Slide 1: Second quarter 2025 earnings call
Second quarter 2025 earnings call 0 July 30, 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 3–10 Appendix About Entergy 12 Utility 13–35 Financial disclosures 36–44 Financial summaries and Regulation G reconciliations 45–49 2
Slide 4: Highlights
Highlights Key messages – Very strong 2Q25 retail sales growth, including 2Q25 adjusted EPS ~12% industrial growth $1.05 – Strong sales outlook, including significant new load in Arkansas plus a strong pipeline of customer interest – Continuing progress on resilience including capital 2Q25 OCF inves
Slide 5: Updating capital plan, raising 27E–28E outlooks
Updating capital plan, raising 27E–28E outlooks Four-year industrial sales CAGR ~13% 4-year capital plan; cumulative $B Equity needs; $B Adjusted EPS; $ 40 3 Unchanged 0.10 4Q24 0.05 call1 Completed Settled Remaining need 25E 26E 27E 28E 25E–27E 27E–28E 24 25E 26E 27E 28E settlement settlement No
Slide 6: 2Q adjusted earnings per share
2Q adjusted earnings per share Entergy adjusted EPS; $ 0.10 0.01 0.17 (0.05) (0.04) (0.06) (0.04) 1.05 0.96 2Q24 Utility Utility Utility Utility Utility P&O 1 Share effect 2Q25 operating other other other income 1 interest rev. less fuel, O&M operating expense purch. power, expenses 2 and reg. chgs.
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: Nuclear PTCs
Nuclear PTCs Nuclear PTC benefits; Illustrative 2024 estimated PTC ~$570M Illustration based on 39–43 TWh annual nuclear production • Accounted for as an uncertain tax position 700 until clarity from U.S. Treasury on proper 600 calculation method Estimated value of • Assuming cash benefit in 2025 ou
Slide 9: Investing for customer benefits
Investing for customer benefits Adding $3B to our four-year capital plan 25E–28E capital plan by function1 Other Generation baseline 1 Distribution 4 8 12 $40B Other new 8 generation Transmission 7 Renewables and storage Calculations may differ due to rounding 8 1. Excludes capital funded with contr
Slide 10: Equity plan unchanged
Equity plan unchanged Strong cash flows help fund higher capital needs Illustrative Equity needs; $B Equity cash inflow by year Completed1 Remaining need 27E–28E to be Settled / cash contracted rec'd. 0.8 Settled / cash rec’d. 1Q25 forward 1.5 offering not yet settled Sufficient market capacity
Slide 11: Raising 27E–28E adjusted EPS outlooks
Raising 27E–28E adjusted EPS outlooks Greater than 8% CAGR1 through 28E Entergy adjusted EPS; $ 0.05 0.10 5.20–5.50 4.70–5.00 4.25–4.45 3.65 3.75–3.95 24 25E 26E 27E 28E guidance outlook outlook outlook As-reported 2.45 10 1. From 2024 adjusted EPS
Slide 12: Appendix
11 Appendix ES) entergy
Slide 13: 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 14: 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 15: 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% 14
Slide 16: 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% Note: the percentage of renewable and nuclea
Slide 17: New generation to meet growing demand
New generation to meet growing demand Announced projects Approved / in progress Regulatory reviews pending Owned / Est. in Owned / Est. in Project MW PPA service1 Project MW PPA service1 Flat Fork Solar (E-AR) 200 PPA 2025 ETR OpCo filings Forgeview Solar (E-AR) 200 PPA 2025 Segno Solar (E-TX)4 170
Slide 18: Jurisdictional base rate filing frameworks
Jurisdictional base rate filing frameworks E-AR E-LA1 E-MS E-NO1 E-TX2 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 3 April following filing Sept. following filing
Slide 19: Regulatory timeline
Regulatory timeline Regulatory activities 3Q25 4Q25 1Q26 2Q26 Base rate proceedings E-AR FRP filing Rate case filing E-LA (FRP) Filing E-MS (FRP) Filing 1 E-NO (FRP) Filing Other key filings E-LA invest. for new customer E-LA West Bank 500 kV CCN E-LA resilience rider Filing Filing E-LA W
Slide 20: 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 21: 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 22: Entergy Louisiana
Entergy Louisiana E-LA (currently in rates) Metric Detail – electric Authorized ROE 9.3% – 10.1% Rate base $16.4B (12/31/23 test year) + $0.1B TRM, $0.4B DRM, $(0.4B) TAM, $0.3B RPCR WACC (after-tax) 6.95% Equity ratio 50.81% Regulatory construct FRP: base – historical test year, results below/above
Slide 23: E-LA annual FRP filing
