Financial Analysis

"FINANCING Long-term Debt Details of long-term debt at December 31, 2025 and 2024 are provided in the following table: At December 31, 2025 Balance Outstanding at December 31, Maturity Weighted Average Interest Rate 2025 2024 (in millions) Southern Company Senior notes (a) 2026-2075 4.38% $ 49,922 $ 44,862 Junior subordinated notes 2027-2085 4.82% 9,922 7,389 FFB loans (b) 2026-2044 2.88% 4,617 4,703 Revenue bonds (c) 2026-2063 3.14% 3,323 3,379 First mortgage bonds (d) 2026-2065 3.93% 2,925 2,775 Medium-term notes 2026-2027 7.03% 84 84 Other long-term debt 2026-2045 4.56% 603 209 Finance lease obligations (e) 768 287 Unamortized fair value adjustment 249 275 Unamortized debt premium (discount), net (56) (58) Unamortized debt issuance expenses (488) (419) Total long-term debt 71,869 63,486 Less: Amount due within one year (a) 6,220 4,718 Total long-term debt excluding amount due within one year $ 65,649 $ 58,768 Alabama Power Senior notes 2026-2075 4.02% $ 10,725 $ 9,875 Revenue bonds (c) 2026-2063 3.11% 1,300 1,300 Other long-term debt 2026-2030 5.32% 65 61 Finance lease obligations (e) 12 4 Unamortized debt premium (discount), net (20) (19) Unamortized debt issuance expenses (69) (67) Total long-term debt 12,013 11,154 Less: Amount due within one year 625 655 Total long-term debt excluding amount due within one year $ 11,388 $ 10,499 Georgia Power Senior notes 2026-2074 4.48% $ 13,692 $ 11,292 Junior subordinated notes 2077 5.00% 270 270 FFB loans (b) 2026-2044 2.88% 4,617 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table disaggregates revenue from contracts with customers for the periods presented: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) 2025 Operating revenues Retail electric revenues Residential $ 8,601 $ 3,209 $ 5,064 $ 328 $ $ Commercial 6,995 2,071 4,582 342 Industrial 4,045 1,704 1,984 357 Other 123 10 104 9 Total retail electric revenues 19,764 6,994 11,734 1,036 Natural gas distribution revenues Residential 2,164 2,164 Commercial 527 527 Transportation 1,424 1,424 Industrial 44 44 Other 295 295 Total natural gas distribution revenues 4,454 4,454 Wholesale electric revenues PPA energy revenues 1,430 248 245 13 966 PPA capacity revenues 637 134 146 69 356 Non-PPA revenues 299 194 64 484 220 Total wholesale electric revenues 2,366 576 455 566 1,542 Other natural gas revenues Gas marketing services 569 569 Other 12 12 Total other natural gas revenues 581 581 Other revenues 1,777 265 805 55 18 Total revenue from contracts with customers 28,942 7,835 12,994 1,657 1,560 5,035 Other revenue sources (*) 611 400 (363) 38 638 9 Total operating revenues $ 29,553 $ 8,235 $ 12,631 $ 1,695 $ 2,198 $ 5,044 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) 2024 Operating revenues Retail electric revenues Residential $ 8,276 $ 3,133 $ 4,835 $ 308 $ $ Commercial 6,585 2,042 4,219 324 Industrial 3,892 1,742 1,808 342 Other 124 13 102 9 Total retail el …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"FAIR VALUE MEASUREMENTS Fair value measurements are based on inputs of observable and unobservable market data that a market participant would use in pricing the asset or liability. The use of observable inputs is maximized where available and the use of unobservable inputs is minimized for fair value measurement and reflects a three-tier fair value hierarchy that prioritizes inputs to valuation techniques used for fair value measurement. Level 1 consists of observable market data in an active market for identical assets or liabilities. Level 2 consists of observable market data, other than that included in Level 1, that is either directly or indirectly observable. Level 3 consists of unobservable market data. The input may reflect the assumptions of each Registrant of what a market participant would use in pricing an asset or liability. If there is little available market data, then each Registrant's own assumptions are the best available information. In the case of multiple inputs being used in a fair value measurement, the lowest level input that is significant to the fair value measurement represents the level in the fair value hierarchy in which the fair value measurement is reported. Net asset value as a practical expedient is the classification used for assets that do not have readily determined fair values. Fund managers value the assets using various inputs and techniques depending on the nature of the underlying investments. At December 31, 2025, assets and liabili …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"INCOME TAXES Southern Company files a consolidated federal income tax return, and the Registrants file various state