Entergy Corporation · NYSE:ETR
Entergy — EEI Financial Conference 2025
47 slides from Entergy's conference presentation, November 2025
Slide 1: EEI financial conference
EEI financial conference 0 Nov. 9–11, 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: Delivering customer-centric results
Delivering customer-centric results Investing for growth, reliability, and resilience to benefit stakeholders Starting with Stakeholder Plan to deliver Financial the customer engagement value strength 2
Slide 4: Major macro trends driving sales growth
Major macro trends driving sales growth Driving near- to long-term growth Driving longer-term opportunities Technology Clean energy Onshoring Electrification 3
Slide 5: What Entergy brings to the table
What Entergy brings to the table Complete Vertically Value and Reliability solution integrated affordability and resilience Transportation Natural Welcoming Available 2 and energy advantages communities sites infrastructure Ability to bring Supply and Stakeholder Customer stakeholders vendor engagem
Slide 6: 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 16 18 20 22 24 26 28 NGL-to-Brent ratio WTI-to-Brent spread; $/bbl 0.6 0 16 18 20 22 24 26 16 18 20 22 24 26 28 5 Source: Bloomberg and internal anal
Slide 7: Strong customer growth
Strong customer growth ~7% five-year retail sales CAGR1 Cumulative weather-adjusted retail sales growth vs 2024; TWh 52 37 ~13% – 14% 21 industrial sales CAGR1 12 6 25E 26E 27E 28E 29E Residential Commercial Industrial 6 1. 2029E vs 2024
Slide 8: History of strong growth over many years
History of strong growth over many years ETR large industrial sales ~5% vs. IPI1 Industrial sales; TWh CAGR 40 ETR large industrial sales (12-month moving average) 30 Large 20 ~1% IPI CAGR Small 10 Cogen 0 09 12 15 18 21 24 09 12 15 18 21 24 7 1. Industrial Production Index measures levels of produc
Slide 9: Diversified large industrials
Diversified large industrials Industry and geographic diversity Large industrials Large industrials Sales growth 29E vs 24; TWh Sales volume by year; TWh ~86 ~50 ~50 E-TX E-MS E-LA E-AR By OpCo By industry 25E 26E 27E 28E 29E Other Chlor-alkali Technology Petroleum refining Agricultural chemicals Pe
Slide 10: Entergy is attracting new customers
Entergy is attracting new customers Illustrative Large industrial pipeline development Growing backlog of ESAs1; MW Project study FID Potential ESA Customer customer Reimbursement agreement Increasing probability in forecast 20 21 22 23 24 YTD 25 9 1. Electric service agreements in place with future
Slide 11: Success starts with stakeholder engagement
Success starts with stakeholder engagement Attracting growth while protecting existing customers Customers Guiding principles Elected Deliver benefits for all key stakeholders Regulators officials Include customer protections • Minimum bills Owners (debt and equity) Vendors • Long-term commitmen
Slide 12: Robust pipeline for long-term growth
Robust pipeline for long-term growth Potential additions to base plan 2 GW ~3 – 5 GW ~10 – 17 GW ~7 – 12 GW Data centers Other industries Total 11
Slide 13: Generation supply plan – expanding renewables
Generation supply plan – expanding renewables Planned optionality for CCS, H2 Core planning objectives Planned resource capacity; GW Illustrative ~45 ~40 ~27 Affordability Reliability 24 29E1 34E 1 Nuclear Renewables Sustainability H2 and/or CCS capable Modern gas 2 Legacy gas Coal Non-generating re
Slide 14: Resource plan targets speed, scale, cost
Resource plan targets speed, scale, cost Combination of spinning and peaking resources enable ramp Illustrative Potential future resource / not in current resource plan 13
Slide 15: Building on past success to scale up build activity
