ALLIANT ENERGY CORP

For the period ended Dec 31, 2025. Filed Feb 20, 2026.

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FY2025 · Filed Feb 20, 2026

LNT$72.67-1.0%Stored close · as of Nov 6, 2026

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Contents

. Segments of Business

NOTE 17. SEGMENTS OF BUSINESS

Alliant Energy -Alliant Energy’stwo reportable segments as of December 31, 2025 are:

IPL - is a utility primarily serving electric and natural gas customers in Iowa, and is its own reportable segment as shown in the tables below.

WPL - is a utility serving electric and natural gas customers in Wisconsin, and is its own reportable segment as shown in the tables below.

Other, which is not a reportable segment of Alliant Energy, includes the operations of AEF and its subsidiaries, Corporate Services, the Alliant Energy parent company, and any Alliant Energy parent company consolidating adjustments. AEF is comprised of Alliant Energy’s interest in ATC Holdings, Travero, a non-utility wind farm, corporate venture investments, the Sheboygan Falls Energy Facility and other non-utility holdings. The “Other” columns are included in the tables below to reconcile to consolidated amounts. Prior to December 31, 2024, reportable segments for Alliant Energy’s, IPL’s, and WPL’s utility business were electric operations, gas operations, and other. In the fourth quarter of 2024, Alliant Energy, IPL and WPL adopted the FASB’s accounting standard for improvements to reportable segment disclosures. Previously reported information for prior periods has been recast to conform with the current period presentation.

Alliant Energy’s chief operating decision maker (CODM) is its President and CEO, and IPL’s and WPL’s CODM is their CEO. The CODM uses net income generated from IPL’s and WPL’s operations to assess segment performance, make operating decisions, and allocate resources. Alliant Energy’s administrative support services are directly charged to the applicable segment where practicable. In all other cases, administrative support services are allocated to the applicable segment based on services agreements. There was no single customer whose revenues were 10% or more of Alliant Energy’s, IPL’s and WPL’s respective consolidated revenues. All of Alliant Energy’s, IPL’s and WPL’s operations and assets are located in the U.S. Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s reportable segments, which represents the services provided to their customers, and reconciliation to consolidated amounts, was as follows (in millions):

	Utility
Total · Alliant
Reportable · Energy
2025 · IPL · WPL · Segments · Other · Consolidated
Electric utility revenues	$1,896		$1,801			$3,697		N/A		$3,697
Gas utility revenues	265		260			525		N/A		525
Other revenues	47		4			51		$89		140
Total revenues	2,208		2,065			4,273		89		4,362
Electric production fuel and purchased power expense	283		459			742		N/A		742
Electric transmission service expense	422		203			625		N/A		625
Cost of gas sold expense	130		133			263		N/A		263
Other operation and maintenance expense (a)	373		306			679		61		740
Other segment items:
Depreciation and amortization expense	463		370			833		13		846
Interest expense	211	173		384		128	512
Equity income from unconsolidated investments, net	—		(2)			(2)		(58)		(60)
Income tax benefit	(127)		(14)			(141)		(8)		(149)
Other (b)	(4)		36		32		1		33
Net income (loss)	457	401		858		(48)	810
Total assets	12,495		10,655			23,150		1,841		24,991
Investments in equity method subsidiaries	5		19			24		650		674
Construction and acquisition expenditures	1,473		804			2,277		206		2,483

	Utility
Total · Alliant
Reportable · Energy
2024	IPL	WPL	Segments	Other	Consolidated
Electric utility revenues	$1,747	$1,625	$3,372	N/A	$3,372
Gas utility revenues	250	215	465	N/A	465
Other revenues	49	5	54	$90	144
Total revenues	2,046	1,845	3,891	90	3,981
Electric production fuel and purchased power expense	269	359	628	N/A	628
Electric transmission service expense	417	196	613	N/A	613
Cost of gas sold expense	123	101	224	N/A	224
Asset valuation charge for IPL’s Lansing Generating Station	60	—	60	N/A	60
Other operation and maintenance expense	358	279	637	39	676
Other segment items:
Depreciation and amortization expense	404	357	761	11	772
Interest expense	177	165	342	107	449
Equity income from unconsolidated investments, net	—	(2)	(2)	(59)	(61)
Income tax expense (benefit)	(129)	11	(118)	4	(114)
Other (b)	5	34	39	5	44
Net income (loss)	362	345	707	(17)	690
Total assets	11,407	10,106	21,513	1,201	22,714
Investments in equity method subsidiaries	5	17	22	601	623
Construction and acquisition expenditures	1,224	828	2,052	197	2,249

	Utility
Total · Alliant
Reportable · Energy
2023 (amounts may not foot due to rounding)	IPL	WPL	Segments	Other	Consolidated
Electric utility revenues	$1,761	$1,584	$3,345	N/A	$3,345
Gas utility revenues	300	240	540	N/A	540
Other revenues	49	3	52	$90	142
Total revenues	2,110	1,827	3,937	90	4,027
Electric production fuel and purchased power expense	282	455	737	N/A	736
Electric transmission service expense	420	163	583	N/A	583
Cost of gas sold expense	166	134	300	N/A	299
Other operation and maintenance expense	353	271	624	51	675
Other segment items:
Depreciation and amortization expense	388	280	668	8	676
Interest expense	155	149	304	90	394
Equity income from unconsolidated investments, net	—	(3)	(3)	(58)	(61)
Income tax expense (benefit)	(58)	60	2	2	4
Other (b)	38	(27)	11	5	18
Net income (loss)	366	345	711	(8)	703
Total assets	10,489	9,634	20,123	1,114	21,237
Investments in equity method subsidiaries	5	16	21	564	585
Construction and acquisition expenditures	712	1,019	1,731	123	1,854

(a)Alliant Energy’s non-utility holdings include Travero’s wind turbine blade recycling services, which commenced commercial operations in 2024, and whose assets are primarily included in “Property, plant and equipment, net” on Alliant Energy’s balance sheets. 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.

(b)Other segment items for each reportable segment include AFUDC, taxes other than income taxes, interest income, and other miscellaneous income and deductions.

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