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Alliant Energy Announces 2025 Results

• GAAP earnings per share were $3.14 in 2025 compared to $2.69 in 2024
• Ongoing earnings per share were $3.22 in 2025 compared to $3.04 in 2024, which represents 6% growth
• Affirmed 2026 ongoing earnings guidance range of $3.36 – $3.46

MADISON, Wis.–(BUSINESS WIRE)–
Alliant Energy Corporation (NASDAQ: LNT) today announced U.S. generally accepted accounting principles (GAAP) consolidated unaudited earnings per share (EPS) of $3.14 for 2025, compared to $2.69 for 2024. Ongoing EPS for 2025 was $3.22, compared to $3.04 for 2024.

Alliant Energy affirmed its consolidated ongoing EPS guidance for 2026 of $3.36 – $3.46, continuing its over a decade strong track record of compound annual earnings growth of more than 6%.

“In 2025, we delivered another solid year of financial and operational results. We’re executing well while investing to meet growing customer demand,” said Lisa Barton, Alliant Energy President and CEO. “We have renegotiated an electric service agreement with QTS based on a new project location and our investment plan reinforces our flexibility and balanced generation portfolio as we continue to execute on our customer and community-focused strategy.”

Alliant Energy Consolidated EPS:	GAAP EPS					Non-GAAP EPS
	2025		2024			2025		2024
Twelve months ended December 31	$3.14		$2.69			$3.22		$3.04
Three months ended December 31	$0.55		$0.58			$0.60		$0.70

In 2025, the primary drivers of Alliant Energy’s results were higher EPS due to increased revenue requirements from authorized rate base increases, reflecting ongoing capital investments in generation and energy storage, non-GAAP adjustments in 2024, and estimated temperature impacts on retail electric and gas sales. These items were partially offset by higher other operation and maintenance expenses, driven by increased generation costs from planned maintenance activities and the addition of new energy resources, as well as higher development costs to support long-term growth. Higher depreciation and financing expenses related to capital investments and non-GAAP adjustments in 2025 also partially offset the higher earnings.

Alliant Energy’s Non-GAAP, or ongoing, EPS for 2025 excludes $0.05 per share of an asset valuation charge for Alliant Energy’s non-utility business, and a $0.03 per share charge related to the remeasurement of deferred tax assets, reflecting an increase in estimated state income tax apportionment. This adjustment is driven by higher projected electric utility revenues from commercial and industrial customers, including data center agreements in IPL’s and WPL’s service areas. These non-GAAP adjustments are presented to supplement GAAP results and highlight material charges not typically associated with ongoing operations.

Alliant Energy’s Non-GAAP, or ongoing, EPS for 2024 excludes the $0.17 per share asset valuation charge for IPL’s Lansing Generating Station as a result of the Iowa Utilities Commission (IUC) order for IPL’s retail electric rate review, $0.08 per share of restructuring and voluntary separation charges, a $0.06 per share asset retirement obligation initial charge for steam assets at IPL due to the revised Coal Combustion Residuals Rule, and a $0.04 per share adjustment of deferred tax assets due to Iowa tax reform.

Projected Capital Expenditures

Alliant Energy has updated its projected capital expenditures for 2026 through 2029 (in millions). The projected capital expenditures exclude allowance for funds used during construction and capitalized interest, if applicable. Cost estimates represent Alliant Energy’s estimated portion of total construction expenditures.

	2026		2027		2028		2029
Generation:
Renewables and energy storage projects	$1,055		$1,035		$1,465		$1,495
Gas projects	970		1,515		1,135		460
Other	175		125		120		105
Distribution:
Electric systems	545		540		565		605
Gas systems	145		135		105		105
Other	240		230		235		295
Total Capital Expenditures	$3,130		$3,580		$3,625		$3,065

Earnings Conference Call

A conference call to review the 2025 results is scheduled for Friday, February 20, 2026 at 9 a.m. central time. Alliant Energy President and Chief Executive Officer Lisa Barton, and Executive Vice President and Chief Financial Officer Robert Durian will host the call. The conference call is open to the public and can be accessed in two ways. Interested parties may listen to the call by dialing 800-549-8228 (Toll-Free) or 289-819-1520 (International), conference ID 89157. Interested parties may also listen to a webcast at www.alliantenergy.com/investors. In conjunction with the information in this earnings announcement and the conference call, Alliant Energy posted supplemental materials on its website. An archive of the webcast will be available on the Company’s website at www.alliantenergy.com/investors for 12 months.

About Alliant Energy Corporation

Alliant Energy is the parent company of two public utility companies – Interstate Power and Light Company and Wisconsin Power and Light Company – and of Alliant Energy Finance, LLC, the parent company of Alliant Energy’s non-utility operations. Alliant Energy, whose core purpose is to serve customers and build stronger communities, is an energy-services provider with utility subsidiaries serving approximately 1,010,000 electric and 435,000 natural gas customers. Providing its customers in the Midwest with regulated electricity and natural gas service is the Company’s primary focus. Alliant Energy, headquartered in Madison, Wisconsin, is a component of the S&P 500 and is traded on the Nasdaq Global Select Market under the symbol LNT. For more information, visit the Company’s website at www.alliantenergy.com.

Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements can be identified by words such as “forecast,” “expect,” “guidance,” or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Actual results could be materially affected by the following factors, among others:

• IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, recovery of and/or the return on costs, including fuel costs, operating costs, transmission costs, capacity costs, costs of cancelled generation projects incurred prior to pursuing regulatory approval, as well as costs of generation projects incurred prior to regulatory approval or that exceed initial estimates, deferred expenditures, deferred tax assets, tax expense, interest expense, capital expenditures, marginal costs to service new customers, and remaining costs related to electric generating units (EGUs) that have been or may be permanently closed and certain other retired assets, environmental remediation costs, and decreases in sales volumes, as well as earning their authorized rates of return, payments to their parent of expected levels of dividends, the impact of rate design on current and potential customers and demand for energy in their service territories, and the ability to obtain regulatory approval with acceptable conditions for individual customer rates for large load growth customers;

• the impact of IPL’s retail electric base rate moratorium;

• the ability to obtain regulatory approval for construction projects with acceptable conditions;

• the ability to complete construction of generation and energy storage projects by planned in-service dates and within the cost targets set by regulators due to cost increases of and access to materials, equipment and commodities, which could result from tariffs, including previously exempted tariffs related to solar project materials and equipment from certain countries, duties or other assessments, including antidumping or countervailing duties, inflation, labor issues or supply shortages, contractor performance, the ability to successfully resolve warranty issues or contract disputes and the ability to obtain adequate generator interconnection agreements to connect the new projects to Midcontinent Independent System Operator, Inc. (MISO) in a timely manner;

• weather effects on utility sales volumes and operations;

• the direct or indirect effects resulting from cybersecurity incidents or attacks on Alliant Energy, IPL, WPL, or their suppliers, contractors and partners, or responses to such incidents;

• the impact of customer- and third party-owned generation and other non-traditional service models, including alternative electric suppliers and potential policy changes, regulatory changes, or legislation that may enable large customers to source behind-the- meter generation directly from third parties or to own or otherwise procure on-site or behind-the-meter generation or participate in co-located resource arrangements, in IPL’s and WPL’s service territories on system reliability, operating expenses and customers’ demand for electricity;

