Alliant Energy Corporation · NASDAQ:LNT
Alliant Energy — Investor Presentation (March 2026)
39 slides from Alliant Energy's investor presentation, March 2026
Slide 1: March 2026 Investor Presentation
March 2026 Investor Presentation March 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 Our purpose: Serve customers and build stronger communities >95% earnings ~3,000 dedicated $15.3 billion From regulated 1 million electric customers 13-month average 435,000 gas customers employees operations 2025 rate base Top 5 largest regulated Serving 75% and 40% ~50%
Slide 4: Powering a future you want to own
ALLIANT ENERGY Powering a future you want to own FINANCIAL OUTLOOK • 2026 EPS growth guidance of $3.36 to $3.46 • Long-term EPS growth target of 5-7%+, projecting at or above high end in 2027-2029 • $13.4B 4-year diverse capital expenditure plan investments redistributed between utilities with ~12%
Slide 5: The Alliant Energy Advantage
The ALLIANT ENERGY ADVANTAGETM 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 Regulatory frameworks align
Slide 6: 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 7: Advancing Economic Development
ADVANCING ECONOMIC DEVELOPMENT 7
Slide 8: Scaling for the Future: Load Growth Opportunities
Scaling for the Future: Load Growth Opportunities New ESA signed for QTS 2 project in Iowa ~11% Retail Electric Sales Growth CAGR 2025-2031 3GW IN PLAN Demand expected to ramp up 2027-2031 UPSIDE OPPORTUNITIES ESA(1) ICR(2) ICR(2) Construction Customer • Active negotiations for ~2-4 GW of additional
Slide 9: Data Centers Unlock Potential Across Communities
Data Centers Unlock Potential Across Communities "This [QTS data center] facility “Energy and sustainability are "With several global companies represents a powerful endorsement central to the approach of QTS. expanding and growing their of Iowa, our communities, and our QTS will pay for all project
Slide 10: 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 11: 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 12: Unlocking the Potential of our Customers and Communities
Unlocking the Potential of our Customers and Communities 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 structur
Slide 13: Flexible Resource Planning & Capital Plans
FLEXIBLE RESOURCE PLANNING & CAPITAL PLANS 13
Slide 14: Increasing Investments to Support Economic Development and Growth
Increasing Investments to Support Economic Development and Growth 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 Storage & Renewabl
Slide 15: Expanding Diversified and Sustainable Energy Resources
Expanding Diversified and Sustainable Energy Resources 2026-2029 capital expenditures to serve existing customers and 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 Energy st
Slide 16: 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 17: 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 75% • Investments to extend the flexibility, efficiency, • Ele
Slide 18: Constructive Jurisdictions
CONSTRUCTIVE JURISDICTIONS 18
Slide 19: 2025 and 2026 Regulatory Approvals
2025 and 2026 Regulatory Approvals WI rate review for test periods 2026 and 2027, customer focused investments, and individual customer rates Approved Docket Google Individual Customer Rate TF-2025-0007 94 MW Cedar River RICE GCU-2024-0004 150 MW Lansing BESS GCU-2025-0001 75 MW Golden Plains BESS G
Slide 20: Advancing Regulatory Initiatives
Advancing Regulatory Initiatives Customer focused investments and individual customer rate proceedings Approved Docket Pending Approval Docket Anticipated Decision Date Forward Wind Refurbishment (Repower) 5-CE-160 Up to 1 gigawatt wind advance ratemaking RPU-2025-0003 1H 2026 Individual Customer Ra
Slide 21: Financial Information
FINANCIAL INFORMATION Alliant Energy.
