Income Statement

Revenue

-3%

+30%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Revenue
Interest Expense	83	77	77	73	49	70	58	54	51	43	44	38	32	29	27	26	26	26	26	26	25	27	27	26	23	24	25	25	26	29	31	32	34	34	35	37	39	41	43	44	44	44	43	44	46	47	50	50	50	51	52	52	55	57	60	64	65	67	68	69	70	71	70	68	68	68	68	69	68	68	67	65	65	64	64	64	66	67	69	70	69	70	72	73	75	76	79	81	81	82	81	81	82	83	86	91
Revenue	1 526 N/A	1 517 -1%	1 488 -2%	1 491 +0%	643 -57%	1 549 +141%	1 110 -28%	891 -20%	660 -26%	478 -27%	727 +52%	739 +2%	704 -5%	688 -2%	677 -2%	676 0%	737 +9%	737 0%	741 +1%	762 +3%	767 +1%	780 +2%	825 +6%	827 +0%	842 +2%	850 +1%	816 -4%	817 +0%	801 -2%	787 -2%	762 -3%	739 -3%	759 +3%	793 +4%	840 +6%	885 +5%	907 +2%	916 +1%	924 +1%	927 +0%	928 +0%	926 0%	923 0%	944 +2%	961 +2%	985 +2%	1 004 +2%	1 006 +0%	1 018 +1%	1 051 +3%	1 076 +2%	1 114 +4%	1 137 +2%	1 160 +2%	1 223 +5%	1 397 +14%	1 486 +6%	1 500 +1%	1 492 -1%	1 379 -8%	1 340 -3%	1 372 +2%	1 410 +3%	1 423 +1%	1 419 0%	1 414 0%	1 405 -1%	1 390 -1%	1 499 +8%	1 498 0%	1 444 -4%	1 384 -4%	1 241 -10%	1 195 -4%	1 148 -4%	1 153 +0%	1 169 +1%	1 197 +2%	1 289 +8%	1 341 +4%	1 419 +6%	1 464 +3%	1 501 +3%	1 544 +3%	1 571 +2%	1 752 +12%	1 912 +9%	1 903 0%	1 880 -1%	1 718 -9%	1 539 -10%	1 568 +2%	1 530 -2%	1 527 0%	1 533 +0%	1 500 -2%
Gross Profit
Cost of Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(24)	(42)	0	0	(50)	(84)	(233)	(302)	(304)	(286)	(182)	(145)	(147)	(152)	(141)	(148)	(149)	(148)	(150)	(218)	(216)	(195)	(171)	(81)	(67)	(67)	(67)	(67)	(67)	(66)	(66)	(69)	(69)	(95)	(118)	(183)	(376)	(528)	(523)	(474)	(287)	(126)	(140)	(129)	(130)	(122)	(101)
Gross Profit	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	1 028 N/A	1 034 +1%	0 N/A	0 N/A	1 110 N/A	1 139 +3%	1 163 +2%	1 184 +2%	1 196 +1%	1 206 +1%	1 197 -1%	1 195 0%	1 225 +3%	1 258 +3%	1 282 +2%	1 272 -1%	1 265 -1%	1 257 -1%	1 240 -1%	1 281 +3%	1 282 +0%	1 249 -3%	1 213 -3%	1 160 -4%	1 128 -3%	1 081 -4%	1 086 +0%	1 102 +2%	1 130 +3%	1 223 +8%	1 275 +4%	1 350 +6%	1 395 +3%	1 406 +1%	1 426 +1%	1 388 -3%	1 376 -1%	1 384 +1%	1 380 0%	1 406 +2%	1 431 +2%	1 413 -1%	1 428 +1%	1 401 -2%	1 397 0%	1 410 +1%	1 399 -1%
Operating Income
Operating Expenses	(1 240)	(1 231)	(1 214)	(1 211)	(565)	(1 281)	(948)	(777)	(562)	(418)	(615)	(633)	(603)	(591)	(654)	(644)	(692)	(696)	(618)	(634)	(629)	(634)	(672)	(687)	(710)	(726)	(709)	(701)	(679)	(666)	(642)	(627)	(653)	(672)	(703)	(738)	(771)	(775)	(789)	(789)	(778)	(788)	(788)	(803)	(806)	(824)	(842)	(851)	(864)	(870)	(872)	(930)	(948)	(913)	(931)	(931)	(937)	(975)	(982)	(1 005)	(972)	(996)	(1 016)	(1 024)	(1 046)	(1 050)	(1 061)	(1 070)	(1 079)	(1 081)	(1 048)	(1 019)	(980)	(945)	(921)	(922)	(952)	(1 010)	(1 088)	(1 150)	(1 199)	(1 232)	(1 255)	(1 273)	(1 251)	(1 247)	(1 216)	(1 209)	(1 225)	(1 193)	(1 199)	(1 263)	(1 241)	(1 231)	(1 256)	(1 260)
