Alliant Energy (LNT) Investor presentation summary

Business overview and growth strategy

• Over 95% of earnings are from regulated operations, serving 1 million electric and 425,000 gas customers with a $13.3 billion rate base in 2023.

• Holds a top 3 position in regulated wind and top 5 in regulated solar ownership, with 40% of 2023 energy from renewables.

• Consistent 5-7% annual earnings growth for 14 years, supported by a diverse, resilient customer base and over 3 GW of renewables.

• Focuses on economic development, with 32 industrial growth projects announced in 2024 and partnerships for data centers and biohealth tech.

• Iowa rate review settlement provides base rate stability through 2029 and introduces mechanisms to share financial benefits with customers and shareholders.

Financial performance and capital allocation

• Adjusted EPS has grown at a ~6% CAGR over the past decade, with 2024 guidance of $2.99–$3.13.

• Dividend growth has matched earnings, with a 6% CAGR and a consistent 60-70% payout ratio.

• $9.1 billion capital expenditure plan for 2024–2027, driving an 8% CAGR in rate base to $17.9 billion by 2027.

• Raised $1.625 billion in debt in 2024, targeting a 40-45% parent equity structure and less than 10% variable rate debt.

• Monetized $170 million in tax credits in the first nine months of 2024, leveraging the Inflation Reduction Act to reduce financing needs.

Renewable energy and infrastructure investments

• 27% of 2023 rate base is from renewables and battery storage, with 1+ GW of solar capacity and 500 MW of wind repowering underway.

• Iowa solar portfolio includes 50 MW in service and 350 MW under construction, with regulatory approvals and secured interconnects.

• Investments in energy storage (274 MW approved) and gas generation (270 MW increase) to enhance reliability and flexibility.

• Undergrounding 27% of distribution system, aiming for 80%, to improve reliability and reduce operating expenses.

• Technology upgrades include self-healing grid, advanced management systems, and AI-driven tools to boost efficiency.