The NLO corrections to the DIS structure functions and (or equivalently the photon-target cross sections and ) at low are obtained, as a generalization of the dipole factorization formula. For the first time, the contributions of both the and the Fock states in the photon are directly calculated, using earlier results for the light-front wave-functions at one loop inside a dressed virtual photon. Both the and the contributions have UV divergences, which are shown to cancel each other, using conventional dimensional regularization as UV regulator. Finally, the resummation of high-energy logarithms on top of the NLO results for and is discussed.