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 2025 Form 10-K. Unless otherwise noted, all “per share” references in MDA refer to earnings per diluted share.

2026 HIGHLIGHTS

Key highlights since the filing of the 2025 Form 10-K include the following:

Customer Investments:

• In March 2026, the IUC approved advance rate-making principles for IPL for up to 1,000 MW of new wind generation in Iowa. The rate-making principles approved include a fixed cost cap of $3,020/kilowatt, including AFUDC and transmission costs, among other costs. IPL’s return on common equity will be the same as other assets without advance rate-making principles for the purposes of setting future rates and IPL’s blended return on common equity, which will be updated each year, will be used for IPL’s retail electric earnings sharing mechanism calculation.

• In March 2026, WPL filed a certificate of authority application with the PSCW for approval to construct, own and install equipment that will maintain and increase the capacity and efficiency of its Riverside Energy Center. A decision from the PSCW is currently expected in the first quarter of 2027.

• In April 2026, IPL filed a certificate of public convenience, use and necessity application with the IUC for approval to construct, own and operate an approximately 720 MW simple-cycle natural gas-fired EGU in Linn County, Iowa. A decision from the IUC is currently expected in the first quarter of 2027.

Growing Customer Demand:

• In April 2026, IPL entered into an electric service agreement with a customer, who currently expects to build a data center in IPL’s service territory. This electric service agreement includes contracted peak demand of approximately 370 MW. 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.

Environmental Matters:

Coal Combustion Residuals (CCR) Rule - In April 2026, the EPA proposed a rule that would significantly reduce the scope of the CCR Rule, which is currently anticipated to be finalized by the end of 2026. Alliant Energy, IPL and WPL continue to evaluate the revised CCR Rule and are unable to predict with certainty the future outcome or impact of these updates, including resolution of ongoing litigation.

Legislative Matters:

• In April 2026, the State of Wisconsin enacted 2025 Wisconsin Act 193, which requires utilities to include their capacity costs and revenues in their annual fuel cost plans. The most significant provisions of the legislation for Alliant Energy and WPL are the requirement that fuel cost calculations in approved fuel cost plans account for both the cost of purchasing capacity and the revenue generated from selling it. The legislation applies to fuel cost plans filed on or after January 1, 2027.

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 diluted EPS attributable to Alliant Energy common shareowners for the three months ended March 31 were as follows (dollars in millions, except per share amounts):

			2026												2025
			Income (Loss)						EPS						Income (Loss)						EPS
Utilities and Corporate Services			$215						$0.83						$225						$0.87
ATC Holdings			11						0.04						10						0.04
Non-utility and Parent			(2)						—						(22)						(0.08)
Alliant Energy Consolidated			$224						$0.87						$213						$0.83

Alliant Energy’s Utilities and Corporate Services net income decreased by $10 million for the three-month period, primarily due to higher other operation and maintenance, financing and depreciation expenses and the timing of income taxes. These items were partially offset by higher revenue requirements from IPL’s and WPL’s capital investments and higher AFUDC.

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Alliant Energy’s Non-utility and Parent net income increased $20 million for the three-month period, primarily due to a state income tax apportionment benefit (refer to Note 8 for details) and the timing of income taxes.

Net Income Variances - The following items contributed to increased (decreased) net income for the three months ended March 31, 2026 compared to the same period in 2025 (in millions):

