{"id":872301,"date":"2025-08-07T06:33:42","date_gmt":"2025-08-07T10:33:42","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-second-quarter-2025-earnings\/"},"modified":"2025-08-07T06:33:42","modified_gmt":"2025-08-07T10:33:42","slug":"allete-inc-reports-second-quarter-2025-earnings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-second-quarter-2025-earnings\/","title":{"rendered":"ALLETE, Inc. Reports Second Quarter 2025 Earnings"},"content":{"rendered":"

<\/p>\n

ALLETE, Inc. Reports Second Quarter 2025 Earnings<\/b><\/p>\n

DULUTH, Minn.–(BUSINESS WIRE<\/a>)–
\nALLETE, Inc. (NYSE: ALE) today reported second quarter 2025 earnings of 55 cents per share on net income of $31.9 million. Last year\u2019s second quarter results were 57 cents per share on net income of $33.0 million. Net income in the second quarter of 2025 includes transaction expenses of $3.4 million after-tax, or 6 cents per share, related to the announced merger. Net income in the second quarter of 2024 included transaction expenses of $14.5 million after-tax, or 25 cents per share.<\/p>\n

\n\u201cOur entire ALLETE team continues to work diligently to execute our Sustainability-in-Action strategy. On July 11, 2025, we were pleased to announce a settlement agreement reached between the Minnesota Department of Commerce, Minnesota Power and its transaction partners Canada Pension Plan Investment Board (\u201cCPP Investments\u201d) and Global Infrastructure Partners (\u201cGIP\u201d) that will deliver enhanced benefits for our customers, our employees and the communities we serve,\u201d said ALLETE Chair, President, and Chief Executive Officer Bethany Owen. \u201cThe settlement agreement is a strong, positive step forward in ALLETE\u2019s planned partnership with experienced infrastructure investors, CPP Investments and GIP and demonstrates our commitment to listening and working collaboratively with our stakeholders.\u201d<\/p>\n

\nALLETE continues to expect the proposed transaction to close in 2025, subject to approval by the Minnesota Public Utilities Commission and other customary closing conditions. Required approvals have been received from all other parties.<\/p>\n

\nALLETE also announced Superior Water, Light and Power\u2019s (\u201cSWLP\u201d) leadership advanced legislation to help their customers replace lead service lines by working with state and local leaders to support a change in Wisconsin law that will allow SWLP to access federal grants to help offset costs for SWLP customers. The change has been passed by the legislature and signed into law by Governor Evers.<\/p>\n

\nALLETE\u2019s Regulated Operations segment, which includes Minnesota Power, SWLP and the Company\u2019s investment in the American Transmission Company, recorded second quarter 2025 net income of $23.0 million, compared to $33.7 million in the second quarter a year ago. Net income at Minnesota Power was lower than 2024 reflecting lower margins from industrial customers, higher operating and maintenance expense, higher depreciation expense due to the impact of estimated compliance costs related to an EPA Rule finalized in May 2024 and lower transmission margins. Net income at SWLP was higher than 2024 reflecting new rates implemented in 2025. After-tax equity earnings in the American Transmission Company were higher than 2024 primarily due to additional equity investments.<\/p>\n

\nALLETE Clean Energy recorded second quarter 2025 net income of $900 thousand compared to $2.4 million in 2024. Net income in 2025 reflects lower production and unfavorable pricing at most wind sites, partially offset by higher production at ALLETE Clean Energy\u2019s Caddo wind energy facility. Earnings in 2024 reflected negative impacts from a forced network outage near its Caddo wind energy facility.<\/p>\n

\nNew Energy Equity recorded 2025 second quarter net income of $4.7 million, compared to net income of $7.7 million for the same period in 2024. Net income in 2025 includes lower sales of renewable energy projects due to timing of project closings. These decreases were partially offset by higher earnings from tax equity financed solar energy facilities.<\/p>\n

