Alliant Energy Corporation · NASDAQ:LNT
Alliant Energy — Wolfe Research Conference 2025
43 slides from Alliant Energy's conference presentation, Oct 1, 2025
Slide 1: Wolfe Research Conference Investor Update
Wolfe Research Conference Investor Update October 1, 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 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 $14.2 billion From regulated 1 million electric customers 13-month average 430,000 gas customers employees operations 2024 rate base 32% of 2024 year-end Balanced energy mix Top 5 l
Slide 4: Alliant Energy: Investment Thesis
Alliant Energy: Investment Thesis Unlocking growth, reliability and customer value Constructive Consistent financial track record Low risk of regulatory Ten-year compound annual catastrophic events environments growth rate of 6%; in the states we consistent with 5-7% long-term operate earnings growt
Slide 5: The Alliant Energy Advantage
The Alliant Energy AdvantageTM Powering a future you want to own Industry-leading growth opportunities driven by data centers, enabled by constructive regulation Growing at the pace of customers through adaptive resource planning with strategically paced investments Consistently delivering on custom
Slide 6: 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 7: Investment plan well-positioned and intact
The Alliant Energy Advantage: Investment plan well-positioned and intact One Big Beautiful Bill Act (OBBBA) supports our current plan Tax legislation assessment: Safe harbored tax credits on energy storage & wind Current investment plans intact ~800 MW ✓ All batteries in plan (~800MW) safe harbored*
Slide 8: 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 $0.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Ongoing EPS Dividends Ongoing EPS ~6% CAGR over the past 10 years Dividends ~6% CAGR, consistent 60-70% payout ratio Reflects exp
Slide 9: Advancing Economic Development
ADVANCING ECONOMIC DEVELOPMENT 9
Slide 10: Scaling for the Future: Load Growth Opportunities
Scaling for the Future: Load Growth Opportunities Growing mature opportunities – Signed energy supply agreement with QTS-Madison 5 Update + Incremental opportunities Represents potential load that would be served through a 4 QTS is exploring the opportunity to establish a data at various combination
Slide 11: Scaling for the Future: Load Growth Opportunities
Scaling for the Future: Load Growth Opportunities Growing at the pace of customers: Creating cascading waves of investment opportunities Current Data Center Demand Expanding Pipeline of Growth Opportunities ✓ Availability of multiple sites suitable for data centers with ability to interconnect in a
Slide 12: Data Centers – Thoughtful Growth
Data Centers – Thoughtful Growth Ensuring benefits for all customers Individual customer rates • Competitive, cost-based rates • Robust regulatory oversight that ensures no subsidization by other customers Protection for other customers and company • Customer risk sharing to align with company finan
Slide 13: Flexible Resource Planning & Capital Plans
FLEXIBLE RESOURCE PLANNING & CAPITAL PLANS 13
Slide 14: Investments Support Growth, Reliability and Customer Value
Investments Support Growth, Reliability and Customer Value Four-year capital expenditure plan supports 11% investment CAGR Projected Rate Base + Construction Work in Progress Capital Investment Drivers Capital Expenditure Plan 13-month average ($ in billions) $22.9 Renewables and Energy Storage Gas
Slide 15: 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 16: 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 17: 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 • 2024 rate base (13-month avg.): $4.9 billion LNT Share o
Slide 18: 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 19: Constructive Jurisdictions
CONSTRUCTIVE JURISDICTIONS 19
Slide 20: 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 21: 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 22: WPL Strategically Enabling Growth
WPL Strategically Enabling Growth Regulatory outcomes and energy supply agreements maintain positive momentum • Unanimous settlement filed on retail electric and gas rate review for test periods 2026 & 2027 • Individual customer rate (ICR) attracts economic development growth and provides benefits t
Slide 23: 2025 Regulatory Proceedings
2025 Regulatory Proceedings Regulatory initiatives for customer focused investments and individual customer rate filings Iowa Regulatory Proceedings Docket Est. Date ✓ Approval: Golden Plains • Anticipated commission decision on Individual Customer Rate filing for QTS data center TF-2025-0047 Q4 202
Slide 24: Financial Information
FINANCIAL INFORMATION Alliant Energy.
Slide 25: 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 • Higher depreciation expense $3.04 • Higher financing costs 2025 EPS Guidance Midpoint 2025 Dividend Targe
Slide 26: 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 27: 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 • Funding sources include ~$1.4B of equity from 2025-2028, including $1.3 2025-2028 billion future equity issuances and ~
Slide 28: 2025 Financing Plans
2025 Financing Plans Financing plans support growth in capex and upcoming debt maturities Estimated Remaining Debt ($ in Millions) Issuances Completed Debt Issuances Upcoming Debt Maturities $300 364-day @ variable rate in March 2025 ($300) 364-day @ variable rate in March 2026 $575 3-year @ 3.25% c
Slide 29: Corporate Responsibility
CORPORATE RESPONSIBILITY 29
Slide 30: 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 • Separate board chair and chief emissions by 2050 from our utility operations by end of 2030 – one tree for each electric executive office
Slide 31: Environmental Stewardship
Our Environmental Stewardship Goals* Environmental Stewardship By 2030: • Reduce greenhouse gas emissions** from our utility operations by Greenhouse Gas Emission Reduction Goals 50% from 2005 levels • Reduce our electric utility water supply by 75% from 2005 levels Achieved and Targeted • Electrify
Slide 32: Our Values in Action
Our Values in Action Corporate responsibility report • 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 33: ESG Disclosures
ALLIANT ENERGY ESG Disclosures Quick references Corporate Responsibility Report 2024 Corporate Responsibility Highlights Climate Report Political Engagement Guidelines Environmental Stewardship Goals Corporate Governance Guidelines Biodiversity Commitment Alliant Energy Foundation Human Rights Polic
Slide 34: Appendix
APPENDIX Alliant Energy.
Slide 35: 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 32% Electric Distribution 42% 2024 year-end rate base Coal Generation 8% Gas Generation Reti
Slide 36: 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) $12
Slide 37: Forecasted Generated Tax Credits
Forecasted Generated Tax Credits IPL Forecasted Generated Tax Credits WPL Forecasted Generated Tax Credits ($ 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 38: 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 39: 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 40: 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 electric base rates stable through at least 2029 Retention of tax benefits, energy margins and capacity until investm
Slide 41: Wisconsin Unanimous Rate Review Settlement
Wisconsin Unanimous Rate Review Settlement Docket 6680-UR-125 Summary of unanimous electric and gas rate 2026 2027 review settlement agreement Electric revenue requirement increase $79M $73M Gas revenue requirement increase $7M $5M Authorized return on equity 9.8% 9.8% Authorized financial / regulat
Slide 42: 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 Filing ✓ Solar and wind refurbishment projects provide zero-fuel c
Slide 43: 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