Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information - MGE Energy and MGE.

MGE Energy operates in the following business segments: electric utility, gas utility, nonregulated energy, transmission investment, and all other. See Footnote 22 to the consolidated financial statements included in Part II, Item 8 of the 2024 Annual Report on Form 10-K for additional discussion of each of these segments.

Fuel and purchased power and Purchased gas costs are significant segment expenses as defined in Segment Reporting. The Chief Operating Decision Maker does not review disaggregated assets on a segment basis; therefore, such information is not presented.

The following tables show segment information for MGE Energy's and MGE's operations:

(In thousands) MGE Energy	Electric			Gas			Non-Regulated Energy			Transmission Investment			Total Reportable Segments			All Others			Consolidation/ Elimination			Consolidated Total
Three Months Ended September 30, 2025
Operating revenues	$	155,277		$	20,188		$	214		$	—		$	175,679		$	—		$	—		$	175,679
Interdepartmental revenues		(98	)		6,393			11,249			—			17,544			—			(17,544	)		—
Total operating revenues		155,179			26,581			11,463			—			193,223			—			(17,544	)		175,679
Fuel and purchased power		(27,878	)		—			—			—			(27,878	)		—			1,400			(26,478	)
Purchased gas costs		—			(9,868	)		—			—			(9,868	)		—			5,003			(4,865	)
Depreciation and amortization		(22,470	)		(4,396	)		(1,950	)		—			(28,816	)		—			—			(28,816	)
Interest expense		(6,703	)		(1,836	)		(873	)		—			(9,412	)		—			—			(9,412	)
Other segment items(a)		(56,785	)		(14,439	)		(30	)		—			(71,254	)		2,946			11,141			(57,167	)
Income tax (provision) benefit		(5,039	)		1,148			(2,345	)		(912	)		(7,148	)		(641	)		—			(7,789	)
Equity in earnings of investments		—			—			—			3,345			3,345			—			—			3,345
Net income (loss)		36,304			(2,810	)		6,265			2,433			42,192			2,305			—			44,497
Three Months Ended September 30, 2024
Operating revenues	$	147,790		$	20,476		$	214		$	—		$	168,480		$	—		$	—		$	168,480
Interdepartmental revenues		(44	)		4,207			11,052			—			15,215			—			(15,215	)		—
Total operating revenues		147,746			24,683			11,266			—			183,695			—			(15,215	)		168,480
Fuel and purchased power		(26,679	)		—			—			—			(26,679	)		—			1,300			(25,379	)
Purchased gas costs		—			(7,546	)		—			—			(7,546	)		—			2,918			(4,628	)
Depreciation and amortization		(21,016	)		(4,196	)		(1,892	)		—			(27,104	)		—			—			(27,104	)
Interest expense		(6,519	)		(1,771	)		(940	)		—			(9,230	)		—			—			(9,230	)
Other segment items(a)		(56,480	)		(14,777	)		(48	)		—			(71,305	)		(149	)		10,997			(60,457	)
Income tax (provision) benefit		(2,017	)		1,581			(2,285	)		(789	)		(3,510	)		(134	)		—			(3,644	)
Equity in earnings of investments		—			—			—			2,901			2,901			—			—			2,901
Net income (loss)		35,035			(2,026	)		6,101			2,112			41,222			(283	)		—			40,939
Nine Months Ended September 30, 2025
Operating revenues	$	410,044		$	143,594		$	463		$	—		$	554,101		$	—		$	—		$	554,101
Interdepartmental revenues		(174	)		15,423			33,474			—			48,723			—			(48,723	)		—
Total operating revenues		409,870			159,017			33,937			—			602,824			—			(48,723	)		554,101
Fuel and purchased power		(73,508	)		—			—			—			(73,508	)		—			3,229			(70,279	)
Purchased gas costs		—			(82,369	)		—			—			(82,369	)		—			12,227			(70,142	)
Depreciation and amortization		(66,099	)		(12,975	)		(5,774	)		—			(84,848	)		—			—			(84,848	)
Interest expense		(19,681	)		(5,367	)		(2,668	)		—			(27,716	)		—			—			(27,716	)
Other segment items(a)		(170,894	)		(45,550	)		(97	)		—			(216,541	)		2,219			33,267			(181,055	)
Income tax provision		(3,609	)		(3,278	)		(6,918	)		(2,614	)		(16,419	)		(641	)		—			(17,060	)
Equity in earnings of investments		—			—			—			9,586			9,586			—			—			9,586
Net income		76,079			9,478			18,480			6,972			111,009			1,578			—			112,587
Nine Months Ended September 30, 2024
Operating revenues	$	384,298		$	120,761		$	470		$	—		$	505,529		$	—		$	—		$	505,529
Interdepartmental revenues		(154	)		11,591			32,825			—			44,262			—			(44,262	)		—
Total operating revenues		384,144			132,352			33,295			—			549,791			—			(44,262	)		505,529
Fuel and purchased power		(70,590	)		—			—			—			(70,590	)		—			2,978			(67,612	)
Purchased gas costs		—			(61,439	)		—			—			(61,439	)		—			8,641			(52,798	)
Depreciation and amortization		(62,553	)		(12,441	)		(5,642	)		—			(80,636	)		—			—			(80,636	)
Interest expense		(19,170	)		(5,190	)		(2,871	)		—			(27,231	)		—			—			(27,231	)
Other segment items(a)		(167,283	)		(43,940	)		(87	)		—			(211,310	)		(541	)		32,643			(179,208	)
Income tax (provision) benefit		1,910			(704	)		(6,727	)		(2,297	)		(7,818	)		(106	)		—			(7,924	)
Equity in earnings of investments		—			—			—			8,427			8,427			—			—			8,427
Net income (loss)		66,458			8,638			17,968			6,130			99,194			(647	)		—			98,547

