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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ___________________

Commission
File Number

Registrant; State of Incorporation;
Address; and Telephone Number

IRS Employer
Identification No.

001-09057

WEC ENERGY GROUP, INC.

39-1391525

(A Wisconsin Corporation)

231 West Michigan Street

P.O. Box 1331

Milwaukee, WI 53201

(414) 221-2345

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, $.01 Par Value

WEC

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date (March 31, 2026):

Common Stock, $.01 Par Value, 325,725,678 shares outstanding

Table of Contents

WEC ENERGY GROUP, INC.

QUARTERLY REPORT ON FORM 10-Q

For the Quarter Ended March 31, 2026

TABLE OF CONTENTS

Page

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

PART I.

FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

Condensed Consolidated Income Statements

Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Equity

Notes to Condensed Consolidated Financial Statements

Page

Regulatory Assets and Liabilities

Note 7

Property, Plant, and Equipment

Note 8

Common Equity

Note 9

Short-Term Debt and Lines of Credit

Note 10

Long-Term Debt

Note 11

Materials, Supplies, and Inventories

Note 12

Income Taxes

Note 13

Fair Value Measurements

Note 14

Derivative Instruments

Goodwill and Intangibles

Note 18

Investment in Transmission Affiliates

Note 19

Segment Information

Note 20

Variable Interest Entities

Note 21

Commitments and Contingencies

Note 22

Supplemental Cash Flow Information

Note 23

Regulatory Environment

Note 24

Other Income, Net

Note 25

New Accounting Pronouncements

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 4.

CONTROLS AND PROCEDURES

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


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GLOSSARY OF TERMS AND ABBREVIATIONS

The abbreviations and terms set forth below are used throughout this report and have the meanings assigned to them below:


Subsidiaries and Affiliates
ATC						American Transmission Company LLC
ATC Holdco						ATC Holdco LLC
Bluewater						Bluewater Natural Gas Holding, LLC
Delilah I						Delilah Solar Energy LLC
Hardin III						Hardin Solar Energy III Center
Integrys						Integrys Holding, Inc.
Jayhawk						Jayhawk Wind, LLC
MERC						Minnesota Energy Resources Corporation
MGU						Michigan Gas Utilities Corporation
NSG						North Shore Gas Company
PGL						The Peoples Gas Light and Coke Company
Samson I						Samson Solar Energy LLC
Tatanka Ridge						Tatanka Ridge Wind LLC
Thunderhead						Thunderhead Wind Energy LLC
UMERC						Upper Michigan Energy Resources Corporation
WE						Wisconsin Electric Power Company
We Power						W.E. Power, LLC
WEC Energy Group						WEC Energy Group, Inc.
WECI						WEC Infrastructure LLC
WEPCo Environmental Trust						WEPCo Environmental Trust Finance I, LLC
WG						Wisconsin Gas LLC
WPS						Wisconsin Public Service Corporation

Federal and State Regulatory Agencies
CBP						United States Customs and Border Protection Agency
DOC						United States Department of Commerce
EPA						United States Environmental Protection Agency
FERC						Federal Energy Regulatory Commission
ICC						Illinois Commerce Commission

MPSC						Michigan Public Service Commission
PSCW						Public Service Commission of Wisconsin
SEC						United States Securities and Exchange Commission
USITC						United States International Trade Commission

Accounting Terms
AFUDC						Allowance for Funds Used During Construction
ARO						Asset Retirement Obligation
ASC						Accounting Standards Codification
ASU						Accounting Standards Update
FASB						Financial Accounting Standards Board
GAAP						United States Generally Accepted Accounting Principles
LIFO						Last-In, First-Out
OPEB						Other Postretirement Employee Benefits
VIE						Variable Interest Entity

Environmental Terms
BTA						Best Technology Available
CAA						Clean Air Act
CCR						Coal Combustion Residuals
CO2						Carbon Dioxide
CRL						Combustion Residual Leachate
ELG						Steam Electric Effluent Limitation Guidelines


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GHG						Greenhouse Gas
GHG Power Plant Rule						2024 Greenhouse Gas Power Plant Rule
MATS						Mercury and Air Toxics Standards
NAAQS						National Ambient Air Quality Standards
NOx						Nitrogen Oxide
PCCC						Permanent Cessation of Coal Combustion
PM						Particulate Matter
PM2.5						Particulates Less Than 2.5 Micrometers in Diameter
ZLD						Zero Liquid Discharge

Measurements
Bcf						Billion Cubic Feet
Dth						Dekatherm
GW						Gigawatt
lb/MMBtu						Pound Per Million British Thermal Unit
MW						Megawatt
MWh						Megawatt-hours
µg/m3						Micrograms Per Cubic Meter

Other Terms and Abbreviations
2024A Junior Notes						WEC Energy Group, Inc.'s Series 2024A 6.69% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due June 15, 2055
2024B Junior Notes						WEC Energy Group, Inc.'s Series 2024B 6.69% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due June 15, 2055
2025 Junior Notes						WEC Energy Group, Inc.'s Series 2025 5.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due May 15, 2056
2027 Notes						WEC Energy Group, Inc.'s 4.375% Convertible Senior Notes Due 2027
2028 Notes						WEC Energy Group, Inc.'s 3.375% Convertible Senior Notes Due 2028
2029 Notes						WEC Energy Group, Inc.'s 4.375% Convertible Senior Notes Due 2029
AD						Antidumping
AI						Artificial Intelligence
AREP						Amended Renewable Energy Plan
Chicago, IL-IN-WI						Chicago, Illinois, Indiana, and Wisconsin
CODM						Chief Operating Decision Maker
Columbia						Columbia Energy Center
Compensation Committee						Compensation Committee of the Board of Directors
CT						Combustion Turbine
CVD						Countervailing Duty
D.C. Circuit Court of Appeals						United States Court of Appeals for the District of Columbia Circuit
EDA						Equity Distribution Agreement
EPS						Earnings Per Share
ERGS						Elm Road Generating Station
ETB						Environmental Trust Bond
Exchange Act						Securities Exchange Act of 1934, as amended
FTR						Financial Transmission Right
IRA						Inflation Reduction Act
ITC						Investment Tax Credit
LDC						Local Natural Gas Distribution Company
LNG						Liquefied Natural Gas
MISO						Midcontinent Independent System Operator, Inc.
OBBBA						One Big Beautiful Bill Act
OCPP						Oak Creek Power Plant
PPA						Power Purchase Agreement
PRP						Pipe Retirement Program
PTC						Production Tax Credit
Pulliam						J.P. Pulliam Generating Station
QIP						Qualifying Infrastructure Plant


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Renegade						Renegade Solar Energy Center
RNG						Renewable Natural Gas
ROE						Return on Equity
S&P						Standard & Poor's
Supreme Court						United States Supreme Court
TCR						Transmission Congestion Right
UEA						Uncollectible Expense Adjustment
UFLPA						Uyghur Forced Labor Prevention Act
VLC						Very Large Customer
Weston						Weston Generating Station


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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

In this report, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. These statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements may be identified by reference to a future period or periods or by the use of terms such as "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goals," "guidance," "intends," "may," "objectives," "plans," "possible," "potential," "projects," "seeks," "should," "targets," "will," or variations of these terms.

Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding earnings, completion of capital projects, sales and customer growth, rate actions and related filings with regulatory authorities, environmental and other regulations, including associated compliance costs, legal proceedings, dividend payout ratios, effective tax rates, pension and OPEB plans, fuel costs, sources of electric energy supply, coal and natural gas deliveries, remediation costs, climate-related matters, our capital plan, liquidity and capital resources, and other matters.

Forward-looking statements are subject to a number of risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in the statements. These risks and uncertainties include those described in risk factors as set forth in our 2025 Annual Report on Form 10-K, and those identified below:

•Factors affecting utility and non-utility energy infrastructure operations such as catastrophic weather-related damage, environmental incidents, unplanned facility outages and repairs and maintenance, electric grid reliability, and electric transmission or natural gas pipeline system constraints;

•Factors affecting the demand for electricity and natural gas, including political or regulatory developments, varying, adverse, or unusually severe weather conditions, changes in economic conditions, including continued economic growth, customer growth and declines, including our ability to develop and/or acquire new generation to meet demand from data centers and other large customers and uncertainty regarding the projected demand from these customers, commodity prices, energy conservation efforts, and continued adoption of distributed generation by customers or co-location of generation near data centers;

•The timing, resolution, and impact of rate cases and negotiations, including recovery of deferred and current costs and the ability to earn a reasonable return on investment, and other regulatory decisions impacting our regulated operations;

•The impact of federal, state, and local legislative and/or regulatory changes, including changes in rate-setting policies or procedures, the results of rate orders, deregulation and restructuring of the electric and/or natural gas utility industries, transmission or distribution system operation, changes to address energy affordability concerns, the approval process for new construction, reliability standards, pipeline integrity and safety standards, allocation of energy assistance, energy efficiency mandates, electrification initiatives and other efforts to reduce the use of natural gas, and tax laws, including those that affect our ability to use PTCs and ITCs, as well as changes in the interpretation and/or enforcement of any laws or regulations by regulatory agencies;

•Federal, state, and local legislative and regulatory changes relating to the environment, including changing environmental regulations impacting generation facilities and renewable energy standards, the enforcement of these laws and regulations, changes in and uncertainty regarding the interpretation of regulations or permit conditions by regulatory agencies, and the recovery of associated remediation and compliance costs;

