Southern Company - 5.25% NT REDEEM 01/12/2077 USD 25

Strong earnings beat + upbeat 2026 outlook - Q2’26 adjusted EPS: $1.13/share, +$0.21 vs Q2’25 and +$0.13 above last quarter’s estimate. - 1H’26 adjusted EPS: $2.46/share, well above year-to-date expectations. - Full-year 2026 adjusted EPS forecast: near or at the top of guidance $4.50–$4.60. - Q3’26 adjusted EPS expectation: $1.50/share.

Demand/retail momentum is unusually strong (especially data centers) - Weather-normal retail sales (YTD): +2.3% vs 1H’25, described as the highest retail growth through June in ~2 decades. - Commercial sales: +7.4% in Q2; +6% YTD. - Data center usage: +55% vs Q2’25; +49% YTD. - System data center load: >1.2 GW, +500+ MW vs prior year, expected to keep accelerating as contracted load comes online. - Customer growth: ~11,000 new residential customers in the quarter; >40,000 net electric adds over last 12 months.

Large-load contracting is the growth engine; pipeline remains very high - Recent projects/contracting highlights: - Alabama Power: ~3 GW from three new projects. - Georgia Power: 3.2 GW, 25-year contract with OpenAI (site near Savannah). - Expected service in phases beginning 2028 - Includes ~1 GW flexible demand response to support reliability during peak demand. - Total contracted large-load agreements: >17 GW by mid-2030s; “agreements previously signed” also referenced. - Additional late-stage pipeline: ~8 GW beyond the contracted 17 GW (with ~3 GW expected to finalize nearer-term). - Prospective pipeline remains >75 GW, with ongoing advanced development progressing.