\nCorporate and Other businesses, which include BNI Energy, ALLETE Properties and our investments in renewable energy facilities, recorded net income of $3.3 million in the second quarter of 2025, compared to a net loss of $10.8 million in 2024. Net income in 2025 reflects lower merger-related expenses compared to 2024, and lower income tax expense. Merger-related expenses were $3.4 million after-tax in 2025 compared to $14.5 million in 2024.<\/p>\n

\n\u201cResults for the second quarter of 2025 were impacted primarily by lower industrial margins as a result of lower sales to taconite customers at Minnesota Power which are expected to continue through 2025,” said ALLETE Vice President \u2013 Chief Financial Officer and Corporate Treasurer Jeff Scissons. \u201cAbsent the closing of the transaction and the rate case stay-out provision in the settlement agreement with the Minnesota Department of Commerce, Minnesota Power would be filing a rate case to account for reduced revenue, increased depreciation from capital investments and inflationary pressures. The rate case stay-out provision in the settlement agreement provides immediate customer savings on top of numerous other commitments that benefit ALLETE stakeholders, customers and communities.\u201d<\/p>\n

\nALLETE is an energy company headquartered in Duluth, Minn. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, BNI Energy in Bismarck, N.D., New Energy Equity in Annapolis, MD, and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com<\/a>. ALE-CORP<\/i><\/p>\n

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.<\/i><\/p>\n

ALLETE’s press releases and other communications may include certain non-Generally Accepted Accounting Principles (GAAP) financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company’s financial statements.<\/i><\/p>\n

Non-GAAP financial measures utilized by the Company include presentations of earnings (loss) per share. ALLETE’s management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of changes in the fundamental earnings power of the Company’s operations. Management believes that the presentation of the non-GAAP financial measures is appropriate and enables investors and analysts to more accurately compare the company’s ongoing financial performance over the periods presented.<\/i><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

ALLETE, Inc.<\/b><\/p>\n

Consolidated Statement of Income<\/b><\/p>\n

\nMillions Except Per Share Amounts – Unaudited<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Quarter Ended<\/b><\/p>\n<\/td>\n

\n

Six Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

June 30,<\/b><\/p>\n<\/td>\n

\n

June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

2024<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

2024<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Operating Revenue<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nContracts with Customers \u2013 Utility<\/p>\n<\/td>\n

\n

\n$305.1<\/p>\n<\/td>\n

\n

\n$279.8<\/p>\n<\/td>\n

\n

\n$637.9<\/p>\n<\/td>\n

\n

\n$618.1<\/p>\n<\/td>\n<\/tr>\n

\n

\nContracts with Customers \u2013 Non-utility<\/p>\n<\/td>\n

\n

\n53.8<\/p>\n<\/td>\n

\n

\n73.5<\/p>\n<\/td>\n

\n

\n119.7<\/p>\n<\/td>\n

\n

\n137.2<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther \u2013 Non-utility<\/p>\n<\/td>\n

\n

\n1.4<\/p>\n<\/td>\n

\n

\n1.2<\/p>\n<\/td>\n

\n

\n2.9<\/p>\n<\/td>\n

\n

\n2.5<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Operating Revenue<\/p>\n<\/td>\n

\n

\n360.3<\/p>\n<\/td>\n

\n

\n354.5<\/p>\n<\/td>\n

\n

\n760.5<\/p>\n<\/td>\n

\n

\n757.8<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Expenses<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nFuel, Purchased Power and Gas \u2013 Utility<\/p>\n<\/td>\n

