Slide 1: Fourth quarter 2024 earnings call
Fourth quarter 2024 earnings call 0 February 18, 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 3–9 Appendix About Entergy 11 2025 regulatory timeline 12 Utility 13–32 Financial and forecast disclosures 33–51 Financial summaries and Regulation G reconciliations 52–56 2
Slide 4: Key takeaways
Key takeaways 2024 results 2024 adjusted EPS – Adjusted EPS in top half of guidance range $3.65 – Strong credit metrics 2024 OCF Raised four-year capital plan and longer-term $4.5B outlooks Robust pipeline of potential new customers Credit Strong actuals and outlooks Customer-centric stakeho
Slide 5: Updating capital plan and raising outlooks
Updating capital plan and raising outlooks Growth and customer demands driving investments 4-year capital plan; cumulative $B Equity needs; $B Adjusted EPS; $ 37 Remaining EEI1 need Completed 3.3 1.4 25E 26E 27E 28E 25E–26E 26E–28E 24 25E 26E 27E 28E settlement settlement Note: Entergy executed a tw
Slide 6: 2024 adjusted earnings per share
2024 adjusted earnings per share Entergy adjusted EPS; $ 0.23 0.01 0.73 (0.02) (0.30) (0.15) (0.18) (0.06) 4.10 3.80 3.80 3.88 3.39 3.39 3.70 3.70 3.65 3.65 1 23 Utility Utility Utility Utility Utility P&O Income Share effect 24 operating other other other interest taxes – 1 rev. less fuel, O&M oper
Slide 7: Credit
Credit 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) (stable) (stable) Key ETR credit metrics Agency 25E–28E thresho
Slide 8: Updated equity plan
Updated equity plan Supports credit and helps fund $2.7B incremental capital since EEI Illustrative Equity needs; $B Equity cash inflow by year Completed1 Remaining need 25E–26E, contracted Sufficient market capacity to satisfy with ATM 3.3 >75% expected to be Completed in settled in 27E–28E 1.4
Slide 9: Raising adjusted EPS outlooks
Raising adjusted EPS outlooks Greater than 8% CAGR1 through 28E, removing top end of the range Entergy adjusted EPS; $ 5.10–5.40 4.65–4.95 4.25–4.45 3.65 3.75–3.95 Midpoints at EEI 24 25E 26E 27E 28E As-reported 2.45 Note: Entergy executed a two-for-one forward stock split that was effective with tr
Slide 10: 2025 adjusted EPS drivers
2025 adjusted EPS drivers Illustrative Entergy adjusted EPS; $ 3.65 3.75–3.95 24 Utility Utility Utility Utility Utility Income tax rate, 25E operating rev. other O&M other other interest share effect guidance 2 less fuel, operating income expense purch. power, expenses1 and reg. chgs. As-reported 2
Slide 11: Appendix
10 Appendix eS) entergy
Slide 12: 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 13: 2025 regulatory timeline
2025 regulatory timeline Regulatory activities 1Q25 2Q25 3Q25 4Q25 FRPs E-AR Filing E-LA Filing E-MS Filing 1 E-NO Filing Investment E-AR Lake Catherine Unit 5 Filing E-LA invest. for new customer Filing E-LA resilience rider Filing Filing E-LA West Bank 230 kV Filing E-LA West Bank 500 k
Slide 14: 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 15: 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% 14
Slide 16: 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 17: Jurisdictional base rate filing frameworks
Jurisdictional base rate filing frameworks E-AR E-LA E-MS E-NO E-TX1 SERI Latest filing 7/5/24 (FRP) 8/27/24 (FRP) 3/1/24 (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 filing2 Sept. following filing 35
Slide 18: 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 19: E-AR Lake Catherine Unit 5 CT generation CECPN
E-AR Lake Catherine Unit 5 CT generation CECPN Project overview (docket 24-072-U) Item Details MW 446 MW Plant Type CT with H2 capability Location Hot Spring County, AR Targeted in-service date 4Q28 Key dates Date Event 2/21/25 Settlement or issues list 3/5/25 Hearing 3/31/25 Requested decision 18 S
Slide 20: 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 rider + $0.3B DRM rider +$(0.4B) (9/30/23 test year) tax reform rider WACC (after-tax) 6.81% 7.08% Equity ratio 50.81%
Slide 21: E-LA investment to support new customer
E-LA investment to support new customer Filing highlights (docket U-37425) • A variety of generation and transmission resources proposed in connection with service to a new customer facility in north Louisiana, including: – three new CCCTs totaling 2,262 MW, each of which will be enabled for future
Slide 22: E-LA Bayou Power Station filing
E-LA Bayou Power Station filing Procedural schedule suspended to evaluate cost Project overview (docket U-37131) Item Details MW 112 Estimated cost TBD Location Leeville, LA Targeted in-service date 2028 Proposed recovery mechanism FRP with deferral until costs can be reflected in rates if needed Ke
Slide 23: E-LA Francine cost recovery filing
E-LA Francine cost recovery filing Plan to propose new framework to accelerate future recovery Filing highlights (docket U-37468) • $186M restoration costs for Hurricane Francine ꟷ $153M distribution capital (to be placed in rate base, recovered through DRM, requesting 3/1/25 rate effective date, su
