LNT 10-K & 10-Q changes, risk factors and insider trading

Our utility business is significantly impacted by government legislation, regulation and oversight - Our utility financial condition is influenced by how regulatory authorities, including the IUC, the PSCW and FERC, establish the rates we can charge our customers, our authorized rates of return and common equity levels, and the costs that may be recovered from customers. Our ability to timely obtain rate adjustments to earn authorized rates of return depends upon timely regulatory action under applicable statutes and regulations, and cannot be guaranteed. IPL and WPL may not receive an adequate amount of rate relief to recover all costs and earn their authorized rates of return, rates may be reduced, rate refunds may be required, rate adjustments may not be approved on a timely basis, costs may not be otherwise recovered through rates, earnings above certain thresholds may be required to be refunded,refunded or be used to reduce existing rate base of assets with higher levels of authorized return on equity, recovery of capital expenditures, including those for electric distribution systems, above certain thresholds may be capped or not be allowed, rates may be temporarily frozen, such as IPL’s current retail electric rate base moratorium through September 2029, laws, rules or settlements may limit the ability to file rate adjustments or the period covered by a rate adjustment, regulatory decisions may limit the ability to defer recovery of and a return on prudently incurred costs in between rate reviews, certain rate base items may not receive a full weighted average cost of capital, and authorized rates of return on capital may be reduced. As a result, we may experience adverse impacts on our financial condition and results of operations.

In addition, our operations are subject to extensive regulation primarily by the IUC, the PSCW and FERC. We are also subject to oversight and monitoring by organizations such as the North American Electric Reliability Corporation, the Midwest Reliability Organization, the Pipeline and Hazardous Materials Safety Administration, the Midcontinent Independent System Operator, Inc. (MISO) and the Department of Homeland Security Transportation Security Administration. The impacts on our operations include: our ability to site and construct new energy facilities, such as renewable energy, energy storage projects, or natural gas-fired electric generating units,units (EGUs), and recover associated costs; our ability to decommission generating facilities and recover related costs and the remaining carrying value of these facilities and related assets; MISO’s resource adequacy process establishing seasonal capacity planning reserve margin and capacity accreditation requirements, as well as additional changes to capacity accreditation, such as the direct loss of load methodology, impact how and when existing and new generating facilities such as IPL’s and WPL’s additional solar generation are accredited with energy capacity, and may require IPL and WPL to adjust their current resource plans, to add resources to meet the requirements of MISO’s seasonal resource adequacy process, or procure capacity whereby such costs might not be recovered in rates; legislation or regulation that imposes mandatory integrated resource planning requirements, or materially changes existing resource planning standards, could delay approvals, require revisions to resource plans, increase compliance costs, and impact our ability to timely meet demand for energy from commercial and industrial customers, including data centers; the impact of the lack of availability of existing and new generating facilities has on our accredited capacity for such facilities pursuant to MISO’s seasonal resource adequacy process; IPL’s ability to achieve certain aggregate summer capacity factors under the consumer protection plan for its up to 400 MW of solar generation projects; the rates paid to transmission operators and how those costs are recovered from customers, including our ability to continue to use a transmission rider in Iowa; our ability to site, construct and recover costs for new natural gas pipelines; our ability to recover costs to upgrade our electric and gas distribution systems; the amount of certain sources of energy we must use, such as renewable sources; our ability to purchase generating facilities and recover the costs associated therewith; our ability to sell utility assets and any conditions placed upon the sale of such assets; our ability to enter into purchased power agreements and recover the costs associated therewith; the allocation of expenditures by transmission companies on transmission network upgrades and our ability to recover costs associated therewith; reliability; safety; the issuance of securities and ability to use other financing arrangements for our renewable energy projects; accounting matters; and transactions between affiliates. These regulatory authorities and organizations are also empowered to impose financial penalties and other sanctions, including requirements to implement new compliance programs. Failure to obtain approvals for any of these matters in a timely manner, or receipt of approvals with uneconomical conditions, may cause us not to pursue the construction of such projects, or to record an impairment of our assets, or may cause a delay in construction of such projects such that we are not able to meet new demand growth, and may have a material adverse impact on our financial condition and results of operations. Our regulatorsLegislative or legislaturesregulatory changes that enable large load growth customers, including data centers, to own or procure on-site generation or to self-supply through sources behind-the-meter or behind-the-meter arrangements could changematerially regulationsreduce orretail lawssales, shift cost recovery to permitremaining thirdcustomers, partiesand impact our ability to provideearn renewableauthorized energyrates directlyof to our customers without being treated as a utility, potentially causing a competitive disadvantage for us.return. Changes to these regulations could materially increase our costs or cause us to reconsider our strategy, which could have a material adverse impact on our financial condition and results of operations.

