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ATLANTA – Southern Company today reported third-quarter earnings of $1.5 billion, or $1.40 per share, in 2024 compared with earnings of $1.4 billion, or $1.30 per share, in the third quarter of 2023. For the nine months ended September 30, 2024, Southern Company reported earnings of $3.9 billion, or $3.53 per share, compared with $3.1 billion, or $2.86 per share, for the same period in 2023.

Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $1.6 billion, or $1.43 per share, during the third quarter of 2024, compared with $1.5 billion, or $1.42 per share, during the third quarter of 2023. For the nine months ended September 30, 2024, excluding these items, Southern Company earned $3.9 billion, or $3.56 per share, compared with $3.3 billion, or $3.01 per share, for the same period in 2023.


Non-GAAP Financial Measures	Three Months Ended September				Year-to-Date September
Net Income – Excluding Items (in millions)	2024		2023		2024		2023
Net Income – As Reported	$	1,535	$	1,422	$	3,867	$	3,121
Less:
Estimated Loss on Plants Under Construction	(3)		(166)		11		(171)
Tax Impact	1		42		(16)		43
Acquisition and Disposition Impacts	—		(2)		—		(2)
Tax Impact	—		1		—		1
Loss on Extinguishment of Debt	—		—		—		(5)
Tax Impact	—		—		—		1
Estimated Loss on Qualifying Infrastructure Plant	—		—		—		(38)
Tax Impact	—		—		—		10
Impairments	(36)		—		(36)		—
Tax Impact	9		—		9		—
Net Income – Excluding Items	$	1,564	$	1,547	$	3,899	$	3,282
Average Shares Outstanding – (in millions)	1,097		1,092		1,096		1,092
Basic Earnings Per Share - Excluding Items	$	1.43	$	1.42	$	3.56	$	3.01

“Employees across the Southern Company system came together in response to Hurricane Helene, a storm of exceptional magnitude which proved to be the most destructive in Georgia Power’s history,” added Womack. “We are thankful for the thousands of lineworkers, technicians and support staff who joined first responders, emergency management agencies and officials from the local, state and federal government, industry partners and an extraordinary mutual assistance workforce with tireless dedication to restore service to customers across Georgia. We are proud to continue to provide additional assistance to the individuals and families impacted by this devastating storm through contributions to aid organizations and other support. Our commitment to communities and customers has never been more important.”

Southern Company’s financial analyst call will begin at 1 p.m. Eastern Time today, during which Womack and Chief Financial Officer Daniel S. Tucker will discuss earnings and provide a general business update. Investors, media and the public may listen to a live webcast of the call and view associated slides at investor.southerncompany.com. A replay of the webcast will be available on the site for 12 months.

Southern Company (NYSE: SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. Providing clean, safe, reliable and affordable energy with excellent service is our mission. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy company with national capabilities, a fiber optics network and telecommunications services. Through an industry-leading commitment to innovation, resilience and sustainability, we are taking action to meet customers’ and communities’ needs while advancing our goal of net zero greenhouse gas emissions by 2050. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success. We are transforming energy into economic, environmental and social progress for tomorrow. Our corporate culture and hiring practices have earned the company national awards and recognition from numerous organizations, including Forbes, The Military Times, Fair360, Black Enterprise, J.D. Power, Fortune, Human Rights Campaign and more. To learn more, visit southerncompany.com.




Southern Company
Financial Highlights
(In Millions Except Earnings Per Share)

	Three Months Ended September				Year-To-Date September
Net Income – As Reported	2024		2023		2024		2023
Traditional Electric Operating Companies	$	1,618	$	1,419	$	3,630	$	2,852
Southern Power	82		100		264		288
Southern Company Gas	38		82		555		475
Total	1,738		1,601		4,449		3,615
Parent Company and Other	(203)		(179)		(582)		(494)
Net Income – As Reported	$	1,535	$	1,422	$	3,867	$	3,121

Basic Earnings Per Share(1)	$	1.40	$	1.30	$	3.53	$	2.86
Average Shares Outstanding	1,097		1,092		1,096		1,092

Non-GAAP Financial Measures	Three Months Ended September				Year-To-Date September
Net Income – Excluding Items	2024		2023		2024		2023
Net Income – As Reported	$	1,535	$	1,422	$	3,867	$	3,121
Less:
Estimated Loss on Plants Under Construction(2)	(3)		(166)		11		(171)
Tax Impact	1		42		(16)		43
Acquisition and Disposition Impacts(3)	—		(2)		—		(2)
Tax Impact	—		1		—		1
Loss on Extinguishment of Debt(4)	—		—		—		(5)
Tax Impact	—		—		—		1
Estimated Loss on Qualifying Infrastructure Plant(5)	—		—		—		(38)
Tax Impact	—		—		—		10
Impairments(6)	(36)		—		(36)		—
Tax Impact	9		—		9		—
Net Income – Excluding Items	$	1,564	$	1,547	$	3,899	$	3,282

