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Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $1.1 billion, or $1.03 per share, during the first quarter of 2024, compared with $867 million, or 79 cents per share, during the first quarter of 2023.


Non-GAAP Financial Measures	Three Months Ended March
Net Income – Excluding Items (in millions)	2024		2023
Net Income – As Reported	$	1,129	$	862
Less:
Estimated Loss on Plants Under Construction	(4)		(2)
Tax Impact	1		1


Loss on Extinguishment of Debt	—		(5)
Tax Impact	—		1




Net Income – Excluding Items	$	1,132	$	867
Average Shares Outstanding – (in millions)	1,094		1,091
Basic Earnings Per Share - Excluding Items	$	1.03	$	0.79

“All our businesses experienced a strong start to 2024,” said Chairman, President and CEO Christopher C. Womack. “This performance was driven by a variety of factors, including investments in our state-regulated utilities, weather that was less mild than the first quarter of last year and higher weather-adjusted sales in our electric utilities' commercial customer class, a fact that speaks to strong local economies and increased usage by many existing data center customers.”

“We were also pleased to announce earlier this week that Plant Vogtle Unit 4 has achieved commercial operation,” added Womack. “New units 3 and 4 are now positioned to deliver more than 2,200 megawatts of reliable, carbon-free energy for decades to come. With all four units operational, Plant Vogtle is now the largest generator of clean energy in the United States. This monumental achievement is a testament not only to the commitment and perseverance of our Southern Company team, but to the hard work and dedication of thousands of American craft workers and engineers, our Plant Vogtle co-owners and enlightened regulators who championed the development of new nuclear generation.”

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 distribution 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, DiversityInc, 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 March
Net Income – As Reported	2024		2023
Traditional Electric Operating Companies	$	819	$	610
Southern Power	96		102
Southern Company Gas	409		309
Total	1,324		1,021
Parent Company and Other	(195)		(159)
Net Income – As Reported	$	1,129	$	862

Basic Earnings Per Share(1)	$	1.03	$	0.79
Average Shares Outstanding	1,094		1,091

Non-GAAP Financial Measures	Three Months Ended March
Net Income – Excluding Items	2024		2023
Net Income – As Reported	$	1,129	$	862
Less:
Estimated Loss on Plants Under Construction(2)	(4)		(2)
Tax Impact	1		1


Loss on Extinguishment of Debt(3)	—		(5)
Tax Impact	—		1




Net Income – Excluding Items	$	1,132	$	867

Basic Earnings Per Share – Excluding Items	$	1.03	$	0.79

(2)Earnings for the three months ended March 31, 2024 and 2023 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. Additionally, further charges and/or credits related to estimated probable loss on Georgia Power Company's construction of Plant Vogtle Units 3 and 4 may occur; however, the amount and timing are uncertain.

(3)Earnings for the three months ended March 31, 2023 include costs associated with the extinguishment of debt at Southern Company. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.




Southern Company
Significant Factors Impacting EPS

	Three Months Ended March
	2024		2023		Change
Earnings Per Share –
As Reported(1)	$	1.03	$	0.79	$	0.24

Significant Factors:
Traditional Electric Operating Companies					$	0.19
Southern Power					(0.01)
Southern Company Gas					0.09
Parent Company and Other					(0.03)
Increase in Shares					—
Total – As Reported					$	0.24

	Three Months Ended March
Non-GAAP Financial Measures	2024		2023		Change
Earnings Per Share –
Excluding Items	$	1.03	$	0.79	$	0.24

Total – As Reported					$	0.24
Less:
Estimated Loss on Plants Under Construction(2)					—

Loss on Extinguishment of Debt(3)					—


Total – Excluding Items					$	0.24




Southern Company
EPS Earnings Analysis
Three Months Ended March 2024 vs. March 2023

Description									Cents

Retail Sales									4¢

Retail Revenue Impacts									16

Weather									6

Wholesale and Other Operating Revenues									3



Depreciation and Amortization									(2)

Interest Expense and Other									(5)

Income Taxes									(3)

Total Traditional Electric Operating Companies									19¢

Southern Power									(1)

Southern Company Gas									9

Parent Company and Other									(3)



Total Change in EPS (Excluding Items)									24¢

Estimated Loss on Plants Under Construction(1)									—



Loss on Extinguishment of Debt(2)									—





Total Change in EPS (As Reported)									24¢

(1)Earnings for the three months ended March 31, 2024 and 2023 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. Additionally, further charges and/or credits related to estimated probable loss on Georgia Power Company's construction of Plant Vogtle Units 3 and 4 may occur; however, the amount and timing are uncertain.

