Slide 1: Third quarter 2025 earnings call
Third quarter 2025 earnings call 0 October 29, 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 3–8 Appendix About Entergy 10 Utility 11–29 Financial disclosures 30–32 Financial summaries and Regulation G reconciliations 33–37 2
Slide 4: Highlights
Highlights Key messages – Productive quarter with strong adjusted EPS and 3Q25 adjusted EPS continued progress on customer growth, operational $1.53 initiatives, and regulatory outcomes – Strong cash flow and credit metrics – Narrowed adjusted EPS guidance and outlooks and 3Q25 OCF extended outlook
Slide 5: 3Q adjusted earnings per share
3Q adjusted earnings per share Entergy adjusted EPS; $ 0.08 0.05 0.01 0.26 (0.09) (0.12) (0.07) (0.08) 1.50 1.53 1 3Q24 Utility Utility Utility Utility Utility P&O Income Share effect 3Q25 operating other other other interest taxes rev. less fuel, O&M operating income 1 expense purch. power, expense
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: Rolling forward capital and equity plans to 26E–29E
Rolling forward capital and equity plans to 26E–29E 2025E–2028E 4-year plan 2026E–2029E 4-year plan $40B capital plan $41B capital plan $4.7B equity plan $4.4B equity plan Completed Remaining need 6
Slide 8: 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 3.65 3.85–3.95 24 25E 26E 27E 28E 29E guidance outlook outlook outlook outlook Narrowed Added As-reported 2.45 7 1. 2029E vs 2024 compound annual growth rate
Slide 9: Looking ahead to the EEI financial conference
Looking ahead to the EEI financial conference Topic Update Strategic • Investing for growth, reliability, and resilience discussion • Strong customer growth with industrial pipeline that supports potential upside opportunities • Longer-term opportunities from clean energy transition and electrificat
Slide 10: Appendix
Appendix ES) entergy
Slide 11: 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 12: Utility overview
Utility overview E-AR E-LA E-MS E-NO E-TX • 735,000 customers • 1,110,000 customers • 459,000 customers • 209,000 customers • 524,000 customers • Authorized ROE: • Authorized ROE: • Authorized ROE: • Authorized ROE: • Authorized ROE: 9.15% – 10.15% 9.3% – 10.1% 10.25% – 12.26% 8.85% – 9.85% 9.57% •
Slide 13: Utility 2024 weather-adjusted retail sales
Utility 2024 weather-adjusted retail sales 123 TWh Governmental E-TX E-AR 2% 17% 19% Residential 29% E-NO 5% By Industrial By operating 46% customer E-MS company class 10% Commercial E-LA 23% 49% 12 Calculations may differ due to rounding
Slide 14: Utility generation overview
Utility generation overview 1 Renewables Renewables 2% Coal 3% Purchases 8% 16% CT / CCCT 43% Coal CCCT / CT 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 Legacy gas / oil 10% 25% Calculations may differ due to rounding Note
Slide 15: Announced generation projects
Announced generation projects Renewables + storage Owned dispatchable generation 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 D
Slide 16: Jurisdictional base rate filing frameworks
Jurisdictional base rate filing frameworks1 E-AR E-LA E-MS E-NO E-TX SERI Latest filing 7/7/25 (FRP) 5/30/25 (FRP) 2/28/25 (FRP) 4/30/25 (FRP) 7/1/22 Monthly cost of date (rate case) service Rate effective Jan. following filing Sept. following filing April following filing Sept. following filing 35
Slide 17: Regulatory timeline
Regulatory timeline Illustrative Regulatory activities 4Q25 1Q26 2Q26 3Q26 Base rate proceedings E-AR FRP Rate case filing E-LA (FRP) Filing E-MS (FRP) Filing 1 E-NO (FRP) Filing Other key filings E-AR Jefferson Power Station E-AR Cypress Solar with BESS E-LA West Bank 500 kV E-LA Waterford
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 annual FRP filing
E-AR annual FRP filing Filing highlights (docket 16-036-FR) 2024 test year 2026 test year Earned ROE 7.71% 8.45% Rate base (ADIT incl. in WACC, not rate base) $10.3B $11.4B WACC (after-tax) 5.67% 5.79% Equity ratio 38.6% (47.0% excluding 38.0% (47.0% excluding $2.0B ADIT at 0% rate) $2.2B ADIT at 0%
Slide 20: E-AR Jefferson Power Station filing
E-AR Jefferson Power Station filing Filing highlights (docket 25-047-U) Item Details MW 754 Plant Type CCCT Location Jefferson County, AR Targeted in-service date Dec. 2029 Proposed recovery Generating Arkansas Jobs Act rider Key dates Date Event 10/30/25 Hearing 1/28/26 Expected decision deadline 1
