SOUTHERN (SO) Company Report

Southern Company entered into an Underwriting Agreement for the initial sale of 35,000,000 Series A 2025 Equity Units, slated to close on November 3, 2025.
The company also executed its Thirty-Sixth Supplemental Indenture to establish $1,000,000,000 of Series 2025C Remarketable Senior Notes due December 15, 2033.
The Series 2025C notes bear an initial fixed interest rate of 4.15% per annum, payable quarterly, with rate resets upon successful remarketings under the indenture terms.

Nov 6, 2025, 8:31 PM

8-K

Southern Company announces pricing of 2025 Series A Equity Units

Debt Issuance

Convertible Preferred Issuance

Southern Company priced its offering of 35 million 2025 Series A Equity Units at $50 per unit for an aggregate stated amount of $1.75 billion, expected to close November 6, 2025.
Each unit includes a stock purchase contract and undivided interests in remarketable senior notes due 2030 and 2033, with total annual distributions at 7.125%.
Estimated net proceeds of $1.719 billion (or $1.965 billion if the 5 million-unit over-allotment option is exercised) will be used to repurchase Series 2023A and 2024A convertible notes and to repay other debt.

Nov 4, 2025, 4:21 AM

Press Release

Southern Company announces equity units offering

Convertible Preferred Issuance

Southern Company plans to offer 35 million equity units at $50 each (aggregate $1.75 billion), with an underwriters’ option for an additional 5 million units.
Each unit comprises a stock purchase contract and two 1/40 undivided interests in remarketable senior notes (each with $1,000 principal).
Net proceeds will be used to repurchase Series 2023A 3.875% and Series 2024A 4.50% convertible senior notes, repay short-term debt, redeem $1.25 billion of Series 2020B 4.00% junior subordinated notes due January 15, 2051, and for general corporate purposes.
BofA Securities, J.P. Morgan and Mizuho are acting as joint book-running managers for the offering.

Nov 3, 2025, 11:30 AM

Press Release

Southern Company reports Q3 2025 results

Earnings

Guidance Update

Debt Issuance

Adjusted EPS of $1.60, beating estimates by $0.10 and up $0.17 YoY; Q4 guide of $0.54 implies full-year at the top of the $4.30 range
Weather-normal retail electricity sales +1.8% YTD; Q3 commercial +3.5% and residential +2.7% growth versus 2024
Issued $4 billion of long-term debt in Q3, fully satisfying 2025 financing needs; secured $7 billion of $9 billion equity requirement through 2029 via ATM forward sales and hybrids
Signed four large-load contracts totaling over 2 GW; pipeline exceeds 50 GW potential with 7 GW contracted through 2029 (ramping to 8 GW in the 2030s)

Oct 30, 2025, 5:00 PM

Transcript

Southern Company announces Q3 2025 results

Earnings

Guidance Update

New Projects/Investments

Q3 adjusted EPS of $1.60, beating estimates by $0.10, with FY 2025 projected at $4.30; weather-normalized retail electricity sales grew 2.6% year-over-year.
Large load contracts reached 8 GW in Q3 (+2 GW), supporting a 50 GW pipeline for long-term sales growth.
Priced $1.8 B of additional equity, solidifying $7 B of its $9 B equity need for capex plans; up to $5 B of incremental capex would require ~40% equity.
State-regulated utilities account for 95% of projected capex, with an additional $5 B above the $76 B base plan; long-term adjusted EPS growth is projected at 5–7%, underpinned by 8% rate base growth.
Georgia Power filed for certification of 10 GW of new generation (8 GW via all-source RFP and 2 GW supplemental), with proceedings expected to conclude by year-end 2025.

Oct 30, 2025, 5:00 PM

Presentation

Southern Company reports Q3 2025 results

Earnings

Southern Company posted third-quarter net income of $1.7 billion, or $1.55 per share, versus $1.5 billion, or $1.40 per share, in Q3 2024.
Adjusted net income (excluding special items) was $1.8 billion, or $1.60 per share, up from $1.6 billion, or $1.43 per share, a year earlier.
Third-quarter operating revenues rose 7.5% to $7.8 billion, reflecting higher utility revenues and offset in part by increased depreciation, interest expense and milder weather.
For the nine months ended September 30, 2025, Southern Company reported net income of $3.93 billion, or $3.56 per share, and operating revenues of $22.6 billion, up 10.7% year-over-year.