(2)Earnings for the three months ended March 31, 2023 include costs associated with the extinguishment of debt at Southern Company. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.




Southern Company
Consolidated Earnings
As Reported

	Three Months Ended March
		2024		2023		Change
		(in millions)
Retail electric revenues:
Fuel		$	1,011	$	1,050	$	(39)
Non-fuel		2,930		2,549		381
Wholesale electric revenues		571		599		(28)
Other electric revenues		199		190		9
Natural gas revenues		1,707		1,875		(168)
Other revenues		228		217		11
Total operating revenues		6,646		6,480		166
Fuel and purchased power		1,194		1,292		(98)
Cost of natural gas		605		898		(293)
Cost of other sales		131		127		4
Non-fuel operations and maintenance		1,472		1,440		32
Depreciation and amortization		1,145		1,111		34
Taxes other than income taxes		396		394		2



Total operating expenses		4,943		5,262		(319)
Operating income		1,703		1,218		485
Allowance for equity funds used during construction		58		65		(7)
Earnings from equity method investments		45		48		(3)
Interest expense, net of amounts capitalized		665		582		83

Other income (expense), net		153		147		6
Income taxes		223		97		126
Net income		1,071		799		272

Net loss attributable to noncontrolling interests		(58)		(63)		5
Net income attributable to Southern Company		$	1,129	$	862	$	267





Southern Company
Kilowatt-Hour Sales and Customers


	Three Months Ended March
				2024		2023		% Change		Weather Adjusted % Change
				(in millions)
Kilowatt-Hour Sales

Total Sales				46,529		46,725		(0.4)	%

Total Retail Sales				35,254		33,382		5.6	%	1.7	%
Residential				11,876		10,630		11.7	%	1.0	%
Commercial				11,474		10,883		5.4	%	3.8	%
Industrial				11,768		11,724		0.4	%	0.4	%
Other				136		145		(6.5)	%	(7.2)	%

Total Wholesale Sales				11,275		13,343		(15.5)	%	N/A


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

Total Regulated Utility Customers			8,900		8,824		0.9%
Traditional Electric Operating Companies				4,502		4,449		1.2%
Southern Company Gas				4,398		4,375		0.5%




Southern Company
Financial Overview
As Reported

	Three Months Ended March
		2024		2023		% Change
		(in millions)
Southern Company –
Operating Revenues		$	6,646	$	6,480	2.6	%
Earnings Before Income Taxes		1,294		896		44.4	%
Net Income Available to Common		1,129		862		31.0	%

Alabama Power –
Operating Revenues		$	1,791	$	1,647	8.7	%
Earnings Before Income Taxes		418		253		65.2	%
Net Income Available to Common		333		255		30.6	%

Georgia Power –
Operating Revenues		$	2,398	$	2,176	10.2	%
Earnings Before Income Taxes		516		349		47.9	%
Net Income Available to Common		437		296		47.6	%

Mississippi Power –
Operating Revenues		$	342	$	390	(12.3)	%
Earnings Before Income Taxes		60		71		(15.5)	%
Net Income Available to Common		50		58		(13.8)	%

Southern Power –
Operating Revenues		$	473	$	508	(6.9)	%
Earnings Before Income Taxes		24		32		(25.0)	%
Net Income Available to Common		96		102		(5.9)	%

Southern Company Gas –
Operating Revenues		$	1,707	$	1,875	(9.0)	%
Earnings Before Income Taxes		547		412		32.8	%
Net Income Available to Common		409		309		32.4	%




News

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

Investor Relations Contact:
	Scott Gammill
	404-506-0901
	sagammil@southernco.com
		May 2, 2024