Slides
Page 1
November 7, 2025 Q3 2025 Earnings Call Alliant Energy Corporation
Page 2
2 2025 Q3 Earnings Call Cautionary Statements Forward-looking Statements The information regarding earnings per share guidance, dividend target, earnings per share growth, load growth opportunities, capital expenditure plans, financing plans and sources of funding, tax credit safe harboring, generation and storage projects and in-service dates, and regulatory initiatives contain forward-looking statements. Actual results could differ materially because the realization of those results are subject to many uncertainties, including: state and federal regulatory actions and legislation; ability of large load customers to timely construct facilities; ability of IPL and WPL to complete construction of generation and energy storage projects by planned in-service dates and within the cost targets set by regulators; the state of the economy in the service territories of IPL and WPL; weather; and other factors discussed in more detail in Alliant Energy Corporation’s earnings release dated November 6, 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. Non-GAAP Financial Measures This presentation contains references to ongoing earnings, which is a non-GAAP financial measure. The reconciliations between ongoing earnings and the GAAP measure are provided in this presentation. Ongoing earnings refers to non-GAAP diluted earnings per share.
Page 3
2025 Q3 Earnings Call3 INDUSTRY-LEADING LOAD GROWTH OPPORTUNITIES • 3 GW data center demand driving a 50% increase in projected demand by 2030 (from 2024 levels) • All growth included in plan contractually secured by long-term Electric Service Agreements with high-quality customers • Flexible resource planning enables rapid response to evolving customer needs ALLIANT ENERGY Powering a future you want to own TRACK RECORD OF CONSISTENT EXECUTION AND FINANCIAL PERFORMANCE • Total shareholder return of ~10%, consistently delivered with 10-year compound annual EPS growth of 6.5% • Initiating 2026 EPS guidance; a 6.6% increase over 2025 EPS guidance midpoint • Long-term annual EPS growth target at 5-7%+, projecting at or above high end in 2027-2029 • Low risk stock, benefiting from historically low frequency of disruptive natural events in operating regions CUSTOMER-FOCUSED INVESTMENTS WITH BALANCED FINANCING PLAN • $13.4B 4-year diverse capital expenditure plan (17% increase over prior plan) supports robust growth • $2.4B of equity supports 4-year capital plan while maintaining balance sheet strength • Supportive regulatory environments and diverse capital investments while driving customer affordability
Page 4
CONSISTENT FINANCIAL PERFORMANCE 4
Page 5
5 2025 Q3 Earnings Call Solid YTD Performance; On Track to Meet 2025 Guidance Nine months ended September 30, 2024 ongoing earnings per share $2.33 Revenue requirements from capital investments at IPL and WPL 0.60 Higher depreciation expense (0.17) Higher financing expense (0.14) Higher other operation and maintenance expenses (0.13) Estimated net temperature impacts on retail electric and gas sales 0.12 Other 0.01 Nine months ended September 30, 2025 ongoing earnings per share $2.62 2025 updated ongoing EPS guidance $3.17 - $3.23 Ongoing earnings per share is a non-GAAP financial measure. References to ongoing earnings exclude material charges or income that are not normally associated with ongoing operations.
