AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 19/10/2026
Moat63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Retail electric customers cannot choose another supplier within the territories. This is a concrete regulatory barrier, accompanied by obligations to serve; wholesale competition prevents extending the conclusion to every activity.
durability · 2/4 · Current supplier exclusivity and recovery mechanisms support persistence, but municipal encroachment and alternative generation create bypass routes. No guaranteed term or long-term record of adequate investment returns is supplied.
customer dependency · 3/4 · Electric customers' lack of supplier choice demonstrates dependency. Gas retail customers increased from 428,143 in 2023 to 433,344 in 2025, providing additional indirect evidence of continuing demand, without establishing individual retention rates.
erosion resilience · 2/4 · Gas tariff adjustments and observed transmission recovery cushion costs, and customer counts increased. However, bypass options, competitive wholesale supply and enacted tax-credit restrictions limit resilience. These risks are not evidence of realized territory losses.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Gas revenue per retail Dth fell from $10.67 in 2023 to $9.63 in 2024 and $9.56 in 2025, alongside changing purchased-gas costs. Actual recovery adjustments show functioning regulated pricing, but the passages do not isolate discretionary price realization or establish sustained electric pricing strength.
retention · 3/4 · Electric supplier exclusivity creates strong switching friction, while three years of increasing gas customer counts support continuing demand indirectly. No churn rate or causal test of retention after price changes is disclosed.
margin resilience · 2/4 · Gas-cost pass-through and actual recovery adjustments provide protection. Nevertheless, WPL first-half operating income declined from $260 million to $255 million despite higher revenue, with increased operating and depreciation expenses. Recovery does not eliminate earnings pressure.
contractual freedom · 1/4 · Rates operate within regulated tariffs and periodic proceedings. WPL's data-center rate required conditional regulatory approval, and future large-load terms must follow a required tariff. Commercial agreements provide some flexibility but little unilateral pricing freedom.
Predictability—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Financial strength—
Missing required inputs: debtFcfGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 9.11
- currentRatioGrade
- 3.95
- Net debt / operating income (x)
- 11.28
- Interest coverage (x)
- 2.00
- Current ratio (x)
- 0.80
Capital allocation—
Missing required inputs: cashConversionGrade. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 5.66
- 3-year average dilution (%)
- 0.81
- 3-year average SBC / revenue (%)
- 0.37
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · 2025 operating cash of $1.169 billion was below utility construction and acquisition spending of $2.277 billion before other investment and dividends, requiring external financing. First-half 2026 continued to require financing and equity issuance. Investment returns are not supplied, and the $16 million Travero impairment is a realized capital-allocation setback.
incentive alignment · 3/4 · Actual outstanding awards settle in shares, and 75% of 2025 target long-term awards used relative TSR, net-income growth or project metrics. Performance thresholds carry forfeiture and an adopted clawback applies. These are strong alignment mechanisms, although net-income growth can reward expansion without proving per-share returns; executive ownership amounts and comprehensive realized outcomes are missing.
execution · 2/4 · Historical demand fulfillment and positive operating cash support functioning utility execution indirectly. The 370 MW contract and conditional data-center rate approval are concrete commercial milestones, but actual incremental load remains contingent. Travero's suspension and impairment demonstrate a setback, and WPL first-half earnings declined.
governance · 2/4 · An independent chair, independent director sessions, an independent compensation committee and an adopted clawback support oversight. The multi-year director election structure limits annual accountability, and July 2026 moved retirement and employment-change provisions out of the bylaws. The replacement guidelines and subsequent election results are not supplied.
Evidence
Competition - Retail electric customers in Iowa and Wisconsin currently do not have the ability to choose their electric supplier, and IPL and WPL have obligations to serve all retail electric customers in their service territories.
Business / Competition / retail electric supplier choice and service obligations · Filed 20/02/2026
Although electric service in Iowa and Wisconsin is regulated, IPL and WPL face competition from self-generation by large industrial customers, customer- and third party-owned generation (e.g.