• economic conditions in IPL’s and WPL’s service territories, including the potential impacts of business or facility closures and tariffs;

• the ability and cost to attract large load growth customers and to provide sufficient generation and the ability of ITC Midwest LLC and ATC LLC to provide sufficient transmission capacity for potential load growth timely, including significant new commercial or industrial customers, such as data centers;

• the ability of potential large load growth customers to timely construct new facilities, due to local or state regulatory actions, zoning, siting, or permitting actions, public or community opposition or other factors, as well as the resulting higher system load demand by expected levels and timeframes;

• the impact of large load growth customers altering, delaying or cancelling planned facilities, including any resulting impacts of overbuilt or under-utilized transmission capacity or generation assets;

• the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and operating income;

• the impact that price changes may have on IPL’s and WPL’s customers’ demand for electric and gas services and their ability to pay their bills;

• changes in the price of delivered natural gas, transmission, purchased electric energy, purchased electric capacity and delivered coal, particularly during elevated market prices, and any resulting changes to counterparty credit risk, due to shifts in supply and demand caused by market conditions, regulations and MISO’s seasonal resource adequacy process;

• the ability to achieve the expected level of tax benefits for renewable generation and energy storage projects based on tax guidelines, timely beginning of construction and in-service dates, sourcing permissible amounts of construction and/or financing support from entities with ties to certain foreign countries, compliance with prevailing wage and apprenticeship requirements, project costs and the level of electricity output generated by qualifying generating facilities, and the ability to efficiently utilize the renewable generation and energy storage project tax benefits to achieve IPL’s authorized rate of return and for the benefit of IPL’s and WPL’s customers;

• federal and state regulatory or governmental actions, including the impact of legislation, Treasury regulations, executive orders, interpretations and guidance, and changes in public policy, including changes impacting renewable tax credits, including any repeal, modification, or reduced funding of the Inflation Reduction Act and the impact of the One Big Beautiful Bill Act, and siting generation and energy storage projects;

• the ability to utilize tax credits generated to date, and those that may be generated in the future, before they expire, as well as the ability to transfer tax credits that may be generated in the future at adequate pricing;

• the impacts of changes in the tax code, including tax rates, minimum tax rates, adjustments made to deferred tax assets and liabilities, changes in state income tax apportionment, and changes impacting the availability of and ability to transfer renewable tax credits, including preserving the qualification of any future tax credits;

• disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to continue to operate and maintain existing assets and to construct capital projects, which may result from geopolitical issues, tariffs, supplier manufacturing constraints, regulatory requirements, labor issues or transportation issues, and thus affect the ability to meet capacity requirements and result in increased capacity expense;

• inflation and higher interest rates;

• continued access to the capital markets on competitive terms and rates, and risks associated with potential increases in borrowing costs or reduced access to funding, and the actions of credit rating agencies;

• the future development of technologies related to electrification, and the ability to reliably store and manage electricity;

• employee workforce factors, including the ability to hire and retain employees with specialized skills, impacts from employee retirements, changes in key executives, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings;

• disruptions in the supply and delivery of natural gas, purchased electricity and coal;

• changes to the creditworthiness of, or performance of obligations by, counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including large load growth customers, participants in the energy markets and fuel suppliers and transporters;

• the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns;

• impacts that terrorist attacks may have on Alliant Energy’s, IPL’s and WPL’s operations and recovery of costs associated with restoration activities, or on the operations of Alliant Energy’s investments;

• changes to MISO’s interconnection or resource adequacy process establishing capacity planning reserve margin and capacity accreditation requirements that may impact how and when new and existing generating facilities, including IPL’s and WPL’s additional solar generation, may be accredited with energy capacity, and may require IPL and WPL to adjust their current resource plans, to add resources to meet the requirements of MISO’s process, or procure capacity in the market whereby such costs might not be recovered in rates;

• any legislative or regulatory changes that impose mandatory integrated resource planning requirements or materially modify existing planning processes, potentially affecting resource selection, cost recovery, and the ability to meet large load growth demand for energy;

• any material post-closing payments related to any past asset divestitures, including the transfer of renewable tax credits, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation;

• issues associated with environmental remediation and environmental compliance, including compliance with all current environmental and emissions laws, regulations, siting requirements, and permits and future changes in environmental laws and regulations, including the Coal Combustion Residuals Rule, Cross-State Air Pollution Rule and federal, state or local regulations for emissions reductions, including greenhouse gases, from new and existing fossil-fueled EGUs under the Clean Air Act, and litigation associated with environmental requirements;

• increased pressure from customers, investors and other stakeholders to more rapidly reduce greenhouse gases emissions;

• the timely development of technologies, innovations and advancements to provide cost effective alternatives to traditional energy sources;

• the ability to defend against environmental claims brought by state and federal agencies, such as the U.S. Environmental Protection Agency and state natural resources agencies, or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims;

• the direct or indirect effects resulting from breakdown or failure of equipment in the operation of electric and gas distribution systems, such as mechanical problems, disruptions in telecommunications, technological problems, and explosions or fires, and compliance with electric and gas transmission and distribution safety regulations, including regulations promulgated by the Pipeline and Hazardous Materials Safety Administration;

• issues related to the availability and operations of EGUs and energy storage facilities, including start-up risks, breakdown or failure of equipment, fires, availability of warranty coverage and successful resolution of warranty issues or contract disputes for equipment breakdowns or failures, performance below expected or contracted levels of output or efficiency, operator error, employee safety, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental operating, capacity, fuel-related and capital costs through rates;

• impacts that excessive heat, excessive cold, storms, wildfires, or natural disasters may have on Alliant Energy’s, IPL’s and WPL’s operations and construction activities, and recovery of costs associated with restoration activities, or on the operations of Alliant Energy’s investments;

• Alliant Energy’s ability to sustain its dividend payout ratio goal;

• changes to costs of providing benefits and related funding requirements of pension and other postretirement benefits plans due to the market value of the assets that fund the plans, economic conditions, financial market performance, interest rates, timing and form of benefits payments, life expectancies and demographics;

• material changes in employee-related benefit and compensation costs, including settlement losses related to pension plans;

• risks associated with operation and ownership of non-utility holdings, including potential impairments;

• changes in technology that alter the channels through which customers buy or utilize Alliant Energy’s, IPL’s or WPL’s products and services;

• risks associated with third-party risk management practices, including vendor financial condition, operational performance, cybersecurity incidents, and compliance with contractual and regulatory requirements;

• risks associated with large-scale internal technology modernization initiatives, including enterprise asset management systems, operational technology/informational technology integration, cloud transformation, and digital modernization, and the potential for delays, cost overruns, or operational impacts;

• impacts on equity income from unconsolidated investments from changes in valuations of the assets held, as well as potential changes to ATC LLC’s authorized return on equity;

• impacts of IPL’s future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures and cost of removal obligations, allocation of mixed service costs and state depreciation, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods;

• current or future litigation, regulatory investigations, proceedings or inquiries;

• reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions;

• the direct or indirect effects resulting from pandemics;

• the effect of accounting standards issued periodically by standard-setting bodies;

• the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cash flows; and

• other factors listed in the “2026 Earnings Guidance” section of this press release.

For more information about potential factors that could affect Alliant Energy’s business and financial results, refer to Alliant Energy’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC), including the sections therein titled “Risk Factors,” and its other filings with the SEC.

