Southern Company — Oct 31, 2024 release

Exhibit 99 Page 1 News Media Contact: Southern Company Media Relations 404-506-5333 or 1-866-506-5333 southerncompany.com Investor Relations Contact: Greg MacLeod 404-685-4194 gbmacleo@southernco.com October 31, 2024 Southern Company reports third-quarter 2024 earnings ATLANTA – Southern Company today reported third-quarter earnings of $1.5 billion, or $1.40 per share, in 2024 compared with earnings of $1.4 billion, or $1.30 per share, in the third quarter of 2023. For the nine months ended September 30, 2024, Southern Company reported earnings of $3.9 billion, or $3.53 per share, compared with $3.1 billion, or $2.86 per share, for the same period in 2023. Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $1.6 billion, or $1.43 per share, during the third quarter of 2024, compared with $1.5 billion, or $1.42 per share, during the third quarter of 2023. For the nine months ended September 30, 2024, excluding these items, Southern Company earned $3.9 billion, or $3.56 per share, compared with $3.3 billion, or $3.01 per share, for the same period in 2023. Non-GAAP Financial Measures Three Months Ended September Year-to-Date September Net Income – Excluding Items (in millions) 2024 2023 2024 2023 Net Income – As Reported $ 1,535   $ 1,422  $ 3,867   $ 3,121  Less: Estimated Loss on Plants Under Construction (3) (166) 11   (171) Tax Impact 1   42  (16) 43  Acquisition and Disposition Impacts —   (2) —   (2) Tax Impact —   1  —   1  Loss on Extinguishment of Debt —   —  —   (5) Tax Impact —   —  —   1  Estimated Loss on Qualifying Infrastructure Plant —   —  —   (38) Tax Impact —   —  —   10  Impairments (36) —  (36) —  Tax Impact 9   —  9   —  Net Income – Excluding Items $ 1,564   $ 1,547  $ 3,899   $ 3,282  Average Shares Outstanding – (in millions) 1,097   1,092  1,096   1,092  Basic Earnings Per Share - Excluding Items $ 1.43   $ 1.42  $ 3.56   $ 3.01  NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package. Page 2 Adjusted earnings drivers for the third quarter of 2024, as compared with the same period in 2023, were higher utility revenues, partially offset by increased interest expense, depreciation and amortization, non-fuel operations and maintenance expenses, and income taxes. Third-quarter 2024 operating revenues were $7.3 billion, compared with $7.0 billion for the third quarter of 2023, an increase of 4.2%. For the nine months ended September 30, 2024, operating revenues were $20.4 billion, compared with $19.2 billion for the corresponding period in 2023, an increase of 6.1%. “Our entire company, including our premier, state-regulated electric and gas utilities, continued to perform well during the third quarter,” said Christopher C. Womack, chairman, president and CEO. “Employees across the Southern Company system came together in response to Hurricane Helene, a storm of exceptional magnitude which proved to be the most destructive in Georgia Power’s history,” added Womack. “We are thankful for the thousands of lineworkers, technicians and support staff who joined first responders, emergency management agencies and officials from the local, state and federal government, industry partners and an extraordinary mutual assistance workforce with tireless dedication to restore service to customers across Georgia. We are proud to continue to provide additional assistance to the individuals and families impacted by this devastating storm through contributions to aid organizations and other support. Our commitment to communities and customers has never been more important.” Southern Company’s third-quarter earnings slides with supplemental financial information are available at investor.southerncompany.com . 