			Alliant Energy						IPL						WPL
Revenues:
Changes in electric utility (Refer to details below)			$35						$7						$28
Changes in gas utility (Refer to details below)			31						4						27
Changes in other utility (Refer to Note 7 for details)			(11)						(10)						(1)
Changes in non-utility			1						—						—
Changes in total revenues			56						1						54
Operating expenses:
Changes in electric production fuel and purchased power (Refer to details below)			7						3						4
Changes in electric transmission service			(1)						4						(5)
Changes in cost of gas sold (Refer to details below)			(36)						(9)						(27)
Changes in other operation and maintenance (Refer to details below)			(20)						(5)						(15)
Changes in depreciation and amortization (Higher primarily due to energy storage placed in service in 2025)			(12)						(5)						(7)
Changes in taxes other than income taxes			(2)						—						(1)
Changes in total operating expenses			(64)						(12)						(51)
Changes in operating income			(8)						(11)						3
Other income and deductions:
Changes in interest expense (Higher primarily due to financings completed in 2025)			(23)						(10)						(5)
Changes in equity income from unconsolidated investments, net (Refer to Note 4 for details)			9						—						—
Changes in allowance for funds used during construction (Primarily due to changes in levels of construction work in progress balances related to energy storage and gas generation)			12						10						2
Changes in Other			7						3						4
Changes in total other income and deductions			5						3						1
Changes in income before income taxes			(3)						(8)						4
Changes in income taxes (Refer to Note 8 for details)			14						(8)						3
Changes in net income			$11						($16)						$7

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

Alliant Energy			Electric																								Gas
			Revenues												MWhs Sold												Revenues												Dths Sold
			2026						2025						2026						2025						2026						2025						2026						2025
Retail			$793						$773						6,137						6,174						$255						$224						22,486						23,822
Sales for resale:
Wholesale			35						48						511						691						N/A						N/A						N/A						N/A
Bulk power and other			51						26						1,626						1,378						N/A						N/A						N/A						N/A
Transportation/Other			9						6						13						14						16						16						32,813						31,006
			$888						$853						8,287						8,257						$271						$240						55,299						54,828

IPL			Electric																								Gas
			Revenues												MWhs Sold												Revenues												Dths Sold
			2026						2025						2026						2025						2026						2025						2026						2025
Retail			$425						$409						3,396						3,439						$113						$108						10,840						11,772
Sales for resale:
Wholesale			—						14						2						182						N/A						N/A						N/A						N/A
Bulk power and other			7						1						544						396						N/A						N/A						N/A						N/A
Transportation/Other			5						6						7						8						9						10						11,925						12,071
			$437						$430						3,949						4,025						$122						$118						22,765						23,843

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WPL			Electric																								Gas
			Revenues												MWhs Sold												Revenues												Dths Sold
			2026						2025						2026						2025						2026						2025						2026						2025
Retail			$368						$364						2,741						2,735						$142						$116						11,646						12,050
Sales for resale:
Wholesale			35						34						509						509						N/A						N/A						N/A						N/A
Bulk power and other			44						25						1,082						982						N/A						N/A						N/A						N/A
Transportation/Other			4						—						6						6						7						6						20,888						18,935
			$451						$423						4,338						4,232						$149						$122						32,534						30,985

Sales Trends and Temperatures - Alliant Energy’s retail electric sales volumes decreased 1% for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to changes in temperatures. Alliant Energy’s retail gas sales volumes decreased 6% for the three months ended March 31, 2026, compared to the same period in 2025, 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
			2026						2025						Change																								2026						2025						Change
IPL			($7)						($3)						($4)																								($4)						($2)						($2)
WPL			(3)						(3)						—																								(2)						(1)						(1)
Total Alliant Energy			($10)						($6)						($4)																								($6)						($3)						($3)

Electric Sales for Resale - Alliant Energy’s and IPL’s wholesale sales volumes decreased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to the expiration of IPL’s wholesale power agreement with Southern Minnesota Energy Cooperative in 2025.

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.

Electric Utility Revenue Variances - The following items contributed to increased (decreased) electric utility revenues for the three months ended March 31, 2026 compared to the same period in 2025 (in millions):

																					Alliant Energy						IPL						WPL
Higher revenue requirements (a)																					$26						$—						$26
Higher sales for resale bulk power and other revenues (b)																					25						6						19
Higher revenues at IPL due to credits on customers’ bills through the tax benefit rider in 2025 (partially offset by changes in wholesale revenues and income taxes)																					17						17						—
Lower revenues primarily due to changes in retail electric fuel-related costs (Refer to Electric Production Fuel and Purchased Power Expenses Variances below) (a)																					(17)						(6)						(11)
Lower wholesale revenues at IPL primarily due to lower sales from the expiration of IPL’s wholesale power agreement with Southern Minnesota Energy Cooperative in 2025																					(14)						(14)						—
Changes in WPL refunds/collections of previous over-/under-collection of retail electric fuel-related costs (offset in electric production fuel and purchased power expenses)																					(13)						—						(13)
Estimated changes in sales volumes caused by temperatures																					(4)						(4)						—
Other																					15						8						7
																					$35						$7						$28