Slide 22: 2026 Guidance
2026 Guidance 2026 earnings guidance based on the following assumptions (as compared to 2025 levels): • Higher earnings on growing capital investments, including AFUDC • Forecasted 2026 capital expenditures of ~$3 billion weighted slightly toward the second half of the year, with average constructio
Slide 23: Proven Strong Execution Fueling Near-Term Growth Outlook
Proven Strong Execution Fueling Near-Term Growth Outlook 5-7%+ long-term annual EPS growth target; 7%+ EPS growth target for 2027-2029 NEAR-TERM GROWTH OUTLOOK Drivers of estimated 2027 – 2029 EPS growth: 6% 7%+ • Growth in rate base • Expected load ramp of data centers • Ability to earn our authori
Slide 24: Keeping our Communities Growing and Solving for Affordability
Keeping our Communities Growing and Solving for Affordability Driving Enhancing Supporting customers Affordability customer value and communities • Stable Iowa electric retail base rates • Continued focus on reliability and power • Electric rates below national average through end of decade restorat
Slide 25: Balanced Funding Approach for Capital Investment Program
Balanced Funding Approach for Capital Investment Program Backed by solid balance sheet, strong cash flows and investment-grade credit ratings SOURCES OF FUNDING 2026-2029 Financing Expectations • Financing capex investments with a balance of new debt, utilization 1 Tax Credit of hybrids and new comm
Slide 26: 2026 Debt Financing Plans
2026 Debt Financing Plans Balanced financing plans support growth in capital expenditures ($ in millions) Issuances Type Amount AE Finance/Parent Term Loan Up to $400 IPL Senior Debentures Up to $500 WPL Debentures Up to $300 Maturities Type Amount Rate Maturity Date Term Loan $300 Variable Prepaid
Slide 27: Corporate Responsibility
CORPORATE RESPONSIBILITY 27
Slide 28: Leader in Corporate Responsibility
Leader in Corporate Responsibility Environmental Social Governance • Aspire to achieve net-zero greenhouse gas • Halfway toward goal of planting 1 million trees by • Separate board chair and chief executive emissions by 2050 from our utility operations end of 2030 – one tree for each electric custom
Slide 29: Environmental Stewardship
Environmental Stewardship Our Environmental Stewardship Goals* Alliant Energy’s environmental stewardship is focused on the implementation of a responsible energy strategy. Greenhouse Gas Emission Reduction Goals Achieved and Targeted Alliant Energy’s journey toward carbon reductions 0% GHG Reductio
Slide 30: Alliant Energy ESG Disclosures
ALLIANT ENERGY ESG Disclosures Quick references Corporate Responsibility Report Political Engagement Guidelines Climate Report Corporate Governance Guidelines Biodiversity Commitment Alliant Energy Foundation Human Rights Policy Code of Conduct Responsibility Reporting 30
Slide 31: Appendix
APPENDIX Alliant Energy.
Slide 32: Growing our Renewable Rate Base
Growing our Renewable Rate Base Renewable generation and energy storage rate base represents almost twice the rate base of fossil fueled generation Gas Distribution 7% Renewable Generation and Energy Storage 31% Electric Distribution 43% 2025 year-end rate base Coal Generation 8% Gas Generation Reti
Slide 33: Rate Base and Construction Work in Progress
Rate Base and Construction Work in Progress ~12% investment CAGR fuels long-term sustainable growth IPL Rate Base + Construction Work in Progress WPL Rate Base + Construction Work in Progress Projected 13-month average rate base ($ in billions) Projected 13-month average rate base ($ in billions) $1
Slide 34: Forecasted Generated Tax Credits
Forecasted Generated Tax Credits IPL Forecasted Generated Tax Credits ($ in millions) WPL Forecasted Generated Tax Credits ($ in millions) $400 $400 $300 $300 $200 $200 $100 $100 $0 $0 2026 2027 2028 2029 2026 2027 2028 2029 IPL ITC $50 $235 $260 $0 WPL ITC $70 $20 $0 $0 IPL PTC $150 $165 $175 $145
Slide 35: 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 36: 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 37: 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 38: Wisconsin Rate Review Supports Customer Value
Wisconsin Rate Review Supports Customer Value Powering today while building a stronger, more reliable and resilient energy future – for our customers, communities and the region Cost-effectively advancing responsible energy solutions ✓ Solar and wind refurbishment projects provide zero-fuel cost ene
Slide 39: Reconciliation Between GAAP and Non-GAAP EPS
Reconciliation Between GAAP and Non-GAAP EPS 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 Non-GAAP adjustments: • Valuation charge related to the Franklin County Wind Farm 0.23 • Tax reform (0.08) (0