Slides
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November 5, 2026 Third Quarter 2026 Earnings Conference Call
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2 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, earnings guidance, projected capital expenditures, planned financing activities, and other financial and operational projections. Southern Company and its subsidiaries caution that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company and its subsidiaries; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Southern Company's and its subsidiaries’ Annual Reports on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026, June 30, 2026 and September 30, 2026 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state legal and regulatory changes, including tax, environmental, and other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing laws, regulations and guidance; the extent and timing of costs and legal requirements related to coal combustion residuals; current and future litigation or regulatory investigations, proceedings, or inquiries; the effects, extent, and timing of the entry of additional competition in the markets in which Southern Company's subsidiaries operate, including from the development and deployment of alternative energy sources; variations in demand for electricity and natural gas, including uncertainties related to projected significant growth in electricity demand driven primarily by data centers and other large load customers, and the related requirement for substantial new generation and transmission investments, creating capital access and revenue recovery risks for the traditional electric operating companies; customer affordability matters; available sources and costs of natural gas and other fuels and commodities; the ability to complete necessary or desirable pipeline expansion or infrastructure projects, limits on pipeline capacity, public and policymaker support for such projects, and operational interruptions to natural gas distribution and transmission activities; transmission constraints; the ability to control costs and avoid cost and schedule overruns during the development, construction, and operation of facilities or other projects due to challenges which include, but are not limited to, changes in labor costs, availability, and productivity, challenges with the management of contractors or vendors, subcontractor performance, adverse weather conditions, shortages, delays, increased costs, or inconsistent quality of equipment, materials, and labor, contractor or supplier delay, the impacts of inflation and trade policies (including tariffs and other trade measures) of the United States and other countries, delays due to judicial or regulatory action, nonperformance under construction, operating, or other agreements, operational readiness, including specialized operator training and required site safety programs, engineering or design problems or any remediation related thereto, design and other licensing-based compliance matters, challenges with start-up activities, including major equipment failure, or system integration, and/or operational performance, challenges related to future epidemic or pandemic health events, continued public and policymaker support for projects, environmental and geological conditions, delays or increased costs to interconnect facilities to transmission grids, and increased financing costs as a result of changes in interest rates or as a result of project delays; legal proceedings and regulatory approvals and actions related to past, ongoing, and proposed construction projects, including state public service commission or other applicable state regulatory agency approvals and Federal Energy Regulatory Commission and U.S. Nuclear Regulatory Commission actions; the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; investment performance of the employee and retiree benefit plans and nuclear decommissioning trust funds and, with respect to retiree benefit plans, changes in actuarial assumptions and differences between the assumptions and actual values, any of the foregoing of which could cause additional funding requirements; advances in technology, including the pace and extent of development of low- to no-carbon energy and battery energy storage technologies and the impact of advancing technology on data center and other large load customer demand; performance of counterparties under ongoing renewable energy partnerships and development agreements; state and federal rate regulations and the impact of pending and future rate cases and negotiations, including rate actions relating to return on equity, equity ratios, additional generating capacity and transmission facilities, extension of retirement dates for fossil fuel plants, and fuel and other cost recovery mechanisms; the ability to successfully operate Southern Company’s electric utilities' generation, transmission, distribution, and battery energy storage facilities and Southern Company Gas' natural gas distribution and storage facilities and the successful performance of necessary corporate functions; the inherent risks involved in operating nuclear generating facilities; the inherent risks involved in generation, transmission, and distribution of electricity and transportation and storage of natural gas, including accidents, explosions, fires, mechanical problems, discharges or releases of toxic or hazardous substances or gases, and other environmental risks; the performance of projects undertaken by the non-utility businesses and the success of efforts to invest in and develop new opportunities; internal restructuring or other restructuring options that may be pursued; potential business strategies, including acquisitions or dispositions of assets or businesses, or interests therein, which cannot be assured to be completed or beneficial to Southern Company or its subsidiaries; the ability of counterparties of Southern Company and its subsidiaries to make payments as and when due and to perform as required; the ability to obtain new short- and long-term contracts with wholesale customers; the direct or indirect effect on the Southern Company system's business resulting from cyber intrusion or physical attack and the threat of cyber and physical attacks; global and U.S. economic conditions, including impacts from geopolitical conflicts, recession, inflation, changes in trade policies (including tariffs and other trade measures) of the United States and other countries, interest rate fluctuations, and financial market conditions, and the results of financing efforts; prolonged or recurring U.S. federal government shutdowns; access to capital markets and other financing sources; changes in Southern Company's and any of its subsidiaries' credit ratings; the ability of Southern Company's electric utilities to obtain additional generating capacity (or sell excess generating capacity) at competitive prices; catastrophic events such as fires, including wildfires, land movement, earthquakes, explosions, floods, high winds, tornadoes, hurricanes and other storms, solar flares, droughts, future epidemic or pandemic health events, wars, political unrest, or other similar occurrences; the direct or indirect effects on the Southern Company system's business resulting from incidents affecting the U.S. electric grid, natural gas pipeline infrastructure, or operation of generating or storage resources; impairments of goodwill or long-lived assets; and the effect of accounting pronouncements issued periodically by standard-setting bodies. Southern Company and its subsidiaries expressly disclaim any obligation to update any forward-looking information.
