Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This MDA includes information relating to Alliant Energy, and IPL and WPL (collectively, the Utilities), as well as ATC Holdings, AEF and Corporate Services. Where appropriate, information relating to a specific entity has been segregated and labeled as such. The following discussion and analysis should be read in conjunction with the Financial Statements and the Notes included in this report, as well as the financial statements, notes and MDA included in the 2024 Form 10-K. Unless otherwise noted, all “per share” references in MDA refer to earnings per diluted share.

2025 HIGHLIGHTS

Key highlights since the filing of the 2024 Form 10-K include the following:

Customer Investments:

• Over the next six years, Alliant Energy currently plans to develop and/or acquire new generation investments to add flexibility with evolving load growth, including approximately 1,500 MW of new natural gas resources, approximately 1,200 MW of new wind generation, approximately 800 MW of new energy storage, refurbishments at approximately 500 MW of existing wind farms, improvements of approximately 280 MW at existing natural gas-fired EGUs, and the conversion of existing coal-fired EGUs to natural gas. Alliant Energy is currently evaluating the impact of potential additional large load growth customers and MISO’s seasonal resource adequacy requirements on its resource plans and will update these generation investment plans as needed in the future. Estimated capital expenditures for these planned projects for 2025 through 2028 are included in the “Generation” section in the construction and acquisition table in “Liquidity and Capital Resources.” Information on IPL’s and WPL’s regulatory filings and/or approvals for future generation and energy storage projects are as follows:

• In February 2025, WPL filed a certificate of authority application with the PSCW for approval to construct a 2 billion cubic feet, or 25 million gallon, liquified natural gas facility in Rock County, Wisconsin. A decision from the PSCW is currently expected in the second quarter of 2026.

• In April 2025, the PSCW issued an order authorizing WPL to construct, own and operate a 17.5 MW natural gas-fired EGU using Reciprocating Internal Combustion Engine (RICE) technology, at the site of its Riverside Energy Center in Rock County, Wisconsin.

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• In April 2025, WPL filed a certificate of authority application with the PSCW for approval to construct, own and operate the Bent Tree North EGU, an approximate 153 MW wind farm in Freeborn County, Minnesota, which would be eligible for production tax credits under the Inflation Reduction Act of 2022. A decision from the PSCW is currently expected in the second quarter of 2026.

• In April 2025, IPL filed a certificate of public convenience, use and necessity application with the IUC for approval to construct, own and operate up to 150 MW of energy storage at the site of its retired Lansing Generating Station in Iowa, which would be eligible for investment tax credits under the Inflation Reduction Act of 2022. A decision from the IUC is currently expected in the fourth quarter of 2025.

• In May 2025, the PSCW issued an order authorizing WPL to refurbish the Bent Tree wind farm, which would be eligible for production tax credits under the Inflation Reduction Act of 2022.

• In May 2025, IPL filed a certificate of public convenience, use and necessity application with the IUC for approval to construct, own and operate up to 75 MW of energy storage at the site of its Golden Plains wind farm in Iowa, which would be eligible for investment tax credits under the Inflation Reduction Act of 2022. A decision from the IUC is currently expected in the fourth quarter of 2025.

• In April 2025, WPL submitted an application to the U.S. Army Corps of Engineers for up to $45 million in loans through the Corps Water Infrastructure Financing Program. If finalized, such loans would provide low interest financing for various proposed safety projects at WPL’s Kilbourn and Prairie du Sac hydro EGUs.