(a)Other segment items include AFUDC Income, Other Income, Net, Other Operations and Maintenance, Other General Taxes, and Interest Revenue.

(In thousands) MGE	Electric			Gas			Non-Regulated Energy			Total Reportable Segments			Consolidation/ Elimination			Consolidated Total
Three Months Ended September 30, 2025
Operating revenues	$	155,277		$	20,188		$	214		$	175,679		$	—		$	175,679
Interdepartmental revenues		(98	)		6,393			11,249			17,544			(17,544	)		—
Total operating revenues		155,179			26,581			11,463			193,223			(17,544	)		175,679
Fuel and purchased power		(27,878	)		—			—			(27,878	)		1,400			(26,478	)
Purchased gas costs		—			(9,868	)		—			(9,868	)		5,003			(4,865	)
Depreciation and amortization		(22,470	)		(4,396	)		(1,950	)		(28,816	)		—			(28,816	)
Interest expense		(6,703	)		(1,836	)		(873	)		(9,412	)		—			(9,412	)
Other segment items(b)		(56,785	)		(14,439	)		(30	)		(71,254	)		11,141			(60,113	)
Income tax benefit (provision)		(5,039	)		1,148			(2,345	)		(6,236	)		—			(6,236	)
Net income attributable to noncontrolling interest, net of tax		—			—			—			—			(5,668	)		(5,668	)
Net income (loss) attributable to MGE		36,304			(2,810	)		6,265			39,759			(5,668	)		34,091
Three Months Ended September 30, 2024
Operating revenues	$	147,790		$	20,476		$	214		$	168,480		$	—		$	168,480
Interdepartmental revenues		(44	)		4,207			11,052			15,215			(15,215	)		—
Total operating revenues		147,746			24,683			11,266			183,695			(15,215	)		168,480
Fuel and purchased power		(26,679	)		—			—			(26,679	)		1,300			(25,379	)
Purchased gas costs		—			(7,546	)		—			(7,546	)		2,918			(4,628	)
Depreciation and amortization		(21,016	)		(4,196	)		(1,892	)		(27,104	)		—			(27,104	)
Interest expense		(6,519	)		(1,771	)		(940	)		(9,230	)		—			(9,230	)
Other segment items(b)		(56,480	)		(14,778	)		(48	)		(71,306	)		10,997			(60,309	)
Income tax benefit (provision)		(2,017	)		1,582			(2,285	)		(2,720	)		—			(2,720	)
Net income attributable to noncontrolling interest, net of tax		—			—			—			—			(5,777	)		(5,777	)
Net income (loss) attributable to MGE		35,035			(2,026	)		6,101			39,110			(5,777	)		33,333
Nine Months Ended September 30, 2025
Operating revenues	$	410,044		$	143,594		$	463		$	554,101		$	—		$	554,101
Interdepartmental revenues		(174	)		15,423			33,474			48,723			(48,723	)		—
Total operating revenues		409,870			159,017			33,937			602,824			(48,723	)		554,101
