Entergy Corporation · NYSE:ETR
Entergy — Investor Day (June 2026)
96 slides from Entergy's investor day presentation, Jun 9, 2026
Slide 1: Entergy 2026 Investor Day
Entergy 2026 Investor Day Liz Hunter, VP Investor Relations June 9, 2026 1
Slide 2: Caution regarding forward-looking statements and Regulation G compliance
Caution regarding forward-looking statements and Regulation G compliance This presentation contains certain “forward-looking statements” within the meaning of federal securities laws that are subject to risks and uncertainties. Such statements include, among other things, statements regarding Enterg
Slide 3: Today’s agenda
Today’s agenda Time Presentation Presenter 1–1:05 pm Welcome Liz Hunter 1:05–1:20 pm Differentiated growth Drew Marsh 1:20–1:50 pm Partnering with our customers to Panel discussion benefit stakeholders 1:50–2:10 pm Break 2:10–2:35 pm Blueprint for successful execution Kimberly Cook-Nelson Bill Abler
Slide 4: Differentiated growth
Differentiated growth Drew Marsh, Chair and CEO 0
Slide 5: Starting with the customer
Customers Starting with Employees the customer creates value for all key stakeholders Communities Owners 1
Slide 6: Plan to deliver stakeholder outcomes
Plan to deliver stakeholder outcomes Focus on Transform Execute with Deliver the customer ourselves excellence stakeholder value 2
Slide 7: Macro trends still driving growth, opportunities
Macro trends still driving growth, opportunities Technology largest contributor in five-year plan Onshoring Technology Onshoring Clean energy Electrification 3
Slide 8: Delivering for customers
Delivering for customers Electric service agreement backlog Average annual residential rates; 2000–YTD 20261 National average 3% CAGR 2% CAGR ~85% ETR utility 2024 investor day Today 00 05 10 15 20 25 ETR customer share of income spent on electricity2,3; % Residential net promoter score 5 4 3 to
Slide 9: Fair Share Plus pledge
Fair Share Plus pledge To benefit existing customers as data centers grow “Fair Share” means: Data center revenues1 cover: • Incremental cost of service and • Share of fixed costs Backed by strong contract provisions With ESAs to date, we expect $7 billion in customer savings2 1. Includes minimum bi
Slide 10: Delivering for employees
Delivering for employees Enhancing benefits and career development Voluntary turnover Benefits Increasing ETR 401(k) contribution Enhancing medical plan Expanding parental leave ↓ (15)% Training and Tailored leadership development development programs Team-focused development 2024 investor
Slide 11: Delivering for communities
Delivering for communities Includes “Plus” from Fair Share Plus pledge Economic development drives community benefits ✓ More jobs ✓ Job training programs ✓ New tax revenue Economic development ✓ Better schools ✓ Better infrastructure ✓ Community support ✓ Improved business environment ✓ Energy effic
Slide 12: Stakeholder engagement
Stakeholder engagement Highlighting positive outcomes in our communities Customers Elected Regulatory and legislative highlights Regulators officials ✓ Legislation and regulatory action to Owners support economic development Vendors (debt and equity) ✓ Legislation to support accelerated reviews of s
Slide 13: Delivering for owners
Delivering for owners Five-year retail sales growth Five-year capital plan ~9% $67B ~4% − 5% $33B 2024 investor day Today 2024 investor day Today Two-year total shareholder return1 EPS CAGR 2030E vs 20252 ETR 103% 44% 20% ETR UTY S&P 500 1. Source: FactSet as of 5/29/26 9 2. Based on FactSet estimat
Slide 14: But wait, there’s more…
But wait, there’s more… Continued Future customer accelerated Clean energy growth resilience investments 10
Slide 15: Partnering with our customers to benefit stakeholders
Partnering with our customers to benefit stakeholders 0
Slide 16: Partnering with our customers
Partnering with our customers To benefit stakeholders Brandon Nat Haley Phillip Oyer Sahlstrom Fisackerly May Director of Energy VP Energy and President and CEO, President and CEO, and Water, Americas; Sustainability, Entergy Mississippi Entergy Louisiana AWS Meta 1
Slide 17: Blueprint for successful execution
Blueprint for successful execution Kimberly Cook-Nelson, COO Bill Abler, VP Supply Planning 0
Slide 18: Blueprint for successful execution