Without limitation, the expectations with respect to 2026 earnings guidance and 2026-2029 capital expenditures guidance in this press release are forward-looking statements and are based in part on certain assumptions made by Alliant Energy, some of which are referred to in the forward-looking statements. Alliant Energy cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to be correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on Alliant Energy’s ability to achieve the estimates or other targets included in the forward-looking statements. The forward-looking statements included herein are made as of the date hereof and, except as required by law, Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances.

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding Alliant Energy’s financial results, this press release includes reference to certain non-GAAP financial measures. These measures include income and EPS for the fourth quarter and year ended December 31, 2025 excluding an asset valuation charge for Alliant Energy’s non-regulated business, and for the year ended December 31, 2025 excluding the state income tax apportionment charge at the Parent. These measures also include income and EPS for the fourth quarter and year ended December 31, 2024 excluding charges related to restructuring and voluntary employee separation charges and the adjustment of deferred tax assets due to Iowa tax reform, and for the year ended December 31, 2024 excluding the asset valuation charge related to IPL’s Lansing Generating Station and asset retirement obligation charges for steam assets at IPL. Alliant Energy believes these non-GAAP financial measures are useful to investors because they provide an alternate measure to better understand and compare across periods the operating performance of Alliant Energy without the distortion of items that management believes are not normally associated with ongoing operations, and also 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 management also uses income, as adjusted, to determine performance-based compensation.

In addition, Alliant Energy included in this press release IPL; WPL; Corporate Services; Utilities and Corporate Services; ATC Holdings; and Non-utility and Parent EPS for the fourth quarter and year ended December 31, 2025 and 2024. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment 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.

The tax impact adjustments represent the impact of the tax effect of the pre-tax non-GAAP adjustments excluded from non-GAAP net income. The tax impact of the non-GAAP adjustments is calculated based on the estimated consolidated statutory tax rate.

Reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable GAAP financial measures are included in the earnings summaries that follow.

Note: Unless otherwise noted, all “per share” references in this release refer to earnings per diluted share.

ALLIANT ENERGY CORPORATION FULL YEAR EARNINGS SUMMARY (Unaudited)
The following tables provide a summary of Alliant Energy’s results for the twelve months ended December 31:
EPS:	GAAP EPS				Adjustments				Non-GAAP EPS
	2025		2024		2025		2024		2025		2024
IPL	$1.77		$1.41		$—		$0.27		$1.77		$1.68
WPL	1.56		1.34		—		0.04		1.56		1.38
Corporate Services	0.06		0.06		—		—		0.06		0.06
Subtotal for Utilities and Corporate Services	3.39		2.81		—		0.31		3.39		3.12
ATC Holdings	0.16		0.16		—		—		0.16		0.16
Non-utility and Parent	(0.41)		(0.28)		0.08		0.04		(0.33)		(0.24)
Alliant Energy Consolidated	$3.14		$2.69		$0.08		$0.35		$3.22		$3.04

Earnings (in millions):	GAAP Income (Loss)				Adjustments				Non-GAAP Income (Loss)
	2025		2024		2025		2024		2025		2024
IPL	$457		$362		$—		$69		$457		$431
WPL	401		345		—		10		401		355
Corporate Services	17		15		—		—		17		15
Subtotal for Utilities and Corporate Services	875		722		—		79		875		801
ATC Holdings	41		40		—		—		41		40
Non-utility and Parent	(106)		(72)		20		12		(86)		(60)
Alliant Energy Consolidated	$810		$690		$20		$91		$830		$781

Adjusted, or non-GAAP, earnings for the twelve months ended December 31 do not include the following items that were included in the reported GAAP earnings:
	Non-GAAP Income				Non-GAAP
	Adjustments (in millions)				EPS Adjustments
	2025		2024		2025		2024
Utilities and Corporate Services:
Asset valuation charge related to IPL’s Lansing Generating Station, net of tax impacts of ($16) million	$—		$44		$—		$0.17
Restructuring and voluntary employee separation charges, net of tax impacts of ($7) million	—		20		—		0.08
Asset retirement obligation charge for steam assets at IPL, net of tax impacts of ($5) million	—		15		—		0.06
Non-utility and Parent:
Asset valuation charge for Alliant Energy’s non-utility business, net of tax impacts of ($4) million	12		—		0.05		—
State income tax apportionment charge	8		—		0.03		—
Adjustment of deferred tax assets due to Iowa tax reform	—		11		—		0.04
Restructuring and voluntary employee separation charges, net of tax impacts of ($1) million	—		1		—		—
Total Alliant Energy Consolidated	$20		$91		$0.08		$0.35

ALLIANT ENERGY CORPORATION FOURTH QUARTER EARNINGS SUMMARY (Unaudited)
The following tables provide a summary of Alliant Energy’s results for the fourth quarter:
EPS:	GAAP EPS				Adjustments				Non-GAAP EPS
	2025		2024		2025		2024		2025		2024
IPL	$0.32		$0.35		$—		$0.04		$0.32		$0.39
WPL	0.31		0.30		—		0.04		0.31		0.34
Corporate Services	0.02		0.01		—		—		0.02		0.01
Subtotal for Utilities and Corporate Services	0.65		0.66		—		0.08		0.65		0.74
ATC Holdings	0.04		0.05		—		—		0.04		0.05
Non-utility and Parent	(0.14)		(0.13)		0.05		0.04		(0.09)		(0.09)
Alliant Energy Consolidated	$0.55		$0.58		$0.05		$0.12		$0.60		$0.70

Earnings (in millions):	GAAP Income (Loss)				Adjustments				Non-GAAP Income (Loss)
	2025		2024		2025		2024		2025		2024
IPL	$83		$91		$—		$10		$83		$101
WPL	80		76		—		10		80		86
Corporate Services	5		3		—		—		5		3
Subtotal for Utilities and Corporate Services	168		170		—		20		168		190
ATC Holdings	11		13		—		—		11		13
Non-utility and Parent	(37)		(33)		12		12		(25)		(21)
Alliant Energy Consolidated	$142		$150		$12		$32		$154		$182

Adjusted, or non-GAAP, earnings do not include the following items that were included in the reported GAAP earnings:
	Non-GAAP Income				Non-GAAP
	Adjustments (in millions)				EPS Adjustments
	2025		2024		2025		2024
Utilities and Corporate Services:
Restructuring and voluntary employee separation charges, net of tax impacts of ($7) million	$—		$20		$—		$0.08
Non-utility and Parent:
Asset valuation charge for Alliant Energy’s non-utility business, net of tax impacts of ($4) million	12		—		0.05		—
Adjustment of deferred tax assets due to Iowa tax reform	—		11		—		0.04
Restructuring and voluntary employee separation charges, net of tax impacts of ($1) million	—		1		—		—
Total Alliant Energy Consolidated	$12		$32		$0.05		$0.12

