Alliant Energy Corporation Q3 FY2025 earnings call

• Q3 and year-to-date results showed solid financial and operational performance. • Projected peak demand growth by 2030 increased to 50% via electric service agreements with QTS Madison and Google. • Completed construction of energy storage and advanced gas path projects. • Financial highlights: 2025 ongoing earnings guidance narrowed to $3.17 - $3.23 per share, 2026 earnings guidance $3.36 - $3.46 per share (6.6% increase over 2025 midpoint), 2026 dividend target $2.14 per share (5.4% increase from 2025), 4-year capital expenditure plan increased by 17% to $13.4 billion. • Construction underway on 3 of 4 data centers under agreement, with contracted demand 3 gigawatts translating to 50% peak demand growth by 2030. • Updates on regulatory matters, including active dockets in Iowa and Wisconsin for investments in wind, LNG storage, etc.

No detailed breakdown of product segments by revenue contribution provided in the transcript.

• Narrowed 2025 ongoing earnings guidance to $3.17 to $3.23 per share, trending towards the upper half. • Initiated 2026 earnings guidance $3.36 to $3.46 per share, a 6.6% increase over 2025 midpoint. • 2026 annual common stock dividend target $2.14 per share, a 5.4% increase from 2025. • Increased 4-year capital expenditure plan by 17% to $13.4 billion, with projected rate base and investment compound annual growth rate of 12% from 2025 to 2029 and 7%+ from 2027 to 2029. • Updated financing plan through 2029, including use of proceeds from junior subordinated notes to retire maturing debt in 2026.

• Forward-looking statements subject to risks discussed in Alliant Energy's news release and SEC filings. • Risks related to regulatory uncertainties, interest rate fluctuations, and execution of capital and growth plans.

Q: About demand ramp and earnings growth A: Lisa Barton and Robert Durian discussed timing of load growth and equity dilution impact.

Q: About Iowa regulatory framework and earned returns A: Robert Durian explained Iowa's regulatory construct and gas side considerations.

Q: About 2-4 gigawatts of additional load A: Lisa Barton and Robert Durian discussed active negotiations, location focus, and timing of updates.

Q: About 7%+ EPS guide and rate case timing A: Lisa Barton and Robert Durian talked about Wisconsin's forward-looking test years and Iowa's regulatory construct providing certainty.

Q: About 2-4 gigawatts details and cadence A: Robert Durian discussed combination of existing site expansions and new customers, with updates expected in next 12 months.

Q: About Google agreement and load ramp acceleration A: Robert Durian explained load ramp starting in 2026 and ramping quicker than originally anticipated