Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 3/6 · 23/10/2026
Moat—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Pouvoir de fixation des prix—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Prévisibilité64
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 10.11
- Positive FCF years (%)
- 40.00
- FCF margin volatility (pp)
- 6.45
Solidité financière3
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 0.00
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 13.71
- currentRatioGrade
- 0.00
- Net debt / operating income (x)
- 9.76
- Interest coverage (x)
- 2.51
- Current ratio (x)
- 0.59
Allocation du capital53
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 6.56
- 3-year average dilution (%)
- 0.69
- 3-year average SBC / revenue (%)
- 0.35
- cashConversionGrade
- 0.00
Qualité du management—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Preuves
However, natural gas utilities have customarily avoided competing for existing customers of other utilities, as there would be duplicative utility facilities and/or increased costs to customers.
Business competition: avoidance of duplicative natural gas utility facilities · Dépôt 20/02/2026
Table of Contents ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CORPORATE DEVELOPMENTS Introduction We are a diversified holding company with natural gas and electric utility operations (serving customers in Wisconsin, Illinois, Michigan, and Minnesota), an approximately 60% equity ownership interest in ATC (a for-profit electric transmission company regulated by the FERC and certain state regulatory commissions), and non-utility energy infrastructure operations through We Power (which owns generation assets in Wisconsin that it leases to WE), Bluewater (which owns underground natural gas storage facilities in Michigan), and WECI (which holds ownership interests in several renewable generating facilities).
MD&A corporate developments: operating businesses and regulated transmission investment · Dépôt 20/02/2026
Prudently incurred fuel and purchased power costs are recovered dollar-for-dollar from our Michigan retail electric customers and our wholesale electric customers.
Commodity risk: recovery of prudently incurred Michigan retail and wholesale electric costs · Dépôt 20/02/2026
Our natural gas utilities receive dollar-for-dollar recovery of prudently incurred natural gas costs from their natural gas customers.
Commodity risk: natural gas cost recovery · Dépôt 20/02/2026
If this approach were to change, it could lead to a greater level of competition amongst utilities to obtain customers and potentially adversely impact our results of operations.
Business competition: potential change in utility competitive behavior · Dépôt 20/02/2026
Customers continue to switch between firm system supply, interruptible system supply, and transportation service each year as the economics and service options change.
Business competition: actual switching among natural gas service arrangements · Dépôt 20/02/2026
MERC has provided its commercial and industrial customers with the option to choose a third-party natural gas supplier since 2006.
Business competition: Minnesota commercial and industrial supplier choice · Dépôt 20/02/2026
Michigan The option to choose a third-party natural gas supplier has been provided to UMERC’s natural gas customers (formerly WPS’s Michigan natural gas customers) since the late 1990s and MGU's customers since 2005.
Business competition: Michigan natural gas supplier choice · Dépôt 20/02/2026
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 was finalized in May 2026, resolving its open proceedings related to the QIP Rider.
Note 7: Peoples Gas impairment and settlement finalized in May 2026 · Dépôt 04/08/2026
Although initial agreements are often ten years or more, in the future we may not be able to replace expiring PPAs related to our non-utility renewable energy facilities with contracts on acceptable terms, including at prices that support profitable operation of the facility.
Risk factors: initial non-utility PPA duration and replacement risk · Dépôt 20/02/2026
•A $4.9 million increase in capacity revenues due to strong capacity pricing.
MD&A non-utility infrastructure: realized capacity-pricing revenue improvement · Dépôt 04/08/2026
•A $1.9 million increase due to higher amounts recognized for REC sales in 2026 at Blooming Grove, driven by higher contracted REC prices, as well as timing of REC contract execution.
MD&A non-utility infrastructure: higher contracted REC prices and contract timing · Dépôt 04/08/2026
The requests reflected the following: WE WPS WG Proposed 2027 rate increase Electric (2) $ 175.8 million / 4.7% $ 86.1 million / 6.3% N/A Gas $ 2.1 million / 0.3% (3) $ 21.7 million / 4.9% $ 59.4 million / 6.8% Steam $ 0.1 million / 0.2% N/A N/A Proposed 2028 rate increase (1) Electric (2) $ 179.5 million / 4.5% $ 50.8 million / 3.5% N/A Gas $ 33.3 million / 4.9% (3) $ 6.9 million / 1.5% $ 37.2 million / 4.0% Steam $ 1.2 million / 3.8% N/A N/A Proposed ROE 9.9% 9.9% 9.9% Proposed common equity component average on a financial basis 53.5% 55.0% 53.5% (1) The proposed 2028 rate increases are incremental to the currently authorized revenue plus the requested rate increases for 2027.
Note 24: proposed 2027 and 2028 Wisconsin rate increases · Dépôt 04/08/2026
As a result, WE and WPS defer as a regulatory asset or liability, the difference between actual transmission costs and those included in rates until recovery or refund is authorized in a future rate proceeding.
