ATLANTA, Feb. 16, 2023 /PRNewswire/ -- Southern Company today reported a fourth-quarter loss of $87 million, or 8 cents per share, in 2022 compared with a loss of $215 million, or 20 cents per share, in the fourth quarter of 2021. Southern Company also reported full-year 2022 earnings of $3.5 billion, or $3.28 per share, compared with $2.4 billion, or $2.26 per share, in 2021.

Excluding the items described under "Net Income – Excluding Items" in the table below, Southern Company earned $285 million, or 26 cents per share, during the fourth quarter of 2022, compared with $380 million, or 36 cents per share, during the fourth quarter of 2021. For full-year 2022, excluding these items, Southern Company earned $3.9 billion, or $3.60 per share, compared with $3.6 billion, or $3.41 per share, for 2021.

Non-GAAP Financial Measures	Three Months Ended December		Year-to-Date December
Net Income - Excluding Items (in millions)	2022	2021	2022	2021
Net Income (Loss) - As Reported	$(87)	$(215)	$3,524	$2,393
Less:
Estimated Loss on Plants Under Construction	(205)	(924)	(199)	(1,703)
Tax Impact	52	235	51	433
Acquisition and Disposition Impacts	(134)	89	(115)	209
Tax Impact	34	22	32	(90)
Wholesale Gas Services	-	-	-	18
Tax Impact	-	-	-	(3)
Impairments	(119)	-	(119)	(91)
Tax Impact	-	-	-	19
Loss on Extinguishment of Debt	-	(23)	-	(23)
Tax Impact	-	6	-	6
Net Income – Excluding Items	$285	$380	$3,874	$3,618
Average Shares Outstanding – (in millions)	1,090	1,062	1,075	1,061
Basic Earnings Per Share – Excluding Items	$0.26	$0.36	$3.60	$3.41

NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.

Adjusted earnings drivers for the full year 2022, as compared with 2021, were higher revenues associated with rates and pricing at the company's regulated utilities, warmer weather, customer growth and increased usage, partially offset by higher non-fuel operations and maintenance costs, reflecting a rising cost environment and long-term commitments to reliability and resilience, along with higher interest expense.

Fourth-quarter 2022 operating revenues were $7.0 billion, compared with $5.8 billion for the fourth quarter of 2021, an increase of 22.2 percent. Operating revenues for the full year were $29.3 billion, compared with $23.1 billion in 2021, an increase of 26.7 percent. These increases were primarily due to higher fuel costs.

"Southern Company enjoyed another successful year in 2022," declared Chairman, President and CEO, Thomas A. Fanning. "This is due in no small part to the hard work of employees on a daily basis to provide customers with clean, safe, reliable and affordable energy."

"Significantly, our Operations team, generation fleet and power delivery system performed exceedingly well in 2022," added Fanning. "This included meeting an all-time peak load of over 41,000 megawatts in June, and an extremely frigid Christmas weekend that pushed electric demand to a winter peak of nearly 38,000 megawatts – a December record for our service footprint."

Southern Company's fourth-quarter and full-year earnings slides with supplemental financial information, including earnings guidance, are available at http://investor.southerncompany.com.

Southern Company's financial analyst call will begin at 1 p.m. Eastern Time today, during which Fanning 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 http://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 residential and commercial 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 distribution 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, DiversityInc, Black Enterprise, J.D. Power, Fortune, Human Rights Campaign and more. To learn more, visit www.southerncompany.com.

Page 3

Southern Company
Financial Highlights
*(In Millions of Dollars Except Earnings Per Share)*

	Three Months Ended December		Year-To-Date December
Net Income (Loss)–As Reported (See Notes)	2022	2021	2022	2021
Traditional Electric Operating Companies	$ 62	$ (371)	$ 3,318	$ 1,981
Southern Power	89	55	354	266
Southern Company Gas	56	150	572	539
Total	207	(166)	4,244	2,786
Parent Company and Other	(294)	(49)	(720)	(393)
Net Income (Loss)–As Reported	$ (87)	$ (215)	$ 3,524	$ 2,393

Basic Earnings (Loss) Per Share¹	$ (0.08)	$ (0.20)	$ 3.28	$ 2.26
Average Shares Outstanding (in millions)	1,090	1,062	1,075	1,061
End of Period Shares Outstanding (in millions)			1,089	1,060

