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Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

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Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

1.Financial Statements and Reports of Independent Registered Public Accounting Firm Included in Part II of This Report
DescriptionPage in 10-K
Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 34)84
Consolidated Income Statements for the three years ended December 31, 2025, 2024, and 2023.87
Consolidated Statements of Comprehensive Income for the three years ended December 31, 2025, 2024, and 2023.88
Consolidated Balance Sheets at December 31, 2025 and 2024.89
Consolidated Statements of Cash Flows for the three years ended December 31, 2025, 2024, and 2023.90
Consolidated Statements of Equity for the three years ended December 31, 2025, 2024, and 2023.91
Notes to Consolidated Financial Statements.92
2.Financial Statement Schedules Included in Part IV of This Report
Schedule I, Condensed Parent Company Financial Statements, including Income Statements, Statements of Comprehensive Income, and Statements of Cash Flows for the three years ended December 31, 2025, 2024, and 2023, and Balance Sheets as of December 31, 2025 and 2024.175
Schedule II, Valuation and Qualifying Accounts, for the three years ended December 31, 2025, 2024, and 2023.182
Other schedules are omitted because of the absence of conditions under which they are required or because the required information is given in the financial statements or notes thereto.
3.Exhibits and Exhibit Index
The following exhibits are filed or furnished with or incorporated by reference in the report with respect to WEC Energy Group, Inc. (File No. 001-09057). An asterisk (*) indicates that the exhibit has previously been filed with the SEC and is incorporated herein by reference. Each management contract and compensatory plan or arrangement required to be filed as an exhibit to this report pursuant to Item 15(b) of Form 10-K is identified below by two asterisks (**) following the description of the exhibit.
NumberExhibit
3Articles of Incorporation and By-laws
3.1*Restated Articles of Incorporation of WEC Energy Group, as amended effective May 21, 2012. (Exhibit 3.1 to Wisconsin Energy Corporation's 06/30/12 Form 10-Q.)
3.2*Articles of Amendment to the Restated Articles of Incorporation of WEC Energy Group, as amended. (Exhibit 3.1 to WEC Energy Group's 06/29/15 Form 8-K.)
3.3*Articles of Amendment to the Restated Articles of Incorporation of WEC Energy Group, as amended, dated May 9, 2024. (Exhibit 3.1 to WEC Energy Group's 06/30/2024 Form 10-Q.)
3.4*Bylaws of WEC Energy Group, as amended to January 19, 2023. (Exhibit 3.1 to WEC Energy Group's 01/20/23 Form 8-K.)
2025 Form 10-K169WEC Energy Group, Inc.