\n

\n113.3<\/p>\n<\/td>\n

\n

\n107.3<\/p>\n<\/td>\n

\n

\n236.3<\/p>\n<\/td>\n

\n

\n240.8<\/p>\n<\/td>\n<\/tr>\n

\n

\nTransmission Services \u2013 Utility<\/p>\n<\/td>\n

\n

\n19.3<\/p>\n<\/td>\n

\n

\n1.6<\/p>\n<\/td>\n

\n

\n38.3<\/p>\n<\/td>\n

\n

\n24.3<\/p>\n<\/td>\n<\/tr>\n

\n

\nCost of Sales \u2013 Non-utility<\/p>\n<\/td>\n

\n

\n24.3<\/p>\n<\/td>\n

\n

\n31.8<\/p>\n<\/td>\n

\n

\n49.2<\/p>\n<\/td>\n

\n

\n56.2<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating and Maintenance<\/p>\n<\/td>\n

\n

\n96.6<\/p>\n<\/td>\n

\n

\n102.1<\/p>\n<\/td>\n

\n

\n189.6<\/p>\n<\/td>\n

\n

\n193.8<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and Amortization<\/p>\n<\/td>\n

\n

\n73.2<\/p>\n<\/td>\n

\n

\n66.0<\/p>\n<\/td>\n

\n

\n142.9<\/p>\n<\/td>\n

\n

\n131.0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTaxes Other than Income Taxes<\/p>\n<\/td>\n

\n

\n15.6<\/p>\n<\/td>\n

\n

\n16.3<\/p>\n<\/td>\n

\n

\n33.2<\/p>\n<\/td>\n

\n

\n35.0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Operating Expenses<\/p>\n<\/td>\n

\n

\n342.3<\/p>\n<\/td>\n

\n

\n325.1<\/p>\n<\/td>\n

\n

\n689.5<\/p>\n<\/td>\n

\n

\n681.1<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Income<\/b><\/p>\n<\/td>\n

\n

\n18.0<\/p>\n<\/td>\n

\n

\n29.4<\/p>\n<\/td>\n

\n

\n71.0<\/p>\n<\/td>\n

\n

\n76.7<\/p>\n<\/td>\n<\/tr>\n

\n

Other Income (Expense)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest Expense<\/p>\n<\/td>\n

\n

\n(23.1)<\/p>\n<\/td>\n

\n

\n(20.1)<\/p>\n<\/td>\n

\n

\n(44.5)<\/p>\n<\/td>\n

\n

\n(40.5)<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquity Earnings<\/p>\n<\/td>\n

\n

\n5.9<\/p>\n<\/td>\n

\n

\n5.9<\/p>\n<\/td>\n

\n

\n11.9<\/p>\n<\/td>\n

\n

\n11.4<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther<\/p>\n<\/td>\n

\n

\n5.2<\/p>\n<\/td>\n

\n

\n5.9<\/p>\n<\/td>\n

\n

\n9.8<\/p>\n<\/td>\n

\n

\n14.5<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Other Expense<\/p>\n<\/td>\n

\n

\n(12.0)<\/p>\n<\/td>\n

\n

\n(8.3)<\/p>\n<\/td>\n

\n

\n(22.8)<\/p>\n<\/td>\n

\n

\n(14.6)<\/p>\n<\/td>\n<\/tr>\n

\n

Income Before Income Taxes<\/b><\/p>\n<\/td>\n

\n

\n6.0<\/p>\n<\/td>\n

\n

\n21.1<\/p>\n<\/td>\n

\n

\n48.2<\/p>\n<\/td>\n

\n

\n62.1<\/p>\n<\/td>\n<\/tr>\n

\n

Income Tax Expense (Benefit)<\/b><\/p>\n<\/td>\n

\n

\n(0.6)<\/p>\n<\/td>\n

\n

\n1.4<\/p>\n<\/td>\n

\n

\n6.9<\/p>\n<\/td>\n

\n

\n5.4<\/p>\n<\/td>\n<\/tr>\n

\n

Net Income<\/b><\/p>\n<\/td>\n

\n

\n6.6<\/p>\n<\/td>\n

\n

\n19.7<\/p>\n<\/td>\n

\n

\n41.3<\/p>\n<\/td>\n

\n

\n56.7<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Loss Attributable to Non-Controlling Interest<\/p>\n<\/td>\n

