Jeffrey M. Keebler - 04 Dec 2025 Form 4 Insider Report for MGE ENERGY INC (MGEE)

Role: Chairman, President & CEO, Director
Signature: /s/ Jeffrey M. Keebler
Issuer symbol: MGEE
Transactions as of: 04 Dec 2025
Net transactions value: +$150,000
Form type: 4
Filing time: 08 Dec 2025, 15:32:00 UTC
Previous filing: 05 Mar 2025
Next filing: 06 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Keebler Jeffrey M	Chairman, President & CEO, Director	133 S BLAIR STREET, PO BOX 1231, MADISON	/s/ Jeffrey M. Keebler	08 Dec 2025	0001650481

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MGEE	Phantom Stock Units	Award	$150,000	+1,901	+66%	$78.92	4,782	04 Dec 2025	common stock	1,901		Direct	F1, F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each phantom stock unit has an equivalent value to one share of MGEE common stock and entitles the holder to the cash value thereof
F2	Phantom stock units are accrued under MGE's 2023 Deferred Compensation Supplemental Executive Retirement Plan (2023 DCSERP) and are to be settled in accordance with the terms of the plan.
F3	Aggregate amount of phantom stock units held under the 2023 DCSERP.
F4	Includes adjustments for accrued dividends pursuant to dividend reinvestment and exempt from Sec 16 under Rule 16a-11