SOUTHERN CO Earnings Summary — Q1 2026

• Revenue for Q1 2026 reached $8,397 million, an 8% increase compared to Q1 2025.
• Net income attributable to common stockholders grew to $1,356 million, up from $1,334 million YoY.
• The company demonstrated significant sequential improvement in profitability compared to Q4 2025.
• Fuel and purchased power expenses rose to $2,842 million, up from $2,415 million in the prior year quarter.
• Operating income remained robust at $2,018 million, slightly exceeding the $2,010 million reported in Q1 2025.
• Strong asset base of over $155B continues to provide a massive rate base for regulated returns.
• Interest expense rose to $778 million in Q1 2026, compared to $714 million in Q1 2025.
• Southern Co’s successful completion of Vogtle Units 3 and 4 marks a pivot toward a more stable operational phase.

Management emphasizes a focus on zero-carbon future and operational excellence following the integration of major infrastructure projects like Vogtle. The company targeting predictable EPS growth and maintaining disciplined margin scaling.

Stable

The transition to a post-construction phase at Vogtle has normalized profitability and cash flow, maintaining the company's defensive utility profile.

Southern Co is positioned as a diversified utility powerhouse with high asset-based earnings. The long-term trajectory focuses on recurring utility returns and a transition toward zero-carbon energy while managing a high debt load inherent to the sector.