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3 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 extinguishment of debt at Southern Company, (3) estimated loss on Nicor Gas capital investments, (4) estimated loss on plants under construction, and (5) disposition impacts. Accelerated depreciation from repowering, as well as associated decommissioning costs, relates to the repowering of certain wind facilities at Southern Power, which impacted EPS for the three and nine months ended September 30, 2026 and 2025. Accelerated depreciation and decommissioning costs related to the equipment being replaced will continue until the completion dates of the repowering projects, which are projected to occur through the third quarter 2027. At September 30, 2026, the remaining pre-tax accelerated depreciation and decommissioning costs are projected to total approximately $100 million in 2026 and approximately $135 million in 2027. The costs associated with the extinguishment of debt at Southern Company including changes in income tax benefits impacted EPS for the three and nine months ended September 30, 2026 and for the nine months ended September 30, 2025. Further charges may occur; however, the amount and timing of any such charges are uncertain. Estimated loss on Nicor Gas capital investments represents costs associated with Nicor Gas capital investments disallowed by the Illinois Commerce Commission in November 2025, which impacted EPS for the three and nine months ended September 30, 2026. Further charges may occur; however, the amount and timing of any such charges are uncertain. Estimated loss on plants under construction includes charges/(credits) related to Georgia Power’s completion of Plant Vogtle Units 3 and 4, which impacted EPS for the nine months ended September 30, 2026 and for the three and nine months ended September 30, 2025. Further charges may occur; however, the amount and timing of any such charges are uncertain. Also included in estimated loss on plants under construction are charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power’s integrated coal gasification combined cycle project in Kemper County, Mississippi (Kemper IGCC). The charges impacted EPS for the three and nine months ended September 30, 2025. Dismantlement of the abandoned gasifier-related assets was completed at the end of 2025. Site restoration activities are substantially complete, and any additional costs are expected to be immaterial. Disposition impacts include an income tax refund at Southern Company Gas associated with the 2018 disposition of Elizabethtown Gas, partially offset by related contingency fee expenses incurred in connection with obtaining the refund, which impacted EPS for the nine months ended September 30, 2026. Additional income tax refunds related to past dispositions may occur in the future; however, the amount and timing are uncertain. Also included in disposition impacts is the sale of a multi-use commercial facility development by Alabama Power during the third quarter 2025. The disposition impacts impacted EPS for the three and nine months ended September 30, 2025. Further impacts may result from future disposition activities; however, the amount and timing of any such impacts are uncertain. This presentation also includes projected adjusted EPS for future periods excluding any additional: acquisition and disposition impacts, charges associated with the Kemper IGCC and/or Plant Vogtle Units 3 and 4, charges associated with Nicor Gas disallowances, impairment charges, costs associated with the extinguishment of debt at Southern Company and its non-state regulated subsidiaries, and/or accelerated depreciation from the repowering of wind facilities. Information concerning the aggregate magnitude of the impacts, if any, from these items on EPS is not available at this time. Accordingly, this presentation does not include a quantitative reconciliation of projected adjusted EPS (which is a forward-looking non-GAAP financial measure) because doing so would involve unreasonable efforts. Southern Company believes presentation of EPS excluding the items described above provides investors with information comparable to guidance. Management also uses such measures to evaluate Southern Company's performance. See slide 5 for a reconciliation of historical adjusted EPS to GAAP EPS
