Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

(Mark One)

☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ___________________

Commission File Number						Registrant; State of Incorporation; Address; and Telephone Number						IRS Employer Identification No.
001-09057						WEC ENERGY GROUP, INC.						39-1391525

(A Wisconsin Corporation)

231 West Michigan Street

P.O. Box 1331

Milwaukee, WI 53201

(414) 221-2345

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class						Trading Symbol(s)						Name of Each Exchange on Which Registered
Common Stock, $.01 Par Value						WEC						New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☒ No ☐

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☒

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

			Large accelerated filer			☒						Accelerated filer			☐
			Non-accelerated filer			☐						Smaller reporting company						☐
												Emerging growth company						☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The aggregate market value of the common stock of WEC Energy Group, Inc. held by non-affiliates was $33.5 billion based upon the reported closing price of such securities as of June 30, 2025.

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date (January 31, 2026):

Common Stock, $.01 par value, 325,531,361 shares outstanding

Documents incorporated by reference:

Portions of WEC Energy Group, Inc.'s Definitive Proxy Statement on Schedule 14A for its Annual Meeting of Shareholders, to be held on May 7, 2026, are incorporated by reference into Part III hereof.

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WEC ENERGY GROUP, INC.

ANNUAL REPORT ON FORM 10-K

For the Year Ended December 31, 2025

TABLE OF CONTENTS

															Page
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION															1
PART I															4
ITEM 1.			BUSINESS												4
			A.			INTRODUCTION									4
			B.			UTILITY ENERGY OPERATIONS									4
			C.			ELECTRIC TRANSMISSION SEGMENT									15
			D.			NON-UTILITY OPERATIONS									16
			E.			REGULATION									18
			F.			ENVIRONMENTAL COMPLIANCE									21
			G.			HUMAN CAPITAL									21
ITEM 1A.			RISK FACTORS												24
ITEM 1B.			UNRESOLVED STAFF COMMENTS												39
ITEM 1C.			CYBERSECURITY												39
ITEM 2.			PROPERTIES												40
ITEM 3.			LEGAL PROCEEDINGS												44
ITEM 4.			MINE SAFETY DISCLOSURES												44
			INFORMATION ABOUT OUR EXECUTIVE OFFICERS												45
PART II															46
ITEM 5.			MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES												46
ITEM 6.			RESERVED												46
ITEM 7.			MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS												47
ITEM 7A.			QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK												83
ITEM 8.			FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA												84
			A.			Reports of Independent Registered Public Accounting Firm									84
			B.			Consolidated Income Statements									87
			C.			Consolidated Statements of Comprehensive Income									88
			D.			Consolidated Balance Sheets									89
			E.			Consolidated Statements of Cash Flows									90
			F.			Consolidated Statements of Equity									91
			G.			Notes to Consolidated Financial Statements									92
						Note 1			Summary of Significant Accounting Policies			92
						Note 2			Acquisitions			105
						Note 3			Disposition			107
						Note 4			Operating Revenues			108
						Note 5			Credit Losses			111
						Note 6			Regulatory Assets and Liabilities			113
						Note 7			Property, Plant, and Equipment			115
						Note 8			Jointly Owned Utility Facilities			117
						Note 9			Asset Retirement Obligations			118
						Note 10			Goodwill and Intangibles			119
						Note 11			Common Equity			120
						Note 12			Preferred Stock			124
						Note 13			Short-Term Debt and Lines of Credit			124
						Note 14			Long-Term Debt			126
						Note 15			Leases			131
						Note 16			Income Taxes			133

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						Note 17			Fair Value Measurements			137
						Note 18			Derivative Instruments			138
						Note 19			Guarantees			139
						Note 20			Employee Benefits			139
						Note 21			Investment in Transmission Affiliates			144
						Note 22			Segment Information			146
						Note 23			Variable Interest Entities			150
						Note 24			Commitments and Contingencies			152
						Note 25			Supplemental Cash Flow Information			157
						Note 26			Regulatory Environment			158
						Note 27			Other Income, Net			164
						Note 28			New Accounting Pronouncements			164
ITEM 9.			CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE												166
ITEM 9A.			CONTROLS AND PROCEDURES												166
ITEM 9B.			OTHER INFORMATION												166
ITEM 9C.			DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS												166
PART III															167
ITEM 10.			DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE OF THE REGISTRANT												167
ITEM 11.			EXECUTIVE COMPENSATION												167
ITEM 12.			SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS												167
ITEM 13.			CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE												168
ITEM 14.			PRINCIPAL ACCOUNTING FEES AND SERVICES												168
PART IV															169
ITEM 15.			EXHIBITS AND FINANCIAL STATEMENT SCHEDULES												169
ITEM 16.			FORM 10-K SUMMARY												174
SCHEDULE I — CONDENSED PARENT COMPANY FINANCIAL STATEMENTS															175
			A.			Income Statements									175
			B.			Statements of Comprehensive Income									176
			C.			Balance Sheets									177
			D.			Statements of Cash Flows									178
			E.			Notes to Parent Company Financial Statements									179
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS															182
SIGNATURES															183

