Alliant Energy Corporation · NASDAQ:LNT
Alliant Energy — American Gas Association Financial Forum 2025
39 slides from Alliant Energy's conference presentation, May 2025
Slide 1: Alliant Energy Corporation – American Gas Association Conference
Alliant Energy Corporation American Gas Association Conference May 2025
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, emission reduc
Slide 3: Alliant Energy: At a Glance
Alliant Energy: At a Glance Our purpose: Serve customers and build stronger communities >95% earnings ~3,000 dedicated $14.2 billion From regulated 1 million electric customers 13-month average 430,000 gas customers employees operations 2024 rate base Alliant Energy leads regulated, owned & operated
Slide 4: Alliant Energy: Investment Thesis
Alliant Energy: Investment Thesis Unlocking Growth, Reliability & Customer Value Constructive Consistent financial track record Low risk of catastrophic regulatory Ten-year compound annual events in the states we environments growth rate of 6%; operate consistent with 5-7% long-term earnings growth
Slide 5: The Alliant Energy Advantage
The Alliant Energy Advantage Cascading waves of growth strengthen Alliant Energy’s investment thesis Growing at pace of customers Built-in resource plan flexibility Constructive jurisdictions Competitive advantages include: Resource plan is built for resilience – giving us full Regulatory frameworks
Slide 6: The Alliant Energy Advantage: Well-positioned based on proposed legislation
The Alliant Energy Advantage: Well-positioned based on proposed legislation Solid starting point with proposed House Ways & Means tax legislation* - strengthens our current plan Proposed tax legislation assessment: 100% tax credits on energy storage & ~750MW wind Current investment plans intact and
Slide 7: Consistent Track Record of Shareowner Return
Option 2 Consistent Track Record of Shareowner Return Purpose-focused strategy delivers results $3.00 $2.00 $1.00 $0.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Ongoing EPS Dividends Ongoing EPS ~6% CAGR over the past 10 years Dividends ~6% CAGR, consistent 60-70% payout ratio Reflects exp
Slide 8: Advancing Economic Development
ADVANCING ECONOMIC DEVELOPMENT 8
Slide 9: Scaling for the Future: Load Growth Opportunities
Scaling for the Future: Load Growth Opportunities +2.1 GW peak demand contracted - recent progress accelerating 2026 and 2027 demand + Incremental opportunities at 3 various stages of exploration Represents potential load that would be served through a +2.1 GW combination of existing or new Contract
Slide 10: Data Centers – Thoughtful Growth
Data Centers – Thoughtful Growth Ensuring benefits for all customers Individual contract rates • Competitive, cost-based rates • Robust regulatory oversight that ensures no subsidization by other customers Protection for other customers and company • Customer risk sharing to align with company finan
Slide 11: Flexible Resource Planning & Capital Plans
FLEXIBLE RESOURCE PLANNING & CAPITAL PLANS 11
Slide 12: Investments Support Growth, Reliability, and Customer Value
Investments Support Growth, Reliability, and Customer Value Four-year capital expenditure plan supports 11% investment CAGR Projected Rate Base + Construction Work in Progress Capital Investment Drivers Capital Expenditure Plan 13-month average ($ in billions) $22.9 Renewables and Energy Storage Gas
Slide 13: Generation Investments Support Reliability, Affordability and Sustainability
Generation Investments Support Reliability, Affordability and Sustainability Adaptable resource plan to meet evolving load growth with new and existing resources Scaling up new generation resources to enable economic growth and development in Iowa and Wisconsin Natural Gas ~1,500 MW Energy Storage ~
Slide 14: Enhancing Resiliency of our Distribution Grid
Enhancing Resiliency of our Distribution Grid Among top performers for reliability Undergrounding supports reliability for generations (28% of lines underground) • Proficiency gained through experience – reduces operating expenses throughout the life cycle • Undergrounding fiber enables critical com
Slide 15: American Transmission Company
American Transmission Company Alliant Energy’s 16% equity ownership provides additional regulated returns to investors Benefits of Ownership ATC 10-year capital A source of solid future investments, earnings and cashflows plan $8.9B - $10.9B LNT Share of • 2024 rate base (13-month avg.): $4.9 billio
Slide 16: 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 • Energy resources to meet demand for • Investments to extend the flexibility, • Electric distribution inve
Slide 17: Constructive Jurisdictions
CONSTRUCTIVE JURISDICTIONS 17
Slide 18: Companies Calling Alliant Energy Home
Companies Calling Alliant Energy Home Building stronger communities in business-friendly states Why Iowa & Wisconsin are attractive to businesses: • Top tier clean energy & reliability • Economically strong • Skilled workforce • Enabling individual customer rate structures • Adaptable resource plann
Slide 19: IPL is Well Positioned for Growth
IPL is Well Positioned for Growth Constructive regulatory and legislative outcomes propel growth and customer affordability • Innovative settlement approved by the Iowa Utility Commission (IUC) provides ability to retain tax credits, energy margins and capacity revenues from new generation allowing
Slide 20: WPL Strategically Enabling Growth
WPL Strategically Enabling Growth Regulatory outcomes and energy supply agreements maintain positive momentum • Energy supply agreement with data center customer in Beaver Dam, WI • Regulatory approval of Riverside enhancements and Bent Tree wind refurbishment • Individual customer rate (ICR) attrac
Slide 21: 2025 Regulatory Proceedings
2025 Regulatory Proceedings IUC approved IPL’s first individual customer rate filing Iowa Regulatory Proceedings Docket Est. Date • Anticipated filing of second Individual Customer Rate Q2 2025 Approval: Individual • Anticipated commission decision on Cedar River Generating Station GCU-2024-0004 Q
Slide 22: Financial Information
FINANCIAL INFORMATION Alliant Energy.