Depreciation & Amortization	0	0	0	0	(49)	0	0	(13)	(49)	(38)	(50)	(50)	(47)	(46)	(46)	(45)	(48)	(48)	(48)	(49)	(49)	(48)	(48)	(48)	(49)	(50)	(51)	(52)	(56)	(58)	(61)	(63)	(65)	(70)	(74)	(78)	(81)	(83)	(85)	(88)	(90)	(93)	(95)	(98)	(100)	(104)	(108)	(112)	(117)	(121)	(126)	(130)	(136)	(143)	(150)	(160)	(170)	(179)	(187)	(192)	(196)	(198)	(200)	(202)	(178)	(173)	(179)	(179)	(206)	(212)	(206)	(204)	(202)	(204)	(208)	(212)	(218)	(222)	(226)	(230)	(232)	(235)	(239)	(240)	(242)	(243)	(245)	(249)	(252)	(255)	(258)	(265)	(272)	(276)	(283)	(285)
Operations Maintenance	(1 007)	(1 011)	(991)	(986)	(251)	(1 028)	(648)	(455)	(261)	(71)	(285)	(303)	(270)	(259)	(254)	(251)	(294)	(295)	(300)	(302)	(298)	(296)	(304)	(307)	(314)	(320)	(320)	(322)	(318)	(316)	(308)	(301)	(309)	(316)	(325)	(347)	(366)	(368)	(378)	(379)	(381)	(391)	(392)	(400)	(397)	(402)	(410)	(414)	(413)	(393)	(374)	(377)	(456)	(401)	(413)	(402)	(388)	(388)	(389)	(392)	(399)	(404)	(409)	(410)	(415)	(416)	(417)	(417)	(410)	(400)	(382)	(361)	(334)	(319)	(309)	(309)	(319)	(324)	(334)	(344)	(335)	(346)	(354)	(371)	(393)	(404)	(417)	(420)	(434)	(442)	(437)	(443)	(426)	(424)	(436)	(433)
Purchased Fuel Power Gas	(233)	(220)	(223)	(225)	(235)	(253)	(259)	(260)	(253)	(254)	(266)	(273)	(286)	(285)	(277)	(270)	(273)	(275)	(269)	(283)	(282)	(290)	(320)	(332)	(348)	(356)	(338)	(328)	(306)	(292)	(274)	(263)	(280)	(287)	(304)	(313)	(325)	(324)	(326)	(322)	(307)	(305)	(301)	(306)	(309)	(318)	(325)	(326)	(335)	(345)	(349)	(358)	(356)	(346)	(342)	(330)	(328)	(319)	(317)	(331)	(333)	(349)	(364)	(367)	(397)	(401)	(405)	(414)	(408)	(416)	(408)	(403)	(391)	(370)	(351)	(347)	(359)	(390)	(450)	(496)	(562)	(579)	(594)	(590)	(546)	(527)	(491)	(479)	(483)	(498)	(498)	(489)	(478)	(467)	(473)	(477)
Other Operating Expenses	0	0	0	0	(30)	0	(41)	(49)	0	(55)	(14)	(7)	0	0	(78)	(78)	(78)	(78)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(11)	(23)	(65)	0	(24)	(26)	(39)	(51)	(89)	(90)	(90)	(44)	(44)	(44)	(46)	(56)	(60)	(60)	(59)	(56)	(53)	(53)	(52)	(53)	(52)	(54)	(54)	(56)	(74)	(78)	(80)	(71)	(71)	(69)	(72)	(70)	(74)	(63)	(60)	(57)	2	(6)	(64)	(65)	(64)	(64)	(65)
Operating Income	285 N/A	286 +0%	274 -4%	279 +2%	78 -72%	268 +243%	162 -40%	114 -30%	98 -14%	61 -38%	112 +85%	105 -6%	101 -4%	98 -3%	23 -77%	32 +42%	45 +41%	40 -10%	123 +204%	129 +5%	138 +7%	146 +5%	153 +5%	139 -9%	132 -5%	124 -6%	107 -13%	116 +8%	122 +5%	122 0%	120 -1%	112 -7%	106 -5%	121 +14%	137 +13%	147 +7%	136 -8%	141 +3%	135 -4%	139 +3%	150 +8%	138 -8%	135 -2%	142 +5%	155 +10%	161 +4%	162 +1%	155 -4%	154 -1%	158 +3%	162 +2%	184 +14%	189 +2%	197 +4%	208 +6%	233 +12%	247 +6%	221 -10%	224 +1%	192 -14%	224 +16%	229 +3%	242 +6%	258 +6%	226 -12%	215 -5%	196 -9%	170 -13%	201 +18%	201 0%	200 0%	194 -3%	180 -7%	183 +2%	160 -13%	164 +3%	151 -8%	120 -20%	136 +13%	125 -8%	151 +21%	163 +8%	151 -7%	153 +1%	137 -11%	129 -6%	169 +31%	172 +2%	181 +5%	238 +32%	214 -10%	165 -23%	160 -3%	166 +4%	154 -7%	139 -10%
