Southern Company (the) · NYSE:SO
Southern Company (the) — The Southern Company — Q1 2026 Earnings Presentation
27 slides from Southern Company (the)'s earnings presentation, Apr 30, 2026
Slide 1: First Quarter 2026 Earnings Conference Call
First Quarter 2026 Earnings Conference Call April 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 Results Through Growth & Execution
Delivering Results Through Growth & Execution Adjusted Q1 earnings of $1.32 per share (+12¢ vs. estimate) Year-over-year earnings growth across all major businesses in first quarter Results 2.3% retail electricity sales growth in Q1 vs. prior year Weather-normal sales growth across all customer segm
Slide 5: Q1 2026 Earnings Results
Q1 2026 Earnings Results Q1 2026 2025 Earnings Per Share As Reported $1.21 $1.21 Less: Accelerated Depreciation from Repowering1 ($0.10) ($0.02) Loss on Extinguishment of Debt2 ($0.01) - Estimated Loss on Nicor Gas Capital Investments3 - - Estimated Loss on Plants Under Construction4 - - Earnings Pe
Slide 6: Q1 2026 Year-Over-Year Adjusted Drivers
Q1 2026 Year-Over-Year Adjusted Drivers1 3¢ 1¢ (3¢) $1.32 8¢ $1.23 Southern Shares Southern Power Company State-Regulated Gas Electrics Q1 2026 Key Drivers + Strong Customer Usage and Growth + Investment in state-regulated utilities + Wholesale revenues - Weather (vs. normal: -3¢ Q1 2026 vs. +2¢ Q1
Slide 7: Q1 2026 & Projected Full Year Adjusted EPS
Q1 2026 & Projected Full Year Adjusted EPS Q1 YTD 2026 Adjusted EPS 2026 Projected Full Year Adjusted EPS Guidance1,2 $0.10 $0.36 $0.12 $0.14 All Other ($0.21) All Other ($0.90) $4.60 Competitive power, $1.32 FERC-regulated to Competitive power, Parent LDCs pipelines, and other Parent $4.50 LDCs FER
Slide 8: Q1 Retail Electricity Sales Growth vs. Prior Year
Q1 Retail Electricity Sales Growth vs. Prior Year 2.3% total weather-normal sales growth in Q1 ➢ Residential sales bolstered by strong customer growth ➢ Strong Southeast economy is driven by a diverse mix of with addition of 46K new customers since March 2025 industries, strong employment growth, an
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: ~2GW of Additional Large Load Contracted in Q1
~2GW of Additional Large Load Contracted in Q1 23GW of projects have either contracted or are in late stages ➢ Over 11GW of contracted large load customers Combined Large Load Outlook increase of ~2GW vs. prior quarter Projects Ultimate Ramp ➢ Finalizing 6GW of additional agreements in near term acr
Slide 11: 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) 780 MW 780 MW Yates Unit 8
Slide 12: $26.5B of U.S. Department of Energy Loans
$26.5B of U.S. Department of Energy Loans Helps support infrastructure investment, including 10GW of new generation Low-cost financing is projected to provide an estimated $7B in savings for customers over next 30 years ➢ $26.5B of combined loans at Alabama Power ($4.1B) and Georgia Power ($22.4B) i
Slide 13: Southern Power Projects Update
Southern Power Projects Update Renewable Projects Underway Announced Uprates to Gas Fleet ➢ Millers Branch solar facility Phase I (200MW) placed ➢ 400MW of gas uprates announced at four units into service February 2026 across plants Franklin (AL) and Wansley (GA) o Phases II (180MW) and III (132MW)
Slide 14: Proactively Addressing Projected Equity Need Through 2030
Proactively Addressing Projected Equity Need Through 2030 $2.3B Additional equity for ➢ Remain on trajectory toward +$0.3B Southern Power uprates $0.5B $1.8B ~17% FFO to Debt by 2029 ➢ Assuming ~40% equity for ATM $2B priced in Q1 2026 incremental capital Original with forward investments opportunit
Slide 15: 25 Consecutive Years of Dividend Increases
25 Consecutive Years of Dividend Increases Dividends equal to or greater than previous year for 79 years Southern Company has a long-standing history of providing a regular, predictable and sustainable return to shareholders supported by our dividend +8¢ +8¢ +8¢ +8¢ +8¢ +8¢ +8¢ On April 20, 2026, th
Slide 16: Southern Company Value Proposition: Regular, Predictable and Sustainable
Southern Company Value Proposition: Objective of Regular, Predictable and Sustainable Strategy: Maximize long-term value to shareholders through a customer-, community-, and relationship-focused business model that produces premium, sustainable levels of return for investors Objective of maintaining
Slide 17: Appendix
Appendix —$__
Slide 18: Progress Across Large Load Stages vs. Q4 Call
Progress Across Large Load Stages vs. Q4 Call Large Load Stages As of Q4 2025 As of Q1 2026 Prospective Pipeline 75GW+ (125+ projects) 75GW+ (100+ projects) Late Stage 7GW (13 projects) 6GW (10 projects) Finalizing 3GW (3 projects) 6GW (8 projects) Recently Contracted Contracted 10GW (26 projects) 1
Slide 19: 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 Nearly all (~11GW) contracted projects Contract Length have begun construction At least 15 years for data centers and 10 years for all others 23
Slide 20: Georgia Power Storm and Fuel Case Timelines – 2026
Georgia Power Storm and Fuel Case Timelines – 2026 Fuel Case (Docket No. 56765) Storm Case (Docket No. 44280) February 17 – File application and testimony February 17 – File application and testimony April 9 – Staff/Intervenors file testimony April 17 – Staff/Intervenors file testimony April 23 – Co
Slide 21: Capital Markets / Financing
Capital Markets / Financing 21
Slide 22: Long-term Debt Financings
Long-term Debt Financings1 as of April 30, 2026 Actual Projected Total Remaining $ in millions YTD 2026 2026 2027 2028 2026R-2028 2 Alabama Power - 1,125 300 1,425 2 Georgia Power 1,016 2,584 6,100 3,500 12,184 Mississippi Power 75 125 125 325 575 Total State-Regulated Electrics $1,091 $2,709 $7,350
Slide 23: Long-term Maturity Schedule
Long-term Maturity Schedule1 as of April 30, 2026 Actual Projected Total Remaining Long-term Debt ($ in millions) YTD 2026 2026 2027 2028 2026R-2028 Alabama Power 45 - 550 107 657 Georgia Power 346 878 986 1,586 3,449 Mississippi Power - 65 9 356 431 2 Total State-Regulated Electrics $391 $1,013 $1,
Slide 24: Long-term Debt Maturity Tower
Long-term Debt Maturity Tower1 $9.00 as of April 30, 2026 Long-term Debt1 Alabama Power $12.0B $8.00 Georgia Power $21.6B Mississippi Power $1.9B $7.00 Southern Company Gas Capital 2 $6.1B Nicor Gas $2.9B $6.00 Southern Power $2.9B Parent Company $24.7B $5.00 4.8 6.0 Total Long-term Debt Maturities
Slide 25: Liquidity and Credit
Liquidity and Credit as of March 31, 2026 $8.9 billion in committed credit facilities and available liquidity of $7 billion (in millions) 20263 2027 2028 2029 2030 2031 Total Credit Facility $30 - $500 $775 $2,300 $5,300 $8,905 Expirations Alabama Georgia Mississippi Southern Southern Parent (in mil
Slide 26: 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 27: Southern Company
Ss at, Southern Company