WEC Energy Group, Inc.

WEC Energy Group reported second-quarter 2026 earnings of $0.91 per share, up $0.15 from the second quarter of 2025. Utility operations contributed $0.06 more year over year, while weather reduced quarter-over-quarter earnings by about $0.05 and was a $0.03 negative versus normal conditions in Q2 2026 compared with a $0.02 positive impact in Q2 2025. Grid-based growth added $0.13, including $0.09 of incremental AFUDC equity and $0.02 of incremental cash returns from projects under construction, mostly supporting VLC customers. Energy Infrastructure earnings were $0.11 higher year over year, helped by the absence of last year’s storm-related impairment loss and by insurance proceeds; Corporate and Other fell $0.03. Management reaffirmed 2026 EPS guidance of $5.51 to $5.61 and said third-quarter EPS is expected to be $0.92 to $0.98, both assuming normal weather. The company also expects to issue about $1.1 billion of common equity this year and said it had already locked in about $760 million in the first half.

Scott Lauber’s message was centered on execution, reliability, and growth tied to regional economic development. He pointed to strong momentum from Microsoft and Vantage/Oracle data-center projects, plus a broader Wisconsin business backdrop that he said supports the company’s capital plan. His tone was constructive and confident, with repeated emphasis that WEC is on track and has high confidence in its ability to execute.

Liu Xia said second-quarter EPS of $0.91 was $0.15 higher than a year ago, with utility ops up $0.06 and Energy Infrastructure up $0.11, partly offset by a $0.03 decline in Corporate and Other. She broke out major drivers including $0.13 from grid-based growth, $0.05 of weather pressure, $0.05 from depreciation and amortization, and $0.03 from higher O&M. She also said WEC has locked in about $760 million of common equity in the first half, expects about $1.1 billion for the full year, and remains comfortable using the ATM program while also considering more cash-generating tariff structures to support funding needs.

Analysts focused on the Oracle/Port Washington project, asking about lawsuit risk, collateral, and whether the site could be redeployed. Management said construction is continuing on time and on budget, that Oracle remains committed, and that the tariff/collateral structure is designed to protect other customers and shareholders. Other questions centered on the next data-center customers, the pace of the Vantage transmission line, Point Beach replacement planning, and whether the 2026–2028 rate cases might settle; management said additional customer discussions are ongoing, the transmission line is tracking toward year-end decision timing, and Wisconsin settlements are possible while Illinois settlements are less likely.