Alliant Energy Corporation · NASDAQ:LNT
Alliant Energy — Debt Investor Presentation (June 2026)
33 slides from Alliant Energy's debt investor presentation, Jun 25, 2026
Slide 1: June 2026 Fixed Income Investor Presentation
June 2026 Fixed Income Investor Presentation June 25, 2026
Slide 2: Safe Harbor
Safe Harbor This presentation contains statements that may be considered forward looking statements, such as management’s expectations of financial objectives and projections, earnings guidance, capital expenditures, future investment opportunities, earnings growth, plant retirements and/or conversi
Slide 3: Alliant Energy: At a Glance
Alliant Energy: At a Glance (all data as of December 31, 2025) Our purpose: Serve customers and build stronger communities >95% earnings ~3,000 dedicated 1,010,000 electric customers $15.3 billion From regulated employees 435,000 gas customers 2025 rate base(1) operations ELECTRIC SALES MIX REVENUES
Slide 4: Powering a future you want to own
ALLIANT ENERGY Powering a future you want to own THE ALLIANT ENERG ADVANTAGETM FINANCIAL OUTLOOK • 2026 ongoing EPS growth guidance of $3.36 to $3.46 Solutions-oriented approach • Long-term EPS growth target of 5-7%+, projecting at or Unlocking the potential of our customers and above high end in 20
Slide 5: Consistent Track Record of Shareowner Return
Consistent Track Record of Shareowner Return Purpose-focused strategy delivers results $3.00 $2.00 $1.00 $0.00 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Ongoing EPS Dividends Ongoing EPS ~6.5% CAGR Dividends ~6% CAGR, consistent 60-70% payout ratio Reflects expected dividend declarations in
Slide 6: Unlocking the Potential of Customers and Communities
UNLOCKING THE POTENTIAL OF CUSTOMERS AND COMMUNITIES 6
Slide 7: Scaling for the Future: Load Growth Opportunities
Scaling for the Future: Load Growth Opportunities New ESA signed for a project in Iowa, expect capex for this project to be added in Q3 as part of plan refresh ~11% Retail Electric Sales Growth CAGR 2025-2031 3GW IN PLAN Demand expected to ramp up 2026-2031 NEW RESOURCES NEEDED TO MEET LOAD ESA ICR
Slide 8: Our Commitment to Customers
Our Commitment to Customers What customers and communities can expect as energy demand grows • You will not pay for new large-energy-user growth We follow a strict principle that if you use energy, you pay for it. And customers who use large amounts of energy pay for the electric grid investments ne
Slide 9: Data Centers Enable Win-Win Outcomes
Data Centers Enable Win-Win Outcomes Ensuring benefits for all customers, driving affordability and rate base growth Individual Customer Rates Construct • Competitive, cost-based rates • Flexibility to customize for unique customer needs • Efficient procedural process • Customer risk sharing to alig
Slide 10: Community-Backed Momentum for Data Center Growth
Community-Backed Momentum for Data Center Growth "This [QTS data center] facility “[Cedar Rapids] will be a home "With several global companies represents a powerful endorsement of technology, a home of other expanding and growing their manufacturing that will come.” businesses here in Wisconsin and
Slide 11: Unlocking the Potential: Strong Fundamentals for New Investment
Unlocking the Potential: Strong Fundamentals for New Investment Building stronger communities in business-friendly states Why Iowa & Wisconsin are attractive to businesses: • Top tier clean energy & strong reliability • Economically strong • Skilled workforce • Enabling individual customer rate s
Slide 12: Flexible Resource Planning & Capital Plans
FLEXIBLE RESOURCE PLANNING & CAPITAL PLANS 12
Slide 13: Investments to Support Economic Development and Growth
Investments to Support Economic Development and Growth CapEx supports 3 GW of load growth CAPEX 2026-2029 CAPEX BY SEGMENT 2026-2029 ($ in billions) (in billions) $1.0 Energy Storage & Renewables $0.5 Natural Gas Generation $2.3 $5.0 Other Generation Interstate Wisconsin $13.4 billion Power and Powe
Slide 14: Expanding Diversified and Sustainable Energy Resources
Expanding Diversified and Sustainable Energy Resources 2026-2029 capital expenditures to serve existing customers and 3 GW expected load growth $4.1B $5.0B $4.3B Natural Gas Generation Energy Storage & Electric & Gas Distribution, Renewables Technology & Other ~1,600 MW New generation ~1,000 MW Ener
Slide 15: Balanced Funding Approach for Capital Investment Program
Balanced Funding Approach for Capital Investment Program Backed by solid balance sheet, strong cash flows and investment-grade credit ratings SOURCES OF FUNDING 2026-2029 Financing Expectations • Financing capex investments with a balance of new debt, utilization 1 Tax Credit of hybrids and new comm
Slide 16: Corporate Issuer Credit Ratings/Outlooks
Corporate Issuer Credit Ratings/Outlooks Entity Category Standard & Poor’s(1) Moody’s(1) Corporate/issuer BBB+ Baa2 Alliant Energy Senior unsecured(2) BBB Baa2 Outlook Stable Stable Corporate/issuer A- Baa1 Interstate Power and Light Senior unsecured A- Baa1 Outlook Stable Stable Corporate/issuer A-
Slide 17: 2026 Debt Financing Progress
2026 Debt Financing Progress Balanced financing plans support growth in capital expenditures ($ in millions) Issuances Type Amount Rate Issued Matures AEC Term Loan $400 Variable March 2, 2026 March 1, 2027 IPL Senior Debentures Up to $500 WPL Debentures Up to $300 Maturities Type Amount Rate Maturi
Slide 18: Long-Term Debt Maturities
Long-Term Debt Maturities Staggered maturities help mitigate refinancing risk $1,600 $1,400 $1,200 $1,000 Millions $800 $600 $400 $200 $0 1 2037 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 AEC/A
Slide 19: Alliant Energy Investment Proposition
Alliant Energy Investment Proposition ✓ Pure-play regulated utility operating in premium regulatory jurisdictions of Iowa and Wisconsin ✓ Track record of consistent financial performance; 10-year compound annual earnings growth rate of 6%; consistent with long-term earnings growth target ✓ 3.4 gigaw
Slide 20: Appendix
APPENDIX Alliant Energy.
