Core Viewpoint - Alliant Energy Corporation has announced a public offering of $725 million in junior subordinated notes with a 5.750% interest rate, maturing in 2056, to manage its debt and corporate financing needs [1] Group 1: Offering Details - The public offering consists of $725 million aggregate principal amount of junior subordinated notes [1] - The notes will mature on April 1, 2056 [1] - The interest rate for the notes is set at 5.750% [1] Group 2: Use of Proceeds - Alliant Energy plans to use the net proceeds from the offering to reduce outstanding commercial paper [1] - The proceeds will also be utilized to retire long-term debt [1] - Additionally, the funds may be allocated for general corporate purposes [1] Group 3: Closing Expectations - The closing of the offering is anticipated to occur shortly [1]

Madison, Wisconsin-based Alliant Energy Corporation (LNT) operates as a utility holding company, providing regulated electricity and natural gas services. Valued at $16.5 billion by market cap, Alliant serves nearly 1 million electric and 425,000 natural gas retail customers across Iowa and Wisconsin. Companies worth $10 billion or more are generally described as "large-cap stocks." LNT fits right into that category, with its market cap exceeding this threshold, reflecting its notable size and influence i ...

Group 1 - The company is currently priced correctly for its expansion plan and EPS CAGR, leading to a recommendation of Hold with a potential upside of 3.5% and a forward yield of 3.3% [1] Group 2 - The analyst has a background in accounting and focuses on equity research through a combination of CFA studies and valuation books, emphasizing fundamental analysis while considering other perspectives [2] - The investment research approach is primarily bottom-up, covering sectors such as utilities, consumer discretionary, consumer staples, REITs, and materials across the Americas [2] - The goal is to provide data-driven analysis to assist readers in making informed investment decisions with a mid-term return perspective of 1 to 3 years [2]

Core Viewpoint - Alliant Energy Corporation (LNT) is enhancing its infrastructure and transitioning to cleaner energy sources, which is expected to provide earnings visibility through regulated assets [1][3]. Group 1: Company Initiatives and Growth - The company is focusing on strengthening its electric and gas distribution network and plans to invest $11.5 billion from 2025 to 2028, targeting an 11% compound annual growth rate (CAGR) for its rate base during this period [3][8]. - Over 40% of the planned capital expenditure will be allocated to wind, solar, and energy storage projects, reflecting a commitment to renewable energy [3][8]. - Alliant Energy is successfully completing major construction projects on time and within budget, supported by a favorable regulatory environment that allows for capital recovery [4]. Group 2: Market Demand and Performance - Economic development in Alliant Energy's service areas and a growing customer base are driving demand for utility services, with the company targeting long-term annual earnings growth of 5-7% [2]. - In the past three months, LNT shares have increased by 5.1%, outperforming the industry average decline of 1.3% [7][8]. Group 3: Challenges and Risks - The company's utility operations rely on an interstate electric transmission system that it does not own, which may limit its ability to transport power effectively [5]. - Increased competition from self-generation by large industrial customers and alternative energy sources could reduce demand for Alliant Energy's services in its operating regions [6].

Core Insights - Alliant Energy Corporation (LNT) reported second-quarter 2025 operating earnings of 68 cents per share, exceeding the Zacks Consensus Estimate of 62 cents by 9.7% and reflecting a 19.3% increase from the previous year's figure of 57 cents [1][8] - Revenues for the quarter totaled $961 million, falling short of the Zacks Consensus Estimate of $987 million by 2.7%, but representing a 7.5% increase from the year-ago quarter's revenue of $894 million [2][8] - Operating income surged 71.5% year-over-year, driven by a decrease in total operating expenses, which amounted to $738 million, down 3.4% from $764 million in the prior year [3][8] Financial Performance - Total utility electric sales reached 7,767 thousand megawatt-hours, marking a 0.8% increase from the year-ago quarter, while total utility gas sold and transported was 33,273 thousand dekatherms, down 4.5% year-over-year [4] - As of June 30, 2025, cash and cash equivalents stood at $329 million, a significant increase from $81 million as of December 31, 2024, while long-term debt rose to $9.64 billion from $8.68 billion during the same period [5] - Cash flow from operating activities in the first half of 2025 totaled $492 million, compared to $562 million in the prior year [5] Guidance and Outlook - Alliant Energy reaffirmed its 2025 earnings guidance in the range of $3.15-$3.25 per share, with the Zacks Consensus Estimate for earnings at $3.21 per share, slightly above the midpoint of the company's guidance [6]

[Definitions](index=3&type=section&id=DEFINITIONS) The report defines key abbreviations and acronyms such as Alliant Energy, IPL, WPL, EPS, and various regulatory and operational terms[11](index=11&type=chunk)[12](index=12&type=chunk) [Forward-looking Statements](index=4&type=section&id=FORWARD-LOOKING%20STATEMENTS) Statements in the report are forward-looking and subject to risks, including the ability of IPL and WPL to obtain adequate and timely rate relief, challenges in completing construction projects within cost and schedule, and the impact of weather on utility sales and operations[13](index=13&type=chunk)[14](index=14&type=chunk) - Other significant risks include cybersecurity incidents, the impact of customer- and third-party-owned generation, economic conditions, and the ability to provide sufficient generation and transmission capacity for load growth[14](index=14&type=chunk) - The companies also face risks from changes in energy prices, regulatory approvals for projects, the ability to achieve expected tax benefits for renewable projects, and federal and state regulatory actions, including those impacting renewable tax credits[14](index=14&type=chunk) [Part I. Financial Information](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the unaudited condensed consolidated financial statements for Alliant Energy Corporation, Interstate Power and Light Company (IPL), and Wisconsin Power and Light Company (WPL), along with detailed notes, Management's Discussion and Analysis, and disclosures about market risk and controls and procedures [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) This item provides the unaudited condensed consolidated financial statements for Alliant Energy Corporation and its subsidiaries, IPL and WPL, including statements of income, balance sheets, and cash flows for the periods ended June 30, 2025, and 2024, along with combined notes detailing significant accounting policies, regulatory matters, and other financial disclosures [Alliant Energy Corporation](index=6&type=section&id=ALLIANT%20ENERGY%20CORPORATION) Alliant Energy Corporation reported a significant increase in net income attributable to common shareowners for both the three and six months ended June 30, 2025, compared to the prior year, with total revenues also increasing, while operating cash flows decreased slightly for the six-month period Alliant Energy Corporation - Condensed Consolidated Statements of Income (Unaudited) | Metric (in millions, except per share) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :----------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total revenues | $961 | $894 | $2,088 | $1,925 | | Operating income | $223 | $130 | $479 | $352 | | Net income attributable to Alliant Energy common shareowners | $174 | $87 | $387 | $245 | | Diluted EPS | $0.68 | $0.34 | $1.50 | $0.95 | Alliant Energy Corporation - Condensed Consolidated Balance Sheets (Unaudited) | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :------------------- | :------------ | :---------------- | | Total assets | $23,750 | $22,714 | | Total liabilities and equity | $23,750 | $22,714 | | Total Alliant Energy Corporation common equity | $7,145 | $7,004 | Alliant Energy Corporation - Condensed Consolidated Statements of Cash Flows (Unaudited) | Metric (in millions) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------- | :--------------------------- | :--------------------------- | | Net cash flows from operating activities | $492 | $562 | | Net cash flows used for investing activities | ($894) | ($533) | | Net cash flows from financing activities | $650 | $1 | | Net increase in cash, cash equivalents and restricted cash | $248 | $30 | [Interstate Power and Light Company](index=9&type=section&id=INTERSTATE%20POWER%20AND%20LIGHT%20COMPANY) Interstate Power and Light Company (IPL) reported a substantial increase in net income for both the three and six months ended June 30, 2025, primarily due to the absence of a significant asset valuation charge recorded in the prior year, with revenues also increasing, while operating cash flows decreased and financing activities significantly increased Interstate Power and Light Company - Condensed Consolidated Statements of Income (Unaudited) | Metric (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total revenues | $469 | $453 | $1,030 | $966 | | Operating income | $98 | $16 | $207 | $101 | | Net income | $98 | $18 | $209 | $81 | Interstate Power and Light Company - Condensed Consolidated Balance Sheets (Unaudited) | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :------------------- | :------------ | :---------------- | | Total assets | $12,180 | $11,407 | | Total Interstate Power and Light Company common equity | $4,635 | $4,461 | Interstate Power and Light Company - Condensed Consolidated Statements of Cash Flows (Unaudited) | Metric (in millions) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------- | :--------------------------- | :--------------------------- | | Net