The Southern Company Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Adjusted EPS for Q1 2026 was 1.32 per share.
    • Up 0.09 versus Q1 2025.
    • Above management’s estimate by 0.12.
  • EPS guidance for Q2 2026 set at 1.00 per share.
  • Growth was broad-based across all major businesses and customer classes.
  • Customer demand, led heavily by data centers and large load customers, remains exceptionally strong across the Southeast.

Operational & Demand Highlights

  • 23 gigawatts of contracted or late-stage large load demand across electric utilities.
  • Over 11 gigawatts of fully contracted large load agreements, up 1.9 gigawatts in the last two months from new hyperscaler contracts.
  • A prospective pipeline of more than 75 gigawatts of large load interest.
  • Data center usage increased 42 percent compared with Q1 2025.
  • Weather-normalized retail electricity sales increased 2.3 percent year over year.
  • Residential customers grew by 46,000 from net migration trends.
  • Commercial sales up 4.5 percent; industrial sales up 1.5 percent.

Regulatory & Infrastructure Developments

  • Base rate stability:
    • Alabama and Georgia rates stable through 2029 and 2028 respectively.

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Greg MacLeod: Good afternoon. Operator: My name is Christine, and I will be your conference operator today. At this time, I would like to welcome everyone to The Southern Company First Quarter 2026 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. As a reminder, this conference is being recorded. I would now like to turn the call over to Mr. Greg MacLeod, Director of Investor Relations. Please go ahead, sir. Greg MacLeod: Thank you, Christine. Good afternoon, and welcome to The Southern Company First Quarter 2026 Earnings Call. Joining me today are Christopher C. Womack, Chairman, President, and Chief Executive Officer of The Southern Company, and David P. Poroch, Chief Financial Officer. Let me remind you that we will make forward-looking statements today in addition to providing historical information. Various important factors could cause actual results to differ materially from those indicated in the forward-looking statements, including those discussed in our Form 10-K, Form 10-Q, and subsequent securities filings. In addition, we will present non-GAAP financial information on this call. Reconciliations to the applicable GAAP measures are included in the financial information we released this morning, as well as the slides for this conference call, which are both available on our Investor Relations website at investor.southerncompany.com. At this time, I will turn t

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