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)** |

Core Viewpoint - Alliant Energy (LNT) is set to release its second-quarter 2025 results on August 7, following a significant negative earnings surprise of 45.6% in the previous quarter [1] Group 1: Factors Impacting Q2 Performance - The Janesville Community Solar Garden, a 2.25-megawatt project, began generating energy in May 2025, likely contributing positively to the upcoming quarterly results [2] - Alliant Energy's 200-MW solar facility in Linn County, renamed Pleasant Creek Solar, became operational during Q2 2025, expected to power approximately 40,000 homes annually, which may enhance the company's bottom-line performance [3] - An order from the IUC authorized annual base rate increases of $185 million for IPL's retail electric customers and $10 million for retail gas customers, likely boosting revenues for the quarter [4] - Increased demand from data centers and capital investments are expected to further support the bottom-line performance [4] - However, higher depreciation expenses and financing costs may have negatively impacted quarterly performance [5] Group 2: Q2 Expectations - The Zacks Consensus Estimate for earnings is 62 cents per share, reflecting a year-over-year increase of 8.8% [6] - Revenue estimates are set at $987.4 million, indicating a year-over-year increase of 10.5% [6] - Total electricity delivered is estimated at 7,729.98 megawatt-hours (MWh), up 0.4% year over year [6] Group 3: Earnings Prediction - The current model does not predict an earnings beat for Alliant Energy, with an Earnings ESP of +0.27% and a Zacks Rank of 4 (Sell) [7][8] - The combination of a positive Earnings ESP and a higher Zacks Rank typically increases the odds of an earnings beat, which is not the case for Alliant Energy this time [7] Group 4: Additional Context - New solar facilities launched in Wisconsin and Iowa are expected to enhance Q2 energy generation [9] - Rate increases for IPL electric and gas customers may have supported second-quarter revenues [9] - Earnings are likely under pressure from increased depreciation and financing expenses [9]

Core Viewpoint - Alliant Energy Corporation (LNT) is benefiting from investments in renewable energy and infrastructure upgrades, which support its expanding customer base and profitability [1][2][8] Group 1: Positive Factors - Alliant Energy's earnings prospects are bolstered by increasing electric and natural gas customer volumes, favorable geographic location, and regulatory developments that support wind project development [2] - The ongoing economic development in its service areas is driving demand for utility services, enhancing performance [2] - The company plans to invest $11.5 billion from 2025 to 2028 to strengthen its electric and gas distribution network and expand its renewable energy assets, raising its long-term capital expenditure guidance by 26% [3][8] Group 2: Investment Plans - Alliant Energy's investment strategy is expected to support an 11% compound annual growth rate (CAGR) in rate base from 2025 to 2028, with over 40% of capital expenditures focused on wind, solar, and energy storage [4][8] - These investments position Alliant Energy as having one of the cleanest generation asset portfolios in the country [4] Group 3: Challenges - The company's utility operations rely on third-party electric transmission systems, which could limit its ability to transmit electricity if those systems underperform [5] - Increased competition from self-generation by large industrial customers and alternative energy sources may reduce demand for Alliant Energy's services in Iowa and Wisconsin [6] Group 4: Stock Performance - Over the past month, Alliant Energy's shares have increased by 1.8%, outperforming the industry's growth of 1.3% [7]

Core Insights - Alliant Energy Corporation (LNT) reported first-quarter 2025 operating earnings of 83 cents per share, exceeding the Zacks Consensus Estimate of 57 cents by 45.6% and increasing 33.9% from the previous year's 62 cents [1] - Revenues for LNT totaled $1.128 billion, slightly surpassing the Zacks Consensus Estimate of $1.126 billion by 0.17% and reflecting a 9.4% increase from $1.031 billion in the same quarter last year [1] Financial Performance - Total operating expenses were $871 million, up 7.7% from $809 million in the year-ago period, driven by higher electric production fuel and purchased power costs [2] - Operating income reached $257 million, marking a 15.8% increase from the previous year's figure [2] - Interest expenses rose to $119 million, an increase of 11.2% from the prior-year period [2] Customer and Sales Metrics - The number of retail electric customers increased by 0.7% and retail gas customers by 0.6% year over year [3] - Total utility electric sales were 8,257 thousand megawatt-hours, down 1.1% from the year-ago quarter [3] - Total utility gas sold and transported was 54,828 thousand dekatherms, up 1.5% year over year [3] Financial Position - As of March 31, 2025, cash and cash equivalents were $25 million, down from $81 million as of December 31, 2024 [4] - Long-term debt totaled $8.58 billion, a decrease from $8.68 billion as of December 31, 2024 [4] - Cash flow from operating activities in the first quarter of 2025 was $249 million, compared to $307 million in the first quarter of 2024 [4] Future Outlook - Alliant Energy anticipates 2025 earnings in the range of $3.15-$3.25 per share, with the Zacks Consensus Estimate at $3.22 per share [5] - The company plans to invest $11.5 billion from 2025 to 2028 to enhance its infrastructure [5] Zacks Rank - Alliant Energy currently holds a Zacks Rank 3 (Hold) [6]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Name of Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, Commission File Number, IRS Employer Identific ...

