Southern Company

Strong Q2 results; earnings momentum continues - Adjusted EPS: $1.13/share, +$0.21 YoY and +$0.13 vs prior estimate (drivers: higher usage/customer growth, higher AFUDC from construction, equity-method income, and tax-related impacts at regulated utilities). - 1H26 adjusted EPS: $2.46, well above year-to-date expectations. - Full-year outlook (forecast): near or at the top of 2026 adjusted EPS guidance $4.50–$4.60. - Q3 expected adjusted EPS: $1.50/share.

Big load/data center growth is accelerating—and is translating into contracted MW visibility - Large-load contracted total: now >17 GW by mid-2030s (including new agreements plus earlier signed deals). - New examples cited: - Alabama Power: three new contracts totaling ~3 GW. - Georgia Power/OpenAI: 3.2 GW, 25-year contract near Savannah; service begins in phases starting 2028, with ~1 GW flexible demand response for peak reliability. - Pipeline remains heavy: large industrial + data center projects >75 GW prospectively; +8 GW in late stages beyond the 17 GW already contracted (with ~3 GW expected to be finalized near-term). - Operational/customer impact: systemwide data center load >1.2 GW (up 500+ MW YoY), expected to keep accelerating as contracted demand comes online.

Demand and retail sales trend unusually strong (surprising upside in volumes) - Weather-normal retail electricity sales (YTD): +2.3% vs 1H25, described as the highest retail sales growth through June in ~two decades. - Commercial: weather-normal commercial +7.4% in Q2; +6% YTD. - Data center usage: +55% YoY in Q2 and +49% YTD. - Customer growth: ~11,000 new residential electric customers in the quarter; net adds >40,000 over the last year.