Item 4. Controls and Procedures

Disclosure Controls and Procedures

As of March 31, 2026, evaluations were performed under the supervision and with the participation of Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy (each individually a “Registrant” and collectively the “Registrants”) management, including their respective Principal Executive Officers (PEO) and Principal Financial Officers (PFO). The evaluations assessed the effectiveness of the Registrants’ disclosure controls and procedures. Based on the evaluations, each PEO and PFO has concluded that, as to the Registrant or Registrants for which they serve as PEO or PFO, the Registrant’s or Registrants’ disclosure controls and procedures are effective to ensure that information required to be disclosed by each Registrant in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms; and that the Registrant’s or Registrants’ disclosure controls and procedures are also effective in reasonably assuring that such information is accumulated and communicated to the Registrant’s or Registrants’ management, including their respective PEOs and PFOs, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

Under the supervision and with the participation of each Registrant’s management, including its respective PEO and PFO, each Registrant evaluated changes in internal control over financial reporting that occurred during the quarter ended March 31, 2026 and found no change that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.

ENTERGY ARKANSAS, LLC AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Winter Storm Fern

See the “Winter Storm Fern” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis for a discussion of Winter Storm Fern. Entergy Arkansas’s current estimate for the cost of mobilizing crews and restoring power is approximately $50 million, including approximately $40 million in capital costs and approximately $10 million in non-capital costs. Natural gas purchases for Entergy Arkansas were $74 million in January 2026 compared to $25 million in January 2025.

Results of Operations

Net Income

Net income decreased $3.8 million primarily due to higher interest expense and lower volume/weather, partially offset by higher retail electric price.

Operating Revenues

Following is an analysis of the change in operating revenues comparing the three months ended March 31, 2026 to the three months ended March 31, 2025:

			Amount
			(In Millions)
2025 operating revenues			$613.5
Fuel, rider, and other revenues that do not significantly affect net income			21.8
Retail electric price			22.5
Volume/weather			(11.5)
2026 operating revenues			$646.3

Entergy Arkansas’s results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

The retail electric price variance is primarily due to an increase in formula rate plan rates effective January 2026. See Note 2 to the financial statements in the Form 10-K for discussion of the 2025 formula rate plan filing.

The volume/weather variance is primarily due to the effect of less favorable weather on residential sales, a decrease in weather-adjusted residential usage, and a decrease in commercial usage, partially offset by an increase in industrial usage. The increase in industrial usage is primarily due to an increase in demand from large industrial customers, primarily in the primary metals and technology industries.

Entergy Arkansas, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

Total electric energy sales for Entergy Arkansas for the three months ended March 31, 2026 and 2025 are as follows:

			2026						2025						% Change
			(GWh)
Residential			1,965						2,210						(11)
Commercial			1,239						1,260						(2)
Industrial			3,061						2,542						20
Governmental			41						39						5
Total retail			6,306						6,051						4
Sales for resale:
Associated companies			236						536						(56)
Non-associated companies			616						563						9
Total			7,158						7,150						—

See Note 12 to the financial statements herein for additional discussion of Entergy Arkansas’s operating revenues.

Other Income Statement Variances

Other operation and maintenance expenses increased primarily due to an increase of $6.9 million in power delivery expenses primarily due to higher vegetation maintenance costs and increased contract labor costs, partially offset by a decrease of $6.2 million in insurance expenses primarily due to higher nuclear insurance refunds.

Taxes other than income taxes increased primarily due to increases in ad valorem taxes resulting from higher assessments and millage rate increases.

Depreciation and amortization expenses increased primarily due to additions to plant in service and an increase in FERC jurisdictional depreciation rates effective January 2026.

Entergy Arkansas records a regulatory charge or credit for the difference between asset retirement obligation-related expenses and nuclear decommissioning trust earnings plus asset retirement obligation-related costs collected in revenue.

Other income increased primarily due to changes in decommissioning trust fund activity, including portfolio rebalancing of decommissioning trust funds in first quarter 2026.

Interest expense increased primarily due to:

• the issuances of $500 million of 5.75% Series mortgage bonds and $500 million of 4.95% Series mortgage bonds, each in January 2026;

• the issuance of $300 million of 5.45% Series mortgage bonds in May 2025; and

• $3.8 million in carrying costs in first quarter 2026 on retained net proceeds from the monetization of nuclear production tax credits.

Income Taxes

The effective income tax rate was 17.6% for the first quarter 2026. The difference in the effective income tax rate for the first quarter 2026 versus the federal statutory rate of 21% was primarily due to the amortization of excess accumulated deferred income taxes, certain book and tax differences related to utility plant items, and book

Entergy Arkansas, LLC and Subsidiaries

Management's Financial Discussion and Analysis

and tax differences related to the allowance for equity funds used during construction, partially offset by the accrual for state income taxes.

The effective income tax rate was 21% for the first quarter 2025. The accrual for state income taxes was offset by certain book and tax differences related to utility plant items and the amortization of excess state accumulated deferred income taxes as a result of tax rate changes.

Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” in the Form 10-K for discussion of income tax legislation and regulation.

Liquidity and Capital Resources

Cash Flow

Cash flows for the three months ended March 31, 2026 and 2025 were as follows:

			2026						2025
			(In Thousands)
Cash and cash equivalents at beginning of period			$275,570						$4,747
Net cash provided by (used in):
Operating activities			262,281						257,177
Investing activities			(418,213)						(161,111)
Financing activities			457,847						(45,753)
Net increase in cash and cash equivalents			301,915						50,313
Cash and cash equivalents at end of period			$577,485						$55,060

Operating Activities

Net cash flow provided by operating activities increased $5.1 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to higher collections from customers and the receipt of $48.7 million in advance payments related to customer agreements in first quarter 2026. The increase was substantially offset by higher fuel and purchased power payments and the timing of payments to vendors. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of fuel and purchased power cost recovery.

Investing Activities

Net cash flow used in investing activities increased $257.1 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to:

• an increase of $128.0 million in non-nuclear generation construction expenditures primarily due to higher spending on the Ironwood Power Station project and the Jefferson Power Station project;

• an increase of $31.8 million in nuclear construction expenditures primarily due to increased spending on various nuclear projects in 2026;

• net purchases of $50.2 million in 2026 compared to net proceeds of $12.3 million in 2025 as a result of fluctuations in nuclear fuel activity due to variations from year to year in the timing and pricing of fuel

Entergy Arkansas, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

reload requirements, materials and services deliveries, and the timing of cash payments during the nuclear fuel cycle; and

• money pool activity.

Increases in Entergy Arkansas’s receivable from the money pool are a use of cash flow, and Entergy Arkansas’s receivable from the money pool increased $21.2 million for the three months ended March 31, 2026 compared to increasing by $9.6 million for the three months ended March 31, 2025. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and other borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings.

Financing Activities

Entergy Arkansas’s financing activities provided $457.8 million of cash for the three months ended March 31, 2026 compared to using $45.8 million of cash for three months ended March 31, 2025 primarily due to the following activity:

• the issuances of $500 million of 5.75% Series mortgage bonds and $500 million of 4.95% Series mortgage bonds, each in January 2026;

• net long-term borrowings of $45.4 million in 2026 compared to net repayments of $17.1 million in 2025 on the nuclear fuel company variable interest entity’s credit facility;

• an increase of $40.5 million in net customer advances for construction related to transmission, distribution, and generator interconnection agreements;

• money pool activity; and

• the repayment, prior to maturity, of $600 million of 3.5% Series mortgage bonds in February 2026.

Decreases in Entergy Arkansas’s payable to the money pool are a use of cash flow, and Entergy Arkansas’s payable to the money pool decreased $15.2 million for the three months ended March 31, 2025.

See Note 4 to the financial statements herein and Note 5 to the financial statements in the Form 10-K for more details on long-term debt.

Capital Structure

Entergy Arkansas’s debt to capital ratio is shown in the following table. The increase in the debt to capital ratio for Entergy Arkansas is primarily due to the net issuance of long-term debt in 2026.

			March 31, 2026						December 31, 2025
Debt to capital			55.2		%				53.7		%
Effect of subtracting cash			(2.6		%)				(1.3		%)
Net debt to net capital (non-GAAP)			52.6		%				52.4		%

Net debt consists of debt less cash and cash equivalents. Debt consists of short-term borrowings, finance lease obligations, and long-term debt, including the currently maturing portion. Capital consists of debt and equity. Net capital consists of capital less cash and cash equivalents. Entergy Arkansas uses the debt to capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Arkansas’s financial condition. The net debt to net capital ratio is a non-GAAP measure. Entergy Arkansas also uses the net debt to net capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Arkansas’s financial condition because net debt indicates Entergy Arkansas’s outstanding debt position that could not be readily satisfied by cash and cash equivalents on hand.

Entergy Arkansas, LLC and Subsidiaries

Management's Financial Discussion and Analysis

Uses and Sources of Capital

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources” in the Form 10-K for a discussion of Entergy Arkansas’s uses and sources of capital. The following are updates to the information provided in the Form 10-K.

Entergy Arkansas’s receivables from or (payables to) the money pool were as follows:

March 31, 2026						December 31, 2025						March 31, 2025						December 31, 2024
(In Thousands)
$42,914						$21,715						$9,608						($15,190)

See Note 4 to the financial statements in the Form 10-K for a description of the money pool.

Entergy Arkansas has a credit facility in the amount of $300 million scheduled to expire in June 2030. Entergy Arkansas also has a $25 million credit facility scheduled to expire in April 2028. The $300 million credit facility includes fronting commitments for the issuance of letters of credit against $5 million of the borrowing capacity of the facility. As of March 31, 2026, there were no cash borrowings under either credit facility and no letters of credit outstanding under the $300 million credit facility. In addition, Entergy Arkansas is a party to two uncommitted letter of credit facilities as a means to post collateral to support its obligations to MISO. As of March 31, 2026, $89.6 million in letters of credit were outstanding under Entergy Arkansas’s uncommitted letter of credit facilities. See Note 4 to the financial statements herein for additional discussion of the credit facilities.

The Entergy Arkansas nuclear fuel company variable interest entity has a credit facility in the amount of $80 million scheduled to expire in June 2027. As of March 31, 2026, there were $59.1 million in loans outstanding under the credit facility for the Entergy Arkansas nuclear fuel company variable interest entity. See Note 4 to the financial statements herein for discussion of the nuclear fuel company variable interest entity credit facility.

Jefferson Power Station

As discussed in the Form 10-K, in August 2025, Entergy Arkansas filed an application with the APSC seeking a certificate of environmental compatibility and public need for the construction and operation of Jefferson Power Station, an approximately 754 MW natural gas-fired combined cycle combustion turbine facility to be located in Jefferson County, Arkansas. The estimated cost of the project is $1,602 million. In January 2026 the APSC issued its order finding that Entergy Arkansas had demonstrated a need for the resource but had not met its burden with respect to supporting the prudence of the costs to construct the resource. The APSC acknowledged that the costs would be greater if Entergy Arkansas waited to pursue the resource. The APSC authorized Entergy Arkansas to proceed with Jefferson Power Station as a strategic investment with estimated costs set at a benchmark, which the APSC erroneously believed reflected the current cost estimate but was, in fact, $90 million below the cost presented. In its January 2026 order, the APSC also approved Entergy Arkansas’s recovery of the costs of constructing Jefferson Power Station through the Generating Arkansas Jobs Act rider. Additionally, in its January 2026 order, the APSC found that Entergy Arkansas should conduct all-source competitive solicitations for future generation additions, with limited exceptions where Entergy Arkansas believes that a specific solicitation should be restricted to a certain resource and provides a detailed explanation to the APSC supporting this belief, which the APSC later confirmed in its March 2026 order that this is a narrow exception. In February 2026, Entergy Arkansas filed for rehearing seeking to correct the benchmark. In March 2026 the APSC issued an order denying Entergy Arkansas’s petition and maintained the benchmark, although costs over the benchmark were not found to be disallowed. Also in its March 2026 order, the APSC ordered Entergy Arkansas to submit a draft of an all-source request for proposals within thirty days of the order, which Entergy Arkansas filed in April 2026. Also in March 2026, Entergy Arkansas filed with the APSC its proposal for an independent monitor to oversee the reasonableness

Entergy Arkansas, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

of its construction costs, as required by the APSC order. In April 2026 the APSC issued an order consolidating Entergy Arkansas’s cost independent monitor proposals for three pending resources, including Jefferson Power Station, into a single docket and directing parties with full intervention status to respond to the proposals and recommend independent monitor candidates.

Special Rate Contract and Arkansas Cypress Solar

As discussed in the Form 10-K, in September 2025, Entergy Arkansas filed an application with the APSC seeking a certificate of environmental compatibility and public need for the construction and operation of the Arkansas Cypress Solar facility, a planned 600 MW solar photovoltaic array with a 350 MW battery energy storage system and associated transmission facilities interconnecting at Entergy Arkansas’s White Bluff substation. The estimated cost of the project is $1,602 million. In March 2026 the APSC approved the Arkansas Cypress Solar facility and Entergy Arkansas’s recovery of the costs of the facility through the Generating Arkansas Jobs Act rider. The APSC also ordered implementation of an independent monitor to oversee costs. In April 2026, Entergy Arkansas filed with the APSC its proposal for an independent monitor to oversee the reasonableness of costs. In April 2026 the APSC issued an order consolidating Entergy Arkansas’s cost independent monitor proposals for three pending resources, including the Arkansas Cypress Solar facility, into a single docket and directing parties with full intervention status to respond to the proposals and recommend independent monitor candidates. The facility is expected to be in service by the end of 2028.

State and Local Rate Regulation and Fuel-Cost Recovery

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – State and Local Rate Regulation and Fuel-Cost Recovery” in the Form 10-K for a discussion of state and local rate regulation and fuel-cost recovery. The following are updates to that discussion.

Retail Rates

2026 Base Rate Case

In February 2026, Entergy Arkansas filed with the APSC a general change in rates, charges, and tariffs. The filing requested a base rate increase to recover a base rate revenue deficiency of $44.6 million and notified the APSC of Entergy Arkansas’s intent to implement a forward test year formula rate plan pursuant to Arkansas legislation passed in 2015. The primary drivers of the revenue deficiency were increased depreciation expense and the impact of net capital additions. Additionally, the filing requested a 9.90% return on common equity and increased depreciation rates as the result of a depreciation study. In March 2026 the APSC issued an order suspending the proposed rates and tariffs filed by Entergy Arkansas and will establish a procedural schedule by subsequent order.

Generating Arkansas Jobs Act Rider

In March 2026, Entergy Arkansas filed its first annual update to the strategic investment recovery rider, requesting recovery of $110.4 million of financing costs during construction of generation and transmission strategic investments related to Ironwood Power Station, Jefferson Power Station, and the Arkansas Cypress Solar facility. The revised rates are requested to be effective for bills rendered on the first billing cycle of June 2026. In April 2026 the APSC general staff filed testimony arguing that the APSC had not issued an order designating Ironwood Power Station as a strategic investment and that related costs should therefore be removed from the annual update. Also in April 2026, Entergy Arkansas filed testimony asserting that the APSC general staff’s position is contrary to the plain language of the statute, which includes an exception for facilities like Ironwood Power Station that were certified by the APSC within a certain timeframe. A hearing was held in April 2026.

