MGE ENERGY INC — Director's Dealing 2026

Jan 5, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MGE ENERGY INC (MGEE)
CIK: 0001161728
Period of Report: 2025-12-31

Reporting Person: WOLTER GARY J (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-31	Common Stock	M	2062	—	Acquired	22821.8521	Direct
2025-12-31	Common Stock	D	516	—	Disposed	22305.8521	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-31	Restricted Stock Units	$	M	2062	Disposed		common stock (2062)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	330.6037	Indirect

Footnotes

F1: On March 1, 2023, the reporting person was granted 1,144 restricted stock units (RSU's) that vested on December 31, 2025. On March 3, 2025, the reporting person was granted 918 RSU's that vested on December 31, 2025. The reporting person elected to receive 25% of the award in cash.

F2: Includes adjustments for accrued dividends pursuant to dividend reinvestment and exempt from Sec 16 under Rule 16a-11

F3: Represents RSU's which are converted to common stock on a one-to-one basis when vested.