Slide 1: 2Q 2026 earnings call
2Q 2026 earnings call July 29, 2026 0
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: Table of contents
Table of contents Section Slides Business discussion 3–7 Appendix About Entergy 9 Utility 10–36 Financial disclosures 37–39 Financial summaries and Regulation G reconciliations 40–44 2
Slide 4: Highlights
Highlights Key messages – Strong retail sales growth driven by 2Q26 adjusted EPS ~10% industrial growth $1.03 – Robust economic indicators in our service area – Affirming 2026 adjusted EPS guidance and 2Q26 OCF 27E–30E adjusted EPS outlooks $1.9B – Credit metric outlooks remain well above agency thr
Slide 5: 2Q adjusted earnings per share
2Q adjusted earnings per share Entergy adjusted EPS; $ 0.07 0.26 (0.08) (0.07) (0.11) (0.03) (0.05) 1.05 1.03 1 2Q25 Utility Utility Utility Utility Utility P&O Share 2Q26 operating other other other interest effect rev. less fuel, O&M operating income1 expense purch. power, expenses 2 and reg. chgs
Slide 6: 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 7: Equity plan
Equity plan Five-year 2026E–2030E equity plan $67B capital plan1 $7B equity plan Completed / settled Completed / not yet settled Remaining need 6 1. As of June 2026
Slide 8: 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 7 1. Versus 2025
Slide 9: Appendix
Appendix 3) entergy
Slide 10: 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 11: 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% • 10.14% – 12.14% • 8.85% – 9.85% • 9.57% authorized authorized ROE authorized ROE authorized ROE authorized ROE ROE • Curre
Slide 12: 2025 Utility weather-adjusted retail sales
2025 Utility 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% 11 Calculations may differ due to rounding
Slide 13: 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 14: 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 Greer Solar (E-MS) 170 PPA 2026 OCAPS CCCT (E-TX) 1,215 2026 Delta Solar (E-MS) 80 Owned 2027 Del
Slide 15: 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 6/1/26 2/27/26 4/30/26 7/1/22 Monthly date (rate case)2 (FRP) (FRP) (FRP) (rate case) cost of service Rate effective 30 days after filing 3 Sept. following filing April following filing Sept. following fi
Slide 16: Regulatory timeline
Regulatory timeline Illustrative Regulatory activities 3Q26 4Q26 1Q27 2Q27 Base rate proceedings E-AR (rate case) E-AR (2025 FRP netting adjustment) Filing E-LA (FRP) E-MS (FRP) Filing 1 E-NO (FRP) Filing Other filings of note E-LA resilience rider Filing Filing E-LA Evest E-LA Cottonwo
Slide 17: Entergy Arkansas
Entergy Arkansas E-AR (currently in rates) Metric Detail Allowed 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 resets to midpo
Slide 18: E-AR base rate case filing
E-AR base rate case filing Filing highlights (docket 26-001-U) Proposed ROE 9.9% Rate base (ADIT incl. in WACC, not rate base) $11.7B WACC (after-tax) 5.89% Equity ratio 39.2% (48.3% excl. $2.2B ADIT at 0% rate) Rate change requested $45M Key dates Major drivers of proposed rate change Date Event Ca
Slide 19: E-AR 2025 historical year FRP netting adjustment
E-AR 2025 historical year FRP netting adjustment Filing highlights (docket 16-036-FR) Earned ROE 8.8% Rate base (ADIT incl. in WACC, not rate base) $11.1B WACC (after-tax) 5.57% Equity ratio 37.6% (46.7% excl. $2.1B ADIT at 0% rate) Rate change requested $(9M) Key dates Major drivers of proposed rat
Slide 20: Entergy Louisiana
Entergy Louisiana E-LA (currently in rates) Metric Detail – electric Allowed 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-set
Slide 21: E-LA annual FRP filing
E-LA annual FRP filing Major drivers of proposed rate change Filing highlights (docket U-37950) Category $M Earned ROE 9.63% (base FRP) Base FRP1 15 Allowed ROE 9.3% – 10.1% (9.7% midpoint) TRM 36 Rate base $17B plus $0.8B for transmission, DRM 36 distribution and generation plant MCRM, ACM and othe
Slide 22: E-LA RPCR semi-annual filing
E-LA RPCR semi-annual filing Filing highlights (docket U-36625) • $291M rate base from new assets in service through Feb. 2027 • $12M1 incremental revenue requirement • ROE, WACC, and equity ratio from most recent FRP Key dates Date Event Sep. 2026 Rate effective date See discussion in Rate and Regu
Slide 23: E-LA investment to support new Meta agreement
E-LA investment to support new Meta agreement Evest Filing request highlights (docket U-37882) • Generation and transmission resources proposed to support load growth including a new data center project in north Louisiana, as follows: Category Investment ($B) 7 CCCTs (>5,200 MW) 12.9 Transmission an
Slide 24: 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 incl. post-acquisition capital repairs and upgrades Targeted acquisition date Jan. 2027 Proposed recovery ACM Key dates Date Event 9/9/2
Slide 25: E-LA Waterford 6 and Westlake CCCT filing
E-LA Waterford 6 and Westlake CCCT filing Filing highlights (docket U-37853) Item Waterford 6 Westlake MW 754 754 Plant type CCCT CCCT Location Killona, LA Westlake, LA Estimated cost including transmission $2.0B $2.1B interconnection and other related costs Targeted in-service date 2030 2030 Propos
Slide 26: E-LA Segno and Votaw solar filing
E-LA Segno and Votaw solar filing Procedural schedule suspended for settlement discussions Filing highlights (docket U-37800) Item Segno Solar Votaw Solar MW 170 141 Plant type Solar photovoltaic Solar photovoltaic Location Polk County, TX Hardin County, TX Targeted in-service date 2029 2029 Propose
Slide 27: E-LA Babel to Webre 500 kV transmission filing
E-LA Babel to Webre 500 kV transmission filing Filing highlights (docket U-37812) • Seeks certification of the construction of a 147-mile 500 kV transmission line, expansion of an existing 500 kV switching station, and construction of a new 500 kV switching station • Projected major in-service dates
Slide 28: E-LA Waterford 3 nuclear uprate filing
E-LA Waterford 3 nuclear uprate filing Procedural schedule suspended for settlement discussions 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.