cash flows from operating activities | $108 | $147 | | Net cash flows used for investing activities | ($441) | ($209) | | Net cash flows from financing activities | $508 | $18 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $175 | ($44) | [Wisconsin Power and Light Company](index=12&type=section&id=WISCONSIN%20POWER%20AND%20LIGHT%20COMPANY) Wisconsin Power and Light Company (WPL) reported increased net income and total revenues for both the three and six months ended June 30, 2025, compared to the prior year, primarily driven by higher electric and gas utility revenues, while operating cash flows decreased and financing activities showed a net decrease Wisconsin Power and Light Company - Condensed Consolidated Statements of Income (Unaudited) | Metric (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total revenues | $469 | $415 | $1,014 | $911 | | Operating income | $118 | $100 | $260 | $231 | | Net income | $87 | $64 | $198 | $156 | Wisconsin Power and Light Company - Condensed Consolidated Balance Sheets (Unaudited) | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :------------------- | :------------ | :---------------- | | Total assets | $10,236 | $10,106 | | Total Wisconsin Power and Light Company common equity | $4,180 | $4,101 | Wisconsin Power and Light Company - Condensed Consolidated Statements of Cash Flows (Unaudited) | Metric (in millions) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------- | :--------------------------- | :--------------------------- | | Net cash flows from operating activities | $337 | $391 | | Net cash flows used for investing activities | ($362) | ($247) | | Net cash flows used for financing activities | ($16) | ($71) | | Net increase (decrease) in cash, cash equivalents and restricted cash | ($41) | $73 | [Combined Notes to Condensed Consolidated Financial Statements](index=15&type=section&id=COMBINED%20NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) These notes provide essential details and explanations for the condensed consolidated financial statements of Alliant Energy, IPL, and WPL, covering significant accounting policies, regulatory matters, and other financial disclosures [NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=15&type=section&id=NOTE%201.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note outlines the basis of preparation for the interim unaudited financial statements, emphasizing compliance with SEC rules and GAAP, and highlights a pre-tax non-cash charge related to Asset Retirement Obligations (AROs) for IPL's steam business in Q2 2024 - Interim unaudited financial statements are prepared in accordance with SEC rules and GAAP, with certain information condensed or omitted[44](index=44&type=chunk) - In Q2 2024, Alliant Energy and IPL recorded a **$20 million** pre-tax non-cash charge for AROs related to IPL's steam business due to the revised Coal Combustion Residuals Rule[48](index=48&type=chunk) [NOTE 2. REGULATORY MATTERS](index=15&type=section&id=NOTE%202.%20REGULATORY%20MATTERS) This note details the composition of regulatory assets and liabilities for Alliant Energy, IPL, and WPL, highlighting a **$60 million** pre-tax non-cash charge for IPL's Lansing Generating Station in Q2 2024 and an increase in tax-related regulatory liabilities for WPL due to investment tax credit treatment for energy storage facilities in 2025 Regulatory Assets (in millions) | Item | Alliant Energy (June 30, 2025) | IPL (June 30, 2025) | WPL (June 30, 2025) | | :-------------------------- | :----------------------------- | :------------------ | :------------------ | | Tax-related | $1,030 | $897 | $133 | | AROs | $427 | $296 | $131 | | Pension and OPEB costs | $306 | $153 | $153 | | Assets retired early | $167 | $157 | $10 | | Derivatives | $57 | $14 | $43 | | Commodity cost recovery | $49 | $10 | $39 | | Total | $2,287 | $1,615 | $672 | - A **$60 million** pre-tax non-cash charge was recorded in Q2 2024 for IPL's Lansing Generating Station due to the IUC's decision not to allow a return on its remaining net book value[49](index=49&type=chunk) Regulatory Liabilities (in millions) | Item | Alliant Energy (June 30, 2025) | IPL (June 30, 2025) | WPL (June 30, 2025) | | :-------------------------- | :----------------------------- | :------------------ | :------------------ | | Tax-related | $611 | $275 | $336 | | Cost of removal obligations | $349 | $206 | $143 | | Derivatives | $60 | $32 | $28 | | Total | $1,088 | $543 | $545 | - Alliant Energy's and WPL's tax-related regulatory liabilities increased due to WPL electing investment tax credit treatment for certain energy storage facilities in 2025[50](index=50&type=chunk) [NOTE 3. RECEIVABLES](index=16&type=section&id=NOTE%203.%20RECEIVABLES) IPL maintains a Receivables Purchase and Sale Agreement, allowing it to sell customer accounts receivables and unbilled revenues to a third party, with the limit on cash proceeds changed to **$5 million** in May 2025, and **$4 million** of available capacity as of June 30, 2025 - IPL sells customer accounts receivables and unbilled revenues through a Receivables Purchase and Sale Agreement[51](index=51&type=chunk) - Effective May 2025, the limit on cash proceeds under the agreement was changed to **$5 million**[51](index=51&type=chunk) IPL Receivables Sold Under Agreement (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Receivables sold to third party | $249 | $245 | | Fair value of deferred proceeds | $235 | $163 | [NOTE 4. INVESTMENTS](index=16&type=section&id=NOTE%204.%20INVESTMENTS) Alliant Energy's equity income from unconsolidated investments decreased for both the three and six months ended June 30, 2025, primarily due to lower equity income from ATC Holdings and a non-utility wind farm, partially offset by an increase from corporate venture investments Alliant Energy's Equity Income from Unconsolidated Investments (in millions) | Investment | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | ATC Holdings | ($14) | ($13) | ($28) | ($25) | | Non-utility wind farm in Oklahoma | ($3) | ($2) | ($4) | ($3) | | Corporate venture investments | $7 | $— | $11 | ($1) | | Total | ($10) | ($15) | ($23) | ($31) | [NOTE 5. COMMON EQUITY](index=17&type=section&id=NOTE%205.%20COMMON%20EQUITY) Alliant Energy's common stock activity for the six months ended June 30, 2025, resulted in **256,969,227 shares** outstanding, and in May 2025, the company initiated an at-the-market offering program to sell up to **$1.3 billion** in common stock through 2028, including forward sale agreements for **2,913,023 shares** Alliant Energy's Common Stock Activity | Metric | Value | | :----------------------------------- | :------------ | | Shares outstanding, January 1, 2025 | 256,690,222 | | Shareowner Direct Plan | 192,628 | | Equity-based compensation plans | 86,377 | | Shares outstanding, June 30, 2025 | 256,969,227 | - In May 2025, Alliant Energy filed a prospectus supplement to sell up to **$1.3 billion** in common stock through an at-the-market offering program by 2028[53](index=53&type=chunk) - Alliant Energy entered into forward sale agreements for **2,913,023 shares** at an aggregate gross sales price of **$179 million** in Q2 2025, with settlement expected by December 31, 2026[54](index=54&type=chunk) [NOTE 6. DEBT](index=19&type=section&id=NOTE%206.%20DEBT) Alliant Energy, IPL, and WPL reallocated **$1.3 billion** in credit facility capacity in March 2025, with short-term debt outstanding for Alliant Energy and WPL at **$292 million** each as of June 30, 2025, and IPL issuing **$600 million** of **5.6%** senior debentures and Alliant Energy issuing **$575 million** of **3.25%** convertible senior notes in May 2025 - In March 2025, credit facility capacity was reallocated to **$550 million** for Alliant Energy, **$350 million** for IPL, and **$400 million** for WPL, within a total **$1.3 billion** commitment[59](index=59&type=chunk) Short-term Debt Outstanding (June 30, 2025, in millions) | Entity | Amount Outstanding | Weighted Average Interest Rate | Available Credit Facility Capacity | | :------------- | :----------------- | :----------------------------- | :--------------------------------- | | Alliant Energy | $292 | 4.6% | $1,008 | | IPL | $— | N/A | $350 | | WPL | $292 | 4.6% | $108 | - IPL issued **$600 million** of **5.6%** senior debentures due 2035 in May 2025, using proceeds for debt retirement and general corporate purposes[60](index=60&type=chunk) - Alliant Energy issued **$575 million** of **3.25%** convertible senior notes due 2028 in May 2025, using net proceeds to reduce commercial paper and for general corporate purposes[61](index=61&type=chunk) [NOTE 7. REVENUES](index=22&type=section&id=NOTE%207.%20REVENUES) This note disaggregates revenues from contracts with customers for Alliant Energy, IPL, and WPL by reportable segment and customer class, showing Alliant Energy's total revenues increased to **$2,088 million** for the six months ended June 30, 2025, primarily from electric utility sales Total Revenues by Entity (in millions) | Entity | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Alliant Energy | $961 | $894 | $2,088 | $1,925 | | IPL | $469 | $453 | $1,030 | $966 | | WPL | $469 | $415 | $1,014 | $911 | Electric Utility Revenues by Entity (in millions) | Entity | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Alliant Energy | $851 | $789 | $1,703 | $1,580 | | IPL | $418 | $404 | $848 | $795 | | WPL | $433 | $385 | $855 | $785 | [NOTE 8. INCOME TAXES](index=23&type=section&id=NOTE%208.