Alliant Energy (LNT) investor relations material

Executive summary

• Q2 2025 GAAP and ongoing EPS reached $0.68, up from $0.34 and $0.57 in Q2 2024, driven by capital investments, higher sales, and favorable rate increases.

• Major data center projects, including a $10B QTS investment in Cedar Rapids, are fueling >30% projected demand growth by 2030 and supporting sector-leading expansion.

• Utilities segment growth is supported by new rate structures, regulatory approvals, and investments in generation, storage, and grid improvements.

• Flexible resource planning and constructive regulatory environments in Iowa and Wisconsin enable adaptation to customer growth and regulatory changes.

• Strong liquidity and capital structure, with ongoing transparency and risk management, position the company for scalable long-term growth.

Financial highlights

• Q2 2025 revenues rose to $961 million from $894 million, with net income at $174 million, up from $87 million year-over-year.

• Ongoing EPS increased by $0.11 year-over-year, mainly due to new rates, higher electric/gas sales, and favorable temperature impacts.

• Operating income for Q2 2025 was $223 million, up from $130 million in Q2 2024.

• Higher depreciation and financing expenses partially offset earnings growth.

• Q2 2025 effective income tax rate was (33%), impacted by additional tax credits from renewable and storage projects.

Outlook and guidance

• 2025 EPS guidance reaffirmed at $3.15–$3.25, assuming normal weather, stable economy, and execution of capital plans.

• Long-term annual earnings growth target remains 5% to 7%.

• Load growth from data centers expected to ramp up in H2 2026, supporting long-term earnings.

• Plans to invest in 1,500 MW new natural gas, 1,200 MW wind, 800 MW storage, and upgrades to existing assets through 2028.

• Regulatory filings for new generation and storage projects are pending, with decisions expected in late 2025 and 2026.