Southern Company - 4.20% NT REDEEM 15/10/2060 USD 25

Earnings strength & guidance (forecast) - Q2 2026 adjusted EPS: $1.13, up $0.21 YoY and $0.13 above last quarter’s estimate. - 1H 2026 adjusted EPS: $2.46, well above year-to-date expectations. - Full-year 2026 adjusted EPS outlook: near the top of guidance $4.50–$4.60 (i.e., at/near the high end). - Q3 2026 adjusted EPS estimate: $1.50/share. - Key drivers cited: higher usage/customer growth, AFUDC (construction), equity method income, and tax-related impacts at state-regulated utilities; partially offset by higher interest expense (higher debt balances) and dilution (more shares).

Demand & “large load” momentum is the central theme (opportunity) - Strong Southeast load growth continues, particularly data centers and large load customers. - Contracted large load agreements across electric subsidiaries: >17 GW by mid-2030s, and pipeline remains well above 75 GW. - New/announced deals highlighted: - Alabama Power: ~3 GW across three new projects/contracts. - Georgia Power: 3.2 GW, 25-year contract with OpenAI, starting in phases with service beginning 2028 and including ~1 GW flexible demand response. - System data center load: >1.2 GW, up >500 MW YoY; and expected to accelerate as 17 GW contracted demand comes online.

Weather-normal sales acceleration + customer additions (good, measurable performance) - Weather-normal retail electricity sales through 1H 2026: +2.3% vs 1H 2025 (described as the highest growth through June in ~two decades). - Residential adds: ~11,000 new residential customers in Q2; net electric customer adds >40,000 over last 12 months. - Commercial growth: +7.4% in Q2 and ~+6% year-to-date. - Data center usage growth: 55% higher vs Q2 2025; +49% year-to-date.