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
	Quarter Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
	(in millions, except per share amounts)
Revenues:
Electric utility	$870		$793		$3,697		$3,372
Gas utility	159		143		525		465
Other utility	14		18		51		54
Non-utility	21		22		89		90
Total revenues	1,064		976		4,362		3,981
Operating expenses:
Electric production fuel and purchased power	178		135		742		628
Electric transmission service	151		148		625		613
Cost of gas sold	84		72		263		224
Other operation and maintenance:
Energy efficiency costs	20		11		57		45
Non-utility Travero	34		22		80		70
Asset valuation charge for IPL’s Lansing Generating Station	—		—		—		60
Restructuring and voluntary employee separation charges	—		27		—		27
Asset retirement obligation charge for steam assets at IPL	—		—		—		20
Other	156		107		603		514
Depreciation and amortization	215		201		846		772
Taxes other than income taxes	30		31		121		122
Total operating expenses	868		754		3,337		3,095
Operating income	196		222		1,025		886
Other (income) and deductions:
Interest expense	140		120		512		449
Equity income from unconsolidated investments, net	(19)		(17)		(60)		(61)
Allowance for funds used during construction	(24)		(18)		(89)		(75)
Other	(3)		(3)		1		(3)
Total other (income) and deductions	94		82		364		310
Income before income taxes	102		140		661		576
Income tax benefit	(40)		(10)		(149)		(114)
Net income attributable to Alliant Energy common shareowners	$142		$150		$810		$690
Weighted average number of common shares outstanding:
Basic	257.1		256.6		257.0		256.5
Diluted	258.8		257.2		257.8		256.8
Earnings per weighted average common share attributable to Alliant Energy common shareowners:
Basic	$0.55		$0.58		$3.15		$2.69
Diluted	$0.55		$0.58		$3.14		$2.69

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
	December 31, 2025		December 31, 2024
	(in millions)
ASSETS:
Current assets:
Cash and cash equivalents	$556		$81
Other current assets	1,141		1,103
Property, plant and equipment, net	20,344		18,701
Investments	694		639
Other assets	2,256		2,190
Total assets	$24,991		$22,714
LIABILITIES AND EQUITY:
Current liabilities:
Current maturities of long-term debt	$1,074		$1,171
Commercial paper	88		558
Other current liabilities	961		986
Long-term debt, net (excluding current portion)	10,954		8,677
Other liabilities	4,580		4,318
Alliant Energy Corporation common equity	7,334		7,004
Total liabilities and equity	$24,991		$22,714

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Year Ended December 31,
	2025		2024
	(in millions)
Cash flows from operating activities:
Cash flows from operating activities excluding accounts receivable sold to a third party	$1,760		$1,707
Accounts receivable sold to a third party	(591)		(540)
Net cash flows from operating activities	1,169		1,167
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business	(2,277)		(2,052)
Other	(206)		(197)
Cash receipts on sold receivables	628		593
Proceeds from sales of partial ownership interests in West Riverside	—		123
Other	(41)		(14)
Net cash flows used for investing activities	(1,896)		(1,547)
Cash flows from financing activities:
Common stock dividends	(521)		(492)
Proceeds from issuance of common stock, net	23		23
Proceeds from issuance of long-term debt	2,470		1,613
Payments to retire long-term debt	(300)		(809)
Net change in commercial paper	(470)		83
Other	—		(20)
Net cash flows from financing activities	1,202		398
Net increase in cash, cash equivalents and restricted cash	475		18
Cash, cash equivalents and restricted cash at beginning of period	81		63
Cash, cash equivalents and restricted cash at end of period	$556		$81

KEY FINANCIAL AND OPERATING STATISTICS
	December 31, 2025		December 31, 2024
Common shares outstanding (000s)	257,137		256,690
Book value per share	$28.52		$27.29
Quarterly common dividend rate per share	$0.5075		$0.48
	Quarter Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Utility electric sales (000s of megawatt-hours)
Residential	1,737		1,649		7,393		7,104
Commercial	1,600		1,556		6,492		6,304
Industrial	2,552		2,572		10,461		10,469
Industrial – co-generation customers	159		157		776		692
Retail subtotal	6,048		5,934		25,122		24,569
Sales for resale:
Wholesale	510		669		2,565		2,783
Bulk power and other	1,335		1,499		5,386		5,620
Other	14		14		56		57
Total	7,907		8,116		33,129		33,029
Utility retail electric customers (at December 31)
Residential	860,197		854,374
Commercial	146,825		146,111
Industrial	2,365		2,482
Total	1,009,387		1,002,967
Utility gas sold and transported (000s of dekatherms)
Residential	9,417		8,306		27,945		24,243
Commercial	6,177		5,417		19,264		16,974
Industrial	580		639		2,154		2,272
Retail subtotal	16,174		14,362		49,363		43,489
Transportation / other	30,384		30,137		123,141		123,386
Total	46,558		44,499		172,504		166,875
Utility retail gas customers (at December 31)
Residential	387,672		385,190
Commercial	45,358		45,194
Industrial	314		315
Total	433,344		430,699
Estimated operating income increases (decreases) from impacts of temperatures (in millions) –
	Quarter Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Electric	$4		($10)		$16		($29)
Gas	—		(7)		(5)		(22)
Total temperature impact	$4		($17)		$11		($51)

	Quarter Ended December 31,						Year Ended December 31,
	2025		2024		Normal		2025		2024		Normal
Heating degree days (HDDs) (a)
Cedar Rapids, Iowa (IPL)	2,367		2,049		2,448		6,215		5,450		6,684
Madison, Wisconsin (WPL)	2,528		2,165		2,470		6,841		5,801		6,929
Cooling degree days (CDDs) (a)
Cedar Rapids, Iowa (IPL)	46		24		15		1,054		890		831
Madison, Wisconsin (WPL)	30		16		10		755		742		716

(a)

HDDs and CDDs are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base. Normal degree days are calculated using a rolling 20-year average of historical HDDs and CDDs.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260219191122/en/

Investors

Susan Gille

(608) 458-3956

[email protected]

Media Hotline

(608) 458-4040

KEYWORDS: Wisconsin United States North America

INDUSTRY KEYWORDS: Utilities Oil/Gas Residential Building & Real Estate Commercial Building & Real Estate Energy Construction & Property

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PLUG INVESTOR REMINDER: Plug Power, Inc. Investors Have Until April 3, 2026 To Seek Lead Plaintiff Role

NEW YORK–(BUSINESS WIRE)–
If you have suffered a loss on your Plug Power, Inc. (“Plug Power” or the “Company”) (NASDAQ:PLUG) investment, contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below to discuss your rights or interests in the securities fraud class action lawsuit at no cost.

Investors have until April 3, 2026 to ask the Court to appoint them as lead plaintiff. Courts do not consider applications filed after this deadline. The lead plaintiff oversees the litigation on behalf of the class and may influence key decisions, including litigation strategy and settlement. Courts regularly appoint individual investors as lead plaintiffs, not only institutions.

[CONTACT THE FIRM IF YOU SUFFERED A LOSS]

What Is The Lawsuit About?

The lawsuit has been filed on behalf of investors who purchased securities during the period of January 17, 2025 through November 13, 2025, inclusive (“the Class Period”). The lawsuit alleges that (i) Plug Power had materially overstated the likelihood that funds attributed to the DOE Loan would ultimately become available to Plug Power, and/or that Plug Power would ultimately construct the hydrogen production facilities necessary to receive those funds and (ii) as such, Plug Power was likely to pivot toward more modest projects with less commercial upside.

