)

ALLETE (ALE) investor relations material
ALLETE Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
Next ALLETE earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage