Alliant Energy Corporation: Watt’s the Q2’26 Number for LNT?

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Alliant Energy Corporation: Watt’s the Q2’26 Number for LNT?

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Alliant Energy Corporation

Watt’s the Q2’26 Number for LNT?

Reiterate Rating: BUY | PO: 78.00 USD | Price: 73.96 USD

Q2’26E $0.58 driven by higher costs/weather/tax timing 21 July 2026

We expect LNT to report Q2’26 EPS of $0.58, below prior year results of $0.68 and Equity

Consensus of $0.63. Result will benefit from higher revenue requirements & AFUDC.

These benefits are fully offset by higher D&A, financing, O&M, tax timing, and weather.

Key Changes

Exhibit 1: Based on our estimates we see a $0.10 decrease YoY

LNT Q1’ Walk (US$) Previous Current

Price Obj. 77.00 78.00

2025 Q2 $0.68 2026E Rev (m) 4,578.3 4,568.4

Revenue Requirements $0.15

2027E Rev (m) 4,712.4 4,711.4 D&A -$0.03

Financing -$0.06 2028E Rev (m) 4,896.8 4,899.1

O&M -$0.06 2027E EPS 3.66 3.68

Weather -$0.05 2028E EPS 4.00 4.04

Tax -$0.08

AFUDC $0.03

Ross Fowler, CFA Other $0.00 Research Analyst

2026 Q2 $0.58 BofAS

+1 646 855 1506 Source: Company Filings, BofA Global Research ross.fowler@bofa.com

BofA GLOBAL RESEARCH

F. Paul Cole

Research AnalystInvestor Focus: Political Rhetoric and DC Execution BofAS

With the gubernatorial election cycles in IA/WI becoming increasingly visible, investor

Rinny Singh

focus is on the political narrative surrounding datacenters. Key areas include sales & use Research Analyst

tax, local opposition, and the distribution of economic development benefits. In IA, BofAS +1 646 855 5729

candidate Zach Lahn has been vocal about increasing property taxes on datacenters, rinny.singh@bofa.com

raising questions around the durability of the state's pro-growth framework. Beyond the David Rold, CFA

rhetoric, investors remain primarily focused on execution of the existing datacenter ResearchBofAS Analyst