income tax returns, some of which are combined or unitary. Under a joint consolidated income tax allocation agreement, each Southern Company subsidiary's current and deferred tax expense is computed on a stand-alone basis, and each subsidiary is allocated an amount of tax similar to that which would be paid if it filed a separate income tax return except for certain credit utilization and state apportionment results. In accordance with IRS regulations, each company is jointly and severally liable for the federal tax liability. Current and Deferred Income Taxes Details of income tax provisions are as follows: 2025 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Federal Current $ 139 $ 110 $ 99 $ 57 $ 71 $ 28 Deferred 399 192 346 (6) (133) 98 Total federal 538 302 445 51 (62) 126 State Current 94 95 32 (1) (3) 32 Deferred 196 28 125 15 4 24 Total state 290 123 157 14 1 56 Total $ 828 $ 425 $ 602 $ 65 $ (61) $ 182 2024 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Federal Current $ 221 $ 357 $ 200 $ 32 $ (112) $ 84 Deferred 387 (111) 211 2 106 86 Total federal 608 246 411 34 (6) 170 State Current 152 103 52 (1) 6 42 Deferred 209 11 140 14 (13) 46 Total state 361 114 192 13 (7) 88 Total $ 969 $ 360 $ 603 $ 47 $ (13) $ 258 2023 Souther …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"CONTINGENCIES, COMMITMENTS, AND GUARANTEES General Litigation Matters The Registrants are involved in various matters being litigated and regulatory matters. The ultimate outcome of such pending or potential litigation or regulatory matters against each Registrant and any subsidiaries cannot be determined at this time; however, for current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on such Registrant's financial statements. The Registrants intend to dispute the allegations raised in and vigorously defend against the pending legal challenges discussed below; however, the ultimate outcome of each of these matters cannot be determined at this time. Southern Company On July 11, 2025, a purported class action complaint was filed in the U.S. District Court for the District of Maryland against two nuclear consulting companies and all U.S. commercial nuclear power operators, or affiliated entities, including Southern Company. The purported class of plaintiffs includes all persons employed in nuclear power generation by the defendants, including nuclear operators, nuclear engineers, and nuclear technicians, from May 1, 2003 to the present. The complaint alleges that, since at least May 2003, the nuclear power industry conspired to fix and suppress employee compensation for nuclear power generation employees in violation of federal antitrust law. …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

"LEASES Lessee The Registrants recognize leases with a term of greater than 12 months on the balance sheet as lease obligations, representing the discounted future fixed payments due, along with ROU assets that will be amortized over the term of each lease. As lessee, the Registrants lease certain electric generating units (including renewable energy facilities), real estate/land, communication towers, railcars, and other equipment and vehicles. The major categories of lease obligations are as follows: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) At December 31, 2025 Electric generating units (*) $ 1,064 $ 53 $ 1,793 $ $ $ Real estate/land 931 3 37 1 541 111 Communication towers 134 3 5 20 Railcars 74 39 26 9 Other 49 6 3 19 Total $ 2,252 $ 104 $ 1,864 $ 29 $ 541 $ 131 At December 31, 2024 Electric generating units (*) $ 672 $ 56 $ 1,509 $ $ $ Real estate/land 834 3 45 2 540 20 Communication towers 118 2 4 21 Railcars 64 31 29 4 Other 52 2 2 16 Total $ 1,740 $ 94 $ 1,589 $ 22 $ 540 $ 41 (*) Amounts related to affiliate leases are eliminated in consolidation for Southern Company. See ""Contracts that Contain a Lease"" herein for additional information. Real estate/land leases primarily consist of commercial real estate leases at Southern Company, Georgia Power, and Southern Company Gas and various land leases primarily associated with renewable energy facilities at Southern Power. The commercial real estate le …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires entities to disclose significant segment expenses, other segment items, the title and position of the CODM, and information related to how the CODM assesses segment performance and allocates resources, among certain other required disclosures. Additionally, previous annual disclosures are required in interim periods. The Registrants adopted ASU 2023-07 and applied the guidance retrospectively effective for the fiscal year