Rate Matters:

• In March 2025, WPL filed a retail electric and gas rate review with the PSCW for the 2026/2027 forward-looking Test Period. The key drivers for the filing include revenue requirement impacts of increasing electric and gas rate base, including wind refurbishment projects, energy storage, existing natural gas-fired EGU improvements, solar generation costs incurred that exceed the construction cost estimates previously approved by the PSCW, and electric and gas distribution investments. The filing requested approval for WPL to implement increases in annual rates for its retail electric and gas customers of $120 million and $9 million in 2026, respectively, with any granted rate changes expected to be effective on January 1, 2026. WPL’s filing also requested approval to implement an additional increase in annual rates for its retail electric and gas customers of $82 million and $5 million in 2027, respectively, with any granted rate changes expected to be effective on January 1, 2027. WPL also requested a return on common equity of 9.9% and to implement a common equity component of its regulatory capital structure of 55.5% in 2026 and 55.3% in 2027. WPL’s filing also requested an extension, with certain modifications, of its current earnings sharing mechanism through 2027, including deferral of a portion of its earnings if its annual regulatory return on common equity exceeds 10.15% during the 2026/2027 Test Period (deferral of 50% of its excess earnings between 10.15% and 10.65%, and 100% of any excess earnings above 10.65%). A decision from the PSCW is currently expected by the end of 2025.

Growing Customer Demand:

• WPL has entered into an electric service agreement with a new customer, who currently expects to build a data center at the Beaver Dam Commerce Park in Beaver Dam, Wisconsin in WPL’s service territory. The actual timing and amount of increases in WPL’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. IPL’s and WPL’s currently executed electric service agreements include aggregate, maximum demands of approximately 2.1 gigawatts.

• In February 2025 and April 2025, IPL and WPL filed requests with the IUC and PSCW, respectively, for approval of the individual customer rates associated with certain of the data centers expected to be constructed in their service territories. Decisions from the IUC and PSCW are currently expected by the end of the third quarter of 2025.

Environmental Matters:

• In March 2025, the EPA announced it expects to initiate a formal reconsideration of various environmental regulations and programs, including Clean Air Act Sections 111(b) and 111(d), the Cross-State Air Pollution Rule and Effluent Limitation Guidelines. The EPA also expects to expedite review of state programs to delegate implementation of the Coal Combustion Residuals Rule and reconsider compliance deadlines. Alliant Energy, IPL and WPL are currently unable to predict with certainty the future outcome or impact of these matters, including resolution of ongoing litigation.

Financings:

• Refer to “Results of Operations” for discussion of expected future issuances and retirements of long-term debt in 2025.

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RESULTS OF OPERATIONS

Financial Results Overview - The table below includes diluted EPS for Utilities and Corporate Services, ATC Holdings, and Non-utility and Parent, which are non-GAAP financial measures. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of performance and trends, and provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance. Alliant Energy’s net income and EPS attributable to Alliant Energy common shareowners for the three months ended March 31 were as follows (dollars in millions, except per share amounts):

			2025												2024
			Income (Loss)						EPS						Income (Loss)						EPS
Utilities and Corporate Services			$225						$0.87						$159						$0.62
ATC Holdings			10						0.04						9						0.04
Non-utility and Parent			(22)						(0.08)						(10)						(0.04)
Alliant Energy Consolidated			$213						$0.83						$158						$0.62

Alliant Energy’s Utilities and Corporate Services net income increased by $66 million for the three-month period, primarily due to higher revenue requirements from IPL’s and WPL’s capital investments, estimated temperature impacts on retail electric and gas sales and the timing of income tax expense. These items were partially offset by higher depreciation and financing expenses.

Alliant Energy’s Non-utility and Parent net income decreased $12 million for the three-month period, primarily due to higher financing expense and the timing of income tax expense.

Net Income Variances - The following items contributed to increased (decreased) net income for the three months ended March 31, 2025 compared to the same period in 2024 (in millions):

