anne Renlund	01/06/2026
	** 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.
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