2025 Form 10-K			ii			WEC Energy Group, Inc.

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GLOSSARY OF TERMS AND ABBREVIATIONS

The abbreviations and terms set forth below are used throughout this report and have the meanings assigned to them below:

Subsidiaries and Affiliates
ATC						American Transmission Company LLC
ATC Holdco						ATC Holdco LLC
ATC Holding						ATC Holding LLC
Bishop Hill III						Bishop Hill Energy III LLC
Blooming Grove						Blooming Grove Wind Energy Center LLC
Bluewater						Bluewater Natural Gas Holding, LLC
Bluewater Gas Storage						Bluewater Gas Storage, LLC
Coyote Ridge						Coyote Ridge Wind, LLC
Delilah I						Delilah Solar Energy LLC
Hardin III						Hardin Solar Energy III LLC
Integrys						Integrys Holding, Inc.
Jayhawk						Jayhawk Wind, LLC
Maple Flats						Maple Flats Solar Energy Center LLC
MERC						Minnesota Energy Resources Corporation
MGU						Michigan Gas Utilities Corporation
NSG						North Shore Gas Company
PDL						WPS Power Development, LLC
PELLC						Peoples Energy, LLC
PGL						The Peoples Gas Light and Coke Company
Samson I						Samson Solar Energy LLC
Sapphire Sky						Sapphire Sky Wind Energy LLC
Tatanka Ridge						Tatanka Ridge Wind, LLC
Thunderhead						Thunderhead Wind Energy LLC
UMERC						Upper Michigan Energy Resources Corporation
Upstream						Upstream Wind Energy LLC
WBS						WEC Business Services LLC
WE						Wisconsin Electric Power Company
We Power						W.E. Power, LLC
WEC Energy Group						WEC Energy Group, Inc.
WECC						Wisconsin Energy Capital Corporation
WECI						WEC Infrastructure LLC
WECI Energy Holding III						WEC Infrastructure Energy Holding III LLC
WECI Wind Holding I						WEC Infrastructure Wind Holding I LLC
WECI Wind Holding II						WEC Infrastructure Wind Holding II LLC
WEPCo Environmental Trust						WEPCo Environmental Trust Finance I, LLC
WG						Wisconsin Gas LLC
Wispark						Wispark LLC
Wisvest						Wisvest LLC
WPS						Wisconsin Public Service Corporation
WRPC						Wisconsin River Power Company
Federal and State Regulatory Agencies
CBP						United States Customs and Border Protection Agency
DOC						United States Department of Commerce
DOE						United States Department of Energy
EPA						United States Environmental Protection Agency
FERC						Federal Energy Regulatory Commission
ICC						Illinois Commerce Commission
IRS						United States Internal Revenue Service
MPSC						Michigan Public Service Commission
MPUC						Minnesota Public Utilities Commission
PSCW						Public Service Commission of Wisconsin

