Entergy Corporation · NYSE:ETR
Entergy — Non-Deal Roadshow (September 2021)
31 slides from Entergy's roadshow presentation, Sep 29, 2021
Slide 1: Building the Premier Utility Corporation
Entergy Building the Premier Utility Corporation Investor Meetings September 29, 2021
Slide 2: Caution regarding forward-looking statements and Regulation G compliance
Caution regarding forward-looking statements and Regulation G compliance In this management 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
Slide 3: Key Updates and Path Forward
© ©O OOOO @ Key Updates and Path Forward Hurricane Ida restoration efforts have been successful Established path for storm cost recovery Liquidity is strong Credit rating thresholds and associated balance sheet capacity remain intact <$1.25B remaining equity needs through 2024 can be achieved with A
Slide 4: Uniquely positioned to be the Premier Utility
© Industry leader in critical measures of sustainability () Rates well below the national average One of the cleanest large-scale generation fleets in the U.S. Robust capital plan to meet our customers’ evolving needs © Strong 5% to 7% adjusted EPS growth Uniquely positioned to be growth rate by 4Q2
Slide 5: We exist to grow a world-class energy business for four key stakeholders
We exist to grow a world-class energy business that creates sustainable value for our four key stakeholders “= Entergy. WE POWER LIFE™
Slide 6: Clear objectives to create sustainable value
Clear objectives to create sustainable value ® Grow the Utility... © Steady, predictable earnings and dividend growth © ..While managing risk © Customer-centric capital plan © Investing to improve resiliency and reliability © Progressive regulatory mechanisms © Solid credit and liquidity © Disciplin
Slide 7: Track record of earnings and dividend growth
Track record of earnings and dividend growth Entergy adjusted EPS; $ 6.6% CACR 5.29 5.40 3.96 2016 2017 2018 2019 2020 As-reported EPS (3.26) 2.28 4.63 6.30 6.90 Sinewy, we powen Lites Entergy common stock dividends; $/share ~2.3% CAGR 2016 2017 2018 2019 2020
Slide 8: Expect continued growth
Expect continued growth Adjusted EPS guidance and outlooks Entergy adjusted EPS; $ 5%-7% CAGR 2020'-2023E $5.60 original 6.15-6.45 Z 6.55-6.85 guidance __ 5.80-6.10 LLLLLLLLLLLLLLLLL LLL midpoint B 20 21E guidance 22E outlook 23E outlook As-reported 6.90 Sinewy, we powen Lites 1 Based on original 20
Slide 9: Investing to improve customer outcomes
Investing to improve customer outcomes Customer solutions drive our investment plan f _\ / B® ‘ ff Ss / \ / (oma (G®» (®) \ is, \o2 / Me _ ~ _ Fig _ Distribution Generation Transmission >) 4, iT wat 8 ofa 2 rntergy We Powen LIFE™
Slide 10: Capital plan will create significant customer benefits
Capital plan will create significant customer benefits © \mproves reliability and power quality © Strengthens system resiliency © Facilitates integration of renewables © Creates technology, data and analytics platform that enables customer solutions a Increases ~ customer loyalty
Slide 11: Disciplined cost management to achieve objectives
Disciplined cost management to achieve objectives O&M flexibility and continuous improvement benefit stakeholders Illustrative Illustrative O&M flexibility — short-term Continuous improvement — permanent Tailwind flex \ 7 Planned = 5S Planned O&M ie) O&M ie) al 4 Permanent Headwind flex cost reducti
Slide 12: Continuous improvement creates sustainable value
Continuous improvement creates sustainable value Permanently eliminate costs out of the business Customers v Strong net promoter scores v Reduced risk v Increased investment in reliability, sustainability v Operational excellence v Higher level of service while maintaining low rates 2 rntergy We pow
Slide 13: Indicators support robust industrial customer base
Indicators support robust industrial customer base U.S. industrial segment health metrics Refining margins, LLS 321 crack spread Chlor-alkali, PVC margins, $/MT Recovered to pre-COVID levels Near five-year highs 2021 2019 2020 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-16 Jan-17 Jan-18 Jan-
Slide 14: Among the lowest rates in the country
Among the lowest rates in the country Providing access to affordable, clean energy 2020 average retail price by parent company; © per kun Levers to help control bills ¢ Fuel efficiency and renewables « Investmentin new technology * Continuous improvement - Energy efficiency + New products and servic
Slide 15: A focus on sustainability performance leadership
A focus on sustainability performance leadership Robust governance Managing risks and opportunities Social responsibility Environmental stewardship Fora cleaner world Promoting safety, opportunity, and equity, = Developing and maintaininga = Diverse board with an effective workforce that reflects th