Business / Competition / self-generation and third-party generation · Filed 20/02/2026
solar panels), alternative energy sources, and petitions to municipalize (Iowa) as well as service territory expansions by municipal utilities through annexations (Wisconsin).
Business / Competition / alternative energy and municipal encroachment · Filed 20/02/2026
In addition, the wholesale power market is competitive and IPL and WPL compete against independent power producers, other utilities and MISO market purchases to serve wholesale customers for their electric energy and capacity needs.
Business / Competition / wholesale power · Filed 20/02/2026
Refer to Note 1(g) for discussion of a transmission cost rider utilized by IPL for recovery of its electric transmission service expense, and discussion of WPL’s escrow for recovery of electric transmission service expense, which is recovered from its retail electric customers through changes in base rates determined during periodic rate proceedings.
Business / Electric Transmission / retail transmission expense recovery · Filed 20/02/2026
The tariffs for IPL’s and WPL’s retail gas customers provide for subsequent adjustments to their rates for the cost of gas sold to these customers.
Business / Gas Supply / tariff adjustments for gas costs · Filed 20/02/2026
As a result, natural gas prices do not have a material impact on IPL’s or WPL’s operating income.
Business / Gas Supply / operating-income sensitivity to natural gas prices · Filed 20/02/2026
Gas Operating Information - Alliant Energy 2025 2024 2023 Revenues (in millions): Residential $306 $275 $316 Commercial 153 133 163 Industrial 13 11 16 Retail subtotal 472 419 495 Transportation/other 53 46 45 Total $525 $465 $540 Sales (000s Dths): Residential 27,945 24,243 25,838 Commercial 19,264 16,974 18,291 Industrial 2,154 2,272 2,276 Retail subtotal 49,363 43,489 46,405 Transportation/other 123,141 123,386 115,177 Total 172,504 166,875 161,582 Retail Customers (End of Period) 433,344 430,699 428,143 Other Selected Gas Data: Heating degree days (a): Cedar Rapids, Iowa (IPL) (normal - 6,684) 6,215 5,450 5,807 Madison, Wisconsin (WPL) (normal - 6,929) 6,841 5,801 6,157 Revenue per Dth sold to retail customers $9.56 $9.63 $10.67 Purchased gas costs per Dth sold to retail customers $5.24 $5.06 $6.37 15 Table of Contents Gas Operating Information IPL WPL 2025 2024 2023 2025 2024 2023 Revenues (in millions): Residential $155 $148 $176 $151 $127 $140 Commercial 72 68 86 81 65 77 Industrial 7 7 11 6 4 5 Retail subtotal 234 223 273 238 196 222 Transportation/other 31 27 27 22 19 18 Total $265 $250 $300 $260 $215 $240 Sales (000s Dths): Residential 14,026 12,413 13,146 13,919 11,830 12,692 Commercial 8,427 7,714 8,477 10,837 9,260 9,814 Industrial 1,257 1,513 1,505 897 759 771 Retail subtotal 23,710 21,640 23,128 25,653 21,849 23,277 Transportation/other 44,489 43,075 43,232 78,652 80,311 71,945 Total 68,199 64,715 66,360 104,305 102,160 95,222 Retail Customers (End of Period) 227,345 226,838 226,265 205,999 203,861 201,878 Other Selected Gas Data: Maximum daily winter peak demand (Dth) 266,886 267,820 290,922 250,286 221,135 234,796 Heating degree days (a): Cedar Rapids, Iowa (IPL) (normal - 6,684) 6,215 5,450 5,807 N/A N/A N/A Madison, Wisconsin (WPL) (normal - 6,929) N/A N/A N/A 6,841 5,801 6,157 Revenue per Dth sold to retail customers $9.87 $10.30 $11.80 $9.28 $8.97 $9.54 Purchased gas cost per Dth sold to retail customers $5.51 $5.68 $7.16 $4.98 $4.44 $5.59 (a)Heating degree days are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base.