E-LA annual FRP filing Annual FRP (docket U-37594) Major drivers of proposed rate change Filing highlights Category $M Earned ROE 9.98% Base FRP1 15 Allowed ROE 9.3% – 10.1% (9.7% midpoint) TRM 21 Rate base $16.7B plus $0.4B for DRM 38 transmission and distribution plant MISO, ACM and other2 (22) cl
Slide 24: E-LA investment to support new customer
E-LA investment to support new customer Filing request highlights (docket U-37425) • Generation and transmission resources proposed in connection with service to a new hyperscale data center in north Louisiana, including: – three new CCCTs totaling 2,262 MW, each of which will be enabled for future
Slide 25: E-LA West Bank 500 kV transmission CCN filing
E-LA West Bank 500 kV transmission CCN filing Filing request 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
Slide 26: E-LA resilience plan cost recovery rider
E-LA resilience plan cost recovery rider Semi-annual filing Filing highlights (docket U-36625) • $84M rate base from new assets in service through September 2025 • $10M incremental revenue requirement • ROE, WACC, and equity ratio from most recent FRP Key dates Date Event Sept. 2025 Rate effective d
Slide 27: E-LA Waterford 3 nuclear uprate filing
E-LA Waterford 3 nuclear uprate filing Filing request highlights (docket U-37677) • Seeks approval for 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
Slide 28: 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 29: Entergy New Orleans
Entergy New Orleans E-NO (currently in rates) Metric Detail Authorized ROE 8.85% – 9.85% (9.35% midpoint) Rate base $1.3B (12/31/23 test year plus known and measurables through 12/31/24) WACC (after-tax) 7.28% Equity ratio 55% Regulatory construct FRP with forward-looking features; result outside RO
Slide 30: E-NO annual FRP filing
E-NO annual FRP filing Annual FRP (docket UD-18-07) Major drivers of proposed rate change Filing highlights Category $M Earned ROE 10.98% Income taxes (4) Allowed ROE 8.85% – 9.85% (9.35% midpoint) Investment in plant (3) Rate base $1.2B O&M and A&G expenses (3) WACC (after-tax) 7.35% Regulatory deb
Slide 31: 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, DCRF3
Slide 32: E-TX dispatchable generation CCN filing
E-TX dispatchable generation CCN filing Filing request highlights (docket 56693) Item Legend Power Station Lone Star Power Station MW 754 453 Est. total investment $1.6B $0.8B Plant type CCCT with H2 capability and CT with H2 capability CCS-enabled Location Jefferson County, TX San Jacinto County, T
Slide 33: E-TX renewable CCN filing
E-TX renewable CCN filing Currently in abatement to allow for continued settlement discussions Filing request highlights (docket 56865) Item Segno Solar Votaw Solar MW 170 141 Plant type Solar photovoltaic Solar photovoltaic Location Polk County, TX Hardin County, TX In-service date 2027 2028 Recove
Slide 34: E-TX SETEX 500 kV transmission CCN filing
E-TX SETEX 500 kV transmission CCN filing Filing request highlights (docket 57648) • 500 kV transmission line and two stations and associated 138/230 kV facilities − ~131–160 line miles − Babel 500 kV switching station and Running Bear substation • Total estimated cost ~$1.3B – $1.5B • Recovery thro
Slide 35: E-TX Cypress to Legend 500 kV CCN filing
E-TX Cypress to Legend 500 kV CCN filing Filing request highlights (docket 58136) • 500 kV transmission line (~40–49 line miles) • Total estimated cost ~$0.4B • Recovery through TCRF rider • Projected in service date Dec. 2028 Key dates Date Event 7/21/25 Intervenor direct testimony 8/1/25 Staff dir
Slide 36: System Energy Resources
System Energy Resources Grand Gulf Nuclear Station Energy and capacity allocation1 SERI (most recent monthly bill) E-AR Metric Detail E-NO 24% 20% Principal asset Ownership and leasehold interest in GGNS Authorized ROE 9.65% Last calculated $1.83B rate base WACC (after-tax) 7.22% Equity ratio 45.5%
Slide 37: Financial disclosures
36 Financial disclosures ES) entergy
Slide 38: Progress against guidance
Progress against guidance Guidance YTD Driver assumption1 result1 Full-year comments ETR adjusted EPS 3.75–3.95 1.87 Estimated weather in sales Normal 0.14 Weather-adj. retail sales volume ~0.25 0.16 Now expect ~0.25 YoY Utility other O&M ~0.15 (0.02) Now expect ~flat YoY • 3Q25 estimate ~(0.05) vs.