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Delivering value through growth & execution 3.5% Q3 weather-normal electric sales growth vs. 2025 Highest in recent history with growth across all classes & companies; Q3 data center usage up 59% Results Growth ~$4B of additional capex identified beyond base capital plan Includes expansion in critical gas infrastructure; On-going RFPs in AL & GA could be additive 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 Execution Performance across the business is strengthening our outlook Long-term growth outlook and durability of plan continues to improve; full refresh expected on Q4 call Disciplined and differentiated approach is benefiting customers Our approach is supporting rate stability, lowering costs for customers, & delivering for all stakeholders ~21GW of large-load contracts & robust economic development 4GW signed across AL & GA since Q2; Significant manufacturing announcements fuels diverse growth 4
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1 Represents accelerated depreciation related to the repowering of certain wind facilities at Southern Power. 2 Represents costs associated with the extinguishment of debt at Southern Company including changes in income tax benefits. 3 Represents costs in 2026 associated with Nicor Gas capital investments disallowed by the Illinois Commerce Commission. 4 Includes credits for the three and nine months ended September 30, 2025 associated with revisions to the total project capital cost forecast for completion of Plant Vogtle Units 3 and 4 and charges for the nine months ended September 30, 2026 and 2025 related to the remeasuring of deferred tax assets associated with the previously recognized estimated loss at Georgia Power related to Plant Vogtle Units 3 and 4 due to changes in the Georgia state income tax rate. Includes charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts resulting from the abandonment and closure activities associated with the Kemper IGCC for the three and nine months ended September 30, 2025. 5 Represents a state income tax refund at Southern Company Gas for the nine months ended September 30, 2026 associated with the 2018 disposition of Elizabethtown Gas and gains at Alabama Power for the three and nine months ended September 30, 2025 associated with the sale of a commercial development property. 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) - ($0.01) - Estimated Loss on Plants Under Construction4 - $0.02 - $0.01 Disposition Impacts5 - - - - Earnings Per Share Excluding Items $1.94 $1.60 $4.40 $3.76 5
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State- Regulated Electrics Southern Company Gas Southern Power Parent & Other Shares $3.76 62¢ 5¢ 7¢ 6¢ (16¢) $4.40 YTD 2025 YTD 2026 State- Regulated Electrics Southern Company Gas Southern Power Parent & Other Shares $1.60 34¢ 0¢ 5¢ 4¢ (9¢) $1.94 Q3 2025 Q3 2026 Q3 2026 & YTD Year-Over-Year Adjusted Drivers1 6 1 Excludes accelerated depreciation related to the repowering of certain wind facilities at Southern Power; costs associated with the extinguishment of debt at Southern Company, including changes in income tax benefits; costs in 2026 associated with Nicor Gas capital investments disallowed by the Illinois Commerce Commission; credits for the three and nine months ended September 30, 2025 associated with revisions to the total project capital cost forecast for completion of Plant Vogtle Units 3 and 4; charges for the nine months ended September 30, 2026 and 2025 related to the remeasuring of deferred tax assets associated with the previously recognized estimated loss at Georgia Power related to Plant Vogtle Units 3 and 4 due to changes in the Georgia state income tax rate; charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts resulting from the abandonment and closure activities associated with the Kemper IGCC for the three and nine months ended September 30, 2025; a state income tax refund at Southern Company Gas for the nine months ended September 30, 2026 associated with the 2018 disposition of Elizabethtown Gas; and gains at Alabama Power for the three and nine months ended September 30, 2025 associated with the sale of a commercial development property. Q3 2026 Key Drivers + Investment in state-regulated utilities + Strong Customer Usage and Growth + Weather (vs. normal: +17¢ Q3 2026 vs. +3¢ Q3 2025) - O&M - Other Taxes YTD Key Drivers + Investment in state-regulated utilities + Strong Customer Usage and Growth + Weather (vs. normal: +17¢ YTD 2026 vs. +8¢ YTD 2025) + Income taxes - O&M