Table of Contents

NumberExhibit
4Instruments defining the rights of security holders, including indentures
4.1*Reference is made to Article III of the Restated Articles of Incorporation and the Bylaws of WEC Energy Group. (See Exhibits 3.1 and 3.3 above.)
4.2*Description of WEC Energy Group's Common Stock. (Exhibit 4.2 to WEC Energy Group's 12/31/2024 Form 10-K.)
Indentures and Securities Resolutions:
4.3*Indenture for Debt Securities of WE (the "WE Indenture"), dated December 1, 1995. (Exhibit (4)-1 under File No. 1-1245, WE's 12/31/95 Form 10-K.)
4.4*Securities Resolution No. 1 of WE under the WE Indenture, dated December 5, 1995. (Exhibit (4)-2 under File No. 1-1245, WE's 12/31/95 Form 10-K.)
4.5*Securities Resolution No. 3 of WE under the WE Indenture, dated May 27, 1998. (Exhibit (4)-1 under File No. 1-1245, WE’s 06/30/98 Form 10-Q.)
4.6*Securities Resolution No. 5 of WE under the WE Indenture, dated as of May 1, 2003. (Exhibit 4.47 filed with Post-Effective Amendment No. 1 to WE's Registration Statement on Form S-3. (File No. 333-101054), filed May 6, 2003.)
4.7*Securities Resolution No. 7 of WE under the WE Indenture, dated as of November 2, 2006. (Exhibit 4.1 under File No. 1-1245, WE's 11/02/06 Form 8-K.)
4.8*Securities Resolution No. 12 of WE under the WE Indenture, dated as of December 5, 2012. (Exhibit 4.1 under File No. 1-1245, WE's 12/05/12 Form 8-K.)
4.9*Securities Resolution No. 14 of WE under the WE Indenture, dated as of May 12, 2014. (Exhibit 4.1 under File No. 1-1245, WE's 05/12/14 Form 8-K.)
4.10*Securities Resolution No. 16 of WE under the WE Indenture, dated as of November 13, 2015. (Exhibit 4.1 under File No. 1-1245, WE's 11/13/15 Form 8-K.)
4.11*Securities Resolution No. 17 of WE under the WE Indenture, dated as of October 1, 2018. (Exhibit 4.1 under File No. 1-1245, WE's 10/01/18 Form 8-K.)
4.12*Securities Resolution No. 19 of WE under the WE Indenture, dated as of June 8, 2021. (Exhibit 4.1 under File No. 1-1245, WE's 06/15/21 Form 8-K.)
4.13*Securities Resolution No. 20 of WE under the WE Indenture, dated as of September 14, 2022. (Exhibit 4.1 under File No. 1-1245, WE's 09/22/22 Form 8-K.)
4.14*Securities Resolution No. 21 of WE under the WE Indenture, dated as of May 7, 2024. (Exhibit 4.1 under File No. 1-1245, WE's 05/14/2024 Form 8-K.)
4.15*Securities Resolution No. 22 of WE under the WE Indenture, dated as of September 9, 2024. (Exhibit 4.1 under File No. 1-1245, WE's 09/13/2024 Form 8-K.)
4.16*Securities Resolution No. 23 of WE under the WE Indenture, dated as of September 18, 2025. (Exhibit 4.1 under File No. 1-1245, WE's 09/25/2025 Form 8-K.)
4.17*Securities Resolution No. 24 of WE under the WE Indenture, dated as of December 2, 2025. (Exhibit 4.1 under File No. 1-1245, WE's 12/05/2025 Form 8-K.)
4.18*Indenture for Debt Securities of Wisconsin Energy Corporation (the "Wisconsin Energy Indenture"), dated as of March 15, 1999, between WEC Energy Group and The Bank of New York Mellon Trust Company, N.A. (as successor to First National Bank of Chicago), as Trustee. (Exhibit 4.46 to Wisconsin Energy Corporation's 03/25/99 Form 8-K.)
4.19*Securities Resolution No. 4 of Wisconsin Energy Corporation under the Wisconsin Energy Indenture, dated as of March 17, 2003. (Exhibit 4.12 filed with Post-Effective Amendment No. 1 to Wisconsin Energy Corporation's Registration Statement on Form S-3 (File No. 333-69592), filed March 20, 2003.)
2025 Form 10-K170WEC Energy Group, Inc.