\n

\n(25.3)<\/p>\n<\/td>\n

\n

\n(13.3)<\/p>\n<\/td>\n

\n

\n(46.7)<\/p>\n<\/td>\n

\n

\n(27.0)<\/p>\n<\/td>\n<\/tr>\n

\n

Net Income Attributable to ALLETE<\/b><\/p>\n<\/td>\n

\n

\n$31.9<\/p>\n<\/td>\n

\n

\n$33.0<\/p>\n<\/td>\n

\n

\n$88.0<\/p>\n<\/td>\n

\n

\n$83.7<\/p>\n<\/td>\n<\/tr>\n

\n

Average Shares of Common Stock<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic<\/p>\n<\/td>\n

\n

\n58.0<\/p>\n<\/td>\n

\n

\n57.7<\/p>\n<\/td>\n

\n

\n58.0<\/p>\n<\/td>\n

\n

\n57.7<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted<\/p>\n<\/td>\n

\n

\n58.1<\/p>\n<\/td>\n

\n

\n57.8<\/p>\n<\/td>\n

\n

\n58.0<\/p>\n<\/td>\n

\n

\n57.7<\/p>\n<\/td>\n<\/tr>\n

\n

Basic Earnings Per Share of Common Stock<\/b><\/p>\n<\/td>\n

\n

\n$0.55<\/p>\n<\/td>\n

\n

\n$0.57<\/p>\n<\/td>\n

\n

\n$1.52<\/p>\n<\/td>\n

\n

\n$1.45<\/p>\n<\/td>\n<\/tr>\n

\n

Diluted Earnings Per Share of Common Stock<\/b><\/p>\n<\/td>\n

\n

\n$0.55<\/p>\n<\/td>\n

\n

\n$0.57<\/p>\n<\/td>\n

\n

\n$1.52<\/p>\n<\/td>\n

\n

\n$1.45<\/p>\n<\/td>\n<\/tr>\n

\n

Dividends Per Share of Common Stock<\/b><\/p>\n<\/td>\n

\n

\n$0.73<\/p>\n<\/td>\n

\n

\n$0.705<\/p>\n<\/td>\n

\n

\n$1.46<\/p>\n<\/td>\n

\n

\n$1.41<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Consolidated Balance Sheet<\/b><\/p>\n

\nMillions – Unaudited<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Jun. 30,<\/b><\/p>\n<\/td>\n

\n

Dec. 31,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Jun. 30,<\/b><\/p>\n<\/td>\n

\n

Dec. 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

2024<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

2024<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Assets<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Liabilities and Equity<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and Cash Equivalents<\/p>\n<\/td>\n

\n

\n$55.4<\/p>\n<\/td>\n

\n

\n$32.8<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nCurrent Liabilities<\/p>\n<\/td>\n

\n

\n$337.9<\/p>\n<\/td>\n

\n

\n$404.2<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Current Assets<\/p>\n<\/td>\n

\n

\n397.5<\/p>\n<\/td>\n

\n

\n402.4<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nLong-Term Debt<\/p>\n<\/td>\n

\n

\n1,931.8<\/p>\n<\/td>\n

\n

\n1,704.7<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty, Plant and Equipment \u2013 Net<\/p>\n<\/td>\n

\n

\n5,324.0<\/p>\n<\/td>\n

\n

\n5,181.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nDeferred Income Taxes<\/p>\n<\/td>\n

\n

\n278.9<\/p>\n<\/td>\n

\n

\n253.4<\/p>\n<\/td>\n<\/tr>\n

\n

\nRegulatory Assets<\/p>\n<\/td>\n

\n

\n363.0<\/p>\n<\/td>\n

\n

\n371.7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nRegulatory Liabilities<\/p>\n<\/td>\n

\n

\n586.7<\/p>\n<\/td>\n

\n

\n570.5<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquity Investments<\/p>\n<\/td>\n