Blueprint for successful execution Delivering on current plan, scalable for additional growth 1. 2. 3. Customer-centric Scale, partnerships, Foundational supply plan enabling and standardization framework unlocks growth keys to success additional opportunities 1
Slide 19: Supply planning enabling fast-growing demand
Supply planning enabling fast-growing demand Critically important in today’s markets Customer demand, retail sales outlook; MWh Resource capacity1; GW >50% growth >50% growth in 5 years in 5 years Industrial Residential + Commercial + Governmental 25 26E 27E 28E 29E 30E 25 30E 2 1. Includes owned re
Slide 20: Planning framework supports customer needs
Planning framework supports customer needs Very large load additions changing our approach, but not core objectives Large load objectives • Speed to market • Ramp and firmness of service • Cost competitiveness • Customers’ clean energy goals 3
Slide 21: Entergy leveraging advantages to capture growth
Entergy leveraging advantages to capture growth Supports both customer siting and generation additions Land availability Fuel supply with brownfield options Complete solution Transmission optimization and interconnection Welcoming Stakeholder communities relationships 4
Slide 22: Robust natural gas supply
Robust natural gas supply Liquid, low-cost available supply; speed to market for new capacity Liquid market; Henry Hub • Extensive pipeline infrastructure in Entergy service area • Flat long-term Henry Hub prices with Entergy supply points that trade at discounts • Plentiful supply, including access
Slide 23: Nimble supply planning has enabled growth
Nimble supply planning has enabled growth Base case adds ~30 GW of new and repowered resources by 2035 Load serving capacity; GW1 Resource additions in supply plan; GW2,3 Peak load + reserve margin 30 Peak load 25 20 15 10 5 0 30E 35E CCCTs Peaking units 25 30E 35E Fuel conversions Solar Batteries D
Slide 24: Proven strategy for operational success
Proven strategy for operational success Scale Strategic partnerships Standardization Standardized CCCTs 7
Slide 25: Planning for 24 GW build out
Planning for 24 GW build out Significant scale Illustrative / subject to change 24–25 26E 27E 28E 29E 30E 31E 32E 33E Power island equipment delivery to in service In base supply plan1 Available for growth above plan 6 added this year 8 1. See slide 24 in the appendix for announced projects
Slide 26: People are core to our success
People are core to our success Moving craft teams from project to project minimizes number of workers needed Illustration of how craft workers move from project to project Building careers, not jobs New build generation projects Move to next project ✓ 5 years of work within a 200-mile radius ✓ EPC p
Slide 27: Scale fosters strong partnerships, mutual benefits
Scale fosters strong partnerships, mutual benefits Foundation for on-time, on-budget delivery Mutual benefits Structural advantages ✓ Improved productivity ✓ Secured materials and equipment ✓ Workforce development, deep ✓ Access to EPCs, labor expertise ✓ Highly responsive priority service ✓ Industr
Slide 28: Standardization driving efficiencies, predictability
Standardization driving efficiencies, predictability Illustrative Engineering % complete1 ~60% Benefits from standardization and scale Procurement awards1 ✓ Bulk purchasing power ✓ Securing critical long lead assets ~30% ✓ Competitive pricing ✓ Schedule certainty Construction % complete1 ~15%
Slide 29: Ready to support additional growth opportunities
Ready to support additional growth opportunities 10 CCCTs secured for growth Illustrative Example resource plan to add 15 to 20 GW capacity “All of the above” approach • Dispatchable generation (CCCTs) • Batteries • Renewables • Nuclear and natural gas unit uprates • Delayed retirements Base case (a
Slide 30: Scaling strategy extends to transmission
Scaling strategy extends to transmission Plan includes more than 1,000 miles of transmission Innovative approach creates benefits Design change to a 500kV transmission project that resulted in more efficient manufacturing and transportation ✓ Reduced cost ✓ Improved timeline ✓ Reduced risk 13
Slide 31: Transmission scale supporting resilience goals
Transmission scale supporting resilience goals Enabling faster distribution resilience investment Targeted resilience1 Illustrative 0% Storm restoration Accelerated resilience cost reduction2 with current base case transmission investment scale (55)% Accelerated resilience investment 1. Based on mul
