MGE ENERGY INC
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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Liquidity and Capital Resources
MGE Energy and MGE expect to have adequate liquidity to support future operations and capital expenditures over the next twelve months. Available resources include cash and cash equivalents, operating cash flows, liquid assets, borrowing working capacity under revolving credit facilities, and access to equity and debt capital markets. During the beginning of 2025, MGE Energy issued new shares of common stock to participants in our Direct Stock Purchase and Dividend Reinvestment Plan until May 2025 when it purchased shares in the open market. Beginning in March 2026, MGE Energy expects to issue new shares of common stock to participants in the Direct Stock Purchase and Dividend Reinvestment Plan. MGE Energy also expects to generate funds from operations and both long-term and short-term debt financing. The amount and timing of any financings will be primarily driven by capital investments and cash requirements and will depend upon market conditions, regulatory approvals, and other factors. MGE plans to maintain a capital structure consistent with authorized levels approved by its regulator. See "Credit Facilities" below for information regarding MGE Energy's and MGE's credit facilities.
Cash Flows
The following summarizes cash flows for MGE Energy and MGE during 2025 and 2024:
| MGE Energy | MGE | |||
|---|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2025 | 2024 |
| Cash provided by (used for): | ||||
| Operating activities | $263,234 | $277,784 | $254,651 | $272,953 |
| Investing activities | (350,561) | (241,487) | (345,546) | (239,013) |
| Financing activities | 71,567 | (26,827) | 76,154 | (20,586) |
Cash Provided by Operating Activities
Cash flows from operating activities for MGE Energy and MGE principally reflect the receipt of customer payments for electric and gas service and outflows related to fuel for electric generation, purchased power, gas, and operation and maintenance expenditures.
The principal (decreases) increases in cash flows from operating activities during 2025, compared to 2024, were as follows:
| (In millions) · MGE Energy · MGE | ||||
|---|---|---|---|---|
| Higher payments for fuel and purchased power at our generation plants, as well as higher natural gas costs to our customers | $ | (33.1) | $ | (33.1) |
| Higher payments for other operation and maintenance expenses | (32.1) | (32.9) | ||
| Changes in income taxes paid/received - includes proceeds from renewable tax credits transferred to other corporate taxpayers during 2025 and 2024 of $10.9 million and $18.5 million, respectively | (19.4) | (20.1) | ||
| Higher payments for hosted software asset expenditures | (2.3) | (2.3) | ||
| Higher payments for interest, driven by MGE's issuance of long-term debt | (1.4) | (1.4) | ||
| Higher overall collections from customers, driven by higher electric and gas residential sales | 71.5 | 71.5 | ||
| Higher dividends received from ATC investment | 2.2 | — | ||
| Decrease in cash provided by operating activities | $ | (14.6) | $ | (18.3) |
Capital Requirements and Investing Activities
The principal (decreases) increases in cash flows from investing activities during 2025, compared to 2024, were as follows:
| (In millions) · MGE Energy · MGE | ||||
|---|---|---|---|---|
| Capital expenditures, primarily reflects an increase in electric and gas utility expenditures, specifically related to spending for High Noon, Sunnyside, and Koshkonong construction | $ | (106.3) | $ | (106.3) |
| Capital contributions in ATC and other investments | (4.7) | — | ||
| Proceeds from the sale of investments | 1.9 | — | ||
| Other investing activities | — | (0.2) | ||
| Decrease in cash flows from investing activities | $ | (109.1) | $ | (106.5) |
See "Capital Expenditures" below for more information.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.