Southern Company (the) · NYSE:SO
Southern Company (the) — The Southern Company — Q3 2025 Earnings Presentation
24 slides from Southern Company (the)'s earnings presentation, Oct 30, 2025
Slide 1: Third Quarter 2025 Earnings Conference Call
Third Quarter 2025 Earnings Conference Call October 30, 2025
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements Certain information contained in this presentation is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, financial objectives, earning
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to including earnings per share (EPS) in accordance with generally accepted accounting principles (GAAP), this presentation also includes historical adjusted EPS excluding: (1) estimated loss on plants under construction, (2) accelerated depreciation from repo
Slide 4: Q3 2025 Update
Q3 2025 Update Financial Q3 ‘25 Adjusted EPS of $1.60 (+10¢ vs. estimate) - project FY ‘25 of $4.30 Results 2.6% weather-normal retail electricity sales growth in Q3 vs. prior year Large Load 8GW of contracts (+2GW in Q3) supports long-term sales growth outlook Update Large load pipeline remains abo
Slide 5: Q3 2025 Earnings Results
Q3 2025 Earnings Results Q3 YTD 2025 2024 2025 2024 Earnings Per Share As Reported $1.55 $1.40 $3.56 $3.53 Less: Estimated Loss on Plants Under Construction1 $0.02 - $0.01 ($0.01) Accelerated Depreciation from Repowering2 ($0.07) - ($0.12) - Loss on Extinguishment of Debt3 - - ($0.09) - Disposition
Slide 6: Q3 2025 & YTD Year-Over-Year Adjusted Drivers
Q3 2025 & YTD Year-Over-Year Adjusted Drivers1 29¢ (1¢) 1¢ (7¢) (2¢) $3.76 23¢ (1¢) 0¢ (4¢) (1¢) $1.60 $3.56 Southern Southern Parent & Shares Southern Southern Company Power Other Parent & Shares State- $1.43 Company Power Gas Other Regulated Gas Electrics State- Regulated Electrics YTD Key Drivers
Slide 7: YTD 2025 & Projected Full Year Adjusted EPS
YTD 2025 & Projected Full Year Adjusted EPS YTD 2025 Adjusted EPS 2025 Full Year Adjusted EPS Projection1 $0.11 $0.09 $0.40 All Other ($0.86) $0.31 All Other ($0.63) LDCs Competitive power, $4.30 Competitive power, $3.76 $0.53 FERC-regulated Parent LDCs FERC-regulated Parent pipelines, and $0.38 pip
Slide 8: Retail electricity sales growth vs. prior year
Retail electricity sales growth vs. prior year ➢ Sales growth across all customer classes in Q3 ➢ Alabama Power, Georgia Power, & Mississippi Power each named as top utilities in economic development1 • 12K new residential customers in Q3 (well above historical trends) • Each of the states in which
Slide 9: Large Load Customer Update
Large Load Customer Update Demonstrated progress further solidifies sales forecast of 8% annual growth through 2029 Contracts for 8GW (increase of 2GW vs. prior quarter) 12GW ➢ Contracts cover incremental costs with pricing and terms designed to benefit & protect existing customers 10GW 4GW ➢ 7GW (2
Slide 10: Addressing equity needs through 2029
Addressing equity needs through 2029 as of October 30, 2025 $9B $1.8B $4B $2.2B prior to Q2 Earnings Call $1.8B since Q2 Earnings Call $1.2B $2B Total Internal1 ATM Hybrids2 Remaining $350M annually via 50% of Equity over 5-year plan forward contracts JSN issuances to be Need addressed Continuing to
Slide 11: Southern Company Value Proposition: Objective of Regular, Predictable and Sustainable
Southern Company Value Proposition: Objective of Regular, Predictable and Sustainable Strategy: Maximize long-term value to shareholders through a customer-, community-, and relationship-focused business model that produces sustainable levels of return for investors Objective of maintaining a high d
