On this page of StockholderLetter.com we present the latest annual shareholder letter from WEC ENERGY GROUP, INC. — ticker symbol WEC. Reading current and past WEC letters to shareholders can bring important insights into the investment thesis.

 •  3/27/2025 Letter Continued (Full PDF)
 •  3/23/2023 WEC Stockholder Letter
 •  3/28/2024 WEC Stockholder Letter
 •  More "Electric Utilities" Category Stockholder Letters
 •  WEC Benford's Law Stock Score = 74

WEC Shareholder/Stockholder Letter Transcript:

2024 Annual Report
Notice of 2025 Annual Meeting and Proxy Statement

An Energy Industry Leader
WEC Energy Group is one of the nation   s leading energy companies, with the
operational expertise and financial resources to meet the needs of customers
across the Midwest.
72,400 miles of
electric distribution
We provide vital
services to
4.7 million
customers in Wisconsin,
Illinois, Michigan
and Minnesota.
47,000 miles of
natural gas distribution
and transmission
8,150 megawatts
of power generating
capacity
7,000 employees
125%
119%
WEC Energy Group consistently delivers among the best total returns in the industry.
The illustration demonstrates our stock price appreciation plus the compound effect of
dividend growth over the past decade. A $100 investment at the end of 2014 grew to a
total value of $247, a 147% return.
147%
10-Year Total Shareholder Return
$247
$250
Stock price
$100
One-year
Three-year
Five-year
10-year total cumulative shareholder return Dec. 31, 2014, through Dec. 31, 2024.
Ten-year
WEC
$150
S&P Utilities
Philadelphia Utility
Dividends
$200

Financial Snapshot
(In millions, except per share data and percentages)
2024
2023
Change
$1,527.2
$1,331.7
14.7%
$4.83
$4.22
14.5%
$1,545.6
$1,461.5
5.8%
Adjusted earnings per share*
$4.88
$4.63
5.4%
Dividends per share
$3.34
$3.12
7.1%
Dividend yield
3.6%
3.7%
Diluted average shares outstanding
316.5
315.9
GAAP return on average common equity
12.66%
11.53%
Book value per share
$39.02
$37.17
5.0%
$47,363
$43,940
7.8%
$94.04
$84.17
11.7%
$29,875
$26,550
12.5%
GAAP earnings
GAAP earnings per share
Adjusted earnings*
Total assets
Market price per share at year-end
Market capitalization at year-end
Earnings per share*
Annualized dividends per share
$4.83
$4.88
$5.00
$4.50
$3.50
$3.34
$4.00
$3.00
$3.50
$3.00
$2.50
   16
   17
   18
   19
   20
   21
   22
GAAP
ADJUSTED
   15
GAAP
ADJUSTED
GAAP
ADJUSTED
$1.50
GAAP
ADJUSTED
$2.00
GAAP
ADJUSTED
$2.50
   23
   24
*See Appendix A on page P-90 for reconciliation of non-GAAP measures.
$2.00
$1.50
   15*
   16
   17
   18
   19
   20
   21
   22
   23
   24
*Annualized based on fourth-quarter 2015 dividend of 45.75 cents per share.
2 0 24 A N N UA L R EP O R T | 1

I   ve never been more
optimistic about the
future of our industry
and the outlook for
WEC Energy Group.
Scott Lauber
President and Chief Executive Officer
Powering growth and empowering possibilities
To my fellow shareholders,
Building from a solid foundation
For more than two decades, WEC Energy Group has
been recognized as the guidepost for delivering solid
and consistent operational and financial results.
Our leadership has driven operating efficiencies
while we remain committed to delivering affordable,
reliable and clean energy to our customers.
Throughout 2024, our board of directors and
management team maintained a clear focus on
the fundamentals of our business     resulting in
an exceptional year on virtually every meaningful
measure     from customer satisfaction, to financial
performance, to steady execution of our capital plan.
Our financial discipline and resourceful mindset
enabled us to navigate challenges and execute
our plan. Once again, in 2024, WEC Energy Group
2 | WE C EN ER GY GRO U P
delivered solid growth in net income and earnings
per share, and continued its record of returning
more cash to shareholders than in any other year
in company history. We also increased the dividend
by 6.9% in January 2025     the 22nd consecutive
year of dividend increases for our shareholders, and
among the highest dividend growth rates in the
utility industry.
And I   m pleased to note that we were added to
S&P   s High Yield Dividend Aristocrats Index in 2024.
It is with this solid foundation and continued
focus that WEC Energy Group is well positioned
to capitalize on significant new investment
opportunities     opportunities that are driven by
vibrant and growing economic activity in our region.

Robust plan for growth and reliability
We   re looking forward to the years ahead that point
to unprecedented electric demand growth. In fall
2024, the company announced its largest fiveyear capital plan to date, allocating $28 billion of
investment to support safety, reliability and growth.
A balanced generation mix is a significant focus for
our electric utilities to continue providing affordable
and reliable energy to our customers. This capital
investment strategy also supports annual growth in
our asset base of 9.6%.
This means modernizing our natural gas-fueled
generation. We plan to add more than 1,900 megawatts
of new combustion turbines and reciprocating internal
combustion engines     which are modular and scalable.
Modern, efficient natural gas generation serves as a
critical resource in our energy transformation. We   re also
investing in reliability for our natural gas network with
6 Bcf of new liquefied natural gas (LNG) storage. LNG
facilities are needed to ensure gas supply for winter
reliability     to meet peak customer demand for heating
while ensuring gas supply for our power generation.
Also, we plan to invest $9.1 billion in regulated
renewable generation to build and own approximately
4,300 more megawatts. In 2024, WEC Energy Group
added more low- and no-carbon generation to its
fleet, while retiring older, less efficient coal generation.
These investments have helped the company make
significant progress toward a cleaner energy future.
We plan to continue on this path, with supportive
policies and constructive regulation in place.
To support economic growth, the expansion of
generation and grid reliability, we plan to invest
$3.2 billion in transmission through our 60%
ownership of American Transmission Company.
The longer-term outlook for transmission investment
is equally strong, as it is in our electric and gas
distribution system, where we   re continually focused
on improving network safety and reliability.
It is with this solid foundation and continued
focus that WEC Energy Group is well
positioned to capitalize on significant new
investment opportunities     opportunities
that are driven by vibrant and growing
economic activity in our region.
Poised for the future
Our focus on the fundamentals of our business
begins with our 4.7 million customers who depend
on reliable and affordable service, and this extends
to the communities we   re privileged to serve.
We   re working hard to strengthen the fabric of our
neighborhoods as an engaged corporate citizen.
I   ve never been more optimistic about the future of
our industry and the outlook for WEC Energy Group
over my 30-year career. Our future is bright. Our
investment opportunity has never been greater,
and we   re focused on execution. We are guided by
our values of safety, customer care and financial
discipline, while acting with integrity, accountability
and a sense of urgency. Our commitment to
excellence ensures that we are on the right track.
We believe that we   re poised to deliver among the
best risk-adjusted returns in our industry.
On behalf of our entire management team, thank
you for your investment and confidence as we work
hard to build on our legacy of success     delivering
affordable, reliable, clean energy for years to come.
Respectfully,
Scott J. Lauber
President and Chief Executive Officer
March 6, 2025
2 0 24 A N N UA L R EP O R T | 3



 3/27/2025 Letter Continued (Full PDF)