Southern Company (the) · NYSE:SO
Southern Company (the) — The Southern Company — Q1 2025 Earnings Presentation
21 slides from Southern Company (the)'s earnings presentation, May 1, 2025
Slide 1: First Quarter 2025 Earnings Conference Call
First Quarter 2025 Earnings Conference Call May 1, 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 and (2) accelerated depreciation from r
Slide 4: Q1 2025 Earnings Results
Q1 2025 Earnings Results Q1 2025 2024 Earnings Per Share As Reported $1.21 $1.03 Less: Estimated Loss on Plants Under Construction1 - - Accelerated Depreciation from Repowering2 ($0.02) - Earnings Per Share Excluding Items $1.23 $1.03 1 Includes charges (net of salvage proceeds), associated legal ex
Slide 5: Q1 2025 Year-Over-Year Adjusted Drivers
Q1 2025 Year-Over-Year Adjusted Drivers1 19¢ 1¢ 1¢ (1¢) $1.23 Southern Southern Shares $1.03 Company Power State- Gas Regulated Electrics Q1 2025 Key Drivers + Investment in state-regulated utilities + Weather (vs. normal: +2¢ Q1 2025 vs. -6¢ Q1 2024) - O&M - Depreciation & amortization Q1 2024 Q1 2
Slide 6: Q1 2025 & Projected Full Year Adjusted EPS
Q1 2025 & Projected Full Year Adjusted EPS Q1 2025 Adjusted EPS 2025 Projected Full Year Adjusted EPS Guidance1,2 $0.09 $0.08 $0.39 All Other ($0.80) $4.30 Competitive power, ($0.19) to FERC-regulated Parent $0.12 All Other LDCs $4.20 $1.23 pipelines, and other Competitive power, Parent $0.52 assets
Slide 7: Retail electricity sales flat; growing large load pipeline
1 Retail electricity sales flat ; growing large load pipeline ➢ Lower residential usage partially offset by gains in ➢ System large load pipeline well over 50 GW commercial and industrial • 10 GW is committed, 6 GW contracted • Industrial usage led by growth in the ➢ Southeastern economies are resil
Slide 8: Proactively Addressing $4B Equity Need Through 2029 in Base Plan
Proactively Addressing $4B Equity Need Through 2029 in Base Plan $4B Hybrids $1.2B of equity treatment1 50% of from $2.4B of Junior Subordinated Note issuances JSN issuances ATM $1.0B of ATM sales2 via with future settlements through mid-2026 forward contracts Internal $1.8B of internal equity3 $350
Slide 9: Dividend History
Dividend History Dividends Equal to or Greater Than Previous Year for 78 Years Southern Company has a long-standing history of providing a regular, predictable and sustainable return to shareholders supported by our dividend +8¢ 1 +8¢ +8¢ +8¢ +8¢ +8¢ On April 21, 2025, the Southern Company Board +8¢
Slide 10: 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 11: Appendix
Appendix 11
Slide 12: Ongoing Georgia Power resource RFPs and 2025 IRP highlights
Ongoing Georgia Power resource RFPs Georgia Power’s 2025 IRP highlights plans to reliably and economically meet growth Seeking bids for ~13 GW of resources through 2031 Load Forecast Projections 7% annual peak demand growth through ‘30/’31 (+2 GW need) (RFPs approved in prior IRP processes) 12% annu
Slide 13: Potential Regulated Capital Investment Opportunities Above Base Forecast
Potential Regulated Capital Investment Opportunities Above Base Forecast Potential Regulated ➢ Additional clarity likely by July 2025 Capital Investments $10B - $15B ➢ Potential to increase projected long-term state-regulated rate base growth to 8%+ Ongoing Georgia Power Resource RFPs Gas generation
Slide 14: Rules and Regulations Modifications for New Georgia Power Customers >100MW
Rules and Regulations Modifications for New Georgia Power Customers >100MW Framework approved by the Georgia Public Service Commission in April 2025 • 15 years for Data Centers Minimum Term • 10 years for all others • Provides for the recovery of annual incremental costs to serve the customer in Min
Slide 15: Capital Markets / Financing
Capital Markets / Financing 15
Slide 16: Long-term Financings
Long-term Financings1 as of May 1, 2025 Actual Projected Total Remaining $ in millions YTD 2025 2025 2026 2027 2025-2027 Alabama Power 500 700 - 550 1,750 Georgia Power 1,600 2,000 1,400 2,600 7,600 Mississippi Power 100 - 100 75 275 Total State-Regulated Electrics $2,200 $2,700 $1,500 $3,225 $9,625
Slide 17: Long-term Debt Maturity Tower
Long-term Debt Maturity Tower1 as of May 1, 2025 Long-term Debt1 $7,000 Alabama Power $11.5B Georgia Power $19.8B $6,000 Mississippi Power $1.8B Southern Company Gas Capital 2 $5.5B $5,000 Nicor Gas $2.8B Southern Power $2.7B Parent Company $23.9B $4,000 4741 Total Long-term Debt Maturities 3 $68.1B
Slide 18: Long-term Debt Maturity Schedule
Long-term Debt Maturity Schedule1 as of May 1, 2025 Actual Projected Total Remaining Long-term Debt ($ in millions) YTD 2025 2025 2026 2027 2025-2027 Alabama Power 250 - 46 550 846 Georgia Power 21 809 824 986 2,641 Mississippi Power - 11 65 9 85 Total State-Regulated Electrics 2 $271 $900 $935 $1,5
Slide 19: Liquidity and Credit
Liquidity and Credit as of March 31, 2025 Over $8.9 billion in committed credit facilities and available liquidity of $9.4 billion (in millions) 2025 20263 2027 2028 2029 2030 Total Credit Facility Expirations $30 $650 $625 - $2,300 $5,300 $8,905 Alabama Georgia Mississippi Southern Southern Parent
Slide 20: 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 21: Southern Company
Ss at, Southern Company