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Competitive power, FERC-regulated pipelines, and other assets under long-term contract All Other Parent Competitive power, FERC-regulated pipelines, and other assets under long- term contract All Other Parent YTD 2026 Adjusted EPS YTD 2026 & Projected Full Year Adjusted EPS 2026 Projected Full Year Adjusted EPS Outlook1 $4.40 Q4 2026 Estimate = 30¢1 1 Excludes any further charges (credits) associated with Plant Vogtle Units 3 and 4, charges (net of salvage proceeds), associated legal expenses (net of insurance proceeds), and tax impacts from the abandonment and closure activities associated with the Kemper IGCC, future acquisition and disposition impacts, future impairment charges, further charges associated with Nicor Gas disallowances, additional costs associated with the extinguishment of debt at Southern Company and its non-state regulated subsidiaries, and/or accelerated depreciation from the repowering of wind facilities. 2 Guidance provided as of February 19, 2026. State-Regulated Utilities LDCs $0.40 Electrics $4.09 $0.38 $0.19 ($0.66) 7 Electrics $4.47 LDCs $0.53 $0.40 ($0.89) $0.19 $4.70 State-Regulated Utilities Now project to be 10¢ above original 2026 Full Year Adjusted EPS Guidance Range of $4.50-$4.602
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8 1.8% 3.5% 1.1% 2.7% 1.3% 7.3% 1.8% 0.6% 6.5% 1.1% Residential Commercial Industrial Retail Electricity Sales Growth vs. Prior Year ➢ Residential sales bolstered by strong customer growth with addition of 45K new customers since Q3 2025 ➢ Commercial sales growth led by accelerating load ramps from data centers which are up 52% YTD ➢ Meaningful broad-based Industrial sales growth across 8 of our top 10 customer segments 8 Q3 YTD Q3 YTDQ3 YTD 1.4% 2.3% 2.3% 3.5% Q4 Q1 Q2 Q3 23% 24% 55% 59% Q4 Q1 Q2 Q3 Accelerating sales growth over the last year Growth across all customer classes All companies higher year-to-date Note: All sales growth weather-normalized vs. prior year
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9 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, expected to add 5K new permanent jobs and ~$25B of investment ➢ 2026 is already the strongest year in our territory’s history of economic activity based on capital investment $9 $7 $6 $9 $32 $21 $14 $23 $50 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Announced Economic Development Capital Investment Momentum continues into Q4 ➢ Audi announced its first US manufacturing facility, a $4B middle Georgia mega-site designed to produce up to 200,000 vehicles per year, supported by 4,500 new jobs ➢ Mitsubishi announced an expansion of its Savannah, GA gas turbine manufacturing facility, expected to double production capacity and add 200+ jobs Company Type Location Jobs New Flyer of America Manufacturing Anniston, AL 45 Honda MFG Automotive Lincoln, AL 200 Airbus Aerospace Mobile, AL 50 Hyundai Motor Automotive Montgomery, AL 50 Walmart Distribution Carnesville, GA 1,000 DeltaX Manufacturing Monroe, GA 250 Siemens Manufacturing Pendergrass, GA 1,450 OpenAI Data Center Rincon, GA 400 Pirelli Automotive Rome, GA 1,000 Gulf Ship Metalworks Gulfport, MS 100+ Recent announcements bolster job growth across our territory 9 $B +32K +20K +25K +23K +52K +29K +20K +21K +20KJobs
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Extraordinarily Positioned to Capture Growth Scale To deliver Experience To execute Market Structure Vertically integrated Balance Sheet Size & durability Regulation Constructive & orderly Large Loads Benefiting all stakeholders New Generation Approved & being built Business Profile Utilities & competitive power Location Growing economies Our Approach to Delivering Value for Customers and Investors 10