			Alliant Energy						IPL						WPL
Revenues:
Changes in electric utility (Refer to details below)			$62						$38						$24
Changes in gas utility (Refer to details below)			35						10						25
Changes in other utility			—						(1)						1
Changes in total revenues			97						47						50
Operating expenses:
Changes in electric production fuel and purchased power (Refer to details below)			(12)						—						(12)
Changes in electric transmission service			(6)						(5)						(1)
Changes in cost of gas sold (Refer to details below)			(23)						(5)						(19)
Changes in other operation and maintenance			—						4						(4)
Changes in depreciation and amortization (Higher primarily due to solar generation placed in service in 2024 and updated electric depreciation rates for IPL effective October 1, 2024)			(22)						(19)						(3)
Changes in taxes other than income taxes			1						1						—
Changes in total operating expenses			(62)						(24)						(39)
Changes in operating income			35						23						11
Other income and deductions:
Changes in interest expense (Higher primarily due to financings completed in 2024)			(12)						(5)						(2)
Changes in equity income from unconsolidated investments, net (Refer to Note 4 for details)			(2)						—						—
Changes in allowance for funds used during construction			(1)						(1)						—
Changes in Other			(2)						—						(2)
Changes in total other income and deductions			(17)						(6)						(4)
Changes in income before income taxes			18						17						7
Changes in income taxes (Refer to Note 8 for details)			37						30						11
Changes in net income			$55						$47						$18

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Electric and Gas Revenues and Sales Summary - Electric and gas revenues (in millions), and megawatt-hour (MWh) and dekatherm (Dth) sales (in thousands), for the three months ended March 31 were as follows:

Alliant Energy			Electric																								Gas
			Revenues												MWhs Sold												Revenues												Dths Sold
			2025						2024						2025						2024						2025						2024						2025						2024
Retail			$773						$706						6,174						5,989						$224						$192						23,822						20,117
Sales for resale:
Wholesale			48						47						691						679						N/A						N/A						N/A						N/A
Bulk power and other			26						21						1,378						1,670						N/A						N/A						N/A						N/A
Transportation/Other			6						17						14						15						16						13						31,006						33,908
			$853						$791						8,257						8,353						$240						$205						54,828						54,025

IPL			Electric																								Gas
			Revenues												MWhs Sold												Revenues												Dths Sold
			2025						2024						2025						2024						2025						2024						2025						2024
Retail			$409						$376						3,439						3,365						$108						$101						11,772						10,205
Sales for resale:
Wholesale			14						13						182						182						N/A						N/A						N/A						N/A
Bulk power and other			1						(3)						396						324						N/A						N/A						N/A						N/A
Transportation/Other			6						6						8						8						10						7						12,071						11,695
			$430						$392						4,025						3,879						$118						$108						23,843						21,900

WPL			Electric																								Gas
			Revenues												MWhs Sold												Revenues												Dths Sold
			2025						2024						2025						2024						2025						2024						2025						2024
Retail			$364						$330						2,735						2,624						$116						$91						12,050						9,912
Sales for resale:
Wholesale			34						34						509						497						N/A						N/A						N/A						N/A
Bulk power and other			25						24						982						1,346						N/A						N/A						N/A						N/A
Transportation/Other			—						11						6						7						6						6						18,935						22,213
			$423						$399						4,232						4,474						$122						$97						30,985						32,125

Sales Trends and Temperatures - Alliant Energy’s retail electric sales volumes increased 3% for the three months ended March 31, 2025 compared to the same period in 2024, primarily due to changes in temperatures and increased sales volumes at WPL’s commercial and industrial customers. Alliant Energy’s retail gas sales volumes increased 18% for the three months ended March 31, 2025 compared to the same period in 2024, primarily due to changes in temperatures.

Estimated increases (decreases) to operating income from the impacts of temperatures for the three months ended March 31 were as follows (in millions):

			Electric																		Gas
			2025						2024						Change																								2025						2024						Change
IPL			($3)						($9)						$6																								($2)						($6)						$4
WPL			(3)						(10)						7																								(1)						(5)						4
Total Alliant Energy			($6)						($19)						$13																								($3)						($11)						$8

Electric Sales for Resale - Bulk Power and Other - Bulk power and other volume changes were due to changes in sales in the wholesale energy markets operated by MISO. These changes are impacted by several factors, including the availability and dispatch of Alliant Energy’s EGUs and electricity demand within these wholesale energy markets. Changes in bulk power and other revenues were largely offset by changes in fuel-related costs, and therefore did not have a significant impact on operating income.

Gas Transportation/Other - Gas transportation/other sales volume changes were largely due to changes in the gas volumes supplied to Alliant Energy’s natural gas-fired EGUs caused by the availability and dispatch of such EGUs.

