Entergy Corp Q1 2025 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Jeremy Tonet - JPMorgan - Analyst : Hi, good morning.

Question: Jeremy Tonet - JPMorgan - Analyst : Just want to look at the sales a little bit here. I think that your residential customer count might have been up just under 1% quarter-over-quarter, and your weather normalized sales, if I'm seeing this right for residential went up about 4.5%. I was wondering if you could talk a bit more about drivers there.

Question: Jeremy Tonet - JPMorgan - Analyst : Got it. That's helpful. Thanks. And just moving to industrial sales and as you said, it'll be volatile any given quarter, but it seems like there's a degree of macro uncertainty out there that might be weighing on industrial activity a bit. Just wondering if you could provide any thoughts from your viewpoint on your service territory. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 29, 2025 / 3:00PM, ETR.N - Q1 2025 Entergy Corp Earnings Call

Question: Jeremy Tonet - JPMorgan - Analyst : Got it. That's helpful and just one last one if I could, just as far as the winning these new packages here and increasing the pipeline of big activity, I wonder if you could provide more color what it looks like I guess on conversations with data center or other large industrial users, how you see that I guess coming together in this environment has anything changed?

Question: Jeremy Tonet - JPMorgan - Analyst : Got it. That's helpful. I'll leave it there. Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 29, 2025 / 3:00PM, ETR.N - Q1 2025 Entergy Corp Earnings Call

Question: David Arcaro - Morgan Stanley - Analyst : Hey, thanks so much. Good morning.

Question: David Arcaro - Morgan Stanley - Analyst : I was wondering if you could maybe just give a maybe an update or a profile of your system, as you're looking at some of these large load customers in the pipeline, how quickly can you offer them service to connect in. Time to power has been a focus among that cohort, so curious just what the latest is in terms of how quickly you can accommodate new large load customers.

Question: David Arcaro - Morgan Stanley - Analyst : Got it. Yeah, that makes sense. I appreciate that color. Maybe just a quick clarification on the tariff exposure would you consider, I guess you think of the tariff exposure as being earnings exposure, is this kind of already approved projects that now need to -- that are going to be more expensive or, this is out in the future, we'll get worked through regulatory processes over time. I know you're trying to offset it, but how do you consider kind of earnings exposure, if any from that?

Question: David Arcaro - Morgan Stanley - Analyst : Okay, got it. Understood. I appreciate it. Thanks so much. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 29, 2025 / 3:00PM, ETR.N - Q1 2025 Entergy Corp Earnings Call

Question: Nick Campanella - Barclays - Analyst : Hey, good morning. Thanks for all the updates.

Question: Nick Campanella - Barclays - Analyst : Good morning. Hey, I just wanted to ask on '25, it just seems like you're off to a good start, are you trending higher in the fiscal '25 plan, just given the weather tailwinds or other headwinds to kind of consider for later this year?

Question: Nick Campanella - Barclays - Analyst : Okay, great. Thanks. And then just on this new customer generation transmission filing, I know that we're kind of approaching hearings here as kind of a midterm data point just -- is there any potential or effort by the parties to want to settle issues in the proceeding, or do you kind of see that going straight through into the October order? Thanks.

Question: Nick Campanella - Barclays - Analyst : Thanks a lot. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 29, 2025 / 3:00PM, ETR.N - Q1 2025 Entergy Corp Earnings Call

Question: Paul Fremont - Ladenburg - Analyst : Hey, thank you very much and congratulations on a strong quarter. I guess my first question is, can you give us a sense of the load that's associated with the three customers?

Question: Paul Fremont - Ladenburg - Analyst : And then your transmission filing in Texas, is that a 365, 500 or 345 kV line that you're proposing and I guess how many miles should we think of additional transmission?

Question: Paul Fremont - Ladenburg - Analyst : And sort of last question there, what would be the completion if you were to be awarded the project? What would be the completion date?

Question: Paul Fremont - Ladenburg - Analyst : Great. Thank you so much. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 29, 2025 / 3:00PM, ETR.N - Q1 2025 Entergy Corp Earnings Call

Question: Sophie Karp - KeyBanc Capital Markets - Analyst : Hi, good morning. Thank you for taking my questions.