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Large Load Customer Update Prospective Pipeline Late-stage Finalizing Contracted Projects Ultimate Ramp 100+ 75GW+ 9 5GW 6 2GW 33 21GW Includes Combined Large Load Outlook 4GW recently contracted, with another 7GW in late or finalizing stages 11 +4GW +2GW +2GW ➢ 4GW of additional contracted load since Q2 call with ~2GWs each in Alabama & Georgia ➢ 21GW of contracted large load customers with additional 7GW in late stages ➢ 8GW of projects advanced to the next stage demonstrating continued momentum since Q2 call ➢ Over 75GW of prospective large load pipeline provides robust opportunity for future progress Pipeline Stages Definition Prospective Pipeline Potential large load customers in early to mid-stages that have requested service in one of our electric service territories Late-stage Project is progressing through the review process and likely to execute contract within 12 months Finalizing Project is highly likely to execute contract in the near term Contracted Fully signed (without material contingencies) to take electric service or fully agreed to with customer, subject to regulator review See slide 18 for quarterly comparison of large load outlook by stage “Committed” projects in Georgia with signed Requests for Service agreements are included within the Late Stage and/or Finaliz ing phases
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Large Load Contract Details 14.5 0.5 5.5 By Company 21GW Georgia Power Alabama Power Mississippi Power 13.5 1.5 5.5 Customer Type 21GW Self-owned Data Center / Hyperscaler Large Data Center Developer (>300MW) Industrial or Small Data Center Developer 21GW total signed across 33 projects • 31 projects (94%) already broken ground & underway • 17-year weighted-average contract length • Includes 7 contracted projects over 1GW 17GW contracted after Q2 20251 • Includes minimum bills and increased protections • 21-year weighted average contract length • ~$25B collateral required by ‘30 with AA- average rating2 4GW contracted prior to Q3 2025 • 18 projects including minimum bills & 5-year average length • Pricing that protects existing customers 1In April 2025, the Georgia Public Service Commission in docket 44280 revised the Rules and Regulations relating to large load customers; 17GW includes one contract at Mississippi Power that was approved in the first quarter 2025 which contains similar provisions. 2Based on ratings as of October 31, 2026. 12
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Disciplined Approach to Contracting Large Loads Provides benefits to customers and adds certainty to our outlook Over 16GW of contracted projects have begun construction Announced Load Ramps 10GW 17GW 21GW 1GW 2GW 2GW 5GW 2028 2030 Mid-2030s 11GW 21GW 28GW Contracted Finalizing Late-Stage (as of) (as of) (as of) Contracting Framework Contract Length At least 15 years for data centers and 10 years for all others Pricing & Minimum Bills Negotiated with minimum bills to cover at least 100% of annual incremental costs to serve Termination Payments Tied to the remaining incremental costs to serve over the life of the contract Collateral Requirements Tied to termination payment and based on customer’s creditworthiness 13
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Capital Investment Outlook Continues to Grow 14 Additional capital opportunities could ultimately push 5-year capital plan towards ~$100B 1) As disclosed on Q4 2025 Earnings Call, February 2026 2) As disclosed on Q1 2026 Earnings Call, April 2026 3) Capital associated with Vogtle 1&2 uprates was previously included in Base Capital Plan • Ongoing RFPs for new generation at Alabama Power in ’31/’32 and Georgia Power in ’32/’33 ($2B+ for every 1GW of company-owned generation) • Additional uprates at existing facilities in Alabama • Midstream-like investments at LDCs to directly or indirectly serve large loads, including data centers and large industrials • Up to 300MW of additional uprate opportunities on existing gas fleet in the Southeast • Brownfield gas generation opportunity at six existing sites or greenfield gas generation outside Southeast to serve growth • Further gas pipeline expansion to serve Southeast • Opportunistic bridge and back-up power solutions State Regulated Competitive Power & Interstate Pipelines$81B Base Capital Plan1 through ‘30 +$4B ~$85B ➢ 400MWs of gas uprates at four units in AL & GA2 ➢ Projected In-service: ’29-’30 ➢ SNG announced Southeast Connector expansion ➢ Projected In-service: ’30-32 ➢ 96MWs of nuclear uprates at Vogtle 1&2 and Hatch 1&23 ➢ Projected In-service: ’28-’31 Identified Projects Above Base Capital Plan1 14
