Alliant Energy Corporation · NASDAQ:LNT
Alliant Energy — Q3 2025 Earnings Presentation
22 slides from Alliant Energy's earnings presentation, Nov 7, 2025
Slide 1: Alliant Energy Corporation Q3 2025 Earnings Call
Alliant Energy Corporation Q3 2025 Earnings Call November 7, 2025
Slide 2: Cautionary Statements
Cautionary Statements Forward-looking Statements The information regarding earnings per share guidance, dividend target, earnings per share growth, load growth opportunities, capital expenditure plans, financing plans and sources of funding, tax credit safe harboring, generation and storage projects
Slide 3: Powering a future you want to own
ALLIANT ENERGY Powering a future you want to own TRACK RECORD OF CONSISTENT EXECUTION AND FINANCIAL PERFORMANCE • Total shareholder return of ~10%, consistently delivered with 10-year compound annual EPS growth of 6.5% • Initiating 2026 EPS guidance; a 6.6% increase over 2025 EPS guidance midpoint •
Slide 4: Consistent Financial Performance
CONSISTENT FINANCIAL PERFORMANCE 4
Slide 5: Solid YTD Performance; On Track to Meet 2025 Guidance
Solid YTD Performance; On Track to Meet 2025 Guidance Nine months ended September 30, 2024 ongoing earnings per share $2.33 2025 updated ongoing Revenue requirements from capital investments at IPL and WPL 0.60 EPS guidance Higher depreciation expense (0.17) $3.17 - $3.23 Higher financing expense (0
Slide 6: Projected Earnings and Dividend Growth in 2026
Projected Earnings and Dividend Growth in 2026 2026 EPS Guidance: $3.36 – $3.46 Key Drivers: 6.6% midpoint increase • Higher earnings from capital investments, incl. AFUDC $3.41 • Higher depreciation expense • Higher operation and maintenance expense to support customer needs • Higher financing cost
Slide 7: Proven Strong Execution Fueling Near-Term Growth Outlook
Proven Strong Execution Fueling Near-Term Growth Outlook 5-7%+ long-term annual EPS growth target; 7%+ EPS growth target for 2027-2029 NEAR-TERM GROWTH OUTLOOK Drivers of estimated 2027 – 2029 EPS growth: 6.6% 7%+ • Growth in rate base • Expected load ramp of data centers • Ability to earn our autho
Slide 8: Industry-Leading Growth Opportunities
INDUSTRY-LEADING GROWTH OPPORTUNITIES 8
Slide 9: Scaling for the Future: Load Growth Opportunities
Scaling for the Future: Load Growth Opportunities 900 MW projected demand added; 3 GW peak obligation to serve in capital expenditure plan ~12% Electric Sales Growth CAGR 2025-2030 3GW IN PLAN Demand expected to ramp up 2027-2030 UPSIDE OPPORTUNITIES ESA(1) ICR(2) ICR(2) Construction Customer • Acti
Slide 10: Customer-Focused Investments
CUSTOMER-FOCUSED INVESTMENTS 10
Slide 11: Increasing Investments to Support Economic Development and Growth
Increasing Investments to Support Economic Development and Growth 17% increase in CapEx supports 12% investment CAGR thru 2029 with minimal regulatory lag UPDATED CAPEX 2026-2029 PROJECTED RATE BASE ($ in billions) + CONSTRUCTION WORK IN PROGRESS 13-month average ($ in billions) $0.5 $1.0 Energy Sto
Slide 12: Expanding Diversified and Sustainable Energy Resources
Expanding Diversified and Sustainable Energy Resources ~$1.9B increase in 2026-2029 capital expenditures to serve expected load growth Natural Gas Generation Energy Storage & Electric & Gas Distribution, Renewables Technology & Other $4.7B (+$1.6B) $4.4B (+$200M) $4.3B (+$100M) ~2,000 MW New generat
Slide 13: Balanced Funding Approach for Capital Investment Program
Balanced Funding Approach for Capital Investment Program Backed by solid balance sheet, strong cash flows and investment-grade credit ratings SOURCES OF FUNDING Financing Expectations 2026-2029 • Financing capex investments with a balance of new debt, utilization of hybrids and new common equity. Ta
Slide 14: 2025 and 2026 Debt Financing Plans
2025 and 2026 Debt Financing Plans Financing plans support growth in capex and upcoming 2026 maturities ($ in millions) Estimated Remaining Debt Issuances 2025 2026 Activity Issuance Date Rate Maturity Date Amount Type Issuance March 2025 Variable March 2026 $300 Term Loan Issuance May 2025 3.25% Ma
Slide 15: 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 base rates through • Continued focus on reliability and power • Electric rates below national average end of decade restoration 202
Slide 16: Advancing Wisconsin Regulatory Initiatives
Advancing Wisconsin Regulatory Initiatives Customer focused investments and individual customer rate proceedings Approved Docket Unanimous settlement agreement in retail electric and gas rate 6680-UR-125 review for test periods 2026 & 2027 Pending Approval Docket Anticipated Decision Date Individual
Slide 17: Advancing Iowa Regulatory Initiatives
Advancing Iowa Regulatory Initiatives Customer focused investments and individual customer rate proceedings Approved Docket Golden Plains energy storage GCU-2025-0005 Whispering Willow North energy storage GCU-2025-0011 Individual customer rate for QTS-Cedar Rapids TF-2025-0047 Pending Approval Dock
Slide 18: 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 19: Appendix
APPENDIX Alliant Energy.
Slide 20: Third Quarter 2025 Variance Drivers
Third Quarter 2025 Variance Drivers Three months ended September 30, 2024 ongoing earnings per share $1.15 Revenue requirements from capital investments at IPL and WPL 0.20 Higher other operation and maintenance expenses (0.10) Higher depreciation expense (0.05) Higher financing expense (0.04) Timin
Slide 21: GAAP to Ongoing Earnings Reconciliation
GAAP to Ongoing Earnings Reconciliation The following table provides a summary of Alliant Energy’s results for the three months ended September 30: GAAP EPS Adjustments Ongoing EPS 2025 2024 2025 2024 2025 2024 IPL $0.64 $0.74 $— — $0.64 $0.74 WPL 0.48 0.44 — — 0.48 0.44 Corporate Services 0.01 0.02
Slide 22: GAAP to Ongoing Earnings Reconciliation
GAAP to Ongoing Earnings Reconciliation The following table provides a summary of Alliant Energy’s results for the nine months ended September 30: GAAP EPS Adjustments Ongoing EPS 2025 2024 2025 2024 2025 2024 IPL $1.45 $1.06 $-- $0.23 $1.45 $1.29 WPL 1.25 1.05 -- -- 1.25 1.05 Corporate Services 0.0