Slides
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August 8, 2025 Q2 2025 Earnings Call Alliant Energy Corporation
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2 2025 Q2 Earnings Call Cautionary Statements Forward-looking Statements The information regarding forecasted earnings per share, forecasted effective income tax rates, financing plans and sources of funding, tax credit safe harboring, generation and storage projects and in-service dates, and regulatory plans contain forward-looking statements. Actual results could differ materially because the realization of those results are subject to many uncertainties, including: the state of the economy in the service territories of IPL and WPL; changes to the tax code including due to the July 7, 2025 executive order directing the U.S. Treasury to issue new guidance for determining when construction has started for tech neutral tax credits and corresponding phase outs; state and federal legislation and regulatory actions; weather; and other factors discussed in more detail in Alliant Energy Corporation’s earnings release dated August 7, 2025, and in Alliant Energy’s SEC filings. Alliant Energy cannot provide any assurance that the assumptions used in the forward-looking statements or otherwise are accurate or will prove to be correct. All forward-looking statements included in this presentation are based upon information presently available, and Alliant Energy assumes no obligation to update any forward-looking statements.
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3 2025 Q2 Earnings Call 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 customer and investor expectations The Alliant Energy AdvantageTM Powering a future you want to own 3
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4 2025 Q2 Earnings Call + Incremental opportunities at various stages of exploration 0 1 2 3 4 5 2025 2026 2027 2028 2029 2030 Scaling for the Future: Load Growth Opportunities Growing mature opportunities – Agreement in principle with QTS-Madison >30% increase in Alliant Energy’s projected demand by 2030 (from 2024 base of ~6 GW max demand) +2.1 GW Contracted Peak Demand Represents potential load that would be served through a combination of existing or new resources, short-term market purchases and/or load flexibility. Any new, owned resources would be upside to the current capex plan. Demand in Plan (represents resources in capital expenditure plan) Demand in Gigawatts (GW) 9-10% Electric sales growth CAGR in plan 2025-2030 Mature Opportunities Q2 update QTS is exploring the opportunity to establish a data center in the greater Madison WI area. QTS is engaged in siting due diligence. Actively pursuing additional opportunities
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5 2025 Q2 Earnings Call 0 1 2 3 4 5 Demand in Gigawatts (GW) Current Data Center Demand In Plan Mature Opportunities + Incremental opportunities at various stages of exploration Data Centers under Construction +2.1 GW contracted peak demand – energy resource needs in capital expenditure plan Scaling for the Future: Load Growth Opportunities Growing at the pace of customers: Creating cascading waves of investment opportunities Mature Opportunities Update (potential upside to the capital expenditure plan) ✓ QTS is exploring the opportunity to establish a data center in the greater Madison area with siting due diligence underway ✓ Actively pursuing additional phases of data centers Customer ESA signed ICR approved QTS – Cedar Rapids, IA Google – Cedar Rapids, IA Beaver Dam, WI ESA = Energy Supply Agreement | ICR = Individual Customer Rate Google QTS Beaver Dam
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2025 Q2 Earnings Call6 The Alliant Energy Advantage: Investment plan well-positioned and intact One Big Beautiful Bill Act (OBBBA) supports our current plan Tax legislation assessment: Current investment plans intact ✓ All batteries in plan (~800MW) safe harbored* and expected to be in-service by 2027 ✓ Majority of wind (~750MW) safe harbored* – confidence in ability to safe harbor* remaining ~450MW projects Current financing plans intact – transferability preserved for all tax credits in our 2025-2028 plan ✓ All tax credits ($1.5B) generated through 2028 would be transferable since projects either already in-service or safe harbored* Positions us well in Iowa to deliver growth without rate pressure, deferring the next base rate filing ✓ Fueled by data center growth ✓ Supported by advance ratemaking $0 $100 $200 $300 $400 2025 2026 2027 2028 Transferability intact on $1.5B tax credits Forecasted generated tax credits (in millions) Safe harbored tax credits on energy storage & wind Energy Storage in plan ~800 MW (All expected in service by 2027) New Wind in plan ~1,200 MW (Confidence in ability to safe harbor* 100%) *Based on long-standing Internal Revenue Service start of construction guidance.
