Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $0.92 for Q2 2025, which is $0.07 above the estimate and $0.18 lower than 2024 [7] - Year-to-date retail electricity sales were 1.3% higher than 2024, with a 3% increase in retail electricity sales in Q2 compared to the previous year [8][9] - Adjusted EPS estimate for Q3 is $1.50 per share [8] Business Line Data and Key Metrics Changes - Increased earnings from state-regulated utilities contributed positively, with higher usage and customer growth adding $0.06 year-over-year compared to 2024 [7] - Weather-normal residential sales increased by 2.8%, supported by over 15,000 new electric customers in the quarter [8] - Data center usage was notably up 13% compared to 2024, while industrial sales to major customer segments like transportation and primary metals grew by 6% year-over-year [9] Market Data and Key Metrics Changes - Economic development activities in the Southeast resulted in nearly $2 billion of capital investment and over 6,000 new jobs announced [10] - The large load pipeline across Alabama, Georgia, and Mississippi remains above 50 gigawatts of potential incremental load by the mid-2030s [11] Company Strategy and Development Direction - The company is focused on disciplined growth, with a commitment to customer affordability and regulatory stability [12] - Georgia Power's 2025 integrated resource plan (IRP) was approved, allowing for continued investment in existing fleet and new generation resources [13][14] - The company plans to certify approximately 10 gigawatts of new generation resources, including a mix of third-party power purchase agreements and Georgia Power-owned resources [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment in the Southeast, with unemployment rates and population growth better than national averages [10] - The company is encouraged by the momentum in attracting large load customers and expects to reassess its long-term EPS growth rate as early as 2027 [19][20] - Management emphasized the importance of investing in people and leadership transitions to ensure sustained long-term success [21] Other Important Information - The company has increased its five-year base capital plan from $63 billion to $76 billion, with potential upside of approximately $5 billion still pending [16] - The CFO transition was highlighted, with management expressing gratitude for the retiring CFO's contributions [22] Q&A Session Summary Question: Capital plan update and rate base growth - Management confirmed that they will provide a full financial plan update in the Q4 call and are encouraged by the marketplace momentum [26][27] Question: RFP update and procurement status - Management assured that they have good relationships with OEMs and EPCs, positioning themselves efficiently for upcoming projects [28] Question: FFO to debt improvement timeline - Management expects to reach approximately 17% FFO to debt near the end of the planning horizon, with proactive measures being taken [37][40] Question: Asset sales and rumors - Management stated they are always evaluating opportunities but would not comment on specific rumors [41] Question: Load update and pipeline growth - Management indicated that the large load pipeline continues to grow, with advanced discussions ongoing with major customers [49] Question: Southern Power returns compared to regulated business - Management noted that Southern Power's returns are generally higher than state-regulated returns, but they maintain stringent risk-return parameters [64] Question: New nuclear discussions - Management emphasized the need for new nuclear energy and ongoing discussions with various stakeholders [68] Question: Large load update filing - Management confirmed that an update filing is expected in August, which may reflect higher load than previously discussed [71] Question: Gas plants and timing confidence - Management clarified that the planned new units are based on existing capacity rolling off PPAs [78] Question: Trends on generation costs - Management acknowledged rising generation costs but indicated they are prepared to react accordingly [101]

