Entergy Corporation · NYSE:ETR
Entergy — Q4 2025 Earnings Presentation
50 slides from Entergy's earnings presentation, Feb 12, 2026
Slide 1: Fourth quarter 2025 earnings call
Fourth quarter 2025 earnings call 0 Feb. 12, 2026
Slide 2: Caution regarding forward-looking statements and Regulation G compliance
Caution regarding forward-looking statements and Regulation G compliance In this presentation, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, am
Slide 3: Table of contents
Table of contents Section Slides Business discussion 3–9 Appendix About Entergy 11 Utility 12–34 Financial disclosures 35–44 Financial summaries and Regulation G reconciliations 45–48 2
Slide 4: Highlights
Highlights Key messages – 2025 was another successful year 2025 adjusted EPS • Adjusted EPS in top half of guidance range $3.91 • Strong cash flow and credit metrics • Secured additional long-term growth to benefit 2025 OCF stakeholders $5.2B – Outlooks remain strong • Greater than 8 percent adjuste
Slide 5: 2025 adjusted earnings per share
2025 adjusted earnings per share Entergy adjusted EPS; $ 0.29 0.03 0.93 (0.28) (0.20) (0.32) (0.01) (0.17) 3.65 3.91 24 Utility Utility Utility Utility Utility P&O 1 Income Share 25 operating other other other interest taxes effect rev. less fuel, O&M operating income1 expense purch. power, expenses
Slide 6: Forecast highlights
Forecast highlights Strong sales growth outlook, $43B capital plan, equity needs unchanged Cumulative weather-adj. retail sales 2026E–2029E capital plan by function2 growth vs 2025; TWh 4 1 8 Distribution 48 Transmission 33 Renewables and storage 16 $43B New generation 7 15 9 Generation baseline Oth
Slide 7: Credit
Credit Credit metric outlooks remain better than agency thresholds Credit ratings1 (outlooks) E-AR E-LA E-MS E-NO E-TX SERI ETR Moody’s A2 A2 A2 Baa2 A3 Baa2 Baa2 (stable) (stable) (stable) (stable) (stable) (stable) (stable) S&P A A A BBB A BBB+ BBB+ (stable) (stable) (stable) (stable) (stable) (st
Slide 8: Adjusted EPS guidance and outlooks
Adjusted EPS guidance and outlooks Greater than 8% CAGR1 through 29E Entergy adjusted EPS; $ 5.75–6.05 5.20–5.50 4.70–5.00 4.25–4.45 3.91 25 26E 27E 28E 29E guidance outlook outlook outlook As-reported 3.91 7 1. 2029E vs 2025
Slide 9: 2026 adjusted EPS drivers
2026 adjusted EPS drivers Entergy adjusted EPS; $ Illustrative 4.25 – 3.91 4.45 25 Utility Utility Utility Utility Utility P&O 3 Inc. tax rate 26E operating rev. other O&M other other interest and share guidance less fuel, operating income1,3 expense effect purch. power, expenses 2 and reg. chgs.1 A
Slide 10: Save the date
Save the date Investor day June 9, 2026 New York City 9
Slide 11: Appendix
10 Appendix ES) entergy
Slide 12: About Entergy
About Entergy Vertically integrated electric utility with five operating companies in four states – AR, LA, MS, and TX 3.1 million retail customers 24,621 MW owned and leased generating assets 16,128 circuit miles of interconnected high-voltage transmission lines 107,838 circuit miles of distributio
Slide 13: Utility overview
Utility overview E-AR E-LA E-MS E-NO E-TX • 738,000 customers • 1,115,000 customers • 459,000 customers • 209,000 customers • 538,000 customers • Authorized ROE: • Authorized ROE: • Authorized ROE: • Authorized ROE: • Authorized ROE: 9.15% – 10.15% 9.3% – 10.1% 10.25% – 12.26% 8.85% – 9.85% 9.57% •
Slide 14: Utility 2025 weather-adjusted retail sales
Utility 2025 weather-adjusted retail sales 128 TWh Governmental E-TX E-AR 2% 17% 20% Residential 28% E-NO 4% By By Industrial operating 48% customer E-MS company class 11% Commercial 22% E-LA 48% 13 Calculations may differ due to rounding
Slide 15: Utility generation overview