Non-GAAP Financial Measures	Three Months Ended December		Year-To-Date December
Net Income–Excluding Items (See Notes)	2022	2021	2022	2021
Net Income (Loss)–As Reported	$ (87)	$ (215)	$ 3,524	$ 2,393
Less:
Estimated Loss on Plants Under Construction²	(205)	(924)	(199)	(1,703)
Tax Impact	52	235	51	433
Acquisition and Disposition Impacts³	(134)	89	(115)	209
Tax Impact	34	22	32	(90)
Wholesale Gas Services⁴	—	—	—	18
Tax Impact	—	—	—	(3)
Impairments⁵	(119)	—	(119)	(91)
Tax Impact	—	—	—	19
Loss on Extinguishment of Debt⁶	—	(23)	—	(23)
Tax Impact	—	6	—	6
Net Income–Excluding Items	$ 285	$ 380	$ 3,874	$ 3,618

Basic Earnings Per Share–Excluding Items	$ 0.26	$ 0.36	$ 3.60	$ 3.41
- See Notes on the following page.

Page 4

Southern Company
Financial Highlights
Notes
(1)	Dilution is not material in any period presented. Diluted earnings (loss) per share was $(0.08) and $3.26 for the three and twelve months ended December 31, 2022, respectively, and was $(0.20) and $2.24 for the three and twelve months ended December 31, 2021, respectively.
(2)	Earnings for the three and twelve months ended December 31, 2022 include a charge of $201 million pre tax ($150 million after tax) and net charges of $183 million pre tax ($137 million after tax), respectively, and earnings for the three and twelve months ended December 31, 2021 include charges of $920 million pre tax ($686 million after tax) and $1.692 billion pre tax ($1.261 billion after tax), respectively, for estimated probable losses on Georgia Power Company's construction of Plant Vogtle Units 3 and 4. Further charges and credits may occur; however, the amount and timing are uncertain. Earnings for the three and twelve months ended December 31, 2022 and 2021 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 twelve months ended December 31, 2022 include impairment charges totaling $131 million pre-tax ($99 million after-tax) and other disposition impacts associated with the sales of Southern Company Gas' natural gas storage facilities. Earnings for the twelve months ended December 31, 2022 also include a $14 million pre-tax ($11 million after-tax) gain as a result of the early termination of the transition services agreement related to the 2019 sale of Gulf Power. Earnings for the three and twelve months ended December 31, 2021 include a $93 million pre-tax ($99 million after-tax) gain associated with the termination of a leasehold interest in assets associated with two leveraged lease projects and $16 million of income tax benefits recognized as a result of another leveraged lease investment disposition. Earnings for the twelve months ended December 31, 2021 also include a $121 million pre-tax ($92 million after-tax) gain on the sale of Sequent, as well as $85 million in additional tax expense resulting from the sale. 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 twelve months ended December 31, 2021 include results of the Wholesale Gas Services business. Presenting earnings and earnings per share excluding Wholesale Gas Services provided an additional measure of operating performance that excluded the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments. Amounts subsequent to the July 1, 2021 sale of Sequent represent final income adjustments.
(5)	Earnings for the three and twelve months ended December 31, 2022 include an impairment charge of $119 million (pre tax and after tax) associated with goodwill at PowerSecure, Inc. Earnings for the twelve months ended December 31, 2021 include pre-tax impairment charges totaling $84 million ($67 million after tax), respectively, related to Southern Company Gas' investment in the PennEast Pipeline project and a pre-tax impairment charge of $7 million ($6 million after tax) related to a leveraged lease investment. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain.
(6)	Earnings for the three and twelve months ended December 31, 2021 include costs associated with the extinguishment of debt at Southern Company. Further costs may occur; however, the amount and timing of any such costs are uncertain.

Page 5

Southern Company
Significant Factors Impacting EPS

	Three Months Ended December			Year-To-Date December
	2022	2021	Change	2022	2021	Change
Earnings (Loss) Per Share–
As Reported¹(See Notes)	$ (0.08)	$ (0.20)	$ 0.12	$ 3.28	$ 2.26	$ 1.02

Significant Factors:
Traditional Electric Operating Companies			$ 0.41			$ 1.26
Southern Power			0.03			0.08
Southern Company Gas			(0.09)			0.03
Parent Company and Other			(0.23)			(0.31)
Increase in Shares			—			(0.04)
Total–As Reported			$ 0.12			$ 1.02