•The ability to obtain and retain customers, including wholesale customers, due to increased competition in our electric and natural gas markets from retail choice and alternative electric suppliers, and continued industry consolidation;

•The timely completion of capital projects within budgets and the ability to recover the related costs through rates;

•The impact of changing expectations and demands of our customers, regulators, investors, and other stakeholders;

•The risk of delays and shortages, and increased costs of equipment, materials, or other resources that are critical to our business operations and corporate strategy, as a result of changes to United States trade policy (including changes to tariffs on imports, port fees, and other trade policy tools) as well as changes to foreign governments' trade policies impacting United States exports, supply chain disruptions (including from rail congestion), inflation, and other factors;


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•Risks related to providing service to data centers and other large-scale customers including project termination, cancellation or delay, failure to receive regulatory approvals of projects or tariffs or other necessary permitting or siting approvals, delays in recovery of contractual reimbursement for project costs, the ability to fully recover our investment on assets developed to serve our large-scale customers, lower than anticipated need for electricity by these customers, failure to garner public support, or new legislation or regulation impacting large-scale customer cost allocation;

•The impact of public health crises, including epidemics and pandemics, on our business functions, financial condition, liquidity, and results of operations;

•Risks inherent in electric generation and distribution and natural gas transportation, distribution, and storage activities, including leaks, accidental explosions, mechanical problems, fires, discharges or releases of toxic or hazardous substances or gases, and risks related to the ability to obtain adequate insurance to cover such events;

•Factors affecting the achievement of our CO2 emission reduction goal and related opportunities and actions, including related regulatory decisions, the cost of materials, supplies, and labor, technology advances, significant increases in demand, the feasibility of competing generation projects, and our ability to execute our capital plan;

•The risks associated with inflation and changing commodity prices, including natural gas and electricity;

•The availability and cost of sources of natural gas and other fossil fuels, purchased power, materials needed to operate environmental controls at our electric generating facilities, or water supply due to high demand, shortages, transportation problems, nonperformance by electric energy or natural gas suppliers under existing power purchase or natural gas supply contracts, or other developments;

•Any impacts on the global economy, including from sanctions, and impacts on supply chains and fuel prices, generally, from increasing tensions between the United States and other countries, such as the war with Iran, or from other new, protracted or escalating regional or international conflicts;

•Changes in credit ratings, interest rates, and our ability to access the capital markets, caused by volatility in the global credit markets, our capitalization structure, and market perceptions of the utility industry, us, or any of our subsidiaries;

•Costs and effects of litigation, administrative proceedings, investigations, settlements, claims, and inquiries;

•The direct or indirect effect on our business resulting from terrorist or other physical attacks and cybersecurity intrusions, as well as the threat of such incidents, including the failure to maintain the security of personally identifiable information, the associated costs to protect our utility assets, technology systems, and personal information, and the costs to notify affected persons to mitigate their information security concerns and to comply with state notification laws;

•Restrictions imposed by various financing arrangements and regulatory requirements on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans or advances, that could prevent us from paying our common stock dividends, taxes, and other expenses, and meeting our debt obligations;

•The risk of financial loss, including increases in bad debt expense, associated with the inability of our customers, counterparties, and affiliates to meet their obligations;

•Changes in the creditworthiness of the counterparties with whom we have contractual arrangements, including data centers and other large-scale customers, participants in the energy trading markets and fuel suppliers and transporters;

•The financial performance of ATC and its corresponding contribution to our earnings;

•The investment performance of our employee benefit plan assets, as well as unanticipated changes in related actuarial assumptions, which could impact future funding requirements;

•Factors affecting the employee workforce, including loss of key personnel, internal restructuring, work stoppages, and collective bargaining agreements and negotiations with union employees;


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•Advances in technology, and related legislation or regulation supporting the use of that technology, that result in competitive disadvantages and create the potential for impairment of existing assets;

•Risks involved in developing and implementing AI, including data privacy concerns or other legal liability, new or enhanced governmental or regulatory scrutiny or regulations governing the use of AI, the ability to meet expectations or requirements relating to adoption or implementation of AI technology, or other complications related to the use of AI;

•Risks related to our non-utility renewable energy facilities, including unfavorable weather, changes in the financial performance and/or creditworthiness of counterparties to the off-take agreements, changes in demand based on lower prices for alternative energy sources, pricing differentials between the facilities' point of interconnection and our required delivery location, the ability to replace expiring PPAs under acceptable terms, rights to property on which our projects are located but we do not own, the availability of reliable interconnection and electricity grids, the performance and quality of the wind turbine and solar panel components and availability of replacement parts, and exposure to the rules and procedures of the power markets in which these facilities are located;

•The risk associated with the values of goodwill and other long-lived assets, including intangible assets, and equity method investments and their possible impairment;

•Potential business strategies to acquire and dispose of assets or businesses, or portions thereof, which cannot be assured to be completed timely or within budgets, and legislative or regulatory restrictions or caps on non-utility acquisitions, investments or projects, including the State of Wisconsin's public utility holding company law;

•The timing and outcome of any audits, disputes, and other proceedings related to taxes;

•The effect of accounting pronouncements issued periodically by standard-setting bodies; and

•Other considerations disclosed elsewhere herein and in other reports we file with the SEC or in other publicly disseminated written documents.

Except as may be required by law, we expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.


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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WEC ENERGY GROUP, INC.


CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)	Three Months Ended
	March 31
(in millions, except per share amounts)		2026		2025
Operating revenues		$	3,434.2	$	3,149.5

Operating expenses
Cost of sales		1,391.0		1,165.7
Other operation and maintenance		608.7		608.0
Depreciation and amortization		379.8		359.9
Property and revenue taxes		74.7		78.4
Total operating expenses		2,454.2		2,212.0

Operating income		980.0		937.5

Equity in earnings of transmission affiliates		59.5		53.6
Other income, net		48.2		18.1
Interest expense		228.5		223.0
Other expense		(120.8)		(151.3)

Income before income taxes		859.2		786.2
Income tax expense		53.1		60.7
Net income		806.1		725.5

Preferred stock dividends of subsidiary		0.3		0.3
Net income attributed to noncontrolling interests		(1.4)		(1.0)
Net income attributed to common shareholders		$	804.4	$	724.2

EPS
Basic		$	2.47	$	2.28
Diluted		$	2.45	$	2.27

Weighted average common shares outstanding
Basic		325.6		318.2
Diluted		328.3		319.3

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.


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WEC ENERGY GROUP, INC.


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)	Three Months Ended
	March 31
(in millions)	2026		2025
Net income	$	806.1	$	725.5

Other comprehensive income (loss), net of tax
Derivatives accounted for as cash flow hedges
Reclassification of realized derivative gains to net income, net of tax	—		(0.1)

Defined benefit plans
Amortization of pension and OPEB costs included in net periodic benefit cost, net of tax	0.1		—

Other comprehensive income (loss), net of tax	0.1		(0.1)

Comprehensive income	806.2		725.4

Preferred stock dividends of subsidiary	0.3		0.3
Comprehensive income attributed to noncontrolling interests	(1.4)		(1.0)
Comprehensive income attributed to common shareholders	$	804.5	$	724.1

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.


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WEC ENERGY GROUP, INC.


CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share amounts)	March 31, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	45.6	$	27.6
Accounts receivable and unbilled revenues, net of reserves of $156.0 and $148.7, respectively	1,914.4		2,062.7
Materials, supplies, and inventories	612.3		803.4
Prepaid taxes	125.2		178.8
Other prepayments	80.5		92.4

Other	203.0		119.8
Current assets	2,981.0		3,284.7

Long-term assets
Property, plant, and equipment, net of accumulated depreciation and amortization of $12,667.5 and $12,411.5, respectively	38,707.0		38,278.1
Regulatory assets (March 31, 2026 and December 31, 2025 include $65.5 and $67.5, respectively, related to WEPCo Environmental Trust)	3,111.3		3,156.3
Equity investment in transmission affiliates	2,369.5		2,280.4
Goodwill	3,052.8		3,052.8
Pension and OPEB assets	1,098.5		1,082.4
Other	413.9		383.6
Long-term assets	48,753.0		48,233.6
Total assets	$	51,734.0	$	51,518.3

Liabilities and Equity
Current liabilities
Short-term debt	$	2,045.2	$	1,924.7
Current portion of long-term debt (March 31, 2026 and December 31, 2025 include $9.3 related to WEPCo Environmental Trust)	520.4		1,519.4
Accounts payable	830.8		1,140.1
Accrued interest	264.1		161.3
Other	728.9		847.9
Current liabilities	4,389.4		5,593.4

Long-term liabilities
Long-term debt (March 31, 2026 and December 31, 2025 include $67.4 related to WEPCo Environmental Trust)	19,381.8		18,498.1
Finance lease obligations	370.4		372.0
Deferred income taxes	5,967.2		5,891.7
Deferred revenue, net	309.6		314.2
Regulatory liabilities	4,114.7		4,121.3
Intangible liabilities	565.3		580.3
Environmental remediation liabilities	474.3		484.1
AROs	660.6		647.0
Other	931.4		963.4
Long-term liabilities	32,775.3		31,872.1

Commitments and contingencies (Note 21)

Common shareholders' equity
Common stock – $0.01 par value; 650,000,000 shares authorized; 325,725,678 and 325,461,519 shares outstanding, respectively	3.3		3.3
Additional paid in capital	5,147.4		5,124.4
Retained earnings	8,987.8		8,493.5
Accumulated other comprehensive loss	(7.5)		(7.6)
Common shareholders' equity	14,131.0		13,613.6

Preferred stock of subsidiary	30.4		30.4
Noncontrolling interests	407.9		408.8
Total liabilities and equity	$	51,734.0	$	51,518.3

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.