Utility generation overview 1 Renewables Renewables 3% Coal 3% 8% Purchases CCCT / CT 18% 43% CCCT / CT 38% Nuclear Owned and Coal 2025 sources 21% 5% leased capability of energy as of 12/31/25 147 TWh 25 GW Nuclear 28% Legacy gas / oil Legacy gas / oil 8% 25% Calculations may differ due to rounding
Slide 16: Announced generation projects
Announced generation projects Renewables + storage Owned dispatchable generation Owned / Est. in Est. in Project MW PPA service1 Project MW service1 Approved / in progress Approved / in progress Mondu Solar (E-LA) 100 PPA 2026 OCAPS CCCT (E-TX) 1,215 2026 Greer Solar (E-MS) 170 PPA 2026 Delta Blues
Slide 17: Jurisdictional base rate filing frameworks
Jurisdictional base rate filing frameworks1 E-AR E-LA E-MS E-NO E-TX SERI Latest filing 7/7/25 (FRP) 5/30/25 (FRP) 2/28/25 (FRP) 4/30/25 (FRP) 7/1/22 Monthly cost of date (rate case) service Rate effective Jan. following filing Sept. following filing April following filing Sept. following filing 35
Slide 18: Regulatory timeline
Regulatory timeline Illustrative Regulatory activities 1Q26 2Q26 3Q26 4Q26 Base rate proceedings E-AR Rate case filing E-LA (FRP) Filing E-MS (FRP) Filing 1 E-NO (FRP) Filing Other key filings E-AR AR Cypress Solar w/ BESS E-LA Cottonwood acquisition E-LA Segno and Votaw Solar E-LA Waterford
Slide 19: Entergy Arkansas
Entergy Arkansas E-AR (currently in rates) Metric Detail Authorized ROE 9.15% – 10.15% Rate base $11.4B retail rate base (2026 test year) WACC (after-tax) 5.76% Equity ratio 38.0% (47.0% excluding $2.2B ADIT at 0% rate) Regulatory construct Forward test year FRP; result outside ROE band reset to mid
Slide 20: E-AR Arkansas Cypress Solar with BESS filing
E-AR Arkansas Cypress Solar with BESS filing Filing highlights (docket 25-054-U) Item Details MW 600 350 Plant type Solar photovoltaic Battery energy storage system Location Pastoria, AR Estimated cost $1.6B including transmission interconnection and other related costs Targeted in-service date Dec.
Slide 21: Entergy Louisiana
Entergy Louisiana E-LA (currently in rates) Metric Detail – electric Authorized ROE 9.3% – 10.1% Rate base $16.7B (12/31/24 test year) + $0.2B TRM, $0.4B DRM, $0.4B RPCR WACC (after-tax) 6.95% Equity ratio 50.91% Regulatory construct FRP: base – historical test year, results below/above ROE band re-
Slide 22: E-LA resilience plan cost recovery rider
E-LA resilience plan cost recovery rider Semi-annual filing Filing highlights (docket U-36625) • $391M rate base from new assets in service through Aug. 2026 • $52M incremental revenue requirement • ROE, WACC, and equity ratio from most recent FRP Key dates Date Event March 2026 Rate effective date
Slide 23: E-LA Cottonwood CCCT acquisition filing
E-LA Cottonwood CCCT acquisition filing Filing highlights (docket U-37801) Item Details MW 1,263 Plant type 2003 CCCT Location Deweyville, TX Estimated cost ~$1.8B including post-acquisition capital repairs and plant upgrades Targeted acquisition date Jan. 2027 Proposed recovery ACM Key dates Date E
Slide 24: E-LA Waterford 6 CCCT filing
E-LA Waterford 6 CCCT filing Filing highlights (docket TBD) Item Details MW 754 Plant type CCCT Location Killona, LA Estimated cost $2B including transmission interconnection and other related costs Targeted in-service date 2030 Proposed recovery ACM / FRP or other base recovery mechanism Key dates
Slide 25: E-LA Westlake CCCT filing
E-LA Westlake CCCT filing Filing highlights (docket TBD) Item Details MW 754 Plant type CCCT Location Westlake, LA Estimated cost $2.1B including transmission interconnection and other related costs Targeted in-service date 2030 Proposed recovery ACM / FRP or other base recovery mechanism Key dates
Slide 26: E-LA Segno and Votaw solar filing