Entergy Arkansas, LLC and Subsidiaries

Management's Financial Discussion and Analysis

Production Tax Credit Tariff

As discussed in Note 3 to the financial statements in the Form 10-K, in January 2026 the APSC opened a docket to investigate the sale of Entergy Arkansas’s nuclear production tax credits and the appropriate ratemaking treatment of production tax credits for all of Entergy Arkansas’s eligible resources, including how the proceeds of any sales should flow through to customers. As directed by the APSC, in February 2026, Entergy Arkansas submitted a compliance filing to the APSC verifying the status of the solar production tax credits. The filing also verified that the net proceeds from the sale of the nuclear production tax credits were recorded in FERC accounts that are accruing a return for customers’ benefit at a rate that is above the customer deposit rate. Subsequently, in March 2026, Entergy Arkansas filed testimony setting forth its proposal for the solar production tax credits. Specifically, Entergy Arkansas requested the same ratemaking treatment for all of the solar facilities that the APSC already approved for Walnut Bend (i.e., the total net monetized proceeds from production tax credits expected to be generated over the first ten years of a solar facility’s operation are estimated and then amortized over the expected useful life of the asset, which is typically 30 years). Additionally, consistent with prior orders for these resources, the deferred tax asset balances associated with both the production tax credits and the tax gross-up of the regulatory liability will be recognized as a reduction to the overall accumulated deferred income tax liability balance in Entergy Arkansas’s calculation of its weighted average cost of capital providing a return on the unamortized balance for the benefit of customers. Further, Entergy Arkansas proposes to flow the benefits of the solar production tax credits to customers through Entergy Arkansas’s formula rate plan, effective with the formula rate plan rates that will go into effect January 1, 2027. Entergy Arkansas’s proposal would result in the benefits of the production tax credits being passed through to customers, if approved, as reductions in revenue requirement evenly over the life of the assets, rather than only during the 10-year period in which the production tax credits are generated. In April 2026 the APSC general staff filed testimony proposing an amortization period of no more than 15 years for the monetized proceeds for the tax credits associated with the West Memphis Solar and Driver Solar facilities. An evidentiary hearing is scheduled for July 2026.

Energy Cost Recovery Rider

In March 2026, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected an increase in the rate from $0.01333 per kWh to $0.01508 per kWh. The primary reason for the rate increase was an under-recovered balance as a result of higher natural gas prices in 2025. Based on circumstances related to ANO 2’s refueling outage, Entergy Arkansas made an adjustment to projected energy costs to phase-in the rate increase gradually. The redetermined rate of $0.01508 per kWh became effective with the first billing cycle in April 2026 through the normal operation of the tariff.

Industrial and Commercial Customers

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Industrial and Commercial Customers” in the Form 10-K for a discussion of industrial and commercial customers.

Federal Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Federal Regulation” in the Form 10-K for a discussion of federal regulation.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Nuclear Matters” in the Form 10-K for a discussion of nuclear matters.

Entergy Arkansas, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

Environmental Risks

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Environmental Risks” in the Form 10-K for a discussion of environmental risks.

Critical Accounting Estimates

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K for a discussion of the estimates and judgments necessary in Entergy Arkansas’s accounting for nuclear decommissioning costs, utility regulatory accounting, taxation and uncertain tax positions, qualified pension and other postretirement benefits, and other contingencies.

New Accounting Pronouncements

See the “New Accounting Pronouncements” section of Note 1 to the financial statements in the Form 10-K for a discussion of new accounting pronouncements.

ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
																		2026						2025
												(In Thousands)
OPERATING REVENUES
Electric																		$646,297						$613,511
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale																		62,896						47,559
Purchased power																		74,489						64,947
Nuclear refueling outage expenses																		10,689						10,581
Other operation and maintenance																		172,620						171,518
Decommissioning																		26,104						24,622
Taxes other than income taxes																		41,504						35,981
Depreciation and amortization																		120,690						113,268
Other regulatory charges (credits) - net																		79,277						(5,117)
TOTAL																		588,269						463,359
OPERATING INCOME																		58,028						150,152
OTHER INCOME
Allowance for equity funds used during construction																		5,122						4,262
Interest and investment income																		107,826						13,579
Miscellaneous - net																		1,366						(2,778)
TOTAL																		114,314						15,063
INTEREST EXPENSE
Interest expense																		74,559						57,743
Allowance for borrowed funds used during construction																		(2,530)						(2,053)
TOTAL																		72,029						55,690
INCOME BEFORE INCOME TAXES																		100,313						109,525
Income taxes																		17,612						23,002
NET INCOME																		82,701						86,523
Net income (loss) attributable to noncontrolling interest																		590						(1,191)
EARNINGS APPLICABLE TO MEMBER'S EQUITY																		$82,111						$87,714
See Notes to Financial Statements.

ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
						2026						2025
						(In Thousands)
OPERATING ACTIVITIES
Net income						$82,701						$86,523
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						167,930						159,997
Deferred income taxes, tax credits, and non-current taxes accrued						46,054						38,647
Changes in assets and liabilities:
Receivables						59,806						20,884
Fuel inventory						(19,592)						(6,636)
Accounts payable						3,209						(10,943)
Taxes accrued						(6,965)						(1,370)
Interest accrued						32,071						25,947
Deferred fuel costs						(82,715)						(42,248)
Other working capital accounts						(22,568)						(1,447)
Provisions for estimated losses						(3,736)						4,441
Other regulatory assets						96,686						10,149
Other regulatory liabilities						(146,228)						(47,940)
Customer advances - non-current						48,700						—
Pension and other postretirement funded status						(10,809)						(13,269)
Other assets and liabilities						17,737						34,442
Net cash flow provided by operating activities						262,281						257,177
INVESTING ACTIVITIES
Construction expenditures						(342,184)						(156,345)
Allowance for equity funds used during construction						5,122						4,262
Payment for purchase of plant						—						(1,282)
Nuclear fuel purchases						(88,616)						(28,000)
Proceeds from sale of nuclear fuel						38,369						40,260
Proceeds from nuclear decommissioning trust fund sales						308,682						23,272
Investment in nuclear decommissioning trust funds						(318,387)						(33,721)
Changes in money pool receivable - net						(21,199)						(9,608)
Other						—						51
Net cash flow used in investing activities						(418,213)						(161,111)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt						1,147,175						17,607
Retirement of long-term debt						(715,606)						(34,905)
Change in money pool payable - net						—						(15,190)
Other						26,278						(13,265)
Net cash flow provided by (used in) financing activities						457,847						(45,753)
Net increase in cash and cash equivalents						301,915						50,313
Cash and cash equivalents at beginning of period						275,570						4,747
Cash and cash equivalents at end of period						$577,485						$55,060
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$23,891						$31,134
Noncash investing activities:
Accrued construction expenditures						$73,826						$51,028
See Notes to Financial Statements.

ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, 2026 and December 31, 2025
(Unaudited)
						2026						2025
						(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash						$14,056						$7,048
Temporary cash investments						563,429						268,522
Total cash and cash equivalents						577,485						275,570
Accounts receivable:
Customer						157,229						164,296
Allowance for doubtful accounts						(7,422)						(7,303)
Associated companies						72,046						43,859
Other						62,461						87,029
Accrued unbilled revenues						110,454						130,950
Total accounts receivable						394,768						418,831
Deferred fuel costs						110,419						27,704
Fuel inventory - at average cost						58,974						39,382
Materials and supplies						437,349						430,662
Deferred nuclear refueling outage costs						50,583						36,718
Prepayments and other						93,177						98,975
TOTAL						1,722,755						1,327,842
OTHER PROPERTY AND INVESTMENTS
Decommissioning trust funds						1,775,547						1,816,331
Other						792						793
TOTAL						1,776,339						1,817,124
UTILITY PLANT
Electric						17,113,427						17,022,476
Construction work in progress						896,571						621,218
Nuclear fuel						263,993						302,706
TOTAL UTILITY PLANT						18,273,991						17,946,400
Less - accumulated depreciation and amortization						6,675,317						6,585,693
UTILITY PLANT - NET						11,598,674						11,360,707
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						1,647,162						1,743,848
Other						238,133						221,381
TOTAL						1,885,295						1,965,229
TOTAL ASSETS						$16,983,063						$16,470,902
See Notes to Financial Statements.

ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2026 and December 31, 2025
(Unaudited)
						2026						2025
						(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt						$90,000						$690,000
Accounts payable:
Associated companies						31,666						103,411
Other						379,879						346,541
Customer deposits						137,675						136,587
Taxes accrued						108,028						114,993
Interest accrued						71,780						39,709
Other						55,940						56,083
TOTAL						874,968						1,487,324
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						1,894,418						1,846,713
Accumulated deferred investment tax credits						24,568						24,868
Regulatory liability for income taxes - net						421,183						422,740
Other regulatory liabilities						899,389						1,044,060
Customer advances						58,700						10,000
Decommissioning						1,811,290						1,791,372
Accumulated provisions						81,803						85,539
Long-term debt						5,767,752						4,733,604
Other						356,183						314,495
TOTAL						11,315,286						10,273,391
Commitments and Contingencies
EQUITY
Member's equity						4,781,480						4,699,369
Noncontrolling interest						11,329						10,818
TOTAL						4,792,809						4,710,187
TOTAL LIABILITIES AND EQUITY						$16,983,063						$16,470,902
See Notes to Financial Statements.

ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
			Noncontrolling Interest						Member's Equity						Total
			(In Thousands)
Balance at December 31, 2024			$15,168						$4,448,837						$4,464,005
Net income (loss)			(1,191)						87,714						86,523
Distributions to noncontrolling interest			(181)						—						(181)
Balance at March 31, 2025			$13,796						$4,536,551						$4,550,347
Balance at December 31, 2025			$10,818						$4,699,369						$4,710,187
Net income			590						82,111						82,701
Distributions to noncontrolling interest			(79)						—						(79)
Balance at March 31, 2026			$11,329						$4,781,480						$4,792,809
See Notes to Financial Statements.

ENTERGY LOUISIANA, LLC AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Winter Storm Fern

See the “Winter Storm Fern” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis for a discussion of Winter Storm Fern. Entergy Louisiana’s current estimate for the cost of mobilizing crews and restoring power is approximately $250 million, including approximately $215 million in capital costs and approximately $35 million in non-capital costs. Natural gas purchases for Entergy Louisiana were $256 million in January 2026 compared to $115 million in January 2025. See Note 2 to the financial statements herein and in the Form 10-K for discussion of fuel cost recovery at Entergy Louisiana.

Results of Operations

Net Income

Net income increased $21.7 million primarily due to a higher return on construction work in progress for certain utility plant investments, higher retail electric price, higher volume/weather, and higher other income. The increase was partially offset by higher interest expense, higher depreciation and amortization expenses, and higher taxes other than income taxes.

Operating Revenues

Following is an analysis of the change in operating revenues comparing the first quarter 2026 to the first quarter 2025:

			Amount
			(In Millions)
2025 operating revenues			$1,301.5
Fuel, rider, and other revenues that do not significantly affect net income			114.4
Return on construction work in progress for certain utility plant investments			17.6
Retail electric price			10.7
Volume/weather			9.5
Effect of sale of natural gas distribution business			(29.6)
2026 operating revenues			$1,424.1

Entergy Louisiana’s results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

The return on construction work in progress for certain utility plant investments variance represents the revenue related to the amortization of certain customer advances designed to provide a return on investment in construction work in progress for certain utility plant investment, which is recognized as the related costs are incurred.

Entergy Louisiana, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

The retail electric price variance is primarily due to increases in the resilience plan cost recovery rider effective March 2025 and March 2026. See Note 2 to the financial statements herein for discussion of the resilience plan cost recovery rider filings.

The volume/weather variance is primarily due to an increase in industrial usage, partially offset by the effect of less favorable weather on residential sales. The increase in industrial usage is primarily due to an increase in demand from large industrial customers, primarily in the petroleum refining, solar technology, and agricultural chemicals industries, partially offset by a decrease in demand from large industrial customers in the chlor-alkali and industrial gases industries. The increase in industrial usage is also primarily due to an increase in demand from co-generation customers.

The effect of sale of natural gas distribution business variance represents the decrease in operating revenues resulting from the absence of natural gas revenues following the sale of the natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy Louisiana natural gas distribution business on July 1, 2025.

Total electric energy sales for Entergy Louisiana for the three months ended March 31, 2026 and 2025 are as follows:

			2026						2025						% Change
			(GWh)
Residential			2,946						3,169						(7)
Commercial			2,434						2,432						—
Industrial			9,202						8,533						8
Governmental			184						195						(6)
Total retail			14,766						14,329						3
Sales for resale:
Associated companies			1,398						1,448						(3)
Non-associated companies			333						228						46
Total			16,497						16,005						3

See Note 12 to the financial statements herein for additional discussion of Entergy Louisiana’s operating revenues.

Other Income Statement Variances

Other operation and maintenance expenses increased slightly primarily due to:

• an increase of $5.2 million in compensation and benefits costs primarily due to a revision to estimated incentive-based compensation expense in first quarter 2025;

• an increase of $3.1 million in power delivery expenses primarily due to a higher scope of work performed in 2026 as compared to 2025 and increased contract labor costs; and

• several individually insignificant items.

The increase was partially offset by:

• a decrease of $6.1 million in loss provisions;

• a decrease of $4.4 million in non-nuclear generation expenses primarily due to a lower scope of work performed during plant outages in 2026 as compared to 2025; and

• a decrease of $4.0 million in insurance expenses primarily due to higher nuclear insurance refunds.

Entergy Louisiana, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

Taxes other than income taxes increased primarily due to increases in ad valorem taxes resulting from higher assessments.

Depreciation and amortization expenses increased primarily due to additions to plant in service, an increase in FERC jurisdictional depreciation rates effective January 2026, and an increase in nuclear depreciation rates effective September 2025 in accordance with the global stipulated settlement agreement approved by the LPSC in August 2024. See Note 2 to the financial statements in the Form 10-K for discussion of the global stipulated settlement agreement.

Entergy Louisiana records a regulatory charge or credit for the difference between asset retirement obligation-related expenses and nuclear decommissioning trust earnings plus asset retirement obligation-related costs collected in revenue.

Other income increased primarily due to:

• changes in decommissioning trust fund activity, including portfolio rebalancing of the River Bend decommissioning trust fund in first quarter 2026;

• an increase of $6.5 million in the amortization of tax gross-up on customer advances, including customer advances for construction; and

• an increase in the allowance for equity funds used during construction due to higher construction work in progress in 2026.