(a)In December 2025, the PSCW issued an order authorizing an annual base rate increase of $69 million for WPL’s retail electric customers, covering the 2026 forward-looking Test Period, which reflects revenue requirement impacts of increasing electric rate base, including wind refurbishment projects, energy storage, existing natural gas-fired EGU improvements and electric distribution investments and lower forecasted fuel-related expenses.

(b)Sales for resale bulk power and other revenues increased primarily due to higher volumes and higher prices for electricity sold by IPL and WPL to MISO wholesale energy markets. These changes were largely offset by changes in fuel-related costs.

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Gas Utility Revenue Variances - The following items contributed to increased (decreased) gas utility revenues for the three months ended March 31, 2026 compared to the same period in 2025 (in millions):

			Alliant Energy						IPL						WPL
Higher revenues due to changes in gas costs (Refer to Cost of Gas Sold Expense Variances below)			$35						$9						$26
Higher revenue requirements (a)			2						—						2
Estimated changes in sales volumes caused by temperatures			(3)						(2)						(1)
Other			(3)						(3)						—
			$31						$4						$27

(a)In December 2025, the PSCW issued an order authorizing an annual base rate increase of $7 million for WPL’s retail gas customers, covering the 2026 forward-looking Test Period, which reflects 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, 2026 compared to the same period in 2025 (in millions):

																					Alliant Energy						IPL						WPL
Lower purchased power expense (a)																					$16						$13						$3
Changes in regulatory recovery of retail electric fuel-related costs																					13						1						12
Changes in WPL refunds/collections of previous over-/under-collection of retail electric fuel-related costs (offset in electric utility revenue)																					13						—						13
Higher electric production fuel costs (b)																					(34)						(11)						(23)
Other																					(1)						—						(1)
																					$7						$3						$4

(a)Purchased power expense decreased for the three months ended March 31, 2026 compared to the same period in 2025, primarily due to lower prices for electricity purchased and lower volumes purchased at IPL and WPL.

(b)Electric production fuel costs increased for the three months ended March 31, 2026 compared to the same period in 2025, primarily due to higher natural gas volumes due to higher dispatch of natural gas-fired EGUs and higher natural gas prices.

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, 2026 compared to the same period in 2025 (in millions):

			Alliant Energy						IPL						WPL
Changes in retail gas volumes and natural gas prices			($46)						($21)						($25)
Changes in the regulatory recovery of gas costs			11						12						(1)
Other			(1)						—						(1)
			($36)						($9)						($27)

Other Operation and Maintenance Expenses Variances - The following items contributed to (increased) decreased other operation and maintenance expenses for the three months ended March 31, 2026 compared to the same period in 2025 (in millions):

			Alliant Energy						IPL						WPL
Higher generation and energy delivery expenses			($18)						($7)						($11)
Other			(2)						2						(4)
			($20)						($5)						($15)

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.

Liquidity Position - At March 31, 2026, Alliant Energy had $115 million of cash and cash equivalents, $817 million ($268 million at the parent company, $249 million at IPL and $300 million at WPL) of available capacity under the single revolving credit facility and $40 million of available capacity at IPL under its sales of accounts receivable program.

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Capital Structure - The following table shows financial capital structures as of March 31, 2026, as well as an adjusted capitalization structure that Alliant Energy believes is consistent with how a majority of the rating agencies currently view its junior subordinated notes (in millions):

			Alliant Energy												IPL						WPL
			Actual						Adjusted (a)						Actual						Actual
Common equity			$7,422						$7,785						$5,023						$4,462
Long-term debt (including current maturities)			11,007						10,644						4,731						3,670
Short-term debt			833						833						1						—
Total capitalization			$19,262						$19,262						$9,755						$8,132
Total debt			$11,840						$11,477						$4,732						$3,670
Ratio of debt to total capitalization			61		%				60		%				49		%				45		%

(a)The long-term debt component of Alliant Energy’s financial capital structure includes junior subordinated notes classified as “Long-term debt, net” on Alliant Energy’s balance sheet. The adjusted presentation attributes 50% of the junior subordinated notes to common equity and 50% to long-term debt, to align with the debt-to-capital ratio used by the majority of rating agencies. The non-GAAP adjusted presentation reflecting this treatment is useful and relevant to investors in understanding how management and the rating agencies evaluate Alliant Energy’s capital structure.

