ALLETE INC

CIK:0000066756|SEC Filings

CONSOLIDATED STATEMENT OF INCOME Unaudited - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating Revenue
Contracts with Customers – Utility	$ 320.2	$ 310.5	$ 958.1	$ 928.6
Contracts with Customers – Non-utility	53.3	95.4	173.0	232.6
Other – Non-utility	1.5	1.3	4.4	3.8
Total Operating Revenue	375.0	407.2	1,135.5	1,165.0
Operating Expenses
Fuel, Purchased Power and Gas – Utility	120.4	116.5	356.7	357.3
Transmission Services – Utility	19.2	19.6	57.5	43.9
Cost of Sales – Non-utility	26.0	47.0	75.2	103.2
Operating and Maintenance	90.7	92.7	280.3	286.5
Depreciation and Amortization	72.5	70.8	215.4	201.8
Taxes Other than Income Taxes	16.6	15.3	49.8	50.3
Total Operating Expenses	345.4	361.9	1,034.9	1,043.0
Operating Income	29.6	45.3	100.6	122.0
Other Income (Expense)
Interest Expense	(25.6)	(20.3)	(70.1)	(60.8)
Equity Earnings	5.6	5.1	17.5	16.5
Other	5.3	5.5	15.1	20.0
Total Other Expense	(14.7)	(9.7)	(37.5)	(24.3)
Income Before Income Taxes	14.9	35.6	63.1	97.7
Income Tax Expense (Benefit)	1.6	2.9	8.5	8.3
Net Income	13.3	32.7	54.6	89.4
Net Loss Attributable to Non-Controlling Interest	(13.8)	(12.3)	(60.5)	(39.3)
Net Income Attributable to ALLETE	$ 27.1	$ 45.0	$ 115.1	$ 128.7
Average Shares of Common Stock
Basic (in shares)	58.1	57.8	58.0	57.7
Diluted (in shares)	58.2	57.9	58.1	57.8
Basic Earnings Per Share of Common Stock (in usd per share)	$ 0.47	$ 0.78	$ 1.98	$ 2.23
Diluted Earnings Per Share of Common Stock (in usd per share)	$ 0.46	$ 0.78	$ 1.98	$ 2.23

CONSOLIDATED STATEMENT OF CASH FLOWS Unaudited - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating Activities
Net Income	$ 54.6	$ 89.4
Adjustments to Reconcile Net Income to Cash provided by Operating Activities:
AFUDC – Equity	(4.0)	(4.0)
Income from Equity Investments – Net of Dividends	1.7	0.1
Gain on Investments and Property, Plant and Equipment	(1.8)	(0.5)
Depreciation Expense	215.3	201.7
Amortization of PSAs	(4.4)	(3.8)
Amortization of Other Intangible Assets and Other Assets	5.0	5.2
Deferred Income Tax Benefit	(2.9)	(7.2)
Share-Based and ESOP Compensation Expense	6.2	5.5
Defined Benefit Pension and Other Postretirement Plan Benefit	(2.6)	(10.3)
Fuel Adjustment Clause	1.1	6.7
Bad Debt Expense	0.8	1.1
Provision (Payments) for Interim Rate Refund	(23.0)	17.0
Changes in Operating Assets and Liabilities
Accounts Receivable	1.2	1.7
Inventories	(24.0)	2.5
Prepayments and Other	10.4	(2.0)
Accounts Payable	(0.1)	(3.1)
Other Current Liabilities	(10.3)	(11.7)
Renewable Tax Credit Sales	27.2	58.4
Cash Contributions to Defined Benefit Pension Plans	(19.1)	(25.0)
Changes in Regulatory and Other Non-Current Assets	5.0	38.5
Changes in Regulatory and Other Non-Current Liabilities	16.7	7.1
Cash provided by Operating Activities	253.0	367.3
Investing Activities
Proceeds from Sale of Available-for-sale Securities	3.0	1.7
Payments for Purchase of Available-for-sale Securities	(2.7)	(1.9)
Payments for Equity Method Investments	(18.3)	(5.8)
Additions to Property, Plant and Equipment	(540.3)	(230.3)
Other Investing Activities	2.0	16.4
Cash used in Investing Activities	(556.3)	(219.9)
Financing Activities
Proceeds from Issuance of Common Stock	9.6	9.9
Proceeds from Issuance of Short-Term and Long-Term Debt	685.0	628.0
Repayments of Short-Term and Long-Term Debt	(245.4)	(633.0)
Proceeds from Non-Controlling Interest in Subsidiaries – Net	12.1	4.1
Distributions to Non-Controlling Interest	(2.1)	(0.9)
Dividends on Common Stock	(127.0)	(122.0)
Other Financing Activities	(2.9)	(1.9)
Cash provided by (used in) Financing Activities	329.3	(115.8)
Change in Cash, Cash Equivalents and Restricted Cash	26.0	31.6
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	55.2	79.4
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 81.2	$ 111.0

CONSOLIDATED BALANCE SHEET Unaudited - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current Assets
Cash and Cash Equivalents	$ 78.7	$ 32.8
Accounts Receivable (Less Allowance of $1.7 and $1.7)	146.1	148.1
Inventories – Net	184.9	154.6
Prepayments and Other	75.3	99.7
Total Current Assets	485.0	435.2
Property, Plant and Equipment – Net	5,528.8	5,181.5
Regulatory Assets	360.4	371.7
Equity Investments	357.7	340.1
Goodwill and Intangible Assets – Net	155.2	155.3
Other Non-Current Assets	265.8	270.5
Total Assets	7,152.9	6,754.3
Current Liabilities
Accounts Payable	116.7	113.6
Accrued Taxes	56.9	54.6
Accrued Interest	26.1	23.4
Long-Term Debt Due Within One Year	138.1	94.7
Other	75.4	117.9
Total Current Liabilities	413.2	404.2
Long-Term Debt	2,098.9	1,704.7
Deferred Income Taxes	291.7	253.4
Regulatory Liabilities	593.5	570.5
Defined Benefit Pension and Other Postretirement Benefit Plans	99.6	118.2
Other Non-Current Liabilities	312.1	312.8
Total Liabilities	3,809.0	3,363.8
Commitments, Guarantees and Contingencies (Note 6)
Redeemable Non-Controlling Interest	0.7	0.4
ALLETE Equity
Common Stock Without Par Value, 80.0 Shares Authorized, 58.1 and 57.9 Shares Issued and Outstanding	1,839.0	1,823.2
Accumulated Other Comprehensive Loss	(18.1)	(18.1)
Retained Earnings	1,031.0	1,042.9
Total ALLETE Equity	2,851.9	2,848.0
Non-Controlling Interest in Subsidiaries	491.3	542.1
Total Equity	3,343.2	3,390.1
Total Liabilities, Redeemable Non-Controlling Interest and Equity	$ 7,152.9	$ 6,754.3