ALLETE posted a significant year-over-year drop in earnings for Q3 2025, with EPS declining from $0.78 to $0.46. The results were negatively affected by lower industrial margins, fewer renewable energy project sales, and higher operating costs. Regulated operations remained the primary income contributor, while ALLETE Clean Energy and New Energy saw notable profit drops.

ALLETE, Inc. reported second quarter 2025 earnings of $0.55 per share on net income of $31.9 million, down from $0.57 per share and $33.0 million in the prior year. The decline was mainly driven by lower margins from industrial customers at Minnesota Power and increased operating and depreciation expenses, although these were partially offset by significantly lower merger-related expenses compared to 2024.

ALLETE reported first quarter 2025 net income of $56.1 million, or 97 cents per share, compared to $50.7 million, or 88 cents per share, in the prior year period. Results were impacted by lower industrial margins at Minnesota Power, partially offset by strong performance from non-regulated subsidiaries ALLETE Clean Energy and New Energy Equity.