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- **EPS Beats & Growth**: Q3 adjusted EPS $1.60 (+$0.10 vs. estimates), full-year EPS at top of $4.30 guidance.
- **Customer Expansion**: 22 new economic development projects in Q3, $2.8B investment, 5,000 jobs created.
- **Large Load Contracts**: 2 GW new contracts in 2 months, 7 GW contracted by 2029, 50+ GW pipeline.
- **Financial Discipline**: $7B of $9B equity needs secured; targeting 17% FFO/debt to maintain credit ratings.
- **Regulatory Support**: Georgia PSC load forecast update supports 10 GW capacity request; Alabama Power acquires 900 MW plant.
- **Strategic Positioning**: Named 'Most Trustworthy Energy Company' by Newsweek; disciplined forecasting protects affordability while serving growth.

**【CEO Summary Section】**
- Reported strong third-quarter performance with adjusted EPS of $1.60, $0.10 above estimates, driven by customer growth and usage increases.
- Highlighted Georgia Power's rate plan extension (base rates frozen until 2029) as a model for balancing affordability and growth.
- Announced 4 new contracts with large load customers representing over 2 GW of demand in the last 2 months.
- Emphasized disciplined forecasting and cost recovery mechanisms to protect existing customers while serving new loads.
- Named to Newsweek's 'World's Most Trustworthy Companies' list for 2025.

**【CFO Financial Commentary】**
- Year-to-date adjusted EPS of $3.76, up 5.6% vs. 2024, with revenue growth driven by customer additions and usage.
- Weather-normalized retail electricity sales up 1.8% YTD, with commercial sector growing 3.5% Q3/Q3 and residential sales up 2.7%.
- Signed 22 new economic development projects in Q3, generating $2.8B in capital investment and 5,000 jobs.
- Issued $4B in long-term debt at attractive rates, reducing future interest costs.
- Progress on $9B equity needs: $7B secured through 2029 via ATM programs, hybrid securities, and internal plans.
- Projected full-year adjusted EPS at top of $4.30 guidance range.

**【Q&A Key Highlights】**
- **Load Growth & Contracts**: 
  - 7 GW of contracted load by 2029, ramping to 8 GW by 2030s.
  - 50+ GW pipeline through mid-2030s, with 12 GW in advanced negotiations.
  - Data center sales up 17% Q3/Q3, residential customer additions +12,000 (vs. historical trends).
- **Regulatory Environment**: 
  - Georgia PSC load forecast update supports 10 GW capacity request (5 CCGT + 11 BESS).
  - Alabama Power acquired 900 MW natural gas plant to meet long-term needs.
- **Financing Strategy**: 
  - Targeting 17% FFO/debt ratio to maintain credit ratings.
  - $4B incremental equity needed if Georgia PSC approves full 10 GW request.
- **Nuclear Developments**: 
  - No immediate plans for new nuclear, but supportive of federal efforts to mitigate risks.
- **Southern Power**: 
  - 95% of assets under long-term contracts through 2029; exploring new PPA opportunities in 2030s.
  - SNG pipeline expansion on track, expected to attract significant demand.


The Southern Company (SO) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SO

SO fundamentals

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