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**Key Takeaways:**
- **$36.5B Capital Plan Expansion**: 30% increase from prior plan, driven by 3.4 GW of new electric demand (1.3 GW from Vantage, 2.1 GW in SE Wisconsin).
- **Data Center Growth**: Vantage's 1.3 GW Port Washington project on track for 2027-2028, with potential 2 GW+ expansion. Microsoft's SE Wisconsin site could add 2 GW load.
- **Financial Strength**: 7-8% EPS CAGR (2026-2030), 65-70% payout ratio, and 6.5-7% dividend growth.
- **Regulatory Momentum**: VLC tariff with 10.48-10.98% ROE and 57% equity ratio expected to be finalized by early 2026.
- **Gas & Renewables Push**: $3.4B in natural gas investments and $2.5B in renewables to support all-of-the-above generation strategy.

**【CEO Opening Remarks】**
- Reported Q3 2025 earnings of $0.83 per share, reaffirming full-year guidance of $5.17 to $5.27 EPS.
- Announced a new 5-year capital plan of $36.5 billion (2026-2030), up $8.5 billion from the prior plan, driven by data center investments and economic growth.
- Highlighted 3.4 GW of incremental electric demand growth (vs. 1.8 GW previously), with 1.3 GW from Vantage Data Centers in Port Washington and 2.1 GW in Southeast Wisconsin.
- Emphasized all-of-the-above generation strategy, including $3.4 billion in natural gas investments and $2.5 billion in renewables.

**【CFO Financial Commentary】**
- Q3 2025 EPS of $0.83, up $0.01 from Q3 2024, with weather contributing $0.03 of incremental benefit.
- Projected 2025 EPS growth of 7% to 8% on a compound annual basis, driven by $21 billion in cash from operations and $14 billion in incremental debt.
- Capital plan funding mix: 50% equity (common + hybrid securities), 50% debt, with $1.5 billion in common equity issuance planned for 2026.
- Target payout ratio of 65-70%, with dividend growth of 6.5-7% annually.

**【Q&A Highlights】**
- **Capital Plan Execution**: CEO Scott Lauber confirmed 2026-2030 capital plan is fully executable, with 14% of rate base tied to large customer tariff by 2030. CFO Xia Liu noted $4 billion incremental equity content ($2B common, $2B hybrid securities).
- **Data Center Growth**: Vantage Data Centers' 1.3 GW Port Washington project on track for 2027-2028 in-service dates, with potential for 2 GW+ expansion. Microsoft's Southeast Wisconsin site could add 2 GW of load.
- **Regulatory Updates**: Wisconsin PSC expected to rule on Very Large Customer (VLC) tariff by early 2026, with ROE range of 10.48-10.98% and 57% equity ratio.
- **Illinois Pipe Replacement**: $1.5 billion annual investment in 2026-2030, targeting 1,000+ miles of cast iron pipe replacement under ICC mandate.
- **Point Beach Extension**: No decision yet on NextEra's 2030-2033 nuclear plant license extension, but alternative gas generation options being evaluated.

WEC Energy Group, Inc. (WEC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

WEC

WEC fundamentals

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