Slide 24: E-LA West Bank 230kV transmission filing
E-LA West Bank 230kV transmission filing Settlement filed Project overview (docket U-37143) • Seeks approval of a portfolio of Amite South transmission projects located on the west bank of the Mississippi River, including construction of a 500/230kV substation • Total estimated cost $499M, proposed
Slide 25: E-LA West Bank 500kV transmission filing
E-LA West Bank 500kV transmission filing Project overview (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 to be recovered through TRM, if a
Slide 26: E-LA resilience plan cost recovery rider
E-LA resilience plan cost recovery rider Semi-annual filing Filing highlights (docket U-36625) • $329M rate base • $39M incremental revenue requirement • ROE, WACC, and equity ratio from most recent FRP Key dates Date Event March 2025 Rate effective date 25
Slide 27: Entergy Mississippi
Entergy Mississippi E-MS (currently in rates) Metric Detail Authorized ROE 10.91% performance-adjusted midpoint (10.56% + 0.35% performance factor); 9.91% – 11.92% range (annual redetermination based on formula) Rate base $4.5B (2024 forward test year) WACC (after-tax) 7.52% Equity ratio 49.67% Regu
Slide 28: 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 29: 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 (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 Key rate chan
Slide 30: E-TX generation CCN filing
E-TX generation CCN filing Project overview (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 CCS-enabled CT with H2 capability Location Jefferson County, TX Liberty County, TX In-service date 2028 202
Slide 31: E-TX renewable CCN filing
E-TX renewable CCN filing Project overview (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 2/20/25 E-TX rebuttal testimony an
Slide 32: E-TX TCRF filing
E-TX TCRF filing Filing highlights (docket 57162) • $137M net transmission investment from 1/1/22 through 6/30/24 • $10M revenue requirement • ROE, WACC, and equity ratio from most recent rate case Key dates Date Event 2/20/25 PUCT open meeting 3/13/25 PUCT open meeting 3/27/25 PUCT open meeting 31
Slide 33: 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 $1.83B rate base WACC (after-tax) 7.41% Equity ratio 52.0%
Slide 34: Financial and forecast disclosures
Financial and forecast disclosures 33
Slide 35: Key guidance drivers
Key guidance drivers 2025 adjusted EPS guidance range $3.75 – $3.95 Driver Assumption (in EPS, except where noted) Regulatory proceedings Full year of 2024 rate actions and planned 2025 rate actions See Adjusted EPS – quarterly considerations slides and individual OpCo slides Weather $(0.15) YoY cha
Slide 36: Adjusted EPS – quarterly considerations
Adjusted EPS – quarterly considerations 2024 items of note (EPS, unless otherwise noted) 1Q 2Q 3Q 4Q ETR as-reported EPS 0.18 0.11 1.50 0.65 Adjustments (0.36) (0.85) - (0.01) ETR adjusted EPS 0.54 0.96 1.50 0.66 Diluted average number of common shares outstanding (in millions) 428 429 431 438 2024
Slide 37: Adjusted EPS – quarterly considerations (continued)
Adjusted EPS – quarterly considerations (continued) 2024 items of note (continued) 1Q 2Q 3Q 4Q 2024 key rate actions (annualized pre-tax rate change) E-MS grid mod rider1 (Feb.) $14M E-MS FRP2 (Apr.) $65M E-MS vegetation/storm1 and interim capacity riders (July) $52M E-LA FRP (incl. higher nuc. depr
Slide 38: Strong customer growth
Strong customer growth Rolling forward to 2024 base year Cumulative weather-adjusted retail sales growth vs 2024; TWh 37 ~12% – 13% 22 Industrial CAGR 28E vs 24 13 7 25E 26E 27E 28E Residential Commercial Industrial 37
Slide 39: Diversified large industrials
Diversified large industrials Industry and geographic diversity Large industrials Large industrials Sales growth 28E vs 24; TWh Sales volume by year; TWh ~72 ~35 ~35 E-TX E-MS E-LA E-AR By OpCo By industry 25E 26E 27E 28E All other Other chemicals Agricultural chemicals Transportation Primary metals
Slide 40: Strong long-term retail sales growth
Strong long-term retail sales growth Driven by diverse industrial growth; residential and commercial essentially flat Four-year sales trends; MWh Total retail Industrial ~6% – 7% CAGR ~12% – 13% CAGR 24 25E 26E 27E 28E 24 25E 26E 27E 28E Residential Commercial <1% <1% CAGR CAGR 24 25E 26E 27E 28E 24
Slide 41: 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 Sterlingt
Slide 42: A clean portfolio that supports growth
A clean portfolio that supports growth Expanding renewables, planning for optionality with H2, CCS Planned resource capacity; GW ~44 ~36 ~27 24 28E 1 33E1 Nuclear Renewables H2 and CCS capable 2 Modern gas Legacy gas Coal Non-generating resources 3 Includes owned resources and purchased power contra
