Alliant Energy Announces Third Quarter 2026 Results and 2027 Guidance

• Third quarter GAAP earnings per share were $1.52 in 2026, compared to $1.09 in 2025
• Narrowed 2026 ongoing earnings guidance to $3.41 - $3.46 per share, the top half of the original guidance range
• Announced 2027 earnings guidance range of $3.63 - $3.73 per share and 2027 annual common stock dividend target of $2.25 per share
• Increased four-year capital expenditure forecast by 19% to $15.9 billion to meet growing demand
• Extending IPL's retail electric base rate stability plan through 2030 while earning authorized return on equity

MADISON, Wis.--(BUSINESS WIRE)--Alliant Energy Corporation (NASDAQ: LNT) today announced U.S. generally accepted accounting principles (GAAP) consolidated unaudited earnings per share (EPS) of $1.52 for the third quarter of 2026, compared to $1.09 for the third quarter of 2025.

For the first nine months of 2026, Alliant Energy reported EPS of $3.04, a 17% increase from $2.59 for the same period in 2025. Ongoing EPS for the first nine months of 2026 was $2.99, a 14% increase from $2.62 for the same period in 2025. Based on results for the first nine months of 2026, ongoing earnings per share guidance was narrowed to $3.41 - $3.46.

Alliant Energy’s 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, an industry-leading growth rate. The energy resources needed to serve this expected load while maintaining safe and reliable service for all customers have increased the Company’s forecasted capital expenditures for 2027 through 2030 to $15.9 billion.

The Company announced 2027 earnings guidance of $3.63 to $3.73 per share. Also, Alliant Energy has increased its 2027 expected annual common stock dividend target to $2.25 per share.

“We delivered another solid quarter of operating performance and our full-year earnings expectation has been narrowed to within the top half of the original 2026 ongoing EPS guidance range,” said Lisa Barton, Alliant Energy President and CEO. “We are driving meaningful economic development for the communities we are privileged to serve and converting it into durable investment growth, while earning our authorized returns, strengthening reliability, and maintaining affordability. We are extending IPL’s retail electric base rate stability plan by one additional year, providing Iowa retail electric customers with predictability through the end of 2030.”

In the third quarter of 2026, the primary drivers of Alliant Energy’s ongoing results were timing of income tax expense, higher revenue requirements from increasing rate base at IPL and WPL of $0.05 and $0.12 per share, respectively, including investments in generation and energy storage, higher equity earnings from corporate venture investments, higher allowance for funds used during construction, and higher retail electric sales. These items were offset by higher other operation and maintenance expenses primarily related to labor and increased electric distribution and generation costs from planned maintenance activities, as well as higher financing and depreciation expenses. The income tax timing variances will reverse by the end of the year.

Retail electric and gas sales increased EPS by an estimated $0.05 and $0.03 per share in the third quarters of 2026 and 2025, respectively, due to the impacts of temperatures on customer demand.

Alliant Energy’s non-GAAP, or ongoing, EPS for the nine months ended September 30, 2026 and the three and nine months ended September 30, 2025 excludes a $0.05 per-share benefit and $0.03 per-share charge, respectively, related to the remeasurement of deferred tax assets resulting from changes in estimated state income tax apportionment. These non-GAAP adjustments are presented to supplement GAAP results and highlight financial measures not typically associated with ongoing operations.

2026 Earnings Guidance

Alliant Energy is narrowing its ongoing 2026 EPS guidance as follows.

Drivers for Alliant Energy’s 2026 EPS guidance include, but are not limited to:

• Ability of IPL and WPL to earn their authorized rates of return
• Normal temperatures in its utility service territories
• Stable economy and resulting implications on utility sales
• Execution of capital expenditure plans, including achievement of targeted in-service dates
• Execution of cost controls and financing plans
• Consolidated effective tax rate of (28%)

2027 Earnings Guidance and Annual Stock Dividend Target

Alliant Energy is issuing 2027 consolidated ongoing EPS guidance of $3.63 - $3.73, which at the midpoint represents 8% growth over 2026 original consolidated ongoing EPS guidance midpoint.

Assumptions for Alliant Energy’s 2027 EPS guidance include, but are not limited to:

• Ability of IPL and WPL to earn their authorized rates of return
• Execution of capital expenditure plans, including achievement of targeted in-service dates
• Realization of expected revenues from new data center demand
• Normal temperatures in its utility service territories
• Stable economy and resulting implications on utility sales
• Execution of cost controls and financing plans
• Consolidated effective tax rate of (28%)

Alliant Energy has established a 2027 annual common stock dividend target of $2.25 per share, compared with the current annual target of $2.14 per share. Payment of each 2027 quarterly dividend is subject to declaration by the Board of Directors. The first-quarter dividend is expected to be declared in January 2027.

The 2026 and 2027 earnings guidance does not include the impacts of any material non-recurring valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, future changes in laws, regulations or regulatory policies, adjustments made to deferred tax assets and liabilities from changes in forecasted state apportionment and valuation allowances including further corporate tax rate changes in Iowa, changes in credit loss liabilities related to guarantees, pending lawsuits and disputes, settlement charges related to pension and other postretirement benefit plans, federal and state income tax audits and other Internal Revenue Service proceedings, impacts from changes to the authorized return on equity for American Transmission Company LLC (ATC), or changes in GAAP and tax methods of accounting that may impact the reported results of Alliant Energy.

Projected Capital Expenditures

Alliant Energy has updated its projected capital expenditures for 2026 through 2030 (in millions). Projected capital expenditures exclude allowance for funds used during construction and capitalized interest, if applicable. Cost estimates represent Alliant Energy’s estimated portion of total construction expenditures.

Earnings Conference Call

A conference call to review the third quarter 2026 results is scheduled for Friday, October 30, 2026 at 9 a.m. Central Time. Alliant Energy President and Chief Executive Officer Lisa Barton and Executive Vice President and Chief Financial Officer Robert Durian will host the call. The conference call is open to the public and can be accessed in two ways. Interested parties may listen to the call by dialing 833-461-5787 (Toll-Free North America) or 585-542-9983 (U.S. Local), conference ID 650 333 381. Interested parties may also listen to a webcast at www.alliantenergy.com/investors. In conjunction with the information in this earnings announcement and the conference call, Alliant Energy posted supplemental materials on its website. An archive of the webcast will be available on the Company’s website at www.alliantenergy.com/investors for 12 months.

About Alliant Energy Corporation

Alliant Energy is the parent company of two public utility companies - Interstate Power and Light Company and Wisconsin Power and Light Company - and of Alliant Energy Finance, LLC, the parent company of Alliant Energy’s non-utility operations. Alliant Energy, whose core purpose is to serve customers and build stronger communities, is an energy-services provider with utility subsidiaries serving approximately 1,015,000 electric and 435,000 natural gas customers. Providing its customers in the Midwest with regulated electricity and natural gas service is the Company’s primary focus. Alliant Energy, headquartered in Madison, Wisconsin, is a component of the S&P 500 and is traded on the Nasdaq Global Select Market under the symbol LNT. For more information, visit the Company’s website at www.alliantenergy.com.

Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements can be identified by words such as “forecast,” “expect,” “guidance,” “plan,” or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Actual results could be materially affected by the following factors, among others:

• IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, recovery of and/or the return on costs, including fuel costs, operating costs, transmission costs, capacity costs, costs of cancelled generation projects incurred prior to pursuing regulatory approval, including costs incurred for generation projects that are delayed, modified or no longer pursued due to changes in resource needs or plans, as well as costs of generation projects incurred prior to regulatory approval or that exceed initial estimates, deferred expenditures, deferred tax assets, tax expense, interest expense, capital expenditures, marginal costs to service new customers, and remaining costs related to electric generating units (EGUs) that have been or may be permanently closed and certain other retired assets, environmental remediation costs, and decreases in sales volumes, as well as earning their authorized rates of return, payments to their parent of expected levels of dividends, the impact of rate design on current and potential customers and demand for energy in their service territories, and the ability to obtain regulatory approval with acceptable conditions for individual customer rates for large load growth customers and WPL’s large load tariff;
• the impact of IPL’s retail electric base rate moratorium;
• the ability to obtain regulatory approval for construction projects with acceptable conditions;
• the ability to complete construction of generation and energy storage projects by planned in-service dates, with the expected earnings contributions and within the cost targets set by regulators due to cost increases of and access to materials, equipment and commodities, which could result from tariffs, including previously exempted tariffs related to solar project materials and equipment from certain countries, duties or other assessments, including antidumping or countervailing duties, inflation, labor issues or supply shortages, supply chain disruptions which may result from geopolitical issues, contractor performance, the ability to successfully resolve warranty issues or contract disputes, the ability to obtain adequate generator interconnection agreements to connect the new projects to Midcontinent Independent System Operator, Inc. (MISO) in a timely manner, the ability to obtain siting and permits from local and state agencies and the ability of ITC Midwest LLC (ITC) and ATC to complete transmission upgrades in a timely manner;
• weather effects on utility sales volumes and operations;
• the direct or indirect effects resulting from cybersecurity incidents or attacks on Alliant Energy, IPL, WPL, or their suppliers, contractors and partners, or responses to such incidents;
• the impact of customer- and third party-owned generation and other non-traditional service models, including alternative electric suppliers and potential policy changes, regulatory changes, or legislation that may enable large customers to source behind-the-meter generation directly from third parties or to own or otherwise procure on-site or behind-the-meter generation or participate in co-located resource arrangements, in IPL’s and WPL’s service territories on system reliability, operating expenses and customers’ demand for electricity;
• economic conditions in IPL’s and WPL’s service territories, including the potential impacts of business or facility closures and tariffs;
• the ability and cost to attract large load growth customers and to provide sufficient generation and the ability of ITC and ATC to provide sufficient transmission capacity for potential load growth timely, including significant new commercial or industrial customers, such as data centers;
• the ability of potential large load growth customers to timely construct new facilities, due to local or state regulatory actions, zoning, siting, or permitting actions, public or community opposition or other factors, as well as the resulting higher system load demand by expected levels and timeframes;
• the impact of large load growth customers altering, delaying or cancelling planned facilities, including any resulting impacts of overbuilt or under-utilized transmission capacity or generation and energy storage assets;
• the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and operating income;
• the impact that price changes may have on IPL’s and WPL’s customers’ demand for electric and gas services and their ability to pay their bills;
• changes in the price of delivered natural gas, transmission, purchased electric energy, purchased electric capacity and delivered coal, particularly during elevated market prices, and any resulting changes to counterparty credit risk, due to shifts in supply and demand caused by market conditions, regulations and MISO’s seasonal resource adequacy process;
• the ability to achieve the expected level of tax benefits for renewable generation and energy storage projects based on tax guidelines, timely beginning of construction and in-service dates, sourcing permissible amounts of construction and/or financing support from entities with ties to certain foreign countries, compliance with prevailing wage and apprenticeship requirements, project costs and the level of electricity output generated by qualifying generating facilities, and the ability to efficiently utilize the renewable generation and energy storage project tax benefits to achieve IPL’s authorized rate of return and for the benefit of IPL’s and WPL’s customers;
• federal and state regulatory or governmental actions, including the impact of legislation, Treasury regulations, executive orders, interpretations and guidance, and changes in public policy, including changes impacting renewable tax credits, including any repeal, modification, or reduced funding of the Inflation Reduction Act and the One Big Beautiful Bill Act, and siting generation and energy storage projects;
• the ability to utilize tax credits generated to date, and those that may be generated in the future, before they expire, as well as the ability to transfer tax credits that may be generated in the future at adequate pricing;
• the impacts of changes in the tax code, including tax rates, minimum tax rates, adjustments made to deferred tax assets and liabilities, changes in state income tax apportionment, and changes impacting the availability of and ability to transfer renewable tax credits, including preserving the qualification of any future tax credits;
• disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to continue to operate and maintain existing assets and to construct capital projects, which may result from geopolitical issues, tariffs, supplier manufacturing constraints, regulatory requirements, labor issues or transportation issues, and thus affect the ability to meet capacity requirements and result in increased capacity expense;
• inflation and higher interest rates;
• continued access to the capital markets on competitive terms and rates, and risks associated with potential increases in borrowing costs or reduced access to funding, and the actions of credit rating agencies;
• the future development of technologies related to electrification, and the ability to reliably store and manage electricity;
• employee workforce factors, including the ability to hire and retain employees with specialized skills, impacts from employee retirements, changes in key executives, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings;
• disruptions in the supply and delivery of natural gas, purchased electricity and coal;
• changes to the creditworthiness of, or performance of obligations by, counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including large load growth customers, participants in the energy markets and fuel suppliers and transporters;
• the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns;
• impacts that terrorist attacks may have on Alliant Energy’s, IPL’s and WPL’s operations and recovery of costs associated with restoration activities, or on the operations of Alliant Energy’s investments;
• changes to MISO’s interconnection or resource adequacy process establishing capacity planning reserve margin and capacity accreditation requirements that may impact how and when new and existing generating and energy storage facilities may be accredited with energy capacity, may delay the ability to provide service to large load growth customers, and may require IPL and WPL to adjust their current resource plans, to add resources to meet the requirements of MISO’s process or to procure capacity in the market whereby such costs might not be recovered in rates;
• any legislative or regulatory changes that impose mandatory integrated resource planning requirements or materially modify existing planning processes, potentially affecting resource selection, cost recovery, and the ability to meet large load growth demand for energy;
• any material post-closing payments related to any past asset divestitures, including the transfer of renewable tax credits, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation;
• issues associated with environmental remediation and environmental compliance, including compliance with all current environmental and emissions laws, regulations, siting requirements, and permits and future changes in environmental laws and regulations, including the Coal Combustion Residuals Rule, Cross-State Air Pollution Rule and federal, state or local regulations for emissions reductions, including greenhouse gases, from new and existing fossil-fueled EGUs under the Clean Air Act, and litigation associated with environmental requirements;
• increased pressure from customers, investors and other stakeholders to more rapidly reduce greenhouse gases emissions;
• the timely development of technologies, innovations and advancements to provide cost effective alternatives to traditional energy sources;
• the ability to defend against environmental claims brought by state and federal agencies, such as the U.S. Environmental Protection Agency and state natural resources agencies, or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims;
• the direct or indirect effects resulting from breakdown or failure of equipment in the operation of electric and gas distribution systems, such as mechanical problems, disruptions in telecommunications, technological problems, and explosions or fires, and compliance with electric and gas transmission and distribution safety regulations, including regulations promulgated by the Pipeline and Hazardous Materials Safety Administration;
• issues related to the availability and operations of EGUs and energy storage facilities, including start-up risks, breakdown or failure of equipment, fires, availability of warranty coverage and successful resolution of warranty issues or contract disputes for equipment breakdowns or failures, performance below expected or contracted levels of output or efficiency, operator error, employee safety, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental operating, capacity, fuel-related and capital costs through rates;
• impacts that excessive heat, excessive cold, storms, wildfires, or natural disasters may have on Alliant Energy’s, IPL’s and WPL’s operations and construction activities, and recovery of costs associated with restoration activities, or on the operations of Alliant Energy’s investments;
• Alliant Energy’s ability to sustain its dividend payout ratio goal;
• changes to costs of providing benefits and related funding requirements of pension and other postretirement benefits plans due to the market value of the assets that fund the plans, economic conditions, financial market performance, interest rates, timing and form of benefits payments, life expectancies and demographics;
• material changes in employee-related benefit and compensation costs, including settlement losses related to pension plans;
• risks associated with operation and ownership of non-utility holdings, including potential impairments and risks associated with valuation changes of investments;
• changes in technology that alter the channels through which customers buy or utilize Alliant Energy’s, IPL’s or WPL’s products and services;
• risks associated with third-party risk management practices, including vendor financial condition, operational performance, cybersecurity incidents, and compliance with contractual and regulatory requirements;
• risks associated with large-scale internal technology modernization initiatives, including enterprise asset management systems, operational technology/informational technology integration, cloud transformation, and digital modernization, and the potential for delays, cost overruns, or operational impacts;
• impacts on equity income from unconsolidated investments from changes in valuations of the assets held, as well as potential changes to ATC’s authorized return on equity;
• impacts of IPL’s future tax benefits fr

Investors
Susan Gille
(608) 458-3956
investorrelations@alliantenergy.com

Media Hotline
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