The increase was offset by a decrease of $4.5 million in affiliated dividend income from affiliated preferred membership interests related to storm cost securitizations. See Note 2 to the financial statements in the Form 10-K for discussion of the storm cost securitizations.

Interest expense increased primarily due to:

• an increase of $9.8 million in carrying costs on customer advances, including customer advances for construction;

• the issuances of $750 million of 5.65% Series mortgage bonds and $750 million of 4.90% Series mortgage bonds, each in February 2026; and

• $4.1 million in carrying costs in first quarter 2026 on retained net proceeds from the monetization of nuclear production tax credits.

The increase was partially offset by the repayment of $250 million of 4.44% Series mortgage bonds in January 2026.

Income Taxes

The effective income tax rate was 15.5% for the first quarter 2026. The difference in the effective income tax rate for the first quarter 2026 versus the federal statutory rate of 21% was primarily due to the book and tax differences related to the non-taxable income distributions earned on preferred membership interests, the amortization of excess accumulated deferred income taxes, book and tax differences related to the allowance for equity funds used during construction, and certain book and tax differences related to utility plant items, partially offset by the accrual for state income taxes.

The effective income tax rate was 17.5% for the first quarter 2025. The difference in the effective income tax rate for the first quarter 2025 versus the federal statutory rate of 21% was primarily due to the book and tax differences related to the non-taxable income distributions earned on preferred membership interests, book and tax differences related to the allowance for equity funds used during construction, and certain book and tax differences related to utility plant items, partially offset by the accrual for state income taxes.

Entergy Louisiana, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” in the Form 10-K for discussion of income tax legislation and regulation.

Sale of Natural Gas Distribution Business

See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy Louisiana natural gas distribution business on July 1, 2025.

Liquidity and Capital Resources

Cash Flow

Cash flows for the three months ended March 31, 2026 and 2025 were as follows:

			2026						2025
			(In Thousands)
Cash and cash equivalents at beginning of period			$776,961						$327,102
Net cash provided by (used in):
Operating activities			306,282						273,135
Investing activities			(948,485)						(696,217)
Financing activities			1,104,252						488,225
Net increase in cash and cash equivalents			462,049						65,143
Cash and cash equivalents at end of period			$1,239,010						$392,245

Operating Activities

Net cash flow provided by operating activities increased $33.1 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to:

• an increase of $87.1 million in receipts of advance payments related to customer agreements, including $80.6 million in customer advances and $6.5 million in tax gross-up on customer advances for construction;

• higher collections from customers; and

• a decrease of $17.9 million in spending on nuclear refueling outage costs in 2026 as compared to 2025.

The increase was partially offset by higher fuel and purchased power payments and the timing of payments to vendors. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of fuel and purchased power cost recovery.

Investing Activities

Net cash flow used in investing activities increased $252.3 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to:

• an increase of $260.5 million in non-nuclear generation construction expenditures primarily due to higher spending on the Richland Parish Power Station Units 1 and 2 project, the Waterford 5 Power Station project, and the Waterford 6 Power Station project;

Entergy Louisiana, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

• an increase of $100.3 million in transmission construction expenditures primarily due to higher capital expenditures as a result of increased investment in the resilience of the transmission system and higher spending on the Amite South transmission projects and on various other transmission projects in 2026;

• an increase of $64.6 million in capital expenditures related to storm restoration primarily due to Winter Storm Fern. See “Winter Storm Fern” above for discussion of storm restoration efforts in 2026; and

• the receipt of $33.5 million from the storm reserve escrow account in first quarter 2025. See Note 2 to the financial statements in the Form 10-K for a discussion of the storm reserve funds.

The increase was partially offset by a decrease of $100.5 million in nuclear construction expenditures primarily due to decreased spending on various nuclear projects in 2026 and a decrease in cash used of $118.2 million as a result of fluctuations in nuclear fuel activity due to variations from year to year in the timing and pricing of fuel reload requirements, materials and services deliveries, and the timing of cash payments during the nuclear fuel cycle.

Financing Activities

Net cash flow provided by financing activities increased $616 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to:

• the issuances of $750 million of 5.65% Series mortgage bonds and $750 million of 4.90% Series mortgage bonds, each in February 2026;

• the repayment, prior to maturity, of $190 million of 3.78% Series mortgage bonds in March 2025;

• the repayment, prior to maturity, of $110 million of 3.78% Series mortgage bonds in March 2025; and

• $36.3 million in common equity distributions paid in 2025 in order to maintain Entergy Louisiana’s capital structure. No common equity distributions were paid in 2026.

The increase was partially offset by:

• the issuance of $750 million of 5.80% Series mortgage bonds in January 2025;

• the repayment of $250 million of 4.44% Series mortgage bonds in January 2026;

• net repayments of $21.3 million in 2026 compared to net long-term borrowings of $100 million in 2025 on the nuclear fuel company variable interest entities’ credit facilities; and

• a decrease of $93.6 million in net customer advances for construction related to transmission, distribution, and generator interconnection agreements.

See Note 4 to the financial statements herein and Note 5 to the financial statements in the Form 10-K for more details on long-term debt.

Capital Structure

Entergy Louisiana’s debt to capital ratio is shown in the following table. The increase in the debt to capital ratio for Entergy Louisiana is primarily due to the net issuance of long-term debt in 2026.

			March 31, 2026						December 31, 2025
Debt to capital			48.7		%				46.6		%
Effect of subtracting cash			(2.8		%)				(2.0		%)
Net debt to net capital (non-GAAP)			45.9		%				44.6		%

Net debt consists of debt less cash and cash equivalents. Debt consists of short-term borrowings, finance lease obligations, and long-term debt, including the currently maturing portion. Capital consists of debt and equity. Net capital consists of capital less cash and cash equivalents. Entergy Louisiana uses the debt to capital ratio in

Entergy Louisiana, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Louisiana’s financial condition. The net debt to net capital ratio is a non-GAAP measure. Entergy Louisiana also uses the net debt to net capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Louisiana’s financial condition because net debt indicates Entergy Louisiana’s outstanding debt position that could not be readily satisfied by cash and cash equivalents on hand.

Uses and Sources of Capital

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources” in the Form 10-K for a discussion of Entergy Louisiana’s uses and sources of capital. The following are updates to the information provided in the Form 10-K.

Following are the current annual amounts of Entergy Louisiana’s planned construction and other capital investments.

			2026						2027						2028						2029
			(In Millions)
Planned construction and capital investments:
Generation			$3,990						$8,235						$7,725						$6,730
Transmission			1,560						1,740						1,280						875
Distribution			1,320						835						565						610
Utility Support			120						110						90						75
Total			$6,990						$10,920						$9,660						$8,290

The updated capital plan for 2026-2029 reflects incremental capital investments for potential generation projects, primarily related to resources identified in Entergy Louisiana’s application filed with the LPSC in March 2026 as discussed below in “Additional Generation and Transmission Resources”. In addition to routine capital spending to maintain operations, the capital plan for Entergy Louisiana includes investments in generation projects to modernize, decarbonize, expand, and diversify Entergy Louisiana’s portfolio, as well as to support customer growth, including Segno Solar, Votaw Solar, Bogalusa West Solar, Cypress Harvest Solar, Franklin Farms Power Station Units 1 and 2, Waterford 5 Power Station, Cottonwood Power Station, Westlake Power Station, Richland Parish Units 1-4, Pointe Coupee Units 1-3, and other new generation resources; investments in River Bend and Waterford 3; distribution and Utility support spending to improve reliability, resilience, and customer experience; transmission spending to improve reliability and resilience while also supporting customer growth and renewables expansion; and other investments. The planned construction and capital investments amounts above exclude investments expected to be funded with customer advances for construction.

Entergy Louisiana’s receivables from the money pool were as follows:

March 31, 2026						December 31, 2025						March 31, 2025						December 31, 2024
(In Thousands)
$94,840						$63,435						$71,805						$32,668

See Note 4 to the financial statements in the Form 10-K for a description of the money pool.

Entergy Louisiana has a credit facility in the amount of $400 million scheduled to expire in June 2030. The credit facility includes fronting commitments for the issuance of letters of credit against $15 million of the borrowing capacity of the facility. As of March 31, 2026, there were no cash borrowings and no letters of credit outstanding under the credit facility. In addition, Entergy Louisiana is a party to two uncommitted letter of credit

Entergy Louisiana, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

facilities as a means to post collateral to support its obligations to MISO. As of March 31, 2026, $118 million in letters of credit were outstanding under Entergy Louisiana’s uncommitted letter of credit facilities. See Note 4 to the financial statements herein for additional discussion of the credit facilities.

The Entergy Louisiana nuclear fuel company variable interest entities have two separate credit facilities, each in the amount of $105 million and scheduled to expire in June 2027. As of March 31, 2026, $39.5 million in loans were outstanding under the credit facility for the Entergy Louisiana River Bend nuclear fuel company variable interest entity and $33.2 million in loans were outstanding under the credit facility for the Entergy Louisiana Waterford nuclear fuel company variable interest entity. See Note 4 to the financial statements herein for additional discussion of the nuclear fuel company variable interest entity credit facilities.

Renewables

Cypress Harvest Solar

As discussed in the Form 10-K, in February 2026, Entergy Louisiana filed an application seeking LPSC approval and certification for the Cypress Harvest Solar facility, a 200 MW solar facility to be located in Iberville Parish, Louisiana. In March 2026 the LPSC staff filed an affidavit attesting that the Cypress Harvest Solar Facility meets the applicable parameters for Entergy Louisiana’s expedited certification process and recommending that the LPSC grant certification. At its April 2026 meeting, the LPSC voted to grant the requested approval and certification. The facility is expected to be in service by 2028.

Other Generation and Transmission

Additional Generation and Transmission Resources

See the Form 10-K for discussion of Entergy Louisiana’s October 2024 application with the LPSC seeking approval of a variety of generation and transmission resources proposed in connection with establishing service to a new data center to be developed by a subsidiary of Meta Platforms, Inc. in north Louisiana, for which an electric service agreement was previously executed.

In March 2026, Entergy Louisiana entered into an electric service agreement with Evest LLC (Evest), a subsidiary of Meta Platforms, Inc., in connection with establishing service to a second new data center to be developed by Evest in north Louisiana. The obligations pursuant to the agreement will commence following construction of certain transmission facilities needed to serve Evest, and the effectiveness of the agreement is conditioned upon receipt of required governmental approvals, including approval from the LPSC. Also in March 2026, Entergy Louisiana filed an application with the LPSC for certification to construct seven new combined cycle combustion turbine generation resources totaling 5,278 MW at a total cost of approximately $12.9 billion, each of which will be enabled for future carbon capture and storage, and three battery energy storage systems, including two that will be co-located with solar resources at the Cypress Harvest Solar Facility in Iberville Parish and the Bogalusa West Solar Facility in Washington Parish. The application also seeks approval to construct a new 500 kV transmission line, from West Fork Creek to St. Landry, estimated to cost $1.4 billion, and other related transmission facilities. Four of the new combined cycle combustion turbine generation resources are to be located near the customer site in north Louisiana (Richland Parish Units 1-4), while the remaining three units will be located near the existing Big Cajun site in Pointe Coupee Parish (Pointe Coupee Units 1-3). The seven new combined cycle combustion turbine generation resources have various estimated in-service dates in 2030 and 2031. The application also requests certain approvals related to a corporate sustainability agreement with the new customer. The corporate sustainability agreement contemplates the new customer contributing to the costs of the future addition of 2,500 MW of new renewable and energy storage resources, agreements involving nuclear-related efforts and contributions to bill assistance and other programs for low-income residents. Entergy Louisiana anticipates recovering the incremental cost to serve the customer through direct financial contributions from the customer and the revenues it expects to earn under the electric service agreement. The application is pending before the LPSC. At its April 2026

Entergy Louisiana, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

meeting, the LPSC voted to direct the administrative hearings division to adopt a procedural schedule that would allow for LPSC consideration of the matter at its December 2026 meeting, and also to have the administrative hearings division serve as a hearing examiner and compile a record for the LPSC to consider without the issuance of a formal recommendation from the ALJ.

The electric service agreement and related contracts contain provisions that protect Entergy Louisiana’s current customers in a manner consistent with the LPSC’s Lightning Initiative and Entergy Louisiana’s Fair Share Plus guidelines, which the LPSC and Entergy Louisiana, respectively, developed in response to increased investment in large data centers in Louisiana. The protections include terms requiring the customer to pay Entergy Louisiana’s incremental costs to serve the customer, including through contributions in aid of construction, other advanced payments and minimum monthly bills. The agreements also include specified financial obligations in the event that Evest terminates the contracts early, restructures the project, or in the event of default. These specified financial obligations would be based on Entergy Louisiana’s unrecovered incremental costs to serve Evest at the time of such an event. Evest’s obligations under the electric service agreement and related contracts are secured by various forms of collateral, including a guaranty from Meta Platforms, Inc.

Finally, the electric service agreement also includes provisions relating to Entergy Louisiana’s performance obligations, including the timely construction of the facilities supporting service to Evest, audit rights for the construction costs supported by Evest, and service standards during the term of the electric service agreement. Entergy Louisiana’s failure to meet one or more of these performance obligations could result in specified financial and/or non-financial penalties. Such penalties would vary based on the nature and severity of the failure, including the potential termination of the electric service agreement.

Babel - Webre 500 kV Transmission Project

As discussed in the Form 10-K, in December 2025, Entergy Louisiana filed an application with the LPSC seeking a certificate of public convenience and necessity for a 500 kV transmission project that includes the construction of a new 147-mile Babel to Webre 500 kV transmission line, the reconstruction of the Webre 500 kV switching station in Louisiana, and coordination with Entergy Texas on the construction of an approximately 4-mile 500 kV transmission line in Texas. The project was approved by MISO in the 2025 MISO Transmission Expansion Plan and has an estimated cost of $1,238 million and an estimated in-service date of August 2029. A procedural schedule has been set with a hearing scheduled for September 2026. Discovery is ongoing.

Waterford 6 Power Station and Westlake Power Station

As discussed in the Form 10-K, in February 2026, Entergy Louisiana filed an application seeking LPSC approval and certification to construct two 754 MW combined cycle combustion turbine generators, the Waterford 6 Power Station and the Westlake Power Station, to be located at Entergy Louisiana’s existing Waterford site near Killona, Louisiana and existing Roy S. Nelson site in Westlake, Louisiana, respectively. In its application, Entergy Louisiana noted the estimated costs are approximately $2,027 million for the Waterford 6 Power Station and $2,091 million for the Westlake Power Station. As described in the application, Entergy Louisiana is considering a third-party financing approach for the Waterford 6 Power Station. Entergy Louisiana asked that the LPSC consider the requests in the application at or before its December 2026 meeting. A procedural schedule has been set with hearings scheduled in October and November 2026. The estimated in-service dates for the Waterford 6 Power Station and Westlake Power Station are July 2030 and October 2030, respectively.

