Alliant Energy Corporation · NASDAQ:LNT
Alliant Energy — Investor Presentation (September 2026)
34 slides from Alliant Energy's investor presentation, September 2026
Slide 1: September 2026 Investor Presentation
September 2026 Investor Presentation September 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 $15.3 billion 1,010,000 electric customers ~3,000 dedicated From regulated 13-month average 435,000 gas customers employees operations 2025 rate base Top 5 largest regulated ~12% investment growth ~
Slide 4: Powering a future you want to own
ALLIANT ENERGY Powering a future you want to own THE ALLIANT ENERG ADVANTAGETM FINANCIAL OUTLOOK • 2026 ongoing EPS growth guidance of $3.36 to $3.46 Solutions-oriented approach • Long-term EPS growth target of 5-7%+, projecting at or above Unlocking the potential of our customers and high end in 20
Slide 5: 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 6: Unlocking the Potential of Customers and Communities
UNLOCKING THE POTENTIAL OF CUSTOMERS AND COMMUNITIES 6
Slide 7: Scaling for the Future: Load Growth Opportunities
Scaling for the Future: Load Growth Opportunities Received PSCW written approval of Meta ICR in June 2026 ~11% Retail Electric Sales Growth CAGR 2025-2031 3 GW IN CAPEX PLAN Demand expected to ramp up 2027-2031 NEW RESOURCES NEEDED TO MEET LOAD ESA ICR ICR Construction Load Customer • New signed ESA
Slide 8: 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 9: 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 10: Unlocking the Potential: Strong Fundamentals for New Investment
Unlocking the Potential: Strong Fundamentals for New Investment 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 s
Slide 11: Flexible Resource Planning & Capital Plans
FLEXIBLE RESOURCE PLANNING & CAPITAL PLANS 11
Slide 12: Investments to Support Economic Development and Growth
Investments to Support Economic Development and Growth CapEx supports 3 GW of load growth, ~12% investment CAGR thru 2029 with minimal regulatory lag CAPEX 2026-2029 PROJECTED RATE BASE ($ in billions) + CONSTRUCTION WORK IN PROGRESS 13-month average ($ in billions) $0.5 $1.0 Energy Storage & Renewa
Slide 13: Expanding Diversified and Sustainable Energy Resources
Expanding Diversified and Sustainable Energy Resources 2026-2029 capital expenditures to serve existing customers and 3 GW of 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 E
Slide 14: 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 15: 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 future • Investments to extend the flexibility, efficiency, • Grid mo
Slide 16: Advancing Regulatory Initiatives
Advancing Regulatory Initiatives Customer focused investments and individual customer rate proceedings Approved Utility Docket Order Date Increase Energy Storage by 125 MW in Franklin County, Iowa IPL GCU-2025-0006 August 20, 2026 (written) Rock County LNG WPL 6680-CG-171 September 1, 2026 (verbal)
Slide 17: Financial Information
FINANCIAL INFORMATION Alliant Energy.
Slide 18: 2026 Guidance
2026 Guidance Currently trending in the upper half of the 2026 earnings guidance range 2026 ongoing 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 ~$3 billi
Slide 19: Proven Strong Execution Fueling Near-Term Growth Outlook
Proven Strong Execution Fueling Near-Term Growth Outlook 5-7%+ long-term annual EPS growth target; 7%+ EPS growth target for 2027-2029 NEAR-TERM GROWTH OUTLOOK Drivers of estimated 2027 – 2029 EPS growth: 6% 7%+ • Growth in rate base • Expected load ramp of data centers • Ability to earn our authori
Slide 20: Keeping our Communities Growing and Solving for Affordability
Keeping our Communities Growing and Solving for Affordability Driving Enhancing Supporting customers Affordability customer value and communities • Stable Iowa electric retail base rates • Continued focus on reliability and power • Electric rates below national average through end of decade restorat
Slide 21: Balanced Funding Approach for Capital Investment Program
Balanced Funding Approach for Capital Investment Program Backed by solid balance sheet, strong cash flows and investment-grade credit ratings SOURCES OF FUNDING 2026-2029 Financing Expectations • Financing capex investments with a balance of new debt, utilization 1 Tax Credit of hybrids and new comm
Slide 22: 2026 Debt Financing Progress
2026 Debt Financing Progress Balanced financing plans support maintaining balance sheet strength and growth in capital expenditures ($ in millions) Issuances Type Amount Rate Issued Matures AEC Term Loan $400 Variable March 2, 2026 March 1, 2027 IPL Senior Debentures $500 5.100% August 21, 2026 Sept
Slide 23: Corporate Responsibility
CORPORATE RESPONSIBILITY 23
Slide 24: Leader in Corporate Responsibility
Leader in Corporate Responsibility Environmental Social Governance • Aspire to achieve net-zero greenhouse gas • As of Jan. 2026, 627,644 trees toward goal of • Separate board chair and chief executive emissions by 2050 from our utility operations planting 1 million by end of 2030 – one tree for eac
Slide 25: Environmental Stewardship
Environmental Stewardship Our Environmental Stewardship Goals* Alliant Energy’s environmental stewardship is focused on the implementation of a responsible energy strategy. Path to Zero Coal Generation by 2040 3,500 3,000 Alliant Energy’s journey toward carbon reductions includes long-term voluntary
Slide 26: Alliant Energy Disclosures
ALLIANT ENERGY Disclosures Quick references Corporate Responsibility Report 2025 Corporate Responsibility Highlights Climate Report Political Engagement Guidelines Biodiversity Commitment Corporate Governance Guidelines Human Rights Policy Alliant Energy Foundation Environmental Commitment Code of C
Slide 27: Appendix
APPENDIX Alliant Energy.
Slide 28: Growing our Renewable Rate Base
Growing our Renewable Rate Base Renewable generation and energy storage rate base represents almost twice the rate base of fossil fueled generation Gas Distribution 7% Renewable Generation and Energy Storage 31% Electric Distribution 43% 2025 year-end rate base Coal Generation 8% Gas Generation Reti
Slide 29: Rate Base and Construction Work in Progress
Rate Base and Construction Work in Progress ~12% investment CAGR fuels long-term sustainable growth IPL Rate Base + Construction Work in Progress WPL Rate Base + Construction Work in Progress Projected 13-month average rate base ($ in billions) Projected 13-month average rate base ($ in billions) $1
Slide 30: Forecasted Generated Tax Credits
Forecasted Generated Tax Credits IPL Forecasted Generated Tax Credits ($ 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 31: 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 32: 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 33: 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 34: Reconciliation Between GAAP and Non-GAAP EPS
Reconciliation Between GAAP and Non-GAAP EPS 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 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 $3.46 Non-GAAP adjustments: • Valuation charge related to the Franklin County Wind Farm 0.23 • Tax refo
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