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WEC ENERGY GROUP, INC.


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)	Three Months Ended
	March 31
(in millions)	2026		2025
Operating activities
Net income	$	806.1	$	725.5
Reconciliation to cash provided by operating activities
Depreciation and amortization	379.8		359.9
Deferred income taxes and ITCs, net	27.8		55.6
Contributions and payments related to pension and OPEB plans	(3.8)		(3.9)
Equity income in transmission affiliates, net of distributions	(13.3)		2.2
Change in –
Accounts receivable and unbilled revenues, net	77.9		(180.3)
Materials, supplies, and inventories	191.1		237.2
Other current assets	(10.2)		13.0
Accounts payable	(201.0)		(195.4)
Accrued interest	102.8		83.5
Other current liabilities	(47.9)		74.2
Other, net	(90.9)		(8.9)
Net cash provided by operating activities	1,218.4		1,162.6

Investing activities
Capital expenditures	(817.9)		(701.1)
Acquisition of Hardin III, net of cash acquired of $0.2	—		(406.1)
Capital contributions to transmission affiliates	(75.8)		(42.3)
Proceeds from the sale of assets	21.7		—
Reimbursement for ATC's transmission infrastructure upgrades	—		39.7
Other, net	(14.4)		8.0
Net cash used in investing activities	(886.4)		(1,101.8)

Financing activities
Exercise of stock options	7.4		21.2
Issuance of common stock, net	12.8		117.1

Dividends paid on common stock	(310.1)		(283.6)
Issuance of long-term debt	1,005.2		—
Retirement of long-term debt	(1,118.9)		(17.9)
Change in commercial paper	119.2		209.5
Other, net	(11.2)		(5.9)
Net cash provided by (used in) financing activities	(295.6)		40.4

Net change in cash, cash equivalents, and restricted cash	36.4		101.2
Cash, cash equivalents, and restricted cash at beginning of period	70.9		42.2
Cash, cash equivalents, and restricted cash at end of period	$	107.3	$	143.4

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.


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WEC ENERGY GROUP, INC.


CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

	WEC Energy Group Common Shareholders' Equity
(in millions, except per share amounts)	Common Stock		Additional Paid In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Common Shareholders' Equity		Preferred Stock of Subsidiary		Non-controlling Interests		Total Equity
Balance at December 31, 2025	$	3.3	$	5,124.4	$	8,493.5	$	(7.6)	$	13,613.6	$	30.4	$	408.8	$	14,052.8
Net income attributed to common shareholders	—		—		804.4		—		804.4		—		—		804.4
Net income attributed to noncontrolling interests	—		—		—		—		—		—		1.4		1.4
Other comprehensive income	—		—		—		0.1		0.1		—		—		0.1
Issuance of common stock, net	—		12.8		—		—		12.8		—		—		12.8
Common stock dividends of $0.9525 per share	—		—		(310.1)		—		(310.1)		—		—		(310.1)
Exercise of stock options	—		7.4		—		—		7.4		—		—		7.4


Capital contributions from noncontrolling interest	—		—		—		—		—		—		0.8		0.8
Distributions to noncontrolling interests	—		—		—		—		—		—		(3.1)		(3.1)
Stock-based compensation and other	—		2.8		—		—		2.8		—		—		2.8
Balance at March 31, 2026	$	3.3	$	5,147.4	$	8,987.8	$	(7.5)	$	14,131.0	$	30.4	$	407.9	$	14,569.3




	WEC Energy Group Common Shareholders' Equity
(in millions, except per share amounts)	Common Stock		Additional Paid In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Common Shareholders' Equity		Preferred Stock of Subsidiary		Non-controlling Interests		Total Equity
Balance at December 31, 2024	$	3.2	$	4,315.8	$	8,083.8	$	(7.8)	$	12,395.0	$	30.4	$	376.5	$	12,801.9
Net income attributed to common shareholders	—		—		724.2		—		724.2		—		—		724.2
Net income attributed to noncontrolling interests	—		—		—		—		—		—		1.0		1.0
Other comprehensive loss	—		—		—		(0.1)		(0.1)		—		—		(0.1)
Issuance of common stock, net	—		117.1		—		—		117.1		—		—		117.1
Common stock dividends of $0.8925 per share	—		—		(283.6)		—		(283.6)		—		—		(283.6)
Exercise of stock options	—		21.2		—		—		21.2		—		—		21.2

Acquisition of noncontrolling interests	—		—		—		—		—		—		45.1		45.1

Distributions to noncontrolling interests	—		—		—		—		—		—		(1.8)		(1.8)
Stock-based compensation and other	—		2.0		—		—		2.0		—		—		2.0
Balance at March 31, 2025	$	3.2	$	4,456.1	$	8,524.4	$	(7.9)	$	12,975.8	$	30.4	$	420.8	$	13,427.0

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.


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WEC ENERGY GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

March 31, 2026

NOTE 1—GENERAL INFORMATION

WEC Energy Group serves approximately 1.7 million electric customers and 3.1 million natural gas customers, owns approximately 60% of ATC, and owns majority interests in multiple renewable generating facilities as part of its non-utility energy infrastructure segment.

As used in these notes, the term "financial statements" refers to the condensed consolidated financial statements. This includes the income statements, statements of comprehensive income, balance sheets, statements of cash flows, and statements of equity, unless otherwise noted. In this report, when we refer to "the Company," "us," "we," "our," or "ours," we are referring to WEC Energy Group and all of its subsidiaries.

On our financial statements, we consolidate our majority-owned subsidiaries, which we control, and VIEs, of which we are the primary beneficiary. We reflect noncontrolling interests for the portion of entities that we do not own as a component of consolidated equity separate from the equity attributable to our shareholders. The noncontrolling interests that we reported as equity on our balance sheets related to the minority interests held by third parties in the renewable generating facilities that are included in our non-utility energy infrastructure segment.

We use the equity method to account for investments in companies we do not control but over which we exercise significant influence regarding their operating and financial policies. As a result of our limited voting rights, we account for ATC and ATC Holdco as equity method investments. See Note 18, Investment in Transmission Affiliates, for more information.

We have prepared the unaudited interim financial statements presented in this Form 10-Q pursuant to the rules and regulations of the SEC and GAAP. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2025. Financial results for an interim period may not give a true indication of results for the year. In particular, the results of operations for the three months ended March 31, 2026, are not necessarily indicative of expected results for 2026 due to seasonal variations and other factors.

In management's opinion, we have included all adjustments, normal and recurring in nature, necessary for a fair presentation of our financial results.

NOTE 2—ACQUISITIONS

In accordance with Topic 805: Clarifying the Definition of a Business (ASU 2017-01), transactions are evaluated and are accounted for as acquisitions of assets or businesses, and transaction costs are capitalized in asset acquisitions. It was determined that the below acquisitions met the criteria of asset acquisitions. The purchase price of the Hardin III acquisition discussed below includes intangibles recorded as long-term liabilities related to PPAs. See Note 17, Goodwill and Intangibles, for more information.

Pending Acquisitions of Electric Generation Facilities in Wisconsin

WE filed for PSCW approval to purchase a 30% ownership interest in Weston Unit 4, an approximately 500 MW supercritical pulverized coal base load electric generating facility located in the Villages of Kronenwetter and Rothschild, Wisconsin and the Town of Knowlton, Wisconsin. WPS currently owns a 70% interest in this facility. Pursuant to the asset purchase agreement, WE would purchase the remaining 30% interest currently owned by an unrelated third-party for its book value at the closing date, currently estimated at $150 million. If approved, it is anticipated that the transaction would close by the end of 2026.

In December 2025, WE and WPS, along with an unaffiliated utility, signed an agreement to acquire Whitetail Wind Energy Generation Facility, a wind-powered electric generation project with a total capacity of 67.2 MW. This project has been approved by the PSCW and will be located in Grant County, Wisconsin and WE will own 80% and WPS will own 10%. WE's share of the purchase price is expected to be approximately $178 million and WPS's share of the purchase price is expected to be approximately $22 million. The project is expected to close in late 2027 and it is expected to qualify for PTCs.


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Acquisition of a Solar Generation Facility in Ohio

Upon commercial operation in February 2025, WECI completed the acquisition of a 90% ownership interest in Hardin III, a 250 MW solar generating facility located in Hardin County, Ohio for $406.1 million. The project has an offtake agreement for all of the energy to be produced by the facility for a period of 15 years from the date of commercial operation. Hardin III qualifies for PTCs and is included in the non-utility energy infrastructure segment.

NOTE 3—DISPOSITION

Illinois Segment

Sale of Certain Real Estate by The Peoples Gas Light and Coke Company

In January 2026, we sold approximately 15 acres of real estate owned by PGL that was no longer being utilized in its operations, for $20.9 million, which is net of selling costs. The real estate was located in Chicago, Illinois. As a result of the sale, a pre-tax gain in the amount of $11.9 million was recorded within other operation and maintenance expense on our income statement. The book value of the real estate included in the sale was not material and, therefore, was not presented as held for sale.

NOTE 4—OPERATING REVENUES

For more information about our operating revenues, see Note 1(d), Operating Revenues, in our 2025 Annual Report on Form 10-K.