Entergy Louisiana, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

State and Local Rate Regulation and Fuel-Cost Recovery

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – State and Local Rate Regulation and Fuel Cost Recovery” in the Form 10-K for a discussion of state and local rate regulation and fuel-cost recovery. The following are updates to that discussion.

Retail Rates

Resilience Plan Cost Recovery Rider

In December 2022, Entergy Louisiana filed an application with the LPSC seeking a public interest finding regarding Phase I of Entergy Louisiana’s Future Ready resilience plan and approval of a rider mechanism to recover the program’s costs. Phase I in the December 2022 application reflected the first five years of a ten-year resilience plan and included investment of approximately $5 billion, including hardening investment, transmission dead-end structures, enhanced vegetation management, and telecommunications improvement. In April 2024 the LPSC approved a framework which includes an initial five-year resilience plan providing for an investment of approximately $1.9 billion with cost recovery via a forward-looking rider with semi-annual true-ups. The plan is subject to specified reporting requirements and includes a performance review of the hardened assets. The LPSC order approving the framework does not include any restrictions on Entergy Louisiana’s ability to file applications for approval of additional investments in resilience.

In January 2025, Entergy Louisiana’s semi-annual filing sought to collect from Entergy Louisiana’s retail customers approximately $40.4 million, or $38.9 million in incremental annual revenues from Entergy Louisiana’s first semi-annual filing in July 2024, for projects expected to be placed in service during the rate-effective period of March 2025 through August 2025. In February 2025 the LPSC staff reviewed the filed rider rates and identified no material issues.

In July 2025, Entergy Louisiana’s semi-annual filing sought to collect from Entergy Louisiana’s retail customers approximately $50.2 million, or $9.8 million in incremental annual revenues, for projects expected to be placed in service during the rate-effective period of September 2025 through February 2026. Additionally, Entergy Louisiana’s true-up filing included an under-recovery totaling $5.6 million to be implemented in the January 2026 semi-annual filing. In August 2025 the LPSC staff reviewed the filed rider rates and identified no material issues.

In January 2026, Entergy Louisiana’s semi-annual filing sought to collect from Entergy Louisiana’s retail customers approximately $101.8 million, or $51.6 million in incremental annual revenues, for projects expected to be placed in service during the rate-effective period of March 2026 through August 2026. Additionally, Entergy Louisiana’s true-up filing included an over-recovery totaling $16.6 million to be implemented in the July 2026 semi-annual filing. In February 2026 the LPSC staff reviewed the filed rider rates and identified no material issues.

Fuel and purchased power cost recovery

As discussed in the Form 10-K, in June 2025 the LPSC staff provided notice of an audit of Entergy Louisiana’s purchased gas adjustment clause filings (for Entergy Louisiana’s gas operations). The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s purchased gas adjustment clause for the period from January 2023 through June 2025. The LPSC staff issued its audit report in March 2026, and although certain internal record keeping recommendations were made, the LPSC staff did not recommend any disallowances. The next step is for the LPSC to issue its final report, but there is no deadline or timing requirement associated with the issuance of the final report.

In February 2026, Entergy Louisiana, in its monthly filing to update its fuel adjustment clause, requested to defer approximately $141.9 million of fuel costs incurred in January 2026 that were primarily attributable to the effects of Winter Storm Fern, consistent with the LPSC’s general order approved at its February 2026 meeting

Entergy Louisiana, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

permitting temporary modifications to the LPSC’s fuel adjustment clause general order. The filing proposes to defer the recovery of these fuel costs over a four-month period from March 2026 through June 2026 to mitigate the customer bill impacts of these fuel costs.

In April 2026 the LPSC staff provided notice of an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s fuel adjustment clause for the period from 2023 through 2025.

Industrial and Commercial Customers

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Industrial and Commercial Customers” in the Form 10-K for a discussion of industrial and commercial customers.

Federal Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Federal Regulation” in the Form 10-K for a discussion of federal regulation.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Nuclear Matters” in the Form 10-K for a discussion of nuclear matters.

Environmental Risks

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Environmental Risks” in the Form 10-K for a discussion of environmental risks.

Critical Accounting Estimates

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K for a discussion of the estimates and judgments necessary in Entergy Louisiana’s accounting for nuclear decommissioning costs, utility regulatory accounting, taxation and uncertain tax positions, qualified pension and other postretirement benefits, and other contingencies.

New Accounting Pronouncements

See the “New Accounting Pronouncements” section of Note 1 to the financial statements in the Form 10-K for a discussion of new accounting pronouncements.

ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
																		2026						2025
												(In Thousands)
OPERATING REVENUES
Electric																		$1,424,085						$1,271,946
Natural gas																		—						29,601
TOTAL																		1,424,085						1,301,547
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale																		344,123						213,852
Purchased power																		216,433						261,788
Nuclear refueling outage expenses																		9,941						18,371
Other operation and maintenance																		259,653						258,037
Decommissioning																		20,365						19,417
Taxes other than income taxes																		73,533						66,221
Depreciation and amortization																		211,551						197,622
Other regulatory charges (credits) - net																		(36,470)						(47,233)
TOTAL																		1,099,129						988,075
OPERATING INCOME																		324,956						313,472
OTHER INCOME
Allowance for equity funds used during construction																		20,076						15,206
Interest and investment income																		17,260						1,088
Interest and investment income - affiliated																		71,260						76,571
Miscellaneous - net																		23,015						17,071
TOTAL																		131,611						109,936
INTEREST EXPENSE
Interest expense																		137,656						121,334
Allowance for borrowed funds used during construction																		(7,545)						(6,185)
TOTAL																		130,111						115,149
INCOME BEFORE INCOME TAXES																		326,456						308,259
Income taxes																		50,556						54,062
NET INCOME																		275,900						254,197
Net income attributable to noncontrolling interests																		707						752
EARNINGS APPLICABLE TO MEMBER'S EQUITY																		$275,193						$253,445
See Notes to Financial Statements.

ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
															2026						2025
									(In Thousands)
Net Income															$275,900						$254,197
Other comprehensive loss
Pension and other postretirement plan changes (net of tax benefit of $369 and $1,884)															(1,087)						(971)
Other comprehensive loss															(1,087)						(971)
Comprehensive Income															274,813						253,226
Net income attributable to noncontrolling interests															707						752
Comprehensive Income Applicable to Member’s Equity															$274,106						$252,474
See Notes to Financial Statements.

ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
						2026						2025
						(In Thousands)
OPERATING ACTIVITIES
Net income						$275,900						$254,197
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						259,020						235,886
Deferred income taxes, tax credits, and non-current taxes accrued						133,607						154,018
Changes in working capital:
Receivables						(121)						(30,919)
Fuel inventory						13,072						2,458
Accounts payable						(22,965)						(15,853)
Taxes accrued						(21,967)						(57,828)
Interest accrued						(56,328)						(47,251)
Deferred fuel costs						(131,148)						(120,941)
Customer advances - current						65,593						(695)
Other working capital accounts						(102,939)						(5,993)
Changes in provisions for estimated losses						5,427						(25,824)
Changes in other regulatory assets						(55,645)						65,140
Changes in other regulatory liabilities						(124,355)						(101,039)
Changes in pension and other postretirement funded status						(9,506)						(10,612)
Other						78,637						(21,609)
Net cash flow provided by operating activities						306,282						273,135
INVESTING ACTIVITIES
Construction expenditures						(1,003,431)						(658,846)
Allowance for equity funds used during construction						20,076						15,206
Proceeds from sale of assets						—						366
Nuclear fuel purchases						(61,625)						(112,379)
Proceeds from sale of nuclear fuel						67,461						—
Payments to storm reserve escrow account						(2,109)						(2,728)
Receipt from storm reserve escrow account						—						33,456
Redemption of preferred membership interests of affiliate						91,126						88,022
Proceeds from nuclear decommissioning trust fund sales						290,292						158,694
Investment in nuclear decommissioning trust funds						(310,645)						(178,871)
Changes in money pool receivable - net						(31,405)						(39,137)
Increase in other investments						(8,225)						—
Net cash flow used in investing activities						(948,485)						(696,217)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt						1,688,840						1,088,338
Retirement of long-term debt						(478,010)						(551,009)
Customer advances received for construction						17,298						49,831
Customer advances used for construction						(121,451)						(60,339)
Common equity distributions paid						—						(36,250)
Other						(2,425)						(2,346)
Net cash flow provided by financing activities						1,104,252						488,225
Net increase in cash and cash equivalents						462,049						65,143
Cash and cash equivalents at beginning of period						776,961						327,102
Cash and cash equivalents at end of period						$1,239,010						$392,245
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$159,548						$166,286
Noncash investing activities:
Accrued construction expenditures						$338,745						$251,166
See Notes to Financial Statements.

ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, 2026 and December 31, 2025
(Unaudited)
						2026						2025
						(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash						$295						$237
Temporary cash investments						1,238,715						776,724
Total cash and cash equivalents						1,239,010						776,961
Accounts receivable:
Customer						335,248						292,366
Allowance for doubtful accounts						(9,796)						(9,069)
Associated companies						163,893						164,911
Other						40,358						50,471
Accrued unbilled revenues						195,909						194,429
Total accounts receivable						725,612						693,108
Deferred fuel costs						146,820						15,672
Fuel inventory - at average cost						22,896						35,968
Materials and supplies						839,090						792,217
Deferred nuclear refueling outage costs						31,095						40,683
Prepayments and other						241,158						187,832
TOTAL						3,245,681						2,542,441
OTHER PROPERTY AND INVESTMENTS
Investment in affiliate preferred membership interests						3,916,792						4,007,919
Decommissioning trust funds						2,690,316						2,753,828
Non-utility property - at cost (less accumulated depreciation)						457,906						459,706
Storm reserve escrow account						237,070						234,961
Other						10,182						10,132
TOTAL						7,312,266						7,466,546
UTILITY PLANT
Electric						30,747,930						30,408,352
Construction work in progress						2,965,214						2,031,650
Nuclear fuel						275,113						323,052
TOTAL UTILITY PLANT						33,988,257						32,763,054
Less - accumulated depreciation and amortization						11,413,715						11,275,981
UTILITY PLANT - NET						22,574,542						21,487,073
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						1,596,354						1,540,709
Deferred fuel costs						168,122						168,122
Other						148,903						132,679
TOTAL						1,913,379						1,841,510
TOTAL ASSETS						$35,045,868						$33,337,570
See Notes to Financial Statements.

ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2026 and December 31, 2025
(Unaudited)
						2026						2025
						(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt						$470,000						$720,000
Accounts payable:
Associated companies						61,625						92,126
Other						1,077,365						761,359
Customer deposits						175,202						172,594
Taxes accrued						42,826						64,793
Interest accrued						70,021						126,349
Customer advances						705,134						543,312
Other						87,468						94,876
TOTAL						2,689,641						2,575,409
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						3,244,474						3,093,218
Accumulated deferred investment tax credits						83,074						84,177
Regulatory liability for income taxes - net						295,562						312,684
Other regulatory liabilities						1,523,530						1,630,763
Decommissioning						1,956,704						1,932,412
Accumulated provisions						266,087						260,660
Pension and other postretirement liabilities						157,792						159,075
Long-term debt						11,109,539						9,646,835
Customer advances for construction						981,218						1,152,530
Other						533,181						558,621
TOTAL						20,151,161						18,830,975
Commitments and Contingencies
EQUITY
Member’s equity						12,132,242						11,857,063
Accumulated other comprehensive income						32,829						33,916
Noncontrolling interests						39,995						40,207
TOTAL						12,205,066						11,931,186
TOTAL LIABILITIES AND EQUITY						$35,045,868						$33,337,570
See Notes to Financial Statements.

ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
			Noncontrolling Interests						Member’s Equity						Accumulated Other Comprehensive Income						Total
			(In Thousands)
Balance at December 31, 2024			$42,706						$11,503,030						$53,658						$11,599,394
Net income			752						253,445						—						254,197
Other comprehensive loss			—						—						(971)						(971)
Common equity distributions			—						(36,250)						—						(36,250)
Distributions to LURC			(888)						—						—						(888)
Other			—						(12)						—						(12)
Balance at March 31, 2025			$42,570						$11,720,213						$52,687						$11,815,470
Balance at December 31, 2025			$40,207						$11,857,063						$33,916						$11,931,186
Net income			707						275,193						—						275,900
Other comprehensive loss			—						—						(1,087)						(1,087)
Distributions to LURC			(919)						—						—						(919)
Other			—						(14)						—						(14)
Balance at March 31, 2026			$39,995						$12,132,242						$32,829						$12,205,066
See Notes to Financial Statements.

ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Winter Storm Fern

See the “Winter Storm Fern” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis for a discussion of Winter Storm Fern. Entergy Mississippi’s current estimate for the cost of mobilizing crews and restoring power is approximately $175 million, including approximately $140 million in capital costs and approximately $35 million in non-capital costs. Natural gas purchases for Entergy Mississippi were $85 million in January 2026 compared to $28 million in January 2025.

The “Mississippi 2026 Severe Winter Storm Electric Utility Customer Relief and Electric Utility System Restoration Act” passed in Mississippi legislation in April 2026. This legislation provides that the MPSC may issue an electric utility financing order authorizing the issuance of system restoration bonds, the proceeds of which shall be used to securitize the system restoration costs and storm damage reserve levels of those utilities affected by Winter Storm Fern. The legislation requires that an electric utility affected by the storm must first petition the MPSC for such a financing order that complies with the requirements outlined in the legislation. The legislation states that any system restoration bonds issued under a financing order will not be considered debt of the electric utility. These bonds will only be backed by the system restoration property specified in the financing order. Entergy Mississippi plans to file for storm cost recovery under this legislation in third quarter 2026.

Results of Operations

Net Income

Net income increased $37.5 million primarily due to a regulatory charge, recorded in the first quarter 2025, to reflect an adjustment to the grid modernization over/under recovery deferral balance, higher retail electric price, and a higher return on construction work in progress for certain utility plant investments. The increase was partially offset by higher interest expense.

Operating Revenues

Following is an analysis of the change in operating revenues comparing the first quarter 2026 to the first quarter 2025:

			Amount
			(In Millions)
2025 operating revenues			$423.7
Fuel, rider, and other revenues that do not significantly affect net income			75.2
Retail electric price			13.9
Return on construction work in progress for certain utility plant investments			12.5
Volume/weather			0.1
2026 operating revenues			$525.4

Entergy Mississippi’s results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

Entergy Mississippi, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

The retail electric price variance is primarily due to an increase in formula rate plan rates resulting from an increase in interim facilities rate adjustment revenues effective January 2026. See Note 2 to the financial statements in the Form 10-K for discussion of the interim facilities rate adjustment filing.

The return on construction work in progress for certain utility plant investments variance represents the revenue related to the amortization of certain customer advances designed to provide a return on investment in construction work in progress for certain utility plant investment, which is recognized as the related costs are incurred.