Our utility businesses are subject to numerous environmental laws and regulations - Our utilities are subject to numerous federal, regional, state and local environmental laws, regulations, court orders, and international treaties. These laws, regulations and court orders generally concern emissions into the air, discharges into water, use of water, wetlands preservation, remediation of contamination, waste disposal and containment, disposal of coal combustion residuals, hazardous waste disposal, threatened and endangered species, and noise regulation, among others. Failure to comply with such laws, regulations and court orders, or to obtain or comply with any necessary environmental permits pursuant to such laws and regulations, could result in injunctions, fines or other sanctions. Environmental laws and regulations affecting power generation and electric and gas distribution are complex and subject to continued uncertainty and could be changed by the current or future Presidential or Gubernatorial Administrations. These laws and regulations have imposed, and proposed laws and regulations could impose in the future, additional costs on our utility operations and requirements that impact our ability to continue operating electric generating units.EGUs. We have incurred, and will continue to incur, capital and other expenditures to comply with these and other environmental laws and regulations. Changes in or new development of environmental restrictions may force us to incur significant expenses or expenses that may exceed our estimates. Our future plans and existing operations may be impacted by changing expectations, including environmental and social justice concerns related to renewable energy and a low-carbon economy. There can be no assurance that we would be able to recover all or any increased environmental costs from our customers. Failure to comply with the laws, regulations and court orders, changes in the laws and regulations and failure to recover costs of compliance may adversely impact our financial condition and results of operations.

Actions related to global climate change and reducing greenhouse gas (GHG) emissions could negatively impact us - We have established voluntary GHG reduction goals and continue to review our strategy; however, the ability to achieve our voluntary GHG reduction goals and implement our strategy is subject to uncertainties as to how climate change concerns will ultimately impact us and various factors that may be out of our control. These uncertainties include transition risks related to laws and regulations, technology and business operations, or economic and market conditions. Research and development of technologies, innovations, and advancements may not evolve as anticipated in order to provide cost-effective alternatives to traditional energy sources. We could suffer financial loss, reputational damage, litigation, or other negative repercussions if we are unable to meet our voluntary GHG reduction goals. In addition, there are physical risks associated with adapting to changing climate conditions and extreme weather events. Further, assessment of the science to evaluate and limit global temperature rise continues to evolve. We could incur costs or other obligations to comply with future GHG regulations, and could become the target of legal claims or challenges, because generating electricity using fossil fuels emits GHGs. Further, investors may determine that we are too reliant on fossil fuels, reducing demand for our stock, which may cause our stock price to decrease, or investors may not buy our debt securities, which may cause our cost of capital to increase. We could face additional pressures from customers, investors or other stakeholders to more rapidly reduce GHG emissions on a voluntary-basis, including faster adoption of lower GHG emitting technologies and management of excess renewable energy credits. The pace and feasibility to fully achieve decarbonization is also contingent on the future development and full-scale deployment of emerging energy technologies and supporting infrastructure, as well as electrification of other economic sectors. Changing economic conditions and drivers to support significant load growth, including data centers, could influence electric demand. This could affect the timing of retirement for our existing coal-fired electric generating units,EGUs, and our need to add new fossil-fueled generation resources due to growing electric loads. We may not be able to meet our resource adequacy requirements if GHG regulations require us to shut down fossil fuel generating facilities before we can build new generating facilities to meet growing demand for electricity. We may not be able to recover all costs for projects to reduce GHG emissions in rates if regulators determine that the pace of GHG emissions efforts or new technologies are not prudent. The extent of the U.S. Environmental Protection Agency’s proposed rules to regulate GHG emissions at fossil-fuel fired electric generating unitsEGUs and specific impacts, including state plans to implement the emissions reductions, remains uncertain. There could also be changes by the current or future Presidential or Gubernatorial Administrations. Various legislative and regulatory proposals to address climate change at the national, state and local levels continue to be introduced. Potential future requirements to reduce GHGs from the energy and manufacturing sectors could affect our operations in various ways. Regulation or legislation mandating GHG emissions reductions or other clean energy standards affecting utility companies could materially increase costs, causing some electric generating unitsEGUs to be uneconomical to operate or maintain. We are vulnerable to potential risks associated with the construction of electric generating unitsEGUs that may extend to our supply chain and natural gas operations. Regulation of oil and gas production could affect our upstream supply of natural gas for electricity generation and to provide directly to our residential and business customers from our local distribution company. This could result in rapid increased demand for alternative non-fossil fuel energy sources and economy-wide electrification. Changes to regional and local climate trends such as the frequency, seasonality, and severity of weather conditions could directly and indirectly impact our company. Acute and chronic physical risks could disrupt our operations or affect our property. Furthermore, it could affect the timing of peak demand and overall energy consumption of our customers. We cannot provide any assurance regarding the potential impacts of climate change or related policies and regulations to reduce GHG emissions on our operations, which could have a material adverse impact on our financial condition and results of operations.