Building on past success to scale up build activity Focus on design standardization, strategic partnerships, operational excellence 1 Proven experience 2 Dynamic supply chain strategy 3 Diversified talent acquisition strategy 4 Scalable processes and standards Simplify; Potential power plant constru
Slide 16: Secured ~19.5 GW dispatchable generation
Secured ~19.5 GW dispatchable generation Includes resources above base plan to support additional growth 24 25E 26E 27E 28E 29E 30E 31E 32E OCAPS CCCT (E-TX) Delta Blues CCCT (E-MS) Illustrative / subject to change Legend CCCT (E-TX) Vicksburg CCCT (E-MS) Lone Star CT (E-TX) Franklin Farms 1 CCCT (E
Slide 17: Longer-term clean energy alternatives
Longer-term clean energy alternatives Projects expected to be customer-led Power CO2 plant capture facility CO2 pipeline system Sequestration site Carbon capture and sequestration New nuclear ✓ Existing infrastructure ✓ Partnering with industry and state working groups ✓ Investment to expand pipelin
Slide 18: Improving resilience through multiple channels
Improving resilience through multiple channels Strong growth reducing relative risk ✓ Accelerated resilience programs Relative storm risk declining Illustrative and grants (~$2.3B approved) $1B as a % of rate base1; % ✓ New infrastructure that supports growth ~3.6 ✓ Typical replacements ~2.5 ~1.3 20
Slide 19: Managing costs while delivering value to customers
Managing costs while delivering value to customers Starting with rates well below national average Projected share of wallet around 25-year lows Avg. residential rates1; 12-mo. ended July 2025 ETR customer share of income spent on electricity3; % 5 National average 4 ETR utility 3 2 1 0 01 10 19 28E
Slide 20: Investing for customer benefits
Investing for customer benefits 2026E–2029E preliminary capital plan by function1 Other Generation baseline 1 Distribution 5 8 $41B Other new 13 9 generation Transmission 5 Renewables and storage Calculations may differ due to rounding 19 1. Excludes capital funded with contribution in aid of constr
Slide 21: Adjusted EPS guidance and outlooks
Adjusted EPS guidance and outlooks Greater than 8% CAGR1 through 29E Entergy adjusted EPS; $ 5.75–6.05 5.20–5.50 4.70–5.00 4.25–4.45 3.85–3.95 3.65 24 25E 26E 27E 28E 29E guidance outlook outlook outlook outlook Narrowed Added As-reported 2.45 20 1. 2029E vs 2024
Slide 22: Investment for customers supports growth
Investment for customers supports growth Capital investment and depreciation expense; Projected rate base1,2; $B cumulative $B1 77 70 62 54 46 41 33 23 12 26E 27E 28E 29E 25E 26E 27E 28E 29E 1. Excludes capital funded with contribution in aid of construction from customers 2. Internal estimates base
Slide 23: Strong credit and cash flow outlooks
Strong credit and cash flow outlooks Solid fundamentals; some volatility with PTCs (25E), customer payments Credit outlooks Moody’s CFO pre-working capital to debt; % Cumulative OCF outlook 16+ 16 15 Capacity 14 ~$26B Moody’s downgrade threshold 13 26E–29E 12 25E 26E 27E 28E 29E S&P FFO to debt; % 1
Slide 24: Opportunity for additional investment
Opportunity for additional investment Above our base plan Potential new customers and Future phases of associated investment accelerated resilience plan Expansion of clean energy transition Uprates and conversions for existing generation units 23
Slide 25: Delivering customer-centric results
Delivering customer-centric results Investing for growth, reliability, and resilience to benefit stakeholders Starting with Stakeholder Plan to deliver Financial the customer engagement value strength 24
Slide 26: Appendix
25 Appendix 2) entergy
Slide 27: About Entergy
About Entergy Vertically integrated electric 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 107,255 circuit miles of distribution
Slide 28: 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 29: Among the cleanest large-scale fleets in the U.S.