\n

\n350.5<\/p>\n<\/td>\n

\n

\n340.1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nDefined Benefit Pension and Other Postretirement Benefit Plans<\/p>\n<\/td>\n

\n

\n99.4<\/p>\n<\/td>\n

\n

\n118.2<\/p>\n<\/td>\n<\/tr>\n

\n

\nGoodwill and Intangibles \u2013 Net<\/p>\n<\/td>\n

\n

\n155.3<\/p>\n<\/td>\n

\n

\n155.3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nOther Non-Current Liabilities<\/p>\n<\/td>\n

\n

\n311.4<\/p>\n<\/td>\n

\n

\n312.8<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Non-Current Assets<\/p>\n<\/td>\n

\n

\n267.5<\/p>\n<\/td>\n

\n

\n270.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nRedeemable Non-Controlling Interest<\/p>\n<\/td>\n

\n

\n0.8<\/p>\n<\/td>\n

\n

\n0.4<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nEquity<\/p>\n<\/td>\n

\n

\n3,366.3<\/p>\n<\/td>\n

\n

\n3,390.1<\/p>\n<\/td>\n<\/tr>\n

\n

Total Assets<\/b><\/p>\n<\/td>\n

\n

\n$6,913.2<\/p>\n<\/td>\n

\n

\n$6,754.3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Total Liabilities, Redeemable Non-Controlling Interest and Equity<\/b><\/p>\n<\/td>\n

\n

\n$6,913.2<\/p>\n<\/td>\n

\n

\n$6,754.3<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Quarter Ended<\/b><\/p>\n<\/td>\n

\n

Six Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

ALLETE, Inc.<\/b><\/p>\n<\/td>\n

\n

June 30,<\/b><\/p>\n<\/td>\n

\n

June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Income (Loss)<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

2024<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

2024<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nMillions<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRegulated Operations<\/p>\n<\/td>\n

\n

\n$23.0<\/p>\n<\/td>\n

\n

\n$33.7<\/p>\n<\/td>\n

\n

\n$61.4<\/p>\n<\/td>\n

\n

\n$77.9<\/p>\n<\/td>\n<\/tr>\n

\n

\nALLETE Clean Energy<\/p>\n<\/td>\n

\n

\n0.9<\/p>\n<\/td>\n

\n

\n2.4<\/p>\n<\/td>\n

\n

\n8.3<\/p>\n<\/td>\n

\n

\n6.2<\/p>\n<\/td>\n<\/tr>\n

\n

\nNew Energy<\/p>\n<\/td>\n

\n

\n4.7<\/p>\n<\/td>\n

\n

\n7.7<\/p>\n<\/td>\n

\n

\n13.9<\/p>\n<\/td>\n

\n

\n11.7<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate and Other<\/p>\n<\/td>\n

\n

\n3.3<\/p>\n<\/td>\n

\n

\n(10.8)<\/p>\n<\/td>\n

\n

\n4.4<\/p>\n<\/td>\n

\n

\n(12.1)<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Income Attributable to ALLETE<\/p>\n<\/td>\n

\n

\n$31.9<\/p>\n<\/td>\n

\n

\n$33.0<\/p>\n<\/td>\n

\n

\n$88.0<\/p>\n<\/td>\n

\n

\n$83.7<\/p>\n<\/td>\n<\/tr>\n

\n

Diluted Earnings Per Share<\/b><\/p>\n<\/td>\n

\n

\n$0.55<\/p>\n<\/td>\n

\n

\n$0.57<\/p>\n<\/td>\n

\n

\n$1.52<\/p>\n<\/td>\n

\n

\n$1.45<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n
\n

Statistical Data<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommon Stock<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nHigh<\/p>\n<\/td>\n