Gas Operating Information / 2023–2025 customers, volumes and unit revenues · Filed 20/02/2026
35 Table of Contents Electric Transmission Service Expense Variances - The following items contributed to (increased) decreased electric transmission service expense for the three and six months ended June 30, 2026 compared to the same periods in 2025 (in millions): Three Months Six Months Alliant Energy IPL WPL Alliant Energy IPL WPL Changes in regulatory recovery for the difference between actual electric transmission service costs and those costs used to determine rates $11 $11 $— $17 $17 $— Other (primarily due to changes in transmission service costs provided by third parties) (15) (9) (6) (23) (12) (11) ($4) $2 ($6) ($6) $5 ($11) Cost of Gas Sold Expense Variances - The following items contributed to (increased) decreased cost of gas sold expense for the three and six months ended June 30, 2026 compared to the same periods in 2025 (in millions): Three Months Six Months Alliant Energy IPL WPL Alliant Energy IPL WPL Changes in retail gas volumes and natural gas prices $— ($1) $1 ($45) ($22) ($23) Changes in the regulatory recovery of gas costs (8) (5) (3) 3 7 (4) Other 1 1 — (1) — (1) ($7) ($5) ($2) ($43) ($15) ($28) Other Operation and Maintenance Expenses Variances - The following items contributed to (increased) decreased other operation and maintenance expenses for the three and six months ended June 30, 2026 compared to the same periods in 2025 (in millions): Three Months Six Months Alliant Energy IPL WPL Alliant Energy IPL WPL Higher incentive compensation expense ($16) ($9) ($7) ($20) ($11) ($9) Higher generation and energy delivery expenses (2) (2) — (19) (8) (11) Higher energy efficiency expense at IPL (mostly offset by higher revenues) (5) (5) — (9) (9) — Other (18) (8) (8) (15) 2 (12) ($41) ($24) ($15) ($63) ($26) ($32) LIQUIDITY AND CAPITAL RESOURCES The liquidity and capital resources summary included in the 2025 Form 10-K has not changed materially, except as described below.
MDA / transmission recovery, gas cost recovery and operating expense variances · Filed 31/07/2026
The large load tariff must specify the rates, terms and conditions applicable to customers meeting the applicable threshold and describe the standards and protections WPL will apply when evaluating electric service agreements with large load growth customers.
Rate Matters / required large-load tariff rates, terms and protections · Filed 31/07/2026
52 Table of Contents ALLIANT ENERGY CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2025 2024 2023 (in millions) Cash flows from operating activities: Net income $810 $690 $703 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 846 772 676 Deferred tax expense (benefit) and tax credits (158) (117) 14 Asset valuation charge for IPL’s Lansing Generating Station — 60 — Other 27 (22) (39) Other changes in assets and liabilities: Accounts receivable (652) (547) (414) Derivative assets 6 13 149 Accounts payable 14 96 (122) Regulatory liabilities 140 (103) (149) Deferred income taxes (a) 252 259 84 Other (116) 66 (35) Net cash flows from operating activities 1,169 1,167 867 Cash flows used for investing activities: Construction and acquisition expenditures: Utility business (2,277) (2,052) (1,731) Other (206) (197) (123) Cash receipts on sold receivables 628 593 453 Proceeds from sales of partial ownership interests in West Riverside — 123 120 Other (41) (14) (120) Net cash flows used for investing activities (1,896) (1,547) (1,401) Cash flows from financing activities: Common stock dividends (521) (492) (456) Proceeds from issuance of common stock, net 23 23 246 Proceeds from issuance of long-term debt 2,470 1,613 1,455 Payments to retire long-term debt (300) (809) (508) Net change in commercial paper (470) 83 (167) Other — (20) 3 Net cash flows from financing activities 1,202 398 573 Net increase in cash, cash equivalents and restricted cash 475 18 39 Cash, cash equivalents and restricted cash at beginning of period 81 63 24 Cash, cash equivalents and restricted cash at end of period $556 $81 $63 Supplemental cash flows information: Cash (paid) received during the period for: Interest ($500) ($434) ($378) Income taxes, net: Federal (a) $271 $202 $82 State - Iowa (5) (5) 6 Total income taxes, net $266 $197 $88 Significant non-cash investing and financing activities: Accrued capital expenditures $178 $224 $364 Beneficial interest obtained in exchange for securitized accounts receivable $126 $163 $216 (a) 2025, 2024 and 2023 include $285 million, $216 million and $98 million, respectively, of proceeds from renewable tax credits transferred to other corporate taxpayers Refer to accompanying Combined Notes to Consolidated Financial Statements.