beginning January 1, 2024. ASU 2023-07 was applied retrospectively for the interim periods beginning January 1, 2025. See Note 16 for additional information and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires entities to enhance consistency in income tax disclosures by improving transparency and comparability for stakeholders. Among other changes, ASU 2023-09 requires additional information in the effective tax rate reconciliation, including disaggregation of certain categories, and greater detail about income taxes paid, including disaggregation by jurisdiction. The Registrants adopted ASU 2023-09 and applied the guidance retrospectively effective for the fiscal year beginning January 1, 2025. See Note 10 under ""Effective Tax Rate"" and ""Cash Paid for …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RETIREMENT BENEFITS The Southern Company system has a qualified defined benefit, trusteed pension plan covering substantially all employees, with the exception of PowerSecure employees. The qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). No contributions to the qualified pension plan were made for the year ended December 31, 2025 and no mandatory contributions to the qualified pension plan are anticipated for the year ending December 31, 2026. The Southern Company system also provides certain non-qualified defined benefits for a select group of management and highly compensated employees, which are funded on a cash basis. In addition, the Southern Company system provides certain medical care and life insurance benefits for retired employees through other postretirement benefit plans. The traditional electric operating companies fund other postretirement trusts to the extent required by their respective regulatory commissions. For the year ending December 31, 2026, no contributions to any other postretirement trusts are expected. Actuarial Assumptions The weighted average rates assumed in the actuarial calculations used to determine both the net periodic costs for the pension and other postretirement benefit plans for the following year and the benefit obligations as of the measurement date are presented below. 2025 Assumptions used to determine net periodic costs: Southern Company Ala …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"REVENUE FROM CONTRACTS WITH CUSTOMERS The Registrants generate revenues from a variety of sources, some of which are not accounted for as revenue from contracts with customers, such as leases, derivatives, and certain cost recovery mechanisms. Included in the wholesale electric revenues of the traditional electric operating companies and Southern Power are revenues associated with affiliate transactions. These revenues are generated through long-term PPAs or short-term energy sales made in accordance with the IIC, as approved by the FERC. Amounts related to these affiliate revenues are eliminated in consolidation for Southern Company. See Note 1 under ""Affiliate Transactions"" and ""Revenues"" for additional information. See Notes 9 and 14 for additional information on revenue accounted for under lease and derivative accounting guidance, respectively. The following table disaggregates revenue from contracts with customers for the periods presented: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) 2025 Operating revenues Retail electric revenues Residential $ 8,601 $ 3,209 $ 5,064 $ 328 $ $ Commercial 6,995 2,071 4,582 342 Industrial 4,045 1,704 1,984 357 Other 123 10 104 9 Total retail electric revenues 19,764 6,994 11,734 1,036 Natural gas distribution revenues Residential 2,164 2,164 Commercial 527 527 Transportation 1,424 1,424 Industrial 44 44 Other 295 295 Total natural gas distribution revenues 4,454 4,45 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"SEGMENT AND RELATED INFORMATION The Registrants adopted ASU 2023-07 and applied the guidance retrospectively effective for the fiscal year beginning January 1, 2024. See Note 1 under ""Recently Adopted Accounting Standards"" for additional information. The CODM at Southern Company, the traditional electric operating companies, and Southern Company Gas is the chairman, president, and chief executive officer of such Registrant. Southern Power's CODM consists of the chairman and chief executive officer and the president. The CODMs assess segment performance using net income that is reflected on the Registrants' respective statements of income as net income attributable to the registrant or net income, as applicable. The CODMs use net income in the annual budget and forecasting process and consider budget versus actual results on a monthly basis when making decisions