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15:00
Jul 29 ◎

ETR FY2026 Q2 Watch

Entergy Corporation (ETR) FY2026 Q2 Earnings Call

ETR META AMZN WEC ▾

Drew Marsh

Management's guidance tone is clearly positive and reiterated, underscoring confidence in its long-term growth plan, underpinned by strong data center demand and solid regulatory progress across its jurisdictions.

"We remain firmly on track to meet our 2026 adjusted EPS guidance and longer-term outlooks."

ETR WATCH

Drew Marsh

An executive order in Louisiana now requires new data centers to provide 'customer benefits' and 'invest in grid resilience' to qualify for state sales tax exemptions, meaning new data center customers will likely incur these costs. — This formalizes the 'Fair Share Plus' terms and could increase the cost of entry for all new data centers in Louisiana, potentially reducing the attractiveness for new players but solidifying the long-term stance of established ones like Meta.

"And now, any future data centers in Louisiana must also meet that standard. Last week, we attended the White House's Ratepayer Protection Pledge event with Governor Landry, Metta President Dena Powell McCormick, and the Richland Parish"

META WATCH AMZN WATCH

Drew Marsh

Entergy Texas closed on a $200 million grant from the Texas Energy Fund to strengthen resilience at no cost to customers, indicating a state-backed commitment to enhancing grid reliability. — Funding de-risks part of Entergy's capex plan, supporting its credit profile and customer affordability, and signals a state supportive of proactive grid investment.

"And in June, Entergy Texas closed on its $200 million Texas Energy Fund grant to strengthen electrical resilience and reliability at no cost to customers. This brings Entergy Texas' accelerated resilience plan to $337 million."

WEC WATCH

HIGH

15:00
Apr 29 ◎

ETR FY2026 Q1 Watch

Entergy Corporation (ETR) FY2026 Q1 Earnings Call

ETR GEV META ▾

Drew Marsh

Management is clearly bullish, raising long-term EPS and capital plan guidance driven by strong industrial and data center demand, especially the new Meta agreement, while maintaining a disciplined equity profile.

"2026 guidance remains on track, and we are increasing our already strong adjusted EPS outlooks driven by 8.5% retail sales growth."

ETR WATCH

Drew Marsh

Entergy has locked in turbine capacity for future data center growth beyond the current plan. — Secure turbine supply agreements signal a multi-year order backlog for turbine OEMs, insulating them from demand cyclicality.

"we have additional turbines both on that slide and we're not standing still relative to continuing to ensure that that we can support that incremental growth"

GEV WATCH

Drew Marsh

Entergy is deploying capital that is fully underwritten by Meta's minimum bills and tariff contributions, creating a utility-scale data center buildout with zero customer rate risk. — Meta is bearing the cost of new utility infrastructure, reducing its own cost of power over time while securing capacity, a model that could be replicated with other hyperscalers.

"In late March, we announced a new electric service agreement with Meta for another data center in North Louisiana. The fair share value from this agreement alone is expected to be $2 billion, which is included in the $7 billion I mentioned."

META WATCH

HIGH

16:00
Feb 12 ◎

ETR FY2025 Q4 Watch

Entergy Corporation (ETR) FY2025 Q4 Earnings Call

GOOGL 005380.KS ANDURIL ETR GE ▾

Drew Marsh

A special rate contract with Google was approved, indicating Google's cloud/data center expansion in Arkansas will proceed, providing a firm revenue base for Entergy.

"The Arkansas Public Service Commission approved the special rate contract for Google."

GOOGL WATCH

Drew Marsh

Hyundai Steel's large planned investment is starting to move forward, highlighting the industrialization of the Gulf South beyond data centers.

"with Hyundai Steel's $5.8 billion planned investment in Ascension Parish, Louisiana earned Business Facilities' Platinum Deal of the Year"

005380.KS WATCH

Drew Marsh

Mentions of development milestones in petrochemical and other industrial sectors may relate to classified or non-public customers, potentially including Anduril; high uncertainty, but the context of new large industrial loads fits the profile.

"Customers achieved important development milestones, including those in the steel, petrochem, and LNG sectors."

ANDURIL WATCH

Drew Marsh

Management maintains a highly confident, long-term growth outlook, with demand and capex increasing further; tone is optimistic and forward-looking.

"Continue to expect greater than 8% adjusted EPS annual growth through 2029, and our transparent outlooks provide specific expectations by year."

ETR WATCH

Drew Marsh

Entergy has secured 8 GW of gas turbine capacity for potential incremental load, and expects to deploy it despite risks due to customer reimbursement agreements. — This secures the supply chain for data center growth in the region and mitigates execution risk, but also implies a strong commitment to building that capacity.

"We have clear line of sight on equipment to serve 8 gigawatts of incremental load above our current plan."

GE WATCH META WATCH AMD WATCH

HIGH

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