Disaggregation of Operating Revenues

The following tables present our operating revenues disaggregated by revenue source. We do not have any revenues associated with our electric transmission segment, which includes investments accounted for using the equity method. We disaggregate revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. For our segments, revenues are further disaggregated by electric and natural gas operations and then by customer class. Each customer class within our electric and natural gas operations has different expectations of service, energy and demand requirements, and can be impacted differently by regulatory activities within their jurisdictions.


(in millions)	Wisconsin		Illinois		Other States		Total Utility Operations		Non-Utility Energy Infrastructure		Corporate and Other		Reconciling Eliminations			WEC Energy Group Consolidated
Three Months Ended March 31, 2026
Electric	$	1,433.3	$	—	$	—	$	1,433.3	$	—	$	—	$	—		$	1,433.3
Natural gas	892.3		712.0		253.5		1,857.8		13.2		—		(13.1)			1,857.9
Total regulated revenues	2,325.6		712.0		253.5		3,291.1		13.2		—		(13.1)			3,291.2
Other non-utility revenues	—		—		5.6		5.6		75.7		—		(1.6)			79.7
Total revenues from contracts with customers	2,325.6		712.0		259.1		3,296.7		88.9		—		(14.7)			3,370.9
Other operating revenues	12.7		37.7		(1.8)		48.6		121.8		—		(107.1)		(1)	63.3
Total operating revenues	$	2,338.3	$	749.7	$	257.3	$	3,345.3	$	210.7	$	—	$	(121.8)		$	3,434.2


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(in millions)	Wisconsin		Illinois		Other States		Total Utility Operations		Non-Utility Energy Infrastructure		Corporate and Other		Reconciling Eliminations			WEC Energy Group Consolidated
Three Months Ended March 31, 2025
Electric	$	1,320.0	$	—	$	—	$	1,320.0	$	—	$	—	$	—		$	1,320.0
Natural gas	734.1		759.3		223.7		1,717.1		14.1		—		(13.4)			1,717.8
Total regulated revenues	2,054.1		759.3		223.7		3,037.1		14.1		—		(13.4)			3,037.8
Other non-utility revenues	—		—		5.5		5.5		61.5		—		(1.6)			65.4
Total revenues from contracts with customers	2,054.1		759.3		229.2		3,042.6		75.6		—		(15.0)			3,103.2
Other operating revenues	5.8		29.0		(2.1)		32.7		118.7		—		(105.1)		(1)	46.3
Total operating revenues	$	2,059.9	$	788.3	$	227.1	$	3,075.3	$	194.3	$	—	$	(120.1)		$	3,149.5

(1) Amounts eliminated represent lease revenues related to certain plants that We Power leases to WE to supply electricity to its customers. Lease payments are billed from We Power to WE and then recovered in WE's rates as authorized by the PSCW and the FERC. WE operates the plants and is authorized by the PSCW and Wisconsin state law to fully recover prudently incurred operating and maintenance costs in electric rates.

Revenues from Contracts with Customers

Electric Utility Operating Revenues

The following table disaggregates electric utility operating revenues into customer class:


	Three Months Ended March 31
(in millions)	2026		2025
Residential	$	573.4	$	545.0
Small commercial and industrial	451.6		421.1
Large commercial and industrial	274.0		238.3
Other	8.1		8.0
Total retail revenues	1,307.1		1,212.4
Wholesale	30.1		27.7
Resale	77.0		62.8
Steam	13.8		12.8
Other utility revenues	5.3		4.3
Total electric utility operating revenues	$	1,433.3	$	1,320.0

Natural Gas Utility Operating Revenues

The following tables disaggregate natural gas utility operating revenues into customer class:


(in millions)	Wisconsin		Illinois		Other States		Total Natural Gas Utility Operating Revenues
Three Months Ended March 31, 2026
Residential	$	567.3	$	452.2	$	150.5	$	1,170.0
Commercial and industrial	288.6		131.2		81.3		501.1
Total retail revenues	855.9		583.4		231.8		1,671.1
Transportation	34.4		93.8		13.6		141.8
Other utility revenues (1)	2.0		34.8		8.1		44.9
Total natural gas utility operating revenues	$	892.3	$	712.0	$	253.5	$	1,857.8


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(in millions)	Wisconsin		Illinois		Other States		Total Natural Gas Utility Operating Revenues
Three Months Ended March 31, 2025
Residential	$	488.8	$	465.6	$	142.7	$	1,097.1
Commercial and industrial	250.4		131.2		73.1		454.7
Total retail revenues	739.2		596.8		215.8		1,551.8
Transportation	33.2		97.4		13.5		144.1
Other utility revenues (1)	(38.3)		65.1		(5.6)		21.2
Total natural gas utility operating revenues	$	734.1	$	759.3	$	223.7	$	1,717.1

(1) Includes the revenues subject to the purchased gas recovery mechanisms of our utilities, which fluctuate by segment based on actual natural gas costs incurred, compared with the recovery of natural gas costs that were included in rates.

Other Natural Gas Operating Revenues

We have other natural gas operating revenues from Bluewater, which is in our non-utility energy infrastructure segment. Bluewater has entered into long-term service agreements for natural gas storage services with WE, WPS, and WG. All amounts associated with the service agreements with WE, WPS, and WG have been eliminated at the consolidated level.

Other Non-Utility Operating Revenues

Other non-utility operating revenues consist primarily of the following:


	Three Months Ended March 31
(in millions)	2026		2025
Renewable generation revenues	$	68.0	$	53.8
We Power revenues (1)	6.1		6.1
Appliance service revenues	5.6		5.5


Total other non-utility operating revenues	$	79.7	$	65.4

(1)As part of the construction of the We Power electric utility generating units, we capitalized interest during construction, which is included in property, plant, and equipment. As allowed by the PSCW, we collected these carrying costs from WE's utility customers during construction. The equity portion of these carrying costs was recorded as a contract liability, which is presented as deferred revenue, net on our balance sheets. We continually amortize the deferred carrying costs to revenues over the related lease term that We Power has with WE.

Other Operating Revenues

Other operating revenues consist primarily of the following:


	Three Months Ended March 31
(in millions)	2026		2025
Alternative revenues (1)	$	26.9	$	18.3
Late payment charges	15.9		13.8
Amortization of revenue intangibles (2)	14.7		13.6
Bespoke resources current return (3)	4.3		—
Other	1.5		0.6
Total other operating revenues	$	63.3	$	46.3

(1) Alternative revenues consist of amounts to be recovered or refunded to customers subject to decoupling mechanisms, wholesale true-ups, and conservation improvement rider true-ups. For more information about our alternative revenues, see Note 1(d), Operating Revenues, in our 2025 Annual Report on Form 10-K.

(2) We account for our asset acquisitions by recognizing identifiable intangible assets and liabilities assumed at fair value at the acquisition date. Amortization of these intangible assets and liabilities, which relate to PPAs and a proxy revenue swap, is recognized on a straight-line basis over the remaining contract term as a decrease or increase to operating revenues, respectively. See Note 17, Goodwill and Intangibles, for more information.


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(3) Consists of carrying costs earned during the construction of certain bespoke resources assigned to WE's VLCs. For more information about the bespoke resources current return, see Note 1(d), Operating Revenues, in our 2025 Annual Report on Form 10-K.

NOTE 5—CREDIT LOSSES

Our exposure to credit losses is related to our accounts receivable and unbilled revenue balances, which are primarily generated from the sale of electricity and natural gas by our regulated utility operations. Credit losses associated with our utility operations are analyzed at the reportable segment level as we believe contract terms, political and economic risks, and the regulatory environment are similar at this level as our reportable segments are generally based on the geographic location of the underlying utility operations.

We have an accounts receivable and unbilled revenue balance associated with our non-utility energy infrastructure segment related to the sale of electricity from our majority-owned renewable generating facilities through agreements with several large high credit quality counterparties.

We evaluate the collectability of our accounts receivable and unbilled revenue balances considering a combination of factors. For some of our larger customers and also in circumstances where we become aware of a specific customer's inability to meet its financial obligations to us, we record a specific allowance for credit losses against amounts due in order to reduce the net recognized receivable to the amount we reasonably believe will be collected. For all other customers, we use the accounts receivable aging method to calculate an allowance for credit losses. Using this method, we classify accounts receivable into different aging buckets and calculate a reserve percentage for each aging bucket based upon historical loss rates. The calculated reserve percentages are updated on at least an annual basis, in order to ensure recent macroeconomic, political, and regulatory trends are captured in the calculation, to the extent possible. Risks identified that we do not believe are reflected in the calculated reserve percentages, are assessed on a quarterly basis to determine whether further adjustments are required.

We monitor our ongoing credit exposure through active review of counterparty accounts receivable balances against contract terms and due dates. Our activities include timely account reconciliation, dispute resolution and payment confirmation. To the extent possible, we work with customers with past due balances to negotiate payment plans, but will disconnect customers for non-payment as allowed by our regulators, if necessary, and employ collection agencies and legal counsel to pursue recovery of defaulted receivables. For our larger customers, detailed credit review procedures may be performed in advance of any sales being made. We sometimes require letters of credit, parental guarantees, prepayments or other forms of credit assurance from our larger customers, including VLCs, to mitigate credit risk.

We have included tables below that show our gross third-party receivable balances and the related allowance for credit losses at March 31, 2026 and December 31, 2025, by reportable segment.


