MGE Energy (MGEE) CEO Jeffrey Keebler reports Form 4 stock sale

Rhea-AI Filing Summary

MGE Energy Inc. Chairman, President & CEO Jeffrey M. Keebler, who also serves as a director, reported one insider transaction involving the company’s common stock. On 01/02/2026, he disposed of 1,216 shares of common stock at a price of $78.44 per share, coded as transaction type F.

Following this transaction, Keebler beneficially owned 21,003.3543 shares of MGE Energy common stock in direct ownership. A footnote explains that this figure includes adjustments for accrued dividends through a dividend reinvestment arrangement that is exempt from Section 16 under Rule 16a-11.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Keebler Jeffrey M

Role Chairman, President & CEO

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	1,216	$78.44	$95K

Holdings After Transaction: Common Stock — 21,003.354 shares (Direct)

Footnotes (1)

1. [object Object]

Form 4 Insider Transactions: What Each Field Means →

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^*

Keebler Jeffrey M

(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
X	Officer (give title below)		Other (specify below)
	Chairman, President & CEO

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		1,216	D	$78.44	21,003.3543(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/ Jeffrey M. Keebler	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.
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) report in this Form 4?

The Form 4 reports that Chairman, President & CEO Jeffrey M. Keebler disposed of 1,216 shares of MGE Energy common stock in a transaction dated 01/02/2026.

At what price were the MGE Energy (MGEE) shares transacted in this Form 4?

The reported disposition of MGE Energy common stock by Jeffrey M. Keebler was at a price of $78.44 per share.

How many MGE Energy (MGEE) shares does Jeffrey M. Keebler own after this transaction?

After the reported transaction, Jeffrey M. Keebler beneficially owned 21,003.3543 shares of MGE Energy common stock in direct ownership.

What is Jeffrey M. Keebler’s role at MGE Energy (MGEE) according to the Form 4?

Jeffrey M. Keebler is identified as a Director and an Officer, holding the title of Chairman, President & CEO of MGE Energy Inc.

Is the MGE Energy (MGEE) Form 4 transaction reported as direct or indirect ownership?

The Form 4 lists the holdings as Direct (D) ownership for Jeffrey M. Keebler, with no indirect ownership nature specified.

What does the dividend-related footnote in the MGE Energy (MGEE) Form 4 indicate?

A footnote states that the reported beneficial ownership includes adjustments for accrued dividends pursuant to dividend reinvestment, which is exempt from Section 16 under Rule 16a-11.