Southern Company (the) · NYSE:SO
Southern Company (the) — Q2 2026 Earnings Presentation
24 slides from Southern Company (the)'s earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Earnings Conference Call
Second Quarter 2026 Earnings Conference Call July 30, 2026
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) accelerated depreciation from repowering, (2) costs associated with the extinguishm
Slide 4: Delivering Value Through Growth & Execution
Delivering Value Through Growth & Execution Adjusted Q2 earnings of $1.13 per share (+13¢ vs. estimate) Well positioned to deliver near, or at, the top of FY 2026 adjusted EPS guidance ($4.50 - $4.60) Results 2.3% YTD weather-normal electric sales growth vs. 2025 Highest in recent history; YTD data
Slide 5: Q2 2026 Earnings Results
Q2 2026 Earnings Results Q2 YTD 2026 2025 2026 2025 Earnings Per Share As Reported $1.03 $0.80 $2.24 $2.01 Less: Accelerated Depreciation from Repowering1 ($0.10) ($0.03) ($0.20) ($0.04) Loss on Extinguishment of Debt2 - ($0.09) ($0.01) ($0.09) Estimated Loss on Nicor Gas Capital Investment3 - - ($0
Slide 6: Q2 2026 & YTD Year-Over-Year Adjusted Drivers
Q2 2026 & YTD Year-Over-Year Adjusted Drivers1 2¢ 0¢ 3¢ (4¢) 5¢ 2¢ 3¢ (7¢) $2.46 20¢ $1.13 28¢ Southern Parent & Southern Parent & Shares Southern Shares Southern Other Power Other Company Power $2.15 Company $0.92 Gas Gas State- Regulated State- Electrics Regulated Electrics Q2 2026 Key Drivers YTD
Slide 7: YTD 2026 & Projected Full Year Adjusted EPS
YTD 2026 & Projected Full Year Adjusted EPS YTD 2026 Adjusted EPS 2026 Projected Full Year Adjusted EPS Guidance1,2 $0.36 $0.12 $0.15 All Other ($0.90) $4.60 $0.24 Competitive power, ($0.43) FERC-regulated to All Other $2.46 LDCs Parent pipelines, and other $4.50 Competitive power, $0.53 LDCs Parent
Slide 8: YTD Retail Electricity Sales Growth vs. Prior Year
YTD Retail Electricity Sales Growth vs. Prior Year 2.3% total weather-normal sales growth – highest in two decades ➢ Residential sales bolstered by strong customer growth ➢ 35 companies announced plans to locate/expand in Q2, with addition of 42K new customers since June 2025 expected to add 3K new
Slide 9: Extraordinarily Positioned to Capture Growth
Extraordinarily Positioned to Capture Growth Our Approach To Delivering Value For Customers and Investors Market Structure Business Profile Scale Vertically integrated Utilities & competitive power To deliver Balance Sheet Regulation Location Size & durability Constructive & orderly Growing economie
Slide 10: Large Load Customer Update
Large Load Customer Update 6GW recently contracted, with another 8GW in late or finalizing stages ➢ 6GW of additional contracts since Q1 call Combined Large Load Outlook with 3GW each in Alabama and Georgia Projects Ultimate Ramp ➢ 17GW of contracted large load customers with additional 8GW in late
Slide 11: Large Load Contract Details
Large Load Contract Details By Utility 17GW total signed across 31 projects Alabama • 27 projects already broken ground & underway Power 4 • 16-year weighted-average contract length Georgia 0.5 17GW Power • Includes 6 contracted projects over 1GW Mississippi Power 1 12.5 13GW contracted after Q2 202
Slide 12: Disciplined Approach to Contracting Large Loads
Disciplined Approach to Contracting Large Loads Provides benefits to customers and adds certainty to our outlook Contracting Framework Announced Load Ramps Over 12GW of contracted projects Contract Length have begun construction At least 15 years for data centers and 25GW 10 years for all others 5GW
Slide 13: New Infrastructure to Reliably Serve Growth
New Infrastructurevto Reliably Serve Growth 10GW of state-regulated company-owned new resources under construction, with assets projected to be placed in-service each year Completed 2026 2027 2028 2029 2030 1.2GW 1.5GW 1.9GW 2.3GW 2.8GW Bowen Unit 8 (CC) Bowen Unit 7 (CC) 780MW 780MW Yates Unit 8 (C
Slide 14: Proactively Addressing Projected Equity Need Through 2030
Proactively Addressing Projected Equity Need Through 2030 $2.3B ➢ Remain on trajectory toward Additional equity for ~17% FFO to Debt by 2029 +$0.3B Southern Power uprates $0.5B as of Q1 call ➢ Settled $2B of ATM equity in Q2 that was priced in 2025 $0.7B $2B ➢ Assuming ~40% equity for Original price
Slide 15: Southern Company Value Proposition: Objective of Regular, Predictable and Sustainable
Southern Company Value Proposition: Objective of Regular, Predictable and Sustainable Strategy: Maximize long-term value to shareholders through a customer-, community-, and relationship-focused business model that produces premium, sustainable levels of return for investors Objective of maintaining
Slide 16: Appendix
Appendix —$__
Slide 17: Since Q1 Call, We Have Added ~6GW of Large Load Contracts
Since Q1 Call, We Have Added ~6GW of Large Load Contracts Large Load Stages As of Q1 2026 As of Q2 2026 Prospective Pipeline 75GW+ (100+ projects) 75GW+ (100+ projects) Late-stage 6GW (10 projects) 5GW (9 projects) Finalizing 6GW (8 projects) 3GW (4 projects) Contracted 11GW (28 projects) 17GW (31 p
Slide 18: Capital Markets / Financing
Capital Markets / Financing 18
Slide 19: Long-term Debt Financings
Long-term Debt Financings1 as of July 30, 2026 Actual Projected Total Remaining $ in millions YTD 2026 2026 2027 2028 2026R-2028 Alabama Power - - 1,125 300 1,425 Georgia Power 2,316 1,284 6,100 3,500 10,884 Mississippi Power 75 125 125 325 575 Total State-Regulated Electrics $2,391 $1,409 $7,350 $4
Slide 20: Long-term Maturity Schedule
Long-term Maturity Schedule1 as of July 30, 2026 Actual Projected Total Remaining Long-term Debt ($ in millions) YTD 2026 2026 2027 2028 2026R-2028 Alabama Power 45 - 550 107 657 Georgia Power 768 456 1,586 1,586 3,627 Mississippi Power 65 - 9 356 366 2 Total State-Regulated Electrics $878 $526 $2,1
Slide 21: Long-term Debt Maturity Tower
Long-term Debt Maturity Tower1 9.0 as of July 30, 2026 Long-term Debt1 Alabama Power $12.0B 8.0 Georgia Power $22.5B Mississippi Power $1.9B 7.0 Southern Company Gas Capital 2 $6.3B Nicor Gas $2.8B 6.0 Southern Power $3.0B Parent Company $22.9B 5.0 4.8 6.0 3 Total Long-term Debt Maturities $71.4B 4.
Slide 22: Liquidity and Credit
Liquidity and Credit as of June 30, 2026 Over $8.8 billion in committed credit facilities and available liquidity of $8.2 billion 3 (in millions) 2026 2027 2028 2029 2030 2031 Total Credit Facility - $30 $500 $775 - $7,600 $8,905 Expirations Alabama Georgia Mississippi Southern Southern Parent 1 (in
Slide 23: Internal FFO to Debt Calculation
Internal 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 • Less: H
Slide 24: Southern Company
Ss at, Southern Company