The volume/weather variance is insignificant and primarily due to an increase in industrial usage, substantially offset by the effect of less favorable weather on residential sales. The increase in industrial usage is primarily due to an increase in demand from large industrial customers, primarily in the data center industry.

Total electric energy sales for Entergy Mississippi for the three months ended March 31, 2026 and 2025 are as follows:

			2026						2025						% Change
			(GWh)
Residential			1,219						1,311						(7)
Commercial			983						1,002						(2)
Industrial			1,004						526						91
Governmental			88						89						(1)
Total retail			3,294						2,928						13
Sales for resale:
Non-associated companies			1,244						694						79
Total			4,538						3,622						25

See Note 12 to the financial statements herein for additional discussion of Entergy Mississippi’s operating revenues.

Other Income Statement Variances

Other operation and maintenance expenses increased primarily due to an increase of $2.4 million in power delivery expenses primarily due to higher vegetation maintenance costs and increased contract labor costs and several individually insignificant items.

Other regulatory charges (credits) – net includes a regulatory charge of $21 million, recorded in first quarter 2025, to reflect an adjustment to the grid modernization over/under recovery deferral balance.

Other income increased primarily due to an increase of $3.6 million in interest earned on money pool investments.

Interest expense increased primarily due to the issuances of $600 million of 5.80% Series mortgage bonds in March 2025.

Income Taxes

The effective income tax rates were 24.6% for the first quarter 2026 and 24.1% for the first quarter 2025. The differences in the effective income tax rates for the first quarter 2026 and the first quarter 2025 versus the

Entergy Mississippi, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

federal statutory rate of 21% were primarily due to the accrual for state income taxes, partially offset by certain book and tax differences related to utility plant items.

Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” in the Form 10-K for discussion of income tax legislation and regulation.

Liquidity and Capital Resources

Cash Flow

Cash flows for the three months ended March 31, 2026 and 2025 were as follows:

			2026						2025
			(In Thousands)
Cash and cash equivalents at beginning of period			$341,484						$155,693
Net cash provided by (used in):
Operating activities			338,701						120,105
Investing activities			(592,936)						(432,064)
Financing activities			995,781						754,423
Net increase in cash and cash equivalents			741,546						442,464
Cash and cash equivalents at end of period			$1,083,030						$598,157

Operating Activities

Net cash flow provided by operating activities increased $218.6 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to an increase of $158.5 million in receipts of advance payments related to customer agreements, including $133.8 million in customer advances and $24.7 million in tax gross-up on customer advances for construction, and higher collections from customers. The increase was partially offset by higher fuel and purchased power payments and the timing of payments to vendors. See Note 2 to the financial statements in the Form 10-K for a discussion of fuel and purchased power cost recovery.

Investing Activities

Net cash flow used in investing activities increased $160.9 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to:

• an increase of $117.0 million in non-nuclear generation construction expenditures primarily due to higher spending on the Traceview Advanced Power Station project;

• an increase of $59.6 million in capital expenditures related to storm restoration primarily due to Winter Storm Fern. See “Winter Storm Fern” above for discussion of storm restoration efforts in 2026; and

• an increase of $26.0 million in transmission construction expenditures primarily due to higher capital expenditures as a result of increased development in Entergy Mississippi’s service area in 2026.

The increase was partially offset by money pool activity.

Increases in Entergy Mississippi’s receivable from the money pool are a use of cash flow, and Entergy Mississippi’s receivable from the money pool increased $55.3 million for the three months ended March 31, 2026 compared to increasing by $94.3 million for the three months ended March 31, 2025. The money pool is an

Entergy Mississippi, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and other borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings.

Financing Activities

Net cash flow provided by financing activities increased $241.4 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to:

• the issuance of $650 million of 5.05% Series mortgage bonds in March 2026;

• an increase of $135.5 million in capital contributions received from Entergy Corporation in first quarter 2026 as compared to first quarter 2025 in order to maintain Entergy Mississippi’s capital structure; and

• an increase of $54.9 million in net customer advances for construction related to transmission, distribution, and generator interconnection agreements.

The increase was partially offset by the issuance of $600 million of 5.80% Series mortgage bonds in March 2025. See Note 4 to the financial statements herein and Note 5 to the financial statements in the Form 10-K for more details on long-term debt.

Capital Structure

Entergy Mississippi’s debt to capital ratio is shown in the following table. The increase in the debt to capital ratio for Entergy Mississippi is primarily due to the net issuance of long-term debt in 2026, partially offset by a capital contribution of $198 million received from Entergy Corporation in 2026.

			March 31, 2026						December 31, 2025
Debt to capital			53.1		%				50.5		%
Effect of subtracting cash			(8.7		%)				(2.9		%)
Net debt to net capital (non-GAAP)			44.4		%				47.6		%

Net debt consists of debt less cash and cash equivalents. Debt consists of short-term borrowings, finance lease obligations, and long-term debt, including the currently maturing portion. Capital consists of debt and equity. Net capital consists of capital less cash and cash equivalents. Entergy Mississippi uses the debt to capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Mississippi’s financial condition. The net debt to net capital ratio is a non-GAAP measure. Entergy Mississippi uses the net debt to net capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Mississippi’s financial condition because net debt indicates Entergy Mississippi’s outstanding debt position that could not be readily satisfied by cash and cash equivalents on hand.

Entergy Mississippi, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

Uses and Sources of Capital

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources” in the Form 10-K for a discussion of Entergy Mississippi’s uses and sources of capital. The following are updates to the information provided in the Form 10-K.

Entergy Mississippi’s receivables from the money pool were as follows:

March 31, 2026						December 31, 2025						March 31, 2025						December 31, 2024
(In Thousands)
$82,752						$27,422						$109,532						$15,218

See Note 4 to the financial statements in the Form 10-K for a description of the money pool.

Entergy Mississippi has a credit facility in the amount of $300 million scheduled to expire in June 2030. The credit facility includes fronting commitments for the issuance of letters of credit against $5 million of the borrowing capacity of the facility. As of March 31, 2026, there were no cash borrowings and no letters of credit outstanding under the credit facility. In addition, Entergy Mississippi is a party to two uncommitted letter of credit facilities as a means to post collateral to support its obligations to MISO and for other purposes. As of March 31, 2026, $84.9 million in MISO letters of credit and $1.3 million in non-MISO letters of credit were outstanding under Entergy Mississippi’s uncommitted letter of credit facilities. See Note 4 to the financial statements herein for additional discussion of the credit facilities.

Additional Generation and Transmission Resources

As discussed in the Form 10-K, in March 2024, Entergy Mississippi executed a large customer supply and service agreement to serve two data center campuses located in Madison County, Mississippi in which Amazon Web Services is investing. In February 2025, Entergy Mississippi executed a large customer supply and service agreement to serve a data center campus located in Warren County, Mississippi in which Amazon Web Services is investing. In April 2026, Amazon Web Services announced the expansion of the data center campuses located in Madison County, Mississippi. The February 2025 agreement will serve this expansion. Also, in April 2026, Entergy Mississippi executed a large customer supply and service agreement to serve a data center campus located in Hinds County, Mississippi in which Amazon Web Services is investing. Consistent with Entergy Mississippi’s Fair Share Plus guidelines, the large customer supply and service agreements are structured to ensure that the customer pays its incremental cost to serve and includes protections in the event of early termination.

State and Local Rate Regulation and Fuel-Cost Recovery

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - State and Local Rate Regulation and Fuel-Cost Recovery” in the Form 10-K for a discussion of state and local rate regulation and fuel-cost recovery. The following is an update to that discussion.

Retail Rates

2026 Formula Rate Plan Filing

In February 2026, Entergy Mississippi submitted its formula rate plan 2026 test year filing and 2025 look-back filing showing Entergy Mississippi’s earned return on rate base for the historical 2025 calendar year to be within the formula rate plan bandwidth and projected earned return for the 2026 calendar year to also be within the formula rate plan bandwidth. The 2026 test year filing resulted in an earned return on rate base of 7.64% and reflected no change in formula rate plan revenues. The 2025 look-back filing compared actual 2025 results to the

Entergy Mississippi, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

approved benchmark return on rate base and reflected no change in formula rate plan revenues, although Entergy Mississippi proposes to adjust interim rates by $293 thousand to reflect one outside-the-bandwidth change, a true-up of demand side management costs. A final order is expected in second quarter 2026.

Industrial and Commercial Customers

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Industrial and Commercial Customers” in the Form 10-K for a discussion of industrial and commercial customers.

Federal Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Federal Regulation” in the Form 10-K for a discussion of federal regulation.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Nuclear Matters” in the Form 10-K for a discussion of nuclear matters.

Environmental Risks

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Environmental Risks” in the Form 10-K for a discussion of environmental risks.

Critical Accounting Estimates

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K for a discussion of the estimates and judgments necessary in Entergy Mississippi’s accounting for utility regulatory accounting, taxation and uncertain tax positions, qualified pension and other postretirement benefits, and other contingencies.

New Accounting Pronouncements

See the “New Accounting Pronouncements” section of Note 1 to the financial statements in the Form 10-K for a discussion of new accounting pronouncements.

ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
						2026						2025
						(In Thousands)
OPERATING REVENUES
Electric						$525,384						$423,709
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale						91,434						26,051
Purchased power						93,228						87,511
Other operation and maintenance						83,486						78,800
Taxes other than income taxes						40,483						43,510
Depreciation and amortization						69,159						67,984
Other regulatory charges (credits) - net						10,623						35,587
TOTAL						388,413						339,443
OPERATING INCOME						136,971						84,266
OTHER INCOME
Allowance for equity funds used during construction						856						5,270
Interest and investment income						6,116						2,317
Miscellaneous - net						9,228						4,094
TOTAL						16,200						11,681
INTEREST EXPENSE
Interest expense						41,722						36,180
Allowance for borrowed funds used during construction						(351)						(2,016)
TOTAL						41,371						34,164
INCOME BEFORE INCOME TAXES						111,800						61,783
Income taxes						27,482						14,917
NET INCOME						84,318						46,866
Net income (loss) attributable to noncontrolling interest						12						(2,479)
EARNINGS APPLICABLE TO MEMBER'S EQUITY						$84,306						$49,345
See Notes to Financial Statements.

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ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
						2026						2025
						(In Thousands)
OPERATING ACTIVITIES
Net income						$84,318						$46,866
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization						69,159						67,984
Deferred income taxes, tax credits, and non-current taxes accrued						2,574						(42,852)
Changes in assets and liabilities:
Receivables						(6,068)						12,853
Fuel inventory						4,036						2,142
Accounts payable						56,557						(33,483)
Taxes accrued						(92,119)						(45,531)
Interest accrued						25,727						16,507
Deferred fuel costs						(49,848)						(46,363)
Customer advances - current						185,998						106,494
Other working capital accounts						(19,064)						(30,794)
Provisions for estimated losses						(30,836)						(2,411)
Other regulatory assets						(8,477)						38,417
Other regulatory liabilities						6,148						11,034
Customer advances - non-current						68,498						25,000
Pension and other postretirement funded status						(2,764)						(3,654)
Other assets and liabilities						44,862						(2,104)
Net cash flow provided by operating activities						338,701						120,105
INVESTING ACTIVITIES
Construction expenditures						(538,591)						(342,980)
Allowance for equity funds used during construction						856						5,270
Changes in money pool receivable - net						(55,330)						(94,314)
Decrease (increase) in other investments						129						(40)
Net cash flow used in investing activities						(592,936)						(432,064)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt						644,286						593,201
Capital contributions from parent						198,000						62,500
Customer advances received for construction						187,874						149,732
Customer advances used for construction						(33,561)						(50,322)
Other						(818)						(688)
Net cash flow provided by financing activities						995,781						754,423
Net increase in cash and cash equivalents						741,546						442,464
Cash and cash equivalents at beginning of period						341,484						155,693
Cash and cash equivalents at end of period						$1,083,030						$598,157
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$10,685						$19,084
Noncash investing activities:
Accrued construction expenditures						$108,043						$129,085
See Notes to Financial Statements.

ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, 2026 and December 31, 2025
(Unaudited)
						2026						2025
						(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash						$34						$27
Temporary cash investments						1,082,996						341,457
Total cash and cash equivalents						1,083,030						341,484
Accounts receivable:
Customer						126,923						115,813
Allowance for doubtful accounts						(3,311)						(3,509)
Associated companies						104,967						37,723
Other						20,141						20,641
Accrued unbilled revenues						77,614						90,235
Total accounts receivable						326,334						260,903
Deferred fuel costs						60,605						10,757
Fuel inventory - at average cost						14,445						18,481
Materials and supplies						114,093						112,082
Prepayments and other						52,248						36,911
TOTAL						1,650,755						780,618
OTHER PROPERTY AND INVESTMENTS
Non-utility property - at cost (less accumulated depreciation)						4,463						4,467
Other						739						864
TOTAL						5,202						5,331
UTILITY PLANT
Electric						8,398,181						8,366,079
Construction work in progress						1,792,893						1,396,075
TOTAL UTILITY PLANT						10,191,074						9,762,154
Less - accumulated depreciation and amortization						2,677,591						2,635,823
UTILITY PLANT - NET						7,513,483						7,126,331
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						464,191						455,714
Other						114,636						108,480
TOTAL						578,827						564,194
TOTAL ASSETS						$9,748,267						$8,476,474
See Notes to Financial Statements.

ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2026 and December 31, 2025
(Unaudited)
						2026						2025
						(In Thousands)
CURRENT LIABILITIES
Accounts payable:
Associated companies						$49,767						$61,135
Other						403,233						397,756
Customer deposits						98,488						97,875
Taxes accrued						71,100						163,220
Interest accrued						54,194						28,467
Customer advances						275,536						89,538
Other						27,675						23,678
TOTAL						979,993						861,669
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						931,048						926,734
Accumulated deferred investment tax credits						13,085						13,191
Regulatory liability for income taxes - net						169,181						170,902
Other regulatory liabilities						151,993						144,124
Customer advances						93,498						25,000
Asset retirement cost liabilities						26,908						26,538
Accumulated provisions						20,728						51,564
Long-term debt						3,666,037						3,021,324
Customer advances for construction						365,413						184,564
Other						64,849						67,648
TOTAL						5,502,740						4,631,589
Commitments and Contingencies
EQUITY
Member's equity						3,260,456						2,978,150
Noncontrolling interest						5,078						5,066
TOTAL						3,265,534						2,983,216
TOTAL LIABILITIES AND EQUITY						$9,748,267						$8,476,474
See Notes to Financial Statements.

ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
			Noncontrolling Interest						Member's Equity						Total
									(In Thousands)
Balance at December 31, 2024			$8,202						$2,400,786						$2,408,988
Net income (loss)			(2,479)						49,345						46,866
Capital contribution from parent			—						62,500						62,500
Balance at March 31, 2025			$5,723						$2,512,631						$2,518,354
Balance at December 31, 2025			$5,066						$2,978,150						$2,983,216
Net income			12						84,306						84,318
Capital contribution from parent			—						198,000						198,000
Balance at March 31, 2026			$5,078						$3,260,456						$3,265,534
See Notes to Financial Statements.

ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Results of Operations

Net Income

Net income decreased $5.7 million primarily due to the net effect of decreased natural gas revenues and expenses resulting from the sale of Entergy New Orleans’s natural gas distribution business on July 1, 2025, lower volume/weather, and lower retail electric price, partially offset by lower interest expense. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Operating Revenues

Following is an analysis of the change in operating revenues comparing the first quarter 2026 to the first quarter 2025:

			Amount
			(In Millions)
2025 operating revenues			$181.1
Fuel, rider, and other revenues that do not significantly affect net income			39.0
Effect of sale of natural gas distribution business			(42.1)
Volume/weather			(3.9)
Retail electric price			(2.4)
2026 operating revenues			$171.7

Entergy New Orleans’s results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

The effect of sale of natural gas distribution business variance represents the decrease in operating revenues resulting from the absence of natural gas revenues following the sale of the natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

The volume/weather variance is primarily due to a decrease in weather-adjusted residential usage, a decrease in commercial usage, and the effect of less favorable weather on residential sales.

The retail electric price variance is primarily due to a decrease in formula rate plan rates effective September 2025 in accordance with the terms of the 2025 formula rate plan filing. See Note 2 to the financial statements in the Form 10-K for discussion of the formula rate plan filing.

Entergy New Orleans, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

Total electric energy sales for Entergy New Orleans for the three months ended March 31, 2026 and 2025 are as follows:

			2026						2025						% Change
			(GWh)
Residential			495						534						(7)
Commercial			437						439						—
Industrial			88						72						22
Governmental			174						174						—
Total retail			1,194						1,219						(2)
Sales for resale:
Non-associated companies			465						97						379
Total			1,659						1,316						26

See Note 12 to the financial statements herein for additional discussion of Entergy New Orleans’s operating revenues.

Other Income Statement Variances

Other operation and maintenance expenses decreased primarily due to a decrease of $2.8 million in gas operations expenses resulting from the absence of expenses following the sale of the natural gas distribution business on July 1, 2025 and a decrease of $1.1 million in non-nuclear generation expenses primarily due to a lower scope of work performed, including during plant outages, in 2026 as compared to 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Taxes other than income taxes decreased primarily due to decreases in local franchise fees as a result of lower retail revenues in 2026 as compared to 2025, including the absence of natural gas revenues in 2026 following the sale of Entergy New Orleans’s natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Depreciation and amortization expenses decreased primarily due to the absence of depreciation and amortization expenses associated with natural gas plant in service following the sale of the natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Interest expense decreased primarily due to a decrease of $3.1 million in carrying costs on regulatory liability balances.

Income Taxes

The effective income tax rate was (1.6%) for the first quarter 2026. The difference in the effective income tax rate for the first quarter 2026 versus the federal statutory rate of 21% was primarily due to certain book and tax differences related to utility plant items and the amortization of excess accumulated deferred income taxes.

The effective income tax rate was 23.6% for the first quarter 2025. The difference in the effective income tax rate for the first quarter 2025 versus the federal statutory rate of 21% was primarily due to the accrual for state income taxes, partially offset by certain book and tax differences related to utility plant items.

Entergy New Orleans, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” in the Form 10-K for discussion of income tax legislation and regulation.

Sale of Natural Gas Distribution Business

See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Liquidity and Capital Resources

Cash Flow

Cash flows for the three months ended March 31, 2026 and 2025 were as follows:

			2026						2025
			(In Thousands)
Cash and cash equivalents at beginning of period			$110,264						$31,777
Net cash provided by (used in):
Operating activities			(3,682)						2,589
Investing activities			(37,231)						(21,851)
Financing activities			(381)						1,411
Net decrease in cash and cash equivalents			(41,294)						(17,851)
Cash and cash equivalents at end of period			$68,970						$13,926

Operating Activities

Entergy New Orleans’s operating activities used $3.7 million of cash for the three months ended March 31, 2026 compared to providing $2.6 million of cash for the three months ended March 31, 2025 primarily due to the timing of payments to vendors, lower collections from customers, and lower fuel and purchased power payments. See Note 2 to the financial statements in the Form 10-K for a discussion of fuel and purchased power cost recovery.

Investing Activities

Net cash flow used in investing activities increased $15.4 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to the receipt of $10.3 million from the storm reserve escrow account in 2025 and cash collateral of $5.0 million posted in 2026 to support Entergy New Orleans’s obligations to MISO.

Financing Activities

Entergy New Orleans’s financing activities used $0.4 million of cash for the three months ended March 31, 2026 compared to providing $1.4 million of cash for the three months ended March 31, 2025 primarily due to the repayment, at maturity, of $78 million of 3.00% Series mortgage bonds in March 2025 and proceeds received in March 2025 from an $80 million unsecured term loan. See Note 4 to the financial statements herein and Note 5 to the financial statements in the Form 10-K for more details on long-term debt.

Entergy New Orleans, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

Capital Structure

Entergy New Orleans’s debt to capital ratio is shown in the following table.

			March 31, 2026						December 31, 2025
Debt to capital			51.8		%				52.1		%
Effect of subtracting cash			(2.8		%)				(4.6		%)
Net debt to net capital (non-GAAP)			49.0		%				47.5		%

Net debt consists of debt less cash and cash equivalents. Debt consists of short-term borrowings, finance lease obligations, long-term debt, including the currently maturing portion, and the long-term payable due to an associated company. Capital consists of debt and equity. Net capital consists of capital less cash and cash equivalents. Entergy New Orleans uses the debt to capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy New Orleans’s financial condition. The net debt to net capital ratio is a non-GAAP measure. Entergy New Orleans also uses the net debt to net capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy New Orleans’s financial condition because net debt indicates Entergy New Orleans’s outstanding debt position that could not be readily satisfied by cash and cash equivalents on hand.

Uses and Sources of Capital

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources” in the Form 10-K for a discussion of Entergy New Orleans’s uses and sources of capital. The following are updates to the information provided in the Form 10-K.

Entergy New Orleans’s receivables from the money pool were as follows:

March 31, 2026						December 31, 2025						March 31, 2025						December 31, 2024
(In Thousands)
$5,279						$9,009						$2,549						$3,146

See Note 4 to the financial statements in the Form 10-K for a description of the money pool.

Entergy New Orleans has a credit facility in the amount of $25 million scheduled to expire in June 2027. The credit facility includes fronting commitments for the issuance of letters of credit against $10 million of the borrowing capacity of the facility. As of March 31, 2026, there were no cash borrowings and no letters of credit outstanding under the credit facility. In addition, Entergy New Orleans is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to MISO. As of March 31, 2026, a $0.5 million letter of credit was outstanding under Entergy New Orleans’s uncommitted letter of credit facility. See Note 4 to the financial statements herein for additional discussion of the credit facilities.

Entergy New Orleans, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

State and Local Rate Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – State and Local Rate Regulation” in the Form 10-K for a discussion of state and local rate regulation. The following are updates to that discussion.

Retail Rates

2026 Formula Rate Plan Filing

In April 2026, Entergy New Orleans submitted to the City Council its formula rate plan 2025 test year filing. The 2025 evaluation report produced an earned return on equity of 7.55% compared to the authorized return on equity of 9.35%. Without adjustments, this would result in an increase in rates of $16.6 million. The increase in rates is driven, in part, by an increase in plant in service, as well as the cost of known and measurable capital additions. The increase is also driven by a decrease in total revenues due to a decline in kWh sales. The filing is subject to a 75-day review and discovery period followed by a 25-day period to resolve any disputes among the parties. For any disputed items, the City Council would set a procedural schedule to resolve such disputes. Resulting rates will be effective with the first billing cycle of September 2026 pursuant to the formula rate plan tariff.

Distributed Energy Resource Program

As discussed in the Form 10-K, in October 2024 the City Council opened a docket to evaluate potential opportunities to increase the availability of distributed energy resources, battery storage, and related facilities in New Orleans. In December 2025 the City Council issued a resolution establishing a distributed energy resources program to be implemented and operated under the existing Energy Smart program, with $28 million in customer incentives available through credits funded by the settlement between System Energy and the City Council. In March 2026, Entergy New Orleans submitted to the City Council a proposed battery storage implementation plan for new residential and commercial battery systems that would phase such implementation over a three-year period beginning in 2026, with those systems participating in Energy Smart for seven additional years, as required by the City Council. Program costs will be offset by credits from the System Energy settlement, with no incremental impact on customer rates. An intervenor in the proceeding has challenged the plan submitted by Entergy New Orleans and seeks additional incentives for customers, including accelerated use of the credits. See “Complaints Against System Energy - System Energy Settlement with the City Council” in Note 2 to the financial statements in the Form 10-K for discussion of the System Energy settlement with the City Council.

Federal Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Federal Regulation” in the Form 10-K for a discussion of federal regulation.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Nuclear Matters” in the Form 10-K for a discussion of nuclear matters.

Environmental Risks

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Environmental Risks” in the Form 10-K for a discussion of environmental risks.

Entergy New Orleans, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

Critical Accounting Estimates

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K for a discussion of the estimates and judgments necessary in Entergy New Orleans’s accounting for utility regulatory accounting, taxation and uncertain tax positions, qualified pension and other postretirement benefits, and other contingencies.

New Accounting Pronouncements

See the “New Accounting Pronouncements” section of Note 1 to the financial statements in the Form 10-K for a discussion of new accounting pronouncements.

ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
																		2026						2025
												(In Thousands)
OPERATING REVENUES
Electric																		$171,651						$138,925
Natural gas																		—						42,130
TOTAL																		171,651						181,055
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale																		16,232						12,363
Purchased power																		78,302						67,741
Other operation and maintenance																		33,780						38,658
Taxes other than income taxes																		12,317						14,893
Depreciation and amortization																		18,996						21,845
Other regulatory charges (credits) - net																		(2,754)						(3,430)
TOTAL																		156,873						152,070
OPERATING INCOME																		14,778						28,985
OTHER INCOME
Allowance for equity funds used during construction																		574						306
Interest and investment income																		879						434
Miscellaneous - net																		(665)						(579)
TOTAL																		788						161
INTEREST EXPENSE
Interest expense																		9,617						13,475
Allowance for borrowed funds used during construction																		(336)						(167)
TOTAL																		9,281						13,308
INCOME BEFORE INCOME TAXES																		6,285						15,838
Income taxes																		(99)						3,739
NET INCOME																		$6,384						$12,099
See Notes to Financial Statements.

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ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
						2026						2025
						(In Thousands)
OPERATING ACTIVITIES
Net income						$6,384						$12,099
Adjustments to reconcile net income to net cash flow provided by (used in) operating activities:
Depreciation and amortization						18,996						21,845
Deferred income taxes, tax credits, and non-current taxes accrued						(5,989)						(31,821)
Changes in assets and liabilities:
Receivables						6,906						10,089
Fuel inventory						(415)						156
Accounts payable						(2,026)						(10,252)
Prepaid taxes and taxes accrued						6,729						35,139
Interest accrued						1,975						2,436
Deferred fuel costs						(12,647)						(10,659)
Other working capital accounts						(14,133)						(12,165)
Provisions for estimated losses						421						(10,339)
Other regulatory assets						1,061						6,058
Other regulatory liabilities						(7,449)						(11,514)
Pension and other postretirement funded status						(2,443)						(2,637)
Other assets and liabilities						(1,052)						4,154
Net cash flow provided by (used in) operating activities						(3,682)						2,589
INVESTING ACTIVITIES
Construction expenditures						(35,877)						(32,915)
Allowance for equity funds used during construction						574						306
Changes in money pool receivable - net						3,730						597
Receipt from storm reserve escrow account						—						10,333
Payments to storm reserve escrow account						(658)						(870)
Changes in securitization account						—						698
Increase in other investments						(5,000)						—
Net cash flow used in investing activities						(37,231)						(21,851)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt						—						79,717
Retirement of long-term debt						—						(78,000)
Other						(381)						(306)
Net cash flow provided by (used in) financing activities						(381)						1,411
Net decrease in cash and cash equivalents						(41,294)						(17,851)
Cash and cash equivalents at beginning of period						110,264						31,777
Cash and cash equivalents at end of period						$68,970						$13,926
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$4,403						$10,795
Income taxes - net						$150						$—
Noncash investing activities:
Accrued construction expenditures						$7,568						$3,550
See Notes to Financial Statements.

ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, 2026 and December 31, 2025
(Unaudited)
						2026						2025
						(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash						$29						$26
Temporary cash investments						68,941						110,238
Total cash and cash equivalents						68,970						110,264
Accounts receivable:
Customer						54,248						55,972
Allowance for doubtful accounts						(3,019)						(3,845)
Associated companies						6,671						10,459
Other						1,699						3,668
Accrued unbilled revenues						24,322						28,303
Total accounts receivable						83,921						94,557
Deferred fuel costs						9,438						—
Fuel inventory - at average cost						1,231						816
Materials and supplies						35,311						30,539
Prepayments and other						25,207						12,992
TOTAL						224,078						249,168
OTHER PROPERTY AND INVESTMENTS
Storm reserve escrow account						74,480						73,822
Other						9,374						9,485
TOTAL						83,854						83,307
UTILITY PLANT
Electric						2,282,592						2,267,691
Construction work in progress						55,499						43,055
TOTAL UTILITY PLANT						2,338,091						2,310,746
Less - accumulated depreciation and amortization						789,884						778,401
UTILITY PLANT - NET						1,548,207						1,532,345
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						108,629						109,690
Deferred fuel costs						4,080						4,080
Other						84,039						80,090
TOTAL						196,748						193,860
TOTAL ASSETS						$2,052,887						$2,058,680
See Notes to Financial Statements.

ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2026 and December 31, 2025
(Unaudited)
						2026						2025
						(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt						$85,000						$85,000
Payable due to associated company						720						720
Accounts payable:
Associated companies						38,923						47,709
Other						33,674						32,067
Customer deposits						30,902						30,632
Taxes accrued						23,065						16,336
Interest accrued						8,804						6,829
Deferred fuel costs						—						3,209
Other						10,350						10,659
TOTAL						231,438						233,161
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						197,878						201,345
Accumulated deferred investment tax credits						15,402						15,425
Regulatory liability for income taxes - net						13,102						15,656
Other regulatory liabilities						308,068						312,962
Accumulated provisions						79,354						78,933
Long-term debt						565,963						565,985
Long-term payable due to associated company						5,144						5,144
Other						22,142						22,057
TOTAL						1,207,053						1,217,507
Commitments and Contingencies
EQUITY
Member's equity						614,396						608,012
TOTAL						614,396						608,012
TOTAL LIABILITIES AND EQUITY						$2,052,887						$2,058,680
See Notes to Financial Statements.

ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER'S EQUITY
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
			Member's Equity
			(In Thousands)
Balance at December 31, 2024			$697,601
Net income			12,099
Balance at March 31, 2025			$709,700
Balance at December 31, 2025			$608,012
Net income			6,384
Balance at March 31, 2026			$614,396
See Notes to Financial Statements.

ENTERGY TEXAS, INC. AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Results of Operations

Net Income

Net income increased $6.6 million primarily due to higher retail electric price partially offset by higher other operation and maintenance expenses.

Operating Revenues

Following is an analysis of the change in operating revenues comparing the first quarter 2026 to the first quarter 2025:

			Amount
			(In Millions)
2025 operating revenues			$441.9
Fuel, rider, and other revenues that do not significantly affect net income			48.7
Retail electric price			11.9
Volume/weather			1.0
2026 operating revenues			$503.5

Entergy Texas’s results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

The retail electric price variance is primarily due to increases in the distribution cost recovery factor rider effective June 2025 and December 2025. See Note 2 to the financial statements in the Form 10-K for discussion of the distribution cost recovery factor rider filings.

The volume/weather variance is primarily due to an increase in industrial usage substantially offset by the effect of less favorable weather on residential sales. The increase in industrial usage is primarily due to an increase in demand from large industrial customers, primarily in the transportation and agricultural and other chemicals industries, and an increase in demand from co-generation customers.

Entergy Texas, Inc. and Subsidiaries

Management’s Financial Discussion and Analysis

Total electric energy sales for Entergy Texas for the three months ended March 31, 2026 and 2025 are as follows:

			2026						2025						% Change
			(GWh)
Residential			1,432						1,559						(8)
Commercial			1,137						1,110						2
Industrial			2,540						2,160						18
Governmental			68						63						8
Total retail			5,177						4,892						6
Sales for resale:
Non-associated companies			132						52						154
Total			5,309						4,944						7

See Note 12 to the financial statements herein for additional discussion of Entergy Texas’s operating revenues.

Other Income Statement Variances

Other operation and maintenance expenses increased primarily due to an increase of $0.7 million in legal expenses associated with various regulatory proceedings and several individually insignificant items.

Income Taxes

The effective income tax rates were 16.3% for the first quarter 2026 and 15.6% for the first quarter 2025. The differences in the effective income tax rates for the first quarter 2026 and the first quarter 2025 versus the federal statutory rate of 21% were primarily due to book and tax differences related to the allowance for equity funds used during construction and certain book and tax differences related to utility plant items.

Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” in the Form 10-K for discussion of income tax legislation and regulation.

Liquidity and Capital Resources

Cash Flow

Cash flows for the three months ended March 31, 2026 and 2025 were as follows:

			2026						2025
			(In Thousands)
Cash and cash equivalents at beginning of period			$275,108						$184,997
Net cash provided by (used in):
Operating activities			70,416						61,794
Investing activities			(268,461)						(440,985)
Financing activities			356,901						492,329
Net increase in cash and cash equivalents			158,856						113,138
Cash and cash equivalents at end of period			$433,964						$298,135

Entergy Texas, Inc. and Subsidiaries

Management’s Financial Discussion and Analysis

Operating Activities

Net cash flow provided by operating activities increased $8.6 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to higher collections from customers and the timing of recovery of fuel and purchased power costs. The increase was partially offset by higher fuel and purchased power payments and the timing of payments to vendors. See Note 2 to the financial statements in the Form 10-K for a discussion of fuel and purchased power cost recovery.

Investing Activities

Net cash flow used in investing activities decreased $172.5 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to:

• a decrease of $84.4 million in transmission construction expenditures primarily due to decreased spending on various transmission projects in 2026;

• a decrease of $77.3 million in non-nuclear generation construction expenditures primarily due to lower spending on the Orange County Advanced Power Station project in 2026 and lower spending on the Legend Power Station project as a result of the sale of assets related to the in-process project in December 2025. See Note 8 to the financial statements in the Form 10-K for discussion of the Entergy Texas build-to-suit lease arrangement for the Legend Power Station; and

• money pool activity.

Increases in Entergy Texas’s receivable from the money pool are a use of cash flow, and Entergy Texas’s receivable from the money pool increased $10.7 million for the three months ended March 31, 2026 compared to increasing by $36.2 million for the three months ended March 31, 2025. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and other borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings.

Financing Activities

Net cash flow provided by financing activities decreased $135.4 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to the issuance of $500 million of 5.25% Series mortgage bonds in February 2025, partially offset by a capital contribution of $365 million received from Entergy Corporation in 2026 in order to maintain Entergy Texas’s capital structure and in anticipation of various capital expenditures. See Note 4 to the financial statements herein and Note 5 to the financial statements in the Form 10-K for more details on long-term debt.

Entergy Texas, Inc. and Subsidiaries

Management’s Financial Discussion and Analysis

Capital Structure

Entergy Texas’s debt to capital ratio is shown in the following table. The decrease in the debt to capital ratio for Entergy Texas is primarily due to a capital contribution of $365 million received from Entergy Corporation in 2026.

			March 31, 2026						December 31, 2025
Debt to capital			48.2		%				50.9		%
Effect of excluding securitization bonds			(1.4		%)				(1.4		%)
Debt to capital, excluding securitization bonds (non-GAAP) (a)			46.8		%				49.5		%
Effect of subtracting cash			(2.9		%)				(1.9		%)
Net debt to net capital, excluding securitization bonds (non-GAAP) (a)			43.9		%				47.6		%

(a)Calculation excludes the securitization bonds, which are non-recourse to Entergy Texas.

Net debt consists of debt less cash and cash equivalents. Debt consists of finance lease obligations and long-term debt, including the currently maturing portion. Capital consists of debt and equity. Net capital consists of capital less cash and cash equivalents. The debt to capital ratio excluding securitization bonds and net debt to net capital ratio excluding securitization bonds are non-GAAP measures. Entergy Texas uses the debt to capital ratios excluding securitization bonds in analyzing its financial condition and believes they provide useful information to its investors and creditors in evaluating Entergy Texas’s financial condition because the securitization bonds are non-recourse to Entergy Texas, as more fully described in Note 5 to the financial statements in the Form 10-K. Entergy Texas also uses the net debt to net capital ratio excluding securitization bonds in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Texas’s financial condition because net debt indicates Entergy Texas’s outstanding debt position that could not be readily satisfied by cash and cash equivalents on hand.

Uses and Sources of Capital

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources” in the Form 10-K for a discussion of Entergy Texas’s uses and sources of capital. The following are updates to the information provided in the Form 10-K.

Entergy Texas’s receivables from the money pool were as follows:

March 31, 2026						December 31, 2025						March 31, 2025						December 31, 2024
(In Thousands)
$33,216						$22,467						$54,681						$18,504

See Note 4 to the financial statements in the Form 10-K for a description of the money pool.

Entergy Texas has a credit facility in the amount of $300 million scheduled to expire in June 2030. The credit facility includes fronting commitments for the issuance of letters of credit against $25 million of the borrowing capacity of the facility. As of March 31, 2026, there were no cash borrowings and $1.1 million in letters of credit outstanding under the credit facility. In addition, Entergy Texas is a party to two uncommitted letter of credit facilities as a means to post collateral to support its obligations to MISO. As of March 31, 2026, $104.4 million in letters of credit were outstanding under one of Entergy Texas’s uncommitted letter of credit facilities. See Note 4 to the financial statements herein for additional discussion of the credit facilities.

Entergy Texas, Inc. and Subsidiaries

Management’s Financial Discussion and Analysis

State and Local Rate Regulation and Fuel-Cost Recovery

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - State and Local Rate Regulation and Fuel-Cost Recovery” in the Form 10-K for a discussion of state and local rate regulation and fuel-cost recovery. The following are updates to that discussion.

Retail Rates

Distribution Cost Recovery Factor (DCRF) Rider

In April 2026, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect from Entergy Texas’s retail customers approximately $112.5 million annually, or $20.4 million in incremental annual revenues beyond Entergy Texas’s currently effective DCRF rider based on its capital invested in distribution between July 1, 2025 and December 31, 2025.

Transmission Cost Recovery Factor (TCRF) Rider

As discussed in the Form 10-K, in October 2025, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The amended rider was designed to collect from Entergy Texas’s retail customers approximately $30.3 million annually, or $20.6 million in incremental annual revenues beyond Entergy Texas’s then-effective TCRF rider based on its capital invested in transmission between July 1, 2024 and June 30, 2025 and changes in other transmission charges. In April 2026 the PUCT approved the TCRF rider, consistent with Entergy Texas’s as-filed request, and rates became effective for usage on and after April 6, 2026.

Generation Cost Recovery Rider

In March 2026, Entergy Texas filed an application to establish a generation cost recovery rider to begin recovering a return of and on its capital investment in the Orange County Advanced Power Station. The proposed generation cost recovery rider, which includes Entergy Texas’s capital invested in generation for the Orange County Advanced Power Station through December 31, 2025, is designed to collect approximately $150.4 million annually from Entergy Texas’s retail customers. By statute, the proposed generation cost recovery rider rates are to become effective when the Orange County Advanced Power Station is placed into service, which is expected in third quarter 2026.

Industrial and Commercial Customers

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Industrial and Commercial Customers” in the Form 10-K for a discussion of industrial and commercial customers.

Federal Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Federal Regulation” in the Form 10-K for a discussion of federal regulation.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Nuclear Matters” in the Form 10-K for a discussion of nuclear matters.

Entergy Texas, Inc. and Subsidiaries

Management’s Financial Discussion and Analysis

Environmental Risks

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Environmental Risks” in the Form 10-K for a discussion of environmental risks.

Critical Accounting Estimates

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K for a discussion of the estimates and judgments necessary in Entergy Texas’s accounting for utility regulatory accounting, taxation and uncertain tax positions, qualified pension and other postretirement benefits, and other contingencies.

New Accounting Pronouncements

See the “New Accounting Pronouncements” section of Note 1 to the financial statements in the Form 10-K for a discussion of new accounting pronouncements.

ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
																		2026						2025
												(In Thousands)
OPERATING REVENUES
Electric																		$503,532						$441,939
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale																		81,560						24,392
Purchased power																		128,967						132,618
Other operation and maintenance																		77,235						74,455
Taxes other than income taxes																		30,356						30,627
Depreciation and amortization																		80,184						80,680
Other regulatory charges (credits) - net																		2,500						3,257
TOTAL																		400,802						346,029
OPERATING INCOME																		102,730						95,910
OTHER INCOME
Allowance for equity funds used during construction																		18,445						17,372
Interest and investment income																		3,204						2,759
Miscellaneous - net																		(1,598)						(1,154)
TOTAL																		20,051						18,977
INTEREST EXPENSE
Interest expense																		43,079						43,072
Allowance for borrowed funds used during construction																		(8,058)						(7,385)
TOTAL																		35,021						35,687
INCOME BEFORE INCOME TAXES																		87,760						79,200
Income taxes																		14,325						12,344
NET INCOME																		73,435						66,856
Preferred dividend requirements																		518						518
EARNINGS APPLICABLE TO COMMON STOCK																		$72,917						$66,338
See Notes to Financial Statements.

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ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
						2026						2025
						(In Thousands)
OPERATING ACTIVITIES
Net income						$73,435						$66,856
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization						80,184						80,680
Deferred income taxes, tax credits, and non-current taxes accrued						(27,446)						7,183
Changes in assets and liabilities:
Receivables						16,926						23,273
Fuel inventory						4,010						5,551
Accounts payable						(20,544)						12,130
Taxes accrued						(4,608)						(39,088)
Interest accrued						(16,975)						(22,416)
Deferred fuel costs						(32,253)						(57,024)
Other working capital accounts						5,812						19
Provisions for estimated losses						(958)						(560)
Other regulatory assets						14,970						27,907
Other regulatory liabilities						10,558						(6,314)
Pension and other postretirement funded status						(4,323)						(4,037)
Other assets and liabilities						(28,372)						(32,366)
Net cash flow provided by operating activities						70,416						61,794
INVESTING ACTIVITIES
Construction expenditures						(270,430)						(416,045)
Allowance for equity funds used during construction						18,445						17,372
Changes in money pool receivable - net						(10,749)						(36,177)
Changes in securitization account						(5,727)						(6,135)
Net cash flow used in investing activities						(268,461)						(440,985)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt						—						494,300
Capital contribution from parent						365,000						—
Preferred stock dividends paid						(518)						(518)
Other						(7,581)						(1,453)
Net cash flow provided by financing activities						356,901						492,329
Net increase in cash and cash equivalents						158,856						113,138
Cash and cash equivalents at beginning of period						275,108						184,997
Cash and cash equivalents at end of period						$433,964						$298,135
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized						$57,644						$64,646
Income taxes - net						($793)						$—
Noncash investing activities:
Accrued construction expenditures						$62,732						$198,271
See Notes to Financial Statements.

ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, 2026 and December 31, 2025
(Unaudited)
						2026						2025
						(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash						$201						$200
Temporary cash investments						433,763						274,908
Total cash and cash equivalents						433,964						275,108
Securitization recovery trust account						7,207						1,480
Accounts receivable:
Customer						96,528						107,287
Allowance for doubtful accounts						(7,475)						(8,598)
Associated companies						42,117						28,747
Other						69,094						67,400
Accrued unbilled revenues						76,373						80,503
Total accounts receivable						276,637						275,339
Deferred fuel costs						20,900						—
Fuel inventory - at average cost						26,823						30,833
Materials and supplies						180,910						190,322
Prepayments and other						47,351						49,161
TOTAL						993,792						822,243
OTHER PROPERTY AND INVESTMENTS
Investments in affiliates - at equity						42						56
Other						15,685						15,607
TOTAL						15,727						15,663
UTILITY PLANT
Electric						9,571,760						9,491,159
Construction work in progress						1,892,286						1,761,028
TOTAL UTILITY PLANT						11,464,046						11,252,187
Less - accumulated depreciation and amortization						2,812,791						2,764,308
UTILITY PLANT - NET						8,651,255						8,487,879
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets (includes securitization property of $212,427 as of March 31, 2026 and $216,107 as of December 31, 2025)						495,836						510,806
Other						203,851						191,555
TOTAL						699,687						702,361
TOTAL ASSETS						$10,360,461						$10,028,146
See Notes to Financial Statements.

ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2026 and December 31, 2025
(Unaudited)
						2026						2025
						(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt						$130,000						$130,000
Accounts payable:
Associated companies						59,290						73,178
Other						474,513						518,613
Customer deposits						42,970						42,109
Taxes accrued						82,572						87,180
Interest accrued						24,932						41,907
Deferred fuel costs						—						11,353
Other						16,092						16,801
TOTAL						830,369						921,141
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						926,065						947,067
Accumulated deferred investment tax credits						6,320						6,467
Regulatory liability for income taxes - net						51,375						57,755
Other regulatory liabilities						155,907						138,969
Asset retirement cost liabilities						15,302						15,097
Accumulated provisions						12,600						13,558
Long-term debt (includes securitization bonds of $221,230 as of March 31, 2026 and $221,139 as of December 31, 2025)						3,900,768						3,900,188
Other						125,627						129,693
TOTAL						5,193,964						5,208,794
Commitments and Contingencies
EQUITY
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 46,525,000 shares in 2026 and 2025						49,452						49,452
Paid-in capital						1,790,125						1,425,125
Retained earnings						2,457,801						2,384,884
Total common shareholder's equity						4,297,378						3,859,461
Preferred stock without sinking fund						38,750						38,750
TOTAL						4,336,128						3,898,211
TOTAL LIABILITIES AND EQUITY						$10,360,461						$10,028,146
See Notes to Financial Statements.

ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
									Common Equity
			Preferred Stock						Common Stock						Paid-in Capital						Retained Earnings						Total
			(In Thousands)
Balance at December 31, 2024			$38,750						$49,452						$1,200,125						$2,052,885						$3,341,212
Net income			—						—						—						66,856						66,856
Preferred stock dividends			—						—						—						(518)						(518)
Balance at March 31, 2025			$38,750						$49,452						$1,200,125						$2,119,223						$3,407,550
Balance at December 31, 2025			$38,750						$49,452						$1,425,125						$2,384,884						$3,898,211
Net income			—						—						—						73,435						73,435
Capital contribution from parent			—						—						365,000						—						365,000
Preferred stock dividends			—						—						—						(518)						(518)
Balance at March 31, 2026			$38,750						$49,452						$1,790,125						$2,457,801						$4,336,128
See Notes to Financial Statements.

SYSTEM ENERGY RESOURCES, INC.

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

System Energy’s principal asset consists of an ownership interest and a leasehold interest in Grand Gulf. The capacity and energy from its 90% interest is sold under the Unit Power Sales Agreement to its only three customers, Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans. System Energy’s operating revenues are derived from the allocation of the capacity, energy, and related costs associated with its 90% interest in Grand Gulf pursuant to the Unit Power Sales Agreement. Payments under the Unit Power Sales Agreement are System Energy’s only source of operating revenues.

Results of Operations

Net Income

Net income remained relatively flat, decreasing by $0.4 million, for the first quarter 2026 compared to the first quarter 2025.

Income Taxes

The effective income tax rate was 15.9% for the first quarter 2026. The difference in the effective income tax rate for the first quarter 2026 versus the federal statutory rate of 21% was primarily due to book and tax differences related to utility plant items and book and tax differences related to the allowance for equity funds used during construction, partially offset by the accrual for state income taxes.

The effective income tax rate was 21.2% for the first quarter 2025. The difference in the effective income tax rate for the first quarter 2025 versus the federal statutory rate of 21% was primarily due to the accrual for state income taxes, partially offset by book and tax differences related to utility plant items.

Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” in the Form 10-K for discussion of income tax legislation and regulation.

Liquidity and Capital Resources

Cash Flow

Cash flows for the three months ended March 31, 2026 and 2025 were as follows:

			2026						2025
			(In Thousands)
Cash and cash equivalents at beginning of period			$56						$28,908
Net cash provided by (used in):
Operating activities			68,497						45,164
Investing activities			(172,777)						(22,540)
Financing activities			104,346						(48,963)
Net increase (decrease) in cash and cash equivalents			66						(26,339)
Cash and cash equivalents at end of period			$122						$2,569

System Energy Resources, Inc.

Management’s Financial Discussion and Analysis

Operating Activities

Net cash flow provided by operating activities increased $23.3 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to higher collections from customers, partially offset by an increase of $17.9 million in spending on nuclear refueling outage costs in 2026 as compared to 2025.

Investing Activities

Net cash flow used in investing activities increased $150.2 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to net purchases of $106.3 million in 2026 compared to net proceeds of $11.6 million in 2025 as a result of fluctuations in nuclear fuel activity due to variations from year to year in the timing and pricing of fuel reload requirements, material and services deliveries, and the timing of cash payments during the nuclear fuel cycle and an increase of $33.6 million in nuclear construction expenditures primarily due to higher spending in 2026 on Grand Gulf outage projects and upgrades.

Financing Activities

System Energy’s financing activities provided $104.3 million of cash for the three months ended March 31, 2026 compared to using $49 million of cash for the three months ended March 31, 2025 primarily due to the following activity:

• the issuance of $80 million of 5.28% Series L notes by the System Energy nuclear fuel company variable interest entity in January 2026;

• net long-term borrowings of $24.9 million in 2026 compared to net repayments of $13.8 million in 2025 on the nuclear fuel company variable interest entity’s credit facility; and

• the payment of $35 million in common stock dividends and distributions in 2025 in order to maintain System Energy’s capital structure. No common stock dividends or distributions were paid in 2026.

Capital Structure

System Energy’s debt to capital ratio is shown in the following table. The increase in the debt to capital ratio for System Energy is primarily due to the net issuance of long-term debt in 2026.

			March 31, 2026						December 31, 2025
Debt to capital			54.9		%				53.1		%
Effect of subtracting cash			—		%				—		%
Net debt to net capital (non-GAAP)			54.9		%				53.1		%

Net debt consists of debt less cash and cash equivalents. Debt consists of short-term borrowings and long-term debt, including the currently maturing portion. Capital consists of debt and common equity. Net capital consists of capital less cash and cash equivalents. System Energy uses the debt to capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating System Energy’s financial condition. The net debt to net capital ratio is a non-GAAP measure. System Energy uses the net debt to net capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating System Energy’s financial condition because net debt indicates System Energy’s outstanding debt position that could not be readily satisfied by cash and cash equivalents on hand.

System Energy Resources, Inc.

Management’s Financial Discussion and Analysis

Uses and Sources of Capital

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources” in the Form 10-K for a discussion of System Energy’s uses and sources of capital. The following are updates to the information provided in the Form 10-K.

System Energy’s receivables from or (payables to) the money pool were as follows:

March 31, 2026						December 31, 2025						March 31, 2025						December 31, 2024
(In Thousands)
($15,885)						($16,299)						$443						$2,851

See Note 4 to the financial statements in the Form 10-K for a description of the money pool.

The System Energy nuclear fuel company variable interest entity has a credit facility in the amount of $120 million scheduled to expire in June 2027. As of March 31, 2026, $61.3 million in loans were outstanding under the System Energy nuclear fuel company variable interest entity credit facility. See Note 4 to the financial statements herein for additional discussion of the variable interest entity credit facility.

Federal Regulation

See the “Rate, Cost-recovery, and Other Regulation - Federal Regulation” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis in the Form 10-K and Note 2 to the financial statements in the Form 10-K for a discussion of federal regulation.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Nuclear Matters” in the Form 10-K for a discussion of nuclear matters. The following is an update to that discussion.

Nuclear Reactor Oversight Process

The NRC’s Reactor Oversight Process is a program to collect information about plant performance, assess the information for its safety significance, and provide for appropriate licensee and NRC response. The NRC evaluates plant performance by analyzing two distinct inputs: inspection findings resulting from the NRC’s inspection program and performance indicators reported by the licensee. The evaluations result in the placement of each plant in one of the NRC’s Reactor Oversight Process Action Matrix columns: “licensee response column,” or Column 1, “regulatory response column,” or Column 2, “degraded cornerstone column,” or Column 3, “multiple/repetitive degraded cornerstone column,” or Column 4, and “unacceptable performance,” or Column 5. Plants in Column 1 are subject to normal NRC inspection activities. Plants in Column 2, Column 3, or Column 4 are subject to progressively increasing levels of inspection by the NRC with, in general, progressively increasing levels of associated costs. Continued plant operation is not permitted for plants in Column 5. Grand Gulf is currently in Column 1.

In March 2026 the NRC issued an inspection report for Grand Gulf, in which it identified a preliminary “white” finding with “low safety significance” related to one of Grand Gulf’s emergency diesel generators.  The NRC is continuing its evaluation of the issue and is expected to complete its determination during second quarter 2026.  If the NRC’s review results in a final white finding, Grand Gulf would be placed in Column 2 and would remain in Column 2 until the satisfactory completion of an NRC supplemental inspection.

System Energy Resources, Inc.

Management’s Financial Discussion and Analysis

Environmental Risks

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Environmental Risks” in the Form 10-K for a discussion of environmental risks.

Critical Accounting Estimates

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K for a discussion of the estimates and judgments necessary in System Energy’s accounting for nuclear decommissioning costs, utility regulatory accounting, taxation and uncertain tax positions, qualified pension and other postretirement benefits, and other contingencies.

New Accounting Pronouncements

See the “New Accounting Pronouncements” section of Note 1 to the financial statements in the Form 10-K for a discussion of new accounting pronouncements.

SYSTEM ENERGY RESOURCES, INC.
INCOME STATEMENTS
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
																		2026						2025
												(In Thousands)
OPERATING REVENUES
Electric																		$133,764						$141,811
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale																		9,139						14,816
Nuclear refueling outage expenses																		3,513						4,090
Other operation and maintenance																		42,995						43,479
Decommissioning																		11,600						11,144
Taxes other than income taxes																		6,838						6,804
Depreciation and amortization																		30,781						30,764
Other regulatory charges (credits) - net																		66,124						93
TOTAL																		170,990						111,190
OPERATING INCOME (LOSS)																		(37,226)						30,621
OTHER INCOME
Allowance for equity funds used during construction																		2,268						1,603
Interest and investment income																		78,774						12,439
Miscellaneous - net																		419						237
TOTAL																		81,461						14,279
INTEREST EXPENSE
Interest expense																		18,238						16,022
Allowance for borrowed funds used during construction																		(1,355)						(787)
TOTAL																		16,883						15,235
INCOME BEFORE INCOME TAXES																		27,352						29,665
Income taxes																		4,336						6,276
NET INCOME																		$23,016						$23,389
See Notes to Financial Statements.

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SYSTEM ENERGY RESOURCES, INC.
STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
						2026						2025
						(In Thousands)
OPERATING ACTIVITIES
Net income						$23,016						$23,389
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						49,861						54,649
Deferred income taxes, tax credits, and non-current taxes accrued						2,691						2,480
Changes in assets and liabilities:
Receivables						28,910						(5,944)
Accounts payable						22,269						(23,848)
Prepaid taxes and taxes accrued						(12,689)						(11,689)
Interest accrued						8,634						5,517
Other working capital accounts						(32,523)						963
Other regulatory assets						62,426						2,695
Other regulatory liabilities						(123,005)						(45,323)
Pension and other postretirement funded status						(3,616)						(3,799)
Other assets and liabilities						42,523						46,074
Net cash flow provided by operating activities						68,497						45,164
INVESTING ACTIVITIES
Construction expenditures						(59,004)						(26,431)
Allowance for equity funds used during construction						2,268						1,603
Nuclear fuel purchases						(121,533)						(20,123)
Proceeds from sale of nuclear fuel						15,206						31,686
Proceeds from nuclear decommissioning trust fund sales						347,000						182,871
Investment in nuclear decommissioning trust funds						(356,714)						(194,554)
Change in money pool receivable - net						—						2,408
Net cash flow used in investing activities						(172,777)						(22,540)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt						202,144						174,877
Retirement of long-term debt						(97,362)						(188,840)
Change in money pool payable - net						(414)						—
Common stock dividends and distributions paid						—						(35,000)
Other						(22)						—
Net cash flow provided by (used in) financing activities						104,346						(48,963)
Net increase (decrease) in cash and cash equivalents						66						(26,339)
Cash and cash equivalents at beginning of period						56						28,908
Cash and cash equivalents at end of period						$122						$2,569
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$8,594						$10,378
Noncash investing activities:
Accrued construction expenditures						$45,791						$5,424
See Notes to Financial Statements.

SYSTEM ENERGY RESOURCES, INC.
BALANCE SHEETS
ASSETS
March 31, 2026 and December 31, 2025
(Unaudited)
						2026						2025
						(In Thousands)
CURRENT ASSETS
Cash and cash equivalents						$122						$56
Accounts receivable:
Associated companies						34,872						65,083
Other						8,134						6,833
Total accounts receivable						43,006						71,916
Materials and supplies						142,180						149,847
Deferred nuclear refueling outage costs						45,655						9,096
Prepaid taxes						1,004						—
Prepayments and other						8,053						5,101
TOTAL						240,020						236,016
OTHER PROPERTY AND INVESTMENTS
Decommissioning trust funds						1,689,301						1,730,722
TOTAL						1,689,301						1,730,722
UTILITY PLANT
Electric						5,865,578						5,753,963
Construction work in progress						83,472						123,172
Nuclear fuel						299,718						208,932
TOTAL UTILITY PLANT						6,248,768						6,086,067
Less - accumulated depreciation and amortization						3,692,666						3,679,886
UTILITY PLANT - NET						2,556,102						2,406,181
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						538,759						601,185
Other						36,640						34,301
TOTAL						575,399						635,486
TOTAL ASSETS						$5,060,822						$5,008,405
See Notes to Financial Statements.

SYSTEM ENERGY RESOURCES, INC.
BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2026 and December 31, 2025
(Unaudited)
						2026						2025
						(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt						$174						$140
Accounts payable:
Associated companies						17,706						25,528
Other						100,228						66,611
Taxes accrued						—						11,685
Interest accrued						21,849						13,215
Other						4,352						4,089
TOTAL						144,309						121,268
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						631,124						625,165
Accumulated deferred investment tax credits						42,675						43,045
Regulatory liability for income taxes - net						97,062						99,960
Other regulatory liabilities						777,194						897,301
Decommissioning						1,184,567						1,172,967
Long-term debt						1,194,478						1,088,563
Other						6,263						2
TOTAL						3,933,363						3,927,003
Commitments and Contingencies
COMMON EQUITY
Common stock, no par value, authorized 1,000,000 shares; issued and outstanding 789,350 shares in 2026 and 2025						908,944						908,944
Retained earnings						74,206						51,190
TOTAL						983,150						960,134
TOTAL LIABILITIES AND EQUITY						$5,060,822						$5,008,405
See Notes to Financial Statements.

SYSTEM ENERGY RESOURCES, INC.
STATEMENTS OF CHANGES IN COMMON EQUITY
For the Three Months Ended March 31, 2026 and 2025
(Unaudited)
			Common Stock						Retained Earnings						Total
			(In Thousands)
Balance at December 31, 2024			$958,944						$13,095						$972,039
Net income			—						23,389						23,389
Common stock dividends and distributions			(20,000)						(15,000)						(35,000)
Balance at March 31, 2025			$938,944						$21,484						$960,428
Balance at December 31, 2025			$908,944						$51,190						$960,134
Net income			—						23,016						23,016
Balance at March 31, 2026			$908,944						$74,206						$983,150
See Notes to Financial Statements.

ENTERGY CORPORATION AND SUBSIDIARIES

PART II. OTHER INFORMATION