(in millions)	Wisconsin			Illinois			Other States			Total Utility Operations			Non-Utility Energy Infrastructure			Corporate and Other			WEC Energy Group Consolidated
March 31, 2026
Accounts receivable and unbilled revenues	$	1,279.3		$	605.3		$	122.7		$	2,007.3		$	56.7		$	6.4		$	2,070.4
Allowance for credit losses	63.6			88.3			4.1			156.0			—			—			156.0
Accounts receivable and unbilled revenues, net (1)	$	1,215.7		$	517.0		$	118.6		$	1,851.3		$	56.7		$	6.4		$	1,914.4

Total accounts receivable, net – past due greater than 90 days (1)	$	48.8		$	45.3		$	2.3		$	96.4		$	—		$	—		$	96.4
Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1)	96.5		%	100.0		%	—		%	95.8		%	—		%	—		%	95.8		%


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(in millions)	Wisconsin			Illinois			Other States			Total Utility Operations			Non-Utility Energy Infrastructure			Corporate and Other			WEC Energy Group Consolidated
December 31, 2025
Accounts receivable and unbilled revenues	$	1,368.8		$	654.8		$	130.2		$	2,153.8		$	50.3		$	7.3		$	2,211.4
Allowance for credit losses	61.7			82.3			4.7			148.7			—			—			148.7
Accounts receivable and unbilled revenues, net (1)	$	1,307.1		$	572.5		$	125.5		$	2,005.1		$	50.3		$	7.3		$	2,062.7

Total accounts receivable, net – past due greater than 90 days (1)	$	46.4		$	36.8		$	6.6		$	89.8		$	—		$	—		$	89.8
Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1)	94.6		%	100.0		%	—		%	89.9		%	—		%	—		%	89.9		%

(1) Our exposure to credit losses for certain regulated utility customers is mitigated by regulatory mechanisms we have in place. Specifically, rates related to all of the customers in our Illinois segment, as well as the residential rates of WE, WPS, and WG in our Wisconsin segment, include riders or other mechanisms for cost recovery or refund of uncollectible expense based on the difference between the actual provision for credit losses and the amounts recovered in rates. As a result, at March 31, 2026, $1,240.3 million, or 64.8%, of our net accounts receivable and unbilled revenues balance had regulatory protections in place to mitigate the exposure to credit losses. See Note 23, Regulatory Environment, for more information on PGL and NSG's UEA rider for cost recovery or refund of uncollectible expense based on the difference between actual uncollectible write-offs and amounts recovered in rates.

A roll-forward of the allowance for credit losses by reportable segment is included below:


Three Months Ended March 31, 2026 (in millions)	Wisconsin		Illinois		Other States		WEC Energy Group Consolidated
Balance at January 1, 2026	$	61.7	$	82.3	$	4.7	$	148.7
Provision for credit losses	48.8		16.8		(0.1)		65.5
Provision for credit losses deferred for future recovery or refund	(25.2)		5.6		—		(19.6)
Write-offs charged against the allowance	(36.0)		(23.5)		(1.1)		(60.6)
Recoveries of amounts previously written off	14.3		7.1		0.6		22.0
Balance at March 31, 2026	$	63.6	$	88.3	$	4.1	$	156.0

On a consolidated basis, there was a $7.3 million increase in the allowance for credit losses at March 31, 2026, compared to January 1, 2026. This increase is driven by an increase in past due balances over the winter moratorium months, when we are not allowed to disconnect service as a result of non-payment. In Wisconsin, the winter moratorium begins on November 1 and ends on April 15. In Illinois, the winter moratorium begins on December 1 and ends on March 31.


Three Months Ended March 31, 2025 (in millions)	Wisconsin		Illinois		Other States		WEC Energy Group Consolidated
Balance at January 1, 2025	$	73.6	$	83.9	$	5.3	$	162.8
Provision for credit losses	16.1		16.3		0.2		32.6
Provision for credit losses deferred for future recovery or refund	(7.3)		2.2		—		(5.1)
Write-offs charged against the allowance	(33.8)		(25.6)		(0.7)		(60.1)
Recoveries of amounts previously written off	12.3		16.4		0.5		29.2
Balance at March 31, 2025	$	60.9	$	93.2	$	5.3	$	159.4

On a consolidated basis, there was a $3.4 million decrease in the allowance for credit losses at March 31, 2025, compared to January 1, 2025. The allowance for credit losses decreased in Wisconsin during the quarter mainly driven by customer write-offs in addition to a decrease in past due account balances. Reserves increased in Illinois due to an increase in past due balances over the winter moratorium months.


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NOTE 6—REGULATORY ASSETS AND LIABILITIES

The following regulatory assets and liabilities were reflected on our balance sheets at March 31, 2026 and December 31, 2025. For more information on our regulatory assets and liabilities, see Note 6, Regulatory Assets and Liabilities, in our 2025 Annual Report on Form 10-K.


(in millions)	March 31, 2026		December 31, 2025
Regulatory assets
Plant retirement related items	$	751.8	$	768.6
Environmental remediation costs	553.6		566.0
Pension and OPEB costs	544.8		564.5
Income tax related items	511.1		493.4
AROs	194.7		185.1
System support resource	90.1		92.6
Uncollectible expense	87.8		123.9
Decoupling	70.6		43.8
Energy costs recoverable through rate adjustments	66.4		6.7
Securitization	65.5		67.5
Derivatives	41.3		57.7
Finance and operating leases	41.0		36.0
Electric transmission costs	38.1		30.7
Bluewater	34.8		37.7
Other, net	92.0		99.4
Total regulatory assets	$	3,183.6	$	3,173.6

Balance sheet presentation
Other current assets	$	72.3	$	17.3
Regulatory assets	3,111.3		3,156.3
Total regulatory assets	$	3,183.6	$	3,173.6


(in millions)	March 31, 2026		December 31, 2025
Regulatory liabilities
Income tax related items	$	1,783.5	$	1,802.4
Removal costs	1,620.7		1,584.7
Pension and OPEB benefits	299.4		301.5
Energy costs refundable through rate adjustments	144.2		119.2
Proposed settlement related to QIP and UEA riders	125.0		125.0
Uncollectible expense	63.7		73.1
Earnings sharing mechanisms	34.9		35.8
MERC property tax tracker	24.2		23.1
Energy efficiency programs	21.0		12.2
Derivatives	11.9		27.4
Other, net	89.8		105.8
Total regulatory liabilities	$	4,218.3	$	4,210.2

Balance sheet presentation
Other current liabilities	$	103.6	$	88.9
Regulatory liabilities	4,114.7		4,121.3
Total regulatory liabilities	$	4,218.3	$	4,210.2


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NOTE 7—PROPERTY, PLANT, AND EQUIPMENT

Wisconsin Segment Plant to be Retired

Oak Creek Power Plant Units 7-8

The retirement of OCPP Units 7 and 8 became probable at the end of 2022, following initial PSCW approvals for replacement generation. On April 1, 2026, we announced plans to extend the operating lives of OCPP Units 7 and 8, and expect to have the units available to meet high energy demand periods through 2027. These units were previously scheduled to be retired at the end of 2026. The decision to postpone the retirement dates for these units is based on two critical factors, reliability and affordability for WE’s customers. This past winter the Midwest power market experienced tightened energy supply and higher energy costs during extreme temperatures. Keeping OCPP Units 7 and 8 available will better position WE to serve customers with safe, reliable and affordable energy on the hottest and coldest days of the year. The extension of these units will serve as a bridge until new dispatchable generation begins to come online, which is expected in late 2027.

The total net book value of WE's ownership share of OCPP Units 7 and 8 was $613.3 million at March 31, 2026, which does not include deferred taxes. This amount was classified as plant to be retired within property, plant, and equipment on our balance sheet. These units are included in rate base, and WE continues to depreciate them on a straight-line basis using the composite depreciation rates approved by the PSCW.

Samson Solar Energy LLC and Delilah Solar Energy LLC – Storm Damage

During several storms that occurred in 2023 and 2024, certain sections of our Samson I solar facility incurred damage. We had previously recognized an impairment loss of $2.8 million related to damage from these storms, and recorded an offsetting $2.8 million receivable for future insurance recoveries. However, in the second quarter of 2025, we determined it was no longer probable that we would receive insurance proceeds sufficient to recover our losses associated with the 2023 and 2024 storms. As a result, the insurance receivable balance was written off, resulting in the recognition of the $2.8 million impairment loss within other operation and maintenance expense on our income statement.

In addition, in March 2025, both our Samson I and Delilah I solar facilities experienced damage from a storm. In the second quarter of 2025, we recognized an impairment loss within other operation and maintenance expense on our income statement in the amount of $8.8 million, related to damage incurred associated with the March 2025 storm. The impairment loss associated with the March 2025 storm was increased from $8.8 million to $12.0 million in the third quarter of 2025 as a result of ongoing damage assessment.

The Peoples Gas Light and Coke Company Impairment

In the fourth quarter of 2025, PGL recorded a $130.0 million impairment to property, plant, and equipment related to the terms of a proposed settlement that would resolve its open QIP proceedings. See Note 23, Regulatory Environment, for more information.

NOTE 8—COMMON EQUITY

Stock-Based Compensation

During the three months ended March 31, 2026, the Compensation Committee of our Board of Directors awarded the following stock-based compensation to our directors, officers, and certain other key employees:


Award Type						Number of Awards
Stock options (1)						269,085
Restricted shares (2)						75,222
Performance units						182,146

(1)Stock options awarded had a weighted-average exercise price of $106.09 and a weighted-average grant date fair value of $21.20 per option.

(2)Restricted shares awarded had a weighted-average grant date fair value of $106.09 per share.