On October 7, 2025, Plug Power issued a press release and filed a current report on Form 8-K with the United States Securities and Exchange Commission (“SEC”) announcing that Defendant Andrew Marsh would step down from his role as the Company’s Chief Executive Officer, “effective as of the date [Plug Power] files its [2025] Annual Report”, and that Sanjay Shrestha would step down from his role as the Company’s President, “effective as of October 10, 2025[.]” Plug Power concurrently announced the appointment of Chief Revenue Officer Jose Luis Crespo to both roles. On this news, the price of Plug Power shares declined by $0.26 per share, or approximately 6.3%, from $4.13 per share on October 6, 2025 to close at $3.87 on October 7, 2025.

Then, on October 8, 2025, Plug Power issued a press release announcing it had entered into an agreement inducing the immediate exercise of the entirety of its outstanding warrants issued in the offering to a single institutional investor. Plug Power announced that this agreement yielded gross proceeds of approximately $370 million. In consideration for the immediate exercise of the offering warrants, Plug Power granted the investor new warrants to purchase a total of 185,430,464 million shares of common stock with an exercise price of $7.75, representing a premium of approximately 100% to Plug Power’s last closing stock price on October 7, 2025. Plug Power stated that it would receive approximately $1.4 billion in gross proceeds if the new warrants are fully exercised on a cash basis. In contrast to the Company’s earlier statements connecting offering proceeds to capital expenditures necessary to construct the Graham, Texas facility, Plug Power stated it intended to use proceeds from the new warrants “for working capital and general corporate purposes.” On this news, the price of Plug Power shares declined by $0.21 per share, or approximately 5.4%, from $3.87 per share on October 8, 2025 to close at $3.66 on October 9, 2025.

Then, on November 10, 2025, Plug Power issued a press release reporting its financial results for the quarter ended September 30, 2025, and filed a quarterly report on Form 10-Q with the SEC that reported the same. That same day, Plug Power held a related conference call to discuss those results. During the call, Defendants announced that they expected to generate more than $275 million in liquidity after signing a nonbinding letter of intent to monetize their electricity rights in New York and one other location in partnership with a major U.S. data center developer, and that “[a]s a result, we have suspended activities under the DOE loan program, allowing us to redeploy capital.” This represented a significant pivot for Plug Power. Defendants had not previously discussed the possibility of suspending activities under the DOE Loan and during the Class Period, and, just eight months earlier, had specifically advised analysts that they should “not expect revenue from that segment [i.e., data center power generation] of any size over the next two to three years.” On this news, the price of Plug Power shares declined by $0.09 per share, or approximately 3.4%, from $2.65 per share on November 7, 2025 to close at $2.56 on November 10, 2025.

Then, on November 13, 2025, The Washington Examiner reported that Plug Power “confirmed . . . . that it suspended activities” on “its plans to construct six facilities to produce and liquefy zero or low-carbon hydrogen, putting at risk” the $1.66 billion DOE Loan it closed in January. On this news, the price of Plug Power shares declined by $0.48 per share, or approximately 17.6%, from $2.73 per share on November 12, 2025 to close at $2.25 on November 14, 2025.

[CLICK HERE TO LEARN MORE ABOUT THE CLASS ACTION]

What Should I Do?

If you purchased or otherwise acquired Plug Power securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

[WHAT IS A SECURITIES CLASS ACTION?]

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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Kirby McInerney LLP

Lauren Molinaro, Esq.

212-699-1171

https://www.kmllp.com

https://securitiesleadplaintiff.com/

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Class Action Lawsuit Professional Services Legal

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Study data show that AdvanceAD-Tx can stratify patients by molecular profile identifying those more likely to achieve near-clear skin (EASI-90), faster time to response and meaningful patient-reported benefits when treated with JAK inhibitor therapy compared to a Th2-targeted therapy

Forum Energy Technologies Announces Fourth Quarter and Full Year 2025 Results and Outlook; Repurchased 11% of Shares Outstanding in 2025

Fourth Quarter 2025 Highlights

• Revenue: $202 million
• Net income and adjusted net income: $2 million and $5 million, respectively
• Adjusted EBITDA: $23 million
• Operating cash flow and free cash flow: $22 million and $22 million, respectively

Full Year 2025 Highlights

• Orders: $891 million, book-to-bill ratio of 113%
• Operating cash flow and free cash flow: $70 million and $80 million, respectively
• Share repurchases: 1.4 million shares, returned $35 million to shareholders

Full Year 2026 Guidance (comparisons at midpoint)

• Revenue: $800 – $880 million, up 6%
• Adjusted net income: $18 – $38 million, up $21 million
• Adjusted EBITDA: $90 – $110 million, a 16% increase
• Free cash flow: $55 – $75 million, 65% free cash flow conversion

HOUSTON–(BUSINESS WIRE)–
Forum Energy Technologies, Inc. (NYSE: FET) today announced fourth quarter 2025 revenue of $202.2 million and net income of $2.1 million or $0.17 per diluted share. Adjusted for $2.9 million of foreign tax settlement, asset impairments, restructuring costs and other items, adjusted net income was $5.0 million or approximately $0.41 per diluted share.¹

Neal Lux, President and Chief Executive Officer, remarked, “2025 was another great step forward and further positioned FET to deliver the 2030 vision. Our commercial efforts and innovation focus supplied meaningful bookings and backlog growth. Entering 2026, our backlog of $312 million is the highest in 11 years and 46% greater than a year ago. Nearly 12% of our backlog is from products developed in the last few years. These results are driven by the execution of our “Beat the Market” strategy. We are gaining market share and leveraging our global footprint.

“Our financial performance accelerated through the second half of the year, with EBITDA up nearly 13% compared to the prior six months. Higher EBITDA, along with working capital efficiency and asset monetization, generated full year free cash flow of $80 million. In line with our capital allocation framework, we repurchased 11% of our total shares outstanding and reduced net debt by 28%.

“In 2026, we believe global market activity will remain relatively flat. However, we expect revenue and EBITDA growth, supported by strong backlog, structural cost reductions, and market share gains. Our execution in 2026 will keep us on track for FET 2030.”

_________________________________
1	See Tables 1-9 for a reconciliation of GAAP to non-GAAP financial information, including a breakdown of adjusting items.

Segment Results(unless otherwise noted, comparisons are fourth quarter 2025 versus third quarter 2025)

Drilling and Completions revenue was $127 million, an 8% increase, primarily related to strong demand for drilling-related capital equipment for international markets, subsea ROVs, and coiled line pipe. Adjusted EBITDA was $12 million. Book-to-bill was 84%, coming off strong orders for ROVs and drilling-related capital equipment in the prior quarter that did not recur. Drilling and Completions provides consumable products and capital equipment for drilling, subsea, coiled tubing, wireline, and stimulation markets.

Artificial Lift and Downhole revenue was $75 million, a 4% decrease, primarily related to lower volumes of production equipment and technologies. However, adjusted EBITDA was relatively flat at $17 million, due to favorable product mix for sand and flow control products. Book-to-bill was 107%, due to large orders for production-related equipment. Artificial Lift and Downhole engineers, manufactures, and supplies products for well construction, artificial lift, and oil and natural gas processing.

FET is a global manufacturing company, serving the oil, natural gas, defense, and renewable energy industries. With headquarters located in Houston, Texas, FET provides value added solutions aimed at improving the safety, efficiency, and environmental impact of our customers’ operations. For more information, please visit www.f-e-t.com.