Slide 21: Legal Entity Organization Chart
Legal Entity Organization Chart Alliant Energy Corporation Interstate Power & Alliant Energy Wisconsin Power Light Finance, LLC & Light (AEF) American Sheboygan Power Great Western Energy Impact Travero, Inc. Partners Transmission LLC Holdco LLC Rail, barge, trucking & Venture Investing Company, LLC
Slide 22: The Alliant Energy Advantage: Iowa regulatory construct intact
The Alliant Energy Advantage: Iowa regulatory construct intact Iowa regulatory construct provides ability to grow at scale while providing ability to earn authorized returns, keeping retail electric base rates stable through at least 2029 Retention of tax benefits, energy margins and capacity until
Slide 23: Wisconsin Unanimous Rate Review Settlement Approved
Wisconsin Unanimous Rate Review Settlement Approved Docket 6680-UR-125 Summary of unanimous electric and gas rate review settlement agreement 2026 2027 Electric revenue requirement increase $79M $73M Gas revenue requirement increase $7M $5M Authorized return on equity 9.8% 9.8% Authorized financial
Slide 24: American Transmission Company
American Transmission Company Alliant Energy’s 16% equity ownership provides additional regulated returns to investors Benefits of Ownership ATC 2025 10-year • A source of solid future investments, earnings and cashflows capital plan $14.2B • 2025 rate base (13-month avg.): $5.5 billion • Capital st
Slide 25: Strong Customer Focused Investment Growth Creates Future Upside
Strong Customer Focused Investment Growth Creates Future Upside Solid outlook of investment opportunities extend beyond current investment plan Growth Reliability and Resiliency Customer Value • Well positioned to unlock the potential of Iowa • Investments to extend the flexibility, efficiency, • El
Slide 26: Keeping our Communities Growing and Solving for Affordability
Keeping our Communities Growing and Solving for Affordability Driving Enhancing Supporting customers Affordability customer value and communities • Stable Iowa electric retail base rates • Continued focus on reliability and power • Electric rates below national average through end of decade restorat
Slide 27: Alliant's Business is Underpinned by Predominantly Regulated Utility Cashflows
Alliant’s Business is Underpinned by Predominantly Regulated Utility Cashflows Net Income (2025A): $810 million(1) Interstate Power & Light Wisconsin Power & Light Net income (2025A) $457M $401M Rate base $8,086M $7,342M (Based on Current Rates) Weighted avg. authorized ROE 9.9% 9.9% Weighted avg. e
Slide 28: Constructive Regulatory Framework
Constructive Regulatory Framework We are approved for many risk-reducing riders for items such as fuel and transmission IPL WPL Revenues and expenses recovered under “Riders” Iowa retail Wisconsin retail Ability to retain tax credits and energy margins from new generation until placed in customer ra
Slide 29: Leader in Corporate Responsibility
Leader in Corporate Responsibility Environmental Social Governance • Aspire to achieve net-zero greenhouse gas • As of Jan. 2026, 627,644 trees toward goal of • Separate board chair and chief executive emissions by 2050 from our utility operations planting 1 million by end of 2030 – one tree for eac
Slide 30: Environmental Stewardship
Environmental Stewardship Our Environmental Stewardship Goals* Alliant Energy’s environmental stewardship is focused on the implementation of a responsible energy strategy. Path to Zero Coal Generation by 2040 3,500 3,000 Alliant Energy’s journey toward carbon reductions includes long-term voluntary
Slide 31: Growing our Renewable Rate Base
Growing our Renewable Rate Base Renewable generation and energy storage rate base represents almost twice the rate base of fossil fueled generation Gas Distribution 7% Renewable Generation and Energy Storage 31% Electric Distribution 44% 2025 year-end rate base Coal Generation 7% Gas Generation Reti
Slide 32: Alliant Energy Disclosures
ALLIANT ENERGY Disclosures Quick references Corporate Responsibility Report Political Engagement Guidelines Climate Report Corporate Governance Guidelines Biodiversity Commitment Alliant Energy Foundation Human Rights Policy Code of Conduct Responsibility Reporting Green Bonds 32
Slide 33: Reconciliation Between GAAP and Non-GAAP EPS
Reconciliation Between GAAP and Non-GAAP EPS 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E GAAP EPS from continuing operations $1.65 $1.99 $2.19 $2.33 $2.47 $2.63 $2.73 $2.78 $2.69 $3.14 $3.46 Non-GAAP adjustments: • Valuation charge related to the Franklin County Wind Farm 0.23 • Tax refo
Alliant Energy — Debt Investor Presentation (June 2026) on 6ix