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Restrictions

Our ability as a holding company to pay common stock dividends primarily depends on the availability of funds received from our utility subsidiaries, We Power, Bluewater, ATC Holding LLC (which holds our ownership interest in ATC), and WECI. Various financing arrangements and regulatory requirements impose certain restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans, or advances. Our utility subsidiaries, with the exception of UMERC and MGU, are prohibited from loaning funds to us, either directly or indirectly. See Note 11, Common Equity, in our 2025 Annual Report on Form 10-K for additional information on these and other restrictions.

We do not believe that these restrictions will materially affect our operations or limit any dividend payments in the foreseeable future.

Common Stock

We issue new shares of common stock to fulfill our obligations under various stock-based employee benefit and compensation plans and to provide shares to participants in our dividend reinvestment and stock purchase plan.

In August 2024, we entered into an EDA, under which we could offer and sell, from time to time, shares of our common stock having an aggregate sales price of up to $1.5 billion through an at-the-market offering program. In October 2025, we terminated this EDA and entered into a new EDA, under which we may offer and sell, from time to time, shares of our common stock having an aggregate sales price of up to $3.0 billion through an at-the-market offering program. This EDA also includes an equity forward sales component and a collared forward sales component. We may offer and sell our common shares through the sales agents party to the EDA during the term of the agreement. The October 2025 EDA will terminate upon the earliest of (i) the sale of all common stock subject to the EDA, (ii) termination of the EDA pursuant to its terms, or (iii) October 31, 2028. Actual sales of common stock under the EDA will depend on a variety of factors, including market conditions, the trading price of our common stock, capital needs, and our determination of the appropriate sources of funding. Any shares offered and sold under our EDA will be done pursuant to our registration statement on Form S-3 filed with the SEC on August 5, 2024 and the related prospectus supplements.

As of March 31, 2026, we had not yet issued any shares of common stock under our October 2025 EDA; however, we did enter into several forward sales contracts. As of March 31, 2026, no shares had been settled under these contracts. The following table presents information related to the common stock sold under our outstanding forward sales contracts at March 31, 2026:

Forward Sale Contract Effective Date

Maturity Date

Initial Forward Price (1)

Fourth quarter - 2025

June 30, 2027

58,533

110.7748

First quarter - 2026

September 30, 2027

3,726,090

114.8548

(1)Amount represents the weighted-average initial forward price of the forward sales contracts that became effective during the quarter. The initial forward price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts as specified in the contract.

No amounts are recorded on our balance sheet with respect to these contracts until actual settlement occurs. The contracts require us, at our election, to either (i) physically settle the transaction by issuing shares of our stock in exchange for net cash proceeds at the then-applicable forward sales price or (ii) net settle the transaction through the delivery or receipt of cash or shares in accordance with the contract provisions. At March 31, 2026, we could have settled our outstanding forward sales contracts as follows:


(Dollars in millions)	Physical Share Settlement		Net Settlement
Forward Sale Contract Effective Date	Cash Proceeds		Cash Payments		Shares Issued
Fourth quarter - 2025	$	6.5	$	(0.3)	(2,486)
First quarter - 2026	428.8		(2.5)		(22,022)


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We had the following changes to our outstanding common stock during the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31
		2026	2025
Common stock shares outstanding at beginning of period		325,461,519	317,680,855
Shares issued:
At-the-market offering program		—	977,824
Stock-based compensation		151,210	342,711
401(k)		30,934	43,300
Stock investment plan		82,015	88,811
Common stock shares outstanding at end of period		325,725,678	319,133,501

On April 16, 2026, our Board of Directors declared a quarterly cash dividend of $0.9525 per share, payable on June 1, 2026, to shareholders of record on May 14, 2026.

Earnings Per Share

The following table shows the computation of our basic and diluted EPS for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31
(in millions)		2026		2025
Numerator:
Net income attributed to common shareholders		$	804.4	$	724.2

Denominator:
Weighted average basic shares outstanding		325.6		318.2
Dilutive effect of stock-based compensation awards		0.5		0.5
Dilutive effect of convertible senior notes		2.2		0.6
Weighted average diluted shares		328.3		319.3

Basic EPS		$	2.47	$	2.28
Diluted EPS		$	2.45	$	2.27

NOTE 9—SHORT-TERM DEBT AND LINES OF CREDIT

The following table shows our short-term borrowings and their corresponding weighted-average interest rates:


(in millions, except percentages)	March 31, 2026			December 31, 2025
Commercial paper
Amount outstanding	$	2,040.5		$	1,921.3
Weighted-average interest rate on amounts outstanding	4.07		%	3.89		%
Operating expense loans
Amount outstanding (1)	$	4.7		$	3.4

(1)Coyote Ridge Wind, LLC, Tatanka Ridge, Samson I, Thunderhead, and Jayhawk have entered into operating expense loans. In accordance with their limited liability company operating agreements, they received loans from the holders of their noncontrolling interests in proportion to their ownership interests.

Our average amount of commercial paper borrowings based on daily outstanding balances during the three months ended March 31, 2026 was $2,271.8 million with a weighted-average interest rate during the period of 3.88%.


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The information in the table below relates to our revolving credit facilities used to support our commercial paper borrowing programs, including remaining available capacity under these facilities:


(in millions)	Maturity	March 31, 2026
WEC Energy Group	August 2030	$	1,700.0
WE	August 2030	800.0
PGL	August 2030	600.0
WPS	August 2030	450.0
WG	August 2030	350.0
Total short-term credit capacity		$	3,900.0

Less:
Letters of credit issued inside credit facilities		$	2.3
Commercial paper outstanding		2,040.5
Available capacity under existing agreements		$	1,857.2

NOTE 10—LONG-TERM DEBT

WEC Energy Group, Inc.

In January 2026, our $1,000.0 million of 4.75% Senior Notes due January 9, 2026, matured, and principal and accrued interest were paid with proceeds received from issuing commercial paper.

In February 2026, we issued an additional $400.0 million of our 4.75% Senior Notes due January 15, 2028, and used the net proceeds to repay short-term debt and for other general corporate purposes.

Convertible Senior Notes

As of March 31, 2026, the conditions allowing holders to convert their notes were not met. In accordance with the guidance in ASC Subtopic 470-20, Debt – Debt with Conversion and Other Options, the 2027 Notes, 2028 Notes, and 2029 Notes were accounted for in their entirety as a liability on our balance sheet. The following is a summary of our convertible debt instruments as of March 31, 2026:


(in millions)	Principal Amount		Unamortized Debt Issuance Costs		Net Carrying Amount		Fair Value Amount (1)
2027 Notes	$	862.5	$	(3.9)	$	858.6	$	1,041.2
2028 Notes	900.0		(7.7)		892.3		932.8
2029 Notes	862.5		(6.3)		856.2		1,065.7

(1) The fair values are categorized in Level 2 of the fair value hierarchy. See Note 13, Fair Value Measurements, for more information on the levels of the fair value hierarchy.


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The following table provides a summary of the interest expense recorded for each of the 2027 Notes, 2028 Notes, and 2029 Notes:


	Three Months Ended March 31
(in millions)		2026		2025
2027 Notes
Contractual interest expense		$	9.4	$	9.4
Amortization of debt issuance costs		0.8		0.8
Total interest expense – 2027 Notes		10.2		10.2

2028 Notes
Contractual interest expense		7.6		—
Amortization of debt issuance costs		0.9		—
Total interest expense – 2028 Notes		$	8.5	$	—

2029 Notes
Contractual interest expense		9.4		9.4
Amortization of debt issuance costs		0.5		0.5
Total interest expense – 2029 Notes		$	9.9	$	9.9

Wisconsin Electric Power Company

In March 2026, WE issued $300.0 million of 5.65% Debentures, due March 15, 2056, and used the net proceeds to repay short-term debt and for other general corporate purposes.

Wisconsin Public Service Corporation

In January 2026, WPS issued $300.0 million of 4.25% Senior Notes, due January 15, 2031, and used the net proceeds to repay short-term debt and for other general corporate purposes.

The Peoples Gas Light and Coke Company

PGL has used certain First Mortgage Bonds to secure tax exempt interest rates. The Illinois Finance Authority has issued tax exempt bonds, and the proceeds from the sale of these bonds were loaned to PGL. In return, PGL issued $100.0 million of collateralized First Mortgage Bonds. In February 2026, PGL provided notice of its intent to redeem in full all $50.0 million of its First and Refunding Mortgage Bonds, Series VV and all of its $50.0 million First and Refunding Mortgage Bonds, Series ZZ. In addition, notices of redemption for all $50.0 million of the related 3.90% Illinois Finance Authority Gas Supply Refunding Revenue Bonds, Series 2010 due March 1, 2030 and all $50.0 million of the 4.00% Illinois Finance Authority Gas Supply Refunding Revenue Bonds, Series 2013A due February 1, 2033 were issued. In March 2026, all redemptions were made.

NOTE 11—MATERIALS, SUPPLIES, AND INVENTORIES

Our inventories consisted of:


(in millions)	March 31, 2026		December 31, 2025
Materials and supplies	$	425.5	$	416.4
Fossil fuel	94.4		94.5
Natural gas in storage	92.4		292.5
Total	$	612.3	$	803.4

PGL and NSG price natural gas storage injections at the calendar year average of the costs of natural gas supply purchased. Withdrawals from storage are priced on the LIFO cost method. For interim periods, the difference between current projected replacement cost and the LIFO cost for quantities of natural gas temporarily withdrawn from storage is recorded as a temporary LIFO liquidation debit or credit. At March 31, 2026, we had a temporary LIFO liquidation credit of $44.6 million recorded within other current liabilities on our balance sheet. Due to seasonality requirements, PGL and NSG expect these interim reductions in LIFO layers to be replenished by year end.