Slide 32: Well positioned for CCS
Well positioned for CCS Geological, geographic, and scale advantages Illustrative Existing wells Planned Class VI wells Existing pipelines MOU with Mitsubishi Heavy Industries Saline formations Goal to develop plan for 50% reduction in CCS cost Scale advantage from large gas fleet Standardization im
Slide 33: Leveraging scale to meet demand for solar
Leveraging scale to meet demand for solar Transformative approach unlocks 5 GW of opportunity Illustrative Individual assets Scale approach • Multiple time-consuming RFPs ✓ Aggregated customer demand • Multiple designs ✓ Standardization • Multiple regulatory filings ✓ Streamlined regulatory filings
Slide 34: New nuclear an important long-term solution
New nuclear an important long-term solution Will not put our customers or our operating companies at risk Need lower construction cost and better cost certainty • NRC reforms, analyses, and design • New fuel technologies • Working through partnerships 17 Photo credit: U.S. Department of Energy
Slide 35: Blueprint for successful execution
Blueprint for successful execution Delivering on current plan, scalable for additional growth 1. 2. 3. Customer-centric Scale, partnerships, Foundational supply plan enabling and standardization framework unlocks growth keys to success additional opportunities 18
Slide 36: Strong financial plan; positioned for growth
Strong financial plan; positioned for growth Kimberly Fontan, CFO 0
Slide 37: Strong, differentiated financial plan
Strong, differentiated financial plan Positioned for growth 1. 2. 3. Clear, Flexibility to ETR investment executable, manage risk proposition differentiated unmatched financial plan 1
Slide 38: Strong sales growth driving business
Strong sales growth driving business >50% growth over five-year outlook period Cumulative weather-adj. retail sales growth vs 2025; TWh 68 ~9% total retail sales CAGR1 ~16% industrial sales CAGR1 26E 27E 28E 29E 30E 2 1. 2030E vs 2025
Slide 39: Large industrial sales driving growth
Large industrial sales driving growth Industry and geographic diversity Large industrials Large industrials Sales growth 2030E vs 2025; TWh Sales volume by year; TWh ~105 ~65 ~65 E-TX E-MS E-LA E-AR By OpCo By industry 26E 27E 28E 29E 30E Other Chlor-alkali Technology Petroleum refining Agricultural
Slide 40: Customer-centric investment plan
Customer-centric investment plan 2026E–2030E capital plan1 Other Generation baseline 2 Distribution 6 10 10 Transmission $67B Other new 31 7 generation Renewables and storage Calculations may differ due to rounding 4 1. Excludes capital funded with contribution in aid of construction from customers
Slide 41: Investment benefits customers, supports growth
Investment benefits customers, supports growth Capital investment1 and depreciation expense; Projected rate base1,2; $B cumulative $B 97 89 67 73 80 57 45 58 46 30 13 26E 27E 28E 29E 30E 25E 26E 27E 28E 29E 30E Capital investment Depreciation expense 1. Excludes capital funded with contribution in a
Slide 42: Managing costs while delivering value to customers
Managing costs while delivering value to customers Fair Share Plus expected to provide $7B customer bill benefits1 Rates well below national average Demonstrated O&M discipline Average residential rates2; 12-months ended Feb. 2026 2025 non-production O&M cost per MWh3 National average ETR utility ET
Slide 43: Protecting and enhancing the business
Protecting and enhancing the business Strong Balance Balance sheet contract terms sheet size strength Protect all customers Expect close to $100B Strong credit metrics and mitigate concentration risks rate base in 30E to support growth and for unplanned events Strong Accelerated Constructive liquidi
Slide 44: Hyperscale contracting protects all customers
Hyperscale contracting protects all customers Contracting framework Key features ✓ 15- to 20-year terms ✓ Minimum bills Pay Protect ✓ Robust credit terms fair OpCo ✓ Early termination fee to recoup costs share credit not yet recovered ✓ Contributions in aid of construction and other cash flow suppor
Slide 45: Growing balance sheet mitigates storm exposure