Basic Earnings Per Share – Excluding Items	$	1.43	$	1.42	$	3.56	$	3.01

(2)Earnings for the nine months ended September 30, 2024 include a pre-tax credit to income of $21 million ($16 million after tax) related to the estimated probable loss on Plant Vogtle Units 3 and 4 reflecting a revision to Georgia Power Company's total project capital cost forecast resulting from a reduction in remaining expected site demobilization costs and other contractor obligations. Additionally, earnings for the nine months ended September 30, 2024 include a $14 million income tax charge related to the remeasuring of deferred tax assets associated with the previously recognized estimated probable loss on Plant Vogtle Units 3 and 4 due to a change in the State of Georgia corporate tax rate. Earnings for the three and nine months ended September 30, 2023 include a pre-tax charge of $160 million ($120 million after tax) related to the estimated probable loss on Plant Vogtle Units 3 and 4. Further charges and/or credits may occur; however, the amount and timing are uncertain. Earnings for the three and nine months ended September 30, 2024 and 2023 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage, totaling approximately $15 million annually through 2025.

(3)Earnings for the three and nine months ended September 30, 2023 include a pre-tax loss of $2 million ($1 million after tax) related to the sale of a natural gas storage facility at Southern Company Gas. Further impacts may result from future acquisition and disposition activities; however, the amount and timing of any such impacts are uncertain.

(5)Earnings for the nine months ended September 30, 2023 include a pre-tax charge of $38 million ($28 million after tax) for an estimated loss at Southern Company Gas associated with an Illinois Commerce Commission disallowance related to its review of the Qualifying Infrastructure Plant (QIP) capital investments by Nicor Gas for calendar year 2019 under the QIP Rider, or Investing in Illinois program. Further charges may occur; however, the amount and timing of any such charges are uncertain.

(6)Earnings for the three and nine months ended September 30, 2024 include a pre-tax impairment loss of $36 million ($27 million after tax) associated with the discontinued development of a multi-use commercial facility at Alabama Power Company. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain.




Southern Company
Significant Factors Impacting EPS

	Three Months Ended September						Year-To-Date September
	2024		2023		Change		2024		2023		Change
Earnings Per Share –
As Reported(1)	$	1.40	$	1.30	$	0.10	$	3.53	$	2.86	$	0.67

Significant Factors:
Traditional Electric Operating Companies					$	0.18					$	0.71
Southern Power					(0.02)						(0.02)
Southern Company Gas					(0.04)						0.07
Parent Company and Other					(0.02)						(0.08)
Increase in Shares					—						(0.01)
Total – As Reported					$	0.10					$	0.67

	Three Months Ended September						Year-To-Date September
Non-GAAP Financial Measures	2024		2023		Change		2024		2023		Change
Earnings Per Share –
Excluding Items	$	1.43	$	1.42	$	0.01	$	3.56	$	3.01	$	0.55

Total – As Reported					$	0.10					$	0.67
Less:
Estimated Loss on Plants Under Construction(2)					0.12						0.11
Acquisition and Disposition Impacts(3)					—						—
Loss on Extinguishment of Debt(4)					—						—
Estimated Loss on Qualifying Infrastructure Plant(5)					—						0.03
Impairments(6)					(0.03)						(0.02)
Total – Excluding Items					$	0.01					$	0.55




Southern Company
EPS Earnings Analysis


Description	Three Months Ended September 2024 vs. 2023	Year-To-Date September 2024 vs. 2023

Retail Sales	(3)¢	2¢

Retail Revenue Impacts	32	72

Weather	(1)	19

Wholesale and Other Operating Revenues	4	10

Non-Fuel Operations and Maintenance Expenses(1)	(10)	(11)

Depreciation and Amortization	(3)	(9)

Interest Expense and Other	(7)	(13)

Income Taxes	(3)	(8)

Total Traditional Electric Operating Companies	9¢	62¢

Southern Power	(2)	(2)

Southern Company Gas	(4)	5

Parent Company and Other	(2)	(9)

Increase in Shares	—	(1)

Total Change in EPS (Excluding Items)	1¢	55¢

Estimated Loss on Plants Under Construction(2)	12	11

Acquisition and Disposition Impacts(3)	—	—

Loss on Extinguishment of Debt(4)	—	—

Estimated Loss on Qualifying Infrastructure Plant(5)	—	3

Impairments(6)	(3)	(2)

Total Change in EPS (As Reported)	10¢	67¢




Southern Company
Consolidated Earnings
As Reported

	Three Months Ended September						Year-To-Date September
	2024		2023		Change		2024		2023		Change
	(in millions)						(in millions)
Retail electric revenues:
Fuel	$	1,179	$	1,356	$	(177)	$	3,250	$	3,412	$	(162)
Non-fuel	4,187		3,783		404		10,543		9,185		1,358
Wholesale electric revenues	721		727		(6)		1,919		1,930		(11)
Other electric revenues	222		203		19		631		602		29
Natural gas revenues	682		689		(7)		3,220		3,417		(197)
Other revenues	283		222		61		820		662		158
Total operating revenues	7,274		6,980		294		20,383		19,208		1,175
Fuel and purchased power	1,395		1,574		(179)		3,843		4,056		(213)
Cost of natural gas	98		102		(4)		852		1,199		(347)
Cost of other sales	166		126		40		464		381		83
Non-fuel operations and maintenance	1,662		1,424		238		4,543		4,352		191
Depreciation and amortization	1,210		1,143		67		3,537		3,365		172
Taxes other than income taxes	375		341		34		1,155		1,076		79
Estimated loss on Plant Vogtle Units 3 and 4	—		160		(160)		(21)		160		(181)


