Alliant Energy Corporation Q4 FY2025 earnings call

• 2025 was marked by major shifts in public policy, etc., with strong financial and operational results. • Achieved a constructive regulatory outcome in the Wisconsin 2026–2027 rate review. • Completed 275 MW of energy storage investments and turbine upgrades. • Ended the year with four executed ESAs totaling three gigawatts of peak load. • QTS relocated its data center to Iowa, and a new electric service agreement was signed. • Focused on 2026 to pursue demand growth and project execution, with 2-4 gigawatts of additional large load growth opportunities. • Drove affordable energy solutions by maximizing existing resources, investing in natural gas, renewables, and energy storage. • Proactively safeguarded renewables and storage investments and optimized the fiber network. • Recognized employees' contributions, especially during extreme weather events.

2025 saw strong financial and operational performance. Ongoing 2025 EPS growth was 6%, exceeding guidance midpoint and aligning with long-term earnings target. Dividend increased for the 22nd consecutive year. Electric sales in 2025 rose nearly 1% excluding temperature impact, driven by higher commercial and industrial sales. Completed 275 megawatts of energy storage investments and turbine upgrades. Data centers are significant capital investments, and the consolidated four-year capital expenditure program remained on track with the QTS relocation.

• Affirmed 2026 earnings guidance. 2026 guidance factors in higher earnings from growing capital investments, retail sales growth, higher O&M, depreciation, financing costs, and utilization of investment tax credits. • Anticipates a compound annual earnings growth rate of 7% plus for 2027–2029 based on current projections. • 2026 debt financing plans include up to $1,200,000,000 of long-term issuances. • 2026 regulatory agenda aligns with capital investment plans with no active rate reviews planned.

• Forward-looking statements are subject to risks that could cause actual results to differ, including matters in the news release and SEC filings. • Regulatory uncertainties in Wisconsin regarding data center developments and potential policy shifts in gubernatorial races.

Q: Regarding the three gigawatts of data centers, what are the minimum take agreements and if hyperscalers ramp faster, is it accretive?

A: Robert J. Durian stated it would be accretive.

Q: Talk about conversations with hyperscalers in Wisconsin and safeguards?

A: Lisa M. Barton mentioned Iowa has strategic advantages, and Wisconsin data centers have unique requirements like annexation and rezoning.

Q: About the timing of 2-4 gigawatts?

A: Lisa M. Barton said it's fluid with three buckets of expansion and high-quality ESAs.

Q: On the shift of renewables in CapEx?

A: Robert J. Durian said it's about shifting gas generation to renewables and flexibility in resource planning.

Q: On rate base growth and EPS?

A: Robert J. Durian said conservative assumptions on new interest rates.

Q: On turbine reservations and covering upside?

A: Lisa M. Barton said three gigawatts are in the plan, and 2-4 gigawatts are in active negotiations.

Q: On CapEx shift timing?

A: Robert J. Durian said it's modest refinements.

Q: On the change in demand increase?

A: Robert J. Durian said it's refinements and rounding.

Q: On gubernatorial races and regulatory continuity?

A: Lisa M. Barton said it's focused on healthcare, housing, energy costs, and individual customer rate contracts for oversight.

Q: On data centers in Wisconsin local concerns?

A: Lisa M. Barton said it's township level, with the governor supportive of data centers.