Table of Contents

NumberExhibit
4.20*Securities Resolution No. 10 of WEC Energy Group under the Wisconsin Energy Indenture, effective as of October 5, 2020. (Exhibit 4.1 to WEC Energy Group's 10/05/20 Form 8-K.)
4.21*Securities Resolution No. 12 of WEC Energy Group under the Wisconsin Energy Indenture, dated as of December 6, 2021. (Exhibit 4.1 to WEC Energy Group's 12/13/21 Form 8-K.)
4.22*Securities Resolution No. 13 of WEC Energy Group under the Wisconsin Energy Indenture, dated as of September 22, 2022. (Exhibit 4.1 to WEC Energy Group's 9/27/22 Form 8-K.)
4.23*Securities Resolution No. 14 of WEC Energy Group under the Wisconsin Energy Indenture, dated as of January 9, 2023. (Exhibit 4.1 to WEC Energy Group's 01/11/23 Form 8-K.)
4.24*Securities Resolution No. 15 of WEC Energy Group under the Wisconsin Energy Indenture, dated as of September 5, 2023. (Exhibit 4.1 to WEC Energy Group's 09/12/23 Form 8-K.)
4.25*Securities Resolution No. 16 of WEC Energy Group under the Wisconsin Energy Indenture, dated as of November 19, 2024. (Exhibit 4.25 to WEC Energy Group's 12/31/2024 Form 10-K.)
4.26*Securities Resolution No. 17 of WEC Energy Group under the Wisconsin Energy Indenture, dated as of November 19, 2024. (Exhibit 4.26 to WEC Energy Group's 12/31/2024 Form 10-K.)
4.27*Securities Resolution No. 18 of WEC Energy Group under the Wisconsin Energy Indenture, dated November 3, 2025. (Exhibit 4.1 to WEC Energy Group's 11/06/2025 Form 8-K.)
4.28*Indenture dated as of May 28, 2024, between WEC Energy Group and The Bank of New York Mellon Trust Company, N.A. as Trustee, providing for the issuance of the Convertible Senior Notes due 2027. (Exhibit 4.1 to WEC Energy Group's 05/28/24 Form 8-K.)
4.29*Indenture dated as of May 28, 2024, between WEC Energy Group and The Bank of New York Mellon Trust Company, N.A. as Trustee, providing for the issuance of the Convertible Senior Notes due 2029. (Exhibit 4.3 to WEC Energy Group's 05/28/24 Form 8-K.)
4.30*Indenture dated as of June 10, 2025, between WEC Energy Group and The Bank of New York Mellon Trust Company, N.A. as Trustee, providing for the issuance of the Convertible Senior Notes Due 2028. (Exhibit 4.1 to WEC Energy Group's 06/10/2025 Form 8-K.)
4.31*Indenture, dated as of December 1, 1998, between WPS and U.S. Bank National Association (successor to Firstar Bank Milwaukee, N.A., National Association) (Exhibit 4A to Form 8-K filed December 18, 1998) (File No. 1-3016).
4.32*First Supplemental Indenture, dated as of December 1, 1998, between WPS and Firstar Bank Milwaukee, N.A., National Association (Exhibit 4C to Form 8-K filed December 18, 1998) (File No. 1-3016).
4.33*Fifth Supplemental Indenture, dated as of December 1, 2006, by and between WPS and U.S. Bank National Association (Exhibit 4.1 to Form 8-K filed November 30, 2006) (File No. 1-3016).
4.34*Ninth Supplemental Indenture, dated as of December 1, 2012, by and between WPS and U.S. Bank National Association (Exhibit 4.1 to Form 8-K filed November 29, 2012) (File No. 1-3016).
4.35*Tenth Supplemental Indenture, dated as of November 1, 2013, by and between WPS and U.S. Bank National Association (Exhibit 4.1 to Form 8-K filed November 18, 2013) (File No. 1-3016).
4.36*Thirteenth Supplemental Indenture, dated as of August 14, 2019, by and between WPS and U.S. Bank National Association (Exhibit 4.1 to Form 8-K filed August 14, 2019) (File No. 1-3016).
4.37*Fourteenth Supplemental Indenture, dated as of November 18, 2021, by and between WPS and U.S. Bank National Association (Exhibit 4.1 to Form 8-K filed November 18, 2021) (File No. 1-3016).
4.38*Sixteenth Supplemental Indenture, dated as of December 6, 2024, by and between WPS and U.S. Bank Trust Company, National Association (successor to Firstar Bank, Milwaukee, N.A., National Association) (Exhibit 4.1 to Form 8-K filed December 6, 2024) (File No. 1-3016).
2025 Form 10-K171WEC Energy Group, Inc.

