Entergy Corp. J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Entergy Corp. J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

Entergy Corp. Overweight

ETR, ETR US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$113.81

Entergy Louisiana CEO, Phillip May, and Entergy Corp IR Director, Anne

Kulakowski, hosted meetings this week at the J.P. Morgan Natural Resources

Conference. Please see below for some quick takeaways.

Head of North America Power,

Net Takeaways: POSITIVE. We continue to witness a highly confident ETR Utilities, Midstream, LNG, and

demeanor regarding data center and large load growth, with the data center Nuclear

opportunity set overflowing to new geographic sites from initial clusters in order AC Jeremy Tonet, CFA

to manage risk, cost, and load concentration from both ETR and customers’ (1-212) 622-4915

perspectives. Revisiting 1Q’s update, ETR reminded investors that addditional jeremy.b.tonet@jpmorgan.com

upside levers include investment in 5GW of solar, accelerated resilience and CCS Diana Niles

development, with faster sales ramp presenting generation and transmission capex (1-212) 622-3328

upside as well. New nuclear generation headlines struck a chord with investors, diana.niles@jpmorgan.com

prompting questions on ETR’s plans and potential involvement, though the Aidan C Kelly

company repeated messaging around solving cost overrun risk proportionate to the (1-212) 622-4912

company’s size presenting a gating factor. aidan.x.kelly@jpmchase.com

Eli Jossen, CFA

(1-212) 622-4113• Next stage of data center clustering involves a wider geographic footprint:

expansion, not concentration. ETR maintained a confident demeanor eli.jossen@jpmchase.com

discussing data center growth prospects, describing relationship building and J.P.