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

Strong quarter + raised/maintained EPS outlook - Adjusted EPS: $0.86 for 1Q26. - Retail sales growth: +6% in the quarter; Industrial sales up +15%. - Guidance: 2026 adjusted EPS reaffirmed/on track, with management saying the bar is raised after the Meta contract and other updates. - Next-year outlook (2027): + $0.20 higher adjusted EPS versus prior outlook.

Meta data center deal is the key catalyst (customer value + earnings tail) - Fair Share Plus pledge: designed so data centers pay “fair share” (incremental + fixed-cost coverage) and provide community benefits (“Plus”). - Meta ESA (North Louisiana): - Fair Share benefits: $7B total customer benefits referenced; Meta alone expected $2B in that category. - Plus benefits from Meta over 20 years: $140M for energy efficiency programs + $60M Power to Care, with Entergy Louisiana matching to bring Power to Care to $120M (described as ~5x annual funding vs 2025 levels). - System investments tied to the agreement: 7 new CCCTs plus transmission and battery storage; Meta payments cover proposed facility costs, while customers get reliability/resilience and lower fuel cost benefits. - Earnings impact: incremental earnings from the deal is reflected across the forecast; EPS increase grows ratably, with COD-related ramp pushing more of the benefit into later years (see 2029/2030 shaping below).

Forecasts for retail growth + longer-run EPS (clear line of sight to 2029/2030) - Retail sales growth forecast: now expects ~8.5% compound annual retail growth through 2029, driven by ~16% Industrial growth. - Earnings outlook extension: Capital plan update supports a higher profile; adjusted EPS increases from $0.20 higher in 2027, building to an estimated + $0.50 in 2029, reaching ~$6.40 in 2029 (per call). - EPS growth rates: 2028–2029 YoY adjusted EPS growth ~12%; ~same for 2030 (full view to 2030 to be detailed at Investor Day in June).