Entergy (ETR) investor relations material

Executive summary

• Adjusted EPS for Q2 2025 was $1.05, up from $0.96 in Q2 2024, with consolidated net income rising to $468M from $49M, driven by strong industrial sales and robust customer pipeline, especially in Arkansas and data centers.

• 2025 adjusted EPS guidance of $3.75–$3.95 was reaffirmed, with 2027–2028 outlooks raised due to higher capital investment and demand.

• Sale of gas LDC businesses in Louisiana and New Orleans completed, allowing focus on core electric operations and expected after-tax gains.

• Major investments in resilience, transmission, and renewables, with a four-year capital plan raised by $3B to $40B, support grid hardening and growth.

• Regulatory and legislative progress in Arkansas and Texas supports economic development, storm securitization, and wildfire risk management.

Financial highlights

• Q2 2025 adjusted EPS was $1.05, with net income of $468M and operating revenues up 13% year-over-year to $3.33B.

• Weather-adjusted retail sales grew 4.5% year-over-year, with industrial sales up nearly 12% from new and expanding customers.

• Q2 2025 operating cash flow reached $1.26B, with strong liquidity and $2.3B of unsettled equity forwards.

• Nuclear PTCs of approximately $570M were recorded, with cash benefit expected later in the year.

• Utility segment Q2 2025 adjusted earnings were $599M, up from $553M in Q2 2024.

Outlook and guidance

• 2025 adjusted EPS guidance reaffirmed at $3.75–$3.95, with 2027–2028 outlooks raised and >8% CAGR projected through 2028.

• Four-year capital plan increased by $3B to $40B, including new renewables and battery storage.

• Industrial sales CAGR projected at 13% from 2024 to 2028.

• Equity needs unchanged despite higher capital investment, supported by higher operating cash flow and nuclear PTC monetization.

• The One Big Beautiful Bill Act of 2025 extends nuclear PTCs and modifies clean energy incentives.