LNT · Alliant Energy Corporation

Alliant Energy’s Q1 2026 results reflect disciplined execution amid continued capital investment and evolving load dynamics. GAAP EPS increased 4.8% year-over-year to $0.87, driven primarily by higher revenue requirements from growing rate bases at both Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL), contributing $0.05 and $0.10 per share respectively — largely tied to generation and energy storage investments and higher allowance for funds used during construction. These gains were partially offset by higher financing and depreciation expenses, as well as elevated operating and maintenance costs linked to planned maintenance and new resource integration. Notably, ongoing (Non-GAAP) EPS declined slightly to $0.82 from $0.83, reflecting the exclusion of a $0.05 per share benefit from deferred tax asset remeasurement related to state income tax apportionment — a non-recurring item management explicitly isolates to highlight core operational performance. The company reaffirmed its full-year 2026 ongoing EPS guidance of $3.36–$3.46, underpinned by assumptions including normal temperatures, stable economic conditions, successful execution of capital plans, and earning authorized rates of return. A key strategic highlight is the signing of a ~370 MW electric service agreement in Iowa, expanding total contracted data center demand to ~3.4 GW across five agreements — signaling strong momentum in large-load growth, with management emphasizing that these are well-structured, long-term arrangements benefiting investors, customers, and communities. Temperature-related reductions in retail electric and gas sales also weighed modestly on earnings, underscoring weather sensitivity in the utility business. CEO Lisa Barton noted the company delivered approximately 25% of the 2026 guidance midpoint in Q1 — reinforcing confidence in the full-year outlook and the durability of Alliant’s regulated growth model.