Alliant Energy — Third Quarter 2026 Earnings Summary

Financial Performance:

• GAAP consolidated earnings per share (EPS) for the third quarter of 2026 were $1.52, compared to $1.09 in the same period of 2025.
• GAAP consolidated EPS for the first nine months of 2026 were $3.04, a 17% increase from $2.59 in the first nine months of 2025.
• Non-GAAP (ongoing) consolidated EPS for the first nine months of 2026 were $2.99, a 14% increase from $2.62 in the same period of 2025.
• Consolidated revenues for the three months ended September 30, 2026, were $1,285 million, compared to $1,210 million in 2025.
• Consolidated revenues for the nine months ended September 30, 2026, were $3,440 million, compared to $3,298 million in 2025.
• Net income attributable to Alliant Energy common shareowners for the three months ended September 30, 2026, was $398 million, compared to $281 million in 2025.
• Net income attributable to Alliant Energy common shareowners for the nine months ended September 30, 2026, was $792 million, compared to $668 million in 2025.
• Total operating expenses for the nine months ended September 30, 2026, were $2,617 million, compared to $2,470 million in 2025.
• Interest expense for the nine months ended September 30, 2026, was $430 million, compared to $372 million in 2025.
• Cash flows from operating activities for the nine months ended September 30, 2026, were $909 million, compared to $900 million in 2025.
• Net cash flows used for investing activities for the nine months ended September 30, 2026, were $1,538 million, compared to $1,605 million in 2025.
• Net cash flows from financing activities for the nine months ended September 30, 2026, were $99 million, compared to $1,127 million in 2025.
• Common stock dividends paid for the nine months ended September 30, 2026, were $413 million, compared to $391 million in 2025.
• Total assets as of September 30, 2026, were $25,954 million, compared to $24,991 million as of December 31, 2025.
• Long-term debt, net, as of September 30, 2026, was $11,085 million, compared to $10,954 million as of December 31, 2025.
• Book value per share as of September 30, 2026, was $30.10, compared to $28.43 in 2025.

Guidance and Future Outlook:

• Narrowed 2026 ongoing EPS guidance to $3.41 - $3.46 per share, representing the top half of the original guidance range ($3.36 - $3.46).
• Issued 2027 consolidated ongoing EPS guidance of $3.63 - $3.73 per share, representing 8% growth over the 2026 original consolidated ongoing EPS guidance midpoint.
• Established a 2027 annual common stock dividend target of $2.25 per share, up from the current annual target of $2.14 per share.
• Increased four-year capital expenditure forecast (2027-2030) by 19% to $15.9 billion to meet growing demand.
• Extended IPL's retail electric base rate stability plan through 2030.
• Assumptions for 2027 guidance include the ability of IPL and WPL to earn authorized rates of return, execution of capital expenditure plans, realization of expected revenues from new data center demand, normal temperatures, a stable economy, execution of cost controls, and a consolidated effective tax rate of 28%.

Business Segments and Product Lines:

• Utilities Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL) have 3.4 gigawatts of contracted demand from data centers.
• Alliant Energy expects peak demand to increase by approximately 60% by 2031.
• IPL EPS for the three months ended September 30, 2026, was $0.96 (GAAP), compared to $0.64 in 2025.
• WPL EPS for the three months ended September 30, 2026, was $0.60 (GAAP), compared to $0.48 in 2025.
• ATC Holdings EPS for the three months ended September 30, 2026, was $0.05 (GAAP), compared to $0.04 in 2025.
• Non-utility and Parent EPS for the three months ended September 30, 2026, was $(0.11) (GAAP), compared to $(0.08) in 2025.
• IPL EPS for the nine months ended September 30, 2026, was $1.58 (GAAP), compared to $1.45 in 2025.
• WPL EPS for the nine months ended September 30, 2026, was $1.35 (GAAP), compared to $1.25 in 2025.
• ATC Holdings EPS for the nine months ended September 30, 2026, was $0.14 (GAAP), compared to $0.12 in 2025.
• Non-utility and Parent EPS for the nine months ended September 30, 2026, was $(0.08) (GAAP), compared to $(0.28) in 2025.
• Primary drivers for third quarter ongoing results included higher revenue requirements from increasing rate base at IPL ($0.05 per share) and WPL ($0.12 per share), higher equity earnings from corporate venture investments, higher allowance for funds used during construction, and higher retail electric sales.
• Retail electric and gas sales increased EPS by an estimated $0.05 and $0.03 per share in the third quarter of 2026, respectively, due to temperature impacts on customer demand.

Market and Competitive Landscape:

• The company serves approximately 1,015,000 electric and 435,000 natural gas customers in the Midwest.
• Utility electric sales for the nine months ended September 30, 2026, totaled 24,983 million megawatt-hours, compared to 25,221 million in 2025.
• Utility retail electric customers totaled 1,013,135 as of September 30, 2026, compared to 1,006,524 in 2025.
• Utility gas sold and transported for the nine months ended September 30, 2026, totaled 124,239 thousand dekatherms, compared to 125,946 thousand in 2025.
• Utility retail gas customers totaled 432,839 as of September 30, 2026, compared to 430,464 in 2025.
• The company describes its expected peak demand growth rate as industry-leading.

Risks and Challenges:

• Risks include the ability of IPL and WPL to obtain adequate and timely rate relief to recover costs and earn authorized rates of return.
• Potential impacts from weather effects on utility sales volumes and operations, including excessive heat, cold, storms, wildfires, or natural disasters.
• Risks related to the ability to complete construction of generation and energy storage projects by planned in-service dates and within cost targets due to material, equipment, and labor costs, supply chain disruptions, and regulatory approvals.
• Risks associated with large load growth customers, including the ability to attract them, their ability to timely construct facilities, and the impact of altering, delaying, or cancelling planned facilities.
• Risks related to cybersecurity incidents, changes in tax laws and regulations, and the impact of federal and state regulatory actions on renewable tax credits.
• Risks regarding inflation, higher interest rates, and access to capital markets on competitive terms.
• Risks related to the ability to utilize tax credits generated to date and in the future before they expire.
• Risks associated with employee workforce factors, including hiring, retention, retirements, and collective bargaining agreements.
• Risks related to environmental compliance, remediation costs, and litigation.
• Risks associated with the future development of technologies related to electrification and the ability to reliably store and manage electricity.

Management Commentary and Tone:

• Lisa Barton, Alliant Energy President and CEO, stated the company delivered "another solid quarter of operating performance" and narrowed full-year earnings expectations to the top half of the original guidance range.
• Management highlighted driving meaningful economic development, converting it into durable investment growth, earning authorized returns, strengthening reliability, and maintaining affordability.
• Barton noted the extension of IPL's retail electric base rate stability plan provides Iowa retail electric customers with predictability through the end of 2030.

Other Key Points:

• A conference call to review third quarter 2026 results is scheduled for Friday, October 30, 2026, at 9 a.m. Central Time, hosted by Lisa Barton and Robert Durian.
• The 2026 and 2027 earnings guidance excludes impacts of material non-recurring valuation adjustments, regulatory-related charges or credits, reorganizations, future changes in laws, and changes in GAAP and tax methods of accounting.
• Alliant Energy is a component of the S&P 500 and trades on the Nasdaq Global Select Market under the symbol LNT.
• Projected capital expenditures for 2026 through 2030 total $15.9 billion, with specific allocations for renewables, thermal generation, and distribution systems detailed in the press release.
• The first-quarter 2027 dividend is expected to be declared in January 2027, subject to Board of Directors declaration.