Slide 12: Recent Southern Company Recognition
Recent Southern Company Recognition 2025 Top U.S. Utility for Economic 2025 Development World’s Most Site Selection Magazine: Trustworthy Alabama Power, Georgia Power Companies & Mississippi Power Newsweek Magazine 2025 World’s 2025 National Key #1 Energy Company Most Admired Companies Accounts Awar
Slide 13: Appendix
Appendix —$__
Slide 14: Georgia Power filed for certification of 10GW of new resources
Georgia Power filed for certification of 10GW of new resources New Generation Resources - All-source RFP (Docket No. 56298) Summary Technology Type Procurement Number of Units Gigawatts In-Service Date Combined Cycle Georgia Power-owned 5 3.7 2029-2030 ➢ As a part of the 2025 IRP approval, BESS Geor
Slide 15: Georgia Power Certification Filing Detail
Georgia Power Certification Filing Detail Nominal Nominal In-Service Filing Capacity Resources Capacity Certification Request Type Year (MW) (MW) Sandersville CT PPA 146 2030 PPA Dahlberg CT PPA1 74 2030 PPA Mid-GA Cogen CC PPA 317 2028 PPA Harris CC PPA1 658 2030 PPA 2029-2031 All- Source RFP Bowen
Slide 16: Georgia Power Certification Filing Schedule
Georgia Power Certification Filing Schedule Expected Agenda Date Status Filing for Certification 7/30/2025 ✓ Updated Load Forecast Filing 9/17/2025 ✓ Georgia Power Direct Testimony Filing 9/17/2025 ✓ Georgia Power Direct Hearings 10/21/2025 ✓ Staff & Intervenor Testimony Filing 11/12/2025 Georgia Po
Slide 17: Additional potential regulated capital investment opportunities remain
Additional potential regulated capital investment opportunities remain ➢ Up to $4B of additional investment tied to Georgia Power-owned resources included in Potential Regulated RFP certification filings above 6 GW Capital Investments Up to $5B ➢ Expansion opportunities identified at FERC- regulated
Slide 18: Capital Markets / Financing
Capital Markets / Financing 18
Slide 19: Long-term Financings
Long-term Financings1 as of October 30, 2025 Actual Projected Total Remaining $ in millions YTD 2025 2025 2026 2027 2025-2027 Alabama Power 1,100 - - 550 1,650 2 Georgia Power 3,500 - 2,500 4,500 10,500 Mississippi Power 100 - 100 75 275 Total State-Regulated Electrics $4,700 - $2,600 $5,125 $12,425
Slide 20: Long-term Debt Maturity Schedule
Long-term Debt Maturity Schedule1 as of October 30, 2025 Actual Projected Total Remaining Long-term Debt ($ in millions) YTD 2025 2025 2026 2027 2025-2027 Alabama Power 250 - 45 550 845 Georgia Power 809 21 1,224 986 3,041 Mississippi Power 11 - 65 9 85 Total State-Regulated Electrics 2 $1,080 $91 $
Slide 21: Long-term Debt Maturity Tower
Long-term Debt Maturity Tower1 $7,000 as of October 30, 2025 Long-term Debt1 Alabama Power $12.1B $6,000 Georgia Power $20.9B Mississippi Power $1.8B Southern Company Gas Capital 2 $6.4B $5,000 Nicor Gas $2.8B Southern Power $3.3B 2800 Parent Company $23.9B 4741 $4,000 1750 Total Long-term Debt Matu
Slide 22: Liquidity and Credit
Liquidity and Credit as of September 30, 2025 Over $8.9 billion in committed credit facilities and available liquidity of $10.6 billion (in millions) 2025 20263 2027 2028 2029 2030 Total Credit Facility Expirations - $30 $625 - $650 $7,600 $8,905 Alabama Georgia Mississippi Southern Southern Parent
Slide 23: FFO to Debt Calculation
FFO to Debt Calculation Numerator (using Form 10-K Statements of Cash Flow) • Net cash provided from operating activities • Less: Changes in certain current assets and liabilities • Less: Settlement of asset retirement obligations • Less: Distributions to non-controlling interests • FFO Denominator
Slide 24: Southern Company
Ss at, Southern Company