[Form 4] MGE Energy Inc Insider Trading Activity

Rhea-AI Filing Summary

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.

Positive

• Director purchase reported: James G. Berbee acquired 253.5834 shares, showing insider buying.
• Transparent disclosure: Form 4 properly signed and discloses purchase price of $83.75 and post-transaction ownership of 6,582.8884 shares.

Negative

• None.

Insights

Financial Analyst

TL;DR: A small director purchase of 253.5834 shares at $83.75 increases insider ownership modestly; not materially market-moving.

The reported purchase is a routine insider acquisition by a director, executed on 09/08/2025 for $83.75 per share, increasing beneficial ownership to 6,582.8884 shares. The transaction appears to be part of routine activity tied to the dividend reinvestment plan, as noted by the Rule 16a-11 exemption. Given the size relative to typical market capitalization for a public utility holding company, this is unlikely to be materially impactful to valuation or operations, but it is a positive signal of insider participation.

Corporate Governance Expert

TL;DR: Compliance and disclosure are complete; purchase is properly reported and includes dividend reinvestment adjustments.

The Form 4 is properly executed and signed, discloses the director relationship, the transaction code (P), and the post-transaction holdings. The explanatory note clarifies the inclusion of accrued dividends via the dividend reinvestment plan and the Rule 16a-11 exemption. From a governance perspective, this filing meets Section 16 disclosure requirements and contains no indications of irregularity.

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^*

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)
09/08/2025

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	09/08/2025		P		253.5834	A	$83.75	6,582.8884(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	09/09/2025
	** 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 did MGEE director James G. Berbee purchase on 09/08/2025?

Mr. Berbee purchased 253.5834 shares of MGE Energy common stock at $83.75 per share on 09/08/2025.

How many MGEE shares does James G. Berbee own after the transaction?

He beneficially owned 6,582.8884 shares following the reported transaction.

Was this transaction part of a dividend reinvestment plan or exempt from Section 16?

Yes. The filing states the total includes adjustments for accrued dividends under the dividend reinvestment plan and is exempt under Rule 16a-11.

What transaction code was used on the Form 4 for this trade?

The Form 4 reports transaction code P, indicating a purchase.

When was the Form 4 signed and filed by the reporting person?

The Form 4 is signed by /s/ James G. Berbee with a signature date of 09/09/2025.