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Electric Utility Revenue Variances - The following items contributed to increased (decreased) electric utility revenues for the three months ended March 31, 2025 compared to the same period in 2024 (in millions):

																					Alliant Energy						IPL						WPL
Higher revenue requirements (a)(b)																					$108						$93						$15
Estimated changes in sales volumes caused by temperatures																					13						6						7
Higher revenues primarily due to changes in retail electric fuel-related costs (Refer to Electric Production Fuel and Purchased Power Expenses Variances below)																					12						—						12
Lower revenues at IPL due to credits on customers’ bills related to production tax credits through its fuel-related cost recovery mechanism (a)																					(51)						(51)						—
Lower revenues at IPL due to credits on customers’ bills through the tax benefit rider in 2025 (partially offset by changes in income taxes) (a)																					(17)						(17)						—
Changes in WPL electric fuel-related costs, net of recoveries (c)																					(5)						—						(5)
Other																					2						7						(5)
																					$62						$38						$24

(a)In September 2024, the IUC issued an order authorizing an annual base rate increase of $185 million for IPL’s retail electric customers, with customers receiving partially offsetting credits for the first 12 months through a tax benefit rider, for the October 2024 through September 2025 forward-looking Test Period. Rate changes were effective October 1, 2024, which reflect revenue requirement impacts of increasing electric rate base including investments in solar generation, updated depreciation rates, and certain incremental costs incurred resulting from the 2020 derecho windstorm. In addition, effective October 1, 2024, IPL’s renewable energy rider was discontinued, and certain production tax credits are credited to IPL’s retail electric customers through IPL’s fuel-related cost recovery mechanism. Credits on IPL’s customers’ bills have been and are expected to be offset by a reduction in income tax expense.

(b)In December 2023, the PSCW issued an order authorizing an annual base rate increase of $60 million for WPL’s retail electric customers, covering the 2025 forward-looking Test Period, which reflects revenue requirement impacts of increasing electric rate base including investments in solar generation and energy storage.

(c)WPL’s cost recovery mechanism for retail fuel-related expenses supports deferrals of amounts that fall outside an approved fuel monitoring range of forecasted fuel-related expenses determined by the PSCW each year. The difference between revenue collected and actual fuel-related expenses incurred within the fuel monitoring range increases or decreases Alliant Energy’s and WPL’s electric utility revenues. WPL estimates the increase (decrease) to electric utility revenues from amounts within the fuel monitoring range were approximately ($4) million and $1 million for the three months ended March 31, 2025 and 2024, respectively.

Gas Utility Revenue Variances - The following items contributed to increased (decreased) gas utility revenues for the three months ended March 31, 2025 compared to the same period in 2024 (in millions):

			Alliant Energy						IPL						WPL
Higher revenues due to changes in gas costs (Refer to Cost of Gas Sold Expense Variances below)			$24						$5						$19
Estimated changes in sales volumes caused by temperatures			8						4						4
Higher revenue requirements (a)			4						4						—
Other			(1)						(3)						2
			$35						$10						$25

(a)In September 2024, the IUC issued an order authorizing an annual base rate increase of $10 million for IPL’s retail gas customers, for the October 2024 through September 2025 forward-looking Test Period. Rate changes were effective October 1, 2024, which reflect revenue requirement impacts of increasing gas rate base.

Electric Production Fuel and Purchased Power Expenses Variances - The following items contributed to (increased) decreased electric production fuel and purchased power expenses for the three months ended March 31, 2025 compared to the same period in 2024 (in millions):

																					Alliant Energy						IPL						WPL
Lower (higher) purchased power expense (a)																					($14)						$2						($16)
Other																					2						(2)						4
																					($12)						$—						($12)

(a)Purchased power expense increased for the three months ended March 31, 2025 compared to the same period in 2024, primarily due to higher prices of electricity purchased at WPL.

