MGE Energy Inc

MGE Energy delivered a mixed fourth quarter for fiscal 2025, posting earnings that fell just short of expectations while revenue came in well ahead of Wall Street's targets. The Wisconsin-based utility earned $0.64 per diluted share, missing the $0.66 consensus estimate by 3.03%, even as quarterly revenue climbed 10.6% year over year to $189.55 million, clearing the $165.36 million analyst estimate by 14.63%. The primary engine behind that top-line strength was the electric segment, where newly operational renewable assets, including the 25 MW Darien Solar Project and an 11 MW battery storage system that came online in mid-2025, lifted both output and earnings contributions. The gas segment added further support, with retail therm deliveries rising roughly 14% as the prior year's unusually warm weather created a favorable comparison. For the full year, MGE reported net income of $135.89 million, or $3.72 per diluted share, up from $120.57 million, or $3.33 per diluted share, in 2024, reflecting the company's steady push toward a cleaner, diversified generation portfolio.