LNTMEDIUM SIGNALOPERATIONAL10-K

LNT demonstrated solid operational expansion with customer growth across both utilities, strategic business exit completion, and strong financial performance improvements.

The company grew its customer base by approximately 5,000 electric customers at both IPL and WPL, while adding 5,000 natural gas customers at WPL, indicating healthy organic growth in its core utility markets. The completion of IPL's exit from the steam business represents a strategic streamlining of operations, eliminating a non-core activity as previously planned.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

LNT delivered strong financial results with net income growing 17.4% to $810 million and operating income increasing 15.7% to $1.0 billion, reflecting improved operational efficiency. The balance sheet strengthened considerably with current assets rising 43.3% to $1.7 billion while current liabilities decreased 21.8% to $2.1 billion, significantly improving liquidity. Capital expenditures increased 26.9% to $1.5 billion, indicating continued investment in utility infrastructure to support customer growth and system reliability.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
+43.3%
$1.2B→$1.7B

Current assets grew 43.3% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
+26.9%
$1.2B→$1.5B

Capex increased 26.9% — ongoing investment in capacity or infrastructure for future growth.

Current Liabilities
Balance Sheet
-21.8%
$2.7B→$2.1B

Current liabilities reduced — improved short-term financial position and working capital health.

Net Income
P&L
+17.4%
$690.0M→$810.0M

Net income grew 17.4% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+15.7%
$886.0M→$1.0B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Accounts Receivable
Balance Sheet
+11.5%
$427.0M→$476.0M

Receivables grew 11.5% — monitor days sales outstanding for collection efficiency.

Total Assets
Balance Sheet
+10%
$22.7B→$25.0B

Asset base grew 10% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
Interstate Power and Light Company and Wisconsin Power and Light Company meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and are therefore filing this Form 10-K with the reduced disclosure format specified in General Instruction I(2) to such Form 10-K.
At December 31, 2025, IPL supplied electric and natural gas service to approximately 505,000 and 230,000 retail customers, respectively, in Iowa.
IPL also sells electricity to wholesale customers in Illinois and Iowa and was engaged in the generation and distribution of steam for two customers in Cedar Rapids, Iowa, which were each under contract through 2025 for taking minimum quantities of annual steam usage, with certain conditions.
Subsequent to December 31, 2025, IPL exited the steam business.
At December 31, 2025, WPL supplied electric and natural gas service to approximately 505,000 and 205,000 retail customers, respectively.
ATC Holdco LLC holds an interest in Duke-American Transmission Company, LLC, which holds a note receivable related to the previously owned electric transmission infrastructure in North America.
Employees - At December 31, 2025, Alliant Energy, IPL and WPL had the following full- and part-time employees: Total Number of Percentage of Employees Number of Bargaining Unit Covered by Collective Employees Employees Bargaining Agreements Alliant Energy 2,948 1,705 58% IPL 1,003 739 74% WPL 992 853 86% The majority of IPL s bargaining unit employees are covered by the International Brotherhood of Electrical Workers Local 204 (Cedar Rapids) collective bargaining agreement, which expires August 31, 2028.
We also provide a personal family advocate to help employees navigate their healthcare needs as well as other resources to help maintain and improve their health.
Talent Development and Workforce Readiness - We support all employees in their skill development and career growth, offering several training opportunities, development programs and tuition reimbursement, as well as leadership development and succession planning.
To help attract and introduce a wide range of candidates to our industry, we have early careers programs that include youth programs (high school), pre-apprenticeships, and apprenticeships.
REMOVED
Form 10-K Summary 110 Signatures 111 Table of C o ntents DEFINITIONS The following abbreviations or acronyms used in this report are defined below: Abbreviation or Acronym Definition Abbreviation or Acronym Definition 2025 Alliant Energy Proxy Statement Alliant Energy s Proxy Statement for the 2025 Annual Meeting of Shareowners GAAP U.S.
WEBSITE ACCESS TO REPORTS Alliant Energy, IPL and WPL make their periodic and current reports, and amendments to those reports, available, free of charge, on Alliant Energy s website at www.alliantenergy.com/investors on the same day as such material is electronically filed with, or furnished to, the SEC.
At December 31, 2024, IPL supplied electric and natural gas service to approximately 500,000 and 230,000 retail customers, respectively, in Iowa.
IPL also sells electricity to wholesale customers in Minnesota (IPL s related wholesale power agreement expires July 2025), Illinois and Iowa.
IPL is also engaged in the generation and distribution of steam for two customers in Cedar Rapids, Iowa, which are each under contract through 2025 for taking minimum quantities of annual steam usage, with certain conditions, after which IPL expects to exit the steam business.
At December 31, 2024, WPL supplied electric and natural gas service to approximately 500,000 and 200,000 retail customers, respectively.
ATC Holdco LLC holds an interest in Duke-American Transmission Company, LLC, a joint venture between Duke Energy Corporation and ATC, that owns electric transmission infrastructure in North America.
Employees - At December 31, 2024, Alliant Energy, IPL and WPL had the following full- and part-time employees: Total Number of Percentage of Employees Number of Bargaining Unit Covered by Collective Employees Employees Bargaining Agreements Alliant Energy 2,998 1,732 58% IPL 1,043 759 73% WPL 1,003 860 86% The majority of IPL s bargaining unit employees are covered by the International Brotherhood of Electrical Workers Local 204 (Cedar Rapids) collective bargaining agreement, which expires August 31, 2028.
4 Table of C o ntents Safety - Safety is integral to our company s culture.
We provide tools and resources to employees to help maintain and improve their health.
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