Entergy Corporation · NYSE:ETR
Entergy — Q1 2026 Earnings Presentation
42 slides from Entergy's earnings presentation, Apr 29, 2026
Slide 1: First quarter 2026 earnings call
First quarter 2026 earnings call 0 April 29, 2026
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 10–32 Financial disclosures 33–35 Financial summaries and Regulation G reconciliations 36–40 2
Slide 4: Highlights
Highlights Key messages – Very strong 1Q26 retail sales growth driven by 1Q26 adjusted EPS ~15% industrial growth $0.86 – Updating capital plan to serve growing customer needs – Affirming 2026 adjusted EPS guidance and updating 1Q26 OCF 27E–29E adjusted EPS outlooks $829M – Strong credit metric outl
Slide 5: 1Q adjusted earnings per share
1Q adjusted earnings per share Entergy adjusted EPS; $ 0.06 0.01 0.17 (0.05) (0.06) (0.04) (0.04) 0.82 0.86 1Q25 Utility Utility Utility Utility P&O 1 Income Share 1Q26 operating other other interest taxes / other 1 effect rev. less fuel, operating income1 expense purch. power, expenses 2 and reg. c
Slide 6: Updating our forecast
Updating our forecast Strong customer demand drives capital, equity needs, earnings growth Cumulative weather-adj. retail sales 2026E–2029E 4-year capital plan2 growth vs 2025; TWh 51 4 1 8 Distribution ~8.5% Transmission 4Q25 call retail sales CAGR1 9 Renewables and storage ~16% $57B New generation
Slide 7: 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 8: Adjusted EPS guidance and outlooks
Adjusted EPS guidance and outlooks Greater than 8% CAGR1 Entergy adjusted EPS; $ 6.25–6.55 5.55–5.85 4.90–5.20 4.25–4.45 3.91 25 26E 27E 28E 29E guidance outlook outlook outlook As-reported 3.91 $0.20 $0.35 $0.50 7 1. 2029E vs 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% • 10.25% – 12.26% • 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 Mondu Solar (E-LA) 100 PPA 2026 OCAPS CCCT (E-TX) 1,215 2026 Greer Solar (E-MS) 170 PPA 2026 Delt
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 (rate case) 5/30/25 (FRP) 2/27/26 (FRP) 4/30/25 (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 fi
Slide 16: Regulatory timeline
Regulatory timeline Illustrative Regulatory activities 2Q26 3Q26 4Q26 1Q27 Base rate proceedings E-AR (rate case) E-AR (FRP 2025 netting adjustment) Filing E-LA (FRP) Filing E-MS (FRP) Filing E-NO (FRP) Filing Other key filings E-AR Generating AR Jobs Act rider E-LA new G and T invest. for
Slide 17: 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 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% excluding $2.2B ADIT at 0% rate) Rate change requested $45M Key dates Major drivers of proposed rate change ($M) Proc
Slide 19: E-AR Generating Arkansas Jobs Act rider
E-AR Generating Arkansas Jobs Act rider Filing highlights (docket 26-008-TF) • Recovery for 2025 and 2026 strategic investments: − Ironwood CT − Jefferson CCCT − Arkansas Cypress Solar with BESS • ~$1B investment spend through 12/31/26 • $110M revenue requirement • ROE, WACC, and equity ratio from m
Slide 20: 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, $0.8B RPCR WACC (after-tax) 6.95% Equity ratio 50.91% Regulatory construct FRP: base – historical test year, results below/above ROE band re-
Slide 21: E-LA investment to support new Meta agreement
E-LA investment to support new Meta agreement Filing request highlights (docket U-37882) • Generation and transmission resources proposed to support load growth including a new data center project in north Louisiana, as follows: Category Investment ($B) 7 CCCTs (>5,200 MW) 12.9 Transmission and rela
Slide 22: 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 including post-acquisition capital repairs and plant upgrades Targeted acquisition date Jan. 2027 Proposed recovery ACM Key dates Date E
Slide 23: 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 24: E-LA Segno and Votaw solar filing
E-LA Segno and Votaw solar filing 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 Proposed recovery Combination of ACM and customer subscription r
Slide 25: 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 • Total estimated cost ~$1.2B • Pr
Slide 26: E-LA Waterford 3 nuclear uprate filing
E-LA Waterford 3 nuclear uprate filing 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. 2029 Proposed recovery ACM FRP or other base recovery me
Slide 27: 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 28: 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 29: 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 4Q26 Targeted decision 28 See discussion in Management’s Financial Discussion and Analysis - Liquidit
Slide 30: 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 31: 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 Aug. 2026 in service date Key dates Date Event Asset in service date Requested effective date 30 See discuss
Slide 32: E-TX DCRF filing
E-TX DCRF filing Filing highlights (docket 59679) • Additional $175M net distribution investment since the end of the last DCRF test period (6/30/25 through 12/31/25) • $20M incremental revenue requirement • ROE, WACC, and equity ratio from most recent rate case Key dates Date Event 3Q26 Rate effect
Slide 33: 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 $1.88B rate base WACC (after-tax) 7.56% Equity ratio 48.1
Slide 34: Financial disclosures
33 Financial disclosures 3) entergy
Slide 35: Progress against guidance
Progress against guidance Guidance YTD Driver assumption1 result1 Full-year comments ETR adjusted EPS 4.25 – 4.45 0.86 • Guidance affirmed Estimated weather in sales Normal (0.02) Weather-adj. retail volume and other ~0.45 – 0.50 0.12 • Now expect ~0.50 – 0.55 revenue Utility other O&M ~0.20 – 0.25
Slide 36: Select financing activity
Select financing activity 1Q26 Entity Activity Date Rate Amount ($M) Maturity Notes E-AR Issuance 1/8/26 4.95% 500 1/15/36 5.75% 500 1/15/56 E-LA Retirement 1/15/26 4.44% 250 n/a Entergy Corp. Equity forward 2/2/26 n/a 346 n/a 4.6 million shares settled settlements E-AR Retirement 2/9/261 3.50% 600
Slide 37: Financial summaries and Regulation G reconciliations
Financial summaries and Regulation G reconciliations 36
Slide 38: Earnings summary
Earnings summary Table 1: First quarter earnings summary $ in millions Per share in $1 1Q26 1Q25 1Q26 1Q25 As-reported (after-tax) Utility 540 490 1.17 1.11 Parent & Other (155) (129) (0.34) (0.29) Consolidated 385 361 0.83 0.82 Less adjustments Utility - - - - Parent & Other (14) - (0.03) - Consoli
Slide 39: Regulation G reconciliations
Regulation G reconciliations Table 2: ETR adjusted earnings Reconciliation of GAAP to non-GAAP measures 1Q26 1Q25 (Pre-tax except for income taxes and totals; $ in millions) Net income (loss) attributable to ETR Corp. 385 361 Less adjustments: Parent & Other - 1Q26 impairment related to the expected
Slide 40: 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 41: Utility book ROEs
Utility book ROEs Table 4: Utility book ROE summary LTM ending March 31, 2026 ($ in millions) E-AR E-LA E-MS E-NO E-TX Utility1 As-reported earnings available to common stock (a) 435 1,132 347 45 339 2,330 Less adjustments: Total adjustments (b) - - - - - - Adjusted earnings available to common stoc
Slide 42: ETR
5) entergy