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.83 per share, an increase from $0.62 per share in the same quarter of the previous year, reflecting strong performance despite adverse temperature impacts on sales [19][20] - The earnings for the first quarter represented more than 25% of the company's earnings guidance midpoint for 2025, reaffirming the guidance range of $3.15 to $3.25 per share [6][21] - The capital expenditure plan for 2025 through 2028 has been updated to reflect a nearly 26% increase from 18 months ago, translating into a forecasted investment CAGR of nearly 11% [11][24] Business Line Data and Key Metrics Changes - The company has secured energy supply agreements (ESAs) totaling 2.1 gigawatts of demand from three major data center developments, representing a greater than 30% increase in peak demand [10][12] - Retail electric sales margins improved compared to the first quarter of the previous year, driven by customer growth and increased usage per meter across all customer classes [20] Market Data and Key Metrics Changes - The company is actively participating in the MISO capacity auction, selling excess capacity to benefit customer bills, positioning itself favorably compared to competitors [80] - The company is experiencing strong interest in economic development opportunities in its service areas, particularly in Iowa and Wisconsin [11][15] Company Strategy and Development Direction - The company is focused on supporting economic development and growth in its states, with a commitment to customer needs and sustainable investor returns [6][8] - The capital plan includes investments in new natural gas resources to complement renewable energy sources, ensuring a balanced energy resource mix [12][17] - The company is taking a proactive approach to manage risks related to potential changes in tax legislation, emphasizing the importance of tax credits for economic growth [16][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 earnings objectives while advancing key strategic priorities, despite challenges in the macroeconomic environment [6][11] - The company is committed to maintaining a strong balance sheet and investment-grade credit ratings while navigating potential legislative changes [24][25] Other Important Information - The updated financing plan anticipates raising approximately $1.4 billion in new common equity through 2028, with flexibility in timing based on market conditions [74][76] - The company has completed nearly all planned safe harbor activities to preserve tax credits for future projects, significantly mitigating tariff exposure [22][25] Q&A Session Summary Question: Timeline for converting mature opportunities to contracts - Management indicated a high level of confidence in converting mature opportunities into contracts, with ongoing discussions and negotiations [35][36] Question: Impact of tax policy changes on rate case provisions - Management clarified that while there is a provision to revisit rate cases if significant legislative changes occur, the focus is on avoiding the need to do so through proactive growth strategies [40][42] Question: Long-term EPS CAGR outlook - Management reaffirmed a long-term EPS CAGR of 5% to 7%, with current plans indicating potential for growth towards the upper end of that range starting in 2027 [48][50] Question: Details on the CapEx increase - The increase in the capital expenditure plan was primarily driven by investments in natural gas generation to meet growing demand from data centers [76][77] Question: MISO capacity auction impact on consumer bills - Management noted that the company is well-positioned to leverage auction results to benefit customer bills, contrasting with competitors who may face challenges [80] Question: Regulatory filings for additional generation resources - Management provided insights into upcoming regulatory filings for new generation resources, emphasizing flexibility in their resource planning [67][69]