Financial Performance - Q2 2025 adjusted EPS was $0.92, exceeding estimates by $0.07[12] - YTD 2025 adjusted EPS reached $2.15[16] - Southern Company projects a full-year adjusted EPS guidance between $4.20 and $4.30[20] - Weather-normal retail electric sales grew by 3% in Q2 2025 compared to the previous year[12] Capital Investment and Financing - The company has a $76 billion capital investment plan, a $13 billion increase from the prior base forecast[12, 32] - State-regulated utilities account for 95% of the 5-year capital plan, totaling $72 billion[38] - Incremental equity needs through 2029 are estimated at $5 billion to fund the increased capital investment plan[40] - Over $8.9 billion in committed credit facilities and available liquidity of $7.6 billion as of June 30, 2025[68] Generation Resources and Sales - Georgia Power filed for certification of 10 GW of new generation resources through all-source RFP processes[28, 31] - Data center usage increased by 13%[24] - Economic development announcements included 6,000 new jobs and ~$2 billion of capital investment in Q2[27]

Core Insights - Southern Co. reported $6.97 billion in revenue for the quarter ended June 2025, a year-over-year increase of 7.9%, with an EPS of $0.91 compared to $1.09 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $6.56 billion, resulting in a surprise of +6.24%, while the EPS surprise was +4.6% against a consensus estimate of $0.87 [1] Revenue Breakdown - Natural Gas revenues reached $979 million, surpassing the average estimate of $917.14 million, reflecting a year-over-year increase of +17.8% [4] - Southern Company Natural Gas reported $979 million, exceeding the estimated $855.44 million, marking a +17.8% change from the previous year [4] - Southern Power generated $546 million, slightly below the average estimate of $552.52 million, with a year-over-year increase of +4.2% [4] - Georgia Power - Wholesale Revenues were $107 million, significantly above the average estimate of $70.97 million, representing a +69.8% year-over-year change [4] - Georgia Power - Other Revenues totaled $238 million, exceeding the estimated $225.21 million, with a +10.7% change from the previous year [4] - Mississippi Power - Retail Revenues reached $274 million, surpassing the average estimate of $243.08 million, reflecting a +13.2% year-over-year increase [4] - Mississippi Power - Other Revenues were $9 million, below the average estimate of $12.08 million, showing a year-over-year decrease of -10% [4] - Southern Company Gas - Gas Distribution Operations reported $885 million, exceeding the average estimate of $781.07 million, with a +18.2% year-over-year change [4] - Southern Company Gas - Gas Pipeline Investments generated $8 million, below the average estimate of $23.68 million, with no year-over-year change [4] - Southern Company Gas - Gas Marketing Services reported $83 million, exceeding the estimated $74.82 million, marking an +18.6% change from the previous year [4] - Retail Electric revenues were $4.76 billion, surpassing the average estimate of $4.3 billion, reflecting a +6.1% year-over-year increase [4] - Alabama Power generated $1.97 billion, exceeding the average estimate of $1.92 billion, with a +5.1% year-over-year change [4] Stock Performance - Southern Co. shares returned +4.1% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Viewpoint - Southern Co. reported quarterly earnings of $0.91 per share, exceeding the Zacks Consensus Estimate of $0.87 per share, but down from $1.09 per share a year ago, indicating a +4.60% earnings surprise [1][2] Financial Performance - The company posted revenues of $6.97 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 6.24%, compared to $6.46 billion in the same quarter last year [2] - Over the last four quarters, Southern Co. has exceeded consensus EPS estimates three times and topped revenue estimates four times [2] Stock Performance - Southern Co. shares have increased approximately 15.3% since the beginning of the year, outperforming the S&P 500's gain of 8.2% [3] - The current consensus EPS estimate for the upcoming quarter is $1.48 on revenues of $7.49 billion, and for the current fiscal year, it is $4.28 on revenues of $28.42 billion [7] Industry Outlook - The Utility - Electric Power industry, to which Southern Co. belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5][6]