Growing balance sheet mitigates storm exposure Relative risk declining $1B storm cost; % of rate base1 Illustrative Storm risk reduction efforts ✓ Investment in infrastructure ✓ Operational efficiencies in storm Relative >70% risk restoration deployment ~3.6 reduction ✓ Efficient cost recovery ~1.7
Slide 46: Strong credit outlooks
Strong credit outlooks Solid fundamentals; some fluctuations with renewable tax credits Credit outlooks Moody’s CFO pre-working capital to debt; % S&P FFO to debt; % 17 17 16 16 15 Capacity 15 14 14 Capacity Moody’s downgrade threshold 13 13 S&P downgrade threshold 12 12 26E 27E 28E 29E 30E 26E 27E
Slide 47: Adjusted EPS guidance and outlooks
Adjusted EPS guidance and outlooks Greater than 8% CAGR through 30E1 Entergy adjusted EPS; $ 7.05–7.35 6.25–6.55 5.55–5.85 4.90–5.20 4.25–4.45 3.91 25 26E 27E 28E 29E 30E guidance outlook outlook outlook outlook As-reported 3.91 11 1. Versus 2025
Slide 48: Strong cash flow, minimal equity
Strong cash flow, minimal equity Assuming 6% annual common dividend growth Five-year 2026E–2030E sources and uses1; $B Five-year 2026E–2030E equity plan ~7 ~3 ~3 ~8 ~7 ~22 ~66 $67B capital plan ~38 $7B equity plan Sources Uses OCF Capital investment Utility debt (net) and nuclear fuel Parent debt (n
Slide 49: Financing framework for future growth
Financing framework for future growth Targeting ETR equity needs at 10% − 15% of total capital plan Illustrative OpCo financing strategy Funding levers • Cash flow from operations • Credit-supportive cash flow from large customers • Traditional parent financing • Hybrid financing • Alternative finan
Slide 50: Five-year EPS growth strongest in industry
Five-year EPS growth strongest in industry Expect greater than 8% CAGR through 35E EPS CAGR 2030E vs 20251 ETR adjusted EPS outlook; $ ETR Median 25 30E 35E 14 1. Based on FactSet estimates as of 5/29/26 (analyst EPS - Non GAAP estimates for ETR and peer utility companies)
Slide 51: Strong, differentiated financial plan
Strong, differentiated financial plan Positioned for growth 1. 2. 3. Clear, Flexibility to ETR investment executable, manage risk proposition differentiated unmatched financial plan 15
Slide 52: Great plan, even greater opportunity
Great plan, even greater opportunity Drew Marsh, Chair and CEO 0
Slide 53: Great plan…
Great plan… 9% retail sales growth outlook $13B average annual capital investment1 $67B 26E 27E 28E 29E 30E Solid credit outlook Strongest adjusted EPS growth in industry2 ETR Capacity 26E 27E 28E 29E 30E 1. Excludes capital funded with contribution in aid of construction from customers 1 2. Based o
Slide 54: … even greater opportunity
… even greater opportunity Within five years and beyond Clear line of sight: Potential unlock: sales growth opportunity future customer needs Photo credit: U.S. Department of Energy 2
Slide 55: Strong pipeline for sales growth opportunities
Strong pipeline for sales growth opportunities Customer interest continues to expand Large industrial pipeline development Potential additions to base case Project ~3–5 study GW FID Potential ESA Customer ~10–17 customer Reimbursement GW agreement ~7–12 GW Increasing probability in forecast Data cen
Slide 56: Sales growth opportunity drives investment
Sales growth opportunity drives investment 10 CCCTs secured for growth Illustrative Illustrative Retail sales growth vs. 2025; TWh Cumulative capital investment; $B + sales growth + sales growth opportunities opportunities Base case Potential Potential Potential Potential 30E 35E 26E-30E 26E-35E 4
Slide 57: Potential unlock for future customer needs
Potential unlock for future customer needs Enabled by operational strategy Illustrative Future phases of Renewables + storage Working to make accelerated resilience for customer demand CCS economic 0% Current cost 5 GW Storm restoration 50% cost reduction2 Accelerated to be reduction resilience1 ide
Slide 58: Expect greater than 8% CAGR through 2035
Expect greater than 8% CAGR through 2035 Plus customer-driven upside opportunity ETR adjusted EPS outlook; $ Illustrative + potential unlock + sales growth opportunity Base case (greater than 8%) 25 26E 27E 28E 29E 30E 35E 6
Slide 59: Multiple paths to strong long-term sales growth
Multiple paths to strong long-term sales growth Including opportunity above base case Potential retail load; TWh Illustrative Long-term drivers Data centers, AI and technology Large industrial growth Total demand could triple by 2050 Clean energy transition Broader electrification 26E 30E 40E 50E 7