Page 6
2025 Q3 Earnings Call Projected Earnings and Dividend Growth in 2026 2026 EPS Guidance: $3.36 – $3.46 $3.20 $3.41 2025 Ongoing EPS Guidance Midpoint 2026 EPS Guidance Midpoint 6.6% midpoint increaseKey Drivers: • Higher earnings from capital investments, incl. AFUDC • Higher depreciation expense • Higher operation and maintenance expense to support customer needs • Higher financing costs 2026 Dividend Target: $2.14 per share • 5.4% increase over 2025 target • Expect to maintain 60-70% dividend payout target 6
Page 7
2025 Q3 Earnings Call 2025E 2026E 2027E 2028E 2029E 5-7%+ long-term annual EPS growth target; 7%+ EPS growth target for 2027-2029 Proven Strong Execution Fueling Near-Term Growth Outlook $3.17 – $3.23 $3.36 – $3.46 Drivers of estimated 2027 – 2029 EPS growth: • Growth in rate base • Expected load ramp of data centers • Ability to earn our authorized return on equity through constructive regulatory outcomes We would reassess our long-term annual EPS growth target with additional load growth and capex NEAR -TERM GROWTH OUTLOOK 6.6% 7%+ 7
Page 8
INDUSTRY-LEADING GROWTH OPPORTUNITIES 8
Page 9
9 2025 Q3 Earnings Call Scaling for the Future: Load Growth Opportunities (1) ESA = Electric Service Agreement (2) ICR = Individual Customer Rate 900 MW projected demand added; 3 GW peak obligation to serve in capital expenditure plan Customer ESA(1) signed ICR(2) filed ICR(2) approved Construction started QTS Cedar Rapids, IA Google Cedar Rapids, IA Beaver Dam, WI QTS greater Madison, WI • Active negotiations for ~2-4 GW of additional load • Incremental opportunities at various stages of exploration • Any additional large load would require new resources to meet capacity requirements • Incremental investment opportunities may materialize later in or beyond the planning period 3GW IN PLAN UPSIDE OPPORTUNITIES ~12% Electric Sales Growth CAGR 2025-2030 Demand expected to ramp up 2027-2030 ~50% INCREASE IN PROJECTED DEMAND by 2030 (from 2024 base of ~6 GW max demand) UNLOCKING THE POTENTIAL OF CUSTOMERS AND COMMUNITIES
Page 10
CUSTOMER-FOCUSED INVESTMENTS 10
Page 11
2025 Q3 Earnings Call 17% increase in CapEx supports 12% investment CAGR thru 2029 with minimal regulatory lag Increasing Investments to Support Economic Development and Growth $4.4 $4.7 $0.6 $2.3 $0.5 $1.0 Energy Storage & Renewables Natural Gas Generation Other Generation Electric Distribution Gas Distribution Other (including American Transmission Company) $13.4 billion 17%+ CapEx Increase 13-month average ($ in billions) $16.9 $26.5 2025 2029 PROJECTED RATE BASE + CONSTRUCTION WORK IN PROGRESS UPDATED CAPEX 2026 -2029 ($ in billions) 12%+ CAGR 11
Page 12
2025 Q3 Earnings Call12 ~$1.9B increase in 2026-2029 capital expenditures to serve expected load growth Natural Gas Generation $4.7B (+$1.6B) ~2,000 MW New generation ~410 MW increased capacity at existing units 2 BCF LNG and gas lateral investments Natural gas generation in-service: 2026 – 2031 Energy Storage & Renewables $4.4B (+$200M) ~1,000 MW Energy storage ~1,100 MW New renewables Safe harboring 100% complete for energy storage and wind resources Energy storage in-service: 2026-2028 Renewables in-service: 2028-2029 Electric & Gas Distribution, Technology & Other $4.3B (+$100M) ~$2.3B Electric distribution investments ~$0.5B Gas distribution investments ~$0.6B Other generation Investments ~$0.6B Technology, facilities, fleet, etc. ~$0.3B Transmission investment through American Transmission Company Expanding Diversified and Sustainable Energy Resources
Page 13