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.83 per share, an increase from $0.62 per share in the same quarter of the previous year, reflecting a strong start to 2025 [19] - Earnings for the first quarter accounted for more than 25% of the company's earnings guidance midpoint for 2025 [6] - The company reaffirmed its 2025 earnings guidance range of $3.15 to $3.25 per share [21] Business Line Data and Key Metrics Changes - The company has seen a 30% increase in peak demand due to three major data center developments with fully executed energy supply agreements totaling 2.1 gigawatts [10] - The capital expenditure (CapEx) plan for 2025 through 2028 has increased by approximately $600 million, reflecting a nearly 26% increase from 18 months ago [11] - The updated CapEx plan translates into a forecasted investment compound annual growth rate (CAGR) of nearly 11% from 2024 to 2028 [11] Market Data and Key Metrics Changes - The company is actively pursuing growth opportunities in Iowa and Wisconsin, with strong interest from data center customers [11][15] - The company has successfully sold existing capacity into the recent MISO capacity auction, benefiting customer bills [22][80] Company Strategy and Development Direction - The company is focused on supporting economic development and growth in its service areas, emphasizing collaboration with stakeholders [6][15] - The strategy includes a balanced approach to energy resources, incorporating wind, batteries, and natural gas to ensure reliability and sustainability [17] - The company is committed to maintaining a strong balance sheet while exploring various financing options, including equity and debt [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 earnings objectives while navigating a complex macroeconomic environment [6][11] - The company is proactively managing risks related to potential changes in tax credits and tariffs, ensuring that a significant portion of tax credits is safe harbored through 2028 [16][22] - Management highlighted the importance of regulatory support and community partnerships in driving long-term growth [15][27] Other Important Information - The company has updated its financing plans for 2025 through 2028, with anticipated financing sources including cash from operations and new debt financing [24] - The company is actively engaged in regulatory initiatives, including rate reviews and requests for new generation resources in both Iowa and Wisconsin [27][30] Q&A Session Summary Question: Timeline for converting mature opportunities to contracts - Management indicated a high level of confidence in converting mature opportunities into contracts, with ongoing discussions and negotiations [35][36] Question: Impact of safe harboring on rate case provisions - Management clarified that while there is a provision to revisit rate cases if legislation changes significantly, the focus is on avoiding the need to do so through proactive growth strategies [40][41] Question: Long-term EPS CAGR outlook - Management reaffirmed a long-term EPS CAGR of 5% to 7%, with current plans indicating potential for growth towards the top end of that range by 2027 [48][50] Question: Details on CapEx increase - The increase in CapEx was primarily associated with natural gas generation to meet the growing demand from data centers [76][77] Question: Impact of MISO capacity auction on consumer bills - Management stated that the company is well positioned to benefit from elevated capacity prices, which will help mitigate customer bills [80] Question: Regulatory filings for additional generation resources - Management confirmed ongoing regulatory filings for new generation resources, with specific megawatt details to be provided in supplemental slides [67][68]

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.83 per share, an increase from $0.62 per share in the same quarter of the previous year, reflecting a strong start to 2025 [17] - Earnings for the quarter accounted for more than 25% of the company's earnings guidance midpoint for 2025, reaffirming the guidance range of $3.15 to $3.25 per share [5][19] - The increase in earnings was driven by higher revenue requirements from capital investments, despite negative temperature impacts on electric and gas sales [17][18] Business Line Data and Key Metrics Changes - The company has secured energy supply agreements (ESAs) totaling 2.1 gigawatts of demand from three major data center developments, representing a greater than 30% increase in peak demand [8][9] - The capital expenditure (CapEx) plan has been updated to reflect a nearly 26% increase from 18 months ago, translating to a forecasted investment compound annual growth rate (CAGR) of nearly 11% from 2024 to 2028 [9][10] Market Data and Key Metrics Changes - The company is experiencing strong interest in economic development within its service areas in Iowa and Wisconsin, with ongoing efforts to support growth through new energy supply agreements [9][12] - The company has successfully sold existing capacity into the recent MISO capacity auction, which is expected to benefit customer bills [20][76] Company Strategy and Development Direction - The company is focused on an "all of the above" approach to new generation resources, including a mix of wind, batteries, and natural gas, to maintain a balanced energy resource mix [15] - The updated capital plan includes significant investments in natural gas generation to meet the growing demand from data centers, with a focus on enhancing reliability and affordability [10][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 earnings objectives while advancing key strategic priorities, emphasizing the importance of supporting economic development [5][6] - The company is proactively managing risks related to potential changes in tax credits and tariffs, with a focus on maintaining a strong balance sheet and investment-grade credit ratings [24][52] Other Important Information - The company has completed nearly all planned safe harbor activities to preserve tax credits for future energy storage and renewable projects expected to be placed into service through 2028 [20] - The company is committed to ensuring that all individual customer rates achieve a win-win for existing customers, new customers, and shareholders [11] Q&A Session Summary Question: Timeline for converting mature opportunities to contracts and breakdown of serving those opportunities - Management indicated that they have high confidence in converting mature opportunities into contracts and are using existing resources to accelerate load growth [34][35] Question: Impact of safe harboring on the ability to go back for a rate case in Iowa - Management clarified that they are focused on activities to avoid the need to go back for a rate case and are advocating for beneficial legislative provisions [38][39] Question: Long-term EPS CAGR outlook - Management reaffirmed a long-term EPS CAGR of 5% to 7%, with current plans indicating potential for growth towards the top end of that range starting in 2027 [45][46] Question: Details on the CapEx increase - The increase in CapEx was primarily associated with natural gas generation to meet the peak demand from data center opportunities [72] Question: Impact of MISO capacity auction on consumer bills - Management stated that they are well positioned to utilize proceeds from the auction to help customer bills, contrasting with other entities that may face challenges [76] Question: Regulatory initiatives and filings in Iowa and Wisconsin - Management discussed ongoing regulatory filings for new generation resources and the potential for maintaining flat base rates through growth and cost reduction [60][61]