Entergy Corporation · NYSE:ETR
Entergy — Q3 2026 Earnings Presentation
47 slides from Entergy's earnings presentation, Nov 2, 2026
Slide 1: 3Q 2026 earnings call
3Q 2026 earnings call Nov. 2, 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 3–8 Appendix About Entergy 10 Utility 11–37 Financial disclosures 38–40 Financial summaries and Regulation G reconciliations 41–45 2
Slide 4: Highlights
Highlights Key messages – 3Q results reflect strong sales, including the effects of 3Q26 adjusted EPS warm weather $1.98 – Continued progress on customer growth with a data center expansion in Arkansas that brings additional 3Q26 OCF benefits to customers and communities $2.2B – Narrowed 2026 adjust
Slide 5: 3Q adjusted earnings per share
3Q adjusted earnings per share Entergy adjusted EPS; $ 0.11 0.01 (0.10) (0.05) (0.13) 0.76 (0.05) (0.09) 1.98 1.53 3Q25 Utility Utility Utility Utility Utility P&O Income Share 3Q26 operating other other other interest taxes1 effect 1 rev. less fuel, O&M operating income expense purch. power, expens
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, equity plans to 27E–30E
Rolling forward capital, equity plans to 27E–30E Completed equity needs well into 2028 Investor day Today 5-year 2026E–2030E equity plan 4-year 2027E–2030E equity plan 27E–28E $67B capital plan $55B capital plan $7B equity plan $5.2B equity plan 28E–30E Completed / settled Completed / not yet settle
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 4.35–4.45 3.91 25 26E 27E 28E 29E 30E guidance outlook outlook outlook outlook As-reported Narrowed 3.91 7 1. Versus 2025
Slide 9: Looking ahead to the EEI financial conference
Looking ahead to the EEI financial conference Topic Update Strategic • Investing for customers, reliability, and resilience discussion • Strong sales growth • Pipeline of potential customers not in base plan supports potential upside opportunities • Other longer-term investment opportunities from ac
Slide 10: Appendix
Appendix 3) entergy
Slide 11: 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 12: 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 13: 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% 12 Calculations may differ due to rounding
Slide 14: 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 15: 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 Delta Blues CCCT (E-MS) 754 2028 Delta Solar (E-MS) 80 Owned 2027
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 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 17: Regulatory timeline
Regulatory timeline Illustrative Regulatory activities 4Q26 1Q27 2Q27 3Q27 Base rate proceedings E-AR (rate case) E-AR (2025 FRP netting adjustment) E-LA (FRP) TBD E-MS (FRP) Filing 1 E-NO (FRP) Filing Other filings of note E-AR White Bluff Unit 1 fuel conversion E-AR Jones Mill BESS and Dri
Slide 18: Entergy Arkansas
Entergy Arkansas E-AR (currently in rates) Metric Details 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 midp
Slide 19: E-AR base rate case filing
E-AR base rate case filing Settlement agreement filed Filing highlights (docket 26-001-U) Proposed ROE 9.7% Rate base (ADIT incl. in WACC, not rate base) $11.7B WACC (after-tax) 5.75% Equity ratio 38.3% (47.5% excl. $2.2B ADIT at 0% rate) Rate change request - Key dates Major drivers of proposed rat
Slide 20: 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 21: E-AR White Bluff Unit 1 fuel conversion
E-AR White Bluff Unit 1 fuel conversion Filing highlights (docket 26-055-U) Item Details MW 828 Plant type Natural gas boiler Location Redfield, AR Estimated cost $301M Targeted in-service date June 2029 Proposed recovery Generating Arkansas Jobs Act rider Key dates Date Event 11/9/26 Settlement dea
Slide 22: E-AR Jones Mill BESS and Driver BESS
E-AR Jones Mill BESS and Driver BESS Filing highlights (docket 26-073-U) Item Jones Mill Driver MW 100 250 Location Hot Spring County, AR Mississippi County, AR Estimated cost including $161M $389M associated interconnection facilities Targeted in-service date 2028 2028 Proposed recovery Customer ad
Slide 23: Entergy Louisiana
Entergy Louisiana E-LA (currently in rates) Metric Details Allowed ROE 9.3% – 10.1% Rate base $17.0B (12/31/25 test year) + $0.3B TRM, $0.4B DRM, $1.1B RPCR, $0.1B ACM WACC (after-tax) 7.01% Equity ratio 50.83% Regulatory construct FRP: base – historical test year, results below/above ROE band re-se
Slide 24: E-LA investment to support new Meta agreement
E-LA investment to support new Meta agreement Evest; settlement agreement filed Filing request highlights (docket U-37882) • Generation and transmission resources proposed to support load growth including a new data center project in north Louisiana, as follows: Category Investment ($B) 7 CCCTs (>5,
Slide 25: E-LA Cottonwood CCCT acquisition
E-LA Cottonwood CCCT acquisition 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 1H27 Proposed recovery ACM Key dates Date Event 2/23/27 Hearing b
