WEC Energy Group — Oct 31, 2024 release

Residential electricity use rose by 1.3 percent. On a weather-normal basis, retail deliveries of electricity during the third quarter of this year – excluding the iron ore mine – increased by 0.4 percent. The company is affirming its 2024 earnings guidance range of $4.74 to $4.84 per share on a GAAP basis, and $4.80 to $4.90 per share on an adjusted basis. This assumes normal weather for the remainder of the year. Earnings per share listed in this news release are on a fully diluted basis. Non-GAAP Earnings Measures Earnings and Earnings per Share A reconciliation of GAAP net income and earnings per share to adjusted net income and earnings per share is included below for the quarter and nine months ended Sept. 30, 2024. There were no adjustments to GAAP net income or earnings per share for the quarter or nine months ended Sept. 30, 2023. Net Income Three Months Ended Nine Months Ended (in millions) September 30, 2024 September 30, 2024 WEC Energy Group GAAP $ 240.1   $ 1,073.7   Loss related to ICC disallowances pre-tax 25.3   25.3        Tax impact (6.9) (6.9) WEC Energy Group adjusted net income $ 258.5   $ 1,092.1   Earnings Per Share Three Months Ended Nine Month Ended September 30, 2024 September 30, 2024 WEC Energy Group GAAP $ 0.76   $ 3.40   Net loss related to ICC disallowances 0.06   0.06   WEC Energy Group adjusted earnings per share (1) $ 0.82   $ 3.45   Diluted average shares outstanding (millions) 316.5   316.2   (1) Note that WEC Energy Group adjuste