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Here are 1-3 brief analogies for Alliant Energy (LNT):

• Con Edison of the Midwest
• Duke Energy for Iowa and Wisconsin
• AT&T (historically) for electricity and natural gas

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• Electricity Generation and Delivery: Alliant Energy generates electricity from various sources and transmits and distributes it to residential, commercial, and industrial customers across Iowa and Wisconsin.
• Natural Gas Distribution: The company distributes natural gas to residential, commercial, and industrial customers, primarily in Iowa.

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Alliant Energy (LNT) primarily sells electricity and natural gas directly to end-use customers, including individuals and businesses, within its regulated service territories in Iowa and Wisconsin. Therefore, it serves categories of customers rather than specific customer companies.

The up to three major categories of customers that Alliant Energy serves are:

• Residential Customers: This category includes individual households that utilize electricity and natural gas for their homes, covering needs such as heating, cooling, lighting, and operating various appliances.
• Commercial Customers: This segment comprises a wide range of businesses and organizations, including retail stores, offices, restaurants, schools, hospitals, small manufacturing facilities, and other commercial enterprises.
• Industrial Customers: This category consists of large-scale industrial operations, manufacturing plants, agricultural processing facilities, and other major consumers of electricity and natural gas for their production and operational needs.

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Lisa M. Barton, President and Chief Executive Officer

Lisa Barton joined Alliant Energy in February 2023 as President and Chief Operating Officer, and was appointed President and Chief Executive Officer in January 2024. Prior to Alliant Energy, she served as Executive Vice President and Chief Operating Officer of American Electric Power (AEP) from January 2021 to November 2022. Her roles at AEP also included Executive Vice President – Utilities (January 2020-December 2020) and Executive Vice President – Transmission (2011-2019). Barton began her career at Northeast Utilities (now Eversource) and later rejoined the company after working with consulting firms where she developed power procurement and market strategies. She also served as a lobbyist and senior counsel to clients in the gas and electric utility sector. She has served on the Board of Directors of Commercial Metals Company since 2020.

Robert J. Durian, Executive Vice President and Chief Financial Officer

Robert Durian has been the Executive Vice President and Chief Financial Officer of Alliant Energy since February 2020, having first become Chief Financial Officer in December 2016. He joined the company in 1992 and has held numerous accounting and finance positions, including Assistant Controller, Director – Financial Reporting, Manager – Financial Reporting, Manager – Internal Reporting, Supervisor – Internal Reporting, Controller and Chief Accounting Officer, Vice President, Senior Vice President, and Treasurer. Mr. Durian also worked at IES Industries and Iowa Southern Utilities, which were predecessor companies of Alliant Energy.

Raja Sundararajan, Executive Vice President – Strategy and Customer Solutions

Raja Sundararajan was named Executive Vice President of Strategy and Customer Solutions at Alliant Energy, effective June 12, 2023. Before joining Alliant Energy, he served as the Executive Vice President of External Affairs at American Electric Power. During his nearly 20-year tenure at American Electric Power, he held various roles including Corporate Finance, Investor Relations, Market Risk, Vice President of Transmission Strategy, Vice President of Regulatory Services, President and COO of American Electric Power Ohio, and Senior Vice President of Regulatory and Customer Solutions. Mr. Sundararajan began his career as a Senior Product Engineer for General Motors and also gained experience as an Associate at Deloitte & Touche.

David A. de Leon, President – Alliant Energy's Wisconsin energy company and Senior Vice President – Operations

David de Leon joined Alliant Energy in 1987 as a thermal performance engineer and has progressed through multiple leadership roles. His career has focused on improving, maintaining, and constructing the company's operating assets. As Director of Construction, he led a team responsible for over $1 billion in strategic projects. In 2019, he was appointed President of Alliant Energy's Wisconsin energy company and Senior Vice President of Operations, with his role expanding in 2024 to include oversight of Iowa operations.

Dylan M. Syse, Chief Accounting Officer and Controller

Dylan Syse was appointed Chief Accounting Officer and Controller for Alliant Energy, Interstate Power and Light Company, and Wisconsin Power and Light Company, effective March 2, 2025. He has been with the companies since 2013, holding various accounting roles including Assistant Controller since 2021, Manager – Accounting and Reporting from 2020-2021, and Manager – Accounting from 2018-2020.

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Here are the key risks to Alliant Energy (LNT):

1. Regulatory Changes and Environmental Compliance Costs: As a regulated utility, Alliant Energy is significantly influenced by government legislation and regulatory oversight. Changes in regulations, laws, or public policy, including those related to environmental compliance, could limit the company's ability to adjust rates, recover costs, or invest in new projects, potentially impacting its financial performance.
2. Rising Operating Expenses and Interest Rate Fluctuations: Alliant Energy faces risks from high operating expenses, particularly those related to electric production fuel and purchased power. Additionally, the company is vulnerable to rising interest rates, which can increase interest expenses and affect its ability to access capital and finance operations efficiently, thereby impacting profit margins and financial stability.
3. Operational Risks and Infrastructure Challenges: The company is exposed to risks associated with the construction and operation of its electric and natural gas infrastructure. These include potential supply chain disruptions, equipment failures, natural disasters, and issues with the performance of third-party electric transmission systems. Such challenges could result in significant financial losses, affect service reliability, and limit the company's ability to transmit electricity.