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7 2025 Q2 Earnings Call Retention of tax benefits, energy margins and capacity until investments are in base rates enables ability to grow and earn authorized return on equity while adding to rate base • Investment tax credits recognized “as needed” up to authorized ROE. ~500MW of energy storage planned for in-service in 2025-2027 • Production tax credits recognized as earned Load growth, from data center customers, expected to start ramping up in second half of 2026 • QTS and Google data centers located in Cedar Rapids, Iowa New earnings sharing mechanism provides the ability to share the financial benefits of load growth and operational efficiencies with shareowners and customers • Promoting both financial stability and customer affordability • Creating “win-win” solutions 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 The Alliant Energy Advantage: Iowa regulatory construct intact
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8 2025 Q2 Earnings Call Financial Highlights: Q2 2025 results Q2 2025 earnings per share $0.68 Q2 2024 ongoing earnings per share $0.57 Revenue requirements from capital investments at IPL and WPL 0.19 Higher depreciation expense (0.06) Higher financing expense (0.05) Estimated temperature impacts on retail electric and gas sales 0.04 Other (0.01) Q2 2025 GAAP earnings per share $0.68 Wood County, Wisc. energy storage
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9 2025 Q2 Earnings Call 2025 Earnings Guidance Key Assumptions • Ability of IPL and WPL to earn their authorized rates of return • Normal temperatures in its utility service territories • Stable economy and resulting implications on utility sales • Execution of capital expenditure plans including the achievement of targeted in-service dates • Execution of cost controls and financing plans • Consolidated effective tax rate of ~(31%) • Forecasted tax benefit recognition timing – results in quarterly variances, with no impact to full-year earnings: Reaffirming 2025 EPS guidance range of $3.15 - $3.25 Tax Benefit Timing Q1 Actual Q2 Actual Q3 Estimated Q4 Estimated Total Year 2025 EPS timing impact $0.02 ($0.07) $0.09 ($0.04) $-- 2024 EPS timing impact (0.02) (0.09) 0.15 (0.04) -- Estimated EPS Variance $0.04 $0.02 $(0.06) $-- $--
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2025 Q2 Earnings Call Financing Plans Financing plans are subject to change, depending on capital expenditures, regulatory outcomes, changes in tax credit transferability assumptions, changes in legislation or tax policies, or other factors Financing plans support growth in capex and upcoming maturities 10 ($ millions) Estimated Remaining 2025 Debt Issuances Completed 2025 Debt Issuances Upcoming Maturities AE Finance/Parent $725 $300 364-day @ variable rate in March 2025 $575 3-Year @ 3.250% convertible note in May 2025 ($300) 364-day @ variable rate in March 2026 ($575) @ 3.875% convertible note in March 2026 ($200) @ 1.4% in March 2026 IPL $400 $600 10-Year @ 5.600% in May 2025 ($250) @ 3.40% in August 2025 WPL $300 N/A • ~$350 million of 2025 tax credits anticipated to be generated and transferred • 2025-2028 funding sources include ~$1.4 billion of equity, including $1.3 billion future equity issuances and ~$100 million through DRIP plan. • ATM program launched in May 2025. Raised ~$175 million through June 2025 on a forward basis to be settled throughout 2026. • Expect to maintain 40% to 45% parent equity structure. Aim to achieve authorized capital structures at IPL and WPL. • Committed to maintaining current investment grade credit ratings with S&P and Moody’s. Targeting maintaining ~13-14% (S&P) and ~14-15% (Moody’s) FFO/Debt range through 2028.