Slide 23: Growth in Projected 2025 Earnings and Dividends
Growth in Projected 2025 Earnings and Dividends In-line with targeted 5% to 7% long-term earnings growth 2025 Earnings Drivers: $3.20 • Higher earnings from capital investments 2024 Ongoing EPS $3.04 • Higher depreciation expense • Higher financing costs 2025 EPS Guidance Midpoint 2025 Dividend Targ
Slide 24: Enhancing Customer Value
Enhancing Customer Value Cost management to mitigate inflationary pressures Responsibly powering growth • Investing in existing capacity resources to accelerate load growth • Investing in existing natural gas to enhance efficiency and capacity • Conversion to natural gas from coal lowers operating a
Slide 25: Balanced Funding Approach for Investments
Balanced Funding Approach for Investments Backed by a solid balance sheet, strong cash flows and investment-grade credit ratings Updated Sources of Funding Financing Expectations 2025-2028 Tax Credit Funding sources include ~$1.4B of equity from 2025-2028, including Monetization equity raised via
Slide 26: 2025 Debt Financing Plans
2025 Debt Financing Plans Debt financing plans support growth in capex and upcoming maturities ($ in Millions) Estimated Completed issuances Upcoming remaining maturities issuances ($300) 364-day @ variable rate in March 2026 AE Finance/ $300 @ variable rate in March 2025 $725 ($575) @ 3.875% conver
Slide 27: Corporate Responsibility
CORPORATE RESPONSIBILITY 27
Slide 28: Leader in Corporate Responsibility
Leader in Corporate Responsibility Environmental Social Governance • Aspire to achieve net-zero greenhouse gas • Halfway toward goal of planting 1 million trees • Lead independent director with emissions by 2050 – one tree for each electric customer clearly defined and robust • Climate report valida
Slide 29: Greenhouse Gas Emission Reduction Goals
Greenhouse Gas Emission Reduction Goals Our clean energy vision Achieved and Targeted Greenhouse Gas Reductions 0% -39% -50% No coal -100% 2005 2024 2030 2040 2050 As our energy mix transitions, our annual CO2 emissions may fluctuate due to various factors – such as electricity production needed in
Slide 30: Corporate Responsibility Report
Corporate Responsibility Report Our values in action • Partnerships with UW-Madison and Iowa • Inform the public on downed power lines State University for Agrivoltaics research and work zones to prevent harm • Investing and advancing technologies to • Injury case management program to enhance relia
Slide 31: Alliant Energy ESG Disclosures
ALLIANT ENERGY ESG Disclosures Quick references Corporate Responsibility Report Clean Energy Vision and Goals Climate Report Political Engagement Guidelines Biodiversity Commitment Corporate Governance Guidelines Human Rights Policy Alliant Energy Foundation ESG Data and Reports Code of Conduct Sust
Slide 32: Appendix
APPENDIX Alliant Energy.
Slide 33: Growing our Renewable Rate Base
Growing our Renewable Rate Base 32% of 2024 rate base was renewable generation and energy storage Gas Distribution 7% Renewable Generation and Energy Storage 32% Electric Distribution 42% 2024 year-end rate base Coal Generation 8% Gas Generation Retired Plant 10% 1% 33
Slide 34: Rate Base and Construction Work in Progress
Rate Base and Construction Work in Progress 11% investment CAGR fuels long-term sustainable growth IPL Rate Base + Construction Work in Progress WPL Rate Base + Construction Work in Progress Projected 13-month average rate base ($ in billions) Projected 13-month average rate base ($ in billions) $12
Slide 35: Forecasted Generated Tax Credits
Forecasted Generated Tax Credits IPL Forecasted Generated Tax Credits WPL Forecasted Generated Tax Credits ($ in millions) ($ in millions) $300 $300 $200 $200 $100 $100 $0 $0 2025 2026 2027 2028 2025 2026 2027 2028 IPL ITC $40 $125 $40 $0 WPL ITC $105 $70 $80 $90 IPL PTC $140 $155 $160 $175 WPL PTC
Slide 36: Constructive Regulatory Framework
Constructive Regulatory Framework We are approved for many risk-reducing riders for items such asIPLfuel and transmission Revenues and expenses recovered under “Riders” WPL Iowa retail Wisconsin retail Ability to retain tax credits and energy margins from new generation until placed in customer rate
Slide 37: IUC Rate Review Settlement and Order
IUC Rate Review Settlement and Order Docket RPU-2023-0002 Summary of electric and gas rate review order: Increase in retail electric revenue requirements (2-year phase-in for customers through a rider) $185 million Increase in retail gas revenue requirements (single year implementation) $10 million
Slide 38: Wisconsin Rate Review – Docket 6680-UR-125
Wisconsin Rate Review – Docket 6680-UR-125 Summary of Request for Forward Test Years 2026 2027 Increase in electric revenue requirements $120M $82M Increase in gas revenue requirements $9M $5M Proposed return on equity 9.9% 9.9% Proposed regulatory equity level 55.5% 55.3% Electric rate base $6.3B $
Slide 39: Reconciliation Between GAAP and Non-GAAP EPS
Reconciliation Between GAAP and Non-GAAP EPS 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 GAAP EPS from continuing operations $1.69 $1.65 $1.99 $2.19 $2.33 $2.47 $2.63 $2.73 $2.78 $2.69 Non-GAAP adjustments: • Losses from sales of Minnesota distribution assets 0.04 • Voluntary employee separati
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