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Sep 30, 2025
ALLETE Q3 2025 Earnings Report
ALLETE reported a decline in net income for Q3 2025, primarily due to lower industrial sales, reduced renewable project activity, and inflationary pressures.
Key Takeaways
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.
Net income fell to $27.1 million from $45.0 million in Q3 2024.
Diluted EPS dropped to $0.46 from $0.78 year over year.
ALLETE Clean Energy posted a $3.6 million loss due to SPP transmission outages.
Regulated utility revenue increased to $320.2 million, driven by stronger performance from other power suppliers.
Revenue by Segment
Forward Guidance
ALLETE expects continued pressure on industrial margins through year-end 2025. The pending close of the CPP/GIP partnership brings long-term benefits including customer rate credits and operational stability.
Positive Outlook
- Minnesota Public Utilities Commission approved CPP/GIP transaction.
- Expected $200 million in customer value from the transaction.
- Rate credits and ROI reduction will benefit customers.
- No immediate new rate cases expected due to stay-out provision.
- Continued commitment to clean energy and community investments.
Challenges Ahead
- Lower industrial sales to taconite customers expected to persist.
- Inflationary pressures continue to affect Minnesota Power.
- Renewable project sales down due to timing delays.
- Transmission outages impacted Clean Energy segment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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