Non-GAAP Financial Measures

The Company presents its financial results in accordance with GAAP. However, management believes that non-GAAP measures are useful tools for evaluating the Company’s overall financial performance. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for those prepared in accordance with GAAP and should, therefore, be considered only as a supplement. Please see the attached schedules for reconciliations between GAAP and the non-GAAP financial measures used in this press release. The company is unable to provide a reconciliation of forward-looking adjusted net income and adjusted EBITDA to GAAP net income because items that impact GAAP net income, such as restructuring charges, transaction expenses, and foreign exchange losses (gains), cannot be reasonably predicted.

Forward Looking Statements and Other Legal Disclosure

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including any statement about the Company’s outlook, future financial position, liquidity and capital resources, operations, performance, cash flow, acquisitions, returns, capital expenditure budgets, new product development activities, strategic investments, share repurchases, costs and other guidance included in this press release.

These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the Company’s ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and natural gas industry, governmental regulation and taxation of the oil and natural gas industry, the Company’s ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company’s business, and other important factors that could cause actual results to differ materially from those projected as described in the Company’s filings with the U.S. Securities and Exchange Commission.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Forum Energy Technologies, Inc.
Condensed consolidated statements of net income (loss)
(Unaudited)
		Three months ended
		December 31,								September 30,
(in thousands, except per share information)			2025				2024				2025
Revenue		$	202,200			$	201,018			$	196,231
Cost of sales			141,118				138,553				155,994
Gross profit			61,082				62,465				40,237
Operating expenses
Selling, general and administrative expenses			48,888				54,642				50,449
Transaction expenses			57				—				254
Impairment of intangible assets			—				119,123				—
Gain on sale-leaseback transactions and other			(627	)			(4,483	)			(4,360	)
Total operating expenses			48,318				169,282				46,343
Operating income (loss)			12,764				(106,817	)			(6,106	)
Other expense (income)
Interest expense			4,258				6,421				4,365
Foreign exchange losses (gains) and other, net			247				(6,549	)			9
Loss on extinguishment of debt			—				552				—
Total other expense, net			4,505				424				4,374
Income (loss) before income taxes			8,259				(107,241	)			(10,480	)
Income tax expense (benefit)			6,187				(3,741	)			10,074
Net income (loss) (1)		$	2,072			$	(103,500	)		$	(20,554	)
Weighted average shares outstanding
Basic			11,209				12,333				11,682
Diluted			12,085				12,333				11,682
Earnings (loss) per share
Basic		$	0.18			$	(8.39	)		$	(1.76	)
Diluted		$	0.17			$	(8.39	)		$	(1.76	)
(1) Refer to Table 1 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Condensed consolidated statements of net loss
(Unaudited)
		Year ended
		December 31,
(in thousands, except per share information)			2025				2024
Revenue		$	791,474			$	816,425
Cost of sales			572,438				561,392
Gross profit			219,036				255,033
Operating expenses
Selling, general and administrative expenses			199,905				219,325
Transaction expenses			546				7,728
Impairment of intangible assets			—				119,123
Gain on sale-leaseback transactions and other			(11,560	)			(4,376	)
Total operating expenses			188,891				341,800
Operating income (loss)			30,145				(86,767	)
Other expense (income)
Interest expense			18,312				31,490
Loss on extinguishment of debt			—				2,854
Foreign exchange losses (gains) and other, net			(4,754	)			7,315
Total other expense, net			13,558				41,659
Income (loss) before income taxes			16,587				(128,426	)
Income tax expense			26,247				6,900
Net loss (1)		$	(9,660	)		$	(135,326	)
Weighted average shares outstanding
Basic			11,883				12,299
Diluted			11,883				12,299
Loss per share
Basic		$	(0.81	)		$	(11.00	)
Diluted		$	(0.81	)		$	(11.00	)
(1) Refer to Table 2 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Condensed consolidated balance sheets
(Unaudited)
(in thousands of dollars)		December 31, 2025				December 31, 2024
Assets
Current assets
Cash and cash equivalents		$	34,661			$	44,661
Accounts receivable—trade, net			142,396				153,926
Inventories, net			239,420				265,487
Other current assets			32,407				31,563
Total current assets			448,884				495,637
Property and equipment, net of accumulated depreciation			51,905				63,421
Operating lease assets			80,733				70,389
Goodwill and intangible assets, net			158,304				170,883
Other long-term assets			12,629				15,624
Total assets		$	752,455			$	815,954
Liabilities and equity
Current liabilities
Current portion of long-term debt		$	1,407			$	1,866
Other current liabilities			205,127				199,990
Total current liabilities			206,534				201,856
Long-term debt, net of current portion			134,521				186,525
Other long-term liabilities			120,257				107,673
Total liabilities			461,312				496,054
Total equity			291,143				319,900
Total liabilities and equity		$	752,455			$	815,954

Forum Energy Technologies, Inc.
Condensed consolidated cash flow information
(Unaudited)
		Year ended
		December 31,
(in thousands of dollars)			2025				2024
Cash flows from operating activities
Net loss		$	(9,660	)		$	(135,326	)
Depreciation and amortization			33,755				53,717
Impairment of intangible assets			—				119,123
Impairment of property and equipment and other assets			4,291				—
Inventory write down			19,673				2,716
Gain on sale-leaseback transactions			(11,182	)			(4,860	)
Loss on extinguishment of debt			—				2,854
Other noncash items and changes in working capital			33,525				53,967
Net cash provided by operating activities			70,402				92,191
Cash flows from investing activities
Capital expenditures for property and equipment			(6,015	)			(8,145	)
Proceeds from sale of property and equipment			1,007				703
Proceeds from sale-leaseback transactions			14,574				20,324
Acquisition of businesses, net of cash acquired			—				(150,408	)
Net cash provided by (used in) investing activities			9,566				(137,526	)
Cash flows from financing activities
Borrowings of debt			562,324				874,320
Repayments of debt			(617,043	)			(819,454	)
Repurchases of stock			(34,612	)			—
Payments of withheld taxes on stock-based compensation plans			(1,321	)			(1,090	)
Deferred financing costs			(914	)			(8,534	)
Net cash provided by (used in) financing activities			(91,566	)			45,242
Effect of exchange rate changes on cash			1,598				(1,411	)
Net decrease in cash, cash equivalents and restricted cash		$	(10,000	)		$	(1,504	)