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Cost of Gas Sold Expense Variances - The following items contributed to (increased) decreased cost of gas sold expense for the three months ended March 31, 2025 compared to the same period in 2024 (in millions):

			Alliant Energy						IPL						WPL
Higher retail gas volumes			($12)						($5)						($7)
Changes in the regulatory recovery of gas costs			(12)						—						(12)
Other			1						—						—
			($23)						($5)						($19)

Other Future Considerations - In addition to items discussed in this report, the following key items could impact Alliant Energy’s, IPL’s and WPL’s future financial condition or results of operations:

• Financing Plans** - In 2025 through 2028, Alliant Energy currently expects to issue up to $1.3 billion of common stock in aggregate through one or more equity offerings and up to $25 million of common stock annually through its Shareowner Direct Plan. For the remainder of 2025, IPL and WPL currently expect to issue up to $1.0 billion and $300 million, respectively, of long-term debt, and AEF and/or Alliant Energy at the parent company level expect to issue up to $1.3 billion of long-term debt in aggregate. IPL has $300 million of long-term debt maturing in 2025.

LIQUIDITY AND CAPITAL RESOURCES

The liquidity and capital resources summary included in the 2024 Form 10-K has not changed materially, except as described below.

Liquidity Position - At March 31, 2025, Alliant Energy had $25 million of cash and cash equivalents, $522 million ($193 million at the parent company, $141 million at IPL and $188 million at WPL) of available capacity under the single revolving credit facility and no available capacity at IPL under its sales of accounts receivable program.

Capital Structure - Financial capital structures at March 31, 2025 were as follows (Long-term Debt (including current maturities) (LD); Short-term Debt (SD); Common Equity (CE)):

Cash Flows - Selected information from the cash flows statements was as follows (in millions):

			Alliant Energy												IPL												WPL
			2025						2024						2025						2024						2025						2024
Cash, cash equivalents and restricted cash, January 1			$81						$63						$29						$53						$51						$7
Cash flows from (used for):
Operating activities			249						307						59						76						190						241
Investing activities			(404)						(353)						(190)						(107)						(185)						(213)
Financing activities			99						18						114						(10)						(45)						(24)
Net increase (decrease)			(56)						(28)						(17)						(41)						(40)						4
Cash, cash equivalents and restricted cash, March 31			$25						$35						$12						$12						$11						$11

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Operating Activities - The following items contributed to increased (decreased) operating activity cash flows for the three months ended March 31, 2025 compared to the same period in 2024 (in millions):

			Alliant Energy						IPL						WPL
Lower collections from IPL’s retail customers due to credits on customers’ bills related to production tax credits through its fuel-related cost recovery mechanism			($51)						($51)						$—
Changes in interest payments			(42)						(26)						(7)
Lower collections from IPL’s retail customers due to credits on customers’ bills related to the tax benefit rider			(17)						(17)						—
Higher collections from IPL’s and WPL’s retail electric and IPL’s gas base rate increases			112						97						15
Increased collections from IPL’s and WPL’s retail customers caused by temperature impacts on electric and gas sales			21						10						11
Other (primarily due to other changes in working capital)			(81)						(30)						(70)
			($58)						($17)						($51)

Investing Activities - The following items contributed to increased (decreased) investing activity cash flows for the three months ended March 31, 2025 compared to the same period in 2024 (in millions):

			Alliant Energy						IPL						WPL
(Higher) lower utility construction and acquisition expenditures (a)			($76)						($123)						$47
Changes in the amount of cash receipts on sold receivables			37						37						—
Other			(12)						3						(19)
			($51)						($83)						$28

(a)Largely due to higher expenditures for IPL’s energy storage, partially offset by lower expenditures for IPL’s and WPL’s solar generation.

