Entergy Corporation (ETR.N): Data Center Funnel Remains Active, 7-12GW Pipeline Unchanged

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Entergy Corporation (ETR.N): Data Center Funnel Remains Active, 7-12GW Pipeline Unchanged

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29 Jul 2026 17:35:24 ET │ 11 pages

Entergy Corporation (ETR.N)

Data Center Funnel Remains Active, 7-12GW Pipeline Unchanged

CITI'S TAKE

ETR’s 2Q call provided updates on executions following June Investor Day.

Mgmt reiterated FY26 guide and long-term outlook. ETR highlighted

interest has grown since Investor Day and the actual hyperscale queue is

much greater than the formal 7-12GW probability-weighted pipeline, and Neutral

every existing customer expressed interest in expanding. We view this as Price (29 Jul 26 16:00) US$107.79supportive of future capex upside, with the next catalyst likely an

incremental customer announcement. Meta testimonies due July 31. Target price US$121.00

Expected share price return 12.3%

Data Center Funnel Continues to Expand — ETR highlighted large load interest has Expected dividend yield 2.3%

grown meaningfully since June Investor Day across its three primary data center

Expected total return 14.5%jurisdictions (LA, MS, AR). While ETR maintained its probability-weighted 7–12 GW

hyperscale pipeline, mgmt indicated the actual queue is much larger and recent Market Cap US$49,356M

inbound interest could add significant opportunity.

Existing Customers Looking to Expand — Mgmt disclosed that every existing

hyperscale customer has expressed interest in expanding beyond its current Price Performance

commitment (AWS, AVAIO, etc.). Company reiterated it would continue supporting

(RIC: ETR.N, BB: ETR US)additional expansion opportunities but was not prepared to announce incremental

capacity or update its formal pipeline.

Generation Procurement Ahead of Demand — ETR reiterated it has secured