ALLETE Earnings Reports

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.