Alliant Energy Annual Report 2025

FY2025 Annual Report · Alliant Energy
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the Shareowners and the Board of Directors of Alliant Energy Corporation 
Opinion on Internal Control over Financial Reporting 
We have audited the internal control over financial reporting of Alliant Energy Corporation and subsidiaries (the 
"Company") as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework 
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, 
the Company maintained, in all material respects, effective internal control over financial reporting as of December 
31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO. 
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the 
Company and our report dated February 20, 2026, expressed an unqualified opinion on the Company's 2025 
financial statements. 
Basis for Opinion 
The Company's management is responsible for maintaining effective internal control over financial reporting and for 
its assessment of the effectiveness of internal control over financial reporting, included in the accompanying 
Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion 
on the Company's internal control over financial reporting based on our audit. We are a public accounting firm 
registered with the PCAOB and are required to be independent with respect to the Company in accordance with the 
U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and 
the PCAOB. 
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was 
maintained in all material respects. Our audit included obtaining an understanding of internal control over financial 
reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating 
effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered 
necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. 
Definition and Limitations of Internal Control over Financial Reporting 
A company's internal control over financial reporting is a process designed to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in 
accordance with generally accepted accounting principles. A company's internal control over financial reporting 
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, 
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable 
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance 
with generally accepted accounting principles, and that receipts and expenditures of the company are being made 
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable 
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's 
assets that could have a material effect on the financial statements. 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become 
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may 
deteriorate. 
Milwaukee, Wisconsin 
February 20, 2026 

 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the Shareowners and the Board of Directors of Alliant Energy Corporation 
Opinion on the Financial Statements 
We have audited the accompanying consolidated balance sheets of Alliant Energy Corporation and subsidiaries (the 
"Company") as of December 31, 2025 and 2024, the related consolidated statements of income, equity, and cash 
flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred 
to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the 
financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash 
flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles 
generally accepted in the United States of America. 
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria 
established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations 
of the Treadway Commission and our report dated February 20, 2026, expressed an unqualified opinion on the 
Company's internal control over financial reporting. 
Basis for Opinion 
These financial statements are the responsibility of the Company's management. Our responsibility is to express an 
opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with 
the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal 
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the 
PCAOB. 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audit to obtain reasonable assurance about whether the financial statements are free of material 
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of 
material misstatement of the financial statements, whether due to error or fraud, and performing procedures that 
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and 
disclosures in the financial statements. Our audits also included evaluating the accounting principles used and 
significant estimates made by management, as well as evaluating the overall presentation of the financial statements. 
We believe that our audits provide a reasonable basis for our opinion. 
Critical Audit Matter 
The critical audit matter communicated below is a matter arising from the current-period audit of the financial 
statements that was communicated or required to be communicated to the audit committee and that (1) relates to 
accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, 
subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion 
on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, 
providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. 
Regulatory Accounting - Impact of rate regulation on the financial statements - Refer to Notes 1, 2, and 11 to 
the financial statements 
Critical Audit Matter Description 
Alliant Energy Corporation, through its wholly-owned subsidiaries Interstate Power and Light Company and 
Wisconsin Power and Light Company, is subject to rate regulation by regulatory agencies. Management has 
determined it meets the requirements under accounting principles generally accepted in the United States of America 
to prepare its financial statements applying the Regulated Operations Topic 980 of the Financial Accounting 
Standards Board’s Accounting Standards Codification. 
The Company’s rates are subject to regulatory rate-setting processes and periodic earnings oversight. The regulation 
of rates is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested 
capital. Regulatory assets generally represent incurred costs that have been deferred and are probable of recovery in 

 
future customer rates. Regulatory liabilities generally represent obligations to make refunds to customers or amounts 
collected in rates for which the costs have not yet been incurred. The Company’s regulatory assets and regulatory 
liabilities are recognized in accordance with the rulings of the regulatory agencies. A change in these rulings may 
result in a material impact on results of operations and the amount of certain assets and liabilities in the financial 
statements. Future regulatory rulings may impact the carrying value and accounting treatment of certain regulatory 
assets and regulatory liabilities. 
We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by 
management to support its assertions about certain impacted account balances and disclosures and the high degree 
of subjectivity involved in assessing the impact of relevant future regulatory orders on the financial 
statements. Management judgments include assessing the likelihood of the recovery of incurred costs and refund of 
obligations to customers in future rates. Given that management’s accounting judgments are based on assumptions 
about the outcome of future decisions by the regulatory agencies, auditing these judgments required specialized 
knowledge of accounting for rate regulation and the rate-setting process due to its inherent complexities. 
How the Critical Audit Matter Was Addressed in the Audit 
Our audit procedures related to the regulatory filings by management and the uncertainty of future decisions by the 
regulatory agencies included the following, among others: 
x
We tested the effectiveness of management’s controls over the evaluation of certain regulatory assets and
regulatory liabilities, including the monitoring and evaluation of regulatory developments that may affect the
likelihood of recovering costs in future rates or of a future reduction in rates.
x
We inspected and evaluated the Company’s analysis supporting the probability of recovery for certain
regulatory assets or refund to customers or future reduction in customer rates for regulatory liabilities not yet
addressed in a regulatory order to assess management’s assertions.
x
We inquired of management regarding current events impacting the Company and inspected minutes of the
board of directors and other committees of the Company and evaluated whether matters were identified that
may have an impact on certain recorded regulatory assets and liabilities.
x
We read relevant regulatory orders, interpretations, filings made by the Company or its stakeholders, and
other publicly available information issued by the regulatory agencies that pertain to the Company. We
evaluated the external information and assessed whether there are matters in such information that would
be contradictory to management’s assertion of probability of recovery of certain regulatory assets or refund
of regulatory liabilities, or impact other recorded balances.
x
We obtained representation from management asserting that regulatory assets recorded in the financial
statements are probable of recovery and that obligations to make refunds to customers are appropriately
recorded as regulatory liabilities.
x
We evaluated the Company’s disclosures related to the impacts of rate regulation and regulatory
developments, including disclosures related to certain regulatory balances recorded.
Milwaukee, Wisconsin 
February 20, 2026  
We have served as the Company's auditor since 2002. 

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EAI Entergy Arkansas, Inc. 1M BD 4.875%66 ↗ CNLTL The Connecticut Light and Power Company ↗ CNLPL The Connecticut Light and Power Company ↗ ETI-P Entergy Texas, Inc. ↗ VIASP Via Renewables, Inc. ↗