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Substantially all other materials and supplies, fossil fuel, and natural gas in storage inventories are recorded using the weighted-average cost method of accounting.

NOTE 12—INCOME TAXES

Statutory Rate Reconciliation

The provision for income taxes differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to income before income taxes as a result of the following:


	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
(in millions)	Amount		Effective Tax Rate		Amount		Effective Tax Rate
Income before income taxes	$	859.2			$	786.2
United States federal statutory income tax rate	$	180.1	21.0	%	$	164.8	21.0	%
State and local income taxes net of federal tax effect (1)	49.3		5.8	%	48.5		6.2	%
Tax credits
PTCs, net (2)	(129.7)		(15.1)	%	(120.1)		(15.3)	%
Other	(3.9)		(0.5)	%	(3.3)		(0.4)	%
Nontaxable or nondeductible items
AFUDC-Equity (3)	(19.1)		(2.2)	%	(8.5)		(1.1)	%
Other	5.8		0.7	%	3.4		0.4	%
Changes in unrecognized tax benefits	—		—	%	0.1		—	%
Other adjustments
Federal excess deferred tax amortization (4)	(18.5)		(2.2)	%	(18.7)		(2.4)	%
Other, net	(10.9)		(1.3)	%	(5.5)		(0.7)	%
Total income tax expense	$	53.1	6.2	%	$	60.7	7.7	%

(1) State taxes in Wisconsin made up the majority of the tax effect in this category.

(2) PTCs are an inflation adjusted United States federal income tax credit for each kilowatt hour of electricity generated by certain renewable energy projects.

(3) AFUDC-Equity represents the cost of capital (i.e. ROE) that is added to the construction cost of an asset while it is being built. The tax benefit for regulated utilities from AFUDC-Equity is a regulatory gross-up to allow the recovery of income taxes on the equity portion of construction costs, even though it is not a tax deductible expense.

(4) The Tax Cuts and Jobs Act of 2017 required our regulated utilities to remeasure their deferred income taxes and we began to amortize the resulting excess deferred income taxes beginning in 2018, in accordance with normalization requirements. The decrease in income tax expense related to the amortization of the deferred tax benefits is offset by a decrease in revenue as the benefits are returned to customers, resulting in no impact on net income.

The IRA contains a tax credit transferability provision that allows us to sell PTCs and ITCs produced after December 31, 2022, to third parties. Under this transferability provision, we entered into agreements to sell the majority of the PTCs and ITCs we generated in 2023, 2024, and 2025 to third parties. We have also entered into an agreement to sell the majority of PTCs that we expect to generate in 2026 to third parties. We elect to account for tax credits transferred under the scope of ASC 740. We include the discount from the sale of tax credits as a component of income tax expense. We also include any expected proceeds from the sale of tax credits in the evaluation of the realizability of deferred tax assets related to PTCs and ITCs. The sale of tax credits is presented in the operating activities section of the statements of cash flows consistent with the presentation of cash taxes paid.

There were no income taxes paid or received during the three months ended March 31, 2026 and 2025.

NOTE 13—FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).


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Fair value accounting rules provide a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are defined as follows:

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 – Pricing inputs are observable, either directly or indirectly, but are not quoted prices included within Level 1. Level 2 includes those financial instruments that are valued using external inputs within models or other valuation methods.

Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methods that result in management's best estimate of fair value. Level 3 instruments include those that may be more structured or otherwise tailored to customers' needs.

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. We use a mid-market pricing convention (the mid-point price between bid and ask prices) as a practical measure for valuing certain derivative assets and liabilities. We primarily use a market approach for recurring fair value measurements and attempt to use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.

When possible, we base the valuations of our assets and liabilities on quoted prices for identical assets and liabilities in active markets. These valuations are classified in Level 1. The valuations of certain contracts not classified as Level 1 may be based on quoted market prices received from counterparties and/or observable inputs for similar instruments. Transactions valued using these inputs are classified in Level 2. Certain derivatives, such as FTRs and TCRs, are categorized in Level 3 due to the significance of unobservable or internally-developed inputs. FTRs and TCRs are valued using auction prices from the applicable regional transmission organization.

The following tables summarize our financial assets and liabilities that were accounted for at fair value on a recurring basis, categorized by level within the fair value hierarchy:


	March 31, 2026
(in millions)	Level 1		Level 2		Level 3		Total
Derivative assets
Natural gas contracts	$	2.6	$	4.9	$	—	$	7.5
FTRs	—		—		2.3		2.3
Total derivative assets	$	2.6	$	4.9	$	2.3	$	9.8

Investments held in rabbi trust	$	37.6	$	—	$	—	$	37.6

Derivative liabilities
Natural gas contracts	$	32.4	$	3.3	$	—	$	35.7
FTRs	—		—		0.4		0.4
Total derivative liabilities	$	32.4	$	3.3	$	0.4	$	36.1


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	December 31, 2025
(in millions)	Level 1		Level 2		Level 3		Total
Derivative assets
Natural gas contracts	$	1.5	$	18.3	$	—	$	19.8
FTRs	—		—		6.5		6.5
Total derivative assets	$	1.5	$	18.3	$	6.5	$	26.3

Investments held in rabbi trust	$	42.0	$	—	$	—	$	42.0

Derivative liabilities
Natural gas contracts	$	23.3	$	8.4	$	—	$	31.7
FTRs	—		—		0.8		0.8
Total derivative liabilities	$	23.3	$	8.4	$	0.8	$	32.5

The derivative assets and liabilities listed in the tables above include options, futures, physical commodity contracts, and other instruments used to manage market risks related to changes in commodity prices. They also include FTRs, which are used at our electric utilities and certain of our non-utility wind parks to manage electric transmission congestion costs in the MISO Energy and Operating Reserves Markets.

We hold investments in the Integrys rabbi trust. These investments are used to fund participants' benefits under the Integrys deferred compensation plan and certain Integrys non-qualified pension plans. These investments are included in other long-term assets on our balance sheets. For the three months ended March 31, 2026 and 2025, the net unrealized losses included in earnings related to the investments held at the end of the period were $1.7 million and $1.8 million, respectively.

The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy:


	Three Months Ended March 31
(in millions)	2026		2025
Balance at the beginning of the period	$	5.7	$	7.8
Purchases	—		1.2
Net realized and unrealized losses included in earnings (1)	—		(0.3)
Sales	(0.3)		—
Settlements	(3.5)		(5.7)
Balance at the end of the period	$	1.9	$	3.0

(1)Amounts relate to FTRs and TCRs included in our non-utility energy infrastructure segment. These net realized and unrealized losses are recorded in operating revenues on our income statements.

Fair Value of Financial Instruments

The following table shows the financial instruments included on our balance sheets that were not recorded at fair value:


	March 31, 2026				December 31, 2025
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Preferred stock of subsidiary	$	30.4	$	21.6	$	30.4	$	21.2
Long-term debt, including current portion	19,902.2		19,401.8		20,017.5		19,609.1

The fair values of our long-term debt and preferred stock are categorized within Level 2 of the fair value hierarchy.

NOTE 14—DERIVATIVE INSTRUMENTS

We use derivatives as part of our risk management program to manage the risks associated with the price volatility of interest rates, purchased power, generation, and natural gas costs for the benefit of our customers and shareholders. Our approach is non-speculative and designed to mitigate risk. Regulated hedging programs are approved by our state regulators.


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We record derivative instruments on our balance sheets as an asset or liability measured at fair value unless they qualify for the normal purchases and sales exception and are so designated. We continually assess our contracts designated as normal and will discontinue the treatment of these contracts as normal if the required criteria are no longer met. Changes in the derivative's fair value are recognized currently in earnings unless specific hedge accounting criteria are met or we receive regulatory treatment for the derivative. For most energy-related physical and financial contracts in our regulated operations that qualify as derivatives, our regulators allow the effects of fair value accounting to be offset to regulatory assets and liabilities.

On our balance sheets, we classify derivative assets and liabilities as current or long-term based on the maturities of the underlying contracts. Derivative assets and liabilities are included in the other current and other long-term line items on our balance sheets. The following table shows our derivative assets and derivative liabilities. None of the derivatives shown below were designated as hedging instruments.


	March 31, 2026				December 31, 2025
(in millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Current
Natural gas contracts	$	7.4	$	33.6	$	19.7	$	30.0
FTRs	2.3		0.4		6.5		0.8
Total current	9.7		34.0		26.2		30.8

Long-term
Natural gas contracts	0.1		2.1		0.1		1.7

Total	$	9.8	$	36.1	$	26.3	$	32.5

Realized gains and losses on derivatives used in our regulated utility operations are recorded in cost of sales upon settlement; however, they may be subsequently deferred for future rate recovery or refund as the gains and losses are included in our utilities’ fuel and natural gas cost recovery mechanisms. Realized gains and losses on FTRs and TCRs used in our non-utility operations are recorded in operating revenues on the income statements. Our realized gains and losses and the estimated notional volumes related to these settlements were as follows:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
(in millions)	Volumes	Gains		Volumes	Gains (Losses)
Natural gas contracts	63.0 Dth	$	29.6	61.5 Dth	$	(1.9)
FTRs and TCRs
Regulated utility operations	5.8 MWh	1.7		7.1 MWh	1.7
Non-utility operations	0.1 MWh	0.1		0.3 MWh	(0.2)
Total		$	31.4		$	(0.4)

On our balance sheets, the amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral are not offset against the fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. At March 31, 2026 and December 31, 2025, we had posted cash collateral of $68.2 million and $41.4 million, respectively. These amounts were recorded on our balance sheets in other current assets. At March 31, 2026, we had also received cash collateral of $2.5 million. This amount was recorded on our balance sheet in other current liabilities.

