Preliminary brief— based on press release only. Full analysis including management tone and Q&A will be added when the transcript is available.

SO · Q3 2024 Earnings

Southern Company

Reported October 30, 2025

30-second summary

Status: Unable to publish. The source materials provided for this brief are internally inconsistent: the press release covers Q3 2025 (reported October 30, 2025, with CFO David P. Poroch) while the accompanying earnings call transcript is from the Q3 2024 call (operator introduces "Southern Company's third quarter 2024 earnings call"; CFO on the call is Dan Tucker). A reliable Q3 FY2025 brief cannot be synthesized from a Q3 2024 transcript paired with a Q3 2025 press release. Required action: Re-run with the matching Q3 FY2025 earnings call transcript alongside the Q3 2025 press release, with the quarter label set to Q3 FY2025 (consistent with the October 30, 2025 report date and December fiscal year end).

Headline numbers

EPS

Q3 FY2024

$1.60

Revenue

Q3 FY2024

$7.82B

+7.5% YoY

Operating margin

Q3 FY2024

33.2%

Key financials

Q3 FY2024

Metric	Q3 FY2024	YoY	Q2 FY2024	QoQ
Revenue	$7.82B	+7.5%	$7.00B	+11.8%
EPS	$1.60	—	$0.92	+73.9%
Operating margin	33.2%	—	25.3%	+786bps

Guidance

Southern Company beat Q3 adjusted EPS guidance by 23%, delivering $1.60 vs. $1.30 guided, while providing new full-year 2025 adjusted EPS target of $4.05.

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Adjusted EPS	Q3 FY2024	$1.30	$1.60	+$0.30 above guide	Beat

New guidance

Metric	Period	Guide	YoY
Adjusted EPS	FY2025	$4.05	—
Adjusted EPS	Q4 FY2025	$0.49	—

Segment KPIs

Q3 FY2024

Segment	Q3 FY2024	YoY
Southern Power	$0.613B	+2.2%
Southern Company Gas	$0.734B	+7.6%
Alabama Power	$2.318B	+8.4%
Georgia Power	$3.77B	+8.6%
Mississippi Power	$0.48B	+16.5%

Other KPIs

Q3 FY2024

Segment	Q3 FY2024
Total Retail Kilowatt-Hour Sales	42,369 million MWh
Total Wholesale Kilowatt-Hour Sales	14,258 million MWh
Regulated Utility Customers	8,934 thousand
Operating Income	$2,594 million
Residential Kilowatt-Hour Sales Growth (YoY)	-0.3%
Commercial Kilowatt-Hour Sales Growth (YoY)	2.3%
Industrial Kilowatt-Hour Sales Growth (YoY)	1.5%
Fuel and Purchased Power Costs	$1,604 million

Management tone

No tone-shift analysis available for this quarter.

Recurring themes management leaned on this quarter:

Extraordinary load growth opportunity (36GW pipeline by mid-2030s, 8GW committed)Hurricane Helene restoration and $1.1B cost deferral process complexityNuclear optionality preservation pending federal risk mitigationDisciplined capital allocation despite unprecedented demand tailwindsRegulatory constructiveness historically, but explicit uncertainty on storm recovery termsSouthern Power expansion opportunity with capacity pricing doubled

Risks management surfaced:

Hurricane Helene cost estimate may materially change as bills finalizeFederal nuclear risk mitigation essential before advancing SMR or new buildsPipeline expansion project subject to legal challenges and permittingEPA coal retirement rules will inform coal asset life planningTiming and magnitude of GRC filings uncertain amid storm recovery and growth demands

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