Slide 16: 20+ years of leading-edge climate action
20+ years of leading-edge climate action 2001 2006 2011 2019 2020 ° 2 2 2 O First U.S. utility Intensified goal Extended CO, Introduced new , Commitment to voluntarily set to reduce CO, reduction goal to reduce goal to stabilize emissions (20% commitment Utility CO, to net-zero CO, emissions below 2
Slide 17: A track record of results
A track record of results Entergy Utility CO, emission rates; lbs per MWh U.S. power sector average 1,064 821 1 668 | 1 532 | | [] 1 1 1 1 2000 2010 2020 H 2030 | goal I Reduction vs 2000 23% 37% 50% Reduction vs 2020 ~20% 2 rntergy We Powen LIFE™
Slide 18: Minimal coal generation
Minimal coal generation Coal generation of top 20 privately- / investor-owned power producers; TWh Based on MJ Bradley, Benchmarking Air Emissions of the 100 Largest Electric PowerProducers in the United States, published July 2021 (2019 data) 2 rntergy we PowER LiFe Less than 5% of 2020 revenue was
Slide 19: Growing our renewables portfolio
Growing our renewables portfolio 3GW in-service / in-progress Illustrative tn service, in-progress, and —_ Sannouneed- renewables | portfolio none Carpenter ® « Remme| © Stuttgart 0.537 MW inservice SS ) ~525-MW approved Lin progress Eis! o SS © Sunflower © Brookhaven Toledo Bend « Vidalia © Capital
Slide 20: Entergy / Mitsubishi decarbonization collaboration
Entergy / Mitsubishi decarbonization collaboration a = MITSUBISHI = Entergy. ae POWER Identified areas of collaboration a = Entergy,
Slide 21: Technology will pave the path to net-zero by 2050
Technology will pave the path to net-zero by 2050 Path to net-zero Entergy, rw Near-term 6 Legacy asset retirements Renewables and storage Nuclear license extensions Hydrogen-fueled generation Clean hydrogen infrastructure Advanced nuclear Carbon capture and utilization Offsets
Slide 22: Uniquely positioned to be the Premier Utility
Uniquely positioned to be the Premier Utility 2 rntergy We powen LiFe © Industry leader in critical measures of sustainability () Rates well below the national average One of the cleanest large-scale generation fleets in the U.S. Robust capital plan to meet our customers’ evolving needs © Strong 5%
Slide 23: Supplemental information
a Entergy, we eowen ure Supplemental information
Slide 24: Hurricane Ida update
Hurricane Ida update Power restoration Community Estimated >99% support restoration cost of customers who can $1.25M take power committed $2.1B — $2.6B total Storm workforce 27,000 workers from 41 states Damage summary e > 30,500 distribution poles e nearly 6,000 transformers e nearly 36,500 spans o
Slide 25: Moody's recent actions do not impact cashflow-to-debt parent threshold
Moody's recent actions do not impact cashflow-to-debt parent threshold Credit ratings’ (outlooks) Credit ratings E-AR E-LA E-MS E-NO E-TX SERI ETR S&P A A A BBB A A BBB+ (stable) (stable) (stable) (developing) (stable) (stable) (stable) Moody's A2 A2 A2 | Baa2 Baa1 | Baal Baa (stable) (negative) (st
Slide 26: Growth equity needs
Growth equity needs Could meet equity needs through 2024 with an ATM 2 rntergy We Powen LIFE™ Estimated equity need; $B (1.0) (0.27) 1.23 Previous Estimated change ATM completed Estimated future estimated equity inequityneed through 9/24/21 equity need need through 2024 2021-2024 Includes directissu
Slide 27: Potential for federal assistance
Potential for federal assistance Any assistance to directly benefit customers « Louisiana governor is seeking federal support for recovery, including amounts to defray restoration costs and resiliency improvements for critical national infrastructure; amounts specified for utility customers (primari
Slide 28: Regulation G reconciliation and acronyms
a Entergy, we eowen ure Regulation G reconciliation and acronyms
Slide 29: Regulation G reconciliation
Regulation G reconciliation ETR adjusted earnings Reconciliation of GAAP to Non-GAAP measures ___ 2020 2019 2018 2017 2016 ($ in millions, except diluted average common shares outstanding) Net income (loss) attributable to ETR Corp. [ 1,388 1,241 849 412 (584) Less adjustments: Utility - SERI NOPA r
Slide 30: Regulation G reconciliation (continued)
Regulation G reconciliation ued) 2020 2019 2018 2017 2016 Diluted average common shares outstanding (in millions) | 201 | 197 183 181 179 ($ per share) Net income (loss) attributable to ETR Corp. | 6.90 | 6.30 4.63 2.28 (3.26) Less adjustments: | | Utility - SERI NOPA rate base effect retroactive re
Slide 31: Abbreviations and acronyms
a Abbreviations and acronyms ATM | At-the-market offering GAAP | U.S. generally accepted accounting principles CAGR | Compound annual growth rate HUD | U.S. Department of Housing and Urban Development CCGT | Combined cycle gas turbine IRS | Internal Revenue Service CCNO | Council of the City of New