ETR: Analyst Day Preview. Sell the News? Analyst Day Curse? Not This Time - ETR Remains Positioned with More Juice to Squeeze

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ETR: Analyst Day Preview. Sell the News? Analyst Day Curse? Not This Time - ETR Remains Positioned with More Juice to Squeeze

AGR. NA = Not Available, NC = No Change, NE = No Estimate

Shahriar (Shar) Pourreza, CFA

Going nuclear? Should investors hit the panic button? No! Is there a ”nuclear” update Equity Analyst | Wells Fargo Securities, LLC

and would this be a risk inflection for ETR? – We don’t think so, and CEO Drew Marsh Shahriar.Pourreza@wellsfargo.com | 212-214-5422

indicated as much both in NDR and 1Q earnings call settings. While the mgmt. views Constantine Lednev

at our NDR were that we will see the first new large scale nuclear deal this year, so far all Equity Analyst | Wells Fargo Securities, LLC

competing commentary (DUK, SO, etc.) noted only early stage conversations around a Constantine.Lednev@wellsfargo.com | 212-214-5438

consortium (utility, hyperscaler, federal backstop). Alexander Calvert

Associate Equity Analyst | Wells Fargo Securities, LLC

Alexander.J.Calvert@wellsfargo.com | 212-214-5434

ETR has been very clear that there will be no capital allocation without very thorough Whitney Mutalemwa

cost and construction risk backstops. That said, we do NOT believe ETR will be taking Associate Equity Analyst | Wells Fargo Securities, LLC

on billions of dollars of nuclear risk. A consortium with regulatory support, commercial Whitney.Mutalemwa@wellsfargo.com | 212-214-6428

backing on cost escalation from hyperscalers and a DOE backstop would present a Anders Myhre

material upside catalyst for the consortium players. We believe the bear thesis of ETR in Associate Equity Analyst | Wells Fargo Securities, LLC

a major nuclear deal will be proven wrong. Anders.S.Myhre@wellsfargo.com | 212-214-6409

Andrew Kadavy