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Proactively Addressing Equity Needs Through 2030 2027 2026 2028 2029 2030 $5.3B ATM Settled ~$92/share avg. $2B Equity Units Converts $93-$116/sh.2 $1.7B Equity via Internal Plans ~$350M annually $1.2B JSN 50% of $2.4B Issue 2025 15%+ ~15% 15%+ ~$2B of Equity Remaining To Be Addressed For $81B base capital plan + $4B of identified incremental capex Equity Content On Balance Sheet Timing of equity projected to support goal of ~17% FFO to Debt1 by 2029 1 Internal FFO to Debt; Based on current outlook 2 Represents mandatory convertible equity units issued in 2025 with conversion date in December 2028 ➢ Over $10B of equity proactively secured supports a strengthening balance sheet ➢ Settled 100% of $5.3B of ATM priced to date ➢ Actions taken are projected to improve 2026 FFO to Debt1 towards ~16% ➢ Remain on trajectory toward 17% FFO to Debt1 by 2029 ➢ ~$2B of equity remaining to be addressed through 2030 ➢ Project to fund incremental capital with ~40% equity 15
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Southern Company Value Proposition: Objective of Regular, Predictable and Sustainable 79 years of dividends1 equal to or greater than the previous year, and 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 90%+ of Earnings from state-regulated electric & gas utilities Customer 25 consecutive years of dividend increases1 1 Future dividends are subject to approval of the Southern Company Board of Directors and depend on earnings, financial condition and other factors. 2 From 2028 adjusted EPS guidance range of $5.25 to $5.45 provided as of February 19, 2026. Objective of providing superior risk-adjusted total shareholder return to our investors Objective of maintaining a high degree of financial integrity and strong investment-grade credit ratings Targeting credit profiles that support ‘A’ ratings for each state-regulated utility and strong ‘BBB+’ at Parent Projected electric sales growth of ~10% from 2026 to 2030 Driven by strong economic development that benefits all customers 16 8% to 9% projected adjusted EPS growth through 2028 Long-term projected adjusted EPS growth of 7% to 8%2 $85B (2026-2030) 90%+ of projected capex in state-regulated utilities Supports projected state-regulated electric & gas utility rate base growth of 9% State-regulated electric $68B State- regulated gas $9B Other
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17 Appendix
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Prospective Pipeline Late-stage Finalizing Contracted Since Q2 Call, We Have Added ~4GW of Large Load Contracts As of Q2 2026 As of Q3 2026 75GW+ (100+ projects) 75GW+ (100+ projects) 5GW (9 projects) 5GW (9 projects) 3GW (4 projects) 2GW (6 projects) 17GW (31 projects) 21GW (33 projects) Large Load Stages 18
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19 Capital Markets / Financing
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Actual Total $ in millions YTD 2026 Remaining 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 $4,125 $12,725 Southern Power 600 - 500 - 500 Southern Company Gas Capital 1,050 - 900 1,000 1,900 Nicor Gas 300 - 300 200 500 Parent Company 4,031 1,000 5,250 5,250 11,500 Total Long-term Debt Issuances $8,522 $2,250 $14,300 $10,575 $27,125 Projected Totals may not foot due to rounding. 1 Represents debt content of long-term projected financings. Amounts and timing could materially change based upon numerous factors, including market conditions, regulatory approvals, the Southern Company system’s capital requirements and available investment opportunities. Financings may consist of senior notes, DOE draws (APC and GPC only), bank loans or a combination thereof. Excludes lease obligations, potential tax-exempt remarketings, early retirements and replacements of callable securities. 2 Includes hybrid securities at Southern Company Gas Capital and Parent Company that receive 50% equity credit from the rating agencies. 3 Represents $300M of First Mortgage Bonds priced on 9/17/2026, of which $125M closed on 10/7/2026 and the remaining $175M is expected to close 12/8/2026. 4 Southern Company issued $2,731M in convertible senior notes and used $369M of the proceeds to repurchase a portion of the 2024A convertible senior notes. Long-term Debt Financings1 as of November 5, 2026 20 2 2 4 3
