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

Earnings beat + raised EPS floor (forecast): Adjusted EPS for Q3 was $1.98, helped by a hot summer plus stronger sales (including industrial and data center-related ramp). With the “biggest quarter behind us,” Entergy narrowed its 2026 adjusted EPS guidance range and raised the bottom by $0.10 (upper range unchanged per commentary). Outlook beyond 2026 remains centered on greater-than-8% sales growth trajectory (per management’s unchanged outlook framing for 2027–2030).

Major growth/capacity support from Google Arkansas + expansion economics (opportunity): Entergy Arkansas announced/amended a service agreement with Google for the West Memphis campus expansion, designed around “fair share plus” to ensure Google covers its share of costs (and thus protect other ratepayers). Management cited: - Incremental customer bill benefits for Arkansas customers - At least $500M increase in expected fair share plus customer bill savings, taking the total savings to at least $7.5B across Entergy utilities - ~$600M capital request (battery storage systems) and a purchase power agreement for Big Island Solar clean attributes - Target commission approval: 1H 2026; ramping expected in 2028 - The company explicitly added ~$600M to the plan tied to this expansion; also noted not adding other potential items yet (see next bullet).

Capital plan update + what’s *not* included (surprising/detail that affects investors): Management said the $1.5B increase in capital from 2026–2030 includes the $600M Google batteries plus other normal planning “puts and takes,” and will be reflected across generation and transmission. Importantly, two notable exclusions/upside items were highlighted: - ~$1B transmission tied to the Entergy Louisiana transaction pending before the Louisiana commission is *not* added yet. - Additional “cleanup” upside could come if large customers request more incremental clean energy through contracts/RFPs/self-build (not quantified, but flagged as potential additions). - Management also suggested this excluded transmission clean-up may not flow into the near-term rate-base EPS outlook at EEI (responding to analyst clarification).