Slide 21: E-AR Cypress Solar with BESS filing
E-AR Cypress Solar with BESS filing Filing highlights (docket 25-054-U) • A 600 MW solar photovoltaic array with a 350 MW battery energy storage system and associated transmission facilities • Targeted in-service date Dec. 2028 • Proposed recovery through Generating Arkansas Jobs Act rider Key dates
Slide 22: 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, $0.4B RPCR WACC (after-tax) 6.95% Equity ratio 50.91% Regulatory construct FRP: base – historical test year, results below/above ROE band re-
Slide 23: E-LA West Bank 500 kV transmission filing
E-LA West Bank 500 kV transmission filing Filing highlights (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 500 kV line • Total estimated cost ~$955M • Proposed recovery through TRM, if act
Slide 24: 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 25: 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 26: 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) WACC (after-tax) 7.35% Equity ratio 55% Regulatory construct FRP with forward-looking features; result outside RO
Slide 27: Entergy Texas
Entergy Texas E-TX (currently in rates) Metric Detail Authorized ROE 9.57% Rate base $4.4B (12/31/21 test year) + $0.7B DCRF (through 12/24), $0.1B TCRF (through 6/24) WACC (after-tax) 6.61% Equity ratio 51.2% Regulatory Historical test year rate case1; interim rate base construct riders: TCRF2, DCR
Slide 28: E-TX Cypress to Legend 500 kV filing
E-TX Cypress to Legend 500 kV filing Filing highlights (docket 58136) • 500 kV transmission line (~40–49 line miles) • Total estimated cost ~$0.4B • Proposed recovery through TCRF rider • Projected in service date Dec. 2028 Key dates Date Event 4Q25 Targeted decision 27 See discussion in Management’
Slide 29: E-TX DCRF filing
E-TX DCRF filing Filing highlights (docket 58745) • Additional $169M net distribution investment since the end of the last DCRF test period 1/1/25 through 6/30/25 • $17M incremental revenue requirement • ROE, WACC, and equity ratio from most recent rate case Key dates Date Event 4Q25 Targeted decisi
Slide 30: 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 $1.81B rate base WACC (after-tax) 7.83% Equity ratio 50.7
Slide 31: Financial disclosures
30 Financial disclosures ES) entergy
Slide 32: 25E adjusted EPS progress
25E adjusted EPS progress Guidance range narrowed to $3.85 – $3.95; YTD $3.40 YTD 3Q25 Select drivers YoY variance1 4Q comments Estimated weather in sales 0.20 Weather-adj. retail sales volume 0.33 Expect ~flat QoQ Utility other O&M and other 2 (0.28) Expect ~(0.20) QoQ (includes flex spending) oper
Slide 33: 2025 adjusted EPS sensitivities
2025 adjusted EPS sensitivities Estimated annual EPS Variable Description of sensitivity 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 expense
Slide 34: Financial summaries and Regulation G reconciliations
Financial summaries and Regulation G reconciliations 33
Slide 35: Earnings summary
Earnings summary Table 1: Third quarter earnings summary $ in millions Per share in $1 3Q25 3Q24 3Q25 3Q24 As-reported (after-tax) Utility 810 787 1.79 1.82 Parent & Other (117) (142) (0.26) (0.33) Consolidated 694 645 1.53 1.50 Less adjustments Utility - - - - Parent & Other - - - - Consolidated -
Slide 36: Regulation G reconciliations
Regulation G reconciliations Table 2: ETR adjusted earnings Reconciliation of GAAP to non-GAAP measures 3Q25 3Q24 (Pre-tax except for income taxes and totals; $ in millions) Net income (loss) attributable to ETR Corp. 694 645 Less adjustments: - - ETR adjusted earnings (non-GAAP) 694 645 Diluted ave
Slide 37: Regulation G reconciliations
Regulation G reconciliations Table 3: 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 primar
Slide 38: Utility book ROEs
Utility book ROEs Table 4: Utility book ROE summary LTM ending September 30, 2025 ($ in millions) E-AR E-LA E-MS E-NO E-TX Utility1 As-reported earnings available to common stock (a) 453 1,121 309 55 325 2,303 Less adjustments: 4Q24 Louisiana state income tax rate change, including an adjustment to
Slide 39: ETR
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