Among the cleanest large-scale fleets in the U.S. CO2 emission rates of top 20 privately-owned / investor-owned power producers; lbs per MWh Entergy Based on Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States, published Nov. 2024 (2022 data) 28
Slide 30: Clean energy transition technologies
Clean energy transition technologies Illustrative 2030 2040 Currently unknown Advanced gen, zero carbon resources Expected to be viable Long duration storage, including H2 powered generation Advanced nuclear reactors Carbon capture and sequestration Known and viable Wind H2 blending capability Batte
Slide 31: Board diversity
Board diversity Effective mix of skills, experience, backgrounds, and perspectives Board skills Board demographics Number of Board members with specified skill Age (years) Tenure (years) Risk management 12 17% 17% 17% 50% Technology / transformation 12 51 to 60 61 to 69 0 to 5 Executive leadership 1
Slide 32: Extensive, transparent sustainability information
Extensive, transparent sustainability information Visit entergy.com/sustainability Select resources Sustainability performance data table Global Reporting Initiative index Sustainable Accounting Standards Board 2024 greenhouse gas emissions inventory disclosure 2024 Performance Report Water manageme
Slide 33: ETR Industrials
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 34: Announced generation projects
Announced generation projects Renewables + storage Dispatchable generation (owned) Owned / Est. in Est. in Project MW PPA service1 Project MW service1 Approved / in progress Approved / in progress Forgeview Solar (E-AR) 200 PPA 2025 OCAPS CCCT (E-TX) 1,215 2026 Sterlington Solar (E-LA) 49 Owned 2026
Slide 35: 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 (~7% CAGR1) Industrial (~13% – 14% CAGR1) Governmental Commercial (<1% CAGR1) Residential 24 25E 26E 27E 28E 29E 34 1. 2029E vs. 2024
Slide 36: Adjusted EPS – preliminary 26E drivers
Adjusted EPS – preliminary 26E drivers Category Considerations Retail growth • Strong weather-adjusted sales growth driven by large industrials • Contribution from industrial sales includes new demand charges and minimum bill / demand charge protections Retail price • Full year of 2025 rate actions
Slide 37: Preliminary four-year capital plan by OpCo
Preliminary four-year capital plan by OpCo1 $M E-AR 26E 27E 28E 29E Total E-LA 26E 27E 28E 29E Total Distribution 320 315 390 495 1,520 Distribution 1,065 825 535 590 3,015 Transmission 85 140 155 300 680 Transmission 1,660 1,650 1,340 855 5,505 Generation Generation Renewables and storage 405 645 5
Slide 38: Preliminary four-year capital plan by OpCo (continued)
Preliminary four-year capital plan by OpCo1 (continued) $M E-TX 26E 27E 28E 29E Total SERI 26E 27E 28E 29E Total Distribution 430 440 330 335 1,535 Distribution - - - - - Transmission 380 600 670 640 2,290 Transmission - - - - - Generation Generation Renewables and storage - - - - - Renewables and s
Slide 39: Equity plan
Equity plan Target equity at 10% – 15% of capital plan 2026E–2029E 4-year plan $41B capital plan $4.4B equity plan Completed Remaining need 38
Slide 40: Sources and uses of cash
Sources and uses of cash Four-year sources and uses (26E–29E)1; $B ~4 ~1 ~5 ~5 ~13 ~42 ~26 Sources Uses OCF Capital investment Utility debt (net) and nuclear fuel Parent debt (net) Common dividends Equity Other Calculations may differ due to rounding 39 1. Subject to change
Slide 41: Preliminary financing plan
Preliminary financing plan Issuances1 Debt maturity schedule as of 9/30/252; $M Company 26E 27E 28E 29E Company 4Q25E 26E 27E 28E 29E Utility long-term debt; $M E-AR - 690 - 350 70 E-AR 1,050 850 650 200 E-LA - 720 520 425 - E-LA 2,960 2,520 2,260 1,585 E-MS - - 150 375 - E-MS 700 600 800 - E-NO - 8
Slide 42: Alternative financing accelerates customer benefits
Alternative financing accelerates customer benefits Supports credit, expands investment capacity Alternative financing illustration Illustrative Annual project outflows Delays cash outflow on specific projects Aligns cash outflow with when assets are placed in service Accelerates customer bene
Slide 43: Nuclear PTC framework
Nuclear PTC framework Not included in cash flow outlook until annual average revenue/MWh is finalized Nuclear PTC benefits Illustrative Illustration based on 39–43 TWh annual nuclear production 700 600 500 Nuclear PTC ($M)1 400 300 200 100 0 20 25 30 35 40 45 50 Average MISO revenue per MWh from nuc
Slide 44: Acronyms and abbreviations
Acronyms and abbreviations AERO Aeroderivative gas turbine E-LA Entergy Louisiana, LLC AFUDC – Allowance for borrowed funds used during E-MS Entergy Mississippi, LLC debt construction E-NO Entergy New Orleans, LLC AFUDC – Allowance for equity funds used during E-TX Entergy Texas, Inc. equity constru
Slide 45: Acronyms and abbreviations (continued)
Acronyms and abbreviations (continued) Mmbtu Million British thermal units P&O Parent & Other Moody’s Moody’s Ratings PPA Power purchase agreement MISO Midcontinent Independent System Operator PTC Production tax credit NBP National balancing point RFP Request for proposal NDT Nuclear decommissioning
Slide 46: Regulation G reconciliation
Regulation G reconciliation ETR adjusted earnings - reconciliation of GAAP to non-GAAP measures 2024 (Pre-tax except for income taxes and totals; $ in millions) Net income (loss) attributable to ETR Corp. 1,056 Less adjustments: Utility - 4Q24 E-LA adjustment to a regulatory liability primarily rela
Slide 47: Entergy
5) entergy entergy