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ALLETE (ALE) investor relations material

ALLETE Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Second quarter 2025 net income was $31.9 million ($0.55 per share), down from $33.0 million ($0.57 per share) in Q2 2024, with results impacted by lower industrial margins, higher expenses, and merger-related costs.

  • Merger-related expenses were $3.4 million after-tax in Q2 2025, compared to $14.5 million in Q2 2024; the proposed merger is expected to close in 2025, pending regulatory approval.

  • Settlement agreement reached with the Minnesota Department of Commerce and transaction partners to support the merger, with regulatory approval pending.

  • Superior Water, Light and Power secured legislative changes to access federal grants for lead service line replacement, benefiting customers.

Financial highlights

  • Q2 2025 operating revenue was $360.3 million, up from $354.5 million in Q2 2024; six-month revenue was $760.5 million, up from $757.8 million year-over-year.

  • Net income attributable to shareholders for the first half of 2025 was $88.0 million ($1.52 per share), up from $83.7 million ($1.45 per share) in 2024.

  • Q2 2025 operating income was $18.0 million, down from $29.4 million in Q2 2024.

  • Dividend per share increased to $0.73 in Q2 2025 from $0.705 in Q2 2024.

  • Book value per share at quarter end was $49.31, up from $48.86 a year earlier.

Outlook and guidance

  • The company targets long-term EPS growth of 5–7% and expects Regulated Operations to contribute about 75% of 2025 net income.

  • Transaction costs from the merger are expected to be material in 2025.

  • Industrial sales, especially to taconite customers, are projected to remain lower for the remainder of 2025.

  • Capital expenditures for 2025 are expected to be approximately $900 million, mainly for Minnesota Power solar and transmission projects.

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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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