MGE ENERGY INC

For the period ended Dec 31, 2025. Filed Feb 24, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 24, 2026

MGEE$80.19-0.1%Stored close · as of Nov 9, 2026

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Contents

Consolidated Balance Sheets

	As of December 31,
ASSETS	2025	2024
Current Assets:
Cash and cash equivalents	$5,666	$21,302
Accounts receivable, less reserves of $8,578 and $6,905, respectively	57,558	51,277
Other accounts receivable, less reserves of $2,084 and $2,124, respectively	12,983	10,067
Unbilled revenues	42,770	35,833
Materials and supplies, at average cost	37,850	36,187
Fuel for electric generation, at average cost	11,010	11,521
Stored natural gas, at average cost	15,317	19,937
Prepaid taxes	19,314	18,390
Regulatory assets - current	8,879	8,522
Other current assets	17,201	14,229
Total Current Assets	228,548	227,265
Regulatory assets	42,758	36,764
Pension and other postretirement benefit asset	164,985	132,264
Other deferred assets and other	18,348	26,285
Property, Plant, and Equipment:
Property, plant, and equipment, net	2,279,899	2,149,138
Construction work in progress	292,969	138,208
Total Property, Plant, and Equipment	2,572,868	2,287,346
Investments	127,913	118,035
Total Assets	$3,155,420	$2,827,959
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Long-term debt due within one year	$21,633	$5,285
Short-term debt	94,527	—
Accounts payable	117,673	77,466
Accrued interest and taxes	10,269	11,558
Accrued payroll related items	17,244	15,870
Regulatory liabilities - current	23,490	7,966
Other current liabilities	11,873	7,418
Total Current Liabilities	296,709	125,563
Other Credits:
Deferred income taxes	337,798	316,397
Investment tax credit - deferred	48,609	44,988
Regulatory liabilities	185,372	163,336
Accrued pension and other postretirement benefits	51,105	50,155
Asset retirement obligations	76,289	69,132
Other deferred liabilities and other	63,397	64,553
Total Other Credits	762,570	708,561
Capitalization:
Common shareholders' equity:
Common Stock - $1 par value - 75,000 shares authorized; 36,542 and 36,490 shares issued and outstanding	36,542	36,490
Additional paid-in capital	434,959	429,515
Retained earnings	832,435	764,133
Total Common Shareholders' Equity	1,303,936	1,230,138
Long-term debt	792,205	763,697
Total Capitalization	2,096,141	1,993,835
Commitments and contingencies (see Footnote 16)
Total Liabilities and Capitalization	$3,155,420	$2,827,959

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.