E-LA Segno and Votaw solar filing Filing highlights (docket U-37800) Item Segno Solar Votaw Solar MW 170 141 Plant type Solar photovoltaic Location Polk County, TX Hardin County, TX Targeted in-service date 2029 Proposed recovery ACM + customer subscription revenue Key dates Date Event 5/1/26 Staff/
Slide 27: E-LA Cypress Harvest Solar filing
E-LA Cypress Harvest Solar filing Filing highlights (docket U-36697) Item Details MW 200 Plant Type Solar photovoltaic Location Iberville Parish, Louisiana Targeted in-service date 2028 Proposed recovery GGO rider Key dates Date Event April 2026 Targeted decision 26 See discussion in Management’s Fi
Slide 28: E-LA Babel to Webre 500kV transmission filing
E-LA Babel to Webre 500kV transmission filing Filing highlights (docket U-37812) • Seeks certification of the construction of a 147-mile 500kV transmission line, expansion of an existing 500kV switching station, and construction of a new 500kV switching station • Total estimated cost ~$1.2B • Propos
Slide 29: E-LA Waterford 3 nuclear uprate filing
E-LA Waterford 3 nuclear uprate filing Filing highlights (docket U-37677) • Uprate project and cost recovery • Total estimated cost ~$69M • Project details: Phase I Phase II Expected capacity 40 MW 5 MW Projected in service date Nov. 2026 Dec. 2029 Proposed recovery ACM FRP or other base recovery me
Slide 30: Entergy Mississippi
Entergy Mississippi E-MS (currently in rates) Metric Detail Authorized ROE 11.25% performance-adjusted midpoint (10.90% + 0.35% performance factor); 10.25% – 12.26% range (reset annually based on formula) Rate base $4.6B (2025 forward test year) WACC (after-tax) 7.69% Equity ratio 49.83% Regulatory
Slide 31: Entergy New Orleans
Entergy New Orleans E-NO (currently in rates) Metric Detail Authorized ROE 8.85% – 9.85% (9.35% midpoint) Rate base $1.2B (12/31/24 test year plus known and measurables through 12/31/25) + $0.1B RSHCR WACC (after-tax) 7.35% Equity ratio 55% Regulatory construct FRP with forward-looking features; res
Slide 32: E-NO phase 2 resilience and grid hardening filing
E-NO phase 2 resilience and grid hardening filing Filing highlights (docket UD 21-03) • Five-year (2027–2031) phase 2 plan • $400M investment • Proposed recovery via Resilience and Storm Hardening Cost Recovery Rider Key dates Procedural schedule TBD 31 See discussion in Management’s Financial Discu
Slide 33: Entergy Texas
Entergy Texas E-TX (currently in rates) Metric Detail Authorized ROE 9.57% Rate base $4.4B (12/31/21 test year) + $0.8B DCRF (through 6/25), $0.1B TCRF (through 6/24) WACC (after-tax) 6.61% Equity ratio 51.2% Regulatory Historical test year rate case1; interim rate base construct riders: TCRF2, DCRF
Slide 34: E-TX TCRF filing
E-TX TCRF filing Filing highlights (docket 58889) • Additional $240M net distribution investment since the end of the last TCRF test period (6/30/24 through 6/30/25) • $21M incremental revenue requirement • ROE, WACC, and equity ratio from most recent rate case Key dates Date Event 2/20/26 PUCT open
Slide 35: System Energy Resources
System Energy Resources Grand Gulf Nuclear Station Energy and capacity allocation; % SERI (most recent monthly bill) E-AR, Metric Detail E-NO, Principal asset Ownership and leasehold interest in GGNS 19 24 Authorized ROE 9.65% Last calculated $1.79B rate base WACC (after-tax) 7.81% Equity ratio 50.8
Slide 36: Financial disclosures
35 Financial disclosures ES) entergy
Slide 37: Key guidance drivers
Key guidance drivers 2026 adjusted EPS guidance range $4.25 – $4.45 Driver Assumption (in EPS, except where noted) Regulatory proceedings Full year of 2025 rate actions and planned 2026 rate actions See Adjusted EPS – quarterly considerations slides and individual OpCo slides Weather $(0.20) YoY cha
Slide 38: Adjusted EPS – quarterly considerations