Pre-Tax Income
Interest Income Expense	(83)	(77)	(77)	(73)	(49)	(70)	(58)	(54)	(51)	(43)	(44)	(38)	(32)	(29)	(27)	(26)	(26)	(24)	(21)	(20)	(22)	(14)	(10)	(5)	2	2	0	1	1	(21)	(23)	(27)	(20)	(16)	(16)	(17)	(21)	(22)	(25)	(25)	(23)	(24)	(23)	(24)	(25)	(24)	(26)	(25)	(25)	(27)	(28)	(31)	(34)	(38)	(41)	(45)	(47)	(48)	(50)	(51)	(52)	(51)	(49)	(47)	(45)	(46)	(48)	(51)	(50)	(49)	(48)	(45)	(43)	(45)	(41)	(40)	(42)	(40)	(44)	(47)	(47)	(48)	(51)	(55)	(57)	(56)	(56)	(49)	(49)	(50)	(48)	(53)	(53)	(53)	(55)	(58)
Non-Reccuring Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(36)	0	0	0	0	0	0	0	0	0	0	0	0	20	21	21	24	4	3	3	(13)	0	0	0	0	0	(3)	(3)	(3)	0	0	58	58	0	0	0	0	0	0	0
Gain/Loss on Disposition of Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Other Income	0	0	2	0	8	0	0	0	2	1	(3)	(21)	(12)	(17)	(12)	7	1	5	4	6	12	7	8	6	4	7	7	6	3	16	17	18	6	2	1	1	4	4	3	2	3	3	3	4	5	5	5	5	5	5	6	7	8	7	6	5	3	3	2	3	4	4	4	3	6	4	6	6	8	13	15	17	19	15	13	12	13	11	9	9	6	6	18	20	22	24	12	13	16	20	24	24	19	15	13	11
Pre-Tax Income	202 N/A	209 +3%	198 -5%	207 +4%	37 -82%	198 +436%	105 -47%	62 -41%	50 -20%	21 -58%	66 +214%	46 -30%	57 +24%	52 -9%	(16) N/A	13 N/A	20 +55%	21 +8%	106 +395%	115 +8%	128 +12%	139 +8%	151 +8%	141 -7%	137 -2%	132 -4%	114 -14%	122 +7%	126 +3%	117 -8%	113 -3%	102 -10%	92 -11%	107 +16%	122 +14%	130 +7%	119 -9%	122 +2%	114 -7%	116 +2%	129 +11%	117 -10%	115 -1%	122 +6%	135 +11%	142 +5%	141 -1%	136 -4%	133 -2%	136 +2%	140 +3%	161 +15%	162 +1%	166 +2%	173 +4%	193 +11%	167 -13%	176 +6%	177 +0%	144 -18%	176 +22%	182 +4%	197 +8%	214 +9%	187 -13%	172 -8%	154 -11%	126 -18%	159 +26%	185 +16%	188 +2%	186 -1%	179 -4%	156 -13%	135 -13%	140 +3%	109 -22%	92 -16%	101 +10%	87 -14%	111 +28%	121 +9%	115 -4%	116 +0%	100 -13%	97 -3%	124 +29%	194 +56%	207 +7%	209 +1%	190 -9%	136 -28%	126 -7%	128 +1%	113 -12%	92 -18%
Net Income
Tax Provision	(73)	(76)	(71)	(77)	(12)	(75)	(38)	(23)	(18)	(6)	(25)	(17)	(16)	(15)	10	(2)	1	0	(30)	(33)	(46)	(51)	(53)	(49)	(48)	(45)	(40)	(41)	(43)	(41)	(39)	(37)	(31)	(40)	(45)	(50)	(44)	(33)	(27)	(29)	(36)	(36)	(37)	(34)	(38)	(37)	(37)	(35)	(29)	(30)	(31)	(36)	(37)	(34)	(36)	(37)	(25)	(28)	(27)	(14)	(20)	(24)	(26)	(39)	(28)	(18)	(12)	(1)	16	16	23	28	7	23	27	30	43	40	36	35	27	20	25	27	31	26	18	(9)	(28)	(30)	(32)	(16)	(5)	(8)	(6)	(5)