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SEC						Securities and Exchange Commission
USITC						United States International Trade Commission
WDNR						Wisconsin Department of Natural Resources
Accounting Terms
AFUDC						Allowance for Funds Used During Construction
ARO						Asset Retirement Obligation
ASC						Accounting Standards Codification
ASU						Accounting Standards Update
CWIP						Construction Work in Progress
FASB						Financial Accounting Standards Board
GAAP						Generally Accepted Accounting Principles
LIFO						Last-In, First-Out
OPEB						Other Postretirement Employee Benefits
VIE						Variable Interest Entity
Environmental Terms
Act 141						2005 Wisconsin Act 141
BTA						Best Technology Available
CAA						Clean Air Act
CCR						Coal Combustion Residual
CO2						Carbon Dioxide
ELG						Steam Electric Effluent Limitation Guidelines
GHG						Greenhouse Gas
GHG Power Plant Rule						2024 Greenhouse Gas Power Plant Rule
MATS						Mercury and Air Toxics Standards
NAAQS						National Ambient Air Quality Standards
NOx						Nitrogen Oxide
PCB						Polychlorinated Biphenyl
PCCC						Permanent Cessation of Coal Combustion
PM2.5						Particulates Less Than 2.5 Micrometers in Diameter
SO2						Sulfur Dioxide
ZLD						Zero Liquid Discharge
Measurements
Bcf						Billion Cubic Feet
Dth						Dekatherm
GW						Gigawatt
lb/MMBtu						Pound Per Million British Thermal Unit
MDth						One Thousand Dekatherms
MW						Megawatt
MWh						Megawatt-hour
µg/m3						Micrograms Per Cubic Meter
Other Terms and Abbreviations
2007 Junior Notes						WEC Energy Group, Inc.'s 2007 Junior Subordinated Notes Due 2067
2024A Junior Notes						WEC Energy Group, Inc.'s Series 2024A 6.69% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due June 15, 2055
2024B Junior Notes						WEC Energy Group, Inc.'s Series 2024B 6.74% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due June 15, 2055
2025 Junior Notes						WEC Energy Group, Inc.'s Series 2025 5.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due May 15, 2056
2027 Notes						WEC Energy Group, Inc.'s 4.375% Convertible Senior Notes Due 2027
2028 Notes						WEC Energy Group, Inc.'s 3.375% Convertible Senior Notes Due 2028
2029 Notes						WEC Energy Group, Inc.'s 4.375% Convertible Senior Notes Due 2029
AD						Antidumping
AI						Artificial Intelligence

2025 Form 10-K			iv			WEC Energy Group, Inc.

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AOC						Audit and Oversight Committee of the Board of Directors
AREP						Amended Renewable Energy Plan
ARR						Auction Revenue Right
Badger Hollow I						Badger Hollow Solar Park I
Badger Hollow II						Badger Hollow Solar Park II
BESS						Battery Energy Storage System
CABO						Clean and Affordable Buildings Ordinance
CAO						Chief Administrative Officer
CEO						Chief Executive Officer
CFR						Code of Federal Regulations
Chicago, IL-IN-WI						Chicago, Illinois, Indiana, and Wisconsin
CODM						Chief Operating Decision Maker
Columbia						Columbia Energy Center
Compensation Committee						Compensation Committee of the Board of Directors
CSIRT						Cybersecurity Incident Response Team
CT						Combustion Turbine
CVD						Countervailing Duty
D.C. Circuit Court of Appeals						United States Court of Appeals for the District of Columbia Circuit
Darien						Darien Solar Park
DER						Distributed Energy Resource
EDA						Equity Distribution Agreement
Edgewater						Edgewater Generating Station
Enterprise Security Director						Director of Enterprise Security & Compliance
EPS						Earnings Per Share
ERGS						Elm Road Generating Station
ER 1						Elm Road Generating Station Unit 1
ER 2						Elm Road Generating Station Unit 2
ERSC						Enterprise Risk Steering Committee
ETB						Environmental Trust Bond
Exchange Act						Securities Exchange Act of 1934, as amended
Forward Wind						Forward Wind Energy Center
FTR						Financial Transmission Right
GCRM						Gas Cost Recovery Mechanism
High Noon						High Noon Solar Energy Center
Holding Company Act						Wisconsin Utility Holding Company Act
IRA						Inflation Reduction Act
IT/OT						Information Technology and Operational Technology
ITC						Investment Tax Credit
Koshkonong						Koshkonong Solar Park
LDC						Local Natural Gas Distribution Company
LMP						Locational Marginal Price
LNG						Liquefied Natural Gas
MISO						Midcontinent Independent System Operator, Inc.
MISO Energy Markets						MISO Energy and Operating Reserves Market
MRP						Main Replacement Program
NYMEX						New York Mercantile Exchange
OBBBA						One Big Beautiful Bill Act
OCPP						Oak Creek Power Plant
OMB						Office of Management and Budget
Omnibus Stock Incentive Plan						WEC Energy Group Omnibus Stock Incentive Plan, Amended and Restated, Effective as of May 6, 2021
Paris						Paris Solar-Battery Park
PHMSA						Pipeline and Hazardous Materials Safety Administration
PIPP						Presque Isle Power Plant
Point Beach						Point Beach Nuclear Power Plant
PPA						Power Purchase Agreement
PRP						Pipe Retirement Program