Changes to certain tax elections, tax regulations and future taxable income could negatively impact our financial condition and results of operations - We have significantly reduced our federal and state income tax obligations through tax planning strategies and the utilization of bonus depreciation deductions for certain expenditures for property. These tax planning strategies and bonus depreciation deductions have reduced taxable income, which in turn has generated large tax credit carryforwards. We plan to utilize all of these tax credit carryforwards in the future to reduce our income tax obligations. If we cannot generate enough taxable income in the future to utilize all of the tax credit carryforwards before they expire due to lower than expected financial performance or changes to tax regulations, we may incur material charges to earnings. The Inflation Reduction Act of 2022 allows for the sale or transfer of eligible renewable tax credits to other taxpayers. We have sold, and continue to plan to sell, a substantial amount of our eligible renewable tax credits. However, the One Big Beautiful Bill Act (OBBB Act) includes significant changes to renewable tax credits, including accelerating the termination of production tax credits and investment tax credits. These changes may materially limit our ability to sell or transfer renewable tax credits at reasonable terms in future periods. The inability to sell renewable tax credits at reasonable terms, or the determination that renewable tax credits that we generate or sell are not eligible or are eligible at a different rate, could materially impact our tax credit carryforward position or result in liability to purchasers of the tax credits, which could subject us to significant litigation, liability and costs. Repeal or amendment of the Inflation Reduction Act of 2022, or portions of the Inflation Reduction Act of 2022, could have an adverse impact on our financial condition and results of operations, including, but not limited to, a material increase in customer costs, a material decrease in cash flows from operating activities, which could impact metrics used by rating agencies, and a negative impact on the economics of future planned renewable and energy storage projects. In addition, our tax liability is determined by our taxable income multiplied by the current tax rates in effect. If the federal or state tax rates are increased, state income tax apportionment is increased, or we become subject to a corporate alternative minimum tax, we may experience adverse impacts to our financial condition and results of operations until those rates are reflected in our regulatory filings.

Our utility business currently operates wind and solar generating facilities, which generate production tax credits that are eligible to be used to reduce our federal tax obligations. The amount of production tax credits we earn is dependent on the level of electricity output generated by our qualifying generating facilities and sold to an unrelated buyer, and the applicable tax credit rate. A variety of operating and economic parameters, including transmission constraints, the imbalance of supply and demand of energy resulting in unfavorable pricing for wind or solar energy, adverse weather conditions and breakdown or failure of equipment, could significantly reduce the production tax credits generated by our wind or solar facilities resulting in a material adverse impact on our financial condition and results of operations. The OBBB Act’s early termination of production tax credits for projects beginning construction more than 12 months after enactment may also limit our ability to qualify new facilities for future production tax credits.

Our utility business is developing energy storage facilities, which are expected to generate investment tax credits. Investment tax credits are dependent on the tax capitalized costs of the qualifying generating facilities and the applicable tax credit rate. If there is a disagreement on the qualifying costs or whether the facility qualifies for higher levels of investment tax credits, the amount of investment tax credits awarded may be significantly reduced, possibly adversely impacting our financial condition and results of operations. If energy storage facilities are not completed in the anticipated timeframe or investment tax credits are not able to be generated or sold due to the repeal or amendment of the Inflation Reduction Act of 2022, or new limitations imposed by the OBBB Act, we may experience adverse impacts on our financial condition and results of operations.

The Inflation Reduction Act of 2022 introduced new labor requirements that are required to qualify for the full value of renewable tax credits. Failure to meet these requirements on renewable projects that began construction after January 28, 2023 could result in a significant reduction in the amount of renewable tax credits, which could adversely impact our financial condition and results of operations. The Inflation Reduction Act and related guidance also include limitations on the use of components and/or financing from entities with ties to certain foreign countries. If our generation or energy storage projects include equipment or subcomponents sourced from entities with ties to certain foreign countries, related production or investment tax credits may be reduced or denied, which could increase customer costs and adversely affect our financial condition. The OBBB Act further expands limitations on the use of components and/or financing from entities with ties to certain foreign countries, which could reduce or disqualify renewable tax credits for generation and energy storage projects.

Demand for energy may decrease - Our results of operations are affected by the demand for energy in our service territories. Energy demand may decrease due to many things, including economic conditions, proliferation of customer and third party-owned generation, technological advances that reduce the costs of renewable energy and energy storage solutions for our customers, government policies, such as the Inflation Reduction Act of 2022, which incentivize customer and third party-owned generation, loss of service territory or franchises, energy efficiency measures, changes in customer usage due to rate design changes, such as time of use rates, technological advances that improve energy efficiency, third-party disrupters, loss of wholesale customers, loss of customers that pursue their own renewable projects to achieve specific sustainability goals, and the adverse impact of tariffs on our customers. We may not realize anticipated or expected growth from large load growth customers, due to many factors, including changes in customers’ goals, changes in environmental policies, improvements in energy efficiency or technology, or competition from other companies. The loss of sales due to lower demand for energy may increase our rates for remaining customers, as our rates must cover our fixed costs. Increased customer rates may cause decreased demand for energy as customers move to customer and third party-owned generation and implement energy efficiency measures to reduce costs. The loss of customers, the inability to replace those customers with new customers, and the decrease in demand for energy could negatively impact our financial condition and results of operations.

