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Midas Edge

ALABAMA POWER CO

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 19, 2026

SO$92.34-1.1%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 6. RESERVED

II-1

Page
Combined Management's Discussion and Analysis of Financial Condition and Results of Operations
OverviewII-3
Results of OperationsII-8
Southern CompanyII-8
Alabama PowerII-16
Georgia PowerII-20
Mississippi PowerII-24
Southern PowerII-28
Southern Company GasII-30
Future Earnings PotentialII-35
Accounting PoliciesII-46
Financial Condition and LiquidityII-51

This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in Item 7 of each Registrant's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 19, 2025. The following Management's Discussion and Analysis of Financial Condition and Results of Operations is a combined presentation; however, information contained herein relating to any individual Registrant is filed by such Registrant on its own behalf and each Registrant makes no representation as to information related to the other Registrants.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.