about the allocation of resources. Asset information by segment is not utilized by the CODMs for purposes of assessing performance or allocating resources. Southern Company Southern Company's reportable business segments are the sale of electricity by the traditional electric operating companies, the sale of electricity in the competitive wholesale market by Southern Power, and the distribution of natural gas and other complementary products and services by Southern Company Gas. While the traditional electric operating companies represent three separate operating segments, they are vertically integrated utilities pr …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General Southern Company is the parent company of three traditional electric operating companies, as well as Southern Power, Southern Company Gas, SCS, Southern Linc, Southern Holdings, Southern Nuclear, PowerSecure, and other direct and indirect subsidiaries. The traditional electric operating companies Alabama Power, Georgia Power, and Mississippi Power are vertically integrated utilities providing electric service in three Southeastern states. Southern Power develops, constructs, acquires, owns, operates, and manages power generation assets, including battery energy storage projects, and sells electricity at market-based rates in the wholesale market. Southern Company Gas distributes natural gas through natural gas distribution utilities, including Nicor Gas (Illinois), Atlanta Gas Light (Georgia), Virginia Natural Gas, and Chattanooga Gas (Tennessee). Southern Company Gas is also involved in several other complementary businesses including gas pipeline investments and gas marketing services. SCS, the system service company, provides, at cost, specialized services to Southern Company and its subsidiary companies. Southern Linc provides digital wireless communications for use by Southern Company and its subsidiary companies and also markets these services to the public and provides fiber optics services within the Southeast. Southern Holdings is an intermediate holding company subsidiary, which, through its subsidiaries, invests i …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"FINANCING AND LEASES Bank Credit Arrangements See Note 8 to the financial statements under ""Bank Credit Arrangements"" in Item 8 of the Form 10-K for additional information. At June 30, 2026, committed credit arrangements with banks were as follows: Expires Company 2026 2027 2028 2029 2031 Total Unused Expires within One Year (in millions) Southern Company parent (a) $ $ $ 500 $ $ 2,500 $ 3,000 $ 2,999 $ Alabama Power (b) 15 650 700 1,365 1,365 15 Georgia Power (c) 2,050 2,050 2,042 Mississippi Power (a) 125 150 275 275 Southern Power (a)(d) 600 600 600 Southern Company Gas (e) 1,600 1,600 1,598 SEGCO 30 30 30 30 Southern Company $ 15 $ 30 $ 500 $ 775 $ 7,600 $ 8,920 $ 8,909 $ 45 (a) Arrangement expiring in 2031 represents a $3.25 billion combined arrangement for Southern Company, Mississippi Power, and Southern Power allowing for flexible sublimits. Pursuant to the combined facility, the allocations among Southern Company, Mississippi Power, and Southern Power may be adjusted. (b) Includes $15 million expiring in 2026 at Alabama Property Company, a wholly-owned subsidiary of Alabama Power, of which $15 million was unused at June 30, 2026. Alabama Power is not party to this arrangement. (c) Georgia Power had $26 million of letters of credit outstanding under an uncommitted letter of credit facility at June 30, 2026. (d) Does not include Southern Power Company's $75 million and $100 million continuing letter of credit facilities for standby letters of credit, expiring in 202 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table disaggregates revenue from contracts with customers for the three and six months ended June 30, 2026 and 2025: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended June 30, 2026 Operating revenues Retail electric revenues Residential $ 2,007 $ 720 $ 1,208 $ 79 $ $ Commercial 1,757 501 1,166 90 Industrial 1,021 441 471 109 Other 29 3 24 2 Total retail electric revenues 4,814 1,665 2,869 280 Natural gas distribution revenues Residential 353 353 Commercial 89 89 Transportation 358 358 Industrial 6 6 Other 67 67 Total natural gas distribution revenues 873 873 Wholesale electric revenues PPA energy revenues 301 47 40 8 218 PPA capacity revenues 145 18 32 25 89 Non-PPA revenues 64 55 19 80 43 Total wholesale electric revenues 510 120 91 113 350 Other natural gas revenues Gas marketing services 73 73 Other 2 2 Total other natural gas revenues 75 75 Other revenues 450 62 212 11 4 Total revenue from contracts