Forum Energy Technologies, Inc.
Supplemental schedule – Segment information
(Unaudited)
		As Reported												As Adjusted (3)
		Three months ended												Three months ended
(in thousands of dollars)		December 31, 2025				December 31, 2024				September 30, 2025				December 31, 2025				December 31, 2024				September 30, 2025
Revenue
Drilling and Completions		$	126,916			$	111,084			$	117,469			$	126,916			$	111,084			$	117,469
Artificial Lift and Downhole			75,461				89,943				78,981				75,461				89,943				78,981
Eliminations			(177	)			(9	)			(219	)			(177	)			(9	)			(219	)
Total revenue		$	202,200			$	201,018			$	196,231			$	202,200			$	201,018			$	196,231
Operating income (loss)
Drilling and Completions		$	9,736			$	3,302			$	(13,551	)		$	9,268			$	3,763			$	8,658
Operating margin %			7.7	%			3.0	%			(11.5	)%			7.3	%			3.4	%			7.4	%
Artificial Lift and Downhole			11,708				12,863				11,778				11,851				13,127				11,830
Operating margin %			15.5	%			14.3	%			14.9	%			15.7	%			14.6	%			15.0	%
Corporate			(9,250	)			(8,342	)			(8,439	)			(8,838	)			(8,450	)			(8,299	)
Total segment operating income (loss)			12,194				7,823				(10,212	)			12,281				8,440				12,189
Other items not in segment operating income (loss) (1)			570				(114,640	)			4,106				(14	)			(377	)			81
Total operating income (loss)		$	12,764			$	(106,817	)		$	(6,106	)		$	12,267			$	8,063			$	12,270
Operating margin %			6.3	%			(53.1	)%			(3.1	)%			6.1	%			4.0	%			6.3	%
EBITDA (2)
Drilling and Completions		$	12,984			$	(106,688	)		$	(10,505	)		$	12,050			$	9,541			$	11,758
EBITDA margin %			10.2	%			(96.0	)%			(8.9	)%			9.5	%			8.6	%			10.0	%
Artificial Lift and Downhole			15,961				18,754				20,419				16,902				19,262				16,977
EBITDA margin %			21.2	%			20.9	%			25.9	%			22.4	%			21.4	%			21.5	%
Corporate			(8,587	)			(725	)			(8,166	)			(6,266	)			(6,586	)			(5,597	)
Total EBITDA		$	20,358			$	(88,659	)		$	1,748			$	22,686			$	22,217			$	23,138
EBITDA margin %			10.1	%			(44.1	)%			0.9	%			11.2	%			11.1	%			11.8	%
(1) Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other.
(2) The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(3) Refer to Table 1 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Supplemental schedule – Segment information
(Unaudited)
		As Reported								As Adjusted (3)
		Year ended								Year ended
(in thousands of dollars)		December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2024
Revenue
Drilling and Completions		$	477,191			$	470,767			$	477,191			$	470,767
Artificial Lift and Downhole			314,785				345,680				314,785				345,680
Eliminations			(502	)			(22	)			(502	)			(22	)
Total revenue		$	791,474			$	816,425			$	791,474			$	816,425
Operating income (loss)
Drilling and Completions		$	12,835			$	17,766			$	36,135			$	20,458
Operating margin %			2.7	%			3.8	%			7.6	%			4.3	%
Artificial Lift and Downhole			41,174				48,894				41,672				49,082
Operating margin %			13.1	%			14.1	%			13.2	%			14.2	%
Corporate			(34,878	)			(30,952	)			(34,006	)			(30,464	)
Total segment operating income (loss)			19,131				35,708				43,801				39,076
Other items not in segment operating income (loss) (1)			11,014				(122,475	)			(74	)			(356	)
Total operating income (loss)		$	30,145			$	(86,767	)		$	43,727			$	38,720
Operating margin %			3.8	%			(10.6	)%			5.5	%			4.7	%
EBITDA (2)
Drilling and Completions		$	30,457			$	(84,604	)		$	47,629			$	49,195
EBITDA margin %			6.4	%			(18.0	)%			10.0	%			10.4	%
Artificial Lift and Downhole			71,731				73,006				64,058				74,417
EBITDA margin %			22.8	%			21.1	%			20.3	%			21.5	%
Corporate			(33,534	)			(31,621	)			(25,284	)			(23,635	)
Total EBITDA		$	68,654			$	(43,219	)		$	86,403			$	99,977
EBITDA margin %			8.7	%			(5.3	)%			10.9	%			12.2	%
(1) Includes transaction expenses, gain on sale-leaseback transaction, and gain (loss) on disposal of assets and other.
(2) The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure for evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(3) Refer to Table 2 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Supplemental schedule – Orders information
(Unaudited)
		Three months ended
(in thousands of dollars)		December 31, 2025				December 31, 2024				September 30, 2025
Orders
Drilling and Completions		$	106,407			$	102,999			$	151,473
Artificial Lift and Downhole			80,790				86,956				88,517
Total orders		$	187,197			$	189,955			$	239,990
Revenue
Drilling and Completions		$	126,916			$	111,084			$	117,469
Artificial Lift and Downhole			75,461				89,943				78,981
Eliminations			(177	)			(9	)			(219	)
Total revenue		$	202,200			$	201,018			$	196,231
Book to bill ratio (1)
Drilling and Completions			0.84				0.93				1.29
Artificial Lift and Downhole			1.07				0.97				1.12
Total book to bill ratio			0.93				0.94				1.22
(1) The book-to-bill ratio is calculated by dividing the dollar value of orders received in a given period by the revenue earned in that same period. The Company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, the Company believes the book-to-bill ratio provides more meaningful insight into future revenues for our business than other measures, such as order backlog, because the majority of our products are activity based consumable items or shorter cycle capital equipment, neither of which are typically ordered by customers far in advance.

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 1 – Adjusting items
	Three months ended
	December 31, 2025												December 31, 2024												September 30, 2025
(in thousands, except per share information)	Operating income (loss)				EBITDA (1)				Net income (loss)				Operating income (loss)				EBITDA (1)				Net income (loss)				Operating income (loss)				EBITDA (1)				Net income (loss)
As reported	$	12,764			$	20,358			$	2,072			$	(106,817	)		$	(88,659	)		$	(103,500	)		$	(6,106	)		$	1,748			$	(20,554	)
% of revenue		6.3	%			10.1	%							(53.1	)%			(44.1	)%							(3.1	)%			0.9	%
Restructuring and other costs		633				633				633				840				840				840				1,501				1,501				1,501
Transaction expenses		57				57				57				—				—				—				254				254				254
Inventory and other assets impairment adjustments		(1,187	)			(1,187	)			(1,187	)			(223	)			(223	)			(223	)			20,900				20,900				20,900
Impairment of intangible assets		—				—				—				119,123				119,123				119,123				—				—				—
Stock-based compensation expense		—				2,598				—				—				1,980				—				—				2,853				—
Loss on extinguishment of debt		—				—				—				—				552				552				—				—				—
Gain on sale-leaseback transactions		—				—				—				(4,860	)			(4,860	)			(4,860	)			(4,279	)			(4,279	)			(4,279	)
Foreign exchange losses (gains) and other, net (2)		—				227				227				—				(6,536	)			(6,536	)			—				161				161
Foreign tax settlement		—				—				3,163				—				—				—				—				—				—
Release of valuation allowance on deferred tax assets		—				—				—				—				—				(11,340	)			—				—				5,205
As adjusted(1)	$	12,267			$	22,686			$	4,965			$	8,063			$	22,217			$	(5,944	)		$	12,270			$	23,138			$	3,188
% of revenue		6.1	%			11.2	%							4.0	%			11.1	%							6.3	%			11.8	%
Diluted shares outstanding as reported										12,085												12,333												11,682
Diluted shares outstanding as adjusted										12,085												12,333												11,682
Diluted EPS – as reported									$	0.17											$	(8.39	)										$	(1.76	)
Diluted EPS – as adjusted									$	0.41											$	(0.48	)										$	0.27
(1) The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss (gain) has no economic impact in dollar terms.

