Entergy Louisiana LLC - 4.875% BD REDEEM 01/09/2066 USD 25

Earnings / guidance: on track; adjusted EPS $1.03 - Entergy reported quarterly adjusted EPS of $1.03 (slightly lower vs. last year), mainly because weather was closer to normal vs. warmer weather in 2025. - Excluding weather, retail sales growth was positive, driven by ~10% industrial sales growth as new/expansion industrial projects ramp plus customer benefit effects from investment and regulatory actions. - 2026 adjusted EPS guidance is reaffirmed and management says they remain “firmly on track”; outlooks are maintained through 2030.

Big strategic opportunity: data centers + “Fair Share Plus Pledge” - Management reiterated the differentiated data-center-driven growth strategy within a broader industrial growth portfolio. - Hyperscale pipeline: still 7–12 GW hyperscale potential and 3–5 GW interest from traditional industrial segments. - “Fair Share Plus Pledge” economics: since the first agreement in 2024, Entergy expects ~$7B in customer bill benefits (i.e., data centers paying full cost to serve + fair share of fixed costs). - Louisiana policy tailwind: Governor Landry signed an executive order aligning with Fair Share Plus requirements, and management views it as moving from “expectation” to a standard tied to qualifying for state sales tax exemptions (including grid resilience, transparency, community/workforce benefits).

Resilience investments (planned spending) = opportunity, but bill affordability risk - Storm impact: 2 minor tropical storms so far this year; restoration costs nominal and no special cost recovery needed. - Reliability accomplishments: self-healing network program now serving >0.5 million customers with >400 self-healing networks, avoiding >700k customer interruptions and ~80M outage minutes (since start ~5 years ago). - Phase 1A accelerated resilience filing (Louisiana): management says it plans to file in Q3 for additional accelerated resilience investment (“Phase 1A”) as a bridge between existing program phases, explicitly to balance resilience improvements with customer affordability concerns (near-term bill impact management is a recurring theme).