Adjusted EPS – quarterly considerations 2025 items of note (EPS, unless otherwise noted) 1Q 2Q 3Q 4Q ETR as-reported EPS 0.82 1.05 1.53 0.51 Adjustments - - - - ETR adjusted EPS 0.82 1.05 1.53 0.51 Diluted average number of common shares outstanding (in millions) 441 446 454 459 2025 timing consider
Slide 39: Adjusted EPS – quarterly considerations (continued)
Adjusted EPS – quarterly considerations(continued) 2025 items of note (continued) 1Q 2Q 3Q 4Q 2025 key rate actions (annualized pre-tax rate change) E-MS grid mod rider1 (Feb.) $4M E-LA RPCR (March) $40M E-LA DRM (March) $18M E-TX TCRF (April) $10M E-TX DCRF (June) $29M E-LA FRP, TRM, DRM, and other
Slide 40: Adjusted EPS – quarterly considerations (continued)
Adjusted EPS – quarterly considerations(continued) 2026 items of note (continued) 1Q 2Q 3Q 4Q 2026 key rate actions (annualized pre-tax rate change) E-AR FRP (Jan.) $94M1 E-NO RSHCR (Jan.) $12M E-MS FRP interim facilities rate (Jan.) $65M E-LA GGO rider + ACM (Feb.) $14M E-MS PMR rate adj. (Feb.)2 $
Slide 41: Four-year capital plan by OpCo
Four-year capital plan by OpCo1 $M E-AR 26E 27E 28E 29E Total E-LA 26E 27E 28E 29E Total Distribution 310 310 380 400 1,400 Distribution 1,165 830 560 605 3,160 Transmission 85 140 175 215 615 Transmission 1,670 1,675 1,315 885 5,545 Generation Generation Renewables and storage 430 805 475 5 1,715 R
Slide 42: Four-year capital plan by OpCo (continued)
Four-year capital plan by OpCo1 (continued) $M E-TX 26E 27E 28E 29E Total SERI 26E 27E 28E 29E Total Distribution 525 445 335 340 1,645 Distribution - - - - - Transmission 385 615 680 645 2,325 Transmission - - - - - Generation Generation Renewables and storage 5 - 5 5 15 Renewables and storage - -
Slide 43: Financing activity
Financing activity 4Q25 Amount Entity Activity Date Rate ($M) Maturity Notes Entergy Corp. Issuance 11/7/25 5.875% 600 6/15/56 Use of proceeds includes repayment of debt 6.1% 700 outstanding and general corporate purposes 1Q261 Amount Entity Activity Date Rate ($M) Maturity Notes E-AR Issuance 1/8/2
Slide 44: Financing plan
Financing plan Issuances1 Debt maturity schedule as of 12/31/253; $M Company 26E 27E 28E 29E Company 26E 27E 28E 29E Utility long-term debt; $M E-AR 6004 - 350 - E-AR 1,0002 800 700 300 E-LA 650 450 425 - E-LA 2,750 3,420 2,320 1,650 E-MS - 150 375 - E-MS 500 700 800 - E-NO 85 - - 35 E-NO 80 - 70 10
Slide 45: 2026 adjusted EPS sensitivities
2026 adjusted EPS sensitivities Estimated annual EPS Variable Description of sensitivity impact (+/-) Utility Retail sales volume 1% change in residential MWh sold ~0.03 incremental to plan1 1% change in commercial MWh sold ~0.015 1% change in industrial MWh sold ~0.01 Other O&M 1% change in expense
Slide 46: Financial summaries and Regulation G reconciliations
Financial summaries and Regulation G reconciliations 45
Slide 47: Earnings summary
Earnings summary Table 1: Full year earnings summary $ in millions Per share in $1 2025 2024 2025 2024 As-reported (after-tax) Utility 2,280 1,827 5.06 4.23 Parent & Other (521) (771) (1.16) (1.79) Consolidated 1,758 1,056 3.91 2.45 Less adjustments Utility - (289) - (0.67) Parent & Other - (233) -
Slide 48: Regulation G reconciliations
Regulation G reconciliations Table 2: ETR adjusted earnings Reconciliation of GAAP to non-GAAP measures 2025 2024 (Pre-tax except for income taxes and totals; $ in millions) Net income (loss) attributable to ETR Corp. 1,758 1,056 Less adjustments: Utility - 4Q24 E-LA adjustment to a regulatory liabi
Slide 49: Utility book ROEs
Utility book ROEs Table 3: Utility book ROE summary LTM ending December 31, 2025 ($ in millions) E-AR E-LA E-MS E-NO E-TX Utility1 As-reported earnings available to common stock (a) 441 1,110 312 50 332 2,280 Less adjustments: Total adjustments (b) - - - - - - Adjusted earnings available to common s
Slide 50: ETR
5) entergy