Investment Strategy - A well-diversified portfolio should be constructed with a core foundation of a high-quality low-cost S&P 500 fund [1] - For those who can tolerate short-term risks, an overweight position in the technology sector is recommended, as it is believed to be in the early stages of a long-term secular bull market [1] - Large oil and gas companies that provide strong dividend income and growth are suggested for dividend income [1] Portfolio Management - A top-down capital allocation approach is recommended, tailored to individual investor situations such as age, retirement status, risk tolerance, income, net worth, and goals [1] - Potential allocations may include categories such as S&P 500, technology, dividend income, sector ETFs, growth, speculative growth, gold, and cash [1]

Core Insights - The Nordex Group has secured significant contracts with Alliant Energy to supply up to 190 turbines for large-scale projects in the Midwest, specifically Iowa, with installation scheduled for 2028 and 2029, providing up to 1,060 megawatts of capacity [1][2] Group 1: Contract Details - The contracts were awarded after a competitive RFP process and will enhance local manufacturing in Iowa, leading to job creation and economic development in the region [2][3] - The turbines will be produced at Nordex's facility in West Branch, Iowa, which has recently resumed production for turbine components [2] Group 2: Strategic Importance - Alliant Energy's selection of Nordex reflects confidence in their capabilities and commitment to local partnerships, which will help meet increasing energy demands efficiently [3] - The agreements are expected to drive regional economic development and support Nordex's mid-term targets, marking the largest volume awarded in the company's 25-year history in the U.S. [3][5] Group 3: Company Background - The Nordex Group has installed approximately 57 GW of wind power capacity globally and reported consolidated sales of around EUR 7.3 billion in 2024, employing over 10,400 individuals [5] - The company's product portfolio focuses on onshore turbines in the 4 to 7 MW+ classes, catering to markets with limited space and constrained grid capacity [5]

Core Points - Wisconsin Power and Light Company (WPL), a subsidiary of Alliant Energy Corporation, has priced a public offering of $300 million in 5.700% debentures due in 2055 [1] - The net proceeds from the offering will be used to reduce outstanding commercial paper and for general corporate purposes [1] - The offering is expected to close on December 5, 2025, subject to customary closing conditions [1] Offering Details - The debentures will mature on December 15, 2055 [1] - The offering was marketed by a group of underwriters including Mizuho Securities USA LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., and MUFG Securities Americas Inc. as joint book-running managers [2] - Additional co-managers include Academy Securities, Inc., PNC Capital Markets LLC, and U.S. Bancorp Investments, Inc. [2] Regulatory Information - The offering is made through a prospectus supplement and accompanying prospectus as part of a shelf registration statement filed with the Securities and Exchange Commission [3] - Copies of the prospectus can be obtained from the underwriters or the SEC's website [3] Company Background - Alliant Energy Corporation's Wisconsin utility subsidiary, WPL, operates under the trade name of Alliant Energy [5] - WPL is based in Madison, Wisconsin [5]

Core Insights - Alliant Energy Corporation (LNT) is expanding its clean energy generation assets and enhancing infrastructure to meet increasing demand in its service areas [1] Growth Outlook & Surprise History - The Zacks Consensus Estimate for LNT's 2025 earnings per share (EPS) is $3.22, indicating a year-over-year growth of 5.92% [2] - The revenue estimate for 2025 is $4.23 billion, suggesting a year-over-year improvement of 6.10% [2] - LNT's long-term earnings growth rate is projected at 7.15% [2] - The company has beaten earnings estimates in three of the last four quarters, with an average surprise of 13.49% [2] Dividend History - LNT currently pays a quarterly dividend of 50.75 cents per share, leading to an annualized dividend of $2.03 [3] - The current dividend yield stands at 2.93%, outperforming the Zacks S&P 500 composite average of 1.08% [3] Capital Investment Focus - Alliant Energy plans to invest $13.4 billion from 2026 to 2029, with an expected 12% compound annual growth rate (CAGR) for its rate base during this period [4] - The investment strategy focuses on enhancing the electric and gas distribution network while incorporating natural gas and renewable assets into its generation portfolio [4] Demand Drivers - Economic growth in LNT's service areas and an expanding customer base are driving increased demand for utility services [5] - Infrastructure expansion is essential for accommodating this growth [5] Return on Equity - LNT's Return on Equity (ROE) is currently 12.02%, which is higher than the industry average of 9.64% [6] Times Interest Earned Ratio - The times interest earned (TIE) ratio for LNT at the end of Q3 2025 was 2.4, indicating the company's ability to meet long-term debt obligations [7] Share Price Performance - Over the past six months, LNT's shares have increased by 12.7%, although this lags behind the industry's growth of 13.1% [10]

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Financial Performance - Total revenues for Q3 2025 reached $1,210 million, a 12% increase from $1,081 million in Q3 2024[19] - Net income attributable to Alliant Energy common shareholders for the nine months ended September 30, 2025, was $668 million, up 24% from $540 million in the same period of 2024[19] - Operating income for Q3 2025 was $349 million, representing a 12% increase compared to $313 million in Q3 2024[19] - Net income for the nine months ended September 30, 2025, increased to $374 million from $272 million in 2024, representing a 37.4% growth[32] - Total revenues for the nine months ended September 30, 2025, reached $1,555 million, up from $1,410 million in 2024, reflecting a 10.3% increase[35] - Operating income for the nine months ended September 30, 2025, was $422 million, compared to $387 million in 2024, indicating a 9.0% rise[35] - Alliant Energy's net income for Q3 2025 was $281 million, compared to $295 million for the same period in 2024[60] - WPL's net income for the three months ended September 30, 2025, was $123 million, up from $114 million in the same period of 2024, reflecting an increase of 7.9%[64] Cash Flow and Liquidity - Cash and cash equivalents increased significantly to $503 million as of September 30, 2025, compared to $81 million at the end of 2024[21] - Net cash flows from operating activities for the nine months ended September 30, 2025, were $900 million, slightly down from $913 million in the same period of 2024[23] - Cash flows from operating activities for the nine months ended September 30, 2025, were $573 million, down from $651 million in 2024, a decrease of 11.9%[41] - The liquidity position at September 30, 2025, included $503 million in cash and cash equivalents and $1,108 million available under the revolving credit facility[124] - The company reported a net increase in cash and cash equivalents to $503 million as of September 30, 2025, compared to $830 million at the beginning of the year[125] Debt and Capital Structure - Long-term debt, net (excluding current portion) rose to $10,655 million as of September 30, 2025, compared to $8,677 million at the end of 2024[21] - Long-term debt remained stable at $3,372 million as of September 30, 2025, compared to $3,370 million at the end of 2024[38] - Alliant Energy's long-term debt, including current maturities, was $11.729 billion as of September 30, 2025, compared to $9.848 billion at December 31, 2024[12] - As of September 30, 2025, Alliant Energy's capital structure consisted of 59% long-term debt, 40% common equity, and 1% short-term debt[125] - Alliant Energy's credit ratings from Standard & Poor's are BBB+ for corporate issuer and BBB for senior unsecured long-term debt, with a stable outlook[131] Investments and Expenditures - The company reported a significant increase in construction and acquisition expenditures for the utility business, totaling $1,487 million for the nine months ended September 30, 2025, compared to $1,280 million in 2024[23] - Construction and acquisition expenditures for the nine months ended September 30, 2025, totaled $511 million, compared to $578 million in 2024, a reduction of 11.6%[41] - Alliant Energy plans to invest approximately $940 million in renewable and energy storage projects in 2025, with total anticipated construction and acquisition expenditures reaching $2,470 million through 2029[128] - The company plans to develop and/or acquire approximately 2,000 MW of natural gas resources, 1,300 MW of new energy storage, and 1,100 MW of new renewable generation over the next six years[103] Revenue Sources - Electric utility segment revenues rose to $2,828 million in the nine months ended September 30, 2025, up from $2,579 million in 2024, reflecting a growth of 9.7%[75] - Retail electric utility revenue for the three months ended September 30, 2025, was $608 million, compared to $523 million in 2024, showing a growth of 16.2%[74] - Retail electric revenues for the three months ended September 30, 2025, were $996 million, up from $887 million in 2024, representing a 12.3% increase[114] - Retail gas revenues for the nine months ended September 30, 2025, increased to $327 million from $289 million in 2024, a rise of 13.2%[114] Shareholder Returns - Common stock dividends paid in the nine months ended September 30, 2025, were $391 million, an increase from $369 million in the same period of 2024[23] - Common stock dividends increased to $163 million for the nine months ended September 30, 2025, from $147 million in 2024, a rise of 10.8%[41] - Alliant Energy's common stock dividends for the three months ended September 30, 2025, were $0.5075 per share, totaling $130 million[60] - The company announced a 5% increase in its targeted 2026 annual common stock dividend to $2.14 per share, effective February 2026[121] Operational Highlights - The company plans to continue coal operations at Columbia Units 1 and 2 at least through 2029, with a net book value of $398 million[53] - Alliant Energy's Utilities and Corporate Services net income decreased by $16 million due to higher operational expenses and financing costs[110] - Changes in electric production fuel and purchased power resulted in a decrease of $47 million in operating expenses for the three months ended September 30, 2025[113] - Estimated increases to operating income from temperature impacts for the three months ended September 30, 2025, were $10 million for electric and $1 million for gas[116] Environmental and Regulatory Matters - Alliant Energy aims to reduce GHG emissions from utility operations by 50% by 2030 and achieve net-zero GHG emissions by 2050[111] - Environmental liabilities recorded on the balance sheets for MGP sites totaled $12 million for Alliant Energy, $8 million for IPL, and $4 million for WPL as of September 30, 2025[96] - Estimated future costs for environmental remediation at Manufactured Gas Plant sites range from $7 million to $29 million for Alliant Energy, $5 million to $18 million for IPL, and $2 million to $11 million for WPL[96] Future Outlook - Alliant Energy expects to issue up to $2.4 billion of common stock from 2026 through 2029, with WPL planning to issue up to $300 million of long-term debt for the remainder of 2025[121] - The company anticipates an increase in electric utility revenues in 2026 compared to 2025 due to the expiration of tax benefit rider credits and increasing revenue requirements from utility investments[121] - Alliant Energy projects an increase in other operation and maintenance expenses in 2026, largely due to higher generation maintenance and energy delivery expenses[121]