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 2 – Adjusting items
	Year ended
	December 31, 2025												December 31, 2024
(in thousands, except per share information)	Operating (income) loss				EBITDA (1)				Net income (loss)				Operating (income) loss				EBITDA (1)				Net income (loss)
As reported	$	30,145			$	68,654			$	(9,660	)		$	(86,767	)		$	(43,219	)		$	(135,326	)
% of revenue		3.8	%			8.7	%							(10.6	)%			(5.3	)%
Restructuring and other costs		4,592				4,592				4,592				3,756				3,756				3,756
Transaction expenses		546				546				546				7,725				7,725				7,725
Inventory and other assets impairment adjustments		19,626				19,626				19,626				(257	)			(257	)			(257	)
Impairment of intangible assets		—				—				—				119,123				119,123				119,123
Stock-based compensation expense		—				9,018				—				—				7,176				—
Loss on extinguishment of debt		—				—				—				—				2,854				2,854
Gain on sale-leaseback transactions		(11,182	)			(11,182	)			(11,182	)			(4,860	)			(4,860	)			(4,860	)
Foreign exchange losses (gains) and other, net (2)		—				(4,851	)			(4,851	)			—				7,679				7,679
Foreign tax settlement		—				—				3,163				—				—				—
Release of valuation allowance on deferred tax assets		—				—				5,205				—				—				(11,340	)
As adjusted(1)	$	43,727			$	86,403			$	7,439			$	38,720			$	99,977			$	(10,646	)
% of revenue		5.5	%			10.9	%							4.7	%			12.2	%
Diluted shares outstanding as reported										11,883												12,299
Diluted shares outstanding as adjusted										11,883												12,299
Diluted EPS – as reported									$	(0.81	)										$	(11.00	)
Diluted EPS – as adjusted									$	0.63											$	(0.87	)
(1) The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to investors because (i) they assist with assessing and understanding operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company’s normal operating results and (ii) EBITDA is an appropriate measure of evaluating operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss (gain) has no economic impact in dollar terms.

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 3 – Adjusting Items
		Three months ended
(in thousands of dollars)		December 31, 2025				December 31, 2024				September 30, 2025
EBITDA reconciliation (1)
Net income (loss)		$	2,072			$	(103,500	)		$	(20,554	)
Interest expense			4,258				6,421				4,365
Depreciation and amortization			7,841				12,161				7,863
Income tax expense (benefit)			6,187				(3,741	)			10,074
EBITDA		$	20,358			$	(88,659	)		$	1,748
(1) The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community.

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 4 – Adjusting Items
		Year ended
(in thousands of dollars)		December 31, 2025				December 31, 2024
EBITDA reconciliation (1)
Net loss		$	(9,660	)		$	(135,326	)
Interest expense			18,312				31,490
Depreciation and amortization			33,755				53,717
Income tax expense			26,247				6,900
EBITDA		$	68,654			$	(43,219	)
(1) The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community.

Forum Energy Technologies, Inc.
Free cash flow
(Unaudited)
Table 5 – Adjusting items
		Three months ended
(in thousands of dollars)		December 31, 2025				December 31, 2024				September 30, 2025
Free cash flow, before acquisitions, reconciliation (1)
Net cash provided by operating activities		$	22,437			$	38,516			$	22,866
Capital expenditures for property and equipment			(1,562	)			(2,410	)			(1,392	)
Proceeds from sale of property and equipment			844				467				106
Proceeds from sale-leaseback transactions			—				20,324				6,546
Free cash flow, before acquisitions		$	21,719			$	56,897			$	28,126
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results.
(2) The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company’s market capitalization as of February 18, 2026, and using the midpoint $65 million of guided full year 2026 free cash flow. As of February 18, 2026, the free cash flow yield was 11%. We believe free cash flow yield is useful to investors as a measure of the Company’s ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies.

Forum Energy Technologies, Inc.
Free cash flow
(Unaudited)
Table 6 – Adjusting items
		Year ended
(in thousands of dollars)		December 31, 2025				December 31, 2024
Free cash flow, before acquisitions, reconciliation (1)
Net cash provided by operating activities		$	70,402			$	92,191
Capital expenditures for property and equipment			(6,015	)			(8,145	)
Proceeds from sale of property and equipment			1,007				703
Proceeds from sale-leaseback transactions			14,574				20,324
Free cash flow, before acquisitions		$	79,968			$	105,073
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results.
(2) The free cash flow yield disclosed is a financial ratio calculated by dividing annualized free cash flow by the Company’s market capitalization as of February 18, 2026, and using the midpoint $65 million of guided full year 2026 free cash flow. As of February 18, 2026, the free cash flow yield was 11%. We believe free cash flow yield is useful to investors as a measure of the Company’s ability to generate free cash flow in comparison to its market capitalization and allows for comparisons across peer companies.

Forum Energy Technologies, Inc.
Table 7 – Leverage Ratio (1)
(Unaudited)
(in thousands of dollars)		December 31, 2025
2029 Bonds		$	100,000
Credit Facility			37,282
Other debt			4,008
Long-term debt, principal amount			141,290
Cash and cash equivalents			34,661
Net debt			106,629
Adjusted EBITDA			86,403
Net leverage ratio			1.2
(1) The Company believes net leverage ratio is an important measure because it represents the Company’s ability to meet its financial obligations.

Forum Energy Technologies, Inc.
Table 8 – Revenue Per Rig
(Unaudited)
		Year ended
(in thousands of dollars, except rig count)		December 31, 2025				December 31, 2024				December 31, 2022
Revenue		$	791,474			$	816,425			$	699,913
Average global rig count (1)			1,818				1,948				1,934
Revenue per rig		$	435			$	419			$	362
(1) The table above shows the average number of active drilling rigs operating based on the weekly rig count information published by Baker Hughes Company. In the third quarter of 2025, Baker Hughes implemented a revised methodology for counting rigs, primarily affecting data pertaining to Saudi Arabia. Baker Hughes only adjusted data back January 2024. Consequently, rig count data prior to January 2024 has been adjusted internally.

Forum Energy Technologies, Inc.
Table 9 – Free Cash Flow Conversion
(Unaudited)
		Year ended
(in thousands of dollars)		December 31, 2025
Free cash flow		$	79,968
Adjusted EBITDA			86,403
Free cash flow conversion			93	%

Forum Energy Technologies, Inc.
Supplemental schedule – Product line revenue
(Unaudited)
		Three months ended
(in thousands of dollars)		December 31, 2025							December 31, 2024							September 30, 2025
Revenue		$				%			$				%			$				%
Drilling		$	35,713			17.6	%		$	35,555			17.8	%		$	32,234			16.4	%
Subsea			29,513			14.6	%			18,581			9.2	%			23,582			12.0	%
Stimulation and Intervention			30,854			15.3	%			31,056			15.4	%			34,271			17.5	%
Coiled Tubing			30,836			15.3	%			25,892			12.9	%			27,382			14.0	%
Drilling and Completions			126,916			62.8	%			111,084			55.3	%			117,469			59.9	%
Downhole			47,800			23.6	%			51,547			25.6	%			48,073			24.5	%
Production Equipment			15,574			7.7	%			21,743			10.8	%			18,647			9.5	%
Valve Solutions			12,087			6.0	%			16,653			8.3	%			12,261			6.2	%
Artificial Lift and Downhole			75,461			37.3	%			89,943			44.7	%			78,981			40.2	%
Eliminations			(177	)		(0.1	)%			(9	)		—	%			(219	)		(0.1	)%
Total revenue		$	202,200			100.0	%		$	201,018			100.0	%		$	196,231			100.0	%

 

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Company Contact

Rob Kukla

Director of Investor Relations

281.994.3763

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Alternative Energy Energy Other Energy Oil/Gas

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