%20INCOME%20TAXES) This note provides the overall effective income tax rates for Alliant Energy, IPL, and WPL, which differed from the federal statutory rate due to state income taxes, various tax credits, amortization of excess deferred taxes, and rate-making effects, with 2025 rates significantly impacted by additional tax credits from renewable generation and energy storage projects Overall Effective Income Tax Rates | Entity | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Alliant Energy | (33%) | (61%) | (31%) | (21%) | | IPL | (61%) | 220% | (58%) | (113%) | | WPL | (6%) | 4% | (5%) | 5% | - Effective income tax rates for 2025 were impacted by additional tax credits from renewable generation and energy storage projects placed in service in 2024 and/or expected in 2025[68](index=68&type=chunk) Carryforwards (June 30, 2025, in millions) | Item | Alliant Energy | IPL | WPL | | :------------------ | :------------- | :--- | :--- | | State net operating losses | $323 | $7 | $1 | | Federal tax credits | $678 | $437 | $228 | [NOTE 9. BENEFIT PLANS](index=23&type=section&id=NOTE%209.%20BENEFIT%20PLANS) This note details the net periodic benefit costs for sponsored defined benefit pension and OPEB plans for Alliant Energy, IPL, and WPL, and summarizes compensation expense and related income tax benefits for equity-based compensation plans, with total unrecognized compensation cost for Alliant Energy, IPL, and WPL at **$21 million**, **$10 million**, and **$10 million**, respectively, as of June 30, 2025 Net Periodic Benefit Costs - Defined Benefit Pension Plans (6 Months Ended June 30, in millions) | Entity | 2025 | 2024 | | :------------- | :--- | :--- | | Alliant Energy | $9 | $9 | | IPL | $3 | $3 | | WPL | $4 | $5 | Compensation Expense and Income Tax Benefits from Equity-based Compensation Plans (6 Months Ended June 30, in millions) | Entity | Compensation Expense 2025 | Compensation Expense 2024 | Income Tax Benefits 2025 | Income Tax Benefits 2024 | | :------------- | :------------------------ | :------------------------ | :----------------------- | :----------------------- | | Alliant Energy | $7 | $7 | $2 | $2 | | IPL | $4 | $4 | $1 | $1 | | WPL | $3 | $3 | $1 | $1 | - As of June 30, 2025, total unrecognized compensation cost related to share-based awards was **$21 million** for Alliant Energy, **$10 million** for IPL, and **$10 million** for WPL, expected to be recognized over 1-2 years[73](index=73&type=chunk) [NOTE 10. DERIVATIVE INSTRUMENTS](index=24&type=section&id=NOTE%2010.%20DERIVATIVE%20INSTRUMENTS) This note details the notional amounts and financial statement presentation of commodity derivative instruments, including electricity, FTRs, natural gas, and diesel fuel, with Alliant Energy having significant notional amounts in natural gas (**153,204 Dths**) and FTRs (**24,310 MWhs**) as of June 30, 2025, and derivative assets increasing primarily due to new FTRs from the annual MISO auction Gross Notional Amounts of Commodity Derivative Instruments (June 30, 2025, in thousands) | Entity | Electricity (MWhs) | FTRs (MWhs) | Natural Gas (Dths) | Diesel Fuel (Gallons) | | :------------- | :----------------- | :---------- | :----------------- | :-------------------- | | Alliant Energy | 1,911 | 24,310 | 153,204 | 1,260 | | IPL | 523 | 9,555 | 66,568 | — | | WPL | 1,388 | 14,755 | 86,636 | 1,260 | Derivative Instruments on Balance Sheets (June 30, 2025, in millions) | Entity | Current Derivative Assets | Non-current Derivative Assets | Current Derivative Liabilities | Non-current Derivative Liabilities | | :------------- | :------------------------ | :---------------------------- | :----------------------------- | :--------------------------------- | | Alliant Energy | $75 | $30 | $23 | $30 | | IPL | $53 | $16 | $9 | $3 | | WPL | $22 | $14 | $14 | $27 | - Derivative assets for Alliant Energy, IPL, and WPL increased during the six months ended June 30, 2025, primarily due to new FTRs resulting from the annual FTR auction operated by MISO[76](index=76&type=chunk) [NOTE 11. FAIR VALUE MEASUREMENTS](index=25&type=section&id=NOTE%2011.%20FAIR%20VALUE%20MEASUREMENTS) This note provides fair value measurements for financial instruments, categorizing them into Level 1, 2, and 3 inputs, highlighting that current assets and liabilities approximate fair value, and that commodity derivatives and deferred proceeds are significant Level 3 assets for Alliant Energy, with the fair value of FTRs and natural gas commodity contracts categorized as Level 3 increasing for all entities - The carrying amounts of current assets and current liabilities approximate fair value due to their short maturity[79](index=79&type=chunk) Alliant Energy Fair Value of Financial Instruments (June 30, 2025, in millions) | Item | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | | :------------------------ | :-------------- | :------ | :------ | :------ | :--------------- | | Money market fund investments and time deposits | $303 | $303 | $— | $— | $303 | | Commodity derivatives | $105 | $— | $48 | $57 | $105 | | Deferred proceeds | $235 | $— | $— | $235 | $235 | | Long-term debt (incl. current maturities) | $11,015 | $— | $10,617 | $— | $10,617 | Fair Value of Level 3 Commodity Contracts (June 30, 2025, in millions) | Entity | Excluding FTRs | FTRs | | :------------- | :------------- | :--- | | Alliant Energy | $6 | $50 | | IPL | $6 | $38 | | WPL | $— | $12 | [NOTE 12. COMMITMENTS AND CONTINGENCIES](index=27&type=section&id=NOTE%2012.%20COMMITMENTS%20AND%20CONTINGENCIES) This note details various commitments and contingencies, including capital purchase commitments for construction projects totaling **$287 million** for Alliant Energy, **$128 million** for IPL, and **$157 million** for WPL as of June 30, 2025, along with other purchase commitments, guarantees, and environmental matters Minimum Future Capital Purchase Commitments (June 30, 2025, in millions) | Entity | Amount | | :------------- | :----- | | Alliant Energy | $287 | | IPL | $128 | | WPL | $157 | Minimum Future Other Purchase Commitments (June 30, 2025, in millions) | Item | Alliant Energy | IPL | WPL | | :---------- | :------------- | :--- | :--- | | Natural gas | $783 | $439 | $344 | | Coal | $138 | $61 | $77 | | Other | $117 | $53 | $29 | | Total | $1,038 | $553 | $450 | - Alliant Energy has guarantees related to Whiting Petroleum Corporation with an estimated maximum exposure of **$54 million** for abandonment obligations, though material liabilities are not expected[85](index=85&type=chunk) - IPL and WPL provided indemnifications for **$266 million** and **$145 million**, respectively, of proceeds from transferred renewable tax credits, with the likelihood of material payments considered remote[87](index=87&type=chunk) - Estimated future costs for MGP site investigation, remediation, and monitoring range from **$8-$30 million** for Alliant Energy, **$6-$19 million** for IPL, and **$2-$11 million** for WPL[89](index=89&type=chunk) [NOTE 13. SEGMENTS OF BUSINESS](index=29&type=section&id=NOTE%2013.%20SEGMENTS%20OF%20BUSINESS) This note provides financial information for Alliant Energy's reportable segments, IPL and WPL, and reconciles them to consolidated amounts, detailing their significant contributions to total utility revenues, operating expenses, net income, total assets, and construction and acquisition expenditures Total Revenues by Segment (6 Months Ended June 30, in millions) | Segment | 2025 | 2024 | | :------------- | :----- | :----- | | IPL | $1,030 | $966 | | WPL | $1,014 | $911 | | Total Reportable Segments | $2,044 | $1,877 | | Other | $44 | $48 | | Alliant Energy Consolidated | $2,088 | $1,925 | Net Income by Segment (6 Months Ended June 30, in millions) | Segment | 2025 | 2024 | | :------------- | :--- | :--- | | IPL | $209 | $81 | | WPL | $198 | $156 | | Total Reportable Segments | $407 | $237 | | Other | ($20) | $8 | | Alliant Energy Consolidated | $387 | $245 | Construction and Acquisition Expenditures by Segment (6 Months Ended June 30, in millions) | Segment | 2025 | 2024 | | :------------- | :----- | :----- | | IPL | $628 | $500 | | WPL | $348 | $370 | | Total Reportable Segments | $976 | $870 | | Other | $89 | $90 | | Alliant Energy Consolidated | $1,065 | $960 | [NOTE 14. RELATED PARTIES](index=31&type=section&id=NOTE%2014.%20RELATED%20PARTIES) This note describes related party transactions, primarily service agreements between IPL and WPL and their affiliate, Corporate Services, for administrative and general services, as well as energy market transactions, and details transactions between WPL and ATC for transmission, operation, maintenance, and construction services Corporate Services Billings to IPL and WPL (6 Months Ended June 30, in millions) | Entity | 2025 | 2024 | | :----- | :--- | :--- | | IPL | $97 | $92 | | WPL | $95 | $86 | ATC Billings to WPL (6 Months Ended June 30, in millions) | Metric | 2025 | 2024 | | :----- | :--- | :--- | | ATC billings to WPL | $76 | $76 | | WPL billings to ATC | $11 | $7 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides a comprehensive discussion and analysis of Alliant Energy's financial condition, changes in financial condition, and results of operations for the periods presented, covering key highlights, detailed results of operations, and liquidity and capital resources [2025 HIGHLIGHTS](index=32&type=section&id=2025%20HIGHLIGHTS) Key highlights for 2025 include WPL's retail electric and gas rate review filing for 2026/2027, significant planned generation investments (**1,500 MW** natural gas, **1,200 MW** wind, **800 MW** energy storage), regulatory approvals for new generation and energy storage projects, growing customer demand from data centers, and legislative changes impacting clean energy tax credits - WPL filed a retail electric and gas rate review for 2026/2027, requesting annual rate increases of **$120 million** (electric) and **$9 million** (gas) in 2026, and additional increases of **$82 million** (electric) and **$5 million** (gas) in 2027[98](index=98&type=chunk) - Alliant Energy plans to develop/acquire approximately **1,500 MW** of new natural gas, **1,200 MW** of new wind, and **800 MW** of new energy storage over the next six years[99](index=99&type=chunk) - IPL and WPL received regulatory approvals for several new generation and energy storage projects, including natural gas-fired EGUs and energy storage facilities[99](index=99&type=chunk) - IPL's and WPL's currently executed electric service agreements include aggregate, maximum demands of approximately **2.1 gigawatts**, driven by new data centers[104](index=104&type=chunk) - The One Big Beautiful Bill