Total operating expenses	4,906		4,870		36		14,373		14,589		(216)
Operating income	2,368		2,110		258		6,010		4,619		1,391
Allowance for equity funds used during construction	58		66		(8)		167		200		(33)
Earnings from equity method investments	31		32		(1)		107		110		(3)
Interest expense, net of amounts capitalized	692		620		72		2,050		1,812		238

Other income (expense), net	147		141		6		450		428		22
Income taxes	377		297		80		890		492		398
Net income	1,535		1,432		103		3,794		3,053		741

Net income (loss) attributable to noncontrolling interests	—		10		(10)		(73)		(68)		(5)
Net income attributable to Southern Company	$	1,535	$	1,422	$	113	$	3,867	$	3,121	$	746





Southern Company
Kilowatt-Hour Sales and Customers


	Three Months Ended September						Year-To-Date September
	2024	2023	% Change		Weather Adjusted % Change		2024	2023	% Change		Weather Adjusted % Change
	(in millions)						(in millions)
Kilowatt-Hour Sales

Total Sales	56,035	55,428	1.1	%			152,461	150,157	1.5	%

Total Retail Sales	41,893	42,364	(1.1)	%	(0.4)	%	114,154	110,715	3.1	%	0.6	%
Residential	14,677	15,133	(3.0)	%	(1.5)	%	38,442	36,458	5.4	%	(0.5)	%
Commercial	14,279	14,341	(0.4)	%	0.1	%	38,419	37,050	3.7	%	2.1	%
Industrial	12,803	12,751	0.4	%	0.4	%	36,889	36,791	0.3	%	0.3	%
Other	134	139	(3.5)	%	(3.1)	%	404	416	(2.8)	%	(3.0)	%

Total Wholesale Sales	14,142	13,064	8.2	%	N/A		38,307	39,442	(2.9)	%	N/A


							Period Ended September
							2024	2023	% Change
							(in thousands)
Regulated Utility Customers

Total Regulated Utility Customers							8,865	8,792	0.8%
Traditional Electric Operating Companies							4,530	4,476	1.2%
Southern Company Gas							4,335	4,316	0.4%




Southern Company
Financial Overview
As Reported

	Three Months Ended September						Year-To-Date September
	2024		2023		% Change		2024		2023		% Change
	(in millions)						(in millions)
Southern Company –
Operating Revenues	$	7,274	$	6,980	4.2	%	$	20,383	$	19,208	6.1	%
Earnings Before Income Taxes	1,912		1,729		10.6	%	4,684		3,545		32.1	%
Net Income Available to Common	1,535		1,422		7.9	%	3,867		3,121		23.9	%

Alabama Power –
Operating Revenues	$	2,138	$	2,083	2.6	%	$	5,803	$	5,420	7.1	%
Earnings Before Income Taxes	628		644		(2.5)	%	1,517		1,235		22.8	%
Net Income Available to Common	493		565		(12.7)	%	1,195		1,132		5.6	%

Georgia Power –
Operating Revenues	$	3,472	$	3,237	7.3	%	$	8,745	$	7,805	12.0	%
Earnings Before Income Taxes	1,296		980		32.2	%	2,765		1,892		46.1	%
Net Income Available to Common	1,050		780		34.6	%	2,249		1,547		45.4	%

Mississippi Power –
Operating Revenues	$	412	$	436	(5.5)	%	$	1,118	$	1,137	(1.7)	%
Earnings Before Income Taxes	97		93		4.3	%	233		208		12.0	%
Net Income Available to Common	75		75		—	%	186		173		7.5	%

Southern Power –
Operating Revenues	$	600	$	653	(8.1)	%	$	1,597	$	1,686	(5.3)	%
Earnings Before Income Taxes	115		149		(22.8)	%	223		258		(13.6)	%
Net Income Available to Common	82		100		(18.0)	%	264		288		(8.3)	%

Southern Company Gas –
Operating Revenues	$	682	$	689	(1.0)	%	$	3,220	$	3,417	(5.8)	%
Earnings Before Income Taxes	49		110		(55.5)	%	739		635		16.4	%
Net Income Available to Common	38		82		(53.7)	%	555		475		16.8	%




News

Media Contact:	Southern Company Media Relations
	404-506-5333 or 1-866-506-5333
	southerncompany.com

Investor Relations Contact:
	Greg MacLeod
	404-685-4194
	gbmacleo@southernco.com
		October 31, 2024