Slide 1: First quarter 2025 earnings call
First quarter 2025 earnings call 0 April 29, 2025
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 3–7 Appendix About Entergy 9 Utility 10–28 Financial disclosures 29–32 Financial summaries and Regulation G reconciliations 33–37 2
Slide 4: Highlights
Highlights First quarter results: 1Q25 adjusted EPS – Strong retail sales growth, $0.82 including 9.3% industrial growth – Successfully sold forward an 1Q25 OCF $536M additional $1.7 billion equity; equity needs into 2027 contracted – Affirming guidance and outlooks 3 See Financial summaries and R
Slide 5: First quarter adjusted earnings per share
First quarter adjusted earnings per share Entergy adjusted EPS; $ 0.03 0.09 0.01 (0.03) (0.10) (0.02) (0.03) 0.33 0.87 0.87 0.87 0.86 0.84 0.84 0.82 0.82 0.54 0.54 1 1Q24 Utility Utility Utility Utility Utility P&O Income Share effect 1Q25 operating other other other interest taxes – / other 1 rev.
Slide 6: Credit
Credit Credit metric outlooks remain within or 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) (s
Slide 7: Equity plan
Equity plan Equity needs into 2027 successfully sold forward Illustrative Equity needs; $B Equity cash inflow by year 27E–28E 25E–26E Completed1 Remaining need to be contracted contracted Forward 1.5 offering in 1Q25 Forwards using Sufficient market capacity 1.6 ATM 1.6 to satisfy with ATM Settl
Slide 8: Affirming adjusted EPS guidance and outlooks
Affirming adjusted EPS guidance and outlooks Greater than 8% CAGR1 through 28E Entergy adjusted EPS; $ 5.10–5.40 4.65–4.95 4.25–4.45 3.65 3.75–3.95 24 25E 26E 27E 28E guidance outlook outlook outlook As-reported 2.45 7 1. From 2024 adjusted EPS
Slide 9: Appendix
Appendix eS) entergy
Slide 10: About Entergy
About Entergy Vertically integrated utility with five operating companies in four states – AR, LA, MS, and TX 3 million retail customers 24,479 MW owned and leased generating assets 16,100 circuit miles of interconnected high-voltage transmission lines 106,900 circuit miles of distribution lines 202
Slide 11: Utility overview
Utility overview E-AR E-LA1 E-MS E-NO1 E-TX • Electric utility – • Electric and gas utility • Electric utility – • Electric and gas utility • Electric utility – 735,000 customers – 1,110,000 electric 459,000 customers – 209,000 electric 524,000 customers • Authorized ROE: customers • Authorized ROE:
Slide 12: Utility 2024 weather-adjusted electric retail sales
Utility 2024 weather-adjusted electric retail sales 123 TWh Governmental E-TX E-AR 2% 17% 19% Residential 29% E-NO 5% By By Industrial operating 46% customer E-MS company class 10% Commercial E-LA 23% 49% 11
Slide 13: Utility generation overview
Utility generation overview Renewables 1 Renewables 2% Coal 3% Purchases 8% CT / CCCT 16% 43% Coal CT / CCCT 3% 42% Nuclear Owned and 2024 sources 21% leased capability of energy as of 12/31/24 142 TWh 24 GW Nuclear 27% Legacy gas / oil Legacy gas 25% 10% Note: the percentage of renewable and nuclea
Slide 14: New generation to meet growing demand
New generation to meet growing demand Approved / in progress Regulatory reviews pending Owned / Est. in Owned / Est. in Project MW PPA service1 Project MW PPA service1 Flat Fork Solar (E-AR) 200 PPA 2025 ETR OpCo filings Forgeview Solar (E-AR) 200 PPA 2025 Segno Solar (E-TX) 170 Owned 2027 Votaw Sol
Slide 15: Jurisdictional base rate filing frameworks
Jurisdictional base rate filing frameworks E-AR E-LA1 E-MS E-NO1 E-TX2 SERI Latest filing 7/5/24 (FRP) 8/27/24 (FRP) 2/28/25 (FRP) 4/30/24 (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 3