	Three Months Ended December			Year-To-Date December
Non-GAAP Financial Measures	2022	2021	Change	2022	2021	Change
Earnings Per Share–
Excluding Items (See Notes)	$ 0.26	$ 0.36	$ (0.10)	$ 3.60	$ 3.41	$ 0.19

Total–As Reported			$ 0.12			$ 1.02
Less:
Estimated Loss on Plants Under Construction²			0.51			1.05
Acquisition and Disposition Impacts³			(0.20)			(0.19)
Wholesale Gas Services⁴			—			(0.01)
Impairments⁵			(0.11)			(0.04)
Loss on Extinguishment of Debt⁶			0.02			0.02
Total–Excluding Items			$ (0.10)			$ 0.19
- 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 (loss) per share was $(0.08) and $3.26 for the three and twelve months ended December 31, 2022, respectively, and was $(0.20) and $2.24 for the three and twelve months ended December 31, 2021, respectively.
(2)	Earnings for the three and twelve months ended December 31, 2022 include a charge of $201 million pre tax ($150 million after tax) and net charges of $183 million pre tax ($137 million after tax), respectively, and earnings for the three and twelve months ended December 31, 2021 include charges of $920 million pre tax ($686 million after tax) and $1.692 billion pre tax ($1.261 billion after tax), respectively, for estimated probable losses on Georgia Power Company's construction of Plant Vogtle Units 3 and 4. Further charges and credits may occur; however, the amount and timing are uncertain. Earnings for the three and twelve months ended December 31, 2022 and 2021 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 twelve months ended December 31, 2022 include impairment charges totaling $131 million pre-tax ($99 million after-tax) and other disposition impacts associated with the sales of Southern Company Gas' natural gas storage facilities. Earnings for the twelve months ended December 31, 2022 also include a $14 million pre-tax ($11 million after-tax) gain as a result of the early termination of the transition services agreement related to the 2019 sale of Gulf Power. Earnings for the three and twelve months ended December 31, 2021 include a $93 million pre-tax ($99 million after-tax) gain associated with the termination of a leasehold interest in assets associated with two leveraged lease projects and $16 million of income tax benefits recognized as a result of another leveraged lease investment disposition. Earnings for the twelve months ended December 31, 2021 also include a $121 million pre-tax ($92 million after-tax) gain on the sale of Sequent, as well as $85 million in additional tax expense resulting from the sale. 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 twelve months ended December 31, 2021 include results of the Wholesale Gas Services business. Presenting earnings and earnings per share excluding Wholesale Gas Services provided an additional measure of operating performance that excluded the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments. Amounts subsequent to the July 1, 2021 sale of Sequent represent final income adjustments.
(5)	Earnings for the three and twelve months ended December 31, 2022 include an impairment charge of $119 million (pre tax and after tax) associated with goodwill at PowerSecure, Inc. Earnings for the twelve months ended December 31, 2021 include pre-tax impairment charges totaling $84 million ($67 million after tax), respectively, related to Southern Company Gas' investment in the PennEast Pipeline project and a pre-tax impairment charge of $7 million ($6 million after tax) related to a leveraged lease investment. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain.
(6)	Earnings for the three and twelve months ended December 31, 2021 include costs associated with the extinguishment of debt at Southern Company. Further costs may occur; however, the amount and timing of any such costs are uncertain.

Page 7

Southern Company
EPS Earnings Analysis


Description	Three Months Ended December 2022 vs. 2021	Year-To-Date December 2022 vs. 2021

Retail Sales	$—	$0.13

Retail Revenue Impacts	—	0.32

Weather	0.04	0.17

Wholesale & Other Operating Revenues	0.02	0.04

Non-Fuel O&M^(*)	(0.09)	(0.26)

Depreciation and Amortization, Interest Expense, Other	(0.02)	(0.09)

Income Taxes	(0.05)	(0.11)

Total Traditional Electric Operating Companies	$(0.10)	$0.20

Southern Power	0.03	0.08

Southern Company Gas	—	0.08

Parent and Other	(0.02)	(0.12)

Increase in Shares	(0.01)	(0.05)

Total Change in EPS (Excluding Items)	$(0.10)	$0.19

Estimated Loss on Plants Under Construction¹	0.51	1.05

Acquisition and Disposition Impacts²	(0.20)	(0.19)

Wholesale Gas Services³	—	(0.01)

Impairments⁴	(0.11)	(0.04)

Loss on Extinguishment of Debt⁵	0.02	0.02

Total Change in EPS (As Reported)	$0.12	$1.02
(*) Includes non-service cost-related benefits income.
- See additional Notes on the following page.