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Proliferation of customer-sited distributed energy resources (DERs), such as rooftop solar and battery storage systems, leading to reduced demand for grid-supplied electricity and potential load defection.

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Alliant Energy (LNT) primarily operates as a regulated utility providing electricity and natural gas services in Iowa and Wisconsin. The company also has a non-regulated logistics subsidiary, Travero, Inc.

Addressable Markets:

Electricity Generation and Distribution (Iowa and Wisconsin, U.S.)

In Iowa, the total retail electricity sales were 54,400,259 megawatt-hours (MWh) in 2023. For Wisconsin, total electricity sales were approximately 69.9 million MWh in 2022. The market size for Electric Power Transmission in Wisconsin is estimated at $10.0 billion in 2025.

Natural Gas Distribution and Transportation (Iowa and Wisconsin, U.S.)

In 2024, the industrial sector was the largest consumer of natural gas in Iowa, accounting for 60% of deliveries to end-users, while the residential sector, where 6 out of 10 households use natural gas for heating, accounted for 13% of natural gas use. In Wisconsin, the electric power sector used about 34% of natural gas delivered to consumers in 2024, the industrial sector used about 25%, and the residential sector, where approximately two-thirds of households use natural gas for heating, accounted for 22%.

Logistics Services (U.S.)

Alliant Energy's subsidiary, Travero, Inc., provides non-regulated logistics services including brokerage, trucking, rail, transloading, and warehousing. Due to the specialized nature of these non-regulated services and the broad category of "logistics," a specific addressable market size for Travero's offerings within Alliant Energy's operating regions (Iowa and Wisconsin) is not readily available through general market data. Therefore, the addressable market for this segment cannot be definitively sized at this time.

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Alliant Energy (LNT) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Increased Demand from Data Centers: Alliant Energy is experiencing significant load growth driven by the accelerating construction and operation of large-scale data centers within its Midwest service areas. The company has secured commitments for 3 gigawatts (GW) of contracted demand from data centers, with expectations for its peak energy demand to grow by 50% by 2030. This includes substantial investments, such as a $750 million QTS data campus in Cedar Rapids, Iowa, and a total of $10 billion in data center projects across Iowa and Wisconsin.

2. Strategic Investments in Renewable Energy and Grid Modernization: The company's "Clean Energy Blueprint" involves substantial capital expenditures focused on expanding its renewable energy portfolio and modernizing its grid infrastructure. Alliant Energy plans to invest $13.4 billion in capital expenditures for 2026-2029, with over 40% allocated to wind, solar, and energy storage projects. These investments include the retirement of coal-fired units and the addition of clean energy assets, along with upgrades to the electric distribution system such as moving lines underground and transitioning to 25 kV lines, which contribute to rate base growth and subsequent revenue increases.

3. Authorized Base Rate Adjustments and Supportive Regulatory Environment: Revenue growth is supported by authorized base rate adjustments, which allow the company to recover its capital investments. Alliant Energy benefits from constructive regulatory environments in Iowa and Wisconsin, which are conducive to fostering growth and maintaining earnings stability, thereby enabling the recovery of significant capital expenditures.

4. Growing Customer Base and Economic Development: Ongoing economic development within Alliant Energy's service territories, coupled with an expanding customer base, is generating fresh demand for its utility services. This population-driven demand is a fundamental factor contributing to sustained revenue and top-line growth.

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Share Repurchases

• Alliant Energy has made modest quarterly share repurchases, with amounts generally in the hundreds of thousands of dollars. For instance, $550.03K as of June 30, 2025.

Share Issuance

• Alliant Energy plans to launch an at-the-market (ATM) equity program in Q2 2025 and expects to raise approximately $1.4 billion in equity from 2025 through 2028 to fund its capital program.
• The company has experienced an average share dilution of 1% per year since 2021 to finance its growth.

Capital Expenditures

• Alliant Energy's historical capital expenditures were approximately $1.29 billion in 2020, $1.07 billion in 2021, $1.39 billion in 2022, $1.73 billion in 2023, and $2.05 billion in 2024.
• The company's updated 4-year capital expenditure forecast for 2026-2029 is $13.4 billion, reflecting a 17% increase to meet growing demand, particularly from data centers.
• The primary focus of these expenditures includes investments in renewables, battery storage, and electric distribution, with over 40% of the $11.5 billion plan for 2025-2028 allocated to wind, solar, and energy storage projects. Planned new generation investments include approximately 1,200 MW of new wind and solar generation and approximately 1,000 MW of energy storage.