Alliant Energy (LNT) investor relations material

Business overview and growth strategy

• Over 95% of earnings are from regulated operations, serving 1.01 million electric and 435,000 gas customers as of 2025.

• Projected ~60% increase in demand by 2031, driven by 3.4 GW of contracted data center load and additional opportunities.

• Diverse energy mix: 43% renewables and energy storage, 20% coal, 34% industrial sales, and a top 5 position in regulated wind and solar ownership.

• Four-year capital expenditure plan of $13.4B (2026-2029) with ~12% investment CAGR, focused on generation, storage, and distribution.

• Long-term EPS growth target of 5-7%+, with ongoing EPS guidance of $3.36 to $3.46 for 2026.

Financial performance and funding

• Ongoing EPS has grown at a ~6.5% CAGR since 2017, with dividends growing at ~6% CAGR and a 60-70% payout ratio.

• Funding for capital investments is balanced: 34% from operations, 35% new debt, 18% equity, and 13% tax credit monetization.

• Maintains investment-grade credit ratings (S&P: BBB+/A-, Moody’s: Baa2/Baa1) and targets stable dividend payout.

• Debt maturities are staggered to mitigate refinancing risk, with significant tax credits expected to be generated and transferred in 2026.

• Equity issuances include $1.3B in ATM forward contracts and $1B remaining to be raised through 2029.

Regulatory and customer focus

• Iowa and Wisconsin regulatory frameworks support growth, with stable retail electric base rates in Iowa through 2029.

• Wisconsin settlement approved for 2026-2027, with authorized ROE of 9.8% and equity ratio around 53%.

• Individual customer rates for large users ensure no subsidization, spreading fixed costs and providing community benefits.

• Regulatory oversight ensures transparency and cost allocation, with mechanisms for sharing financial benefits of load growth.

• Customer reliability prioritized, with upgrades completed before adding new resources and robust oversight.