Slide 60: Great plan… even greater opportunity
Great plan… even greater opportunity ✓ Macro themes continue to support significant opportunity ✓ Customer-centric strategy ✓ Value creation for all stakeholders 8
Slide 61: Appendix
` 2026 Investor Day Appendix 0
Slide 62: Sustainability
Sustainability 5 entergy
Slide 63: A focus on sustainability leadership
A focus on sustainability leadership Environmental Social Robust stewardship responsibility governance For a cleaner world Promoting safety, opportunity, Managing risks and and communities opportunities • Among the cleanest large-scale • Live safe all day, every day • Leaders with an effective mix o
Slide 64: Entergy’s board of directors
Entergy’s board of directors Drew Stu Gina John Marsh Levenick Adams Black Since 2022 Since 2005 Since 2023 Since 2023 Chair of the board Lead Director and CEO John Frank Kirk Brian Burbank Caldwell Donald Ellis Since 2018 Since 2025 Since 2013 Since 2020 Phil Lisa Karen Lewis Frederickson Hyland Pu
Slide 65: Board composition
Board composition Effective mix of skills, experience, backgrounds, and perspectives Board skills and experiences Board demographics Supports effective oversight of strategy and risk Balancing perspectives and institutional knowledge Risk management 12 Age (years) Tenure (years) Technology / transfo
Slide 66: Entergy’s leadership
Entergy’s leadership Drew Kimberly Kimberly Marsh Fontan Cook-Nelson Chair of the board EVP and CFO EVP and COO and CEO John Jason Kathryn Dinelli Chapman Collins EVP and CNO SVP, Chief SVP and CHRO Technology and Business Services Officer Dan John Anastasia Falstad Hudson Minor SVP and General Chie
Slide 67: Utility leadership
Utility leadership Operating company CEOs Haley Laura Fisackerly Landreaux President and CEO, President and CEO, Entergy Entergy Mississippi Arkansas Phillip Deanna Eliecer May Rodriguez Viamontes President and CEO, President and CEO, President and CEO, Entergy Entergy Entergy Louisiana New Orleans
Slide 68: Accessible, transparent sustainability disclosures
Accessible, transparent sustainability disclosures Visit entergy.com/sustainability Select resources: Sustainability performance data table Global Reporting Initiative index Sustainable Accounting Standards Board disclosure 2025 greenhouse gas emissions inventory 7
Slide 69: Utility
Utility ES) entergy
Slide 70: 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 71: 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 • 9.15% – 10.15% • 9.3% – 10.1% • 10.25% – 12.26% • 8.85% – 9.85% • 9.57% authorized authorized ROE authorized ROE authorized ROE authorized ROE ROE • Curre
Slide 72: Jurisdictional base rate filing frameworks
Jurisdictional base rate filing frameworks1 E-AR E-LA E-MS E-NO E-TX SERI Latest filing 2/27/26 (rate case) 6/1/26 (FRP) 2/27/26 (FRP) 4/30/26 (FRP) 7/1/22 Monthly cost of date (rate case) service Rate effective 30 days after filing 2 Sept. following filing April following filing Sept. following fil
Slide 73: 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 74: 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, $0.8B RPCR WACC (after-tax) 6.95% Equity ratio 50.91% Regulatory construct FRP: base – historical test year, results below/above ROE band re-
Slide 75: 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 76: 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 77: 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 (thru 6/25), $0.4B TCRF (thru 6/25) WACC (after-tax) 6.61% Equity ratio 51.2% Regulatory Historical test year rate case1; interim rate base construct riders: TCRF2, DCRF3, and
Slide 78: 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 $1.88B rate base WACC (after-tax) 7.56% Equity ratio 48.1
Slide 79: Supplemental forecast and other information
Supplemental forecast and other information 18
Slide 80: Strong long-term retail sales growth
Strong long-term retail sales growth Driven by diverse industrial growth Five-year retail sales outlook; MWh Total retail (~9% CAGR1) Industrial (~16% CAGR1) Governmental Commercial (~flat) Residential 25 26E 27E 28E 29E 30E 19 1. 2030E vs. 2025
Slide 81: Supportive macro factors in Gulf region
Supportive macro factors in Gulf region NBP to Henry Hub spread; $/MMBtu Brent-to-Henry Hub ratio U.S. competitive advantage 12 0 16 18 20 22 24 26 28 30 16 18 20 22 24 26 28 30 NGL-to-Brent ratio WTI-to-Brent spread; $/bbl 0.6 0 16 18 20 22 24 26 28 16 18 20 22 24 26 28 30 20 Source: Bloomberg and