2025 Q3 Earnings Call 1. Cash from operations less common dividends and monetized tax credits 2. Reflects common shares to be issued under the DRIP plan and future equity issuances 3. New debt reflects debt issuances, net of repayments Balanced Funding Approach for Capital Investment Program 13 Cash from Operations 34% Tax Credit Monetization 12% New Debt, incl. Hybrids 36% Equity 18% $13.4B Capital Expenditures 2026-2029 1 2 3 SOURCES OF FUNDING 2026 -2029 Backed by solid balance sheet, strong cash flows and investment-grade credit ratings Financing Expectations • Financing capex investments with a balance of new debt, utilization of hybrids and new common equity. • Change in equity financing attributed to ~50% equity financing of incremental capex growth through 2029 and increase in WPL equity ratio • Maintain a target dividend payout ratio of 60-70% of ongoing earnings • Committed to maintaining current investment grade credit ratings with S&P and Moody’s. Total Equity 26-29 Forwards Executed under ATM DRIP Program 26-29 Remaining to be Addressed EQUITY ISSUANCES ($ in billions) $2.4B $1.6B $0.7B $0.1B To be settled in 2026
Page 14
2025 Q3 Earnings Call14 2025 and 2026 Debt Financing Plans • Approximately $300M in tax credits are anticipated to be generated and transferred in 2025 and 2026, respectively • Executed a $300M interest rate swap to fix the SOFR rate at 3.10% for the anticipated AEC variable rate term loan borrowings through March 2028 • 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 Estimated Remaining Debt Issuances Activity Issuance Date Rate Maturity Date Amount Type2025 2026 AE Finance/Parent — Up to $300 Issuance March 2025 Variable March 2026 $300 Term Loan Issuance May 2025 3.25% May 2028 $575 Convertible Note Issuance September 2025 5.75% April 2056 $725 Junior Subordinated Notes Retirement November 2020 1.40% March 2026 ($200) Senior Notes Retirement March 2023 3.875% March 2026 ($575) Convertible Note Retirement March 2025 Variable March 2026 ($300) Term Loan IPL — Up to $500 Issuance May 2025 5.60% June 2035 $600 Senior Debentures Issuance September 2025 5.60% October 2055 $300 Senior Debentures Retirement Aug. 2015 & July 2005 3.4%/5.5% Aug. & July 2025 ($250)&($50) Senior Debentures WPL $300 Up to $300 Financing plans support growth in capex and upcoming 2026 maturities ($ in millions)
Page 15
2025 Q3 Earnings Call Driving Affordability • Stable Iowa electric base rates through end of decade • Continued operation of Columbia and Edgewater will save WI customers ~$200M in 2026 – 2027 • Declining residential electric share of wallet1 Enhancing customer value • Continued focus on reliability and power restoration • Capacity enhancements to existing fleet • Renewable energy credit sales to data center lowers the cost of new Wisconsin renewable resources for existing customers • Leased underground conduit for fiber use for data center customer • Renewables keep fuel cost low with ~45% retail sales coming from renewable energy Supporting customers and communities • Electric rates below national average Keeping our Communities Growing and Solving for Affordability 1.57% 1.47% 2014 2024 (1) Average Alliant Energy residential electric bill divided by household income -1.9% -3.5% -4.2% -4.7% 2021 2022 2023 2024National average Alliant retail rates % below national average • Data centers provide meaningful benefits to communities they serve with tens of millions of dollar investments • ICR filings ensure proper cost allocation among new and existing customers 15
Page 16
2025 Q3 Earnings Call Customer focused investments and individual customer rate proceedings Advancing Wisconsin Regulatory Initiatives Pending Approval Docket Anticipated Decision Date Individual Customer Rate filing for Beaver Dam data center 6680-TE-115 Q1 2026 Forward Wind Refurbishment (Repower) 5-CE-160 Q1 2026 Rock County LNG 6680-CG-171 Q2 2026 153 MW Bent Tree North Wind Project 6680-CE-189 Q2 2026 Approved Docket Unanimous settlement agreement in retail electric and gas rate review for test periods 2026 & 2027 6680-UR-125 16
Page 17
