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July 31, 2026 Q2 2026 Earnings Call Alliant Energy Corporation
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2 2026 Q2 Earnings Call Cautionary Statements Forward-looking Statements The information regarding earnings per share guidance, load growth opportunities, estimated effective income tax rates, financing plans and sources of funding, and regulatory plans contain forward-looking statements. Actual results could differ materially because the realization of those results is subject to many uncertainties, including: ability to obtain all regulatory approvals and permits in a timely manner; the ability to attract large load growth customers and to provide sufficient generation, and the ability of large load customers to timely construct new facilities; the state of the economy in the service territories of IPL and WPL; state and federal legislation; weather; and other factors discussed in more detail in Alliant Energy Corporation’s earnings release dated July 30, 2026, 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.
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2026 Q2 Earnings Call3 BUILDING FOR THE FUTURE • 3.4 GW total contracted demand drives a ~60% increase in projected demand by 2031 (from 2025 levels) • Flexible resource planning in IA and WI enables rapid response to evolving customer needs – Secured turbines for all gas and wind generation to supply 3.4 GW, safe harbored tax credits for all renewables and energy storage in plan FINANCIAL OUTLOOK • 2026 ongoing EPS growth guidance of $3.36 to $3.46 • Long-term EPS growth target of 5-7%+, projecting at or above high end in 2027-2029 • $13.4B 4-year ‘26-’29 diverse capital expenditure plan with ~12% investment CAGR; $2.4B of equity supports plan with ~$0.5B remaining equity to raise through 2029 • Additional investment opportunities include incremental capital investments driven by Iowa resource plan refresh; next capex plan and financing update will be in conjunction with Q3 earnings call ALLIANT ENERGY Powering a future you want to own Built in resource plan flexibility Adding to robust, diverse, and reliable energy resources THE ALLIANT ENERG ADVANTAGETM Regulatory frameworks aligned for growth Regulatory tools enabling disciplined, customer-driven growth Driving affordability for all Retail electric rates below national averages; Iowa stable retail electric base rates through end of decade Solutions-oriented approach Unlocking the potential of our customers and communities
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4 2026 Q2 Earnings Call Scaling for the Future: Load Growth Opportunities ESA = Electric Service Agreement ICR = Individual Customer Rate Received PSCW written approval of Meta ICR in June 2026 Customer ESA signed ICR filed ICR approved Construction started Load Ramp QTS 1 Cedar Rapids, IA 2026 - 2029 Google 1 Cedar Rapids, IA 2026 - 2028 Meta Beaver Dam, WI 2026 - 2027 QTS 2 Clinton, Iowa 2028 - 2031 3 GW IN CAPEX PLAN NEW RESOURCES NEEDED TO MEET LOAD ~11% Retail Electric Sales Growth CAGR 2025-2031 Demand expected to ramp up 2027-2031 ~50% INCREASE IN PROJECTED DEMAND by 2031 (from 2025 base of ~5.5 GW max demand) UNLOCKING THE POTENTIAL OF CUSTOMERS AND COMMUNITIES 2-4 GW 370 MW • New signed ESA for 370 MW in Iowa with full ramp by end of 2030, will be included in Q3 capex plan update • Secured generation to serve new load • Mature opportunities with the start of load ramp expected in 2029 or later Beyond 4 GW • Opportunities at various stages of exploration • Beyond current planning period
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5 2026 Q2 Earnings Call Three months ended June 30, 2025 earnings per share $0.68 Revenue requirements from capital investments at IPL and WPL 0.18 Higher other operation and maintenance expenses (0.11) Higher equity earnings from corporate venture investments 0.08 Higher financing expense (0.07) Estimated temperature impacts on retail electric and gas sales (0.05) Timing of income tax expense (0.05) Higher depreciation expense (0.03) Other (primarily higher temperature-normalized retail electric and gas sales) 0.02 Three months ended June 30, 2026 earnings per share $0.65 Financial Results Q2 2026 Q2 2025 GAAP net income (in millions) $170 $174 GAAP earnings per share (EPS) $0.65 $0.68 Ongoing EPS(1) $0.65 $0.68 ALLIANT ENERGY Q2 2026 Highlights ADVANCING CUSTOMER GROWTH Google has energized transmission and is starting to ramp up into contracted energy loads DRIVING CUSTOMER VALUE Amended QTS 1 agreement to support accelerate load ramp SUPPORTIVE REGULATORY ENVIRONMENTS Received PSCW approval of ICR for Meta Beaver Dam, WI (1) No adjustments to GAAP were taken in Q2 2026 or Q2 2025