Our strategy includes large construction projects, which are subject to risks - Our strategy includes constructing renewable generating facilities, energy storage facilities, natural gas-fired generating facilities, and large-scale additions and upgrades to our electric and gas distribution systems and generating assets. These construction and upgrade projects are subject to various risks. These risks include: the inability to obtain necessary regulatory approvals and permits in a timely manner; adverse interpretation or enforcement of permit conditions; changes in applicable laws or regulations; changes in costs of materials, equipment, commodities, fuel or labor including due to inflation, tariffs or labor issues; delays caused by construction accidents or injuries; shortages in materials, equipment, or qualified labor; changes to the scope or timing of the projects; general contractors, subcontractors, or equipment not performing as required under their contracts; the inability to agree to contract terms or disputes in contract terms; the inability to successfully resolve warranty claims; poor initial cost estimates; work stoppages; adverse weather conditions; government actions; legal action; unforeseen engineering or technology issues; limited access to capital or other financing arrangements; and other adverse economic conditions. We outsource certain business functions to third-party suppliers and service providers, and substandard performance by those third parties could harm our business, reputation and results of operations. We may not be able to recover all costs for the projects in rates and face increased risk of potential impairment of our project investment if a construction project is not completed or is delayed, or final costs exceed expectations or the costs approved by our regulators. For example, WPL has notified the PSCW that its solar generating facility developments have exceeded the approved costs. We may not be able to meet capacity requirements, including new demand from high usage customers, to comply with electric demand planning reserve margins if a construction project is not completed or is delayed. Inability to recover costs, or inability to complete projects or recover costs in a timely manner, could adversely impact our financial condition and results of operations.

We face risks associated with operating electric and natural gas infrastructure - The operation of electric generation and distribution infrastructure involves many risks, including start-up risks, breakdown or failure of equipment, fires developing from our power lines, transformers, energy storage facilities, or substations, dam failure at one of our hydroelectric facilities, the dependence on a specific fuel source, including the supply and transportation of fuel, the risk of performance below expected or contracted levels of output or efficiency, members of the public or contractors coming into contact with our infrastructure, public and employee safety, operator error, and ruptured oil and chemical tanks. The operation of our natural gas distribution and transportation infrastructure also involves many risks, such as leaks, explosions, mechanical problems, members of the public or contractors coming into contact with our infrastructure, and employee and public safety. In addition, the North American electric transmission grid is highly interconnected and, in extraordinary circumstances, disruptions at particular points within the grid could cause an extensive power outage in our service territories. Increased utilization of customer- and third party-owned generation technologies could also disrupt the reliability and balance of the electricity grid. Further, the electric transmission system in our utilities’ service territories can experience constraints, limiting our ability to transmit electricity. The transmission constraints could result in an inability to deliver electricity from generating facilities, particularly wind and solar generating facilities, to the national grid, or to access lower cost sources of electricity. We may not be able to provide sufficient transmission capacity in a timely manner or transmission providers may be unable to timely provide transmission upgrades to enable connecting new generation to the grid, which could delay expected system load demand from large load growth customers such as data centers, expose us to market purchases and reduce expected revenues.

We may not be able to fully recover costs related to commodity prices - We have natural gas and coal supply and transportation contracts in place for some of the natural gas and coal we require to generate electricity. We also have transportation and supply agreements in place to facilitate delivery of natural gas to our customers. Our counterparties to these contracts may not fulfill their obligations to provide natural gas, coal, financial settlements or collateral to us due to financial or operational problems caused by natural disasters, severe weather, economic conditions, labor shortages, employee strikes, transportation issues, pandemics, physical attacks or cyber attacks. If we were unable to obtain enough natural gas or coal for our electric generating unitsEGUs under our existing contracts, or to obtain electricity under existing or future purchased power agreements, we could be required to purchase natural gas or coal at higher prices, need to secure higher cost delivery of natural gas or coal, be forced to curtail the operation of our natural gas-fired or coal-fired generating facilities, be forced to purchase electricity from higher-cost generating resources in the MISO energy market and/or be required to purchase replacement capacity to comply with electric demand planning reserve margins. We may be obligated to pay for coal deliveries under our contracts even if our coal-fired generating facilities do not operate enough to fully utilize the amounts of coal covered by the contracts. If, for natural gas delivery to our customers, we were unable to obtain our natural gas supply requirements under existing or future natural gas supply and transportation contracts, we could be required to purchase natural gas at higher prices from other sources. Natural gas market prices have been volatile in the past and could be volatile in the future due to additional future regulations, increased demand including due to new natural gas-fired generating facilities, increased liquified natural gas demand from foreign countries, limited global suppliers of natural gas, periods of extremely cold temperatures or disruption in supply caused by major storms or pipeline explosions. Our utility business also operates wind and solar generating facilities that sell electricity in the MISO energy market. If MISO energy market prices result in unfavorable pricing for wind or solar energy, this may reduce the energy market revenue produced by those facilities and result in higher electricity costs that would need to be recovered from customers. We may not be able to pass on all of the changes in costs to our customers, especially at WPL where we do not have an automatic retail electric fuel cost adjustment clause to timely recover such costs and where electric fuel cost recovery may be limited if WPL earns in excess of its authorized return on common equity. Increases in prices and costs due to disruptions that are not recovered in rates fully or not recovered in a timely manner, may adversely impact our financial condition and results of operations.

We are dependent on the capital markets and could be negatively impacted by disruptions in the capital markets - Successful implementation of our strategy is dependent upon our ability to access the capital markets. We have forecasted capital expenditures of approximately $11$13 billion over the next four years. Disruption, uncertainty or volatility in the capital markets could increase our cost of capital or limit our ability to raise funds needed to operate our businesses. Disruptions could be caused by Federal Reserve policies and actions, currency concerns, inflation, economic downturn or uncertainty, monetary policies, a negative view of the utility industry or our company, failures of financial institutions, U.S. debt management concerns, U.S. debt limit and budget debates, including government shutdowns, European and worldwide sovereign debt concerns, other global or geopolitical events, or other factors. IPL and WPL have entered into conditional commitments with the U.S. Department of Energy’sEnergy Office of Energy Dominance Financing, formerly the Loan Programs OfficeOffice, for loan guarantees of approximately $3 billion in aggregate and WPL has been selected for additional grants. The inability to access these funds due to federal action or other reasons may increase our costs and interest rates. Increases in interest rates will cause the cost of capital to increase and may cause the price of our equity securities to decline. Any disruptions in capital markets could adversely impact our ability to implement our strategy.