Table of Contents

NumberExhibit
4.39*Seventeenth Supplemental Indenture, dated as of January 8, 2026, by and between WPS and U.S. Bank Trust Company, National Association (successor to Firstar Bank, Milwaukee, N.A., National Association) (Exhibit 4.1 to Form 8-K filed January 8, 2026) (File No. 1-3016).
The forgoing list of exhibits does not include certain unregistered long-term debt instruments of the Registrant and its subsidiaries where the total amount of securities authorized to be issued under the instrument does not exceed 10 percent of the total assets of the Registrant and its subsidiaries on a consolidated basis. The Registrant agrees pursuant to Item 601(b)(4) of Regulation S-K to furnish to the Securities and Exchange Commission, upon request, a copy of all such agreements and instruments.
10Material Contracts
10.1*WEC Energy Group Supplemental Pension Plan, Amended and Restated Effective as of January 1, 2018.**
10.2*Legacy Wisconsin Energy Corporation Executive Deferred Compensation Plan, Amended and Restated as of January 1, 2018.**
10.3*WEC Energy Group Executive Deferred Compensation Plan, Amended and Restated Effective as of January 1, 2018.**
10.4*Amendment dated as of December 20, 2023 to the WEC Energy Group Executive Deferred Compensation Plan, Amended and Restated Effective as of January 1, 2018.** (Exhibit 10.4 to WEC Energy Group's 12/31/2023 Form 10-K.)**
10.5*Legacy Wisconsin Energy Corporation Directors' Deferred Compensation Plan, Amended and Restated Effective as of January 1, 2017. (Exhibit 10.4 to WEC Energy Group's 12/31/16 Form 10-K.)**
10.6*WEC Energy Group Directors' Deferred Compensation Plan, Amended and Restated Effective as of January 1, 2017. (Exhibit 10.5 to WEC Energy Group's 12/31/16 Form 10-K.)**
10.7*WEC Energy Group Non-Qualified Retirement Savings Plan, Amended and Restated Effective as of January 1, 2018.**
10.8*WEC Energy Group Supplemental Long Term Disability Plan, Amended and Restated Effective as of January 1, 2017.**
10.9*WEC Energy Group Short-Term Performance Plan, Amended and Restated Effective as of January 1, 2019.**
10.10*Wisconsin Energy Corporation 2014 Rabbi Trust by and between Wisconsin Energy Corporation and The Northern Trust Company dated February 23, 2015, regarding the trust established to provide a source of funds to assist in meeting the liabilities under various nonqualified deferred compensation plans made between Wisconsin Energy Corporation or its subsidiaries and various plan participants. (Exhibit 10.13 to Wisconsin Energy Corporation's 12/31/14 Form 10K.)**
10.11*Letter Agreement by and between WEC Energy Group and Xia Liu, dated March 24, 2020. (Exhibit 10.2 to WEC Energy Group's 03/31/20 Form 8-K.)**
10.12*Letter Agreement by and between Wisconsin Energy Corporation and Robert Garvin, dated January 31, 2011. (Exhibit 10.1 to Wisconsin Energy Corporation's 03/31/11 Form 10-Q.)**
10.13*Letter Agreement by and between WEC Energy Group and Margaret C. Kelsey, dated as of July 19, 2017. (Exhibit 10.1 to WEC Energy Group's 09/30/17 Form 10-Q.)**
10.14*Retention Agreement by and between WEC Energy Group and Scott J. Lauber, dated February 21, 2022. (Exhibit 10.16 to WEC Energy Group's 12/31/21 Form 10-K.)**
10.15*Letter Agreement between WEC Energy Group and Michael Hooper, dated March 7, 2024. (Exhibit 10.1 to WEC Energy Group's 03/12/24 Form 8-K.)**
2025 Form 10-K172WEC Energy Group, Inc.

