MGE Energy

Q2 FY2026 EarningsQ2 FY26 results significantly outperformed consensus, with diluted EPS of $0.89 exceeding the $0.77 mean estimate by 15.6%. Total operating revenue grew to $161.2M, driven by electric rate increases approved in the 2026/2027 rate case. The substantial earnings beat was primarily powered by a surge in non-operating income, specifically $2.5M in venture capital investment gains and higher AFUDC from an accelerating renewable energy capital program. Management reaffirmed its focus on a $203M natural gas-fired plant acquisition and the transition to net-zero carbon by 2050.