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. About Southern Company 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 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, Fair360, Black Enterprise, J.D. Power, Fortune, Human Rights Campaign and more. To learn more, visit southerncompany.com . ### Page 3 Southern Company Financial Highlights (In Millions Except Earnings Per Share)   Three Months Ended September Year-To-Date September Net Income – As Reported 2024 2023 2024 2023 Traditional Electric Operating Companies $ 1,618   $ 1,419  $ 3,630   $ 2,852  Southern Power 82   100  264   288  Southern Company Gas 38   82  555   475  Total 1,738   1,601  4,449   3,615  Parent Company and Other (203) (179) (582) (494) Net Income – As Reported $ 1,535   $ 1,422  $ 3,867   $ 3,121  Basic Earnings Per Share (1) $ 1.40   $ 1.30  $ 3.53   $ 2.86  Average Shares Outstanding 1,097   1,092  1,096   1,092  Non-GAAP Financial Measures Three Months Ended September Year-To-Date September Net Income – Excluding Items 2024 2023 2024 2023 Net Income – As Reported $ 1,535   $ 1,422  $ 3,867   $ 3,121  Less: Estimated Loss on Plants Under Construction (2) (3) (166) 11   (171) Tax Impact 1   42  (16) 43  Acquisition and Disposition Impacts (3) —   (2) —   (2) Tax Impact —   1  —   1  Loss on Extinguishment of Debt (4) —   —  —   (5) Tax Impact —   —  —   1  Estimated Loss on Qualifying Infrastructure Plant (5) —   —  —   (38) Tax Impact —   —  —   10  Impairments (6) (36) —  (36) —  Tax Impact 9   —  9   —  Net Income – Excluding Items $ 1,564   $ 1,547  $ 3,899   $ 3,282  Basic Earnings Per Share – Excluding Items $ 1.43   $ 1.42  $ 3.56   $ 3.01  See Notes on the following page. Page 4 Southern Company Financial Highlights Notes (1) Dilution is not material in any period presented. Diluted earnings per share was $1.39 and $3.51 for the three and nine months ended September 30, 2024, respectively, and $1.29 and $2.84 for the three and nine months ended September 30, 2023, respectively. (2) Earnings for the nine months ended September 30, 2024 include a pre-tax credit to income of $21 million ($16 million after tax) related to the estimated probable loss on Plant Vogtle Units 3 and 4 reflecting a revision to Georgia Power Company's total project capital cost forecast resulting from a reduction in remaining expected site demobilization costs and other contractor obligations. Additionally, earnings for the nine months ended September 30, 2024 include a $14 million income tax charge related to the remeasuring of deferred tax assets associated with the previously recognized estimated probable loss on Plant Vogtle Units 3 and 4 due to a change in the State of Georgia corporate tax rate. Earnings for the three and nine months ended September 30, 2023 include a pre-tax charge of $160 million ($120 million after tax) related to the estimated probable loss on Plant Vogtle Units 3 and 4. Further charges and/or credits may occur; however, the amount and timing are uncertain. Earnings for the three and nine months ended September 30, 2024 and 2023 also 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. (3) Earnings for the three and nine months ended September 30, 2023 include a pre-tax loss of $2 million ($1 million after tax) related to the sale of a natural gas storage facility at Southern Company Gas. Further impacts may result from future acquisition and disposition activities; however, the amount and timing of any such impacts are uncertain. (4) Earnings for the nine months ended September 30, 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. (5) Earnings for the nine months ended September 30, 2023 include a pre-tax charge of $38 million ($28 million after tax) for an estimated loss at Southern Company Gas associated with an Illinois Commerce Commission disallowance related to its review of the Qualifying Infrastructure Plant (QIP) capital investments by Nicor Gas for calendar year 2019 under the QIP Rider, or Investing in Illinois program. Further charges may occur; however, the amount and timing of any such charges are uncertain. (6) Earnings for the three and nine months ended September 30, 2024 include a pre-tax impairment loss of $36 million ($27 million after tax) associated with the discontinued development of a multi-use commercial facility at Alabama Power Company. