On this page of StockholderLetter.com we present the latest annual shareholder letter from SOUTHERN CO — ticker symbol GPJA. Reading current and past GPJA letters to shareholders can bring important insights into the investment thesis.

 •  4/3/2026 Letter Continued (Full PDF)
 •  4/14/2023 GPJA Stockholder Letter
 •  4/12/2024 GPJA Stockholder Letter
 •  4/11/2025 GPJA Stockholder Letter
 •  More "Miscellaneous" Category Stockholder Letters

GPJA Shareholder/Stockholder Letter Transcript:

2025
Annual
Report

Historic demand requires historic
leadership. Our foundation is strong,
and our almost 30,000 teammates are
committed. Together, we are building
the utility of the future, driven by
innovation and grounded in what   s
right for our customers.
Christopher C. Womack
Chairman, President & CEO
Southern Company
1
Southern Company 2025 Annual Report

Chairman   s Message
Dear Fellow Stockholders,
2025 was an excellent and transformative year for
Southern Company. We delivered strong financial
results, strengthened our energy portfolio and continued
advancing cutting-edge innovation. Across our service
territory, we saw some of the most significant energy
demand growth in our history     from data centers,
advanced manufacturing and continued residential
growth. Our teams successfully met the moment.
Most importantly, at every turn, we demonstrated our
commitment to putting customers first and supporting
the communities we are privileged to serve.
Keeping Customers at the Center
of All We Do
For more than 125 years, customers have depended on
Southern Company to power their communities, their
homes and their businesses. And while our company
has evolved, our number one priority has remained the
same: ensuring customers receive clean, safe, reliable
and affordable power. Whether it is helping their homes
stay warm through the winter or cool in the summer, to
the simple flip of the light switch or the family dinner
coming together, our team is always there to serve the
customer first.
With this customer-focused mindset, in 2025, we
advanced plans to responsibly serve the extraordinary,
long-term growth we   re projecting to help ensure the
benefits of growth are shared by everyone. As we work
to add new, critical infrastructure, we have taken concrete
steps to maintain predictability, deliver rate stability and
drive long-term savings for our customers.
Investing for the Future
Southern Company   s grid is engineered to support
significant growth and adapt to a rapidly evolving
landscape. To prepare for what   s ahead, we plan to invest
more than $80 billion over the next five years to continue
strengthening the grid, expanding generation and
deploying advanced technologies that make our system
smarter and more resilient.
Across our system, we are modernizing infrastructure
and leveraging innovation     from advanced forecasting
and analytics to next-generation grid technologies. These
investments are essential to supporting economic growth,
maintaining reliability during peak demand and delivering
long-term value for our customers and stockholders.
Reliability When It Matters Most
In 2025, our ability to offer reliable service was repeatedly
put to the test, and we delivered time and time again. In
January 2025, Winter Storm Enzo brought record-breaking
snowfall and near-record energy demand across our
footprint. Despite hazardous conditions, our teams were
there to support our communities     restoring power for
more than 115,000 customers and safely meeting record
natural gas demand across multiple states. These efforts
earned national recognition, but more importantly, they
reflect who we are: a company trusted to deliver when it
matters most.
Southern Company 2025 Annual Report
1

Chairman   s Message
Delivering on Our Financial
Commitments
For the eleventh year in a row, we delivered adjusted
earnings performance at the top of or above our annual
guidance range. With the significant capital investments
we are making and the large load pipeline we have
clear visibility into, we see incredible opportunities for
growth ahead.
Our Commitment in Action
Our growth is inseparable from the growth of the
communities we serve, and our commitment to these
communities goes well beyond the energy solutions we
provide. Through philanthropic investments, employee
volunteer efforts and economic development initiatives,
our operating companies have been helping hometowns
across our service footprint grow and prosper.
In this watershed moment for the energy industry,
Southern Company is leading with purpose     delivering
energy that is reliable and resilient, while investing in
the infrastructure and technologies that will power
communities for generations to come.
Historic demand requires historic leadership. Our
foundation is strong, and our almost 30,000 teammates
are committed. Together, we are building the utility of the
future, driven by innovation and grounded in what   s right
for our customers.
Thank you for your continued confidence in Southern
Company. It is a privilege to serve you.
Sincerely,
Christopher C. Womack
Chairman, President and Chief Executive Officer
March 24, 2026
2
Southern Company 2025 Annual Report

Financial Highlights
Basic Earnings Per Share
Basic Earnings Per Share   Excluding Items*
(in dollars)
(in dollars)
$3.28
$3.64
$4.02
$3.94
$3.41
$3.60
$3.65
$4.05
$4.30
$2.26
   21
   22
   23
   24
   25
   21
   22
   23
   24
   25
'21
'22
'23
'24
'25
'21
'22
'23
'24
'25
* Not a financial measure under generally accepted
accounting principles. See Reconciliation of Non-GAAP
Financial Metric on pages 10-11 for additional information
and specific adjustments made to this measure by year.
Return On Average Common Equity
Dividends Per Share
(percent)
(in dollars)
12.54%
$2.62
$2.70
$2.78
$2.86
$2.94
   25
   21
   22
   23
   24
   25
2025
2024
Change
Operating Revenues (in millions)
$ 29,553
$ 26,724
Earnings (in millions)

4,341

4,401
(1.4)%
Basic Earnings Per Share

3.94

4.02
(2.0)%
Diluted Earnings Per Share

3.92

3.99
(1.8)%
Dividends Per Share (amount paid)

2.94

2.86
2.8 %
3.4
3.5
(2.9)%
Average Shares Outstanding (in millions)
1,103
1,096
0.6 %
Return On Average Common Equity (percent)
12.54
13.61
(7.9)%
13.61%
12.09% 12.86%
8.57%
   21
   22
   23
   24
Dividend Yield (year-end, percent)
10.6 %
Book Value Per Share

32.18

30.28
6.3 %
Market Price Per Share (year-end, closing)

87.20

82.32
5.9 %
Total Market Value Of Common Stock (year-end, in millions)
$ 97,597
$ 90,279
8.1 %
Total Assets (in millions)
$ 155,720
$ 145,180
7.3 %
203,840
199,038
2.4 %
151,336
148,906
1.6 %
52,504
50,132
4.7 %
9,006
8,936
0.8 %
Total Kilowatt-Hour Sales (in millions)
Retail
Wholesale
Total Utility Customers (year-end, in thousands)
Southern Company 2025 Annual Report
3

4/3/2026 Letter Continued (Full PDF)

 

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.