This MDA includes information relating to Alliant Energy, IPL and WPL,WPL (collectively, the Utilities), as well as ATC Holdings, AEF and Corporate Services. Where appropriate, information relating to a specific entity has been segregated and labeled as such. The following discussion and analysis should be read in conjunction with the Financial Statements and Notes included in this report. Unless otherwise noted, all “per share” references in MDA refer to earnings per diluted share. In addition, this MDA includes certain financial information for 20242025 compared to 2023.2024. Refer to MDA in the combined 20232024 Form 10-K for details on certain financial information for 20232024 compared to 2022.2023.

Alliant Energy’s mission is to deliver affordablethe energy solutions and exceptional service that its customers and the communities it serves count on - affordably, safely, reliably,reliably and sustainably.responsibly. This mission aligns with Alliant Energy’s purpose - to serve customers and build stronger communities - which guides it through the ever-changingevolving dynamics of the economy and the energy industry. Alliant Energy takes its responsibilityleads as a corporate citizencitizen, seriouslyadvancing environmental stewardship and remains a careful steward of the environment and supportssupporting the communities in its service territories. Alliant Energy’s mission and purpose are supported by a strategy focused on meeting evolving customer expectations, providing andelivering attractive returnreturns for investors, and advancing emerging technologies withand generation to enable safe, secure and future-ready energy production. This strategy includes the following key elements:

Providing affordable energy solutions for customers - Alliant Energy’s strategy focuses on affordable energy solutions that support retention and growth of its existing customers and attract new customers to its service territories.

•Alliant Energy, IPL and WPL have utilized, and expect to continue to utilize, various provisions of the Inflation Reduction Act of 2022 to enhance tax benefits provided to customers that are expected from wind, solar and energy storage projects in Iowa and Wisconsin, including transferring certain future tax credits from such projects to other corporate taxpayers. The Inflation Reduction Act of 2022 is expected to result in more cost benefits for IPL’s and WPL’s customers, higher rate base amounts, and improvements in long-term cash flows over the life of the solar, energy storage and wind refurbishment projects. Refer to Note 1(c) for discussion of $285 million, $216 million and $98 million of proceeds from renewable tax credits transferred to other corporate taxpayers in 2025, 2024 and 2023, respectively.

•Completion of a restructuring and voluntary employee separation program in 2024, which is expected to reduce operation and maintenance expenses in the future. Refer to Note 12 for discussion of this program.

•IPL and WPL have entered into conditional commitments with the U.S. Department of Energy’sEnergy Office of Energy Dominance Financing, formerly the Loan Programs OfficeOffice, for loan guarantees of approximately $1.4 billion and $1.6 billion, respectively. If finalized, such loans would provide low interest financing for IPL’s and WPL’s expected construction of renewableeligible generationprojects andas energydefined storagein projects.the governing agreement.

•In July 2024, the U.S. Department of Energy Office of Electricity - formerly administered by the Office of Clean Energy Demonstrations awarded WPL’s Columbia Energy Storage Project, an approximately 20 MW compressed CO2-based long-duration energy storage system at the Columbia Energy Center site, up to approximately $30 million in grant funding during construction of the project. In addition, in October 2024, the U.S. Department of Energy Office of Grid Deployment selected WPL’s Smart Power Automation for Rural Communities program application to move into the final stage of award negotiations for up to $50 million in grant funding under the Grid Resilience and Innovation Partnerships Program. If finalized, any grant proceeds would reduce the cost of the projects for WPL’s customers.

Key Highlights (refer to “Customer Investments” for details) - •Over the next five years, Alliant Energy currently plans to develop and/or acquire new generation investments to add flexibility with evolving load growth, including approximately 1,200 MW of new wind and solar generation in aggregate, approximately 1,000 MW of energy storage, approximately 7501,600 MW of new natural gas resources, approximately 1,000 MW of new energy storage, approximately 1,300 MW of new renewable generation, improvements of approximately 410 MW at existing natural gas-fired EGUs, and refurbishments at approximately 600450 MW of existing wind farms, and improvements at approximately 650 MW of existing natural gas-fired EGUs and the conversion of existing coal-fired EGUs to natural gas.farms. Alliant Energy is currently evaluating the impact of potential additional demand from large load growth customers and MISO’s seasonal resource adequacy requirements on its resource plans and will update these generation investment plans as needed in the future.

Growing customer demand - Alliant Energy’s strategy supports expanding electric and gas usage in its service territories by promoting electrification initiatives and economic development.development to grow at the pace of its customers.

