Overview

• U.S. utility's Q1 revenue rose and beat analyst expectations

• Adjusted EPS for Q1 beat consensus at $0.82

• Company reaffirmed 2026 ongoing EPS guidance and signed new 370 MW Iowa data center deal

Outlook

• Alliant Energy reaffirms 2026 ongoing EPS guidance of $3.36-$3.46 per share

• Company expects continued momentum in data center growth to support long-term growth

Result Drivers

• RATE BASE INCREASES - Co said higher revenue requirements from increasing rate base at IPL and WPL, including investments in generation and energy storage, drove results

• HIGHER EXPENSES - Results were offset by higher financing and depreciation expense related to capital investments, and increased operating and maintenance costs from planned maintenance and new energy resources

• WEATHER IMPACT - Retail electric and gas sales decreased due to impacts of temperatures on customer demand

Company press release: ID:nBw2ppN9Ba

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$1.18 bln	$1.06 bln (3 Analysts)
Q1 Adjusted EPS	Beat	$0.82	$0.80 (7 Analysts)
Q1 Operating Income		$249 mln
Q1 Pretax Profit		$163 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the electric utilities peer group is "buy"

• Wall Street's median 12-month price target for Alliant Energy Corp is $76.50, about 6.3% above its April 29 closing price of $72.00

• The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 19 three months ago

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