\n

\n$66.40<\/p>\n<\/td>\n

\n

\n$65.86<\/p>\n<\/td>\n

\n

\n$66.40<\/p>\n<\/td>\n

\n

\n$65.86<\/p>\n<\/td>\n<\/tr>\n

\n

\nLow<\/p>\n<\/td>\n

\n

\n$63.27<\/p>\n<\/td>\n

\n

\n$56.66<\/p>\n<\/td>\n

\n

\n$63.27<\/p>\n<\/td>\n

\n

\n$55.86<\/p>\n<\/td>\n<\/tr>\n

\n

\nClose<\/p>\n<\/td>\n

\n

\n$64.07<\/p>\n<\/td>\n

\n

\n$62.35<\/p>\n<\/td>\n

\n

\n$64.07<\/p>\n<\/td>\n

\n

\n$62.35<\/p>\n<\/td>\n<\/tr>\n

\n

\nBook Value<\/p>\n<\/td>\n

\n

\n$49.31<\/p>\n<\/td>\n

\n

\n$48.86<\/p>\n<\/td>\n

\n

\n$49.31<\/p>\n<\/td>\n

\n

\n$48.86<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Kilowatt-hours Sold<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nMillions<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRegulated Utility<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRetail and Municipal<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nResidential<\/p>\n<\/td>\n

\n

\n231<\/p>\n<\/td>\n

\n

\n225<\/p>\n<\/td>\n

\n

\n563<\/p>\n<\/td>\n

\n

\n531<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommercial<\/p>\n<\/td>\n

\n

\n304<\/p>\n<\/td>\n

\n

\n307<\/p>\n<\/td>\n

\n

\n658<\/p>\n<\/td>\n

\n

\n645<\/p>\n<\/td>\n<\/tr>\n

\n

\nIndustrial<\/p>\n<\/td>\n

\n

\n1,530<\/p>\n<\/td>\n

\n

\n1,729<\/p>\n<\/td>\n

\n

\n3,104<\/p>\n<\/td>\n

\n

\n3,527<\/p>\n<\/td>\n<\/tr>\n

\n

\nMunicipal<\/p>\n<\/td>\n

\n

\n108<\/p>\n<\/td>\n

\n

\n105<\/p>\n<\/td>\n

\n

\n240<\/p>\n<\/td>\n

\n

\n230<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Retail and Municipal<\/p>\n<\/td>\n

\n

\n2,173<\/p>\n<\/td>\n

\n

\n2,366<\/p>\n<\/td>\n

\n

\n4,565<\/p>\n<\/td>\n

\n

\n4,933<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Power Suppliers<\/p>\n<\/td>\n

\n

\n981<\/p>\n<\/td>\n

\n

\n579<\/p>\n<\/td>\n

\n

\n1,907<\/p>\n<\/td>\n

\n

\n1,336<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Regulated Utility Kilowatt-hours Sold<\/p>\n<\/td>\n

\n

\n3,154<\/p>\n<\/td>\n

\n

\n2,945<\/p>\n<\/td>\n

\n

\n6,472<\/p>\n<\/td>\n

\n

\n6,269<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Regulated Utility Revenue<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nMillions<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRegulated Utility Revenue<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRetail and Municipal Electric Revenue<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nResidential<\/p>\n<\/td>\n

\n

\n$36.9<\/p>\n<\/td>\n

\n

\n$34.4<\/p>\n<\/td>\n

\n

\n$86.2<\/p>\n<\/td>\n

\n

\n$81.1<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommercial<\/p>\n<\/td>\n

\n

\n44.1<\/p>\n<\/td>\n

\n

\n42.9<\/p>\n<\/td>\n

\n

\n92.4<\/p>\n<\/td>\n

\n

\n90.3<\/p>\n<\/td>\n<\/tr>\n

\n

\nIndustrial<\/p>\n<\/td>\n

\n

\n136.5<\/p>\n<\/td>\n

\n

\n146.3<\/p>\n<\/td>\n

\n

\n274.9<\/p>\n<\/td>\n

\n

\n304.8<\/p>\n<\/td>\n<\/tr>\n

\n

\nMunicipal<\/p>\n<\/td>\n

\n

\n8.2<\/p>\n<\/td>\n

\n

\n7.4<\/p>\n<\/td>\n

\n

\n17.8<\/p>\n<\/td>\n

\n

\n16.4<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Retail and Municipal Electric Revenue<\/p>\n<\/td>\n

