Southern Company (SO) official guidance

Our adjusted EPS estimate for the fourth quarter is $0.30 per share, which, combined with our strong year-to-date performance, would represent full year adjusted earnings of $4.70 or $0.10 higher than the top of our original 2026 adjusted earnings guidance range, representing 9% year-over-year adjusted earnings growth.

Our adjusted EPS estimate for the fourth quarter is $0.30 per share, which, combined with our strong year-to-date performance, would represent full year adjusted earnings of $4.70 or $0.10 higher than the top of our original 2026 adjusted earnings guidance range, representing 9% year-over-year adjusted earnings growth.

Considering the equity addressed to date, along with the incremental $4 billion of projected investment above our base capital plan, we project a remaining equity need of approximately $2 billion through 2030, consistent with our communication of to fund additional investment with approximately 40% equity or equity equivalents.

As future capital investment opportunities continue to grow, we remain committed to funding incremental capital investments in a credit supportive manner on our path towards 17% FFO to debt by 2029.

At September 30, 2026, the remaining pre-tax accelerated depreciation and decommissioning costs are projected to total approximately $100 million in 2026 and $135 million in 2027.

At September 30, 2026, the remaining pre-tax accelerated depreciation and decommissioning costs are projected to total approximately $100 million in 2026 and $135 million in 2027.

Our adjusted EPS estimate for the third quarter is $1.65 per share.

Our adjusted EPS estimate for the second quarter is $1.00 per share.

For example, Georgia Power recently initiated the regulatory process for an all source RFP to procure 2-6 GW of new dispatchable generation resources, including from thermal generation, battery energy storage, and renewables that are projected to be in service in 2032 and 2033.

These projects are the first of several resources included within our 10 GW portfolio of approved new generation resources that are in development to power the extraordinary projected growth in our region, including multiple battery systems and natural gas combustion turbines that are projected to be online later in 2026 and 2027.

At March 31, 2026, the remaining pre-tax accelerated depreciation is projected to total approximately $335 million in 2026 and $100 million in 2027.

At March 31, 2026, the remaining pre-tax accelerated depreciation is projected to total approximately $335 million in 2026 and $100 million in 2027.

Through 2030, we expect to invest roughly $42 billion or over half of our total 5-year capital plan to reliably serve projected growth through the combination of new generation, enhancements to existing generation assets, and expansions of our transmission and interstate pipeline systems.

Turning to our capital plan, our base capital investment forecast is $81 billion over the next five years, 95% of which is at our state-regulated utilities.

In December, as a part of its certification process for new generation, Georgia Power was able to quantify at least approximately $1.7 billion of benefits that will help to lower cost to serve existing customers from 2029 through 2031.

While future dividend increases are subject to approval by our board of directors, we project continued modest increases in the dividend over the next several years.

This should serve to lower our dividend payout ratio into the low- to mid-60% range in the latter portion of our forecast horizon.

In addition to the 2026 range I provided, our initial guidance range for 2027 is adjusted earnings per share of $4.85-$4.95, which represents approximately 8% growth from 2026.

For 2028, we project adjusted earnings per share to grow approximately 9% from 2027, resulting in initial guidance range of $5.25-$5.45.

The estimate for adjusted EPS for the first quarter is $1.20.