Alliant Energy Corporation · NASDAQ:LNT
Alliant Energy — Q4 2025 Earnings Presentation
14 slides from Alliant Energy's earnings presentation, Feb 20, 2026
Slide 1: Alliant Energy Corporation Q4 2025 Earnings Call
Alliant Energy Corporation Q4 2025 Earnings Call February 20, 2026
Slide 2: Cautionary Statements
Cautionary Statements Forward-looking Statements The information regarding earnings per share guidance, dividend target, earnings per share growth, load growth, capital expenditure plans, financing plans, generation and storage projects, and regulatory initiatives contain forward- looking statements
Slide 3: 2025 Highlights
ALLIANT ENERGY 2025 Highlights 6.3% 10-year earnings CAGR Financial Results 2025 2024 GAAP net income (in millions) $810 $690 GAAP earnings per share (EPS) $3.14 $2.69 Ongoing EPS $3.22 $3.04 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Ongoing EPS Dividends CONSISTENTLY DELIVERING FINANCIAL RE
Slide 4: 2026 - 2029 Outlook
ALLIANT ENERGY 2026 - 2029 Outlook FINANCIAL OUTLOOK • Affirming 2026 EPS growth guidance of $3.36 to $3.46 • Affirming long-term EPS growth target of 5-7%+, projecting at or above high end in 2027-2029 • $13.4B 4-year diverse capital expenditure plan investments redistributed between utilities with
Slide 5: Scaling for the Future: Load Growth Opportunities
Scaling for the Future: Load Growth Opportunities New ESA signed for QTS 2 project in Iowa ~11% Retail Electric Sales Growth CAGR 2025-2031 3GW IN PLAN Demand expected to ramp up 2027-2031 UPSIDE OPPORTUNITIES ESA(1) ICR(2) ICR(2) Construction Customer • Active negotiations for ~2-4 GW of additional
Slide 6: Capital Investments Support Economic Development and Growth
Capital Investments Support Economic Development and Growth Consolidated capital expenditure plan remains unchanged with shift of generation investments to IPL PROJECTED RATE BASE UPDATED CAPEX 2026-2029 + CONSTRUCTION WORK IN PROGRESS ($ in billions) $4.1B Natural Gas Generation 13-month average ($
Slide 7: 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 ~$3 billion weighted slightly toward the second half of the year, with average constructio
Slide 8: 2026 Debt Financing Plans
2026 Debt Financing Plans Balanced financing plans support growth in capital expenditures ($ 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 $300 Variable Prepaid
Slide 9: 2026-2029 Equity Plan Update
2026-2029 Equity Plan Update Proactive forward equity issuances address nearly half of equity needs through 2029 ($ in billions) $2.5 ~$0.7B to be $2.0 settled ratably in 2026 starting in Q2 and remaining in 2027 $1.5 $2.4 $1.0 $0.1 $1.0 $1.3 $0.5 $0.0 Total Equity Need ATM DRIP Program Remaining 20
Slide 10: 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 11: 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 Pending Approval Docke
Slide 12: Appendix
APPENDIX Alliant Energy.
Slide 13: Solid 2025 Performance; Exceeded Midpoint of Guidance
Solid 2025 Performance; Exceeded Midpoint of Guidance Twelve months ended December 31, 2024 GAAP earnings per share $2.69 Non-GAAP adjustments in 2024 0.35 Twelve months ended December 31, 2024 ongoing earnings per share $3.04 Revenue requirements from capital investments at IPL and WPL 0.68 Higher
Slide 14: 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