with customers 6,722 1,847 3,172 404 354 948 Other revenue sources (*) 255 116 (39) (1) 181 18 Total operating revenues $ 6,977 $ 1,963 $ 3,133 $ 403 $ 535 $ 966 Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Six Months Ended June 30, 2026 Operating revenues Retail electric revenues Residential $ 4,010 $ 1,493 $ 2,358 $ 159 $ $ Commercial 3,419 978 2,269 172 Industrial 1,962 855 909 198 Other 61 6 50 5 Total retail el …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"FAIR VALUE MEASUREMENTS At June 30, 2026, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows: Fair Value Measurements Using At June 30, 2026 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value as a Practical Expedient (NAV) Total (in millions) Southern Company Assets: Energy-related derivatives (a) $ 8 $ 61 $ $ $ 69 Interest rate derivatives 5 5 Investments in trusts: (b) Domestic equity 1,030 293 1,323 Foreign equity 199 256 455 U.S. Treasury and government agency securities 410 410 Municipal bonds 31 31 Pooled funds fixed income 4 4 Corporate bonds 533 533 Mortgage- and asset-backed securities 110 110 Private equity 202 202 Cash and cash equivalents 1 1 Other 33 4 9 46 Investments, available-for-sale: U.S. Treasury and government agency securities 1 12 13 Municipal bonds 2 2 Corporate bonds 4 4 Mortgage- and asset-backed securities 3 3 Cash equivalents 1,768 18 1,786 Other investments 10 35 8 53 Other 10 10 Total $ 3,050 $ 1,781 $ 18 $ 211 $ 5,060 Liabilities: Energy-related derivatives (a) $ 11 $ 155 $ $ $ 166 Interest rate derivatives 205 205 Foreign currency derivatives 63 63 Contingent consideration 12 12 Other 13 11 24 Total $ 11 $ 436 $ 23 $ $ 470 Fair Value Measurements Using At June 30, 2026 Quoted Prices in Active Markets for Identical …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"INCOME TAXES See Note 10 to the financial statements in Item 8 of the Form 10-K for additional tax information. Cash Paid for Income Taxes Alabama Power, Georgia Power, and Southern Power have entered into transferability agreements with non-affiliated parties to sell ITCs and PTCs at a discount to the generated credit value in 2024, 2025, and 2026. The discount is recorded as a reduction in tax credits recognized in the financial statements and does not have a material impact on results of operations. During the first six months of 2026, Alabama Power, Georgia Power, and Southern Power received cash of $39 million, $91 million, and $49 million, respectively, from credits transferred. The Southern Company system continues to explore the ability to efficiently monetize its tax credits through third-party transfer agreements. During the first six months of 2026, pursuant to certain joint ownership agreements, Georgia Power paid $83 million to the other Vogtle Owners for advanced nuclear PTCs for Plant Vogtle Units 3 and 4. The gain was recognized as an income tax benefit and was immaterial. Effective Tax Rate Southern Company's effective tax rate is typically lower than the statutory rate due to employee stock plans' dividend deduction, non-taxable AFUDC equity at the traditional electric operating companies, flowback of excess deferred income taxes at the regulated utilities, and federal income tax benefits from ITCs and PTCs. Details of significant changes in the effective t …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

CONTINGENCIES See Note 3 to the financial statements in Item 8 of the Form 10-K for information relating to various lawsuits and other contingencies. General Litigation Matters The Registrants are involved in various matters being litigated and regulatory matters. The ultimate outcome of such pending or potential litigation or regulatory matters against each Registrant and any subsidiaries cannot be determined at this time; however, for current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on such Registrant's financial statements. The Registrants intend to dispute the allegations raised in and vigorously defend against the pending legal challenges discussed below; however, the ultimate outcome of each of these matters cannot be determined at this time. Southern Company In July 2025, a purported class action complaint was filed in the U.S. District Court for the District of Maryland against two nuclear consulting companies and all U.S. commercial nuclear power operators, or affiliated entities, including Southern Company. The purported class of plaintiffs includes all persons employed in nuclear power generation by the defendants, including nuclear operators, nuclear engineers, and nuclear technicians, from May 1, 2003 to the present. The complaint alleges that, since at least May 2003, the nuclear power industry conspired to fix and suppres …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