Slide 16: Regulatory timeline
Regulatory timeline Regulatory activities 2Q25 3Q25 4Q25 1Q26 FRPs E-AR Filing E-LA Filing E-MS Filing E-NO Filing Significant investment proposals E-LA invest. for new customer Filing E-LA resilience rider Filing Filing E-LA West Bank 500kV Filing E-TX generation CCN Filing E-TX renewable
Slide 17: Entergy Arkansas
Entergy Arkansas E-AR (currently in rates) Metric Detail Authorized ROE 9.15% – 10.15% Rate base $11.3B retail rate base (2025 test year) WACC (after-tax) 5.58% Equity ratio 37.9% (47.0% excluding $2.0B ADIT at 0% rate) Regulatory construct Forward test year FRP; result outside ROE band reset to mid
Slide 18: Entergy Louisiana
Entergy Louisiana E-LA (currently in rates) Metric Detail – electric Detail – gas1 Authorized ROE 9.3% – 10.1% 9.3% – 10.3% Rate base $16.4B (12/31/23 test year) $0.16B + $0.1B TRM, $0.4B DRM, $(0.4B) tax reform, (9/30/23 test year) $0.3B RPCR WACC (after-tax) 6.81% 7.08% Equity ratio 50.81% 54.35%
Slide 19: E-LA investment to support new customer
E-LA investment to support new customer Filing request highlights (docket U-37425) • Generation and transmission resources proposed in connection with service to a new hyperscale data center in north Louisiana, including: – three new CCCTs totaling 2,262 MW, each of which will be enabled for future
Slide 20: E-LA framework to accelerate storm securitization
E-LA framework to accelerate storm securitization Filing request highlights (docket TBD) • Framework establishing a 120-day timeline for the LPSC to issue an order on future requests for securitization of storm restoration costs • Accelerated timeline would reduce carrying costs for customers • Full
Slide 21: E-LA West Bank 500kV transmission filing
E-LA West Bank 500kV transmission filing Filing request highlights (docket U-37467) • A portfolio of Amite South transmission projects located on the west bank of the Mississippi River, including construction of a new 84-mile 500kV line • Total estimated cost $955M • Proposed recovery through TRM, i
Slide 22: 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 23: Entergy New Orleans
Entergy New Orleans E-NO (currently in rates) Metric Detail – electric Detail – gas1 Authorized ROE 8.85% – 9.85% (9.35% midpoint) Rate base $1.3B $0.2B (12/31/23 test year plus known and measurables through 12/31/24) WACC (after-tax) 7.28% Equity ratio 55% Regulatory FRP with forward-looking featur
Slide 24: Entergy Texas
Entergy Texas E-TX (currently in rates) Metric Detail Authorized ROE 9.57% Rate base $4.4B (12/31/21 test year) +$0.5B DCRF, $0.1B TCRF(through 6/30/24) WACC (after-tax) 6.61% Equity ratio 51.2% Regulatory Historical test year rate case1; interim rate base construct riders: TCRF2, DCRF3, and GCRR4 K
Slide 25: E-TX generation CCN filing
E-TX generation CCN filing Filing request highlights (docket 56693) Item Legend Power Station Lone Star Power Station MW 754 453 Est. total investment $1.6B $0.8B Plant type CCCT with H2 capability and CT with H2 capability CCS-enabled Location Jefferson County, TX San Jacinto County, TX In-service
Slide 26: E-TX renewable CCN filing
E-TX renewable CCN filing Filing request highlights (docket 56865) Item Segno Solar Votaw Solar MW 170 141 Plant type Solar photovoltaic Solar photovoltaic Location Polk County, TX Hardin County, TX In-service date 2027 2028 Recovery mechanism GCRR GCRR Key dates Date Event 5/19/25 Initial post-hear
Slide 27: E-TX DCRF filing