Slide 82: History of strong growth over many years
History of strong growth over many years ETR large industrial sales vs. IPI1 ETR industrial sales; TWh ~5.5% CAGR 40 ETR large industrial sales 30 Large (12-month moving average) 20 <1% Small IPI CAGR 10 Cogen 0 09 11 13 15 17 19 21 23 25 09 11 13 15 17 19 21 23 25 21 1. Industrial Production Index
Slide 83: Opportunity to help customers achieve clean goals
Opportunity to help customers achieve clean goals Industrial scope 1 emissions by state; 2023 annual short tons of CO2 (millions) ~128 (estimated) WI PA AL WY KS KY AK WA SC VA AR WV AZ SD VT OH OK TN FL GA OR TX UT NJ CT HI RI IN CA IL IA MI ND CO NY NE NM NC DE ID NV NH DC ETR Industrials LA MN MO
Slide 84: Options to serve high load-factor customers
Options to serve high load-factor customers Cost ranges will narrow as markets mature Levelized cost of energy1; $/MWh Illustrative High Base est. Low CCCT CCCT Solar New nuclear New nuclear + CCS + battery (large reactor) (SMR) Internal analysis, Spring 2026 23 1. In 2026 dollars; excludes transmis
Slide 85: Announced generation projects
Announced generation projects Renewables + battery 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 Delt
Slide 86: Strong operating cash flows
Strong operating cash flows Cumulative OCF outlook ~$38B 26E–30E 26E 27E 28E 29E 30E 25
Slide 87: Five-year capital plan by OpCo
Five-year capital plan by OpCo1 $M E-AR 26E 27E 28E 29E 30E Total E-LA 26E 27E 28E 29E 30E Total Distribution 300 310 370 510 365 1,855 Distribution 1,320 835 565 610 635 3,965 Transmission 80 135 175 205 45 640 Transmission 1,560 1,740 1,280 875 370 5,825 Generation Generation Renewables and storag
Slide 88: Five-year capital plan by OpCo (continued)
Five-year capital plan by OpCo1 (continued) $M E-TX 26E 27E 28E 29E 30E Total SERI 26E 27E 28E 29E 30E Total Distribution 440 445 340 345 305 1,875 Distribution - - - - - - Transmission 370 635 680 645 370 2,700 Transmission - - - - - - Generation Generation Renewables and storage 5 25 5 5 5 45 Rene
Slide 89: Financing plan
Financing plan Issuances1 Debt maturity schedule as of 3/31/262; $M ROY ROY Company Company 1Q26 26E 27E 28E 29E 30E 1Q26 26E 27E 28E 29E 30E Utility long-term debt; E-AR 600 - - 350 - - $M E-LA 250 400 450 425 - 316 E-AR 1,000 - 800 775 300 - E-LA 1,500 1,250 4,100 5,000 3,600 2,300 E-MS - - 150 37
Slide 90: Agency-published credit metrics
Agency-published credit metrics Entergy Corp. and Utility operating company credit metrics Moody’s (LTM 12/31/25) ETR E-AR E-LA E-MS E-NO E-TX (CFO pre-W/C + interest) / 4.8x 6.8x 5.8x 6.4x 4.7x 5.0x interest expense (CFO pre-W/C) / debt 17.1% 25.9% 22.5% 26.0% 26.1% 17.1% (CFO pre-W/C – dividends)
Slide 91: Regulation G reconciliations and acronyms and abbreviations
Regulation G reconciliations and acronyms and abbreviations 30
Slide 92: Regulation G reconciliations
Regulation G reconciliations Table 1: ETR adjusted earnings Reconciliation of GAAP to non-GAAP measures 2025 (Pre-tax except for income taxes and totals; $ in millions) Net income (loss) attributable to ETR Corp. 1,758 Less adjustments: - ETR adjusted earnings (non-GAAP) 1,758 Diluted average number
Slide 93: Regulation G reconciliations (continued)
Regulation G reconciliations (continued) Table 2: Liquidity Reconciliation of GAAP to Non-GAAP measures ($ in billions) As of 3/31/26 Cash and cash equivalents 3.6 Available revolver capacity 4.3 Storm escrows 0.3 Less: commercial paper (1.4) Liquidity (non-GAAP) 6.9 32 Calculations may differ due t
Slide 94: Acronyms and abbreviations
Acronyms and abbreviations ACM Additional Capacity Mechanism EBITDA Earnings before interest, taxes, depr. and amort. ADIT Accumulated deferred income taxes EPC Engineering, procurement, and construction AI Artificial intelligence EPS Earnings per share bbl Barrel ESA Electric service agreement BESS
Slide 95: Acronyms and abbreviations (continued)
Acronyms and abbreviations (continued) MISO Midcontinent Independent System Operator PUCT Public Utility Commission of Texas Mmbtu Million British thermal units RFP Request for proposal Moody’s Moody’s Ratings RSHCR Resilience and Storm Hardening Cost Recovery MPSC Mississippi Public Service Commiss
Slide 96: ETR
5) entergy