WEC Energy Group (WEC): First Take: EPS Beat GS/Consensus, data center and regulatory updates in focus

First-page research excerpt

Equity Research

29 July 2026 | 9:07AM EDT

WEC Energy Group (WEC): First Take: EPS Beat GS/Consensus, data

center and regulatory updates in focus

WEC Energy Group (WEC, Sell) reported 2Q26 adjusted EPS of $0.91, beating GSe

of $0.81 and FactSet consensus EPS estimate of $0.80, largely driven by higher other

income and lower tax expenses, with operating income roughly in line with our

estimates. The company reaffirmed its 2026 earnings guidance of $5.51-$5.61 (GSe

of $5.60). According to WEC, weather-normal sales for residential customers

increased by 2.2% compared to 2Q25, while for small and large

commercial/industrial customers increased by 0.8% and 9.5% respectively.

Carly Davenport

We expect the focus of the conference call to be around 1) updates on its data

center pipeline and 2) outstanding regulatory items at Wisconsin and Illinois.

Ananya Jaison

+1(212)357-1914 |

Goldman Sachs & Co. LLC

Beatriz Abreu, CFA

+1(212)357-0455 |

Goldman Sachs & Co. LLC

Jaya Patel

Goldman Sachs & Co. LLC

+1(332)245-7625 |

Goldman Sachs India SPL

Analysis

What were the key drivers of the quarterly variance?

Variances across the income statement include lower than expected revenues offset

by lower total operating expenses, resulting operating income roughly in line with our

estimate. The earnings beat vs our estimate was primarily driven by higher than

expected other income and lower than expected tax expenses.

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