Income from Continuing Operations	129	133	127	130	25	123	67	39	32	15	41	29	41	36	(6)	11	20	22	76	82	82	88	98	91	90	87	74	82	83	76	75	66	61	67	77	80	75	89	87	88	94	81	78	87	97	105	105	101	105	106	109	125	126	132	137	156	142	148	150	130	156	158	171	175	159	154	141	125	174	200	211	213	186	180	162	170	153	132	137	122	138	141	140	143	131	122	142	185	179	178	157	120	122	119	106	87
Income to Minority Interest	0	0	0	0	0	0	0	0	(3)	(1)	(2)	(2)	(2)	(2)	(2)	(3)	(3)	(3)	(3)	(4)	(5)	(3)	(4)	(3)	(2)	(2)	(1)	(1)	(1)	(1)	(0)	0	0	1	0	0	1	0	1	0	0	0	0	0	0	0	0	0	0	(0)	(0)	(0)	(1)	(1)	(0)	(0)	(0)	(1)	(1)	(1)	(1)	0	0	0	0	0	0	0	0	0	0	0	0	2	5	7	13	19	22	24	31	43	53	57	58	59	53	62	68	61	64	60	58	65	77	79
Net Income (Common)	139 N/A	141 +2%	137 -3%	145 +5%	137 -5%	146 +7%	152 +4%	154 +2%	236 +53%	237 +0%	229 -3%	195 -15%	104 -46%	77 -26%	(0) N/A	2 N/A	13 +565%	15 +11%	68 +364%	75 +10%	76 +2%	84 +10%	93 +11%	88 -6%	88 0%	85 -3%	73 -14%	81 +11%	83 +2%	76 -8%	75 -2%	66 -12%	61 -7%	67 +10%	77 +15%	81 +5%	75 -7%	90 +19%	87 -3%	88 +1%	94 +7%	81 -14%	78 -3%	87 +11%	97 +11%	105 +8%	105 0%	101 -4%	105 +4%	106 +1%	109 +3%	125 +15%	125 0%	131 +5%	137 +4%	156 +14%	141 -9%	147 +4%	149 +2%	129 -13%	155 +20%	158 +2%	171 +8%	175 +3%	172 -2%	174 +1%	169 -3%	154 -8%	174 +13%	194 +11%	197 +1%	197 +0%	186 -6%	181 -2%	167 -8%	177 +6%	165 -6%	151 -9%	159 +5%	146 -8%	169 +16%	184 +9%	193 +5%	200 +3%	189 -5%	181 -4%	195 +8%	247 +27%	247 0%	240 -3%	221 -8%	180 -18%	179 0%	185 +3%	184 -1%	166 -10%
EPS (Diluted)	5.43 N/A	5.22 -4%	5.04 -3%	5.31 +5%	5.04 -5%	5.33 +6%	5.48 +3%	5.57 +2%	8.5 +53%	8.37 -2%	8.04 -4%	6.83 -15%	3.67 -46%	2.8 -24%	0 N/A	0.07 N/A	0.48 +586%	0.53 +10%	2.44 +360%	2.68 +10%	2.73 +2%	2.98 +9%	3.29 +10%	3.08 -6%	3.08 N/A	2.97 -4%	2.54 -14%	2.77 +9%	2.82 +2%	2.44 -13%	2.34 -4%	2 -15%	1.89 -6%	1.98 +5%	2.25 +14%	2.33 +4%	2.2 -6%	2.59 +18%	2.5 -3%	2.46 -2%	2.65 +8%	2.19 -17%	2.09 -5%	2.3 +10%	2.58 +12%	2.69 +4%	2.64 -2%	2.52 -5%	2.63 +4%	2.54 -3%	2.56 +1%	2.91 +14%	2.9 0%	2.78 -4%	2.81 +1%	3.18 +13%	2.92 -8%	3 +3%	3.01 +0%	2.61 -13%	3.14 +20%	3.14 N/A	3.33 +6%	3.41 +2%	3.37 -1%	3.38 +0%	3.27 -3%	2.99 -9%	3.38 +13%	3.74 +11%	3.8 +2%	3.8 N/A	3.59 -6%	3.5 -3%	3.23 -8%	3.41 +6%	3.19 -6%	2.89 -9%	3.03 +5%	2.78 -8%	3.22 +16%	3.44 +7%	3.44 N/A	3.48 +1%	3.38 -3%	3.18 -6%	3.41 +7%	4.31 +26%	4.3 0%	4.17 -3%	3.84 -8%	3.12 -19%	3.1 -1%	3.19 +3%	3.17 -1%	2.86 -10%

Income Statement Balance Sheet Cash Flow Statement

ALLETE Inc
NYSE:ALE

Income Statement

Earnings Waterfall
ALLETE Inc

Income Statement
ALLETE Inc

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ALLETE Inc NYSE:ALE

Income Statement

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Income Statement ALLETE Inc

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ALLETE Inc
NYSE:ALE

Earnings Waterfall
ALLETE Inc

Income Statement
ALLETE Inc