Company: SOJE
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000092122-25-000084
Chunk: 393

Company: SOUTHERN CO
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 2
Chunk 393
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controlling Interests

Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)$(4)N/M$(22)(30.1)

Substantially all noncontrolling interests relate to renewable projects at Southern Power. For year-to-date 2025, net loss attributable to noncontrolling interests was $95 million compared to $73 million for the corresponding period in 2024. The increase was primarily due to $14 million in higher HLBV loss allocations to Southern Power's tax equity partners and $11 million in lower income allocations to Southern Power's equity partners.

Alabama Power

Net Income

Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)$9519.3$14812.4

Alabama Power's net income in the third quarter 2025 was $588 million compared to $493 million for the corresponding period in 2024. The increase was primarily due to higher retail electric revenues resulting from changes in rates and pricing and a decrease in non-fuel operations and maintenance expenses, partially offset by weather impacts on retail revenues.

For year-to-date 2025, net income was $1.3 billion compared to $1.2 billion for the corresponding period in 2024. The increase was primarily due to higher retail electric revenues resulting from changes in rates and pricing, as well as an increase in other revenues, partially offset by increases in non-fuel operations and maintenance expenses and depreciation and amortization.

Retail Revenues

In the third quarter 2025, retail revenues were $2.0 billion compared to $1.9 billion for the corresponding period in 2024. For year-to-date 2025, retail revenues were $5.5 billion compared to $5.1 billion for the corresponding period in 2024. Details of the changes in retail revenues were as follows:

Third Quarter 2025 vs.Third Quarter 2024Year-to-Date 2025 vs.Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)Rates and pricing$91 4.8 %$246 4.8 %Sales