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ALLETE (ALE) investor relations material
ALLETE Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Net income attributable to shareholders for Q3 2025 was $27.1 million ($0.46 per diluted share), down from $45.0 million ($0.78 per share) in Q3 2024, primarily due to lower industrial sales, inflationary pressures, and transaction-related expenses.
The company is awaiting a written order from the Minnesota Public Utilities Commission to complete its sale to Canada Pension Plan Investment Board and Global Infrastructure Partners.
Regulated Operations contributed $32.5 million in Q3 2025, down from $34.0 million in Q3 2024, reflecting lower industrial margins and higher operating expenses.
ALLETE Clean Energy posted a net loss of $3.6 million in Q3 2025, compared to net income of $3.9 million in Q3 2024, due to lower production and tax credits.
New Energy Equity reported net income of $1.3 million, down from $11.7 million, due to lower project sales.
Financial highlights
Q3 2025 operating revenue was $375.0 million, down from $407.2 million in Q3 2024.
Net income attributable to shareholders for the nine months ended September 30, 2025, was $115.1 million, compared to $128.7 million in 2024.
Operating income for Q3 2025 was $29.6 million, down from $45.3 million in Q3 2024.
Dividends per share for Q3 2025 were $0.73, up from $0.705 in Q3 2024.
Book value per share at quarter-end was $49.09, up from $48.97 a year ago.
Outlook and guidance
The company targets long-term consolidated EPS growth of 5–7%.
Net income from Regulated Operations is expected to be about 75% of total consolidated net income in 2025.
Industrial sales, especially to taconite customers, are expected to remain lower for the remainder of 2025.
The company is focused on compliance with Minnesota's carbon-free energy standard and plans significant investments in renewables and transmission.
A rate case stay-out provision will impact 2026 financials but provides material benefits to customers.
Summarize key Minnesota merger commitments.
Assess industrial customer impact on Regulated Ops.
HVDC project funding status post DOE grant termination?
Quantify 2026 impact of rate case stay-out
Industrial sales outlook beyond 2025?
Mitigation for SPP transmission outages
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Q4 202513 Feb, 2026
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Frequently asked questions
ALLETE Inc is an energy company that provides electric utility and infrastructure services. The company operates through regulated utilities, renewable energy subsidiaries, and industrial water and energy solutions. It serves customers in the Upper Midwest and manages renewable projects across North America. The company is headquartered in Duluth, Minnesota, and its shares are listed on the NYSE.
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