Key Highlights - •IPL has entered into electric service agreements with two new customers, whoand currentlyWPL expecthas entered into an electric service agreement with one new customer, each of whom is constructing or expects to buildconstruct one or more data centers at the Big Cedar Industrial Center in Cedar Rapids, Iowa in IPL’s or WPL’s service territory.territories. TheseIPL’s and WPL’s currently executed electric service agreements include aggregate, maximumpeak demands of approximately 1.93 gigawatts. The electricenergy service agreements are subjectresources to IUCserve approvalthis underexpected theload individual customer rate tariff that wasare included in the IUC’sconstruction Septemberand 2024acquisition ordertable forin IPL’s“Liquidity retailand electricCapital rate review.Resources.” The actual timing and amount of increases in IPL’s and WPL’s load are subject to various factors, including interconnections and actual customer demand, and any executed or future agreements with customers are not expected to result in immediate increases in load.

•Various development-ready sites, which have transmission capabilities, are rail-served and in close proximity to a variety of transportation options, are located throughout Alliant Energy’s service territories.

Alliant Energy’s Utilities and Corporate Services net income decreasedincreased by $2$153 million in 20242025 compared to 2023.2024. The decreaseincrease was primarily due to higher revenue requirements from capital investments, estimated temperature impacts on retail electric and gas sales, an asset valuation charge for IPL’s Lansing Generating Station as a result of the IUC order for IPL’s retail electric rate review,review estimatedin temperature impacts on retail electric and gas sales,2024, restructuring and voluntary separation charges,charges in 2024, and an ARO charge allocated to the steam business at IPL due to the revised CCR Rule,Rule higherin depreciation and financing expenses, and lower AFUDC.2024. These items were partially offset by higher revenueother requirementsoperation fromand capitalmaintenance investments.expenses, depreciation and financing expenses.

Alliant Energy’s Non-utility and Parent net income decreased by $16$34 million in 20242025 compared to 2023,2024, primarily due to an asset valuation charge for Alliant Energy’s non-utility business in 2025, higher financing expense.expense and a state income tax apportionment charge in 2025, partially offset by an adjustment of deferred tax assets due to Iowa tax reform in 2024.

Sales Trends and Temperatures - Alliant Energy’s retail electric sales volumes decreasedincreased 1%2% in 20242025 compared to 2023,2024, primarily due to changes in temperatures and higher sales volumesto atcommercial IPL’sand industrial customers due to standby service customers that can use other generation, and changes in temperatures.customers. Alliant Energy’s retail gas sales volumes decreasedincreased 6%14% in 20242025 compared to 2023,2024, primarily due to changes in temperatures.

Estimated increases (decreases) to operating income from the impacts of temperatures were as follows (in millions):

(b)In December 2023, the PSCW issued an order authorizing an annual base rate increase of $49$60 million for WPL’s retail electric customers, covering the 20242025 forward-looking Test Period, which reflects revenue requirement impacts of increasing electric rate base including investments in solar generation and lowerenergy forecasted fuel-related expenses.storage.

(c)Alliant Energy’s and WPL’s salesSales for resale bulk power and other revenues increased primarily due to higher volumes and higher prices for electricity sold by WPL to MISO wholesale energy markets. Alliant Energy’s increase was partially offset by decreased sales for resale bulk power and other revenues at IPL primarily due to lower prices for electricity and capacity sold by IPL and WPL to MISO wholesale energy markets. These changes were largely offset by changes in electric fuel-related costs.

(d)WPL’s cost recovery mechanism for retail fuel-related expenses supports deferrals of amounts that fall outside an approved fuel monitoring range of forecasted fuel-related expenses determined by the PSCW each year. The difference between revenue collected and actual fuel-related expenses incurred within the fuel monitoring range increases or decreases Alliant Energy’s and WPL’s electric utility revenues. WPL estimates the increase (decrease) to electric utility revenues from amounts within the fuel monitoring range were approximately ($4) million and $6$(4) million in 20242025 and 2023,2024, respectively.

(ba)PurchasedElectric powerproduction expensefuel costs increased primarily due to higher pricescoal forvolumes electricitydue purchasedto byhigher IPLdispatch andof WPL,coal-fired EGUs and higher natural gas prices, partially offset by lower natural gas volumes of electricity purchased at IPL due to lower dispatch of IPL’snatural EGUsgas-fired in 2024, partially offset by lower volumes of electricity purchased at WPL due to higher dispatch of WPL’s EGUs in 2024.EGUs.

•Financing Plans - Alliant Energy currently expects to issue up to $25$2.4 millionbillion of common stock in 2025aggregate from 2026 through 2029 through the distribution agreement that was executed in May 2025, its ShareownerShareholder Direct Plan.Plan (up to $25 million in common stock annually) and additional future equity offerings. Refer to Note 7 for discussion of common stock issuances by Alliant Energy in 2025 and Alliant Energy’s at-the-market offering program. In 2025,2026, IPL and WPL currently expectsexpect to issue up to $600$500 million and $300 million, respectively, of long-term debt, and AEF and/or Alliant Energy at the parent company level expect to issue up to $600$400 million of long-term debt in aggregate. IPLAEF and AEFAlliant eachEnergy at the parent company level have $500 million ($300 million term loan was retired in January 2026) and $575 million, respectively, of long-term debt maturing in 2025.2026.

