Consistent Earnings Growth
Ten-year compound annual EPS growth of 6.3%; ongoing 2025 EPS growth of 6% (ongoing EPS improved by $0.18 year-over-year). 2025 temperature impacts contributed approximately +$0.03 per share (versus -$0.15 per share in 2024). Company affirmed 2026 earnings guidance and expects compound annual earnings growth of 7%+ for 2027–2029.
Strong Shareowner Returns and Dividend Track Record
Total shareowner return of over 13% for the year and the 22nd consecutive annual dividend increase, demonstrating ongoing shareholder distribution discipline.
Material Data Center Wins Driving Demand Growth
Closed the year with four executed electric service agreements totaling 3 gigawatts of peak load (stated as translating to ~50% future growth in demand). Successfully signed a new ESA for the relocated QTS project (moved from Wisconsin to Iowa) and is pursuing an additional 2–4 GW of opportunities beyond current contracted projects.
Capital Plan and Regulatory Execution on Track
Consolidated four-year capital plan (~$13.4 billion for 2026–2029) remains materially consistent and on track after reallocation tied to the QTS relocation. Achieved constructive regulatory outcomes including a unanimous settlement approved in Wisconsin for the 2026–2027 rate review and Iowa approvals of certificates for a 720 MW simple-cycle gas facility and a 94 MW RICE unit.
Operational Milestones and Resource Readiness
Completed 275 MW of energy storage investments and turbine upgrades at Neenah and Sheboygan Falls. Secured gas turbine reservation agreements and project locations for planned self-developed gas resources. Proactively safe‑toboroughed renewable and storage projects to protect tax credits.
Solid Financing and Liquidity Position
2026 debt-financing plan includes up to $1.2 billion of long-term issuances (up to $400M parent, $300M WPL, $500M IPL). Retired a $300M term loan and have already raised ~$1.0B of ~ $2.4B expected common equity need (leaving ~$1.3B remaining). Financing mix includes debt, hybrid instruments, and equity.
Customer Affordability and Rate Stability Commitment
Committed to keeping Iowa retail electric base rates flat for existing customers through the end of the decade; intends to utilize investment tax credits (from energy storage) to support earning the authorized Iowa Electric ROE while preserving stable base rates for customers.