Southern Company (the) · NYSE:SO
Southern Company (the) — Q3 2026 Earnings Presentation
25 slides from Southern Company (the)'s earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Earnings Conference Call
Third Quarter 2026 Earnings Conference Call November 5, 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 Q3 earnings of $1.94 per share (+29¢ vs. estimate) Raising FY 2026 adjusted EPS outlook to $4.70 (9% growth Y/Y), 10¢ higher than original guidance Results 3.5% Q3 weather-normal electric sales growth vs. 2025 Highest in recent history with growth
Slide 5: Q3 2026 Earnings Results
Q3 2026 Earnings Results Q3 YTD 2026 2025 2026 2025 Earnings Per Share As Reported $1.77 $1.55 $4.02 $3.56 Less: Accelerated Depreciation from Repowering1 ($0.08) ($0.07) ($0.28) ($0.12) Loss on Extinguishment of Debt2 ($0.08) - ($0.09) ($0.09) Estimated Loss on Nicor Gas Capital Investment3 ($0.01)
Slide 6: Q3 2026 & YTD Year-Over-Year Adjusted Drivers
Q3 2026 & YTD Year-Over-Year Adjusted Drivers1 4¢ (9¢) 7¢ 6¢ (16¢) 5¢ 62¢ 5¢ $4.40 34¢ 0¢ $1.94 Parent & Parent & Shares Shares Southern Southern Southern Southern Other Other Company Power Company Power $3.76 Gas $1.60 Gas State- State- Regulated Regulated Electrics Electrics Q3 2026 Key Drivers YT
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 Outlook1 $0.19 $0.40 $0.19 All Other ($0.89) $4.70 $0.38 Competitive power, All Other ($0.66) $4.40 LDCs FERC-regulated Parent LDCs Competitive power, Parent $0.53 pipelines, and other assets unde
Slide 8: Retail Electricity Sales Growth vs. Prior Year
Retail Electricity Sales Growth vs. Prior Year All companies higher year-to-date ➢ Residential sales bolstered by strong customer growth with addition of 45K new customers since Q3 2025 3.5% ➢ Commercial sales growth led by accelerating load 2.7% ramps from data centers which are up 52% YTD 1.8% 1.1
Slide 9: Robust Economic Development Activity Across Our Southeast Territory
Robust Economic Development Activity Across Our Southeast Territory ~$25B of announced capital investment in Q3, setting a new all-time quarterly record ➢ 26 companies announced plans to locate/expand in Q3, Momentum continues into Q4 expected to add 5K new permanent jobs and ~$25B of investment ➢ A
Slide 10: 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 11: Large Load Customer Update
Large Load Customer Update 4GW recently contracted, with another 7GW in late or finalizing stages ➢ 4GW of additional contracted load since Q2 call Combined Large Load Outlook with ~2GWs each in Alabama & Georgia Projects Ultimate Ramp ➢ 21GW of contracted large load customers with additional 7GW in
Slide 12: Large Load Contract Details
Large Load Contract Details By Company 21GW total signed across 33 projects Alabama • 31 projects (94%) already broken ground & underway Power 5.5 • 17-year weighted-average contract length Georgia 21GW Power • Includes 7 contracted projects over 1GW Mississippi 0.5 Power 1 14.5 17GW contracted afte
Slide 13: 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 16GW of contracted projects Contract Length have begun construction At least 15 years for data centers and 28GW 10 years for all others 5GW
Slide 14: Capital Investment Outlook Continues to Grow
Capital Investment Outlook Continues to Grow Identified Projects Above Additional capital opportunities could ultimately Base Capital Plan1 push 5-year capital plan towards ~$100B ~$85B State Regulated ➢ 400MWs of gas uprates at • Ongoing RFPs for new generation at Alabama Power in four units in AL
Slide 15: Proactively Addressing Equity Needs Through 2030
Proactively Addressing Equity Needs Through 2030 Timing of equity projected goal of ~17% FFO to Debt1 by 2029 ➢ Over $10B of equity 15%+ 15%+ to support~15% proactively secured supports a strengthening balance sheet 2025 2026 2027 2028 2029 2030 ➢ Settled 100% of $5.3B of ATM priced to date ➢ Action
Slide 16: Southern Company Value Proposition: Objective of Regular, Predictable and Sustainable
Southern Company Value Proposition: Objective of Regular, Predictable and Sustainable Strategy: Maximize long-term value to shareholders through a customer-, community-, and relationship-focused business model that produces premium, sustainable levels of return for investors Objective of maintaining
Slide 17: Appendix
Appendix —$__
Slide 18: Since Q2 Call, We Have Added ~4GW of Large Load Contracts
Since Q2 Call, We Have Added ~4GW of Large Load Contracts Large Load Stages As of Q2 2026 As of Q3 2026 Prospective Pipeline 75GW+ (100+ projects) 75GW+ (100+ projects) Late-stage 5GW (9 projects) 5GW (9 projects) Finalizing 3GW (4 projects) 2GW (6 projects) Contracted 17GW (31 projects) 21GW (33 pr
Slide 19: Capital Markets / Financing
Capital Markets / Financing 19
Slide 20: Long-term Debt Financings
Long-term Debt Financings1 as of November 5, 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 1,250 6,100 3,500 10,850 Mississippi Power 225 - 125 325 450 Total State-Regulated Electrics $2,541 $1,250 $7,350
Slide 21: Long-term Maturity Schedule
Long-term Maturity Schedule1 as of November 5, 2026 Actual Projected Total Remaining Long-term Debt ($ in millions) YTD 2026 2026 2027 2028 2026R-2028 Alabama Power 45 - 550 107 657 Georgia Power 1,203 21 1,586 1,586 3,193 Mississippi Power 65 - 9 506 515 2 Total State-Regulated Electrics $1,313 $91
Slide 22: Long-term Debt Maturity Tower
Long-term Debt Maturity Tower1 9.0 as of November 5, 2026 Long-term Debt1 Alabama Power $12.0B 8.0 Georgia Power $22.1B Mississippi Power $1.9B 7.0 Southern Company Gas Capital 2 $6.8B Nicor Gas $2.8B 6.0 Southern Power $3.0B 4.8 Parent Company $24.3B 5.0 6.0 3 4.4 Total Long-term Debt Maturities $7
Slide 23: Liquidity and Credit
Liquidity and Credit as of September 30, 2026 $8.9 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 24: 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 25: Southern Company
Ss at, Southern Company