Slide 26: E-LA Waterford 6 and Westlake CCCTs
E-LA Waterford 6 and Westlake CCCTs 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 Proposed rec
Slide 27: E-LA Segno and Votaw solar
E-LA Segno and Votaw solar 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 Proposed recov
Slide 28: E-LA Waterford 3 nuclear uprate
E-LA Waterford 3 nuclear uprate 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. 2029 P
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 unchanged Allowed ROE 9.3% – 10.1% Base FRP cap $140M TRM/DRM caps $400M each Key dates Date Event By
Slide 30: E-LA resilience plan phase 1A
E-LA resilience plan phase 1A Filing highlights (docket U-38082) • Incremental $600M investment over a four-year period (2027–2030) • Proposed recovery through existing RPCR rider with semi-annual updates Key dates Date Event 1/22/27 Staff/intervenor direct 3/25/27 E-LA rebuttal 6/28/27 Hearing begi
Slide 31: Entergy Mississippi
Entergy Mississippi E-MS (currently in rates) Metric Details 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 FR
Slide 32: E-MS Winter Storm Fern securitization
E-MS Winter Storm Fern securitization Filing highlights (docket 26-UA-85) • Requests financing order for securitization of $238M Category $M Storm damages 218 Carrying and financing costs 20 Total 238 Key dates Date Event 12/1/26 Expected decision 31
Slide 33: Entergy New Orleans
Entergy New Orleans E-NO (currently in rates) Metric Details Allowed ROE 8.85% – 9.85% (9.35% midpoint) Rate base $1.2B (12/31/25 test year plus known and measurables through 12/31/26) + $0.1B RSHCR WACC (after-tax) 7.45% Equity ratio 55% Regulatory construct FRP with forward-looking features; resul
Slide 34: E-NO phase 2 resilience and grid hardening
E-NO phase 2 resilience and grid hardening Filing highlights (docket UD 21-03) • Five-year (2027–2031) phase 2 plan • $400M investment • Proposed recovery via RSHCR rider Key dates TBD 33 See discussion in Management’s Financial Discussion and Analysis - Liquidity and Capital Resources in the most r
Slide 35: Entergy Texas
Entergy Texas E-TX (currently in rates) Metric Details Allowed ROE 9.57% Rate base $4.4B (12/31/21 test year) +$1.2B GCRR (thru 12/25), $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 ri
Slide 36: E-TX DCRF
E-TX DCRF Filing highlights (docket 60292) • Additional $111M net distribution investment since the end of the last DCRF test period (12/31/25) through 6/30/26 • $15M incremental revenue requirement • ROE, WACC, and equity ratio from most recent rate case Key dates Date Event 4Q26 Targeted decision
Slide 37: E-TX TCRF
E-TX TCRF Filing highlights (docket 60409) • Additional $239M net transmission investment since the end of the last TCRF test period (6/30/25) through 6/30/26 • $26M incremental revenue requirement • 10% ROE, 7.15% WACC, and 50.12% equity ratio Key dates Date Event 2Q27 Targeted decision 36 See disc
Slide 38: 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 $2.0B rate base WACC (after-tax) 7.71% Equity ratio 50.1%
Slide 39: Financial disclosures
38 Financial disclosures 3) entergy
Slide 40: Adjusted EPS progress against guidance
Adjusted EPS progress against guidance Guidance range narrowed to $4.35 – $4.45; YTD 3Q26 $3.89 YTD 3Q26 YoY variance Select drivers ($/share) 4Q comments Weather-adjusted retail sales volume 0.54 Expect ~0.05–0.10 QoQ and other revenue Utility other O&M (0.18) Expect ~(0.10)–(0.15) QoQ (includes fl
Slide 41: Select financing activity
Select financing activity 3Q26 Entity Activity Date Rate Amount ($M) Maturity Notes Entergy Corp. Issuance 8/7 6.50%1 750 12/15/56 Junior subordinated 6.50%1 750 12/15/58 debentures E-LA Issuance 8/13 5.50% 500 9/15/36 6.20% 500 9/15/56 Entergy Corp. Retirement 9/1 2.95% 750 n/a E-TX Retirement 9/1
Slide 42: Financial summaries and Regulation G reconciliations
Financial summaries and Regulation G reconciliations 41
Slide 43: Earnings summary
Earnings summary Table 1: Third quarter earnings summary $ in millions Per share in $1 3Q26 3Q25 3Q26 3Q25 As-reported (after-tax) Utility 1,079 810 2.28 1.79 Parent & Other (139) (117) (0.29) (0.26) Consolidated 940 694 1.98 1.53 Less adjustments Utility - - - - Parent & Other - - - - Consolidated
Slide 44: Regulation G reconciliations
Regulation G reconciliations Table 2: ETR adjusted earnings Reconciliation of GAAP to non-GAAP measures 3Q26 3Q25 (Pre-tax except for income taxes and totals; $ in millions) Net income (loss) attributable to ETR Corp. 940 694 Less adjustments - - ETR adjusted earnings (non-GAAP) 940 694 Diluted aver
Slide 45: 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 46: Utility book ROEs
Utility book ROEs Table 4: Utility book ROE summary LTM ending Sept. 30, 2026 ($ in millions) E-AR E-LA E-MS E-NO E-TX Utility1 As-reported earnings available to common stock (a) 491 1,238 393 61 397 2,626 Less adjustments: Total adjustments (b) - - - - - - Adjusted earnings available to common stoc
Slide 47: ETR
5) enterogy