RETIREMENT BENEFITS The Southern Company system has a qualified defined benefit, trusteed, pension plan covering substantially all employees, with the exception of employees at PowerSecure. The qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended. No mandatory contributions to the qualified pension plan are anticipated for the year ending December 31, 2026. The Southern Company system also provides certain non-qualified defined benefits for a select group of management and highly compensated employees, which are funded on a cash basis. In addition, the Southern Company system provides certain medical care and life insurance benefits for retired employees through other postretirement benefit plans. The traditional electric operating companies fund other postretirement trusts to the extent required by their respective regulatory commissions. See Note 11 to the financial statements in Item 8 of the Form 10-K for additional information. On each Registrant's condensed statements of income, the service cost component of net periodic benefit costs is included in other operations and maintenance expenses and all other components of net periodic benefit costs are included in other income (expense), net. Components of the net periodic benefit costs for the three and six months ended June 30, 2026 and 2025 are presented in the following tables. Southern Company Alabama Power Georgia Power Mississippi Power So …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME Revenue from Contracts with Customers The Registrants generate revenues from a variety of sources, some of which are not accounted for as revenue from contracts with customers, such as leases, derivatives, and certain cost recovery mechanisms. Included in the wholesale electric revenues of the traditional electric operating companies and Southern Power are revenues associated with affiliate transactions. These revenues are generated through long-term PPAs or short-term energy sales made in accordance with the IIC, as approved by the FERC. Amounts related to these affiliate revenues are eliminated in consolidation for Southern Company. See Note 1 to the financial statements under ""Affiliate Transactions"" and ""Revenues"" in Item 8 of the Form 10-K for additional information. See ""Lease Income"" herein and Note (J) for additional information on revenue accounted for under lease and derivative accounting guidance, respectively. The following table disaggregates revenue from contracts with customers for the three and six months ended June 30, 2026 and 2025: Southern Company Alabama Power Georgia Power Mississippi Power Southern Power Southern Company Gas (in millions) Three Months Ended June 30, 2026 Operating revenues Retail electric revenues Residential $ 2,007 $ 720 $ 1,208 $ 79 $ $ Commercial 1,757 501 1,166 90 Industrial 1,021 441 471 109 Other 29 3 24 2 Total retail electric revenues 4,814 1,665 2,869 280 Natural ga …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"SEGMENT AND RELATED INFORMATION See Note 16 to the financial statements in Item 8 of the Form 10-K for additional information. Southern Company The primary businesses of the Southern Company system are electricity sales by the traditional electric operating companies and Southern Power and the distribution of natural gas by Southern Company Gas. The traditional electric operating companies are vertically integrated utilities providing electric service in three Southeastern states. Southern Power develops, constructs, acquires, owns, operates, and manages power generation assets, including battery energy storage projects, and sells electricity at market-based rates in the wholesale market. Southern Company Gas distributes natural gas through its natural gas distribution utilities and is involved in several other complementary businesses including gas pipeline investments and gas marketing services. Southern Company's reportable business segments are the sale of electricity by the traditional electric operating companies, the sale of electricity in the competitive wholesale market by Southern Power, and the distribution of natural gas and other complementary products and services by Southern Company Gas. While the traditional electric operating companies represent three separate operating segments, they are vertically integrated utilities providing electric service to retail customers, as well as wholesale customers, in the Southeast and have been aggregated into one reportabl …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing