WEC Energy Group To Take $150M Reserve Charge; Now Sees 2025 GAAP EPS $4.83-$4.93, Adjusted EPS $5.17-$5.27

Based upon additional analysis of recent orders from the Illinois Commerce Commission ("ICC"), disallowance recommendations by interveners relating to unresolved Qualifying Infrastructure Plant ("QIP") and Uncollectible Expense Adjustment ("UEA") expense reconciliation dockets, testimony, data requests and other information, our 2025 results are expected to reflect the impact of a $150 million charge related to an increase in reserves.

As a result of the charge, WEC Energy Group, Inc.'s ("WEC") earnings guidance on a GAAP basis for 2025 is $4.83 to $4.93 per share. Consistent with prior guidance, excluding the impact of the $0.34 per share charge, WEC's earnings guidance on an adjusted basis (non-GAAP) for 2025 remains at $5.17 to $5.27 per share, with an expectation of reaching the upper end of the range.

WEC has provided earnings per share guidance for 2025 on an adjusted basis as a complement to, and not as an alternative to, earnings per share guidance presented in accordance with GAAP. The reserve increase is not indicative of WEC's ongoing operating performance. Therefore, WEC believes that the presentation of 2025 earnings guidance on an adjusted basis is relevant and useful to investors to understand its operating performance. Management uses such measures to evaluate WEC's performance and manage its operations. WEC plans to provide 2025 results during its year-end earnings call, which is currently scheduled for February 5, 2026.