MD&A Wisconsin: transmission-cost deferral pending recovery or refund authorization · Dépôt 04/08/2026
Three Months Ended June 30 (in millions) 2026 2025 B (W) Operating revenues $ 1,621.5 $ 1,587.2 $ 34.3 Operating expenses Cost of sales (1) 498.1 520.2 22.1 Other operation and maintenance 459.9 416.0 (43.9) Depreciation and amortization 268.1 250.2 (17.9) Property and revenue taxes 48.5 44.5 (4.0) Operating income 346.9 356.3 (9.4) Other income, net 52.2 19.8 32.4 Interest expense 161.8 157.9 (3.9) Income before income taxes 237.3 218.2 19.1 Income tax expense 28.8 35.5 6.7 Preferred stock dividends of subsidiary 0.3 0.3 — Net income attributed to common shareholders $ 208.2 $ 182.4 $ 25.8 (1) Cost of sales includes fuel and purchased power and cost of natural gas sold.
MD&A Wisconsin: second-quarter 2026 and 2025 operating results · Dépôt 04/08/2026
Recovery of the deferred costs in future rates is subject to the review and approval by those regulators.
Regulatory recovery: future-rate recovery requires regulator review and approval · Dépôt 04/08/2026
American Transmission Company LLC Allowed Return on Equity Complaint For transmission owners such as ATC, the ROE allowed by the FERC helps determine how much can be earned on their transmission assets as well as how much consumers pay for those assets.
Regulatory matters: FERC allowed return determines transmission earnings · Dépôt 04/08/2026
Table of Contents Utility Operations (in millions) Wisconsin Illinois Other States Total Utility Operations Electric Transmission Non-Utility Energy Infrastructure Corporate and Other Reconciling Eliminations WEC Energy Group Consolidated Six Months Ended June 30, 2026 External revenues $ 3,959.8 $ 1,011.9 $ 341.6 $ 5,313.3 $ — $ 183.0 $ — $ — $ 5,496.3 Intersegment revenues — — — — — 243.3 — (243.3) — Fuel and purchased power 833.5 — — 833.5 — — — — 833.5 Cost of natural gas sold 637.4 307.7 185.9 1,131.0 — 5.2 — (23.1) 1,113.1 Other operation and maintenance 910.1 221.1 53.6 1,184.8 — 48.6 (2.1) (5.5) 1,225.8 Depreciation and amortization 530.8 132.3 26.2 689.3 — 121.4 10.9 (56.9) 764.7 Property and revenue taxes 99.8 22.3 13.7 135.8 — 10.5 0.1 — 146.4 Equity in earnings of transmission affiliates — — — — 122.1 — — — 122.1 Other income, net (1) 95.3 4.1 0.3 99.7 — 1.2 25.6 (16.8) 109.7 Interest expense 324.1 42.2 10.2 376.5 7.9 60.6 187.0 (174.6) 457.4 Income tax expense (benefit) 102.5 82.0 13.5 198.0 28.1 (61.0) (85.0) — 80.1 Preferred stock dividends of subsidiary 0.6 — — 0.6 — — — — 0.6 Net income attributed to noncontrolling interests — — — — — (2.9) — — (2.9) Net income (loss) attributed to common shareholders $ 616.3 $ 208.4 $ 38.8 $ 863.5 $ 86.1 $ 239.3 $ (85.3) $ — $ 1,103.6 Other Segment Disclosures Capital expenditures and asset acquisitions $ 1,832.1 $ 148.5 $ 44.7 $ 2,025.3 $ — $ 46.6 $ 11.0 $ — $ 2,082.9 (1) Includes amounts that are not material for interest income and other equity earnings from investments other than from transmission affiliates.
Segment information: first-half 2026 earnings and actual capital expenditures · Dépôt 04/08/2026
At June 30, 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 $ (0.4) (3,045) First quarter - 2026 428.3 (6.8) (57,815) Second quarter - 2026 290.8 (13.6) (116,720) We had the following changes to our outstanding common stock during the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Common stock shares outstanding at beginning of period 325,725,678 319,133,501 325,461,519 317,680,855 Shares issued: At-the-market offering program — 2,526,543 — 3,504,367 Stock-based compensation 23,102 47,403 174,312 390,114 401(k) 16,340 71,800 47,274 115,100 Stock investment plan 84,263 87,148 166,278 175,959 Common stock shares outstanding at end of period 325,849,383 321,866,395 325,849,383 321,866,395 On July 16, 2026, our Board of Directors declared a quarterly cash dividend of $0.9525 per share, payable on September 1, 2026, to shareholders of record on August 14, 2026.
Note 8: forward equity contracts and actual share issuance · Dépôt 04/08/2026
We expect total capital expenditures for our regulated utility businesses to be approximately $33.4 billion from 2026 to 2030.
Corporate strategy: planned regulated utility capital expenditures for 2026–2030 · Dépôt 20/02/2026
The following tables provide a reconciliation of the changes in our investments in ATC and ATC Holdco: 2025 (in millions) ATC ATC Holdco Total Balance at January 1 $ 2,085.1 $ 23.8 $ 2,108.9 Add: Earnings from equity method investment 209.7 6.1 215.8 Add: Capital contributions 142.4 — 142.4 Less: Distributions 180.2 6.4 186.6 Less: Other 0.1 — 0.1 Balance at December 31 $ 2,256.9 $ 23.5 $ 2,280.4 2025 Form 10-K 144 WEC Energy Group, Inc.
Note 21: actual transmission investment earnings, contributions and distributions · Dépôt 20/02/2026
Table of Contents Earnings Per Share The following table shows the computation of our basic and diluted EPS for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30 Six Months Ended June 30 (in millions) 2026 2025 2026 2025 Numerator: Net income attributed to common shareholders $ 299.2 $ 245.4 $ 1,103.6 $ 969.6 Denominator: Weighted average basic shares outstanding 325.8 320.3 325.7 319.3 Dilutive effect of stock-based compensation awards 0.6 0.6 0.6 0.5 Dilutive effect of convertible senior notes 2.4 1.3 2.3 0.9 Dilutive effect of forward equity sales contracts 0.1 — — — Weighted average diluted shares 328.9 322.2 328.6 320.7 Basic EPS $ 0.92 $ 0.77 $ 3.39 $ 3.04 Diluted EPS $ 0.91 $ 0.76 $ 3.36 $ 3.02 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) June 30, 2026 December 31, 2025 Commercial paper Amount outstanding $ 1,929.3 $ 1,921.3 Weighted-average interest rate on amounts outstanding 3.97 % 3.89 % Operating expense loans Amount outstanding (1) $ 4.8 $ 3.4 (1)Coyote Ridge Wind, LLC, Tatanka Ridge, Samson I, Thunderhead, and Jayhawk have entered into operating expense loans.
Notes 8 and 9: comparative earnings, diluted EPS and short-term borrowings · Dépôt 04/08/2026
In December 2024, the Compensation Committee approved WEC Energy Group’s earnings per share (75% weight) and cash flow (25% weight) as the primary performance measures to be used in 2025.
Compensation discussion: adopted 2025 EPS and cash-flow incentive weights · Dépôt 26/03/2026
•The 2025 Performance Unit Plan award payouts (including dividend equivalents) are based on the following measures selected by the Compensation Committee at the time of the award: 1) stockholder return as compared to an appropriate peer group, 2) authorized return on equity, and 3) price to earnings ratio as compared to an appropriate peer group.
Compensation discussion: 2025 performance-unit payout measures · Dépôt 26/03/2026
Governance Framework Board Independence/Composition •11 of 12 director nominees are independent •Independent Lead Director with defined duties, elected by other independent directors •Independent Audit, Compensation, Finance and Governance Committees •Opportunity for executive sessions at every board and committee meeting •50% of Board nominees are diverse by gender or race/ethnicity Board Oversight •Short- and long-term strategy and major strategic initiatives •Risk Management Process •Leadership succession planning •Code of Business Conduct •Corporate sustainability, including risks and opportunities created by climate change •Regular reporting from Board committees on specific risk oversight responsibilities Board and Committee Practices •Ongoing Board refreshment, resulting in an average tenure of 7 years •Annual Board and committee evaluations •Strategy and risk oversight discussion at every regular Board meeting •Ongoing education programs by internal and third-party experts •Stock ownership requirements for directors and executives •Recoupment (“clawback”) policies for incentive-based compensation to executives and other officers •Responsible overboarding restrictions Stockholder Rights •Annual election of all directors •Majority voting standard for uncontested elections •One-share, one-vote standard •Proxy access and special meeting provisions in bylaws •Annual “say-on-pay” advisory vote Oversight of 2025 Strategic Initiatives The Board is actively engaged in the oversight of the Company’s strategy, providing advice and counsel as warranted and holding management accountable for making sound decisions in executing important matters affecting its stakeholders.
Governance highlights: board practices, ownership requirements, clawbacks and stockholder rights · Dépôt 26/03/2026
All performance units are settled in cash.
Long-term incentive compensation: cash settlement of performance units · Dépôt 26/03/2026
NOTE 8—COMMON EQUITY Stock-Based Compensation During the six months ended June 30, 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.
Note 8: stock-based compensation actually awarded in first-half 2026 · Dépôt 04/08/2026
4.Amendments to our Restated Articles of Incorporation to eliminate supermajority voting requirements.
Annual meeting agenda: proposed elimination of articles' supermajority requirements · Dépôt 26/03/2026
5.Amendments to our Bylaws to eliminate supermajority voting requirements.
Annual meeting agenda: proposed elimination of bylaws' supermajority requirements · Dépôt 26/03/2026
•A $6.4 million reduction in operation and maintenance expenses due primarily to having fixed cost full service agreements in place in 2026 compared to the same period in 2025.
MD&A non-utility infrastructure: realized operating-cost reduction under fixed-cost service agreements · Dépôt 04/08/2026
We have moved all utilities to a common platform for all customer-facing self-service options.
Customer care: completed migration to a common customer self-service platform · Dépôt 20/02/2026