Page 8

Southern Company
EPS Earnings Analysis

Notes
(1)	Earnings for the three and twelve months ended December 31, 2022 include a charge of $201 million pre tax ($150 million after tax) and net charges of $183 million pre tax ($137 million after tax), respectively, and earnings for the three and twelve months ended December 31, 2021 include charges of $920 million pre tax ($686 million after tax) and $1.692 billion pre tax ($1.261 billion after tax), respectively, for estimated probable losses on Georgia Power Company's construction of Plant Vogtle Units 3 and 4. Further charges and credits may occur; however, the amount and timing are uncertain. Earnings for the three and twelve months ended December 31, 2022 and 2021 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.
(2)	Earnings for the three and twelve months ended December 31, 2022 include impairment charges totaling $131 million pre-tax ($99 million after-tax) and other disposition impacts associated with the sales of Southern Company Gas' natural gas storage facilities. Earnings for the twelve months ended December 31, 2022 also include a $14 million pre-tax ($11 million after-tax) gain as a result of the early termination of the transition services agreement related to the 2019 sale of Gulf Power. Earnings for the three and twelve months ended December 31, 2021 include a $93 million pre-tax ($99 million after-tax) gain associated with the termination of a leasehold interest in assets associated with two leveraged lease projects and $16 million of income tax benefits recognized as a result of another leveraged lease investment disposition. Earnings for the twelve months ended December 31, 2021 also include a $121 million pre-tax ($92 million after-tax) gain on the sale of Sequent, as well as $85 million in additional tax expense resulting from the sale. Further impacts may result from future acquisition and disposition activities; however, the amount and timing of any such impacts are uncertain.
(3)	Earnings for the twelve months ended December 31, 2021 include results of the Wholesale Gas Services business. Presenting earnings and earnings per share excluding Wholesale Gas Services provided an additional measure of operating performance that excluded the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments. Amounts subsequent to the July 1, 2021 sale of Sequent represent final income adjustments.
(4)	Earnings for the three and twelve months ended December 31, 2022 include an impairment charge of $119 million (pre tax and after tax) associated with goodwill at PowerSecure, Inc. Earnings for the twelve months ended December 31, 2021 include pre-tax impairment charges totaling $84 million ($67 million after tax), respectively, related to Southern Company Gas' investment in the PennEast Pipeline project and a pre-tax impairment charge of $7 million ($6 million after tax) related to a leveraged lease investment. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain.
(5)	Earnings for the three and twelve months ended December 31, 2021 include costs associated with the extinguishment of debt at Southern Company. Further costs may occur; however, the amount and timing of any such costs are uncertain.

Page 9

Southern Company
Consolidated Earnings
As Reported
*(In Millions of Dollars)*

	Three Months Ended December			Year-To-Date December
	2022	2021	Change	2022	2021	Change
Retail Electric Revenues-
Fuel	$ 1,460	$ 1,041	$ 419	$ 6,402	$ 3,940	$ 2,462
Non-Fuel	2,374	2,319	55	11,795	10,912	883
Wholesale Electric Revenues	843	633	210	3,641	2,455	1,186
Other Electric Revenues	193	193	—	747	718	29
Natural Gas Revenues	1,964	1,386	578	5,962	4,380	1,582
Other Revenues	213	195	18	732	708	24
Total Operating Revenues	7,047	5,767	1,280	29,279	23,113	6,166
Fuel and Purchased Power	1,894	1,346	548	8,428	4,988	3,440
Cost of Natural Gas	1,164	676	488	3,004	1,619	1,385
Cost of Other Sales	121	102	19	396	357	39
Non-Fuel O&M	2,009	1,833	176	6,630	6,088	542
Depreciation and Amortization	935	907	28	3,663	3,565	98
Taxes Other Than Income Taxes	338	321	17	1,411	1,290	121
Estimated Loss on Plant Vogtle Units 3 and 4	201	920	(719)	183	1,692	(1,509)
Impairment Charges	251	—	251	251	2	249
Gain on Dispositions, net	(4)	(7)	3	(57)	(186)	129
Total Operating Expenses	6,909	6,098	811	23,909	19,415	4,494
Operating Income (Loss)	138	(331)	469	5,370	3,698	1,672
Allowance for Equity Funds Used During Construction	61	50	11	224	190	34
Earnings from Equity Method Investments	42	41	1	151	76	75
Interest Expense, Net of Amounts Capitalized	561	485	76	2,022	1,837	185
Other Income (Expense), net	86	159	(73)	500	449	51
Income Taxes (Benefit)	(96)	(283)	187	795	267	528
Net Income (Loss)	(138)	(283)	145	3,428	2,309	1,119
Dividends on Preferred Stock of Subsidiaries	1	4	(3)	11	15	(4)
Net Loss Attributable to Noncontrolling Interests	(52)	(72)	20	(107)	(99)	(8)
NET INCOME (LOSS) ATTRIBUTABLE TO SOUTHERN COMPANY	$ (87)	$ (215)	$ 128	$ 3,524	$ 2,393	$ 1,131
Notes
- Certain prior year data may have been reclassified to conform with current year presentation.

