Alliant Energy Corporation Q2 FY26 Earnings Analysis

- Alliant Energy expects strong future growth driven by 2 to 4 gigawatts of large load opportunities, primarily from data centers and hyperscale customers. - Recently signed a 370-megawatt electric service agreement with a hyperscale customer in Iowa, with full load ramp expected by end of 2030. - Currently have 5 fully executed data center agreements totaling approximately 3.4 gigawatts of contracted demand, with 3 projects under active construction. - Peak demand is expected to increase by over 60% due to these developments. - Resource plans, including new simple cycle natural gas facilities and energy storage, are being updated to support incremental load beyond 3 gigawatts. - The company anticipates financing growth through a balanced mix of equity and debt to maintain financial resilience. - Aggregate electric sales in Q1 2026 were essentially flat year-over-year excluding temperature impacts, but growth is expected as new loads ramp up by mid-decade.

- Alliant Energy reaffirmed its 2026 full-year earnings guidance following strong Q1 results. - First quarter ongoing earnings accounted for about 25% of the midpoint of full-year guidance despite mild temperatures. - The company expects a compound annual earnings growth rate of 7% plus over 2027 through 2029. - Earnings growth reflects ongoing execution of data center expansions and incremental load growth. - Incremental data center load drives new generation investments expected to support long-term growth. - The third quarter update will include a refreshed Iowa resource plan and impact of updated MISO accreditation, influencing future earnings. - Strategic focus on balancing equity and debt financing to support investments while maintaining financial resilience.

- Alliant Energy has a 4-year capital plan funded by cash from operations, tax credit monetization, and new financings (debt, PIPE instruments, common equity). - Approximately $2.4 billion expected common equity needs over the next 4 years, with $1.3 billion already raised through forward equity agreements covering needs through 2027; ~$1 billion remaining equity to be raised through 2029. - New $1 billion at-the-market program filed in Q1 to enable issuance of remaining equity. - Agreement to construct a simple cycle natural gas facility to support 370 MW new electric service agreement with a hyperscale customer in Iowa. - Third-quarter update to include refreshed Iowa resource plan reflecting incremental load and updated MISO accreditation assumptions. - Investments primarily in energy storage and natural gas combustion turbines to serve new large load customers (data centers). - Recent approval of wind projects (1 GW in Iowa, 153 MW in Wisconsin) supporting clean generation investments.

- Alliant Energy has $1.1 billion in parent-level and affiliate finance maturities in 2026, already retired using available cash and new debt issuances, including a $400 million term loan. - Remaining 2026 debt financing plans include up to $800 million of long-term issuances ($300 million at WPL and $500 million at IPL). - Approximately $2.4 billion of expected common equity needs over the next 4 years; $1.3 billion already raised through forward equity agreements covering needs through 2027. - An additional ~$1 billion of equity is expected to be raised through 2029 (excluding equity from the share direct plan). - A new $1 billion at-the-market equity program was filed in Q1 2026 to enable issuance of the remaining equity. - Financing plans aim to maintain a resilient financial profile while supporting infrastructure investments.

- Alliant Energy has 5 fully executed data center agreements totaling approximately 3.4 gigawatts of contracted demand. - 3 of these projects are currently under active construction. - Recently executed a new 370-megawatt electric service agreement with a hyperscale customer in Iowa, with full load ramp expected by end of 2030. - Additionally, there are 2 to 4 gigawatts of more mature large load opportunities under active negotiations, including new entities and potential expansions. - These mature opportunities involve high-quality counterparties with land control and ongoing or completed transmission studies. - The company maintains flexibility in resource planning to accommodate varying load growth scenarios.