Core Insights - Alliant Energy Corporation (LNT) reported third-quarter 2025 operating earnings of $1.12 per share, missing the Zacks Consensus Estimate of $1.17 by 4.27% and decreasing 2.61% from the previous year's figure of $1.15 [1][7] - Revenues for the quarter totaled $1.21 billion, exceeding the Zacks Consensus Estimate of $1.10 billion by 10% and increasing 12.04% from $1.08 billion in the year-ago quarter [2][7] - The company raised its four-year capital expenditure forecast by 17% to $13.4 billion to meet growing demand, particularly for powering data centers [5][7] Financial Performance - Total operating expenses were $861 million, up 12.1% from $768 million in the year-ago period, driven by increased costs in electric production fuel, purchased power, and maintenance expenses [3] - Operating income reached $349 million, reflecting an 11.5% increase from the previous year [3] - Cash and cash equivalents as of September 30, 2025, amounted to $503 million, a significant increase from $81 million as of December 31, 2024 [6] Customer and Sales Metrics - The number of retail electric and gas customers increased by 0.7% year over year [4] - Total utility electric sales were 9,197 thousand megawatt-hours, up 3.85% from the year-ago quarter [4] - Total utility gas sold and transported was 430,464 thousand dekatherms, reflecting a year-over-year increase of 0.68% [4] Guidance and Future Outlook - Alliant Energy narrowed its 2025 earnings guidance to a range of $3.17-$3.23 per share, with the Zacks Consensus Estimate at $3.22 per share [8] - The company provided a 2026 earnings projection of $3.36-$3.46 per share, indicating a 6.6% increase over 2025 [9] - The annual common stock dividend target for 2026 is set at $2.14 per share, representing a 5.4% increase over 2025 [9]

Financial Data and Key Metrics Changes - The company reported third quarter ongoing earnings of $1.12 per share, achieving over 80% of the midpoint of the 2025 earnings guidance [14] - The 2025 ongoing earnings guidance range has been narrowed to $3.17-$3.23 per share, trending towards the upper half of this range [16] - The 2026 earnings guidance is projected at $3.36-$3.46 per share, representing a 6.6% increase over the 2025 midpoint [8][16] - The annual common stock dividend target for 2026 is set at $2.14 per share, a 5.4% increase from the 2025 target of $2.03 per share [8][16] Business Line Data and Key Metrics Changes - The company completed construction of energy storage projects totaling 175 megawatts and advanced gas path projects to enhance efficiency [7] - The contracted demand from four data centers totals 3 gigawatts, leading to a projected 50% peak demand growth by 2030 [9] - The capital expenditure plan has been increased by 17% to $13.4 billion, with a projected compound annual growth rate of 12% from 2025 to 2029 [8][17] Market Data and Key Metrics Changes - The company is focusing on plug-and-ready sites to minimize transmission investments and accelerate customer service [6] - The Iowa retail construct stabilizes electric-based rates for customers through the end of the decade, benefiting existing customers [10] - The company has received regulatory support for its plans, including approvals for rate reviews and investments in renewable energy projects [11][22] Company Strategy and Development Direction - The company aims to unlock the potential of customers and communities by focusing on near-term growth opportunities and maintaining affordability [10][25] - The strategy includes proactive community engagement and investments in renewable energy and energy storage to meet growing customer demand [12][18] - The company is committed to maintaining competitive rates for both new and existing customers through economic development success and cost controls [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a compound annual growth rate of 12% in rate base and construction work in progress, reinforcing long-term growth objectives [18] - The company is optimistic about future growth opportunities, particularly in data centers, and is focused on minimizing regulatory lag [56][58] - Management highlighted the importance of timing in load growth and the potential for earnings to exceed current guidance based on new contracts [29][39] Other Important Information - The company has successfully refinanced $300 million of debt and issued $725 million in junior subordinated notes to support its financing plans [18][20] - The company plans to finance capital expenditures through a combination of cash from operations and new debt, hybrid, and common equity issuances [19][20] - Future regulatory filings are expected to enhance reliability and diversify energy resources to meet growing customer needs [24] Q&A Session Summary Question: Can you provide color on the ramp in demand and its impact on earnings trajectory? - Management indicated that the 7-8% growth is conservative and that timing is crucial for realizing load growth [29] Question: What are the assumptions regarding earned returns in Iowa? - Management confirmed that Iowa's new regulatory construct provides certainty for earning authorized returns, with potential upside for exceeding those returns [32] Question: Can you elaborate on the 2-4 gigawatts of additional load negotiations? - Management stated that these negotiations involve both expansions of existing facilities and new customers, with updates expected in the next 12 months [36][66] Question: What is the expected FFO to debt ratio by the end of 2025? - Management aims for a cushion of 50-100 basis points in the FFO to debt metrics to support growth [41] Question: How will the timing of rate cases affect future growth rates? - Management noted that Wisconsin's forward-looking test years minimize regulatory lag, while Iowa's structure allows for annual earnings growth [56][58]