Core Insights - Southern Company reported second-quarter earnings of $0.9 billion, or $0.80 per share, in 2025, a decrease from $1.2 billion, or $1.10 per share, in the same quarter of 2024 [1][2] - For the first half of 2025, earnings totaled $2.2 billion, or $2.01 per share, compared to $2.3 billion, or $2.13 per share, for the same period in 2024 [1][2] - Operating revenues for the second quarter of 2025 were $7.0 billion, reflecting a 7.9% increase from $6.5 billion in the second quarter of 2024 [5][26] - The company emphasized its commitment to balancing growth, reliability, and affordability for customers, while achieving operational and financial performance [6] Financial Performance - Excluding certain items, Southern Company earned $1.0 billion, or $0.92 per share, in the second quarter of 2025, down from $1.2 billion, or $1.10 per share, in the same quarter of 2024 [2][3] - For the six months ended June 30, 2025, excluding these items, earnings were $2.4 billion, or $2.15 per share, compared to $2.3 billion, or $2.13 per share, for the same period in 2024 [2][3] - The average shares outstanding increased slightly from 1,096 million in 2024 to 1,101 million in 2025 [3][12] Revenue Breakdown - Retail electric revenues for the second quarter of 2025 included $1.139 billion from fuel and $3.619 billion from non-fuel sources, contributing to total operating revenues of $6.973 billion [26] - Natural gas revenues increased to $979 million in the second quarter of 2025, up from $831 million in the same quarter of 2024 [26] - Total operating revenues for the first half of 2025 reached $14.748 billion, a 12.5% increase from $13.109 billion in the first half of 2024 [5][26] Operational Insights - Adjusted earnings drivers included higher non-fuel operations and maintenance expenses, prior year gains on transmission asset sales, milder weather, and increased income taxes, depreciation, and interest expenses [4] - The company reported a net income of $880 million for the second quarter of 2025, down from $1.203 billion in the same quarter of 2024 [12][26] - Significant factors impacting earnings per share included increased operations and maintenance expenses and higher interest expenses [16][20]

[PART I—FINANCIAL INFORMATION](index=9&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis for the company and its subsidiaries [Item 1. Financial Statements (Unaudited)](index=10&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for The Southern Company and its subsidiary registrants for the quarterly period ended June 30, 2025, including statements of income, comprehensive income, cash flows, balance sheets, and stockholders' equity for the parent company and each major subsidiary, followed by combined notes to these statements [The Southern Company and Subsidiary Companies Financial Statements](index=10&type=section&id=The%20Southern%20Company%20and%20Subsidiary%20Companies%20Financial%20Statements) The Southern Company Consolidated Financial Highlights (in millions, except per share data) | Financial Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $6,973 | $6,463 | $14,748 | $13,109 | | **Operating Income** | $1,764 | $1,939 | $3,774 | $3,642 | | **Net Income Attributable to Southern Co.** | $880 | $1,203 | $2,214 | $2,332 | | **Diluted EPS** | $0.79 | $1.09 | $2.00 | $2.12 | | **Net Cash from Operating Activities** | N/A | N/A | $3,431 | $3,999 | - Total assets increased to **$148.85 billion** as of June 30, 2025, from **$145.18 billion** at December 31, 2024, primarily driven by an increase in Property, Plant, and Equipment[28](index=28&type=chunk) - Total long-term debt increased to **$63.0 billion** as of June 30, 2025, compared to **$58.8 billion** at the end of 2024[30](index=30&type=chunk) [Alabama Power Company Financial Statements](index=18&type=section&id=Alabama%20Power%20Company%20Financial%20Statements) Alabama Power Financial Highlights (in millions) | Financial Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $1,968 | $1,873 | $3,980 | $3,664 | | **Operating Income** | $547 | $536 | $1,086 | $1,009 | | **Net Income** | $381 | $369 | $755 | $702 | | **Net Cash from Operating Activities** | N/A | N/A | $678 | $877 | [Georgia Power Company Financial Statements](index=24&type=section&id=Georgia%20Power%20Company%20Financial%20Statements) Georgia Power Financial Highlights (in millions) | Financial Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $3,110 | $2,875 | $6,148 | $5,273 | | **Operating Income** | $927 | $1,052 | $1,707 | $1,653 | | **Net Income** | $607 | $762 | $1,204 | $1,199 | | **Net Cash from Operating Activities** | N/A | N/A | $1,335 | $1,680 | [Mississippi Power Company Financial Statements](index=30&type=section&id=Mississippi%20Power%20Company%20Financial%20Statements) Mississippi Power Financial Highlights (in millions) | Financial Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $400 | $364 | $821 | $706 | | **Operating Income** | $87 | $85 | $172 | $150 | | **Net Income** | $59 | $61 | $114 | $111 | | **Net Cash from Operating Activities** | N/A | N/A | $78 | $85 | [Southern Power Company and Subsidiary Companies Financial Statements](index=35&type=section&id=Southern%20Power%20Company%20and%20Subsidiary%20Companies%20Financial%20Statements) Southern Power Financial Highlights (in millions) | Financial Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $546 | $524 | $1,113 | $997 | | **Operating Income** | $43 | $111 | $88 | $161 | | **Net Income Attributable to Southern Power** | $51 | $86 | $138 | $182 | | **Net Cash from Operating Activities** | N/A | N/A | $232 | $230 | [Southern Company Gas and Subsidiary Companies Financial Statements](index=40&type=section&id=Southern%20Company%20Gas%20and%20Subsidiary%20Companies%20Financial%20Statements) Southern Company Gas Financial Highlights (in millions) | Financial Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $979 | $831 | $2,818 | $2,538 | | **Operating Income** | $190 | $180 | $773 | $747 | | **Net Income** | $106 | $108 | $524 | $517 | | **Net Cash from Operating Activities** | N/A | N/A | $1,210 | $1,270 | [Combined Notes to the Condensed Financial Statements](index=45&type=section&id=Combined%20Notes%20to%20the%20Condensed%20Financial%20Statements) - **Regulatory:** Georgia Power's Alternate Rate Plan (ARP) was extended through 2028, and the company requested certification for new generation and battery storage projects totaling approximately **$16.7 billion**[124](index=124&type=chunk)[130](index=130&type=chunk) - **Contingencies:** A class action complaint was filed against Southern Company and other nuclear operators alleging conspiracy to fix employee compensation, while a separate False Claims Act lawsuit related to DOE grants for the Kemper facility is ongoing[154](index=154&type=chunk)[155](index=155&type=chunk) - **Financing:** In May 2025, Southern Company issued **$1.65 billion** in convertible senior notes and used a portion of the proceeds to repurchase approximately **$1.11 billion** of older convertible notes, resulting in a **$129 million** loss on extinguishment of debt[195](index=195&type=chunk) - **Income Taxes:** Unrecognized tax positions for Southern Company increased significantly to **$382 million**, primarily related to the ability of Alabama Power and Georgia Power to meet prevailing wage requirements for existing zero-emission nuclear power Production Tax Credits (PTCs)[220](index=220&type=chunk) - **Acquisitions & Dispositions:** Mississippi Power completed the acquisition of FP&L's 50% interest in Plant Daniel Units 1 and 2, and Southern Power is continuing construction on the Millers Branch solar facility and several wind repowering projects[277](index=277&type=chunk)[278](index=278&type=chunk)[280](index=280&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=97&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for the second quarter and first half of 2025, comparing them to the same periods in 2024, covering all major segments, detailing drivers for changes in revenue, expenses, and net income, and addressing future earnings potential, financial condition, liquidity, capital requirements, and financing activities [Results of Operations](index=100&type=section&id=Results%20of%20Operations) - **Southern Company (Consolidated):** Q2 2025 net income decreased to **$880 million** from **$1.2 billion** in Q2 2024, primarily due to higher non-fuel O&M, depreciation, interest expense (including a **$129 million** debt extinguishment loss), and taxes, partially offset by higher retail electric and natural gas revenues[325](index=325&type=chunk)[326](index=326&type=chunk)[354](index=354&type=chunk) - **Alabama Power:** Q2 2025 net income increased to **$381 million** from **$369 million** year-over-year, driven by higher retail revenues from rates and customer usage, which offset increased non-fuel O&M expenses[360](index=360&type=chunk) - **Georgia Power:** Q2 2025 net income fell to **$607 million** from **$762 million** in Q2 2024, caused by higher O&M expenses (partly due to a prior-year asset sale gain), increased depreciation, and weather impacts, partially offset by higher base tariff revenues and the inclusion of Plant Vogtle Unit 4 in rates[385](index=385&type=chunk)[386](index=386&type=chunk) - **Southern Power:** Q2 2025 net income decreased to **$51 million** from **$86 million** year-over-year, mainly due to **$42 million** in accelerated depreciation for wind repowering