阿里特 2025年季度报告

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller Large Accelerated Filer☒Accelerated Filer☐Non-Accelerated Filer☐Smaller Reporting Company☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☒No Index Definitions Forward-Looking Statements Forward-Looking Statements Statements in this report that are not statements of historical facts are considered “forward-looking” and, accordingly, involve risks anduncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements havebeen made in good faith and are based on reasonable assumptions, there can be no assurance that the expected results will be achieved.Any statements that express, or involve discussions as to, future expectations, risks, beliefs, plans, objectives, assumptions, events, In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionarystatement to identify important factors that could cause our actual results to differ materially from those indicated in forward-lookingstatements made by or on behalf of ALLETE in this Form 10-K, in presentations, on our website, in response to questions orotherwise. These statements are qualified in their entirety by reference to, and are accompanied by, the following important factors, in •our ability to successfully implement our strategic objectives;•global and domestic economic conditions affecting us or our customers;•changes in and compliance with laws and regulations, the direct and indirect effects of new or changes in existing tariffs, orchanges in tax rates or policies;•changes in rates of inflation or availability of key materials and suppliers;•the outcome of legal and administrative proceedings (whether civil or criminal) and settlements;•weather conditions, natural disasters and pandemic diseases;•our ability to access capital markets, bank financing and other financing sources;•changes in interest rates and the performance of the financial markets;•project delays or changes in project costs;•changes in operating expenses and capital expenditures and our ability to raise revenues from our customers;•the impacts of commodity prices on ALLETE and our customers;•our ability to attract and retain qualified, skilled and experienced personnel;•effects of emerging technology;•war, acts of terrorism and cybersecurity attacks;•our ability to manage expansion and integrate acquisitions;•population growth rates and demographic patterns;•wholesale power market conditions;•federal and state regulatory and legislative actions that impact regulated utility economics, including our allowed rates of return,capital structure, ability to secure financing, industry and rate structure, acquisition and disposal of assets and facilities, operationand construction of plant facilities and utility infrastructure, recovery of purchased power, capital investments and other expenses,including present or prospective environmental matters;•effects of competition, including competition for retail and wholesale customers;•effects of restructuring initiatives in the electric industry;•the impacts on our businesses of climate change and future regulation to restrict the emissions of GHG;•effects of increased deployment of distributed low-carbon electricity generation resources;•the impacts of laws and regulations related to renewable and distributed generation;•pricing, availability and transportation of fuel and other commodities and the ability to recover the costs of such commodities;•our current and potential industrial and municipal customers’ ability to execute announced expansion plans; Forward Looking Statements (Continued) •the announcement and pendency of the Merger, during which ALLETE is subject to certain operating restrictions, could have an Additional disclosures regarding factors that could cause our results or performance to differ from those anticipated by this report arediscussed in Part I, Item 1A. Risk Factors of our 2024 Form 10-K. Any forward-looking statement speaks only as of the date on whichsuch statement is made, and we undertake no obligation to update any forward-lo