Financial Data and Key Metrics Changes - The company reported third quarter ongoing earnings of $1.12 per share, achieving over 80% of the midpoint of the 2025 earnings guidance [14] - The 2025 ongoing earnings guidance range has been narrowed to $3.17-$3.23 per share, trending towards the upper half of this range [16] - The 2026 earnings guidance is projected at $3.36-$3.46 per share, representing a 6.6% increase over the 2025 midpoint [8][16] - The annual common stock dividend target for 2026 is set at $2.14 per share, a 5.4% increase from the 2025 target of $2.03 per share [8][16] Business Line Data and Key Metrics Changes - The company completed construction of energy storage projects totaling 175 MW and advanced gas path projects to enhance efficiency [7] - The contracted demand from four data centers totals 3 GW, leading to a projected 50% peak demand growth by 2030 [9] - The capital expenditure plan has been increased by 17% to $13.4 billion, with a projected compound annual growth rate of 12% from 2025-2029 [8][17] Market Data and Key Metrics Changes - The company is experiencing significant load growth opportunities, particularly from data centers, which are expected to drive earnings growth [4][5] - The Iowa retail construct stabilizes electric-based rates for customers, providing a win-win outcome for existing customers [10] - The company has received regulatory support for its plans, including approvals for rate reviews and investments in renewable energy projects [11][22] Company Strategy and Development Direction - The company is focused on customer-centric investments and maintaining affordability and reliable service [4] - The strategy includes proactive community engagement and unlocking potential for customers and communities [10][12] - The company aims to provide competitive rates for both new and existing customers through economic development success and cost controls [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings growth driven by data center expansions and load growth plans [9][25] - The company is committed to maintaining a strong balance sheet to support future growth opportunities [41] - Management highlighted the importance of timing in load growth and the potential for upside beyond current guidance [29][39] Other Important Information - The company has successfully refinanced $300 million of debt and issued $725 million in junior subordinated notes to support its financing plans [18][19] - The company is actively pursuing regulatory approvals for various projects, including wind and natural gas facilities [22][23] Q&A Session Summary Question: Demand ramp and earnings trajectory - Management indicated that the 7%-8% growth is conservative and could be higher with additional load growth [29] Question: Equity dilution impact on earnings growth - Management confirmed that equity dilution is a significant factor affecting the earnings growth forecast [30] Question: Regulatory framework in Iowa and earned returns - Management explained that Iowa's new regulatory construct provides certainty for earning authorized returns, with potential upside for outperformance [32] Question: Incremental load opportunities and updates - Management stated that they are in active negotiations for additional load and will provide updates regularly [36][67] Question: Tax credits and cash flow replacement - Management confirmed confidence in generating tax credits and maintaining cash flow through 2030 [40][42] Question: Load growth starting point for 2026 - Management indicated that the starting point for load growth in 2026 is modest, with significant ramp-up expected in subsequent years [43] Question: Probability of conversion for remaining pipeline - Management expressed high confidence in the conversion of remaining pipeline opportunities, emphasizing the company's strong position in Iowa and Wisconsin [48][52]