projects and higher scheduled outage expenses[437](index=437&type=chunk)[453](index=453&type=chunk) - **Southern Company Gas:** Q2 2025 net income was relatively flat at **$106 million** compared to **$108 million** in Q2 2024, as increased income from gas distribution operations was offset by lower earnings from gas pipeline investments[460](index=460&type=chunk) [Future Earnings Potential](index=131&type=section&id=Future%20Earnings%20Potential) - Future earnings are influenced by constructive regulatory environments, recovery of increasing costs, and projected long-term demand growth, particularly from data centers and industrial activity[486](index=486&type=chunk)[489](index=489&type=chunk) - The One Big Beautiful Bill Act (OBBB), signed into law on July 4, 2025, restricts ITCs and PTCs for new solar and wind projects, requiring them to begin construction by July 2026 or be operational by the end of 2027 to qualify[516](index=516&type=chunk) - Alabama Power and Georgia Power expect to claim zero-emission nuclear power production tax credits (§45U PTCs) for 2024, with a base credit of **$75 million** for Southern Co., potentially increasing to **$373 million** if prevailing wage requirements are met[518](index=518&type=chunk) - Southern Power's wind repowering projects are expected to result in significant accelerated depreciation: approximately **$215 million** in 2025, **$320 million** in 2026, and **$25 million** in 2027[512](index=512&type=chunk) [Financial Condition and Liquidity](index=137&type=section&id=Financial%20Condition%20and%20Liquidity) - The company maintains a stable financial condition, with the Southern Company system having **$8.9 billion** in unused committed credit arrangements available for liquidity as of June 30, 2025[522](index=522&type=chunk)[534](index=534&type=chunk) - Significant future cash requirements include Georgia Power's newly requested projects, with estimated capital expenditures of **$14.3 billion** through 2029[526](index=526&type=chunk) Net Cash Flow Summary - YTD 2025 vs YTD 2024 (in millions) | Registrant | Operating Activities 2025 | Operating Activities 2024 | Investing Activities 2025 | Investing Activities 2024 | Financing Activities 2025 | Financing Activities 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Southern Company** | $3,431 | $3,999 | $(5,734) | $(4,222) | $2,467 | $513 | | **Alabama Power** | $678 | $877 | $(1,169) | $(951) | $300 | $(46) | | **Georgia Power** | $1,335 | $1,680 | $(3,218) | $(2,199) | $1,859 | $551 | | **Mississippi Power** | $78 | $85 | $(145) | $(218) | $76 | $114 | | **Southern Power** | $232 | $230 | $(418) | $(127) | $161 | $(85) | | **Southern Co. Gas** | $1,210 | $1,270 | $(735) | $(696) | $(294) | $(574) | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=147&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company reports no material changes to its disclosures about market risk during the six months ended June 30, 2025, referring to the more detailed discussion in its Annual Report on Form 10-K - There were no material changes to the market risk disclosures for Southern Company or its subsidiaries during the six months ended June 30, 2025[581](index=581&type=chunk) [Item 4. Controls and Procedures](index=147&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO of each registrant, evaluated the effectiveness of disclosure controls and procedures and concluded they were effective as of June 30, 2025, with no material changes made to internal control over financial reporting during the second quarter of 2025 - Management concluded that disclosure controls and procedures for each registrant are effective as of the end of the period[582](index=582&type=chunk) - No changes in internal control over financial reporting occurred during the second quarter of 2025 that have materially affected, or are reasonably likely to materially affect, internal controls[584](index=584&type=chunk) [PART II—OTHER INFORMATION](index=148&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) This section covers legal proceedings, risk factors, other disclosures, and required exhibits [Item 1. Legal Proceedings](index=148&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to the Notes to the Condensed Financial Statements for information regarding legal and administrative proceedings and states that the disclosure threshold for material environmental legal proceedings involving a governmental authority is **$1 million** - Information regarding legal proceedings is contained within the Notes to the Condensed Financial Statements[586](index=586&type=chunk) [Item 1A. Risk Factors](index=148&type=section&id=Item%201A.