Oct 30, 2025, 11:30 AM

Press Release

Georgia Power starts construction of 200 MW battery storage system

New Projects/Investments

Georgia Power has begun construction of a 200 MW battery energy storage system in Twiggs County, Georgia, following Georgia PSC approval on Sept. 4, 2025; completion is projected for 2027.
The BESS is designed for four-hour energy dispatch to bolster grid reliability and integrate intermittent renewables.
Four additional company-owned BESS facilities totaling 765 MW are under construction in Bibb, Cherokee, Floyd, and Lowndes counties, set to come online in 2026.
An All-Source RFP seeks approval for 3,022.5 MW of new BESS and 350 MW of solar-plus-storage, plus an extra 500 MW of energy storage by 2031.

Oct 20, 2025, 2:00 PM

Press Release

Southern files first large-load contracts under new PSC rules

New Projects/Investments

Guidance Update

Georgia Power filed nearly 2 GW of new customer contracts with the Georgia PSC under updated rules to serve large-load customers.
New contracts are driven by projected data center growth and now require upfront infrastructure payments, long-term commitments and financial guarantees to qualify.
The company’s risk-adjusted load forecast projects 8,448 MW of growth between winter 2025/26 and 2030/31, supporting certification of approximately 9,900 MW of new capacity via the All-Source RFP.
These large-load contracts help enable a three-year base rate freeze (excluding storm costs), spreading fixed costs across a broader customer base.

Sep 30, 2025, 2:01 PM

Press Release

Southern Telecom and Seimitsu launch SouthernWaves fiber-optic alliance

New Projects/Investments

Southern Telecom, a subsidiary of Southern Company, and Seimitsu form SouthernWaves, a strategic alliance to deliver fiber-optic network services across the Southeast.
SouthernWaves introduces lit services, where Seimitsu manages bandwidth on Southern Telecom’s secure fiber routes, supported by 24/7 network monitoring from a Network Operations Center in Savannah.
The partnership secured an agreement with Georgia Power to support the South Downtown Atlanta project, converting 56 buildings, 10 continuous blocks and one million square feet into a second Atlanta Tech Village location.
Under the deal, Southern Telecom provides metro fiber infrastructure while Seimitsu leads technology and network management, enhancing connectivity, security and reliability for customers.

Sep 23, 2025, 2:00 PM

Press Release

Southern Co Completes Landmark 50% Hydrogen Fuel Blend Test at Georgia Power Plant

New Projects/Investments

Georgia Power and Mitsubishi Power validated a 50% hydrogen–natural gas blend on an M501GAC turbine at Plant McDonough-Atkinson, marking the world’s largest hydrogen fuel blending demonstration.
The trial achieved an estimated 22% reduction in CO₂ emissions versus 100% natural gas under both partial and full load conditions.
The turbine upgrade to air-cooled technology using Mitsubishi’s J-series combustion system now delivers about 283 MW output, enabling faster startups and lowering maintenance costs.
This landmark test builds on a 2022 20% hydrogen blend trial and paves the way for Mitsubishi’s plan to install 840 MW of hydrogen-ready turbines at the Intermountain Power Project (set for 100% hydrogen by 2024).
Under its IRP, Georgia Power—partnering with Mitsubishi Power and Certarus—is advancing hydrogen initiatives by developing three hydrogen-capable simple-cycle turbines at Plant Yates and proposing 268 MW of upgrades at Plant McIntosh (2025 IRP), contributing to over 60% carbon emission reductions since 2007.
Critics note that hydrogen’s overall efficiency and environmental benefits vary based on production methods, calling its long-term climate viability into question.

Jun 16, 2025, 3:19 PM

Morningstar Press Release

Earnings Transcripts

Quarterly earnings call transcripts for SOUTHERN.

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