Act was enacted in July 2025, modifying clean energy tax credits and potentially accelerating their phase-out for projects starting construction after 12 months of enactment or placed in service after 2027[102](index=102&type=chunk) [RESULTS OF OPERATIONS](index=34&type=section&id=RESULTS%20OF%20OPERATIONS) Alliant Energy's consolidated net income significantly increased for both the three and six months ended June 30, 2025, primarily driven by higher revenue requirements from capital investments, the absence of prior-year asset valuation charges, and favorable temperature impacts, partially offset by higher depreciation and financing expenses [Financial Results Overview](index=34&type=section&id=Financial%20Results%20Overview) Alliant Energy's consolidated net income attributable to common shareowners increased by **$87 million** for the three months ended June 30, 2025, reaching **$174 million**, with diluted EPS rising to **$0.68**, largely due to higher utility revenue requirements, the absence of prior-year asset valuation charges, and estimated temperature impacts, partially offset by increased depreciation and financing expenses Alliant Energy Consolidated Net Income and EPS (3 Months Ended June 30, in millions, except per share) | Metric | 2025 | 2024 | Change | | :--------------------------- | :----- | :----- | :----- | | Income (Loss) - Utilities and Corporate Services | $190 | $85 | +$105 | | Income (Loss) - ATC Holdings | $10 | $9 | +$1 | | Income (Loss) - Non-utility and Parent | ($26) | ($7) | -$19 | | Alliant Energy Consolidated Income | $174 | $87 | +$87 | | Alliant Energy Consolidated EPS | $0.68 | $0.34 | +$0.34 | - Utilities and Corporate Services net income increased by **$105 million**, driven by higher revenue requirements from capital investments, absence of 2024 asset valuation charges for IPL's Lansing Generating Station and AROs, and estimated temperature impacts[107](index=107&type=chunk) - Non-utility and Parent net income decreased **$19 million** due to lower equity income from corporate venture investments, higher financing expense, and timing of income taxes[108](index=108&type=chunk) [Net Income Variances](index=34&type=section&id=Net%20Income%20Variances) Alliant Energy's net income increased by **$87 million** for the three months and **$142 million** for the six months ended June 30, 2025, compared to the same periods in 2024, primarily driven by higher electric and gas utility revenues, the absence of the **$60 million** asset valuation charge for IPL's Lansing Generating Station in 2024, and favorable changes in income taxes, partially offset by increased depreciation and amortization, and higher interest expenses Changes in Net Income (in millions) | Entity | 3 Months Ended June 30, 2025 vs 2024 | 6 Months Ended June 30, 2025 vs 2024 | | :------------- | :----------------------------------- | :----------------------------------- | | Alliant Energy | +$87 | +$142 | | IPL | +$80 | +$128 | | WPL | +$23 | +$42 | - Key drivers for the increase in net income include higher electric utility revenues (**+$62 million** for 3 months, **+$123 million** for 6 months for Alliant Energy) and the absence of the **$60 million** asset valuation charge for IPL's Lansing Generating Station in 2024[108](index=108&type=chunk) - Partially offsetting factors include higher depreciation and amortization (down **$20 million** for 3 months, down **$44 million** for 6 months for Alliant Energy) and increased interest expense (down **$16 million** for 3 months, down **$28 million** for 6 months for Alliant Energy)[108](index=108&type=chunk) [Electric and Gas Revenues and Sales Summary](index=36&type=section&id=Electric%20and%20Gas%20Revenues%20and%20Sales%20Summary) Alliant Energy's total electric revenues increased to **$851 million** for the three months and **$1,703 million** for the six months ended June 30, 2025, while total gas revenues increased to **$76 million** and **$316 million** for the respective periods, with retail electric sales volumes unchanged for the three months and increased **1%** for the six months, and retail gas sales volumes increased **7%** and **16%** for the three and six months, respectively, all primarily due to temperature impacts Alliant Energy Electric and Gas Revenues (in millions) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Electric Revenues | $851 | $789 | $1,703 | $1,580 | | Gas Revenues | $76 | $69 | $316 | $273 | Alliant Energy Retail Sales Volumes (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Retail Electric (MWhs) | 5,926 | 5,948 | 12,100 | 11,937 | | Retail Gas (Dths) | 6,114 | 5,730 | 29,936 | 25,848 | [Sales Trends and Temperatures](index=37&type=section&id=Sales%20Trends%20and%20Temperatures) Alliant Energy's retail electric sales volumes were unchanged for the three months and increased **1%** for the six months ended June 30, 2025, primarily due to temperature impacts, while retail gas sales volumes increased **7%** and **16%** for the three and six months, respectively, also driven by temperature changes, resulting in an **$8 million** increase in electric operating income and a **$10 million** increase in gas operating income for the six months - Alliant Energy's retail electric sales volumes were unchanged for the three months and increased **1%** for the six months ended June 30, 2025, primarily due to temperature changes[110](index=110&type=chunk) - Alliant Energy's retail gas sales volumes increased **7%** and **16%** for the three and six months ended June 30, 2025, respectively, primarily due to temperature changes[110](index=110&type=chunk) Estimated Operating Income Impact from Temperatures (6 Months Ended June 30, in millions) | Entity | Electric Change | Gas Change | | :------------- | :-------------- | :--------- | | IPL | +$8 | +$4 | | WPL | +$12 | +$6 | | Total Alliant Energy | +$20 | +$10 | [Electric Utility Revenue Variances](index=37&type=section&id=Electric%20Utility%20Revenue%20Variances) Electric utility revenues for Alliant Energy increased by **$62 million** for the three months and **$123 million** for the six months ended June 30, 2025, compared to the prior year, primarily due to higher revenue requirements from capital investments, increased bulk power and other sales for resale, and favorable temperature impacts, partially offset by lower revenues at IPL due to customer credits from production tax credits and a tax benefit rider Electric Utility Revenue Variances (in millions) | Item | Alliant Energy (3 Months) | IPL (3 Months) | WPL (3 Months) | Alliant Energy (6 Months) | IPL (6 Months) | WPL (6 Months) | | :----------------------------------------- | :------------------------ | :------------- | :------------- | :------------------------ | :------------- | :------------- | | Higher revenue requirements | $94 | $79 | $15 | $202 | $172 | $30 | | Higher sales for resale bulk power and other revenues | $30 | $3 | $27 | $35 | $7 | $28 | | Estimated changes in sales volumes caused by temperatures | $8 | $3 | $5 | $20 | $8 | $12 | | Lower revenues at IPL due to credits on customers' bills related to production tax credits | ($38) | ($38) | $— | ($89) | ($89) | $— | | Lower revenues at IPL due to credits on customers' bills through the tax benefit rider | ($16) | ($16) | $— | ($34) | ($34) | $— | | Total Change | $62 | $14 | $48 | $123 | $53 | $70 | - IPL's retail electric base rate increased by **$185 million** annually effective October 1, 2024, with partially offsetting customer credits for the first 12 months through a tax benefit rider and production tax credits[112](index=112&type=chunk) - WPL's retail electric base rate increased by **$60 million** annually effective December 2023, reflecting investments in solar generation and energy storage[112](index=112&type=chunk) [Gas Utility Revenue Variances](index=38&type=section&id=Gas%20Utility%20Revenue%20Variances) Gas utility revenues for Alliant Energy increased by **$7 million** for the three months and **$43 million** for the six months ended June 30, 2025, compared to the prior year, primarily driven by higher revenues due to changes in gas costs and estimated changes in sales volumes caused by temperatures, with IPL also seeing higher revenue requirements from an annual base rate increase Gas Utility Revenue Variances (in millions) | Item | Alliant Energy (3 Months) | IPL (3 Months) | WPL (3 Months) | Alliant Energy (6 Months) | IPL (6 Months) | WPL (6 Months) | | :----------------------------------------- | :------------------------ | :------------- | :------------- | :------------------------ | :------------- | :------------- | | Higher revenues due to changes in gas costs | $5 | $— | $5 | $28 | $4 | $24 | | Estimated changes in sales volumes caused by temperatures | $2 | $— | $2 | $10 | $4 | $6 | | Higher revenue requirements | $1 | $1 | $— | $5 | $5 | $— | | Total Change | $7 | $— | $7 | $43 | $10 | $33 | - IPL's retail gas customers saw an annual base rate increase of **$10 million** effective October 1, 2024, reflecting increased gas rate base[113](index=113&type=chunk) [Electric Production Fuel and Purchased Power Expenses Variances](index=38&type=section&id=Electric%20Production%20Fuel%20and%20Purchased%20Power%20Expenses%20Variances) Electric production fuel and purchased power expenses for Alliant Energy decreased by **$12 million** for the three months but increased by **$24 million** for the six months ended June 30, 2025, compared to the prior year, primarily due to higher electric production fuel costs and increased purchased power expense at WPL, partially offset by changes in regulatory recovery of retail electric fuel-related costs Electric Production Fuel and Purchased Power Expenses Variances (in millions) | Item | Alliant Energy (3 Months) | IPL (3 Months) | WPL (3 Months) | Alliant Energy (6 Months) | IPL (6 Months) | WPL (6 Months) | | :----------------------------------------- | :------------------------ | :------------- | :------------- | :------------------------ | :------------- | :------------- | | Higher electric production fuel costs | ($21) | ($12) | ($9) | ($27) | ($17) | ($10) | | Lower (higher) purchased power expense | $4 | $2 | $2 | ($10) | $4 | ($14) | | Changes in regulatory recovery of retail electric fuel related costs | $8 | $19 | ($11) | $13 | $22 | ($9) | | Total Change | ($12) | $8 | ($20) | ($24) | $9 | ($32) | - Electric production fuel costs increased due to higher coal volumes from increased dispatch of coal-fired EGUs and higher natural gas prices[114](index=114&type=chunk) - Purchased power expense increased for the six months ended June 30, 2025, primarily due to higher electricity prices at WPL[114](index=114&type=chunk) [Electric Transmission Service Expense Variances](index=38&type=section&id=Electric%20Transmission%20Service%20Expense%20Variances) Electric transmission service expense for Alliant Energy decreased by **$4 million** for the three months but increased by **$8 million** for the six months ended June 30, 2025, compared to the prior year, primarily due to changes in regulatory recovery for the difference between actual and approved transmission service costs, and changes in transmission service costs provided by third parties Electric Transmission Service Expense Variances (in millions) | Item | Alliant Energy (3 Months) | IPL (3 Months) | WPL (3 Months) | Alliant Energy (6 Months) | IPL (6 Months) | WPL (6 Months) | | :----------------------------------------- | :------------------------ | :------------- | :------------- | :------------------------ | :------------- | :------------- | | Changes in regulatory recovery for the difference between actual electric transmission service costs and those costs used to determine rates | $4 | $1 | $3 | $7 | $1 | $6 | | Other (primarily due to changes in transmission service costs provided by third parties) | ($8) | ($2) | ($5) | ($15) | ($6) | ($9) | | Total Change | ($4) | ($1) | ($2) | ($8) | ($5) | ($3) | [Cost of Gas Sold Expense Variances](index=39&type=section&id=Cost%20of%20Gas%20Sold%20Expense%20Variances) Cost of gas sold expense for Alliant Energy increased by **$5 million** for the three months and **$28 million** for the six months ended June 30, 2025, compared to the prior year, mainly due to higher retail gas volumes and changes in natural gas prices, partially offset by changes in the regulatory recovery of gas costs Cost of Gas Sold Expense Variances (in millions) | Item | Alliant Energy (3 Months) | IPL (3 Months) | WPL (3 Months) | Alliant Energy (6 Months) | IPL (6 Months) | WPL (6 Months) | | :----------------------------------------- | :------------------------ | :------------- | :------------- | :------------------------ | :------------- | :------------- | | Higher retail gas volumes and changes in natural gas prices | ($10) | ($1) | ($9) | ($22) | ($6) | ($16) | | Changes in the regulatory recovery of gas costs | $5 | $1 | $4 | ($6) | $2 | ($8) | | Total Change | ($5) | $— | ($5) | ($28) | ($4) | ($24) | [Other Operation and Maintenance Expenses Variances](index=39&type=section&id=Other%20Operation%20and%20Maintenance%20Expenses%20Variances) Other operation and maintenance expenses for Alliant Energy decreased by **$9 million** for the three months and **$9 million** for the six months ended June 30, 2025, compared to the prior year, primarily due to the absence of the **$20 million** ARO charge for IPL's steam assets in 2024, partially offset by higher generation expenses Other Operation and Maintenance Expenses Variances (in millions) | Item | Alliant Energy (3 Months) | IPL (3 Months) | WPL (3 Months) | Alliant Energy (6 Months) | IPL (6 Months) | WPL (6 Months) | | :----------------------------------------- | :------------------------ | :------------- | :------------- | :------------------------ | :------------- | :------------- | | ARO charge in 2024 for steam assets at IPL | $20 | $20 | $— | $20 | $20 | $— | | Other (primarily due to higher generation expense) | ($11) | ($2) | ($5) | ($11) | ($2) | ($9) | | Total Change | $9 | $18 | ($5) | $9 | $18 | ($9) | [Other Future Considerations](index=39&type=section&id=Other%20Future%20Considerations) Alliant Energy expects to issue up to **$1.3 billion** of common stock from 2026-2028 through its at-the-market offering program and up to **$25 million** annually through its Shareowner Direct Plan, while IPL and WPL plan to issue up to **$400 million** and **$300 million**, respectively, in long-term debt for the remainder of 2025, and AEF and/or Alliant Energy at the parent level expect to issue up to **$725 million** in aggregate long-term debt - Alliant Energy expects to issue up to **$1.3 billion** of common stock from 2026-2028 via its at-the-market offering program and up to **$25 million** annually through its Shareowner Direct Plan[115](index=115&type=chunk) - For the remainder of 2025, IPL and WPL expect to issue up to **$400 million** and **$300 million**, respectively, of long-term debt[115](index=115&type=chunk) - AEF and/or Alliant Energy at the parent company level expect to issue up to **$725 million** in aggregate long-term debt for the remainder of 2025[115](index=115&type=chunk) [LIQUIDITY AND CAPITAL RESOURCES](index=39&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Alliant Energy's liquidity position at June 30, 2025, included **$329 million** in cash and cash equivalents and **$1,008 million** in available credit facility capacity, with the company's capital structure remaining stable, while cash flows from operating activities decreased, investing activities saw higher outflows, and financing activities significantly increased due to long-term debt issuances [Liquidity Position](index=39&type=section&id=Liquidity%20Position) As of June 30, 2025, Alliant Energy maintained a strong liquidity position with **$329 million** in cash and cash equivalents, **$1,008 million** in available capacity under its revolving credit facility, and **$4 million** in available capacity under IPL's sales of accounts receivable program - As of June 30, 2025, Alliant Energy had **$329 million** in cash and cash equivalents[117](index=117&type=chunk) - Alliant Energy had **$1,008 million** in available capacity under its single revolving credit facility (**$550 million** at parent, **$350 million** at IPL, **$108 million** at WPL)[117](index=117&type=chunk) - IPL had **$4 million** of available capacity under its sales of accounts receivable program[117](index=117&type=chunk) [Capital Structure](index=39&type=section&id=Capital%20Structure) The report indicates that the financial capital structures at June 30, 2025, for Alliant Energy, IPL, and WPL, including Long-term Debt (LD), Short-term Debt (SD), and Common Equity (CE), have not materially changed from the 2024 Form 10-K - Financial capital structures for Alliant Energy, IPL, and WPL at June 30, 2025, have not materially changed from the 2024 Form 10-K[117](index=117&type=chunk)[118](index=118&type=chunk) [Cash Flows](index=39&type=section&id=Cash%20Flows) For the six months ended June 30, 2025, Alliant Energy's net cash flows from operating activities decreased to **$492 million** from **$562 million** in 2024, net cash flows used for investing activities increased significantly to **$894 million** from **$533 million**, while net cash flows from financing activities saw a substantial increase to **$650 million** from **$1 million** in 2024 Cash Flows Summary (6 Months Ended June 30, in millions) | Metric | Alliant Energy 2025 | Alliant Energy 2024 | IPL 2025 | IPL 2024 | WPL 2025 | WPL 2024 | | :--------------------------------------- | :------------------ | :------------------ | :------- | :------- | :------- | :------- | | Cash flows from (used for) Operating activities | $492 | $562 | $108 | $147 | $337 | $391 | | Cash flows from (used for) Investing activities | ($894) | ($533) | ($441) | ($209) | ($362) | ($247) | | Cash flows from (used for) Financing activities | $650 | $1 | $508 | $18 | ($16) | ($71) | | Net increase (decrease) | $248 | $30 | $175 | ($44) | ($41) | $73 | [Operating Activities](index=40&type=section&id=Operating%20Activities) Alliant Energy's operating activity cash flows decreased by **$70 million** for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to lower collections from IPL's retail customers (due to production tax credits and a tax benefit rider), increased interest payments, and restructuring costs, partially offset by higher collections from IPL's and WPL's rate increases and favorable temperature impacts Operating Activity Cash Flow Variances (6 Months Ended June 30, 2025 vs 2024, in millions) | Item | Alliant Energy | IPL | WPL | | :----------------------------------------- | :------------- | :----- | :----- | | Lower collections from IPL's retail customers due to production tax credits | ($89) | ($89) | $— | | Lower collections from IPL's retail customers due to tax benefit rider | ($34) | ($34) | $— | | Changes in interest payments | ($32) | ($12) | ($12) | | Restructuring and voluntary employee separation payments | ($25) | ($11) | ($12) | | Higher collections from IPL's and WPL's retail electric and IPL's gas base rate increases | $207 | $177 | $30 | | Increased collections from IPL's and WPL's retail customers caused by temperature impacts | $30 | $12 | $18 | | Total Change | ($70) | ($39) | ($54) | [Investing Activities](index=40&type=section&id=Investing%20Activities) Alliant Energy's investing activity cash flows decreased by **$361 million** for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to the absence of proceeds from partial ownership sales in West Riverside in 2024, lower cash receipts on sold receivables, and higher utility construction and acquisition expenditures, largely for IPL's energy storage projects Investing Activity Cash Flow Variances (6 Months Ended June 30, 2025 vs 2024, in millions) | Item | Alliant Energy | IPL | WPL | | :----------------------------------------- | :------------- | :----- | :----- | | Proceeds from sales of partial ownership interests in West Riverside in 2024 | ($123) | $— | ($123) | | Changes in the amount of cash receipts on sold receivables | ($108) | ($108) | $— | | (Higher) lower utility construction and acquisition