MGE Energy's third-quarter 2025 earnings were $44.5 million, or $1.22 per share, a year-over-year increase from $40.9 million, or $1.13 per share, in the third quarter of 2024. The increase was driven by rate base investment growth, particularly from new renewable energy projects, and non-utility investment gains. The company reported quarterly revenue of $175.7 million.