Page 10


Southern Company
Kilowatt-Hour Sales and Customers
*(In Millions of KWHs)*

	Three Months Ended December				Year-To-Date December
	2022	2021	Change	Weather Adjusted Change	2022	2021	Change	Weather Adjusted Change
Kilowatt-Hour Sales-
Total Sales	47,398	46,804	1.3 %		204,273	193,380	5.6 %

Total Retail Sales-	34,264	33,623	1.9 %	(0.1) %	147,981	143,370	3.2 %	1.2 %
Residential	11,000	10,441	5.4 %	(0.5) %	49,633	47,382	4.8 %	0.2 %
Commercial	11,219	10,938	2.6 %	2.0 %	48,279	46,639	3.5 %	2.0 %
Industrial	11,899	12,092	(1.6) %	(1.6) %	49,474	48,724	1.5 %	1.5 %
Other	146	152	(4.2) %	(4.0) %	595	625	(4.8) %	(4.8) %

Total Wholesale Sales	13,134	13,181	(0.4) %	N/A	56,292	50,010	12.6 %	N/A


*(In Thousands of Customers)*

					Period Ended December
					2022	2021	Change
Regulated Utility Customers-
Total Utility Customers-					8,795	8,722	0.8 %
Total Traditional Electric					4,437	4,385	1.2 %
Southern Company Gas					4,358	4,337	0.5 %

Page 11

Southern Company
Financial Overview
As Reported
*(In Millions of Dollars)*

	Three Months Ended December			Year-To-Date December
	2022	2021	% Change	2022	2021	% Change
Southern Company –
Operating Revenues	$ 7,047	$ 5,767	22.2 %	$ 29,279	$ 23,113	26.7 %
Earnings (Loss) Before Income Taxes	(234)	(566)	(58.7) %	4,223	2,576	63.9 %
Net Income (Loss) Available to Common	(87)	(215)	(59.5) %	3,524	2,393	47.3 %

Alabama Power –
Operating Revenues	$ 1,794	$ 1,394	28.7 %	$ 7,817	$ 6,413	21.9 %
Earnings Before Income Taxes	114	59	93.2 %	1,774	1,625	9.2 %
Net Income Available to Common	84	49	71.4 %	1,340	1,238	8.2 %

Georgia Power –
Operating Revenues	$ 2,366	$ 2,210	7.1 %	$ 11,584	$ 9,260	25.1 %
Earnings (Loss) Before Income Taxes	(89)	(695)	(87.2) %	2,183	416	N/M
Net Income (Loss) Available to Common	(38)	(446)	(91.5) %	1,813	584	N/M

Mississippi Power –
Operating Revenues	$ 415	$ 334	24.3 %	$ 1,694	$ 1,322	28.1 %
Earnings Before Income Taxes	13	25	(48.0) %	201	180	11.7 %
Net Income Available to Common	14	26	(46.2) %	164	159	3.1 %

Southern Power –
Operating Revenues	$ 751	$ 606	23.9 %	$ 3,369	$ 2,216	52.0 %
Earnings (Loss) Before Income Taxes	8	(27)	N/M	267	154	73.4 %
Net Income Available to Common	89	55	61.8 %	354	266	33.1 %

Southern Company Gas –
Operating Revenues	$ 1,964	$ 1,386	41.7 %	$ 5,962	$ 4,380	36.1 %
Earnings Before Income Taxes	75	201	(62.7) %	752	814	(7.6) %
Net Income Available to Common	56	150	(62.7) %	572	539	6.1 %

N/M - Not Meaningful

Notes
- See Financial Highlights pages for discussion of certain significant items occurring during the periods.

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SOURCE Southern Company

Southern Company reports fourth-quarter and full-year 2022 financial results