•Higher Earnings on Increasing Rate Base - Alliant Energy, IPLEnergy and WPL currently expect increases in electric utility and gas utility revenues in 20252026 compared to 20242025 due to impacts from increasing revenue requirements related to investments in the utility business.business In(refer addition,to “Rate Matters” for further discussion). Additionally, Alliant Energy and IPL currently expect electric utility revenues to increase in 2026 compared to 2025 due to the expiration of tax benefit rider credits in 2025. Furthermore, Alliant Energy, IPL and WPL currently expect a decrease in the effective income tax rate in 20252026 compared to 20242025 due to additional renewable tax credits from renewable generation and energy storage projects placed in service in 20242025 and/or expected to be placed in service in 2025.2026. A majority of the differences between actual renewable tax credits and renewable tax credits used to determine rates are recorded in regulatory assets or regulatory liabilities on the balance sheets until they are reflected in future billings to customers. Investment tax credits resulting from IPL energy storage projects placed in service in 2025 and/or expected to be placed in service in 20252026 may be utilized to offset any revenue deficiency on an annual basis up to the earnings sharing mechanism threshold included in IPL’s retail electric rate review settlement agreement discussed in “Rate Matters.”agreement.

•InterestSales ExpenseTrends - Alliant Energy, IPL and WPL currently expect an increase in interestretail expenseelectric sales in 20252026 compared to 20242025 duedriven by expected load growth from new customers who currently expect to financingsbuild completeddata centers in 2024IPL’s and plannedWPL’s inservice 2025territories. asRefer discussedto above.“Growing Customer Demand” for further discussion.

Alliant Energy’s current resource plan continuesguides tothe addaddition of resources in Iowa and Wisconsin, and serves as a guideWisconsin to meet customer demand for energy solutions that are affordable, safe, reliablereliable, and sustainableresponsibly energy.delivered. Over the next five years, Alliant Energy currently plans to develop and/or acquire new generation investments to add flexibility with evolving load growth, including approximately 1,200 MW of new wind and solar generation in aggregate, approximately 1,000 MW of energy storage, approximately 7501,600 MW of new natural gas resources, approximately 1,000 MW of new energy storage, approximately 1,300 MW of new renewable generation, improvements of approximately 410 MW at existing natural gas-fired EGUs, and refurbishments at approximately 600450 MW of existing wind farms, and improvements at approximately 650 MW of existing natural gas-fired EGUs and the conversion of existing coal-fired EGUs to natural gas.farms. Alliant Energy is currently evaluating the impact of potential additional demand from large load growth customers and MISO’s seasonal resource adequacy requirements on its resource plans and will update these generation investment plans as needed in the future. Estimated capital expenditures for these planned projects for 20252026 through 20282029 are included in the “Generation” section in the construction and acquisition table in “Liquidity and Capital Resources.” Information on IPL’s and WPL’s regulatory filings and/or approvals for future generation and energy storage projects, as well as recently completed projects, are as follows:

New Solar - In 2022 through 2024, WPL completed 1,089 MW of new solar generation projects in Wisconsin, including the Grant County facility (200 MW) in 2024.Wisconsin. Refer to Note 3 for discussion of the construction costs associated with these projects.

New Energy Storage - In 2023, the PSCW issued orders authorizing WPL to construct, own and operate energy storage at the Grant County (100 MW) and Wood County (75 MW) solar projects in Wisconsin, which is currently expected to bewere placed in service in theJuly secondand half ofOctober 2025, respectively, and at the Edgewater Generation Station in Wisconsin (approximately 99 MW), which is currently expected to be placed in service in 2026.

In July 2024, the U.S. Department of Energy Office of Electricity - formerly administered by the Office of Clean Energy Demonstrations - awarded WPL’s Columbia Energy Storage Project, an approximately 20 MW compressed CO2-based long-duration energy storage system at the Columbia Energy Center site, up to approximately $30 million in grant funding during construction of the project. In AugustJune 2024,2025, WPL filedreceived aan CAorder application withfrom the PSCW forauthorizing the construction approval of the energy storage system. A decision from the PSCW is currently expected in the second quarter of 2025. If finalized, anyAny grant proceeds wouldare expected to reduce the cost of the project for WPL’s customers.

Existing Wind Farm Refurbishment - In JulyFebruary 2024,2025, WPL filed a CA application with the PSCW for approval to refurbishconstruct thea Bent2 Treebillion windcubic farm,feet, whichor would25 bemillion eligiblegallon, forliquified productionnatural taxgas creditsfacility underin theRock InflationCounty, Reduction Act of 2022.Wisconsin. A decision from the PSCW is currently expected in the firstsecond quarter of 2025.2026.

•In March 2026, WPL filed a certificate of authority application with the PSCW for approval to construct, own and install equipment that will maintain and increase the capacity and efficiency of its Riverside Energy Center. A decision from the PSCW is currently expected in the firstsecond quarter of 2027.

•In April 2026, IPL filed a certificate of public convenience, use and necessity (GCU Certificate) application with the IUC for approval to construct, own and operate an approximately 720 MW simple-cycle natural gas-fired EGU in Linn County, Iowa. A decision from the IUC is currently expected in the first quarter of 2027.

