MGE Energy, Inc. reported fourth‑quarter 2025 results that included net income of $23.3 million, or $0.64 per share, and operating revenue of $189.553 million. Year‑over‑year, net income rose 5.5 % to $135.9 million for the full year, while revenue climbed 11.2 % to $743.7 million.
The earnings lift was driven by the successful commissioning of the Darien Solar Project in March 2025 and the Paris Battery Energy Storage System in June 2025, which together added $11.3 million to electric‑segment earnings. Gas‑segment earnings grew $2.5 million, supported by a 14 % increase in retail therm deliveries that followed a cooler 2024 season.
Earnings per share met consensus expectations, which were $0.64 or $0.66, while revenue surpassed the $179.83 million estimate. The revenue beat reflects strong demand in the electric segment from new renewable assets and a rebound in gas sales, offsetting any headwinds in legacy generation.
MGE’s $330 million annual capital plan continues to expand solar, wind, and storage capacity, reinforcing its net‑zero carbon electricity goal for 2050. The company’s strategy to capture higher returns through PSCW‑approved rate recoveries is evident in the mix shift toward higher‑margin renewable generation.
No forward guidance was disclosed in the release. Management reiterated its focus on renewable expansion, cost discipline, and maintaining a robust capital structure to support long‑term growth.
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