The following table shows derivative assets and derivative liabilities if derivative instruments by counterparty were presented net on our balance sheets:


	March 31, 2026					December 31, 2025
(in millions)	Derivative Assets		Derivative Liabilities			Derivative Assets		Derivative Liabilities
Gross amount recognized on the balance sheet	$	9.8	$	36.1		$	26.3	$	32.5
Gross amount not offset on the balance sheet	(3.4)		(33.2)		(1)	(2.0)		(23.8)		(2)
Net amount	$	6.4	$	2.9		$	24.3	$	8.7

(1)Includes cash collateral posted of $29.8 million.

(2)Includes cash collateral posted of $21.8 million.


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Cash Flow Hedges

We previously entered into forward interest rate swap agreements to mitigate the interest rate exposure associated with the issuance of long-term debt related to the acquisition of Integrys. These swap agreements were settled in 2015, and we continue to amortize amounts out of accumulated other comprehensive loss into interest expense over the periods in which the interest costs are recognized in earnings. The derivative gains related to these swap agreements reclassified from accumulated other comprehensive loss to interest expense during the three months ended March 31, 2026 and 2025 were not significant. At March 31, 2026, the amount expected to be reclassified from accumulated other comprehensive loss to interest expense over the next twelve months was also not significant.

NOTE 15—GUARANTEES

The following table shows our outstanding guarantees:


	Total Amounts Committed at March 31, 2026		Expiration

(in millions)			Less Than 1 Year		1 to 3 Years		Over 3 Years
Standby letters of credit (1)	$	177.3	$	18.7	$	32.9	$	125.7
Surety bonds (2)	46.4		45.4		1.0		—
Other guarantees (3)	10.4		—		—		10.4
Total guarantees	$	234.1	$	64.1	$	33.9	$	136.1

(1)At our request or the request of our subsidiaries, financial institutions have issued standby letters of credit for the benefit of third parties that have extended credit to our subsidiaries. These amounts are not reflected on our balance sheets.

(2)Primarily for environmental remediation, workers compensation self-insurance programs, and obtaining various licenses, permits, and rights-of-way. These amounts are not reflected on our balance sheets.

(3)Related to workers compensation coverage for which a liability was recorded on our balance sheets.

NOTE 16—EMPLOYEE BENEFITS

The following tables show the components of net periodic benefit cost (credit) (including amounts capitalized to our balance sheets) for our benefit plans:


		Pension Benefits
	Three Months Ended March 31
(in millions)			2026		2025
Service cost			$	6.1	$	5.7
Interest cost			28.6		30.3
Expected return on plan assets			(42.8)		(44.1)


Amortization of net actuarial loss			10.4		13.6
Net periodic benefit cost			$	2.3	$	5.5


		OPEB Benefits
	Three Months Ended March 31
(in millions)			2026		2025
Service cost			$	3.1	$	2.8
Interest cost			6.7		6.5
Expected return on plan assets			(14.4)		(13.6)

Amortization of prior service credit			(1.1)		(3.2)
Amortization of net actuarial gain			(1.7)		(1.4)
Net periodic benefit credit			$	(7.4)	$	(8.9)

During the three months ended March 31, 2026, we made contributions and payments of $3.4 million related to our pension plans and $0.4 million related to our OPEB plans. We expect to make contributions and payments of $13.2 million related to our pension


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plans and $2.4 million related to our OPEB plans during the remainder of 2026, dependent upon various factors affecting us, including our liquidity position and possible tax law changes.

We utilize escrow accounting for our current pension and OPEB costs, as approved by the PSCW. As of March 31, 2026 and December 31, 2025, our balance sheets included regulatory liabilities of $11.6 million and $14.7 million, respectively, for pension costs and regulatory assets of $13.7 million and $0.7 million, respectively, for OPEB costs. In accordance with our PSCW rate orders, we amortize the related regulatory assets and liabilities. The above tables do not reflect any adjustments for the creation or amortization of these regulatory assets and liabilities.

NOTE 17—GOODWILL AND INTANGIBLES

Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable net assets acquired. The table below shows our goodwill balances by segment at March 31, 2026. We had no changes to the carrying amount of goodwill during the three months ended March 31, 2026.


(in millions)	Wisconsin		Illinois		Other States		Non-Utility Energy Infrastructure		Total
Goodwill balance (1)	$	2,104.3	$	758.7	$	183.2	$	6.6	$	3,052.8

(1)We had no accumulated impairment losses related to our goodwill as of March 31, 2026.

Other Indefinite-Lived Intangible Assets

At March 31, 2026 and December 31, 2025, we had $59.1 million and $44.4 million, respectively, of other indefinite-lived intangible assets included in other long-term assets on our balance sheets. These assets consist of $24.1 million of spectrum frequencies, which enable our utilities to transmit data and voice communications over a wavelength dedicated to us throughout our service territories. We also have $5.2 million of other indefinite-lived intangible assets, consisting of a MGU trade name from a previous acquisition. In October 2025, we entered into an option agreement for exclusive rights to purchase land for future generation development in Wisconsin. We have made two annual option payments and incurred total costs of $29.8 million and $15.1 million as of March 31, 2026 and December 31, 2025, respectively, with a right to exercise our option before December 31, 2030.

Finite-Lived Intangible Assets

At March 31, 2026 and December 31, 2025, we had $18.9 million and $17.4 million, respectively, of finite-lived intangible assets included in other long-term assets on our balance sheets. These assets largely consist of a PPA for Maple Flats Solar Energy Center LLC acquired by WECI in November 2024, with a gross carrying amount of $18.8 million. The PPA will be amortized over a useful life of 15 years and expires in 2039. At March 31, 2026 and December 31, 2025, accumulated amortization related to the intangible asset was $1.7 million and $1.4 million, respectively. Amortization expense related to the intangible asset was not material for the three months ended March 31, 2026 and 2025. Amortization expense to be recorded as a decrease to operating revenues is expected to be $1.3 million in each of the next five years.


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Intangible Liabilities

The intangible liabilities below were all obtained through acquisitions by WECI.


	March 31, 2026						December 31, 2025
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
PPAs (1)	$	751.2	$	(191.3)	$	559.9	$	751.2	$	(176.5)	$	574.7
Proxy revenue swap (2)	7.2		(5.1)		2.1		7.2		(4.9)		2.3
Interconnection agreements (3)	4.7		(1.4)		3.3		4.7		(1.4)		3.3
Total intangible liabilities	$	763.1	$	(197.8)	$	565.3	$	763.1	$	(182.8)	$	580.3

(1) Represents PPAs related to the acquisitions of Blooming Grove Wind Energy Center LLC, Tatanka Ridge, Jayhawk, Thunderhead, Samson I, Sapphire Sky Wind Energy LLC, Delilah I, and Hardin III expiring between 2030 and 2040. The weighted-average remaining useful life of the PPAs is 10 years. See Note 2, Acquisitions, for more information on recent WECI acquisitions.

(2) Represents an agreement with a counterparty to swap the market revenue of Upstream Wind Energy LLC's wind generation for fixed quarterly payments over 10 years, which expires in 2029. The remaining useful life of the proxy revenue swap is three years.

(3) Represents interconnection agreements related to the acquisitions of Tatanka Ridge and Bishop Hill Energy III LLC, expiring in 2040 and 2041, respectively. These agreements relate to payments for connecting our facilities to the infrastructure of another utility to facilitate the movement of power onto the electric grid. The weighted-average remaining useful life of the interconnection agreements is 15 years.

Amortization related to these intangible liabilities for the three months ended March 31, 2026 and 2025, was $15.0 million and $13.9 million, respectively. Amortization for the next five years, including amounts recorded through March 31, 2026, is estimated to be:


	For the Years Ending December 31
(in millions)	2026		2027		2028		2029		2030
Amortization to be recorded as an increase to operating revenues	$	59.9	$	59.9	$	59.9	$	59.9	$	59.9
Amortization to be recorded as a decrease to other operation and maintenance	0.2		0.2		0.2		0.2		0.2

NOTE 18—INVESTMENT IN TRANSMISSION AFFILIATES

We own approximately 60% of ATC, a for-profit, transmission-only company regulated by the FERC for cost of service and certain state regulatory commissions for routing and siting of transmission projects. We also own approximately 75% of ATC Holdco, a separate entity formed in December 2016 to invest in transmission-related projects outside of ATC's traditional footprint. The following tables provide a reconciliation of the changes in our investments in ATC and ATC Holdco:






















	Three Months Ended March 31, 2026
(in millions)	ATC		ATC Holdco		Total
Balance at beginning of period	$	2,256.9	$	23.5	$	2,280.4
Add: Earnings from equity method investment	59.2		0.3		59.5
Add: Capital contributions	75.8		—		75.8
Less: Distributions	45.2		1.0		46.2

Balance at end of period	$	2,346.7	$	22.8	$	2,369.5

	Three Months Ended March 31, 2025
(in millions)	ATC		ATC Holdco		Total
Balance at beginning of period	$	2,085.1	$	23.8	$	2,108.9
Add: Earnings from equity method investment	50.0		3.6		53.6
Add: Capital contributions	42.3		—		42.3
Less: Distributions	55.8		—		55.8


Balance at end of period	$

WEC ENERGY GROUP, INC. 10-Q