%20Risk%20Factors) The company reports that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K - There have been no material changes to the risk factors previously disclosed in the Form 10-K[587](index=587&type=chunk) [Item 5. Other Information](index=148&type=section&id=Item%205.%20Other%20Information) This section discloses the adoption of a Rule 10b5-1 trading arrangement by one of Southern Company's executive officers during the second quarter of 2025 - Bryan D. Anderson, Executive Vice President, adopted a Rule 10b5-1 trading plan on May 30, 2025, covering the sale of 6,206 shares of common stock, with an expiration date of September 30, 2026[589](index=589&type=chunk) [Item 6. Exhibits](index=148&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO as required by the Sarbanes-Oxley Act, and interactive data files in XBRL format - Exhibits filed include Section 302 and Section 906 certifications, as well as Interactive Data Files (XBRL)[590](index=590&type=chunk)[601](index=601&type=chunk)[603](index=603&type=chunk)

Core Viewpoint - Southern Company is expected to report second-quarter results on July 31, with a consensus estimate of $0.93 earnings per share and $6.7 billion in revenues [1] Group 1: Previous Quarter Performance - In the last reported quarter, Southern Company exceeded consensus estimates with adjusted earnings per share of $1.23, which was $0.03 above expectations, and revenues of $7.8 billion, surpassing estimates by 11% [2] - The company has topped earnings estimates in three of the last four quarters, with an average earnings surprise of 7% [3] Group 2: Current Quarter Estimates - The consensus estimate for the second-quarter earnings has been revised downward by 5.1% in the past week, indicating a year-over-year decline of 14.7%, while revenue estimates suggest a 3.7% increase from the previous year [3][8] - The estimated total operating expenses for the second quarter are projected to be $4.9 billion, reflecting a 9.1% increase from $4.5 billion reported in the same quarter last year [5] Group 3: Market and Economic Factors - Southern Company serves nine million customers in the Southeast, benefiting from strong regional economic growth and capital investments exceeding $11 billion, which have created 4,000 new jobs in the first quarter of 2025 [4] - The demand from industrial and data centers is expected to continue driving long-term load expansion, positively impacting earnings and cash flows [4] Group 4: Earnings ESP and Zacks Rank - The Earnings ESP for Southern Company is -5.40%, indicating a lower likelihood of beating estimates, and it currently holds a Zacks Rank of 3 (Hold) [6][7]

Industry Overview - The Zacks Utility – Electric Power industry offers attractive investment opportunities due to stable cash flows and predictable regulated business models, with most domestic utilities operating under long-term power purchase agreements [1] - The industry is transitioning towards cleaner energy sources, with significant investments in renewable infrastructure such as solar, wind, and battery storage, positioning utilities that embrace these technologies favorably in the market [2] Company Comparisons - NextEra Energy (NEE) is recognized for its clean energy investments and growth potential, with its regulated utility arm, Florida Power & Light, providing reliable cash flows, while its unregulated subsidiary leads in wind and solar energy generation [3] - The Southern Company (SO) delivers long-term value through its regulated operations and clean energy investments, benefiting from a diverse power generation portfolio and a supportive regulatory framework [4] Earnings Growth Projections - The Zacks Consensus Estimate for NEE's earnings per share remains unchanged for 2025 and 2026, with long-term earnings growth projected at 7.89% [6] - SO's earnings estimate for 2026 has increased by 0.44%, with long-term earnings growth pegged at 6.77% [8] Dividend Yield - NEE's current dividend yield is 3.15%, while SO's is slightly lower at 3.10%, indicating both companies' commitment to returning value to shareholders [9] Return on Equity (ROE) - NEE's ROE stands at 12.31%, while SO's is at 12.7%, both exceeding the industry's average ROE of 10.16% [11] Capital Investment - NEE plans to invest over $74 billion in capital through 2029 