Buy. 8%+ EPS to 2035: Compounding Higher for Longer. Investor Day First Takes

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Buy. 8%+ EPS to 2035: Compounding Higher for Longer. Investor Day First Takes

on, $7bn of renewables and storage, $6bn of generation baseline -10%

and $2bn of other spend. Projected rate base reaches $97bn in 2030, versus our ~$103bn forecast. -15%

Our model includes incremental capex vs guidance. Customer funding, minimum bills and other cash .Source:-20% Jefferies LLC, Company FIlings, and Bloomberg

flow support reduce net rate base and help affordability, while rate base still more than doubles Exhibit 2 - Entergy 24GW CCGT Gas Generation

Approximate Build Out Plan

from $46bn in 2025. ETR kept equity needs inside the 10% to 15% of total capital plan framework Blue = Base Supply Plan. Gray = Available for

and laid out roughly $7bn of equity, $3bn of parent JSNs and $7bn of parent debt through 2030, Growth Above Plan

alongside about $38bn of OCF and $22bn of utility debt. The $7bn equity plan is below our ~$9.2bn 26E 27E 28E 29E 30E 31E 32E 33E 34E

expectation through 2030, an area of upside.

The opportunity set stayed visible and avoided a nuclear overhang. ETR did not announce a large

new AP1000 commitment. New nuclear remains a long-term solution, but mgmt. explicitly framed

the threshold around lower construction cost, better cost certainty and not putting customers or

OpCos at risk. Nearer term upside is more bankable: 7 to 12GW of data center opportunities, 3 to 5

GW of other industrial opportunities, 10 CCCTs secured for growth above the base case, a potential

Paul. Zimbardo * | Equity Analyst

5 GW clean energy need to be identified, CCS cost reduction work and future accelerated resilience. +1Source:(212)Company778-8497Filings| pzimbardo@jefferies.com& Jefferies LLC

"Gray" turbine slots remain available for