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain. Page 5 Southern Company Significant Factors Impacting EPS   Three Months Ended September Year-To-Date September   2024 2023 Change 2024 2023 Change Earnings Per Share – As Reported (1) $ 1.40   $ 1.30  $ 0.10   $ 3.53   $ 2.86  $ 0.67     Significant Factors:     Traditional Electric Operating Companies $ 0.18   $ 0.71   Southern Power (0.02) (0.02) Southern Company Gas (0.04) 0.07   Parent Company and Other (0.02) (0.08) Increase in Shares —   (0.01)   Total – As Reported $ 0.10   $ 0.67   Three Months Ended September Year-To-Date September Non-GAAP Financial Measures 2024 2023 Change 2024 2023 Change Earnings Per Share – Excluding Items $ 1.43   $ 1.42  $ 0.01   $ 3.56   $ 3.01  $ 0.55     Total – As Reported $ 0.10   $ 0.67   Less: Estimated Loss on Plants Under Construction (2) 0.12   0.11   Acquisition and Disposition Impacts (3) —   —   Loss on Extinguishment of Debt (4) —   —   Estimated Loss on Qualifying Infrastructure Plant (5) —   0.03   Impairments (6) (0.03) (0.02)   Total – Excluding Items $ 0.01   $ 0.55   See Notes on the following page. Page 6 Southern Company Significant Factors Impacting EPS Notes (1) Dilution is not material in any period presented. Diluted earnings per share was $1.39 and $3.51 for the three and nine months ended September 30, 2024, respectively, and $1.29 and $2.84 for the three and nine months ended September 30, 2023, respectively. (2) Earnings for the nine months ended September 30, 2024 include a pre-tax credit to income of $21 million ($16 million after tax) related to the estimated probable loss on Plant Vogtle Units 3 and 4 reflecting a revision to Georgia Power Company's total project capital cost forecast resulting from a reduction in remaining expected site demobilization costs and other contractor obligations. Additionally, earnings for the nine months ended September 30, 2024 include a $14 million income tax charge related to the remeasuring of deferred tax assets associated with the previously recognized estimated probable loss on Plant Vogtle Units 3 and 4 due to a change in the State of Georgia corporate tax rate. Earnings for the three and nine months ended September 30, 2023 include a pre-tax charge of $160 million ($120 million after tax) related to the estimated probable loss on Plant Vogtle Units 3 and 4. Further charges and/or credits may occur; however, the amount and timing are uncertain. Earnings for the three and nine months ended September 30, 2024 and 2023 also 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. (3) Earnings for the three and nine months ended September 30, 2023 include a pre-tax loss of $2 million ($1 million after tax) related to the sale of a natural gas storage facility at Southern Company Gas. Further impacts may result from future acquisition and disposition activities; however, the amount and timing of any such impacts are uncertain. (4) Earnings for the nine months ended September 30, 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. (5) Earnings for the nine months ended September 30, 2023 include a pre-tax charge of $38 million ($28 million after tax) for an estimated loss at Southern Company Gas associated with an Illinois Commerce Commission disallowance related to its review of the Qualifying Infrastructure Plant (QIP) capital investments by Nicor Gas for calendar year 2019 under the QIP Rider, or Investing in Illinois program. Further charges may occur; however, the amount and timing of any such charges are uncertain. (6) Earnings for the three and nine months ended September 30, 2024 include a pre-tax impairment loss of $36 million ($27 million after tax) associated with the discontinued development of a multi-use commercial facility at Alabama Power Company. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain. Page 7 Southern Company EPS Earnings Analysis Description Three Months Ended September 2024 vs. 2023 Year-To-Date September 2024 vs. 2023 Retail Sales (3)¢ 2¢ Retail Revenue Impacts 32 72 Weather (1) 19 Wholesale and Other Operating Revenues 4 10 Non-Fuel Operations and Maintenance Expenses (1) (10) (11) Depreciation and Amortization (3) (9) Interest Expense and Other (7) (13) Income Taxes (3) (8) Total Traditional Electric Operating Companies 9¢ 62¢ Southern Power (2) (2) Southern Company Gas (4) 5 Parent Company and Other (2) (9) Increase in Shares — (1) Total Change in EPS (Excluding Items) 1¢ 55¢ Estimated Loss on Plants Under Construction (2) 12 11 Acquisition and Disposition Impacts (3) — — Loss on Extinguishment of Debt (4) — — Estimated Loss on Qualifying Infrastructure Plant (5) — 3 Impairments (6) (3) (2) Total Change in EPS (As Reported) 10¢ 67¢ See Notes on the following page. Page 8 Southern Company EPS Earnings Analysis Notes (1) Excludes gains/losses on asset sales, which are included in "Interest Expense and Other." Includes non-service cost-related benefits income. (2) Earnings for the nine months ended September 30, 2024 include a pre-tax credit to income of $21 million ($16 million after tax) related to the estimated probable loss on Plant Vogtle Units 3 and 4 reflecting a revision to Georgia Power Company's total project capital cost forecast resulting from a reduction in remaining expected site demobilization costs and other contractor obligations. Additionally, earnings for the nine months ended September 30, 2024 include a $14 million income tax charge related to the remeasuring of deferred tax assets associated with the previously recognized estimated probable loss on Plant Vogtle Units 3 and 4 due to a change in the State of Georgia corporate tax rate. Earnings for the three and nine months ended September 30, 2023 include a pre-tax charge of $160 million ($120 million after tax) related to the estimated probable loss on Plant Vogtle Units 3 and 4. Further charges and/or credits may occur; however, the amount and timing are uncertain. Earnings for the three and nine months ended September 30, 2024 and 2023 also 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. (3) Earnings for the three and nine months ended September 30, 2023 include a pre-tax loss of $2 million ($1 million after tax) related to the sale of a natural gas storage facility at Southern Company Gas. Further impacts may result from future acquisition and disposition activities; however, the amount and timing of any such impacts are uncertain. (4) Earnings for the nine months ended September 30, 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. (5) Earnings for the nine months ended September 30, 2023 include a pre-tax charge of $38 million ($28 million after tax) for an estimated loss at Southern Company Gas associated with an Illinois Commerce Commission disallowance related to its review of the Qualifying Infrastructure Plant (QIP) capital investments by Nicor Gas for calendar year 2019 under the QIP Rider, or Investing in Illinois program. Further charges may occur; however, the amount and timing of any such charges are uncertain. (6) Earnings for the three and nine months ended September 30, 2024 include a pre-tax impairment loss of $36 million ($27 million after tax) associated with the discontinued development of a multi-use commercial facility at Alabama Power Company. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain. Page 9 Southern Company Consolidated Earnings As Reported   Three Months Ended September Year-To-Date September   2024 2023 Change 2024 2023 Change (in millions) (in millions) Retail electric revenues: Fuel $ 1,179   $ 1,356  $ (177) $ 3,250   $ 3,412  $ (162) Non-fuel 4,187   3,783  404  10,543   9,185  1,358  Wholesale electric revenues 721   727  (6) 1,919   1,930  (11) Other electric revenues 222   203  19  631   602  29  Natural gas revenues 682   689  (7) 3,220   3,417  (197) Other revenues 283   222  61  820   662  158  Total operating revenues 7,274   6,980  294  20,383   19,208  1,175  Fuel and purchased power 1,395   1,574  (179) 3,843   4,056  (213) Cost of natural gas 98   102  (4) 852   1,199  (347) Cost of other sales 166   126  40  464   381  83  Non-fuel operations and maintenance 1,662   1,424  238  4,543   4,352  191  Depreciation and amortization 1,210   1,143  67  3,537   3,365  172  Taxes other than income taxes 375   341  34  1,155   1,076  79  Estimated loss on Plant Vogtle Units 3 and 4 —   160  (160) (21) 160  (181) Total operating expenses 4,906   4,870  36  14,373   14,589  (216) Operating income 2,368   2,110  258  6,010   4,619  1,391  Allowance for equity funds used during construction 58   66  (8) 167   200  (33) Earnings from equity method investments 31   32  (1) 107   110  (3) Interest expense, net of amounts capitalized 692   620  72  2,050   1,812  238  Other income (expense), net 147   141  6  450   428  22  Income taxes 377   297  80  890   492  398  Net income 1,535   1,432  103  3,794   3,053  741  Net income (loss) attributable to noncontrolling interests —   10  (10) (73) (68) (5) Net income attributable to Southern Company $ 1,535   $ 1,422  $ 113  $ 3,867   $ 3,121  $ 746  Certain prior year data may have been reclassified to conform with current year presentation. Page 10 Southern Company Kilowatt-Hour Sales and Customers   Three Months Ended September Year-To-Date September 2024 2023 % Change Weather Adjusted % Change 2024 2023 % Change Weather Adjusted % Change (in millions) (in millions) Kilowatt-Hour Sales Total Sales 56,035   55,428  1.1  % 152,461   150,157  1.5  % Total Retail Sales 41,893   42,364  (1.1) % (0.4) % 114,154   110,715  3.1  % 0.6  % Residential 14,677   15,133  (3.0) % (1.5) % 38,442   36,458  5.4  % (0.5) % Commercial 14,279   14,341  (0.4) % 0.1  % 38,419   37,050  3.7  % 2.1  % Industrial 12,803   12,751  0.4  % 0.4  % 36,889   36,791  0.3  % 0.3  % Other 134   139  (3.5) % (3.1) % 404   416  (2.8) % (3.0) % Total Wholesale Sales 14,142   13,064  8.2  % N/A 38,307   39,442  (2.9) % N/A Period Ended September 2024 2023 % Change (in thousands) Regulated Utility Customers Total Regulated Utility Customers 8,865 8,792 0.8% Traditional Electric Operating Companies 4,530 4,476 1.2% Southern Company Gas 4,335 4,316 0.4% Page 11 Southern Company Financial Overview As Reported Three Months Ended September Year-To-Date September 2024 2023 % Change 2024 2023 % Change (in millions) (in millions) Southern Company – Operating Revenues $ 7,274   $ 6,980  4.2  % $ 20,383   $ 19,208  6.1  % Earnings Before Income Taxes 1,912   1,729  10.6  % 4,684   3,545  32.1  % Net Income Available to Common 1,535   1,422  7.9  % 3,867   3,121  23.9  % Alabama Power – Operating Revenues $ 2,138   $ 2,083  2.6  % $ 5,803   $ 5,420  7.1  % Earnings Before Income Taxes 628   644  (2.5) % 1,517   1,235  22.8  % Net Income Available to Common 493   565  (12.7) % 1,195   1,132  5.6  % Georgia Power – Operating Revenues $ 3,472   $ 3,237  7.3  % $ 8,745   $ 7,805  12.0  % Earnings Before Income Taxes 1,296   980  32.2  % 2,765   1,892  46.1  % Net Income Available to Common 1,050   780  34.6  % 2,249   1,547  45.4  % Mississippi Power – Operating Revenues $ 412   $ 436  (5.5) % $ 1,118   $ 1,137  (1.7) % Earnings Before Income Taxes 97   93  4.3  % 233   208  12.0  % Net Income Available to Common 75   75  —  % 186   173  7.5  % Southern Power – Operating Revenues $ 600   $ 653  (8.1) % $ 1,597   $ 1,686  (5.3) % Earnings Before Income Taxes 115   149  (22.8) % 223   258  (13.6) % Net Income Available to Common 82   100  (18.0) % 264   288  (8.3) % Southern Company Gas – Operating Revenues $ 682   $ 689  (1.0) % $ 3,220   $ 3,417  (5.8) % Earnings Before Income Taxes 49   110  (55.5) % 739   635  16.4  % Net Income Available to Common 38   82  (53.7) % 555   475  16.8  % See Financial Highlights pages for discussion of certain significant items occurring during the periods.