Alliant Energy (LNT) Investor presentation summary

Business overview and growth strategy

• Over 95% of earnings come from regulated operations, serving 1 million electric and 425,000 gas customers, with a strong focus on renewables and community building.

• Third largest regulated wind and top five regulated solar owner-operator, with 40% of 2023 energy from renewables.

• Consistent 5–7% annual earnings growth for 14 years, supported by constructive regulatory environments and resilient customer base.

• 27% of distribution lines are underground, enhancing reliability and supporting economic development.

• Flexible resource planning and robust MISO queue positions enable scalable growth and capacity expansion.

Financial performance and investment plans

• Ongoing EPS and dividends have grown at a 6% CAGR over the past decade, maintaining a 60–70% payout ratio.

• 2025 EPS guidance midpoint is $3.20, a 6% increase from 2024, with a dividend target of $2.03.

• $1.8B increase in capital expenditures supports a 10% investment CAGR, with $22.2B projected rate base by 2028.

• Capital investments focus on renewables, battery storage, gas generation, and grid modernization.

• Balanced funding approach includes 35% cash from operations, 15% tax credit monetization, 10% equity, and 40% new debt.

Regulatory and operational highlights

• Constructive regulatory frameworks in Iowa and Wisconsin support growth, affordability, and stable rates.

• Iowa settlement allows retention of tax credits and energy margins, with a five-year base rate moratorium and earnings sharing.

• Federal grants support long-duration energy storage and grid reliability projects in Wisconsin.

• Individual customer rates and advance ratemaking incentivize new generation and storage investments.

• Robust planning aligns with evolving energy mix, extending value of existing resources and expanding renewables.