2025 Form 10-K			v			WEC Energy Group, Inc.

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PTC						Production Tax Credit
PUHCA 2005						Public Utility Holding Company Act of 2005
Pulliam						J. P. Pulliam Generating Station
PWGS						Port Washington Generating Station
PWGS 1						Port Washington Generating Station Unit 1
PWGS 2						Port Washington Generating Station Unit 2
QIP						Qualifying Infrastructure Plant
REC						Renewable Energy Certificate
Red Barn						Red Barn Wind Park
Renegade						Renegade Solar Energy Center
RICE						Reciprocating Internal Combustion Engine
RNG						Renewable Natural Gas
ROE						Return on Equity
Rothschild						Rothschild Biomass Cogeneration Plant
RTO						Regional Transmission Organization
S&P						Standard & Poor's
Saratoga						Saratoga Solar Electric Generation and BESS Facility
SSR						System Support Resource
Supreme Court						United States Supreme Court
Tax Legislation						Tax Cuts and Jobs Act of 2017
TCR						Transmission Congestion Right
Tilden						Tilden Mining Company
Two Creeks						Two Creeks Solar Park
UEA						Uncollectible Expense Adjustment
UFLPA						Uyghur Forced Labor Prevention Act
VAPP						Valley Power Plant
VLC						Very Large Customer
West Riverside						West Riverside Energy Center
Weston						Weston Generating Station
Whitetail						Whitetail Wind Energy Generation Facility
Whitewater						Whitewater Cogeneration Facility
WPL						Wisconsin Power and Light Company

2025 Form 10-K			vi			WEC Energy Group, Inc.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

In this report, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. These statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements may be identified by reference to a future period or periods or by the use of terms such as "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goals," "guidance," "intends," "may," "objectives," "plans," "possible," "potential," "projects," "seeks," "should," "targets," "will," or variations of these terms.

Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding earnings, completion of capital projects, sales and customer growth, rate actions and related filings with regulatory authorities, environmental and other regulations, including associated compliance costs, legal proceedings, dividend payout ratios, effective tax rates, pension and OPEB plans, fuel costs, sources of electric energy supply, coal and natural gas deliveries, remediation costs, climate-related matters, our capital plan, liquidity and capital resources, and other matters.

Forward-looking statements are subject to a number of risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in the statements. These risks and uncertainties include those described in Item 1A. Risk Factors and those identified below:

• Factors affecting utility and non-utility energy infrastructure operations such as catastrophic weather-related damage, environmental incidents, unplanned facility outages and repairs and maintenance, electric grid reliability, and electric transmission or natural gas pipeline system constraints;

• Factors affecting the demand for electricity and natural gas, including political or regulatory developments, varying, adverse, or unusually severe weather conditions, changes in economic conditions, including continued economic growth, customer growth and declines, including our ability to develop and/or acquire new generation to meet demand from data centers and other large customers and uncertainty regarding the projected demand from these customers, commodity prices, energy conservation efforts, and continued adoption of distributed generation by customers or co-location of generation near data centers;

• The timing, resolution, and impact of rate cases and negotiations, including recovery of deferred and current costs and the ability to earn a reasonable return on investment, and other regulatory decisions impacting our regulated operations;

• The impact of federal, state, and local legislative and/or regulatory changes, including changes in rate-setting policies or procedures, the results of rate orders, deregulation and restructuring of the electric and/or natural gas utility industries, transmission or distribution system operation, changes to address energy affordability concerns, the approval process for new construction, reliability standards, pipeline integrity and safety standards, allocation of energy assistance, energy efficiency mandates, electrification initiatives and other efforts to reduce the use of natural gas, and tax laws, including those that affect our ability to use PTCs and ITCs, as well as changes in the interpretation and/or enforcement of any laws or regulations by regulatory agencies;

• Federal, state, and local legislative and regulatory changes relating to the environment, including changing environmental regulations impacting generation facilities and renewable energy standards, the enforcement of these laws and regulations, changes in and uncertainty regarding the interpretation of regulations or permit conditions by regulatory agencies, and the recovery of associated remediation and compliance costs;

• The ability to obtain and retain customers, including wholesale customers, due to increased competition in our electric and natural gas markets from retail choice and alternative electric suppliers, and continued industry consolidation;

• The timely completion of capital projects within budgets and the ability to recover the related costs through rates;

• The impact of changing expectations and demands of our customers, regulators, investors, and other stakeholders;

• The risk of delays and shortages, and increased costs of equipment, materials, or other resources that are critical to our business operations and corporate strategy, as a result of changes to U.S. trade policy (including changes to tariffs on imports, port fees, and other trade policy tools) as well as changes to foreign governments' trade policies impacting U.S. exports, supply chain disruptions (including from rail congestion), inflation, and other factors;

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• Risks related to providing service to our data center and other large-scale customers including project termination, cancellation or delay, failure to receive regulatory approvals of projects or tariffs or other necessary permitting or siting approvals, delays in recovery of contractual reimbursement for project costs, the ability to fully recover our investment on assets developed to serve our large-scale customers, lower than anticipated need for electricity by these customers, failure to garner public support, or new legislation or regulation impacting large-scale customer cost allocation;

• The impact of public health crises, including epidemics and pandemics, on our business functions, financial condition, liquidity, and results of operations;

• Risks inherent in electric generation and distribution and natural gas transportation, distribution, and storage activities, including leaks, accidental explosions, mechanical problems, fires, discharges or releases of toxic or hazardous substances or gases, and risks related to the ability to obtain adequate insurance to cover such events;

• Factors affecting the achievement of our CO2 emission reduction goal and related opportunities and actions, including related regulatory decisions, the cost of materials, supplies, and labor, technology advances, significant increases in demand, the feasibility of competing generation projects, and our ability to execute our capital plan;

• The risks associated with inflation and changing commodity prices, including natural gas and electricity;

• The availability and cost of sources of natural gas and other fossil fuels, purchased power, materials needed to operate environmental controls at our electric generating facilities, or water supply due to high demand, shortages, transportation problems, nonperformance by electric energy or natural gas suppliers under existing power purchase or natural gas supply contracts, or other developments;

• Any impacts on the global economy, including from sanctions, and impacts on supply chains and fuel prices, generally, from increasing tensions between the United States and other countries or from other new, protracted or escalating regional or international conflicts;

• Changes in credit ratings, interest rates, and our ability to access the capital markets, caused by volatility in the global credit markets, our capitalization structure, and market perceptions of the utility industry, us, or any of our subsidiaries;

• Costs and effects of litigation, administrative proceedings, investigations, settlements, claims, and inquiries;

• The direct or indirect effect on our business resulting from terrorist or other physical attacks and cybersecurity intrusions, as well as the threat of such incidents, including the failure to maintain the security of personally identifiable information, the associated costs to protect our utility assets, technology systems, and personal information, and the costs to notify affected persons to mitigate their information security concerns and to comply with state notification laws;

• Restrictions imposed by various financing arrangements and regulatory requirements on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans or advances, that could prevent us from paying our common stock dividends, taxes, and other expenses, and meeting our debt obligations;

• The risk of financial loss, including increases in bad debt expense, associated with the inability of our customers, counterparties, and affiliates to meet their obligations;

• Changes in the creditworthiness of the counterparties with whom we have contractual arrangements, including data center and other large-scale customers, participants in the energy trading markets, and fuel suppliers and transporters;

• The financial performance of ATC and its corresponding contribution to our earnings;

• The investment performance of our employee benefit plan assets, as well as unanticipated changes in related actuarial assumptions, which could impact future funding requirements;

• Factors affecting the employee workforce, including loss of key personnel, internal restructuring, work stoppages, and collective bargaining agreements and negotiations with union employees;

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• Advances in technology, and related legislation or regulation supporting the use of that technology, that result in competitive disadvantages and create the potential for impairment of existing assets;

• Risks involved in developing and implementing AI, including data privacy concerns or other legal liability, new or enhanced governmental or regulatory scrutiny or regulations governing the use of AI, the ability to meet expectations or requirements relating to adoption or implementation of AI technology, or other complications related to the use of AI;

• Risks related to our non-utility renewable energy facilities, including unfavorable weather, changes in the financial performance and/or creditworthiness of counterparties to the off-take agreements, changes in demand based on lower prices for alternative energy sources, pricing differentials between the facilities' point of interconnection and our required delivery location, the ability to replace expiring PPAs under acceptable terms, rights to property on which our projects are located but we do not own, the availability of reliable interconnection and electricity grids, the performance and quality of the wind turbine and solar panel components and availability of replacement parts, and exposure to the rules and procedures of the power markets in which these facilities are located;

• The risk associated with the values of goodwill and other long-lived assets, including intangible assets, and equity method investments and their possible impairment;

• Potential business strategies to acquire and dispose of assets or businesses, or portions thereof, which cannot be assured to be completed timely or within budgets, and legislative or regulatory restrictions or caps on non-utility acquisitions, investments or projects, including the State of Wisconsin's public utility holding company law;

• The timing and outcome of any audits, disputes, and other proceedings related to taxes;

• The effect of accounting pronouncements issued periodically by standard-setting bodies; and

• Other considerations disclosed elsewhere herein and in other reports we file with the SEC or in other publicly disseminated written documents.

Except as may be required by law, we expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

2025 Form 10-K			3			WEC Energy Group, Inc.

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PART I