\n

\n225.7<\/p>\n<\/td>\n

\n

\n231.0<\/p>\n<\/td>\n

\n

\n471.3<\/p>\n<\/td>\n

\n

\n492.6<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Power Suppliers<\/p>\n<\/td>\n

\n

\n47.3<\/p>\n<\/td>\n

\n

\n30.4<\/p>\n<\/td>\n

\n

\n94.4<\/p>\n<\/td>\n

\n

\n70.4<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther (Includes Water and Gas Revenue)<\/p>\n<\/td>\n

\n

\n32.1<\/p>\n<\/td>\n

\n

\n18.4<\/p>\n<\/td>\n

\n

\n72.2<\/p>\n<\/td>\n

\n

\n55.1<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Regulated Utility Revenue<\/p>\n<\/td>\n

\n

\n$305.1<\/p>\n<\/td>\n

\n

\n$279.8<\/p>\n<\/td>\n

\n

\n$637.9<\/p>\n<\/td>\n

\n

\n$618.1<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250807137913\/en\/<\/a><\/span><\/p>\n

\nInvestor Contact:
\n
218-723-3952
\n
shareholder@allete.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America Minnesota<\/p>\n

INDUSTRY KEYWORDS:<\/b> Other Energy Utilities Oil\/Gas Sustainability Environment Alternative Energy Energy Green Technology<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

ALLETE, Inc. Reports Second Quarter 2025 Earnings DULUTH, Minn.–(BUSINESS WIRE)– ALLETE, Inc. (NYSE: ALE) today reported second quarter 2025 earnings of 55 cents per share on net income of $31.9 million. Last year\u2019s second quarter results were 57 cents per share on net income of $33.0 million. Net income in the second quarter of 2025 includes transaction expenses of $3.4 million after-tax, or 6 cents per share, related to the announced merger. Net income in the second quarter of 2024 included transaction expenses of $14.5 million after-tax, or 25 cents per share. \u201cOur entire ALLETE team continues to work diligently to execute our Sustainability-in-Action strategy. On July 11, 2025, we were pleased to announce a settlement agreement reached between the … <\/p>\n

Continue reading “ALLETE, Inc. Reports Second Quarter 2025 Earnings”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-872301","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nALLETE, Inc. Reports Second Quarter 2025 Earnings - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-second-quarter-2025-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ALLETE, Inc. Reports Second Quarter 2025 Earnings - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ALLETE, Inc. Reports Second Quarter 2025 Earnings DULUTH, Minn.–(BUSINESS WIRE)– ALLETE, Inc. (NYSE: ALE) today reported second quarter 2025 earnings of 55 cents per share on net income of $31.9 million. Last year\u2019s second quarter results were 57 cents per share on net income of $33.0 million. Net income in the second quarter of 2025 includes transaction expenses of $3.4 million after-tax, or 6 cents per share, related to the announced merger. Net income in the second quarter of 2024 included transaction expenses of $14.5 million after-tax, or 25 cents per share. \u201cOur entire ALLETE team continues to work diligently to execute our Sustainability-in-Action strategy. On July 11, 2025, we were pleased to announce a settlement agreement reached between the … Continue reading "ALLETE, Inc. 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Net income in the second quarter of 2024 included transaction expenses of $14.5 million after-tax, or 25 cents per share. \u201cOur entire ALLETE team continues to work diligently to execute our Sustainability-in-Action strategy. On July 11, 2025, we were pleased to announce a settlement agreement reached between the … Continue reading \"ALLETE, Inc. 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