ALABAMA POWER CO

For the period ended Sep 30, 2025. Filed Oct 30, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Oct 30, 2025

SO$93.65+0.1%Stored close · as of Nov 10, 2026

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Contents

Mississippi Power Company:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2025	2024	2025	2024
(in millions) · (in millions)
Operating Revenues:
Retail revenues	$302	$276	$824	$739
Wholesale revenues, non-affiliates	72	66	205	179
Wholesale revenues, affiliates	94	57	230	166
Other revenues	12	13	42	34
Total operating revenues	480	412	1,301	1,118
Operating Expenses:
Fuel and purchased power	179	134	488	363
Other operations and maintenance	94	90	261	261
Depreciation and amortization	53	48	157	141
Taxes other than income taxes	37	33	106	95
Total operating expenses	363	305	1,012	860
Operating Income	117	107	289	258
Other Income and (Expense):
Interest expense, net of amounts capitalized	(19)	(19)	(59)	(58)
Other income (expense), net	10	9	26	33
Total other income and (expense)	(9)	(10)	(33)	(25)
Earnings Before Income Taxes	108	97	256	233
Income taxes	24	22	58	47
Net Income	$84	$75	$198	$186

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2025	2024	2025	2024
(in millions) · (in millions)
Net Income	$84	$75	$198	$186
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $—, $—, $—, and $2, respectively	—	—	—	5
Total other comprehensive income	—	—	—	5
Comprehensive Income	$84	$75	$198	$191

	For the Nine Months Ended September 30,
	2025	2024
(in millions)
Operating Activities:
Net income	$198	$186
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	173	153
Deferred income taxes	(7)	4
Pension, postretirement, and other employee benefits	(14)	(13)
Settlement of asset retirement obligations	(14)	(13)
Plant acquisition regulatory liability	36	—
Other, net	(6)	21
Changes in certain current assets and liabilities —
-Receivables	(24)	(22)
-Retail fuel cost under recovery	(30)	17
-Fossil fuel stock	24	(10)
-Prepaid income taxes	11	—
-Other current assets	(2)	(13)
-Accounts payable	(12)	(29)
-Accrued taxes	10	(11)
-Accrued interest	(10)	(9)
-Accrued compensation	(10)	(4)
-Wholesale fuel cost over recovery	(20)	12
-Other current liabilities	(4)	(4)
Net cash provided from operating activities	299	265
Investing Activities:
Property additions	(232)	(220)
Contributions in aid of construction	57	—
Cost of removal, net of salvage	(44)	(32)
Change in construction payables, net of joint owner portion	(27)	(3)
Payments pursuant to LTSAs	(15)	(15)
Other investing activities	(2)	(2)
Net cash used for investing activities	(263)	(272)
Financing Activities:
Increase (decrease) in notes payable, net	(14)	50
Proceeds — Senior notes	100	250
Redemptions —
Senior notes	—	(200)
Revenue bonds	(11)	—
Capital contributions from parent company	57	60
Payment of common stock dividends	(145)	(141)
Other financing activities	(2)	(2)
Net cash provided from (used for) financing activities	(15)	17
Net Change in Cash, Cash Equivalents, and Restricted Cash	21	10
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	13	38
Cash, Cash Equivalents, and Restricted Cash at End of Period	$34	$48
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest	$69	$67
Income taxes, net	25	35
Noncash transactions —
Accrued property additions at end of period	22	33

Assets	At September 30, 2025	At December 31, 2024
(in millions)
Current Assets:
Cash and cash equivalents	$34	$13
Receivables —
Customer accounts, net	87	45
Unbilled revenues	45	39
Affiliated	40	33
Other accounts and notes	23	24
Fossil fuel stock	32	56
Materials and supplies	103	103
Other regulatory assets	44	43
Other current assets	8	28
Total current assets	416	384
Property, Plant, and Equipment:
In service	5,888	5,697
Less: Accumulated provision for depreciation	1,919	1,833
Plant in service, net of depreciation	3,969	3,864
Construction work in progress	266	253
Total property, plant, and equipment	4,235	4,117
Other Property and Investments	146	152
Deferred Charges and Other Assets:
Deferred charges related to income taxes	26	27
Prepaid pension costs	139	124
Deferred under recovered retail fuel clause revenues	—	32
Regulatory assets – asset retirement obligations	230	243
Other regulatory assets, deferred	260	259
Accumulated deferred income taxes	68	82
Other deferred charges and assets	66	74
Total deferred charges and other assets	789	841
Total Assets	$5,586	$5,494

Liabilities and Stockholder's Equity	At September 30, 2025	At December 31, 2024
(in millions)
Current Liabilities:
Securities due within one year	$66	$12
Notes payable	—	14
Accounts payable —
Affiliated	67	68
Other	59	83
Customer deposits	19	20
Accrued taxes	125	115
Accrued compensation	41	46
Asset retirement obligations	21	32
Over recovered retail fuel clause revenues	—	32
Other regulatory liabilities	8	5
Other current liabilities	56	75
Total current liabilities	462	502
Long-term Debt	1,715	1,681
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	480	492
Deferred credits related to income taxes	209	219
Employee benefit obligations	65	65
Asset retirement obligations, deferred	104	116
Other cost of removal obligations	124	170
Other regulatory liabilities, deferred	143	121
Other deferred credits and liabilities	84	39
Total deferred credits and other liabilities	1,209	1,222
Total Liabilities	3,386	3,405
Common Stockholder's Equity (See accompanying statements)	2,200	2,089
Total Liabilities and Stockholder's Equity	$5,586	$5,494

	Number ofCommonSharesIssued	CommonStock	Paid-InCapital	RetainedEarnings (Accumulated Deficit)	AccumulatedOtherComprehensiveIncome (Loss)	Total
(in millions)
Balance at December 31, 2023	1	$38	$4,721	$(2,756)	$—	$2,003
Net income	—	—	—	50	—	50
Capital contributions from parent company	—	—	1	—	—	1
Other comprehensive income	—	—	—	—	5	5
Cash dividends on common stock	—	—	—	(47)	—	(47)
Balance at March 31, 2024	1	38	4,722	(2,753)	5	2,012
Net income	—	—	—	61	—	61
Capital contributions from parent company	—	—	58	—	—	58
Cash dividends on common stock	—	—	—	(47)	—	(47)
Balance at June 30, 2024	1	38	4,780	(2,739)	5	2,084
Net income	—	—	—	75	—	75
Capital contributions from parent company	—	—	3	—	—	3
Cash dividends on common stock	—	—	—	(47)	—	(47)
Balance at September 30, 2024	1	$38	$4,783	$(2,711)	$5	$2,115
Balance at December 31, 2024	1	$38	$4,791	$(2,745)	$5	$2,089
Net income	—	—	—	55	—	55
Capital contributions from parent company	—	—	51	—	—	51
Cash dividends on common stock	—	—	—	(48)	—	(48)
Other	—	—	—	—	(1)	(1)
Balance at March 31, 2025	1	38	4,842	(2,738)	4	2,146
Net income	—	—	—	59	—	59
Capital contributions from parent company	—	—	7	—	—	7
Cash dividends on common stock	—	—	—	(49)	—	(49)
Other	—	—	—	1	—	1
Balance at June 30, 2025	1	38	4,849	(2,727)	4	2,164
Net income	—	—	—	84	—	84
Capital contributions from parent company	—	—	1	—	—	1
Cash dividends on common stock	—	—	—	(48)	—	(48)
Other	—	—	—	(1)	—	(1)
Balance at September 30, 2025	1	$38	$4,850	$(2,692)	$4	$2,200

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