WEC Energy Group Inc

Q2 2026 results & guidance reaffirmed (core earnings outlook) - Reported $0.91 EPS in 2Q26, up $0.15 YoY (vs. 2Q25). - Management says results reflect “execution, financial discipline and operating efficiency.” - Reaffirmed 2026 EPS guidance: $5.51–$5.61, assuming normal weather for the rest of the year. - 3Q26 outlook: $0.92–$0.98 EPS, reflecting July weather plus normal weather for the remainder of the quarter. - Key earnings drivers (utility business): Weather hurt (about -$0.05 QoQ, with a weather impact estimate - $0.03 vs normal, vs + $0.02 in 2Q25). Offset by grid-based growth (+$0.13) and sales/tax/other (+$0.06), partially offset by higher depreciation/O&M (-$0.05 O/H and -$0.03 O&M). - Energy Infrastructure segment: +$0.11 YoY, mainly helped by insurance proceeds (storm damages) after last year’s impairment loss; net storm-related impact described as about + $0.04 (after netting two items).

Data-center growth engine + forecast of “very large customers” (big opportunity) - Highlighted strong regional demand tied to hyperscaler/data center development in Wisconsin: - Microsoft (Pleasant Prairie / I‑94 corridor south of Milwaukee): first data center already operational; Microsoft purchased >2,200 acres; company preparing for +2.6 GW demand increase through 2030, with expansion opportunity. - Vantage / Oracle (north of Milwaukee): construction progressing; first facility potentially late 2027. Vantage expects to invest $15B to complete the initial phase in 2028. Company has 1.3 GW demand in forecast over next 5 years; potential to reach 3.5 GW over time. - Additional industrial and energy-related projects mentioned (backup generator production expansion in Kenosha; Waukegan Steel HQ move; Harley Davidson returning some production to WI). - Capital plan theme: by 2030 ~15% of asset base dedicated to these “very large customers.” - Long-term growth framework: management reaffirmed 7%–8% EPS CAGR (2026–2030) based on midpoint 2025 adjusted guidance; expects acceleration to upper-half starting in 2028.

Major capital execution (execution confidence) & what’s next - 5-year capital plan: $37.5B projected investments (low-risk, executable projects; “very large customers” are a significant portion). - New gas generation projects (Paris and Old Creek, WI) under construction; expected online in late 2027. - Management is updating the next capital plan and plans to share details on the 3Q call (implies the upcoming plan could reveal additional upside beyond today’s guidance). - Surprising/important investor takeaway: while they present “high confidence” in current execution, they also emphasize capital could be “option” for additional capacity decisions (e.g., Point Beach discussion), meaning plan refresh could change mix/scale.