expenditures | ($106) | ($128) | $22 | | Total Change | ($361) | ($232) | ($115) | - Higher utility construction and acquisition expenditures were largely due to increased spending for IPL's energy storage, partially offset by lower expenditures for IPL's and WPL's solar generation[119](index=119&type=chunk) [Construction and Acquisition Expenditures](index=40&type=section&id=Construction%20and%20Acquisition%20Expenditures) Alliant Energy anticipates significant construction and acquisition expenditures from 2025 through 2028, totaling **$2,510 million** in 2025 and increasing to **$3,205 million** in 2027, with investments focused on renewables and energy storage, gas projects, and electric and gas distribution systems, aimed at meeting growing customer demand and strengthening grid reliability Anticipated Construction and Acquisition Expenditures (in millions) | Category | Alliant Energy 2025 | Alliant Energy 2026 | Alliant Energy 2027 | Alliant Energy 2028 | | :----------------------- | :------------------ | :------------------ | :------------------ | :------------------ | | Renewables and energy storage projects | $995 | $895 | $1,125 | $1,160 | | Gas projects | $460 | $740 | $1,025 | $885 | | Electric systems | $595 | $625 | $600 | $580 | | Gas systems | $100 | $130 | $160 | $105 | | Total | $2,510 | $2,755 | $3,205 | $3,040 | - Expenditures are focused on adding generation to meet growing customer demand (including data centers) and strengthening electric grid resiliency and reliability[119](index=119&type=chunk) [Financing Activities](index=41&type=section&id=Financing%20Activities) Alliant Energy's financing activity cash flows increased significantly by **$649 million** for the six months ended June 30, 2025, compared to the prior year, primarily driven by lower payments to retire long-term debt and higher net proceeds from the issuance of long-term debt, partially offset by higher common stock dividends Financing Activity Cash Flow Variances (6 Months Ended June 30, 2025 vs 2024, in millions) | Item | Alliant Energy | IPL | WPL | | :----------------------------------------- | :------------- | :----- | :----- | | Lower payments to retire long-term debt | $305 | $— | $— | | Higher (lower) net proceeds from issuance of long-term debt | $193 | $594 | ($297) | | Net changes in the amount of commercial paper outstanding | $157 | ($50) | $427 | | Higher common stock dividends | ($15) | ($80) | ($21) | | Total Change | $649 | $490 | $55 | [Common Stock Issuances](index=41&type=section&id=Common%20Stock%20Issuances) Alliant Energy's common stock issuances in 2025 and its at-the-market offering program are discussed in Note 5, with future issuances of common stock from 2025 through 2028 also outlined in the "Other Future Considerations" section of Results of Operations - Common stock issuances in 2025 and the at-the-market offering program are detailed in Note 5[121](index=121&type=chunk) - Expected future common stock issuances from 2025 through 2028 are discussed in "Other Future Considerations" within Results of Operations[121](index=121&type=chunk) [Long-term Debt](index=41&type=section&id=Long-term%20Debt) Details regarding AEF's term loan credit agreements and various issuances and/or retirements of long-term debt by Alliant Energy and IPL in 2025 are provided in Note 6(b), with expected future issuances and retirements of long-term debt in 2025 also discussed in the "Other Future Considerations" section of Results of Operations - AEF's term loan credit agreements and various issuances/retirements of long-term debt by Alliant Energy and IPL in 2025 are discussed in Note 6(b)[122](index=122&type=chunk) - Expected future issuances and retirements of long-term debt in 2025 are outlined in "Other Future Considerations" within Results of Operations[122](index=122&type=chunk) [Impact of Credit Ratings on Liquidity and Collateral Obligations](index=41&type=section&id=Impact%20of%20Credit%20Ratings%20on%20Liquidity%20and%20Collateral%20Obligations) In March 2025, Standard & Poor's Ratings Services changed certain credit ratings and outlooks for Alliant Energy, IPL, and WPL, but these changes are not expected to materially impact their liquidity or collateral obligations, with all entities maintaining stable outlooks and investment-grade ratings - Standard & Poor's Ratings Services changed certain credit ratings and outlooks for Alliant Energy, IPL, and WPL in March 2025, but these changes are not expected to materially impact liquidity or collateral obligations[123](index=123&type=chunk) Current Credit Ratings and Outlooks (Standard & Poor's) | Entity | Corporate/issuer | Commercial paper | Senior unsecured long-term debt | Outlook | | :------------- | :--------------- | :--------------- | :------------------------------ | :------ | | Alliant Energy | BBB+ | A-2 | BBB | Stable | | IPL | BBB+ | A-2 | BBB+ | Stable | | WPL | A | A-2 | A | Stable | [Off-Balance Sheet Arrangements and Certain Financial Commitments](index=41&type=section&id=Off-Balance%20Sheet%20Arrangements%20and%20Certain%20Financial%20Commitments) The off-balance sheet arrangements and certain financial commitments for Alliant Energy, IPL, and WPL have not materially changed from those reported in the 2024 Form 10-K, except for items detailed in Notes 3, 6, and 12 of this report - Off-balance sheet arrangements and financial commitments have not materially changed from the 2024 Form 10-K, except as described in Notes 3, 6, and 12[123](index=123&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The quantitative and qualitative disclosures about market risk remain materially unchanged from those reported in the 2024 Form 10-K - Quantitative and Qualitative Disclosures About Market Risk have not materially changed from the 2024 Form 10-K[124](index=124&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) As of June 30, 2025, management, including the CEO and CFO, concluded that Alliant Energy's, IPL's, and WPL's disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - Alliant Energy's, IPL's, and WPL's disclosure controls and procedures were effective as of June 30, 2025[125](index=125&type=chunk) - No material changes occurred in internal control over financial reporting during the quarter ended June 30, 2025[126](index=126&

Financial Data and Key Metrics Changes - The company reported ongoing earnings of $0.68 per share for Q2 2025, an increase from $0.57 per share in Q2 2024, driven by successful capital investment programs and higher electric and gas sales due to temperature changes [15][18] - The increase in electric and gas margins was attributed to favorable temperatures in 2025, which contributed an additional $0.02 per share compared to the previous year [16] Business Line Data and Key Metrics Changes - The company is experiencing growth in its capital investment programs, which have supported new electric and gas rates effective from October 1 and January 1 respectively [15] - The company has seen consistent retail electric sales compared to 2024, indicating stability in its core business despite external factors [16] Market Data and Key Metrics Changes - The company is actively engaging in advanced discussions to convert prospective customer opportunities into concrete growth, reinforcing its long-term pipeline [8] - The recent budget bill has provisions that promote customer affordability and support for ongoing renewable projects, which is expected to positively impact the company's operations [9] Company Strategy and Development Direction - The company is committed to supporting economic growth in Iowa and Wisconsin by meeting evolving energy needs, with a focus on sustainable economic development [4][5] - The partnership with QTS Centers for a $10 billion investment in Cedar Rapids is a significant step towards transformational growth in the communities served [6] - The company aims to maintain a flexible resource planning process to adapt to changing market conditions and customer needs [11][12] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed the 2025 earnings guidance range of $3.15 to $3.25 per share and a long-term annual earnings growth target of 5% to 7% [18] - The company is optimistic about its ability to navigate potential changes in regulatory guidance and is focused on delivering cost-effective energy resources [10][11] Other Important Information - The company has successfully issued $575 million in convertible senior notes and $600 million in senior debentures, reflecting strong investor interest [18][19] - The company is actively pursuing regulatory approvals for various projects, including energy storage and new natural gas facilities, which are crucial for meeting future energy demands [20][21] Q&A Session Summary Question: Can you elaborate on the timeline for formalizing the QTS project? - Management indicated that they are focused on providing a clear line of sight for investors and expect to update on signed energy supply agreements and associated capital expenditures in Q3 [28][32] Question: Is the $10 billion investment included in the mature opportunities? - Management clarified that the investment is part of the existing plan and that they are in active negotiations for additional projects [40][41] Question: How will incremental load be supplied? - Management stated that new generation resources will be required to support the incremental load, with a blend of resources being planned [42][57] Question: What factors influence the equity ratio range? - The equity ratio will depend on the strength of the funds from operations to debt metrics, allowing flexibility to maintain credit ratings [66][67] Question: How should investors assess the company's mature opportunities compared to others? - Management emphasized that their mature opportunities are characterized by high confidence in closing deals, with an estimated 85% probability of success [70][71]