E-TX DCRF filing Filing request highlights (docket 57899) • $188M net distribution investment from 7/1/24 through 12/31/24 • $29M incremental revenue requirement • ROE, WACC, and equity ratio from most recent rate case Key dates Date Event 6/3/25 Targeted decision 26 See discussion in Rate and Regul
Slide 28: E-TX SETEX 500kV transmission CCN filing
E-TX SETEX 500kV transmission CCN filing Filing request highlights (docket 57648) • 500 kV transmission line and two stations and associated 138/230 kV facilities − ~131–160 line miles − Babel 500kV switching station and Running Bear substation • Total estimated cost ~$1.3B – $1.5B • Recovery throug
Slide 29: System Energy Resources
System Energy Resources Grand Gulf Nuclear Station Energy and capacity allocation1 SERI (most recent monthly bill) E-AR Metric Detail E-NO 24% 20% Principal asset Ownership and leasehold interest in GGNS Authorized ROE 9.65% Last calculated $1.85B rate base WACC (after-tax) 7.46% Equity ratio 51.6%
Slide 30: Financial disclosures
29 Financial disclosures eS) entergy
Slide 31: Progress against guidance
Progress against guidance Guidance YTD Driver assumption1 result1 Full-year comments ETR adjusted EPS 3.75–3.95 0.82 Estimated weather in sales Normal 0.05 Weather-adj. retail sales volume ~0.25 0.09 Now expect ~0.20 YoY ~6% 5.2% Now expect ~5.5% Utility other O&M ~0.15 0.03 Now expect ~0.10 YoY • E
Slide 32: 2025 ETR adjusted EPS sensitivities
2025 ETR adjusted EPS sensitivities Estimated annual EPS Variable Description of sensitivity impact (+/-) Utility Retail sales volume 1% change in residential MWh sold ~0.03 incremental to plan1 1% change in commercial MWh sold ~0.015 1% change in industrial MWh sold ~0.01 Other O&M 1% change in exp
Slide 33: Debt financing activity
Debt financing activity 1Q25 debt financing activity Amount OpCo Activity Date Rate ($M) Maturity Notes E-LA Issuance 1/7/25 5.80% 750 3/15/34 To repay debt outstanding, capital expenditures, and for general corporate purposes E-NO Issuance 2/21/25 5.77%1 80 3/20/26 To repay debt outstanding and for
Slide 34: Financial summaries and Regulation G reconciliations
Financial summaries and Regulation G reconciliations 33
Slide 35: Earnings summary
Earnings summary Table 1: First quarter earnings summary $ in millions Per share in $ 1Q25 1Q24 1Q25 1Q24 As-reported (after-tax) Utility 490 195 1.11 0.46 Parent & Other (129) (120) (0.29) (0.28) Consolidated 361 75 0.82 0.18 Less adjustments Utility - (155) - (0.36) Parent & Other - - - - Consolid
Slide 36: Regulation G reconciliations
Regulation G reconciliations Table 2: ETR adjusted earnings Reconciliation of GAAP to non-GAAP measures 1Q25 1Q24 (Pre-tax except for income taxes and totals; $ in millions) Net income (loss) attributable to ETR Corp. 361 75 Less adjustments: Utility - 1Q24 E-AR write-off of a regulatory asset relat
Slide 37: Regulation G reconciliations
Regulation G reconciliations Table 2: ETR adjusted earnings Reconciliation of GAAP to non-GAAP measures 2024 (Pre-tax except for income taxes and totals; $ in millions) Net income (loss) attributable to ETR Corp. 1,056 Less adjustments: Utility - 4Q24 E-LA adjustment to a regulatory liability primar
Slide 38: Utility book ROEs
Utility book ROEs Table 3: Utility book ROE summary LTM ending March 31, 2025 ($ in millions) E-AR E-LA E-MS E-NO E-TX Utility1 As-reported earnings available to common stock (a) 443 959 276 77 322 2,121 Less adjustments: 2Q24 E-LA global agreement to resolve its FRP extension filing and other retai
Slide 39: ETR
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