Alliant Energy Corporation Q2 FY2025 earnings call

• Data Center Progress: Physical construction has started on 3 large-scale data centers in Iowa and Wisconsin. QTS Centers' $10 billion investment in Cedar Rapids is a key project, with QTS also advancing a multiphase data center in the Greater Madison area. • Regulatory Environment: The recently passed budget bill accelerates clean energy tax credit phaseout but supports customer affordability and ongoing renewable projects. Iowa and Wisconsin regulatory constructs remain supportive of customer-focused investments. • Energy Storage: Completed the first utility-scale energy storage project in Wisconsin, with an additional 175-megawatt energy storage project expected to be completed by year-end. • Financing: Successfully executing 2025 financing plan, including issuing convertible senior notes and senior debentures, and launching an ATM program to raise new common equity.

In the second quarter of 2025, Alliant Energy reported ongoing earnings per share of $0.68, compared to $0.57 per share in the second quarter of 2024. The increase in ongoing earnings was driven by successful execution of customer-focused capital investment programs, higher electric and gas sales influenced by temperature changes, though partially offset by higher depreciation and financing expenses. Retail electric sales excluding temperature impacts were fairly consistent with the second quarter of 2024.

• Reaffirmed 2025 earnings guidance range of $3.15 to $3.25 per share. • Reaffirmed long-term annual earnings growth target of 5% to 7%. • Current capital expenditure plan remains intact under the budget bill, with transferability of renewable tax credits preserved. • Q3 capital expenditure plan will be updated with new loans supported by signed energy supply agreements (ESAs).

• Potential changes to the long-standing start of construction guidance from the Treasury could impact energy storage and renewable projects. • Need to monitor treasury guidance closely to ensure safe harbor of energy projects is maintained.

Q: Elaborate on the timeline for formalizing QTS projects and updating the capital expenditure plan?

A: Lisa mentioned Q3 will provide an update on progress with ESAs and capital expenditure plans. The Cedar Rapids QTS project has load expectations starting at 200 MW in 2026 and ramping up to 1600 MW by 2028.

Q: How do QTS projects impact the capital expenditure plan?

A: Lisa stated that QTS projects in Cedar Rapids are already in the plan, and QTS-Madison and other high-confidence opportunities will be incorporated into the capital expenditure plan as they mature.

Q: What drives the range in the equity ratio for financing?

A: Robert explained that the equity ratio range (40% to 45%) is driven by maintaining credit metrics and ensuring FFO to debt ratios align with credit ratings.

Q: Timeline for settlement discussions in the Wisconsin rate review?

A: Robert said interveners' testimony is due by August 12, with settlement discussions likely to begin before the September 9 public hearing in the Wisconsin rate review.