Slide 39: 2025 ETR adjusted EPS sensitivities
2025 ETR adjusted EPS sensitivities Estimated annual EPS Variable Description of sensitivity impact (+/-) Utility Retail sales volume 1% change in residential MWh sold ~0.03 incremental to plan1 1% change in commercial MWh sold ~0.015 1% change in industrial MWh sold ~0.01 Other O&M 1% change in exp
Slide 40: Debt financing activity
Debt financing activity 2Q25 debt financing activity Amount OpCo Activity Date Rate ($M) Maturity Notes E-AR Issuance 5/8/25 5.45% 300 6/1/34 Use of proceeds includes construction of Lake Catherine Unit 5 and general corporate purposes SERI Issuance 5/30/25 5.30% 240 12/15/34 Use of proceeds include
Slide 41: Strong retail sales growth
Strong retail sales growth Industrial four-year CAGR now ~13% Cumulative weather-adjusted retail sales growth vs 2024; TWh 37 22 ~13% Industrial CAGR 13 28E vs 24 6 25E 26E 27E 28E Residential Commercial Industrial 40
Slide 42: Investment for customers supports growth
Investment for customers supports growth Capital investment and depreciation expense; Projected rate base1,2; $B cumulative1; $B 40 30 69 61 20 54 40 45 8 25E 26E 27E 28E 24E 25E 26E 27E 28E Capital investment Depreciation expense 1. Excludes capital funded with contribution in aid of construction f
Slide 43: Strong credit and cash flow outlook
Strong credit and cash flow outlook Building capacity for unexpected events, additional growth Credit outlooks Cumulative OCF outlook Moody’s CFO pre-working capital to debt; % 18 17 16 15 Capacity ~$22.5B 14 Moody’s downgrade threshold 25E–28E 13 12 24 25E 26E 27E 28E S&P FFO to debt; % 18 17 16 25
Slide 44: Three-year capital plan by OpCo
Three-year capital plan by OpCo1 $M E-AR 25E 26E 27E Total E-LA 25E 26E 27E Total Distribution 320 295 320 935 Distribution 960 1,215 775 2,950 Transmission 85 85 110 280 Transmission 730 1,675 1,440 3,845 Generation Generation Renewables and storage 30 410 690 1,130 Renewables and storage 165 340 1
Slide 45: Three-year capital plan by OpCo (continued)
Three-year capital plan by OpCo1 (continued) $M E-TX 25E 26E 27E Total SERI 25E 26E 27E Total Distribution 560 390 350 1,300 Distribution - - - - Transmission 225 425 805 1,455 Transmission - - - - Generation Generation Renewables and storage 250 170 165 585 Renewables and storage - - - - Other new
Slide 46: Financial summaries and Regulation G reconciliations
Financial summaries and Regulation G reconciliations 45
Slide 47: Earnings summary
Earnings summary Table 1: Second quarter earnings summary $ in millions Per share in $1 2Q25 2Q24 2Q25 2Q24 As-reported (after-tax) Utility 599 441 1.34 1.03 Parent & Other (131) (392) (0.29) (0.91) Consolidated 468 49 1.05 0.11 Less adjustments Utility - (112) - (0.26) Parent & Other - (250) - (0.5
Slide 48: Regulation G reconciliations
Regulation G reconciliations Table 2: ETR adjusted earnings Reconciliation of GAAP to non-GAAP measures 2Q25 2Q24 (Pre-tax except for income taxes and totals; $ in millions) Net income (loss) attributable to ETR Corp. 468 49 Less adjustments: Utility - 2Q24 E-LA global agreement to resolve its FRP e
Slide 49: 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 50: Utility book ROEs
Utility book ROEs Table 4: Utility book ROE summary LTM ending June 30, 2025 ($ in millions) E-AR E-LA E-MS E-NO E-TX Utility1 As-reported earnings available to common stock (a) 447 1,128 279 74 313 2,279 Less adjustments: 4Q24 Louisiana state income tax rate change, including an adjustment to E-LA’
Slide 51: ETR
5) entergy