Financial Results Overview - The table below includes diluted EPS for Utilities and Corporate Services, ATC Holdings, and Non-utility and Parent, which are non-GAAP financial measures. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of performance and trends, and provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance. Alliant Energy’s net income and diluted EPS attributable to Alliant Energy common shareowners for the three months ended MarchJune 3130 were as follows (dollars in millions, except per share amounts):

Alliant Energy’s Utilities and Corporate Services net income decreased by $10$42 million for the three-month period, primarily due to higher other operation and maintenance, financing and depreciation expenses andexpenses, the timing of income taxes.taxes and estimated temperature impacts on retail electric and gas sales. These items were partially offset by higher revenue requirements from IPL’s and WPL’s capital investments and higher AFUDC.investments.

Alliant Energy’s Non-utility and Parent net income increased $20$36 million for the three-month period, primarily due to ahigher stateequity incomeearnings taxfrom apportionmentcorporate benefitventure (refer to Note 8 for details)investments and the timing of income taxes.taxes, partially offset by higher financing expense.

Net Income Variances - The following items contributed to increased (decreased) net income for the three and six months ended MarchJune 31,30, 2026 compared to the same periodperiods in 2025 (in millions):

Electric and Gas Revenues and Sales Summary - Electric and gas revenues (in millions), and MWh and Dth sales (in thousands), for the three and six months ended MarchJune 3130 were as follows:

Sales Trends and Temperatures - Alliant Energy’s retail electric sales volumes decreasedincreased 1% and remained unchanged for the three and six months ended MarchJune 31,30, 2026, respectively, compared to the same periodperiods in 2025, primarily due to higher sales to commercial and industrial customers at WPL, partially offset by changes in temperatures. Alliant Energy’s retail gas sales volumes decreased 6%5% and 5% for the three and six months ended MarchJune 31,30, 2026, respectively, compared to the same periodperiods in 2025, primarily due to changes in temperatures.

Estimated increases (decreases) to operating income from the impacts of temperatures for the three and six months ended MarchJune 3130 were as follows (in millions):

Electric Sales for Resale - Alliant Energy’s and IPL’s wholesale sales volumes decreased for the three and six months ended MarchJune 31,30, 2026, respectively, compared to the same periodperiods in 2025, primarily due to the expiration of IPL’s wholesale power agreement with Southern Minnesota Energy Cooperative in 2025.

Electric Utility Revenue Variances - The following items contributed to increased (decreased) electric utility revenues for the three and six months ended MarchJune 31,30, 2026 compared to the same periodperiods in 2025 (in millions):

(b)Sales for resale bulk power and other revenues decreased for the three months ended June 30, 2026 compared to the same period in 2025, primarily due to lower volumes and lower prices for electricity sold by WPL to MISO wholesale energy markets. Sales for resale bulk power and other revenues increased for the six months ended June 30, 2026 compared to the same period in 2025, primarily due to higher volumes and higher prices for electricity sold by IPL and WPL to MISO wholesale energy markets. These changes were largely offset by changes in fuel-related costs.

Gas Utility Revenue Variances - The following items contributed to increased (decreased) gas utility revenues for the three and six months ended MarchJune 31,30, 2026 compared to the same periodperiods in 2025 (in millions):

Electric Production Fuel and Purchased Power Expenses Variances - The following items contributed to (increased) decreased electric production fuel and purchased power expenses for the three and six months ended MarchJune 31,30, 2026 compared to the same periodperiods in 2025 (in millions):

(a)Purchased power expense decreased for the three and six months ended MarchJune 31,30, 2026 compared to the same periodperiods in 2025, primarily due to lower prices for electricity purchased and lower volumes purchased at IPL and WPL.IPL.

OtherElectric OperationTransmission andService Maintenance ExpensesExpense Variances - The following items contributed to (increased) decreased otherelectric operationtransmission andservice maintenance expensesexpense for the three and six months ended MarchJune 31,30, 2026 compared to the same periodperiods in 2025 (in millions):

Liquidity Position - At MarchJune 31,30, 2026, Alliant Energy had $115$25 million of cash and cash equivalents, $817$542 million ($268$152 million at the parent company, $249$173 million at IPL and $300$217 million at WPL) of available capacity under the single revolving credit facility and $40 million ofno available capacity at IPL under its sales of accounts receivable program.

Capital Structure - The following table shows financial capital structures as of MarchJune 31,30, 2026, as well as an adjusted capitalization structure that Alliant Energy believes is consistent with how a majority of the rating agencies currently view its junior subordinated notes (in millions):

Operating Activities - The following items contributed to increased (decreased) operating activity cash flows for the threesix months ended MarchJune 31,30, 2026 compared to the same period in 2025 (in millions):

(a)Refer to the cash flows statements for details of renewable tax credits transferred to other corporate taxpayers during the threesix months ended MarchJune 31,30, 2026.2026 and 2025.

Investing Activities - The following items contributed to increased (decreased) investing activity cash flows for the threesix months ended MarchJune 31,30, 2026 compared to the same period in 2025 (in millions):

(a)Largely due to lower expenditures for IPL’s energy storage and refurbishment of existing wind farms, partially offset by higher expenditures for WPL’s gasrefurbishment generation.of existing wind farms.

Financing Activities - The following items contributed to increased (decreased) financing activity cash flows for the threesix months ended MarchJune 31,30, 2026 compared to the same period in 2025 (in millions):