Construction and Acquisition Expenditures - Construction and acquisition expenditures and financing plans are reviewed, approved and updated as part of the strategic planning process. Changes may result from a number of reasons, including changes in expected load growth, regulatory requirements, changing legislation, not obtaining favorable and acceptable regulatory approval on certain projects, changing costs of projects due to market conditions and the impact of tariffs, improvements in technology, and improvements to ensure resiliency and reliability of the electric and gas distribution systems. Alliant Energy, IPL and WPL have not yet entered into contractual commitments relating to the majority of their anticipated future construction and acquisition expenditures. As a result, they have some discretion with regard to the level and timing of these expenditures. Construction and acquisition expenditures for 2025 through 2028 are currently anticipated as follows (in millions), which are focused on adding generation to meet growing customer demand for electricity, including expected future data center growth from currently executed electric service agreements, and strengthening the resiliency and reliability of the electric grid, and include renewable generation and energy storage projects, dispatchable gas generation projects, and converting certain coal-fired EGUs to natural gas. Alliant Energy, IPL and WPL are currently evaluating the impact of tariffs and the impact of additional potential large load growth customers on their resource plans and will update their anticipated construction and acquisition expenditures as needed in the future. Cost estimates represent Alliant Energy’s, IPL’s and WPL’s portion of construction expenditures and exclude allowance for funds used during construction and capitalized interest, if applicable.

			Alliant Energy															IPL															WPL
			2025			2026			2027			2028									2025			2026			2027			2028									2025			2026			2027			2028
Generation:
Renewables and energy storage projects			$995			$895			$1,125			$1,160									$675			$480			$580			$660									$320			$415			$545			$500
Gas projects			460			740			1,025			885									240			320			615			645									170			385			410			240
Other			145			135			70			65									65			60			30			15									80			75			40			50
Distribution:
Electric systems			595			625			600			580									325			265			250			255									270			360			350			325
Gas systems			100			130			160			105									55			70			90			40									45			60			70			65
Other			215			230			225			245									45			35			45			50									35			30			35			25
			$2,510			$2,755			$3,205			$3,040									$1,405			$1,230			$1,610			$1,665									$920			$1,325			$1,450			$1,205

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Financing Activities - The following items contributed to increased (decreased) financing activity cash flows for the three months ended March 31, 2025 compared to the same period in 2024 (in millions):

			Alliant Energy						IPL						WPL
Net changes in the amount of commercial paper outstanding			$361						$159						$347
Lower payments to retire long-term debt			300						—						—
Lower net proceeds from issuance of long-term debt			(597)						—						(297)
Higher common stock dividends			(7)						(39)						(26)
Lower capital contributions from IPL’s and WPL’s parent company, Alliant Energy			—						(5)						(55)
Other			24						9						10
			$81						$124						($21)

Common Stock Issuances - Refer to Note 5 for discussion of common stock issuances by Alliant Energy in 2025. Refer to “Results of Operations” for discussion of expected future issuances of common stock in 2025.

Long-term Debt - Refer to Note 6(b) for discussion of commercial paper classified as long-term debt and AEF’s term loan credit agreements. Refer to “Results of Operations” for discussion of expected future issuances and retirements of long-term debt in 2025.

Impact of Credit Ratings on Liquidity and Collateral Obligations -

Ratings Triggers - In March 2025, Standard & Poor’s Ratings Services changed certain Alliant Energy, IPL and WPL credit ratings and outlooks, which are not expected to have a material impact on Alliant Energy’s, IPL’s and WPL’s liquidity or collateral obligations, and the current credit ratings and outlooks are as follows:

						Standard & Poor’s Ratings Services
Alliant Energy:			Corporate/issuer			BBB+
			Commercial paper			A-2
			Senior unsecured long-term debt			BBB
			Outlook			Stable
IPL:			Corporate/issuer			BBB+
			Commercial paper			A-2
			Senior unsecured long-term debt			BBB+
			Outlook			Stable
WPL:			Corporate/issuer			A-
			Commercial paper			A-2
			Senior unsecured long-term debt			A-
			Outlook			Stable

Off-Balance Sheet Arrangements and Certain Financial Commitments - A summary of Alliant Energy’s and IPL’s off-balance sheet arrangements and Alliant Energy’s, IPL’s and WPL’s contractual obligations is included in the 2024 Form 10-K and has not changed materially from the items reported in the 2024 Form 10-K, except for the items described in Notes 3, 6 and 12.