Question: Sophie Karp - KeyBanc Capital Markets - Analyst : Right. So a couple of questions on the I guess the generation portfolio, how you think about that. I was curious to hear your thoughts on, what would make -- what kind of market signal would make you take a closer look at nuclear and maybe bring those opportunities forward and also some of your peers are discussing how building gas plants takes some a really long time, right? And how -- what are you seeing and how fast can you basically build a gas plant right now?

Question: Sophie Karp - KeyBanc Capital Markets - Analyst : Thank you. It's a very helpful call. And then, my other question is on the legislature that you mentioned in Arkansas and in Texas, I believe that improves the recovery mechanisms for planned and the construction and storm recovery. How should we think about potential financial impacts of those, obviously this is a positive, but, how much would that be I guess, a creative on a normal year to you guys?

Question: Sophie Karp - KeyBanc Capital Markets - Analyst : Thank you so much.

Question: Ryan Levine - Citi - Analyst : Good morning. Two related questions, in particular to Louisiana. How does the Woodside FID decision impact the availability of power or time to market for new potential data center customers in your service territory and then related, given the macro uncertainty, any color you can share around GDP sensitivity to your load or customer activity in your plan and how that could impact the large load customer conversations.

Question: Ryan Levine - Citi - Analyst : How those would impact some data center conversations to the extent that the economy were to slow and that may reduce your load and you expand your reserve margin.

Question: Ryan Levine - Citi - Analyst : But in terms of your core business outside of those customers, how GDP sensitive is your -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 29, 2025 / 3:00PM, ETR.N - Q1 2025 Entergy Corp Earnings Call

Question: Ryan Levine - Citi - Analyst : Thank you.

Question: Anthony Crowdell - Mizuho Securities - Analyst : Hey, thank you. Good morning. Just a couple of quick questions on transferability. I appreciate you gave us some numbers, but what's the impact to your FFO to debt metric if transferability were to sunset?

Question: Anthony Crowdell - Mizuho Securities - Analyst : Great. And maybe it's a more of a rating agency question, but if one of the options were tax equity, do you know if they -- the treatment of that is some of their transferability or that's not included in the FFO -- in the FFO calculation. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 29, 2025 / 3:00PM, ETR.N - Q1 2025 Entergy Corp Earnings Call

Question: Anthony Crowdell - Mizuho Securities - Analyst : Great. Thanks for taking my questions. Congrats on a good quarter.

Question: Andrew Weisel - Scotiabank - Analyst : Hi, thanks. Good morning, everyone. If I could first just elaborate on the slight reduction to the low growth forecast, first just to clarify, you're saying it's about the pace of new customers ramping, not about usage from existing customers, is that right?

Question: Andrew Weisel - Scotiabank - Analyst : Okay, great. And then I recognize the EPS impact is modest, but can you detail you originally guided to 11% to 12% industrial growth in 2025. What's your new forecast for the industrial class?

Question: Andrew Weisel - Scotiabank - Analyst : Okay, very good. And then one more if I may, I appreciate the easy to read list of the significant investment proposals on slide 15, and it does add up to a lot of potential spending, mostly in Louisiana and Texas and across generation and transmission. My question is how much of that is already included in the CapEx plan and is there sort of a risk adjustment for some or all of these projects and would there be upside or down to the plan pending regulatory approval. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 29, 2025 / 3:00PM, ETR.N - Q1 2025 Entergy Corp Earnings Call

Question: Andrew Weisel - Scotiabank - Analyst : Okay, appreciate you clarifying. Thank you.

Question: Travis Miller - Morningstar - Analyst : Thank you. Good morning.

Question: Travis Miller - Morningstar - Analyst : High level question here with all the large load conversation and the potential need for new generation, transmission, et cetera. Have you changed any of your strategic conversations when you're thinking about contracting with these customers, are you going from maybe shorter term types of contracts to longer term I'll take types of contracts or fixed price types of contracts. I was wondering if you could -- there's been any change there in your strategy.

Question: Travis Miller - Morningstar - Analyst : Sure, okay. That makes sense. And then a specific one on the Louisiana new customer filing, is there a precedent either in Louisiana or other states you serve or other states you researched for a decision like this? Is there any kind of precedent ruling you've seen?

Question: Travis Miller - Morningstar - Analyst : No, the new customer investment.

Question: Travis Miller - Morningstar - Analyst : Okay, I was thinking more of that kind of fixed price type long term contract approval.

Question: Travis Miller - Morningstar - Analyst : Okay. Perfect. Well, that's great, I appreciate it.