Southern Company (the) · NYSE:SO
Southern Company (the) — The Southern Company — Q2 2025 Earnings Presentation
22 slides from Southern Company (the)'s earnings presentation, Jul 31, 2025
Slide 1: Second Quarter 2025 Earnings Conference Call
Second Quarter 2025 Earnings Conference Call July 31, 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: Q2 2025 Update
Q2 2025 Update Financial Q2 2025 Adjusted EPS of $0.92 (+7¢ vs. estimate) Results 3.0% weather-normal retail electric sales growth in Q2 vs. prior year Regulatory Georgia Power Alternate Rate Plan extension holds base rates stable1 Outcomes Approved Integrated Resource Plan to reliably serve a growi
Slide 5: Q2 2025 Earnings Results
Q2 2025 Earnings Results Q2 YTD 2025 2024 2025 2024 Earnings Per Share As Reported $0.80 $1.10 $2.01 $2.13 Less: Estimated Loss on Plants Under Construction1 - - - - Accelerated Depreciation from Repowering2 ($0.03) - ($0.05) - Loss on Extinguishment of Debt3 ($0.09) - ($0.09) - Earnings Per Share E
Slide 6: Q2 2025 & YTD Year-Over-Year Adjusted Drivers
Q2 2025 & YTD Year-Over-Year Adjusted Drivers1 $1.10 (13¢) 6¢ 1¢ 1¢ (5¢) $2.13 (1¢) $2.15 0¢ 0¢ (4¢) State- Southern Southern Parent & (1¢) Shares $0.92 Regulated Company Power Other State- Southern Electrics Gas Southern Parent & Regulated Company Shares Power Other Electrics Gas Q2 2025 Key Driver
Slide 7: YTD 2025 & Projected Full Year Adjusted EPS
YTD 2025 & Projected Full Year Adjusted EPS YTD 2025 Adjusted EPS 2025 Projected Full Year Adjusted EPS Guidance1,2 $0.09 $0.39 All Other ($0.80) $4.30 $0.09 Competitive power, to FERC-regulated Parent $0.21 All Other ($0.41) LDCs pipelines, and other $4.20 $2.15 $0.52 assets under LDCs Competitive
Slide 8: Retail electricity sales growth vs. prior year
Retail electricity sales growth vs. prior year ➢ Sales growth across all customer classes in Q2 ➢ System large load pipeline continues to grow and is well over 50 GW by the mid-2030’s • 15,000 new residential customers in Q2 • 10 GW is committed, 6 GW contracted • Industrial usage led by growth in t
Slide 9: Georgia Power filed for certification of 10 GW of new resources
Georgia Power filed for certification of 10 GW 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 Geo
Slide 10: $76B capital investment plan: $13B increase from prior base forecast
$76B capital investment plan: $13B increase from prior base forecast Updates to capital investment plan support projected state-regulated rate base growth of 8% through 2029 +$10B +$2B +$1B New Generation Resources Modernization and Uprates Southern Power Repowering • At least 6 GW of new generation
Slide 11: Addressing original base equity needs; incremental equity needs through 2029
Addressing original base equity needs Incremental equity needs through 2029 As shared on Q1 Earnings Call To fund $13B increase in capital investment plan $5B $4B $1.2B Since Q1 Earnings Call $1.8B $3.8B $1.0B Through Q1 Earnings Call $1.2B Original Internal1 ATM Hybrids2 Incremental ATM Remaining $
Slide 12: Additional Potential Regulated Capital Investment Opportunities Remain
Additional Potential Regulated Capital Investment Opportunities Remain Potential Regulated ➢ Up to $4B of additional investment tied to Capital Investments Up to $5B Georgia Power-owned resources included in RFP certification filings above 6 GW Current Georgia Power Resource RFP Processes Gas genera
Slide 13: Southern Company Value Proposition: Regular, Predictable and Sustainable
Southern Company Value Proposition: Objective of Regular, Predictable and Sustainable Strategy: Maximize long-term value to shareholders through a customer-, community-, and relationship-focused business model that produces sustainable levels of return for investors Objective of maintaining a high d
Slide 14: Appendix
Appendix —$__
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: Capital Markets / Financing
Capital Markets / Financing 16
Slide 17: Long-term Financings
Long-term Financings1 as of July 31, 2025 Actual Projected Total Remaining $ in millions YTD 2025 2025 2026 2027 2025-2027 Alabama Power 600 500 - 550 1,650 2 Georgia Power 2,000 2,000 2,500 4,500 11,000 Mississippi Power 100 - 100 75 275 Total State-Regulated Electrics $2,700 $2,500 $2,600 $5,125 $
Slide 18: Long-term Debt Maturity Schedule
Long-term Debt Maturity Schedule1 as of July 31, 2025 Actual Projected Total Remaining Long-term Debt ($ in millions) YTD 2025 2025 2026 2027 2025-2027 Alabama Power 250 - 46 550 846 Georgia Power 788 43 1,224 986 3,041 Mississippi Power 11 - 65 9 85 Total State-Regulated Electrics 2 $1,058 $113 $1,
Slide 19: Long-term Debt Maturity Tower
Long-term Debt Maturity Tower1 $7,000 as of July 31, 2025 Long-term Debt1 $6,000 Alabama Power $11.6B Georgia Power $19.4B $5,000 Mississippi Power $1.8B Southern Company Gas Capital 2 $5.5B Nicor Gas $2.8B 4741 $4,000 Southern Power $2.7B 1750 Parent Company $24.4B 500 Total Long-term Debt Maturiti
Slide 20: Liquidity and Credit
Liquidity and Credit as of June 30, 2025 Over $8.9 billion in committed credit facilities and available liquidity of $7.6 billion (in millions) 2025 20263 2027 2028 2029 2030 Total Credit Facility Expirations - $680 $625 - - $7,600 $8,905 Alabama Georgia Mississippi Southern Southern Parent (in mill
Slide 21: 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 22: Southern Company
Ss at, Southern Company