Fuel and purchased power		(73,508	)		—			—			(73,508	)		3,229			(70,279	)
Purchased gas costs		—			(82,369	)		—			(82,369	)		12,227			(70,142	)
Depreciation and amortization		(66,099	)		(12,975	)		(5,774	)		(84,848	)		—			(84,848	)
Interest expense		(19,681	)		(5,367	)		(2,668	)		(27,716	)		—			(27,716	)
Other segment items(b)		(170,894	)		(45,550	)		(97	)		(216,541	)		33,267			(183,274	)
Income tax provision		(3,609	)		(3,278	)		(6,918	)		(13,805	)		—			(13,805	)
Net income attributable to noncontrolling interest, net of tax		—			—			—			—			(16,981	)		(16,981	)
Net income attributable to MGE		76,079			9,478			18,480			104,037			(16,981	)		87,056
Nine Months Ended September 30, 2024
Operating revenues	$	384,298		$	120,761		$	470		$	505,529		$	—		$	505,529
Interdepartmental revenues		(154	)		11,591			32,825			44,262			(44,262	)		—
Total operating revenues		384,144			132,352			33,295			549,791			(44,262	)		505,529
Fuel and purchased power		(70,590	)		—			—			(70,590	)		2,978			(67,612	)
Purchased gas costs		—			(61,439	)		—			(61,439	)		8,641			(52,798	)
Depreciation and amortization		(62,553	)		(12,441	)		(5,642	)		(80,636	)		—			(80,636	)
Interest expense		(19,169	)		(5,190	)		(2,871	)		(27,230	)		—			(27,230	)
Other segment items(b)		(167,283	)		(43,940	)		(87	)		(211,310	)		32,643			(178,667	)
Income tax benefit (provision)		1,909			(704	)		(6,727	)		(5,522	)		—			(5,522	)
Net income attributable to noncontrolling interest, net of tax		—			—			—			—			(17,140	)		(17,140	)
Net income attributable to MGE		66,458			8,638			17,968			93,064			(17,140	)		75,924

(b)Other segment items include AFUDC Income, Other Income, Net, Other Operations and Maintenance, Other General Taxes, and Interest Revenue.

The following tables show segment information for MGE Energy's and MGE's capital expenditures:

	Utility				Consolidated
(In thousands) MGE Energy	Electric		Gas		Non-regulated Energy		Transmission Investment		All Others		Consolidation/ Elimination Entries		Total
Nine Months Ended September 30, 2025	$	210,095	$	36,396	$	9,131	$	—	$	—	$	—	$	255,622
Nine Months Ended September 30, 2024		127,712		31,173		5,179		—		—		—		164,064

	Utility				Consolidated
(In thousands) MGE	Electric		Gas		Non-regulated Energy		Consolidation/ Elimination Entries		Total
Nine Months Ended September 30, 2025	$	210,095	$	36,396	$	9,131	$	—	$	255,622
Nine Months Ended September 30, 2024		127,712		31,173		5,179		—		164,064