Table of Contents

NumberExhibit
10.16.1*WEC Energy Group Omnibus Stock Incentive Plan, Amended and Restated effective as of January 1, 2016. (Exhibit 10.19 to WEC Energy Group's 12/31/15 Form 10-K.)**
10.16.2*WEC Energy Group Omnibus Stock Incentive Plan, amended and restated effective as of May 6, 2021. (Exhibit 10.1 to WEC Energy Group's 5/11/21 Form 8-K.)**
10.17*WEC Energy Group Performance Unit Plan, amended and restated effective as of January 1, 2023. (Exhibit 10.1 to WEC Energy Group's 12/02/22 Form 8-K.)**
10.18*2016 WEC Energy Group Terms and Conditions Governing Non-Qualified Stock Option Award for option awards under the WEC Energy Group Omnibus Stock Incentive Plan. (Exhibit 10.29 to WEC Energy Group's 12/31/15 Form 10-K.)**
10.19*Non-Qualified Stock Option Award Terms and Conditions under the WEC Energy Group Omnibus Stock Incentive Plan. (Exhibit 10.2 to WEC Energy Group's 06/30/21 Form 10-Q.)**
10.20*Restricted Stock Award Terms and Conditions under the WEC Energy Group Omnibus Stock Incentive Plan. (Exhibit 10.3 to WEC Energy Group's 06/30/21 Form 10-Q.)**
10.21*Director Restricted Stock Award Terms and Conditions under the WEC Energy Group Omnibus Stock Incentive Plan. (Exhibit 10.5 to WEC Energy Group's 06/30/21 Form 10-Q.)**
10.22*PWGS I Facility Lease Agreement between PWG, as Lessor, and WE, as Lessee, dated as of May 28, 2003. (Exhibit 10.7 to WE's 06/30/03 Form 10-Q (File No. 001-01245).)
10.23*PWGS II Facility Lease Agreement between PWGS, as Lessor, and WE, as Lessee, dated as of May 28, 2003. (Exhibit 10.8 to WE's 06/30/03 Form 10-Q (File No. 001-01245).)
10.24*ER I Facility Lease Agreement between ERGS, as Lessor, and WE, as Lessee, dated as of November 9, 2004. (Exhibit 10.56 to Wisconsin Energy Corporation's 12/31/04 Form 10-K.)
10.25*ER II Facility Lease Agreement between ERGS, as Lessor, and WE, as Lessee, dated as of November 9, 2004. (Exhibit 10.57 to Wisconsin Energy Corporation's 12/31/04 Form 10-K.)
10.26*Point Beach PPA between FPL Energy Point Beach, LLC and WE, dated as of December 19, 2006 (the "PPA"). (Exhibit 10.1 to Wisconsin Energy Corporation's 03/31/08 Form 10-Q.)
10.27*Letter Agreement between WE and FPL Energy Point Beach, LLC dated October 31, 2007, which amends the PPA. (Exhibit 10.45 to Wisconsin Energy Corporation's 12/31/07 Form 10-K.)
10.28*Integrys Energy Group, Inc. Deferred Compensation Plan, as Amended and Restated Effective January 1, 2016. (Exhibit 10.1 to WEC Energy Group's 06/30/16 Form 10-Q.)**
10.29*Integrys Energy Group, Inc. Pension Restoration and Supplemental Retirement Plan, as Amended and Restated Effective January 1, 2017. (Exhibit 10.1 to WEC Energy Group's 06/30/17 Form 10-Q.)**
19Insider Trading Policies and Procedures
19.1Corporate Securities Trading Policy.
21Subsidiaries of the Registrant
21.1Subsidiaries of WEC Energy Group.
23Consents of Experts and Counsel
23.1Deloitte & Touche LLP – Milwaukee, WI, Consent of Independent Registered Public Accounting Firm for WEC Energy Group.
2025 Form 10-K173WEC Energy Group, Inc.

Table of Contents

NumberExhibit
31Rule 13a-14(a) / 15d-14(a) Certifications
31.1Certification Pursuant to Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2Certification Pursuant to Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32Section 1350 Certifications
32.1Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
97Policy Relating to Recovery of Erroneously Awarded Compensation
97.1*Incentive-Based Compensation Clawback Policy ("Rule 10D-1 Policy"). (Exhibit 97.1 to WEC Energy Group's 12/31/2023 Form 10-K.)**
101Interactive Data File
101.INSInline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHInline XBRL Taxonomy Extension Schema
101.CALInline XBRL Taxonomy Extension Calculation Linkbase
101.DEFInline XBRL Taxonomy Extension Definition Linkbase
101.LABInline XBRL Taxonomy Extension Label Linkbase
101.PREInline XBRL Taxonomy Extension Presentation Linkbase
104Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101)

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