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

			Alliant Energy												IPL												WPL
			2026						2025						2026						2025						2026						2025
Cash, cash equivalents and restricted cash, January 1			$556						$81						$7						$29						$37						$51
Cash flows from (used for):
Operating activities			368						249						136						59						239						190
Investing activities			(393)						(404)						(179)						(190)						(149)						(185)
Financing activities			(416)						99						48						114						(28)						(45)
Net increase (decrease)			(441)						(56)						5						(17)						62						(40)
Cash, cash equivalents and restricted cash, March 31			$115						$25						$12						$12						$99						$11

Operating Activities - The following items contributed to increased (decreased) operating activity cash flows for the three months ended March 31, 2026 compared to the same period in 2025 (in millions):

			Alliant Energy						IPL						WPL
Changes in income taxes paid/received (a)			$90						$47						$43
Higher collections from WPL’s retail electric and gas base rate increases			28						—						28
Higher collections from IPL’s retail customers due to credits on customers’ bills related to the tax benefit rider in 2025			17						17						—
Timing of WPL’s fuel-related cost recoveries from retail electric customers			(25)						—						(25)
Other (primarily due to other changes in working capital)			9						13						3
			$119						$77						$49

(a)Refer to the cash flows statements for details of renewable tax credits transferred to other corporate taxpayers during the three months ended March 31, 2026.

Investing Activities - The following items contributed to increased (decreased) investing activity cash flows for the three months ended March 31, 2026 compared to the same period in 2025 (in millions):

			Alliant Energy						IPL						WPL
Lower utility construction and acquisition expenditures (a)			$212						$178						$34
Changes in the amount of cash receipts on sold receivables			(167)						(167)						—
Higher non-utility construction and acquisition expenditures			(44)						—						—
Other			10						—						2
			$11						$11						$36

(a)Largely due to lower expenditures for IPL’s energy storage and WPL’s gas generation.

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Financing Activities - The following items contributed to increased (decreased) financing activity cash flows for the three months ended March 31, 2026 compared to the same period in 2025 (in millions):

			Alliant Energy						IPL						WPL
Higher payments to retire long-term debt			($1,075)						$—						$—
(Higher) lower common stock dividends			(7)						49						20
Higher capital contributions from IPL’s and WPL’s parent company, Alliant Energy			—						80						25
Higher proceeds from issuance of other short-term borrowings			400						—						—
Net changes in the amount of commercial paper outstanding			175						(196)						(29)
Other			(8)						1						1
			($515)						($66)						$17

Common Stock Issuances - Refer to Note 5 for discussion of common stock issuances by Alliant Energy in 2026 and Alliant Energy’s at-the-market offering programs.

Short-term Debt - Refer to Note 6(a) for discussion of Alliant Energy’s term loan credit agreement entered into in 2026.

Long-term Debt - Refer to Note 6(b) for discussion of issuances and/or retirements of long-term debt by Alliant Energy, AEF and IPL in 2026.

Impact of Credit Ratings on Liquidity and Collateral Obligations -

Ratings Triggers - In March 2026, Standard & Poor’s Ratings Services changed certain IPL credit ratings, which are not expected to have a material impact on Alliant Energy’s and IPL’s liquidity or collateral obligations. Alliant Energy’s, IPL’s and WPL’s 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			A-
			Commercial paper			A-2
			Senior unsecured long-term debt			A-
			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 2025 Form 10-K and has not changed materially from the items reported in the 2025 Form 10-K, except for the items described in Notes 3, 6 and 12.