Alliant Energy (LNT) Investor presentation summary

Business overview and growth strategy

• Over 95% of earnings are from regulated operations, serving 1 million electric and 430,000 gas customers with a $14.2B rate base in 2024.

• Among the top five largest regulated solar and third largest regulated wind owner-operators, with 32% of the rate base from renewables and 40% of 2023 energy from renewables.

• Ten-year compound annual growth rate of 6% in ongoing EPS and dividends, targeting 5–7% long-term earnings growth.

• Constructive regulatory environments and strong customer base in resilient industries support growth and reliability.

• Economic development initiatives and robust MISO queue positions enable scalable growth and customer value.

Capital investment and financial performance

• $1.8B increase in capital expenditures supports a 10% investment CAGR, with $10.9B planned for 2025–2028.

• Investments focus on renewables, battery storage, gas generation, and electric distribution, with $7B allocated to energy resource investments from 2025–2028.

• 2025 EPS guidance midpoint is $3.20, with a dividend target of $2.03, reflecting 6% growth over 2024.

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

• Over $300M in tax credits expected in 2025, with executed agreements to sell tax credits and up to $3B in DOE loan commitments for clean energy projects.

Regulatory and legislative environment

• Iowa and Wisconsin have enacted or proposed legislation to support economic development, flexible rates, and advance ratemaking.

• Iowa Utility Commission approved innovative settlements allowing retention of tax credits and stable base rates through the decade.

• Wisconsin secured $80M in DOE grants for energy storage and grid reliability, and approved deferral requests for solar project costs.

• Key 2025 regulatory proceedings include rate reviews, renewable resource filings, and decisions on major generation and storage projects.

• Constructive regulatory frameworks allow recovery of revenues and expenses under riders, with significant portions of operating expenses flowing through these mechanisms.