Slide 43: Improving resilience through multiple channels
Improving resilience through multiple channels Strong growth reducing relative risk Accelerated resilience programs Relative storm risk declining • Program designed to upgrade assets that are not up to latest standards Illustrative • Prioritizes projects with highest benefit/cost ratio $1B as a % of
Slide 44: Capturing new large customers
Capturing new large customers Starts with stakeholder engagement Guiding principles Customers Deliver benefits for all key stakeholders Responsive to customer timeline without Elected Regulators compromising regulatory oversight officials Include customer protections Owners Vendors • Minimum b
Slide 45: Investing for customer benefits
Investing for customer benefits Four-year capital plan 25E–28E capital plan by function1 Other Generation 2 Distribution baseline 4 8 $37B Other new 10 generation 8 Transmission 5 Renewables Calculations may differ due to rounding 44 1. Excludes capital funded with contribution in aid of constructio
Slide 46: Investment for customers supports growth
Investment for customers supports growth Capital investment and depreciation expense; Projected rate base1,2; $B cumulative1; $B 37 27 66 59 52 18 45 40 8 25E 26E 27E 28E 24E 25E 26E 27E 28E Capital investment Depreciation expense 1. Excludes capital funded with contribution in aid of construction f
Slide 47: Delivering strong credit and cash flow
Delivering strong credit and cash flow Building capacity for unexpected events, stronger growth Credit outlooks Moody’s CFO pre-working capital to debt 16 Cumulative OCF outlook 15 Capacity 14 Moody’s downgrade threshold ~$21B 13 25E–28E 12 24 25E 26E 27E 28E S&P FFO to debt 16 15 14 Capacity 25E 26
Slide 48: Three-year capital plan by OpCo
Three-year $M capital plan by OpCo1 E-AR 25E 26E 27E Total E-LA 25E 26E 27E Total Distribution 360 290 310 960 Distribution 1,140 1,100 685 2,925 Transmission 80 70 95 245 Transmission 945 1,435 1,270 3,650 Generation Generation Renewables - - - - Renewables 150 325 1,170 1,645 Other new generation
Slide 49: Three-year capital plan by OpCo (continued)
Three-year $M capital plan by OpCo1(continued) E-TX 25E 26E 27E Total SERI 25E 26E 27E Total Distribution 450 395 325 1,170 Distribution - - - - Transmission 310 410 830 1,550 Transmission - - - - Generation Generation Renewables 255 190 170 615 Renewables - - - - Other new generation 520 580 115 1,
Slide 50: Sources and uses of cash
Sources and uses of cash Four-year sources and uses (25E–28E)1; $B ~5 ~5 ~4 ~0.5 ~11 ~37 ~21 Sources Uses OCF Capital investment Utility debt (net) and nuclear fuel Parent debt (net) Common dividends LDC sale proceeds Equity 25E-28E Calculations may differ due to rounding 49 1. Subject to change
Slide 51: Financing assumptions
Financing assumptions Issuances1 Debt maturity schedule as of 12/31/242; $M Company 25E 26E 27E 28E Company 25E 26E 27E 28E Utility long-term debt E-AR - 600 - 350 E-AR 195 780 - 715 E-LA 300 650 450 425 E-LA 1,225 2,245 2,325 1,805 E-MS - - 150 375 E-MS 545 750 530 860 E-NO 78 85 - - E-NO 80 110 -
Slide 52: 2025 ETR adjusted EPS sensitivities
2025 ETR adjusted EPS sensitivities Estimated annual Variable Description of sensitivity EPS 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 53: Financial summaries and Regulation G reconciliations
Financial summaries and Regulation G reconciliations 52
Slide 54: Earnings summary
Earnings summary Table 1: Full year earnings summary $ in millions Per share in $ 2024 2023 2024 2023 As-reported (after-tax) Utility 1,827 2,507 4.23 5.90 Parent & Other (771) (151) (1.79) (0.35) Consolidated 1,056 2,357 2.45 5.55 Less adjustments Utility (289) 611 (0.67) 1.44 Parent & Other (233)
Slide 55: Regulation G reconciliations
Regulation G reconciliations Table 2: ETR adjusted earnings Reconciliation of GAAP to non-GAAP measures (Pre-tax except for income taxes and totals; $ in millions) 2024 2023 Net income (loss) attributable to ETR Corp. 1,056 2,357 Less adjustments: Utility - E-LA adjustment to a regulatory liability
Slide 56: Regulation G reconciliations
Regulation G reconciliations Table 2: ETR adjusted earnings Reconciliation of GAAP to non-GAAP measures (After-tax, per share in $) 2024 2023 Net income (loss) attributable to ETR Corp. 2.45 5.55 Less adjustments: Utility - Louisiana state income tax rate change, including an adjustment to E-LA’s as
Slide 57: Utility book ROEs
Utility book ROEs Table 3: Utility book ROE summary LTM ending December 31, 2024 ($ in millions) E-AR E-LA E-MS E-NO E-TX Utility1 As-reported earnings available to common stock (a) 325 888 256 16 292 1,827 Less adjustments: 1Q24 E-AR write-off of regulatory asset related to the opportunity sales pr
Slide 58: ETR ETR
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