Consolidated Statements of Cash Flows / 2023–2025 operating cash, investment and financing · Filed 20/02/2026
5 Table of Contents ALLIANT ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) For the Six Months Ended June 30, 2026 2025 (in millions) Cash flows from operating activities: Net income $394 $387 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 442 420 Deferred tax benefit and tax credits (94) (100) Equity income from unconsolidated investments, net (65) (23) Other 34 22 Other changes in assets and liabilities: Accounts receivable (183) (289) Derivative assets (55) (29) Regulatory liabilities 1 71 Deferred income taxes (a) 87 86 Other (80) (53) Net cash flows from operating activities 481 492 Cash flows used for investing activities: Construction and acquisition expenditures: Utility business (913) (976) Other (109) (89) Cash receipts on sold receivables 264 198 Other (37) (27) Net cash flows used for investing activities (795) (894) Cash flows from (used for) financing activities: Common stock dividends (274) (261) Proceeds from issuance of common stock, net 70 12 Proceeds from issuance of long-term debt — 1,162 Proceeds from issuance of other short-term borrowings 400 — Payments to retire long-term debt (1,075) — Net change in commercial paper 670 (266) Other (8) 3 Net cash flows from (used for) financing activities (217) 650 Net increase (decrease) in cash, cash equivalents and restricted cash (531) 248 Cash, cash equivalents and restricted cash at beginning of period 556 81 Cash, cash equivalents and restricted cash at end of period $25 $329 Supplemental cash flows information: Cash (paid) received during the period for: Interest ($293) ($239) Income taxes, net (a) $96 $91 Significant non-cash investing and financing activities: Accrued capital expenditures $279 $204 Beneficial interest obtained in exchange for securitized accounts receivable $95 $235 (a)2026 and 2025 include $102 million and $97 million, respectively, of proceeds from renewable tax credits transferred to other corporate taxpayers.
Unaudited Consolidated Statements of Cash Flows / first-half 2026 and 2025 · Filed 31/07/2026
9 Table of Contents WISCONSIN POWER AND LIGHT COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the Three Months For the Six Months Ended June 30, Ended June 30, 2026 2025 2026 2025 (in millions) Revenues: Electric utility $430 $433 $881 $855 Gas utility 39 36 187 158 Other 1 — 2 1 Total revenues 470 469 1,070 1,014 Operating expenses: Electric production fuel and purchased power 87 110 191 218 Electric transmission service 57 51 112 101 Cost of gas sold 15 13 114 86 Other operation and maintenance 87 72 169 137 Depreciation and amortization 98 90 198 183 Taxes other than income taxes 16 15 31 29 Total operating expenses 360 351 815 754 Operating income 110 118 255 260 Other (income) and deductions: Interest expense 49 43 97 86 Allowance for funds used during construction (10) (10) (21) (19) Other (1) 3 (1) 5 Total other (income) and deductions 38 36 75 72 Income before income taxes 72 82 180 188 Income tax benefit (6) (5) (15) (10) Net income $78 $87 $195 $198 Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of WPL’s common stock outstanding during the periods presented.
WPL Unaudited Statements of Income / first-half 2026 and 2025 · Filed 31/07/2026
Electric Supply - Alliant Energy, IPL and WPL have met, and expect to continue meeting, customer demand for electricity through a mix of electric supply, including owned EGUs, PPAs and additional purchases from wholesale energy markets.
