ALLETE Inc. reported third‑quarter 2025 earnings with earnings per share of $0.46 and net income of $27.1 million, down from $0.78 and $45.0 million in the same quarter of 2024.
Regulated Operations generated net income of $32.5 million in Q3 2025, a slight decline from $34.0 million a year earlier. ALLETE Clean Energy posted a net loss of $3.6 million, reversing a $3.9 million profit in Q3 2024. New Energy Equity’s net income fell to $1.3 million from $11.7 million, while Corporate and Other recorded a net loss of $3.1 million versus a $4.6 million loss in Q3 2024.
The decline in earnings was driven by reduced sales to industrial customers and inflationary pressures at Minnesota Power, including higher fuel and labor costs. Lower renewable‑project sales and transaction‑related costs associated with the pending acquisition also weighed on profitability.
CPP Investments and GIP’s acquisition of ALLETE was approved by the Minnesota Public Utilities Commission on October 3, 2025, with a closing expected in late 2025. The $6.2 billion deal includes $67 in cash per share and $200 million in customer benefits such as rate credits and a rate‑case stay‑out provision.
Management noted that the MPUC approval marks a key milestone in the transition to a private ownership structure. CEO Bethany Owen highlighted the company’s continued focus on clean‑energy transformation, while CFO Jeff Scissons said that lower industrial margins are expected to persist through the remainder of 2025.
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