Load Growth Opportunities - Alliant Energy anticipates a greater than 30% increase in projected demand by 2030, using a 2024 base of approximately 6 GW maximum demand[7] - The company has contracted peak demand of +2.1 GW, representing potential load served through a combination of existing or new resources, short-term market purchases, and/or load flexibility[6,9] - Alliant Energy projects electric sales growth at a CAGR of 9-10% from 2025-2030[6] Tax Credits and Financing - Alliant Energy expects approximately $350 million of tax credits to be generated and transferred in 2025[26] - The company anticipates generating $1.5 billion in transferable tax credits through 2028, as projects are either already in service or safe harbored[10,13] - Alliant Energy plans to issue approximately $725 million in debt for AE Finance/Parent, $400 million for IPL, and $300 million for WPL in 2025[26] Regulatory and Financial Performance - Alliant Energy reaffirms its 2025 EPS guidance range of $3.15 - $3.25[23] - Q2 2025 earnings per share (EPS) were $0.68, compared to $0.57 ongoing earnings per share in Q2 2024[20] - The company plans approximately 800 MW of energy storage in service by 2027 and aims to safe harbor 100% of approximately 1,200 MW of new wind capacity[12]

Core Viewpoint - Alliant Energy reported quarterly earnings of $0.68 per share, exceeding the Zacks Consensus Estimate of $0.62 per share, and showing an increase from $0.57 per share a year ago, indicating a positive earnings surprise of +9.68% [1] Financial Performance - The company achieved revenues of $961 million for the quarter ended June 2025, which was 2.67% below the Zacks Consensus Estimate, but up from $894 million in the same quarter last year [2] - Over the last four quarters, Alliant Energy has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [2] Stock Performance - Alliant Energy shares have increased approximately 11.2% since the beginning of the year, outperforming the S&P 500's gain of 7.9% [3] Future Outlook - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $1.20 on revenues of $1.1 billion, and for the current fiscal year, it is $3.21 on revenues of $4.23 billion [7] Industry Context - The Utility - Electric Power industry, to which Alliant Energy belongs, is currently ranked in the top 36% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

[Second Quarter 2025 Earnings Release](index=1&type=section&id=ALLIANT%20ENERGY%20ANNOUNCES%20SECOND%20QUARTER%202025%20RESULTS) [Consolidated Earnings Performance](index=1&type=section&id=Consolidated%20Earnings%20Performance) Alliant Energy Corporation achieved significant financial growth in Q2 2025, with both GAAP and Non-GAAP consolidated EPS reaching **$0.68**, a substantial increase from Q2 2024, highlighting the resilience of its regulated utility model and strategic execution Q2 2025 and 2024 Consolidated EPS | | 2025 EPS | 2024 EPS | | :--- | :--- | :--- | | GAAP EPS | $0.68 | $0.34 | | Non-GAAP EPS | $0.68 | $0.57 | - Alliant Energy President and CEO Lisa Barton stated that the company's robust financial performance this quarter underscores the resilience of its regulated utility model and its ability to advance key operational and strategic initiatives, laying the foundation for long-term success[1](index=1&type=chunk) [Segment Earnings Analysis](index=1&type=section&id=Segment-Specific%20Earnings%20Analysis) Q2 2025 saw significant GAAP EPS growth in Utilities and Corporate Services, driven by 2024 non-recurring adjustments and capital investments, while Non-utility and Parent EPS declined due to reduced venture equity earnings and higher financing costs [Utilities and Corporate Services](index=1&type=section&id=Utilities%20and%20Corporate%20Services) Q2 2025 and 2024 Utilities and Corporate Services GAAP EPS | | 2025 GAAP EPS | 2024 GAAP EPS | Change in EPS | | :--- | :--- | :--- | :--- | | Utilities and Corporate Services | $0.74 | $0.33 | +$0.41 | - Key drivers included 2024 non-recurring adjustments, higher revenue requirements from capital investments, and estimated temperature impacts on retail electric and natural gas sales, partially offset by increased depreciation and financing costs[2](index=2&type=chunk) [Non-utility and Parent](index=1&type=section&id=Non-utility%20and%20Parent) Q2 2025 and 2024 Non-utility and Parent GAAP EPS | | 2025 GAAP EPS | 2024 GAAP EPS | Change in EPS | | :--- | :--- | :--- | :--- | | Non-utility and Parent | ($0.10) | ($0.03) | -$0.07 | - The primary reasons for the EPS decrease were reduced equity earnings from corporate venture investments, increased financing costs, and income tax timing[3](index=3&type=chunk) [Drivers of GAAP EPS Variance (Q2 2025 vs. Q2 2024)](index=1&type=section&id=Drivers%20of%20GAAP%20EPS%20Variance%20(Q2%202025%20vs.%20Q2%202024)) Q2 2025 GAAP EPS increased by **$0.34** from Q2 2024, primarily driven by 2024 non-GAAP adjustments and higher revenue requirements from capital investments, partially offset by increased depreciation and financing costs GAAP EPS Variance Factors | Factor | Change (per share) | | :--- | :--- | | 2024 Non-GAAP Adjustments | $0.23 | | Revenue Requirements from Capital Investments | $0.19 | | Higher Depreciation Expense | ($0.06) | | Higher Financing Costs | ($0.05) | | Estimated Temperature Impacts on Retail Electric and Natural Gas Sales | $0.04 | | Other | ($0.01) | | **Total** | **$0.34** | [2024 Non-GAAP Adjustments](index=1&type=section&id=Non-GAAP%20Adjustments%20in%202024) - In Q2 2024, IPL recorded a **$60 million** (or **$0.17 per share**) pre-tax non-cash charge related to the recoverability of the remaining book value of the Lansing Generating Station[4](index=4&type=chunk) - In Q2 2024, the company recorded a **$20 million** (or **$0.06 per share**) pre-tax non-cash charge for additional asset retirement obligations due to expanded scope under the EPA's revised Coal Combustion Residuals Rule[6](index=6&type=chunk) [Revenue Requirements from Capital Investments](index=3&type=section&id=Revenue%20Requirements%20from%20Capital%20Investments) - IPL saw a **$0.13 per share** revenue increase in Q2 2025 from an increased rate base, including solar generation investments, due to annual retail electric and natural gas rate adjustments approved by the IUC[7](index=7&type=chunk) - WPL experienced a **$0.06 per share** revenue increase in Q2 2025 from an increased rate base, including solar generation and storage investments, due to annual retail electric rate adjustments approved by the PSC[8](index=8&type=chunk) [Estimated Temperature Impacts](index=3&type=section&id=Estimated%20Temperature%20Impacts) - In Q2 2025, temperature impacts on customer demand resulted in a **$0.02 per share** increase in retail electric sales and a **$0.02 per share** decrease in natural gas sales[9](index=9&type=chunk) [2025 Earnings Guidance](index=3&type=section&id=2025%20Earnings%20Guidance) [2025 Earnings Guidance](index=3&type=section&id=2025%20Earnings%20Guidance) Alliant Energy reaffirms its 2025 consolidated ongoing EPS guidance of **$3.15 to $3.25**, excluding non-cash valuation adjustments, regulatory charges, restructuring, legal changes, deferred tax adjustments, and other non-recurring factors - Alliant Energy reaffirms its 2025 consolidated ongoing Earnings Per Share (EPS) guidance of **$3.15 to $3.25**[5](index=5&type=chunk)[11](index=11&type=chunk) - The 2025 earnings guidance excludes significant non-cash valuation adjustments, regulatory charges or credits, restructuring, future legal, regulatory or public policy changes, deferred tax asset and liability adjustments, changes in credit loss liabilities, pending litigation and disputes, settlement charges related to pension and other postretirement benefit plans, federal and state income tax audits, changes in ATC LLC authorized return on equity, or changes in GAAP and tax accounting methods that could impact Alliant Energy's reported results[11](index=11&type=chunk) [Company Overview and Investor Information](index=3&type=section&id=Company%20Overview%20%26%20Investor%20Information) [About Alliant Energy Corporation](index=3&type=section&id=About%20Alliant%20Energy%20Corporation) Alliant Energy is an energy services provider offering regulated electric and natural gas services to approximately **1 million** electric and **430,000** natural gas customers in the Midwest through its utility subsidiaries, headquartered in Madison, Wisconsin, and listed on Nasdaq - Alliant Energy is the parent company of Interstate Power and Light Company and Wisconsin Power and Light Company, two utility companies, and Alliant Energy Finance, LLC[15](index=15&type=chunk) - The company primarily provides regulated electric and natural gas services to approximately **1,000,000** electric customers and **430,000** natural gas customers in the Midwest[15](index=15&type=chunk) - Alliant Energy is headquartered in Madison, Wisconsin, is a component of the S&P 500 Index, and is listed on the Nasdaq Global Select Market under the ticker symbol LNT[15](index=15&type=chunk) [Earnings Conference Call Details](index=3&type=section&id=Earnings%20Conference%20Call%20Details) Alliant Energy will host an earnings conference call on August 8, 2025, to discuss Q2 results, led by President and CEO Lisa Barton and EVP and CFO Robert Durian, with public access via phone or webcast - The Q2 2025 earnings conference call is scheduled for Friday, August 8, 2025, at 9:00 a.m. Central Time[13](index=13&type=chunk) - The call will be hosted by Lisa Barton, Alliant Energy President and CEO, and Robert Durian, Executive Vice President and CFO[13](index=13&type=chunk) - The public can access the call by dialing 800-549-8228 (toll-free) or 646-564-2877 (international), conference ID 78071, or via webcast at www.alliantenergy.com/investors[13](index=13&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) [General Disclaimer and Identification](index=3&type=section&id=General%20Disclaimer%20and%20Identification) This press release contains forward-looking statements, identifiable by words like 'forecast,' 'expect,' or 'guidance,' which involve future financial performance, plans, or strategies, subject to risks and uncertainties that could cause actual results to differ materially - This press release contains forward-looking statements, identifiable