WEC Energy : March Investor Book

Investing in Efficiency, Sustainability and Growth

Cautionary Statement Regarding Forward-Looking Information

Much of the information contained in this presentation is forward-looking information based upon management's current expectations and projections that involve risks and uncertainties. Forward-looking information includes, among other things, information concerning earnings per share, rate case activity, earnings per share growth, cash flow, sources of revenue, dividend growth and dividend payout ratios, sales volumes, capital plans, credit ratings, credit metrics, debt-financings, construction costs, investment opportunities, corporate initiatives (including the ESG Progress Plan), rate base, and environmental matters (including emission reductions). Readers are cautioned not to place undue reliance on this forward-looking information. Forward-looking information is not a guarantee of future performance and actual results may differ materially from those set forth in the forward-looking information.

Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company's service territories; timing, resolution and impact of rate cases and other regulatory decisions, including rider reconciliations; the company's ability to continue to successfully integrate the operations of its subsidiaries; availability of the company's generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; unusual, varying or severe weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; electrification initiatives, mandates and other efforts to reduce the use of natural gas; the company's ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan; terrorist, physical or cyber-security threats or attacks and data security breaches; construction risks; labor disruptions; equity and bond market fluctuations; changes in the company's and its subsidiaries' ability to access the capital markets and shareholder approval of related proposals; changes in tax legislation or our ability to use certain tax benefits and carryforwards; federal, state, and local legislative and regulatory changes, including changes in rate-setting policies or procedures and environmental standards, the enforcement of these laws and regulations or permit conditions and changes in the interpretation of regulations by regulatory agencies; supply chain disruptions; inflation; political or geopolitical developments, including impacts on the global economy, supply chain and fuel prices, generally, from ongoing, escalating, or expanding regional conflicts; the impact from any health crises, including epidemics and pandemics; current and future litigation and regulatory investigations, proceedings or inquiries; changes in accounting standards; the financial performance of the American Transmission Company as well as projects in which the company's energy infrastructure business invests; the ability of the company to obtain additional generating capacity at competitive prices; goodwill and its possible impairment; and other factors described under the heading "Factors Affecting Results, Liquidity and Capital Resources" in Management's Discussion and Analysis of Financial Condition and Results of Operations and under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" contained in WEC Energy Group's Form 10-K for the year ended December 31, 2023, and in subsequent reports filed with the Securities and Exchange Commission. Except as may be required by law, WEC Energy Group expressly disclaims any obligation to publicly update or revise any forward-looking information.

$24.8 billion market cap*

4.7 million retail customers

60% ownership of American Transmission Company

$43.9 billion of assets

* As of February 29, 2024

The Premier Energy Company in America's Heartland

A History of Quality Earnings Growth

$6.00

$4.80-$4.90 $5.00

$4.00

$3.00

$2.00

$1.00

$0.00 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

GAAPAdjusted**2024 Guidance

* Estimated based on 2024 guidance midpoint of $4.85 per share.

** See Appendix for reconciliation of adjusted amounts to GAAP amounts.

Consistent Performance Over Time

EPS Guidance

2023

Exceeded*



2022

Exceeded



2021

Exceeded



2020

Exceeded



2019

Exceeded



2018

Exceeded



2017

Exceeded



2016

Exceeded



2015

Exceeded



2014

Exceeded



2013

Exceeded



2012

Exceeded



2011

Exceeded



2010

Exceeded



2009

Exceeded



2008

Exceeded



2007

Exceeded



2006

Exceeded



2005

Exceeded



2004

Exceeded



Strong Dividend Growth Continues

•  In January, raised the dividend by 7.0% to a new annual rate of $3.34 per share*

•  Marks the 21st consecutive year of rewarding shareholders with higher dividends

•  Top decile dividend growth in industry**

•  Added to S&P's High Yield Dividend Aristocrats Index

* Annualized based on the first quarter of 2024 dividend of 83.5 cents per share ** Reflects current and expected dividends declared in 2024 6

Earnings Guidance Update

•  Affirmed 2024 earnings guidance of $4.80 to $4.90 per share*

•  In light of one of the warmest winters in history, first-quarter earnings guidance lowered to a range of $1.89 to $1.91 per share

  •  Previous first-quarter earnings guidance was $1.96 to $2.00 per share

•  First-quarter 2023 earnings were $1.61 per share

*Assumes normal weather going forward

Increasing Five-Year Capital Plan by $300 Million

November 2023 plan

$ In billions

2024-2028

2024-2028

*ATC is accounted for using the equity method; this represents WEC Energy Group's portion of the investment. ** Includes all gas utilities and Bluewater.

Energy Infrastructure

ATC*

Gas Delivery**

WI/MI Electric Delivery

WI LNG Capacity

WI/MI Generation

Capital Plan - Key Drivers

 Illinois gas delivery:	- $800 million
 Energy infrastructure:	+ $800 million
 Regulated renewables:	+ $200 million
 Electric delivery:	+ $100 million

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