2025 Q3 Earnings Call Approved Docket Golden Plains energy storage GCU-2025-0005 Whispering Willow North energy storage GCU-2025-0011 Individual customer rate for QTS-Cedar Rapids TF-2025-0047 17 Customer focused investments and individual customer rate proceedings Advancing Iowa Regulatory Initiatives Pending Approval Docket Anticipated Decision Date Up to 1 gigawatt wind advance ratemaking RPU-2025-0003 Q1 2026 720 MW Bobcat Energy Center combustion turbine facility GCU-2025-0011 Q1 2026 94 MW Burlington RICE GCU-2025-0012 Q1 2026
Page 18
2025 Q3 Earnings Call 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 / regulatory equity ratio 53% / ~54.5% 53% / ~54.5% Electric rate base $6.2B $6.5B Gas rate base $0.6B $0.6B Rates to be effective January 1, 2026 and January 1, 2027 Settling Parties include Blacks for Political and Social Action of Dane County (BPSA), Citizens Utility Board of Wisconsin (CUB), Clean Wisconsin, International Brotherhood of Electrical Workers Local 965 (IBEW), RENEW Wisconsin (RENEW), Walmart, Wisconsin Industrial Energy Group (WIEG) The information above is a summary of certain key terms of the unanimous settlement and is qualified by reference to the full text of the settlement, which can be found at the following https://apps.psc.wi.gov/ERF/ERFsearch/content/searchResult.aspx?UTIL=6680&CASE=UR&SEQ=125&START=none&END=none&TYPE= none&SERVICE=none&KEY=none&NON=N Wisconsin Unanimous Rate Review Settlement Approved 18
Page 19
APPENDIX 19
Page 20
20 2025 Q3 Earnings Call Third Quarter 2025 Variance Drivers Three months ended September 30, 2024 ongoing earnings per share $1.15 Revenue requirements from capital investments at IPL and WPL 0.20 Higher other operation and maintenance expenses (0.10) Higher depreciation expense (0.05) Higher financing expense (0.04) Timing of income tax expense (0.04) Three months ended September 30, 2025 ongoing earnings per share $1.12 Ongoing earnings per share is a non-GAAP financial measure. References to ongoing earnings exclude material charges or income that are not normally associated with ongoing operations.
Page 21
2025 Q3 Earnings Call GAAP to Ongoing Earnings Reconciliation GAAP EPS Adjustments Ongoing EPS 2025 2024 2025 2024 2025 2024 IPL $0.64 $0.74 $— — $0.64 $0.74 WPL 0.48 0.44 — — 0.48 0.44 Corporate Services 0.01 0.02 — — 0.01 0.02 Subtotal for Utilities and Corporate Services 1.13 1.20 — — 1.13 1.20 ATC Holdings 0.04 0.04 — — 0.04 0.04 Non-Utility and Parent (0.08) (0.09) 0.03 — (0.05) (0.09) Alliant Energy Consolidated $1.09 $1.15 $0.03 — $1.12 $1.15 The following table provides a summary of Alliant Energy’s results for the three months ended September 30: Non-utility and Parent: Non-GAAP EPS Adjustments 2025 2024 State income tax apportionment charge $0.03 — Ongoing, or non-GAAP, earnings for the three months ended September 30 do not include the following items that were included in the reported GAAP earnings: 21
Page 22
2025 Q3 Earnings Call GAAP to Ongoing Earnings Reconciliation GAAP EPS Adjustments Ongoing EPS 2025 2024 2025 2024 2025 2024 IPL $1.45 $1.06 $-- $0.23 $1.45 $1.29 WPL 1.25 1.05 -- -- 1.25 1.05 Corporate Services 0.05 0.04 -- -- 0.05 0.04 Subtotal for Utilities and Corporate Services 2.75 2.15 -- 0.23 2.75 2.38 ATC Holdings 0.12 0.11 -- -- 0.12 0.11 Non-Utility and Parent (0.28) (0.16) 0.03 -- (0.25) (0.16) Alliant Energy Consolidated $2.59 $2.10 $0.03 $0.23 $2.62 $2.33 The following table provides a summary of Alliant Energy’s results for the nine months ended September 30: Non-GAAP EPS Adjustments Utilities and Corporate Services: 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 Non-utility and Parent: State income tax apportionment charge $0.03 $-- Ongoing, or non-GAAP, earnings for the nine months ended September 30 do not include the following items that were included in the reported GAAP earnings: 22