SEGMENTS INFORMATION

12 Months Ended

Dec. 31, 2025

Our President, who is our CODM, reviews financial information presented on a segment basis for purposes of making operating decisions and assessing performance. The CODM regularly reviews net income to measure segment profitability and to allocate resources, including assets, to our business. Net income best measures our segment profitability as it reflects all revenues and costs, including the impact on our tax provision from tax credits generated through investments in renewable generation facilities.

Our CODM allocates resources such as employees as well as financial and capital resources to our segments during the annual review of budgets and the capital plan. Our CODM also reviews and revises the resources throughout the year during the monthly forecasting process in order to make timely decisions that align with our overall corporate strategy. The CODM uses each segment’s net income to evaluate performance by comparing actual results to budgeted and forecasted amounts, as well as the ROE earned.

Segments were determined based on a combination of factors, including the regulatory environment of each geographical jurisdiction in which the segment operates, equity investment interests, as well as the revenue streams for the products or services provided to customers through electric and natural gas operations. See Note 4, Operating Revenues, for more information on disaggregation of operating revenues. The accounting policies of the segments are the same as those described in Note 1, Summary of Significant Accounting Policies.

At December 31, 2025, we reported two segments, which are described below. All of our operations are located within the United States.

Our utility segment includes our electric and natural gas utility operations, which serve customers in northeastern and central Wisconsin. Our electric utility operations are engaged in the generation, distribution, and sale of electricity. Our natural gas utility

operations are engaged in the purchase, distribution, and sale of natural gas to retail customers as well as the transportation of customer-owned natural gas.

Our other segment primarily consists of equity earnings from our investment in WRPC.

The following tables show summarized financial information related to our reportable segments for the years ended December 31, 2025, 2024, and 2023.


2025 (in millions)	Utility		Other		Wisconsin Public Service Corporation
External revenues	$	1,836.9	$	—	$	1,836.9
Fuel and purchased power	392.0		—		392.0
Cost of natural gas sold	217.3		—		217.3
Other operation and maintenance	480.5		—		480.5
Depreciation and amortization	268.0		—		268.0
Property and revenue taxes	44.3		—		44.3
Other income, net (1)	17.9		2.0		19.9
Interest expense	94.3		—		94.3
Income tax expense	66.3		0.5		66.8
Net income	$	292.1	$	1.5	$	293.6

Other Segment Disclosures
Capital expenditures	$	704.4	$	—	$	704.4
Equity method investments	0.9		16.9		17.8
Total assets	8,037.7		16.9		8,054.6

(1)Includes equity earnings from equity method investments of $2.0 million included in the other segment, as well as amounts that are not material for interest income.


2024 (in millions)	Utility		Other		Wisconsin Public Service Corporation
External revenues	$	1,560.4	$	—	$	1,560.4
Fuel and purchased power	321.5		—		321.5
Cost of natural gas sold	163.8		—		163.8
Other operation and maintenance	440.3		—		440.3
Depreciation and amortization	238.5		—		238.5
Property and revenue taxes	46.9		—		46.9
Other income, net (1)	48.2		1.9		50.1
Interest expense	95.0		—		95.0
Income tax expense	51.2		0.4		51.6
Net income	$	251.4	$	1.5	$	252.9

Other Segment Disclosures
Capital expenditures and asset acquisitions	$	495.9	$	—	$	495.9
Equity method investments	0.9		14.9		15.8
Total assets	7,480.8		14.9		7,495.7

(1)Includes equity earnings from equity method investments of $1.9 million included in the other segment, as well as amounts that are not material for interest income.


2023 (in millions)	Utility		Other		Wisconsin Public Service Corporation
External revenues	$	1,681.4	$	—	$	1,681.4
Fuel and purchased power	388.1		—		388.1
Cost of natural gas sold	218.7		—		218.7
Other operation and maintenance	434.3		—		434.3
Depreciation and amortization	226.9		—		226.9
Property and revenue taxes	47.4		—		47.4
Other income, net (1)	43.8		2.1		45.9
Interest expense	89.0		—		89.0
Income tax expense	62.3		0.4		62.7
Net income	$	258.5	$	1.7	$	260.2

Other Segment Disclosures
Capital expenditures and asset acquisitions	$	635.6	$	—	$	635.6
Equity method investments	0.8		13.6		14.4
Total assets	7,017.5		13.6		7,031.1

(1)Includes equity earnings from equity method investments of $2.1 million included in the other segment, as well as amounts that are not material for interest income.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

WISCONSIN PUBLIC SERVICE CORP 10-K