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Actual Total Long-term Debt ($ in millions) YTD 2026 Remaining 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 Total State-Regulated Electrics $1,313 $91 $2,145 $2,199 $4,435 Southern Power 564 - - - - Southern Company Gas Capital 350 30 54 425 509 Nicor Gas 150 - 100 175 275 Parent Company 4,369 - 2,157 4,800 6,957 Total Long-term Debt Maturities $6,746 $121 $4,456 $7,599 $12,176 Callable Hybrid Schedule Currently Callable Fixed Rate Hybrids $2,970 - - - $2,970 Resetting Hybrids - - $1,476 - $1,476 Projected Long-term Maturity Schedule1 as of November 5, 2026 3 2 21 5 Totals may not foot due to rounding. 1 Excludes financing leases, as well as fixed rate tax-exempt bonds subject to remarketing. 2 Includes $70M related to SEGCO. 3 Includes maturities at Southern Company Gas Capital and Atlanta Gas Light. 4 Includes $2,250M of hybrid securities and $396M of convertible senior notes. 5 Includes fixed rate and resetting hybrids at Parent Company as well as a $270 million hybrid at Georgia Power that are currently callable. 4
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1 Excludes financing leases, fair value adjustments, unamortized debt issuance costs and unamortized discount/premium. 2 Includes maturities at Southern Company Gas Capital and Atlanta Gas Light. 3 Includes SEGCO. Long-term Debt Maturity Tower1 as of November 5, 2026 $ in billions Long-term Debt1 Southern Company’s weighted average long-term debt maturity is 14.4 years 22 1.3 0.1 2.1 2.2 1.4 1.4 1.5 2.4 1.9 1.5 1.6 0.5 0.8 0.8 1.1 1.2 1.2 2.6 0.9 0.5 0.7 0.4 0.6 0.8 1.1 0.6 1.8 1.8 0.2 0.2 0.7 1.3 0.5 0.0 0.2 0.6 0.8 0.2 0.7 0.7 0.6 0.9 0.6 0.1 0.1 0.1 0.1 0.7 0.5 0.6 0.6 0.1 0.1 0.1 0.5 0.1 0.1 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.3 0.4 4.4 2.2 4.8 2.9 1.0 0.5 0.8 1.1 0.8 0.5 2.0 1.8 6.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 State-Regulated Electric Southern Company Gas Southern Power Parent Company Alabama Power $12.0B Georgia Power $22.1B Mississippi Power $1.9B Southern Company Gas Capital $6.8B Nicor Gas $2.8B Southern Power $3.0B Parent Company $24.3B Total Long-term Debt Maturities $73.1B 2 3 3
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Liquidity and Credit as of September 30, 2026 $8.9 billion in committed credit facilities and available liquidity of $8.2 billion (in millions) Alabama Power Georgia Power Mississippi Power Southern Company Gas Southern Power Parent Company Other Consolidated Unused Credit Lines $1,350 $2,042 $275 $1,598 $600 $2,999 $30 $8,894 Cash and Equivalents $678 $260 $89 $12 $402 $3 $297 $1,740 Total $2,028 $2,302 $364 $1,610 $1,002 $3,001 $327 $10,634 Less: Outstanding CP - - - $217 - $670 $3 $890 Less: Tax-Exempt Floaters $796 $653 $58 - - - - $1,507 Net Available Liquidity $1,232 $1,649 $306 $1,393 $1,002 $2,332 $324 $8,237 (in millions) 2026 2027 2028 2029 2030 2031 Total Credit Facility Expirations - $30 $500 $775 - $7,600 $8,905 23 Due to rounding, totals may not foot. 1 Represents amounts from non-SEC reporting subsidiaries, including SEGCO, PowerSecure, Southern Nuclear, Southern LINC and others. 2 Tax-Exempt Floaters include all outstanding variable rate tax-exempt bonds. Does not include $170 million of fixed-rate tax-exempt bonds subject to remarketing within 12 months. 3 Excludes $15 million expiring in 2026 at Alabama Property Company, a wholly-owned subsidiary of Alabama Power, of which $15 million was unused at September 30, 2026. Alabama Power is not party to this arrangement. 1 2 3 3
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Internal FFO to Debt Calculation 24 1 Hybrid Interest represents 50% of interest related to hybrid equity content 2 Hybrid Financings include Junior Subordinated Notes and Mandatory Convertible Notes that currently receive equity credit. 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: Hybrid Interest x 50%1 • FFO • Plus: Georgia Power Storm Damage Costs – Long term • Storm Adjusted FFO Denominator (using Note 8 to Financial Statements, unless noted otherwise) • Total long-term debt (including amount due within a year) • Plus: Notes payable (from Balance Sheet) • Less: Hybrid Financing x 50%2 • Less: Unamortized fair value adjustment • Less: Cash and cash equivalents (from Balance Sheet) • Total Debt • Less: Debt related to Georgia Power Storm Damage Costs • Total Adjusted Debt • Year-End FFO to Debt • Year-End FFO to Debt adjusted for Georgia Power Storm Damage Costs