Business / Electric Supply / historical demand fulfillment and expectations · Filed 20/02/2026
Alliant Energy suspended production of Travero’s wind turbine blade recycling services in November 2025 based on a review of strategic options, and as a result, a pre-tax non-cash asset valuation charge of $16 million was recorded to “Other operation and maintenance” in Alliant Energy’s income statement in 2025.
Segment disclosures / Travero production suspension and asset valuation charge · Filed 20/02/2026
This electric service agreement includes contracted peak demand of approximately 370 MW.
Growing Customer Demand / IPL contracted peak demand · Filed 31/07/2026
The actual timing and amount of increases in IPL’s load are subject to various factors, including interconnections and actual customer demand, and any executed or future agreements with customers are not expected to result in immediate increases in load.
Growing Customer Demand / timing and actual-load qualifications · Filed 31/07/2026
•In June 2026, the PSCW approved an ICR for a customer who is constructing a data center in WPL’s service territory, subject to certain conditions, including the recognition of demand revenue received prior to WPL’s next retail electric rate review through WPL’s retail electric fuel cost recovery mechanism.
Growing Customer Demand / conditional approval of WPL individual customer rate · Filed 31/07/2026
All outstanding long-term equity awards are settled in shares of our common stock which increases equity ownership by our executives to better align executives’ and shareowners’ interests.
Compensation Discussion and Analysis / outstanding equity award settlement · Filed 31/03/2026
In 2025, the target long-term incentive awards were allocated as follows: 35% to performance shares that vest based on relative TSR, 35% to performance shares that vest based on net income growth, 5% to performance shares that vest based on renewable generation and energy storage metrics.
Compensation Discussion and Analysis / 2025 long-term incentive allocation · Filed 31/03/2026
Performance shares are forfeited if threshold results are not achieved during the applicable performance period.
Compensation Discussion and Analysis / performance-share threshold forfeiture · Filed 31/03/2026
Clawback Policy The Compensation Committee adopted a clawback policy that provides that the Company will recover erroneously awarded incentive-based compensation in the event of an accounting restatement.
Compensation Discussion and Analysis / adopted compensation recovery policy · Filed 31/03/2026
Since the Board Chair is an independent director, according to our Corporate Governance Guidelines, we do not have a lead independent director.
Corporate Governance / independent Board Chair · Filed 31/03/2026
Executive Sessions The independent directors meet in executive session with no member of our management present at every regular meeting of the Board of Directors.
Corporate Governance / independent director executive sessions · Filed 31/03/2026
The Compensation Committee’s responsibilities include: • Review and approve executive officers’ compensation packages • Review and approve corporate incentive goals and objectives relevant to compensation • Evaluate performance results in light of these goals and objectives The Compensation Committee is made up of independent directors and meets regularly in executive sessions without management present.
Compensation Discussion and Analysis / independent compensation committee · Filed 31/03/2026
AGENDA: 1. Elect four directors nominated by our Board of Directors to serve on our Board of Directors, for terms expiring at the 2029 Annual Meeting of Shareowners 2.
Annual meeting agenda / proposed election to terms expiring in 2029 · Filed 31/03/2026
The Amendment and Restatement amends Section 4.4 of the Bylaws to remove provisions relating to (i) the age following which directors are not eligible to be re-elected to the Board and (ii) the process by which a director must provide notice and tender a resignation to the Board following a change in employment, with such topics instead addressed within the Company’s Corporate Governance Guidelines, which are available on the Company’s investor website.
Other Information / July 2026 movement of director provisions from bylaws to guidelines · Filed 31/07/2026
The most significant provisions of the new legislation for Alliant Energy, IPL, and WPL relate to the accelerated phase out of clean energy tax credits for eligible wind and solar projects for which construction begins more than 12 months after the enactment date or for projects placed in service after 2027, and restricted access to clean energy tax credits for projects that begin construction after 2025 and receive impermissible amounts of construction support from entities with ties to certain foreign countries, including China.
MDA / enacted changes to clean-energy tax-credit eligibility · Filed 20/02/2026
