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- **Earnings Growth Acceleration**: 2026 EPS guidance of $3.36–$3.46 (6.6% increase) reflects 3 GW of contracted data center demand and 12% CAGR in rate base.
- **Capital Expansion**: $13.4 billion 4-year capex plan (17% increase) funds 50% peak demand growth by 2030, with 3 projects under construction.
- **Regulatory Efficiency**: Iowa's ICR framework enables 60%+ return on equity, while Wisconsin's rate reviews ensure timely earnings recognition.
- **Liquidity and Risk Management**: $2.4 billion new equity issuance (2026–2029) supported by $1.5 billion tax credit monetization, maintaining FFO to debt cushion.
- **Strategic Upside**: 2–4 GW pipeline of high-quality hyperscalers and colocators, with 600–800 MW in high-probability opportunities.

**【CEO Summary Section】**
- Delivered strong Q3 performance, narrowing 2025 ongoing earnings guidance to $3.17–$3.23 per share, trending towards the upper half of the range.
- Announced 2026 earnings guidance of $3.36–$3.46 per share (6.6% increase from 2025 midpoint) and a 5.4% dividend increase to $2.14 per share.
- Expanded 4-year capital expenditure plan to $13.4 billion (17% increase), targeting a 12% CAGR in rate base and construction work in progress (2025–2029).
- Secured 3 GW of contracted data center demand, driving 50% peak demand growth by 2030, with 3 of 4 projects under construction.
- Highlighted regulatory wins, including Iowa's individual customer rate (ICR) approvals and Wisconsin's unanimous rate settlement, enabling cost-effective growth.

**【CFO Financial Commentary】**
- Q3 ongoing EPS of $1.12, with 80% of 2025 guidance realized through September.
- 2025 GAAP net income guidance of $3.17–$3.23 per share, driven by higher revenue from capital investments and favorable weather.
- 2026 capital plan includes $9 billion in new and existing generation investments, supported by $2.4 billion in new common equity (2026–2029).
- Maintained FFO to debt cushion through conservative financial assumptions and tax credit monetization ($1.5–$1.6 billion over 4 years).
- Regulatory filings for additional renewables and dispatchable resources (e.g., Forward wind farm refurbishment, liquefied natural gas storage) to enhance reliability and customer affordability.

**【Q&A Key Highlights】**
- **Load Growth Timing**: 7%+ EPS growth (2027–2029) driven by data centers ramping in 2H26, with Google accelerating load in Cedar Rapids.
- **Regulatory Construct**: Iowa's ICR framework allows 60%+ return on equity with shared upside, while Wisconsin's 2-year rate reviews minimize lag.
- **Tax Credits**: $1.5–$1.6 billion in tax credit monetization over 4 years, supporting equity dilution management.
- **Pipeline Visibility**: 2–4 GW of active negotiations, with 600–800 MW in high-probability opportunities (e.g., QTS Madison, Google expansions).
- **Balance Sheet Strength**: Targeting 40%–45% debt-to-equity ratio, with $300 million junior subordinated notes issued in Q3 to refinance maturing debt.


Alliant Energy Corporation (LNT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LNT

LNT fundamentals

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