to expand its clean energy capacity, while SO plans to invest $63 billion from 2025 through 2029 [13] Debt to Capital - NEE's debt-to-capital ratio is 57.61%, compared to SO's 62.84%, with both companies utilizing higher debt levels relative to the industry's average of 54.08% [15] Valuation - NEE is trading at a lower Price/Earnings (P/E) ratio of 18.69X compared to SO's 21.44X, while the industry average stands at 14.84X [16] Price Performance - SO's shares have increased by 14.2% over the past six months, while NEE's shares have only gained 1.9%, with the industry average return at 10.9% [17] Conclusion - The Southern Company currently holds a marginal advantage over NextEra Energy due to positive earnings estimate movements, higher ROE, and better stock performance, despite both companies carrying a Zacks Rank 3 (Hold) [19]

Core Insights - Southern Cross Gold Consolidated Ltd has reported significant drilling results from the Christina prospect, extending mineralization to a depth of 600 meters with multiple high-grade intersections, including 2.9 m at 16.3 g/t Au and 2.5 m at 17.6 g/t Au [2][4][7]. Group 1: High-Grade Intersections - Drill hole SDDSC173 intersected visible gold in four separate locations, with grades reaching up to 58.0 g/t gold over 0.6 m, and multiple high-grade intervals including 2.9 m at 14.4 g/t gold equivalent [7][11]. - The gold-bearing corridor now extends 1.5 km from Apollo East to Christina West, with intersections including 7.1 m at 5.2 g/t gold equivalent, containing higher grades up to 74.8 g/t gold [7][14]. - The deepest high-grade gold intersections at Christina reached 926 meters depth, proving mineralization extends much deeper and further west than previously defined [7][11]. Group 2: Geological Continuity and Expansion - The results validate the geological model and confirm the robust vertical extent of the Sunday Creek system, with systematic infill drilling discovering additional vein sets beyond original interpretations [4][5]. - Multiple high-grade gold zones have been discovered well outside the current exploration area, indicating the deposit continues to grow beyond original geological interpretations [7][11]. - The drilling program is advancing with 33 holes currently pending assay results, indicating ongoing exploration potential [15]. Group 3: Strategic Importance of Antimony - Sunday Creek is positioned as one of the Western world's significant gold-antimony discoveries, with antimony contributing approximately 21% to 24% of the in situ recoverable value [26][32]. - The recent Chinese government announcement to place export limits on antimony products could positively impact Southern Cross Gold, as it may become one of the few large, high-quality antimony projects in the Western world [28][32]. - The dual-metal profile of Sunday Creek enhances its strategic value, especially in light of increasing demand for antimony in defense and semiconductor applications [32][33].

Company Performance - Southern Co. (SO) ended the recent trading session at $95.85, demonstrating a +1.12% change from the preceding day's closing price, outperforming the S&P 500 which gained 0.06% [1] - Over the past month, shares of Southern Co. gained 4.54%, surpassing the Utilities sector's gain of 1.55% but lagging behind the S&P 500's gain of 5.88% [1] Upcoming Earnings - Southern Co. is set to release its earnings on July 31, 2025, with projected EPS of $0.98, indicating a 10.09% drop compared to the same quarter of the previous year [2] - The consensus estimate for revenue is $6.77 billion, reflecting a 4.8% increase from the prior-year quarter [2] Full Year Estimates - For the full year, analysts expect earnings of $4.28 per share and revenue of $28.46 billion, marking changes of +5.68% and +6.51% respectively from last year [3] - Recent changes to analyst estimates for Southern Co. may indicate optimism about the business outlook [3] Valuation Metrics - Southern Co. currently has a Forward P/E ratio of 22.17, indicating a premium compared to its industry's Forward P/E of 18.52 [5] - The company has a PEG ratio of 3.28, higher than the average PEG ratio of 2.67 for Utility - Electric Power stocks [6] Industry Context - The Utility - Electric Power industry is part of the Utilities sector, holding a Zacks Industry Rank of 81, placing it in the top 33% of all 250+ industries [7] - The Zacks Industry Rank assesses the strength of industry groups, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [7]