(In thousands)
MGE Energy

Electric

Gas

Non-Regulated Energy

Transmission Investment

Total Reportable Segments

All Others

Consolidation/
Elimination

Consolidated Total

Three Months Ended June 30, 2025

Operating revenues

$

129,313

$

29,925

$

214

$

—

$

159,452

$

—

$

—

$

159,452

Interdepartmental revenues

(28

)

2,558

11,121

—

13,651

—

(13,651

)

—

Total operating revenues

129,285

32,483

11,335

—

173,103

—

(13,651

)

159,452

Fuel and purchased power

(22,524

)

—

—

—

(22,524

)

—

670

(21,854

)

Purchased gas costs

—

(13,211

)

—

—

(13,211

)

—

1,898

(11,313

)

Depreciation and amortization

(22,094

)

(4,347

)

(1,913

)

—

(28,354

)

—

—

(28,354

)

Interest expense

(6,485

)

(1,768

)

(889

)

—

(9,142

)

—

—

(9,142

)

Other segment items(a)

(58,130

)

(15,015

)

(23

)

—

(73,168

)

(291

)

11,083

(62,376

)

Income tax (provision) benefit

(472

)

561

(2,318

)

(835

)

(3,064

)

89

—

(2,975

)

Equity in earnings of investments

—

—

—

3,060

3,060

—

—

3,060

Net income (loss)

19,580

(1,297

)

6,192

2,225

26,700

(202

)

—

26,498

Three Months Ended June 30, 2024

Operating revenues

$

120,383

$

25,116

$

214

$

—

$

145,713

$

—

$

—

$

145,713

Interdepartmental revenues

(55

)

2,172

10,946

—

13,063

—

(13,063

)

—

Total operating revenues

120,328

27,288

11,160

—

158,776

—

(13,063

)

145,713

Fuel and purchased power

(20,840

)

—

—

—

(20,840

)

—

753

(20,087

)

Purchased gas costs

—

(7,720

)

—

—

(7,720

)

—

1,427

(6,293

)

Depreciation and amortization

(20,888

)

(4,163

)

(1,881

)

—

(26,932

)

—

—

(26,932

)

Interest expense

(6,323

)

(1,709

)

(957

)

—

(8,989

)

—

—

(8,989

)

Other segment items(a)

(57,257

)

(14,456

)

(17

)

—

(71,730

)

(79

)

10,883

(60,926

)

Income tax (provision) benefit

641

810

(2,262

)

(758

)

(1,569

)

97

—

(1,472

)

Equity in earnings of investments

—

—

—

2,780

2,780

—

—

2,780

Net income

15,661

50

6,043

2,022

23,776

18

—

23,794

Six Months Ended June 30, 2025

Operating revenues

$

254,767

$

123,406

$

249

$

—

$

378,422

$

—

$

—

$

378,422

Interdepartmental revenues

(76

)

9,030

22,225

—

31,179

—

(31,179

)

—

Total operating revenues

254,691

132,436

22,474

—

409,601

—

(31,179

)

378,422

Fuel and purchased power

(45,630

)

—

—

—

(45,630

)

—

1,829

(43,801

)

Purchased gas costs

—

(72,501

)

—

—

(72,501

)

—

7,224

(65,277

)

Depreciation and amortization

(43,629

)

(8,579

)

(3,824

)

—

(56,032

)

—

—

(56,032

)

Interest expense

(12,978

)

(3,531

)

(1,795

)

—

(18,304

)

—

—

(18,304

)

Other segment items(a)

(114,109

)

(31,111

)

(67

)

—

(145,287

)

(727

)

22,126

(123,888

)

Income tax (provision) benefit

1,430

(4,426

)

(4,573

)

(1,702

)

(9,271

)

—

—

(9,271

)

Equity in earnings of investments

—

—

—

6,241

6,241

—

—

6,241

Net income (loss)

39,775

12,288

12,215

4,539

68,817

(727

)

—

68,090

Six Months Ended June 30, 2024

Operating revenues

$

236,508

$

100,285

$

256

$

—

$

337,049

$

—

$

—

$

337,049

Interdepartmental revenues

(109

)

7,383

21,773

—

29,047

—

(29,047

)

—

Total operating revenues

236,399

107,668

22,029

—

366,096

—

(29,047

)

337,049

Fuel and purchased power

(43,910

)

—

—

—

(43,910

)

—

1,677

(42,233

)

Purchased gas costs

—

(53,893

)

—

—

(53,893

)

—

5,723

(48,170

)

Depreciation and amortization

(41,538

)

(8,245

)

(3,749

)

—

(53,532

)

—

—

(53,532

)

Interest expense

(12,651

)

(3,419

)

(1,931

)

—

(18,001

)

—

—

(18,001

)

Other segment items(a)

(110,802

)

(29,161

)

(41

)

(2

)

(140,006

)

(392

)

21,647

(118,751

)

Income tax (provision) benefit

3,926

(2,286

)

(4,442

)

(1,506

)

(4,308

)

28

—

(4,280

)

Equity in earnings of investments

—

—

—

5,526

5,526

—

—

5,526

Net income (loss)

31,424

10,664

11,866

4,018

57,972

(364

)

—

57,608