Slide 29: E-LA one-year FRP extension request
E-LA one-year FRP extension request Filing highlights (docket U-36959) • Request to extend the existing FRP for one year (2027 filing year) • Same terms as existing FRP, no midpoint reset Key terms Allowed ROE 9.3% – 10.1% (9.7% midpoint) TRM/DRM caps $400M each Key dates Date Event 8/12/26 Targeted
Slide 30: Entergy Mississippi
Entergy Mississippi E-MS (currently in rates) Metric Detail Allowed ROE 11.14% performance-adjusted midpoint (10.75% + 0.39% performance factor); 10.14% – 12.14% range (reset annually based on formula) Rate base $4.9B (2026 forward test year) WACC (after-tax) 7.68% Equity ratio 49.72% Regulatory FRP
Slide 31: Entergy New Orleans
Entergy New Orleans E-NO (currently in rates) Metric Detail Allowed 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; result
Slide 32: E-NO annual FRP filing
E-NO annual FRP filing Major drivers of proposed rate change Filing highlights (docket UD-18-07) Category $M Earned ROE 7.55% Income taxes and taxes other (2) Allowed ROE 8.85% – 9.85% than income taxes (9.35% midpoint) Investment in plant 4 Rate base $1.2B Depr. and amortization expense 3 WACC (aft
Slide 33: 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 RSHCR rider Key dates Date Event 1Q27 Targeted decision 32 See discussion in Management’s Financial Discussion and Analysis - Liquidit
Slide 34: E-NO four-year FRP extension request
E-NO four-year FRP extension request Filing highlights (docket UD-18-07) • Request to extend the existing FRP for four years (2027 – 2030 filing years) • Same terms as current FRP Key terms Allowed ROE 8.85% – 9.85% (9.35% midpoint) Equity ratio 55% Key dates Date Event 8/28/26 Intervenor comments d
Slide 35: Entergy Texas
Entergy Texas E-TX (currently in rates) Metric Detail Allowed ROE 9.57% Rate base $4.4B (12/31/21 test year) + $1.0B DCRF (thru 12/25), $0.4B TCRF (thru 6/25) WACC (after-tax) 6.61% Equity ratio 51.2% Regulatory construct Historical test year rate case1; interim rate base riders: TCRF2, DCRF3, and G
Slide 36: E-TX OCAPS GCRR filing
E-TX OCAPS GCRR filing Filing highlights (docket 59488) • $1.2B for net investment as of 12/31/25 • $150M revenue requirement • ROE, WACC, and equity ratio from most recent rate case • Expect 3Q26 in-service date Key dates Date Event Asset in-service date Rate effective date 35 See discussion in Rat
Slide 37: 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 $2.01B rate base WACC (after-tax) 7.73% Equity ratio 50.5
Slide 38: Financial disclosures
37 Financial disclosures 3) entergy
Slide 39: Progress against guidance
Progress against guidance Guidance YTD Driver assumption result1 Full-year comments 1 ETR adjusted EPS 4.25 – 4.45 1.90 • Guidance affirmed Estimated weather in sales Normal (0.02) Weather-adj. retail volume and other ~0.45 – 0.50 0.30 • Now expect ~0.50 – 0.55 revenue Utility other O&M ~0.20 – 0.25
Slide 40: Select financing activity
Select financing activity 2Q26 Entity Activity Date Rate Amount ($M) Maturity Notes E-TX Issuance 5/14/26 5.20% 425 6/15/36 E-NO Issuance 5/27/26 5.91% 35 6/15/36 6.65% 55 6/15/56 E-NO Retirement 6/1/26 4.00% 85 n/a Entergy Corp. Equity forward 6/22/26 n/a 6721 n/a 8.7 million shares settlements Upc
Slide 41: Financial summaries and Regulation G reconciliations
Financial summaries and Regulation G reconciliations 40
Slide 42: Earnings summary
Earnings summary Table 1: Second quarter earnings summary $ in millions Per share in $1 2Q26 2Q25 2Q26 2Q25 As-reported (after-tax) Utility 626 599 1.34 1.34 Parent & Other (143) (131) (0.31) (0.29) Consolidated 483 468 1.03 1.05 Less adjustments Utility - - - - Parent & Other - - - - Consolidated -
Slide 43: Regulation G reconciliations
Regulation G reconciliations Table 2: ETR adjusted earnings Reconciliation of GAAP to non-GAAP measures 2Q26 2Q25 (Pre-tax except for income taxes and totals; $ in millions) Net income (loss) attributable to ETR Corp. 483 468 Less adjustments - - ETR adjusted earnings (non-GAAP) 483 468 Diluted aver
Slide 44: Regulation G reconciliations
Regulation G reconciliations Table 3: 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 45: Utility book ROEs
Utility book ROEs Table 4: Utility book ROE summary LTM ending June 30, 2026 ($ in millions) E-AR E-LA E-MS E-NO E-TX Utility1 As-reported earnings available to common stock (a) 420 1,144 366 42 350 2,357 Less adjustments: Total adjustments (b) - - - - - - Adjusted earnings available to common stock
Slide 46: ETR
5) enterogy