by words such as 'forecast,' 'expect,' and 'guidance'[17](index=17&type=chunk) - These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements[17](index=17&type=chunk) [Key Risk Factors](index=3&type=section&id=Key%20Risk%20Factors) The company faces risks including utility subsidiaries' ability to earn authorized returns, economic stability, capital expenditure execution, cost control, regulatory approvals, project delays, cybersecurity, energy price volatility, tax policy changes, supply chain disruptions, inflation, interest rates, labor factors, natural disasters, and environmental compliance - The ability of IPL and WPL to earn their authorized returns[18](index=18&type=chunk) - The execution of capital expenditure plans, including achieving targeted in-service dates[18](index=18&type=chunk) - The ability of IPL and WPL to obtain timely and adequate rate relief to recover costs and earn a return[20](index=20&type=chunk) - The ability to complete generation and storage projects on schedule and within cost targets set by regulators, potentially impacted by increased material, equipment, and commodity costs, labor issues, or supply shortages[20](index=20&type=chunk) - The direct or indirect impacts of cybersecurity incidents or attacks on Alliant Energy, IPL, WPL, or their suppliers, contractors, and partners[20](index=20&type=chunk) - The impacts of federal and state regulatory or governmental actions, including legislation, Treasury regulations, executive orders, interpretations and guidance, and changes in public policy, including those affecting renewable energy tax credits[20](index=20&type=chunk) - Inflation and higher interest rates[20](index=20&type=chunk) - Environmental remediation and environmental compliance issues, including compliance with all current environmental and emission laws, regulations, and permits, and changes in future environmental laws and regulations, including the Coal Combustion Residuals Rule[22](index=22&type=chunk) [Use of Non-GAAP Financial Measures](index=7&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) [Rationale for Non-GAAP Measures](index=7&type=section&id=Rationale%20for%20Non-GAAP%20Measures) Alliant Energy provides non-GAAP financial measures, such as income and EPS excluding Lansing Generating Station asset valuation charges and steam asset retirement obligations, to offer investors a clearer view of operational performance by excluding items deemed irrelevant to ongoing operations and aligning with management's performance assessment metrics - Non-GAAP financial measures, including income and EPS excluding IPL Lansing Generating Station asset valuation charges and steam asset retirement obligation charges, aim to provide investors with additional information to better understand and compare the company's operating performance across periods, excluding items management deems irrelevant to ongoing operations[24](index=24&type=chunk) - The company also provides EPS for IPL, WPL, Corporate Services, Utilities and Corporate Services, ATC Holdings, and Non-utility and Parent to facilitate understanding of segment performance and trends[25](index=25&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) The company provides detailed reconciliations of GAAP to Non-GAAP EPS and net income for Q2 and six months of 2025 and 2024, with Non-GAAP adjustments primarily comprising 2024 IPL Lansing Generating Station asset valuation charges and steam asset retirement obligations Q2 2025 and 2024 EPS Reconciliation | EPS: | GAAP EPS | Adjustments | Non-GAAP EPS | | :--- | :--- | :--- | :--- | | | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | | IPL | $0.38 | $0.07 | $— | $0.23 | $0.38 | $0.30 | | WPL | 0.34 | 0.25 | — | — | 0.34 | 0.25 | | Corporate Services | 0.02 | 0.01 | — | — | 0.02 | 0.01 | | Subtotal for Utilities and Corporate Services | 0.74 | 0.33 | — | 0.23 | 0.74 | 0.56 | | ATC Holdings | 0.04 | 0.04 | — | — | 0.04 | 0.04 | | Non-utility and Parent | (0.10) | (0.03) | — | — | (0.10) | (0.03) | | Alliant Energy Consolidated | $0.68 | $0.34 | $— | $0.23 | $0.68 | $0.57 | Q2 2025 and 2024 Earnings Reconciliation (Millions of USD) | Earnings (in millions): | GAAP Income (Loss) | Adjustments | Non-GAAP Income (Loss) | | :--- | :--- | :--- | :--- | | | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | | IPL | $98 | $18 | $— | $59 | $98 | $77 | | WPL | 87 | 64 | — | — | 87 | 64 | | Corporate Services | 5 | 3 | — | — | 5 | 3 | | Subtotal for Utilities and Corporate Services | 190 | 85 | — | 59 | 190 | 144 | | ATC Holdings | 10 | 9 | — | — | 10 | 9 | | Non-utility and Parent | (26) | (7) | — | — | (26) | (7) | | Alliant Energy Consolidated | $174 | $87 | $— | $59 | $174 | $146 | Non-GAAP Adjustments (Millions of USD) | | Non-GAAP Income Adjustments (in millions) | Non-GAAP EPS Adjustments | | :--- | :--- | :--- | | | 2025 | 2024 | 2025 | 2024 | | Utilities and Corporate Services: | | | | | | Asset valuation charge related to IPL's Lansing Generating Station, net of tax impacts of ($16) million | $— | $44 | $— | $0.17 | | Asset retirement obligation charge for steam assets at IPL, net of tax impacts of ($5) million | — | 15 | — | 0.06 | | Total Alliant Energy Consolidated | $— | $59 | $— | $0.23 | [Unaudited Financial Statements](index=9&type=section&id=Unaudited%20Financial%20Statements) [Condensed Consolidated Statements of Income](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) In Q2 2025, total revenue reached **$961 million**, with net income of **$174 million** and diluted EPS of **$0.68**, reflecting significant growth from Q2 2024, primarily due to increased electric and natural gas utility revenues and the elimination of 2024 non-recurring charges Condensed Consolidated Statements of Income (Unaudited) | | Three Months Ended June 30 | Six Months Ended June 30 | | :--- | :--- | :--- | | | 2025 (Millions of USD) | 2024 (Millions of USD) | 2025 (Millions of USD) | 2024 (Millions of USD) | | **Revenue:** | | | | | | Electric utility | $851 | $789 | $1,703 | $1,580 | | Natural gas utility | 76 | 69 | 316 | 273 | | Other utility | 11 | 10 | 25 | 24 | | Non-utility | 23 | 26 | 44 | 48 | | **Total Revenue** | **961** | **894** | **2,088** | **1,925** | | **Operating Income** | **223** | **130** | **479** | **352** | | **Income Tax Benefit** | **(43)** | **(33)** | **(91)** | **(43)** | | **Net Income Attributable to Alliant Energy Common Shareowners** | **$174** | **$87** | **$387** | **$245** | | **Diluted Earnings Per Share** | **$0.68** | **$0.34** | **$1.50** | **$0.95** | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Alliant Energy's total assets were **$23.75 billion**, up from **$22.714 billion** on December 31, 2024, driven by increases in cash and cash equivalents and net property, plant, and equipment, while net long-term debt rose and commercial paper decreased Condensed Consolidated Balance Sheets (Unaudited) | | June 30, 2025 (Millions of USD) | December 31, 2024 (Millions of USD) | | :--- | :--- | :--- | | **Assets:** | | | | Cash and cash equivalents | $329 | $81 | | Property, plant and equipment, net | 19,376 | 18,701 | | **Total Assets** | **$23,750** | **$22,714** | | **Liabilities and Equity:** | | | | Long-term debt, net (excluding current portion) | 9,642 | 8,677 | | Commercial paper | 292 | 558 | | Alliant Energy Corporation common shareowners' equity | 7,145 | 7,004 | | **Total Liabilities and Equity** | **$23,750** | **$22,714** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities was **$492 million**, net cash used in investing activities was **$894 million**, and net cash from financing activities was **$650 million**, resulting in a significant increase in period-end cash and restricted cash to **$329 million** Condensed Consolidated Statements of Cash Flows (Unaudited) | | Six Months Ended June 30 | | :--- | :--- | | | 2025 (Millions of USD) | 2024 (Millions of USD) | | **Net Cash from Operating Activities** | **$492** | **$562** | | **Net Cash from Investing Activities** | **($894)** | **($533)** | | **Net Cash from Financing Activities** | **$650** | **$1** | | **Net Increase in Cash, Cash Equivalents, and Restricted Cash** | **$248** | **$30** | | **Cash, Cash Equivalents, and Restricted Cash at End of Period** | **$329** | **$93** | [Key Financial and Operating Statistics](index=11&type=section&id=Key%20Financial%20and%20Operating%20Statistics) [Key Financial and Operating Statistics](index=11&type=section&id=Key%20Financial%20and%20Operating%20Statistics) As of June 30, 2025, common stock shares outstanding were **256,969 thousand**, book value per share was **$27.80**, and quarterly common stock dividend rate was **$0.5075** per share, with over **1 million** retail electric and **430,000** natural gas customers, showing varied sales volumes across customer categories Key Financial Statistics | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Common Stock Shares Outstanding (Thousands) | 256,969 | 256,500 | | Book Value Per Share | $27.80 | $26.48 | | Quarterly Common Stock Dividend Rate (Per Share) | $0.5075 | $0.48 | Utility Retail Customer Count (As of June 30) | Customer Type | Electric Customers | Natural Gas Customers | | :--- | :--- | :--- | | Residential | 855,362 | 385,395 | | Commercial | 146,521 | 45,150 | | Industrial | 2,359 | 314 | | **Total** | **1,004,242** | **430,859** | Utility Electric Sales (Gigawatt-hours) | Customer Type | Q2 2025 (GWh) | Q2 2024 (GWh) | H1 2025 (GWh) | H1 2024 (GWh) | | :--- | :--- | :--- | :--- | :--- | | Residential | 1,632 | 1,629 | 3,502 | 3,384 | | Commercial | 1,514 | 1,496 | 3,115 | 3,020 | | Industrial | 2,565 | 2,635 | 5,084 | 5,167 | | **Retail Subtotal** | **5,926** | **5,948** | **12,100** | **11,937** | Estimated Temperature Impacts (Millions of USD) | | Three Months Ended June 30 | Six Months Ended June 30 | | :--- | :--- | :--- | | | 2025 (Millions of USD) | 2024 (Millions of USD) | 2025 (Millions of USD) | 2024 (Millions of USD) | | Electric | $7 | ($1) | $— | ($20) | | Natural Gas | (1) | (3) | (4) | (14) | | **Total Temperature Impacts** | **$6** | **($4)** | **($4)** | **($34)** |