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2026 Q2 Earnings Call 2026 Guidance • Higher earnings on growing capital investments, including AFUDC • Forecasted 2026 capital expenditures of ~$3 billion weighted toward the second half of the year, with average construction work in progress balances of $2 billion • ~2-3% retail electric sales growth, including data center construction & commissioning sales • Normal temperatures in utility service territory • ~3-5% higher operating and maintenance expense, weighted toward the first half of the year • Higher depreciation and amortization expenses due to new energy resources • Higher financing costs, including common equity dilution • Utilization of tax credits in Iowa utility to earn up to its authorized retail electric ROE • Estimated effective tax rate of ~(35%) 6 Reaffirming • 2026 ongoing earnings guidance of $3.36 – $3.46 per diluted share • 2026 dividend target of $2.14 per share 2026 ongoing earnings guidance based on the following assumptions (as compared to 2025 levels): Tax Benefit Timing Q1 Actual Q2 Actual Q3 Estimated Q4 Estimated Total Year 2026 EPS timing impact $0.01 $(0.12) $0.19 $(0.08) $-- 2025 EPS timing impact 0.02 (0.07) 0.11 (0.06) -- Estimated EPS Variance ($0.01) $(0.05) $0.08 $(0.02) $-- 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. Currently trending in the upper half of the 2026 earnings guidance range
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2026 Q2 Earnings Call7 2026 Debt Financing Progress • Approximately $300M in tax credits are anticipated to be generated and transferred in 2026 • Executed a $300M interest rate swap to fix the SOFR rate at ~3.10% for a large portion of the 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 Issuances Type Amount Rate Issued Matures AEC Term Loan $400 Variable March 2, 2026 March 1, 2027 IPL Senior Debentures Up to $500 WPL Debentures Up to $300 Balanced financing plans support maintaining balance sheet strength and growth in capital expenditures ($ in millions) Maturities Type Amount Rate Maturity Date AEC/AE Finance Term Loan $300 Variable Prepaid in January 2026 Senior Notes $200 1.40% March 2026 Convertible Note $575 3.875% March 2026
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8 2026 Q2 Earnings Call 2026-2029 Equity Plan Update Proactive forward equity issuances have addressed ~75% of planned equity needs through 2029 ($ in billions) Total Equity Plan 2026-2029 ATM executed forward contracts DRIP Program 2026-2029 Remaining to be addressed $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 ~$0.7B to be settled primarily in the second half of 2026 and the remaining in 2027 and 2028 $0.5 $1.8 $0.1 $2.4
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2026 Q2 Earnings Call Pending Approval Docket Anticipated Decision Date Increase Energy Storage by 125 MW in Franklin County, Iowa GCU-2025-0006 Q4 2026 720 MW Morgan Valley Energy Center Natural Gas Project(1) GCU-2026-0002 Q1 2027 ~1,200 MW Riverhawk Energy Center Natural Gas Project GCU-2026-0005 Q2 2027 Rock County LNG 6680-CG-171 Q3 2026 277 MW Columbia Wind Project 9836-CE-100 & 6680-BS-102 Q1 2027 Riverside Capacity and Efficiency Project 6680-CE-192 Q2 2027 Customer focused investments and individual customer rate proceedings Advancing Regulatory Initiatives 9 What to watch… • Announcement of new economic development projects – including additional data centers • Filing of QTS Clinton and 370 MW ICR data center contracts in Iowa, Filing large load tariff in Wisconsin • FERC policy decision on allowing interconnection customers to potentially self-fund network upgrades (EL24-80-000) • Filings for additional renewable and flexible, dispatchable resources Approved Utility Docket Written Order Date Individual Customer Rate filing for Meta-Beaver Dam data center WPL 6680-TE-115 June 18, 2026 153 MW Bent Tree North Wind Project WPL 6680-CE-189 July 17, 2026 (1) See FERC docket ER26-2772 for the ITC Midwest Contribution in Aid of Construction filing of the Morgan Valley -Twinkle 345 kV transmission line running from Fairfax to Marshalltown Iowa. QTS data centers agreed to pay $55 million to compress the grid construction timeline.