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11 2025 Q2 Earnings Call 2025 Regulatory Proceedings Regulatory initiatives for customer focused investments and individual customer rate filings Docket Est. Date • Anticipated commission decision on Individual Customer Rate filing for QTS data center TF-2025-0047 Q3 2025 • Anticipated commission decision on Golden Plains energy storage GCU-2025-0005 Q4 2025 • Anticipated commission decision on Whispering Willow North energy storage GCU-2025-0006 Q4 2025 • Anticipated commission decision on 1 gigawatt wind advance ratemaking RPU-2025-0003 Q1 2026 • Anticipated filings for additional renewable and flexible, dispatchable resources 2025 • Anticipated commission decision on Individual Customer Rate filing for Beaver Dam data center 6680-TE-115 Q3 2025 • Anticipated commission decision on retail electric and gas rate review for 2026 & 2027 6680-UR-125 Q4 2025 • Anticipated commission decision on Forward Wind Refurbishment (Repower) 5-CE-160 Q1 2026 • Anticipated commission decision on Rock County LNG 6680-CG-171 Q2 2026 • Anticipated commission decision on 153 MW Bent Tree North Wind Project 6680-CE-189 Q2 2026 • Anticipated filings for additional renewable and flexible, dispatchable resources 2025 Iowa Regulatory Proceedings Wisconsin Regulatory Proceedings ✓ Approval: Lansing energy storage (GCU-2025-0001) ✓ Approval: Cedar River Generating Station (GCU-2024-0004) ✓ Approval: Individual Customer Rate filing for Google data center (TF-2025-0007) ✓ Approval: Energy Dome (5-CE-156)
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12 2025 Q2 Earnings Call Wisconsin Rate Review – Docket 6680-UR-125 Customer Investments Summary of Request for Forward Test Years 2026 2027 Increase in electric revenue requirements $120M $82M Increase in gas revenue requirements $9M $5M Proposed return on equity 9.9% 9.9% Proposed regulatory equity level 55.5% 55.3% Electric rate base $6.3B $6.7B Gas rate base $0.6B $0.6B Electric revenue requirement is net of reduced fuel expenses attributable to greater energy from zero-fuel cost renewable energy resources, new energy storage, higher capacity and efficiency from upgrades to existing natural gas-fired generating units, and continued operations of Edgewater unit 5 and Columbia units 1 and 2 Rates to be effective January 1, 2026 (electric and gas) and January 1, 2027 (electric and gas) Staff & Intervenor Testimony Rebuttal Testimony Public Hearing Surrebuttal Testimony Initial Brief Reply Brief Procedural Schedule 8/12 9/2 9/9 9/29 10/6 9/15
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13 2025 Q2 Earnings Call GAAP to Ongoing Earnings Reconciliation GAAP EPS Adjustments Ongoing EPS 2025 2024 2025 2024 2025 2024 IPL $0.38 $0.07 $-- $0.23 $0.38 $0.30 WPL 0.34 0.25 -- -- 0.34 0.25 Corporate Services 0.02 0.01 -- -- 0.02 0.01 Subtotal for Utilities and Corporate Services 0.74 0.33 -- 0.23 0.74 0.56 ATC Holdings 0.04 0.04 -- -- 0.04 0.04 Non-Utility and Parent (0.10) (0.03) -- -- (0.10) (0.03) Alliant Energy Consolidated $0.68 $0.34 $-- $0.23 $0.68 $0.57 The following table provides a summary of Alliant Energy’s results for the three months ended June 30: Utilities and Corporate Services Non-GAAP EPS Adjustments 2025 2024 Asset valuation charge related to IPL’s Lansing Generating Station, net of tax impacts of ($16) million $-- $0.17 Asset retirement obligation charge for steam assets at IPL, net of tax impacts of ($5) million $-- $0.06 Ongoing, or non-GAAP, earnings for the three months ended June 30 do not include the following items that were included in the reported GAAP earnings: