Executive Summary

Q1 2025 EPS was $0.82 as-reported and adjusted, up from $0.54 adjusted in Q1 2024; management affirmed FY 2025 adjusted EPS guidance of $3.75–$3.95, framing the quarter as a “productive start” with execution across regulatory and operating priorities .
Utility segment drove results: $1.11 EPS in Q1 (as-reported/adjusted) versus $0.82 adjusted in Q1 2024; Parent & Other remained a headwind at $(0.29) EPS on both bases .
Operating cash flow improved year over year (Consolidated OCF: $536mm vs $521mm), aided by vendor payment timing and customer advance payments, partially offset by higher fuel and interest costs .
Positive operational and regulatory developments included E‑TX approval to place $137mm of transmission investments into rates, E‑LA approval for West Bank 230kV, and Arkansas legislation expanding recovery for generation/transmission investments—supportive for long-term rate base growth .
Key narrative catalysts: accelerating industrial volumes (industrial GWh +9.3%), constructive regulatory momentum, and ongoing positioning for growing data center demand in the footprint while balancing affordability and resilience .

What Went Well and What Went Wrong

What Went Well
- “We had a productive start to the year with progress on our key objectives,” said CEO Drew Marsh, with consolidated adjusted EPS at $0.82 and Utility EPS at $1.11 reflecting higher volume (weather included) and regulatory actions .
- Improved cost discipline: lower other O&M year over year, driven by decreased contract costs and incentive compensation true-ups .
- Strong industrial load: weather-adjusted retail sales +5.2%, with industrial GWh +9.3% (petroleum refining, chlor-alkali, primary metals) and residential GWh +4.5% .
What Went Wrong
- Higher interest expense from rates, debt balances, and carrying costs on customer advances pressured EPS despite operational gains .
- Higher depreciation and amortization tied to higher plant in service and increased E‑LA nuclear depreciation rates (effective Sep 2024) .
- Share dilution (unsettled equity forwards and option exercises) modestly weighed on per-share figures; lower nuclear decommissioning trust returns reduced other income (deductions) .

Financial Results

Values marked with * are retrieved from S&P Global.

Metric	Q1 2024	Q4 2024	Q1 2025
Revenue ($USD Billions)	$1.20B*	$1.19B*	$1.30B*
EPS (As-Reported, $)	$0.18	$0.65	$0.82
EPS (Adjusted, $)	$0.54	$0.66	$0.82
EBITDA Margin (%)	35.17%*	41.03%*	40.94%*
EBIT Margin (%)	17.94%*	22.33%*	24.30%*
Net Income Margin (%)	15.13%*	19.07%*	19.47%*

S&P Global disclaimer: Values retrieved from S&P Global.

Segment breakdown (EPS per share)

Segment EPS	Q1 2024	Q4 2024	Q1 2025
Utility EPS (As-Reported)	$0.46	$0.92	$1.11
Utility EPS (Adjusted)	$0.82	$0.97	$1.11
Parent & Other EPS (As-Reported)	$(0.28)	$(0.27)	$(0.29)
Parent & Other EPS (Adjusted)	$(0.28)	$(0.31)	$(0.29)

KPIs

KPI	Q1 2024	Q1 2025
Residential GWh Sold	7,758	8,784
Commercial GWh Sold	6,223	6,243
Governmental GWh Sold	572	560
Industrial GWh Sold	12,661	13,833
Total Retail GWh Sold	27,214	29,420
Wholesale GWh Sold	3,958	1,634
Other O&M + Refueling Outage Exp. per MWh	$23.06	$22.40
Number of Electric Retail Customers	3,017,897	3,037,832

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EPS	FY 2025	$3.75–$3.95 (initiated Feb 18, 2025)	$3.75–$3.95 (affirmed Apr 29, 2025)	Maintained

Notes: Management referred investors to the webcast presentation for additional guidance detail; reconciliation not provided given uncertainty of potential adjustments .

Earnings Call Themes & Trends

Note: No Q1 2025 earnings-call-transcript was available under ELC; we searched “earnings-call-transcript” for ELC from Jan–Jun 2025 and found none [ListDocuments: 0 results].

Topic	Previous Mentions (Q4 2024)	Current Period (Q1 2025)	Trend
Data center demand	E‑LA filed to increase planned load for a north Louisiana data center	Ability to meet rapidly growing demand including hyperscale data centers noted in risk factors	Building pipeline; operational planning ongoing
Regulatory momentum	PUCT approved first phase of E‑TX resilience/hardening; APSC approved E‑AR FRP; MISO MTEP with $1.7B capex; FERC settlements	E‑TX approval to place $137mm transmission into rates (TCRF); E‑LA West Bank 230kV project approval; Arkansas legislation enabling recovery beyond FRP cap	Constructive, enabling recovery and growth
Industrial volumes	Large customer ESA signed at E‑MS	Industrial GWh +9.3%; weather-adjusted retail +5.2%	Strengthening demand
Nuclear/Grand Gulf	FERC/MPSC approved E‑MS receipt of E‑LA’s 16% share of Grand Gulf	Lower Grand Gulf revenue largely due to lower O&M	Transitional impact; mix effect
Financing & liquidity	Issued junior subordinated debentures; higher interest on CP	~$1.5B common stock offering with forward component completed	Funding plan execution; modest dilution noted
Resilience/grid hardening	Accelerated resilience plan approvals	Continued resilience emphasis, with storm response recognition (EEI award)	Ongoing investment cycle

Management Commentary

“We had a productive start to the year with progress on our key objectives.” — Drew Marsh, Chair & CEO .
Core drivers of earnings increase: higher retail sales volume (including weather), net effect of regulatory actions, other income (deductions), and lower other O&M; offsets were higher interest expense and higher depreciation/amortization .
FY 2025 adjusted EPS guidance range of $3.75–$3.95 affirmed; detail in webcast presentation, with non-GAAP reconciliation not provided due to uncertainty in adjustments .

Q&A Highlights

Transcript unavailable for ELC; teleconference details provided (Apr 29, 2025, 10:00 a.m. CT; replay available) .
Management highlighted share count effects (unsettled equity forwards and option exercises) impacting diluted EPS .
Clarified operating momentum and regulatory progress driving Utility EPS gains while acknowledging higher interest and D&A headwinds .

Estimates Context

Wall Street consensus (S&P Global) for quarterly EPS and target price was unavailable at retrieval; revenue/EBITDA fields returned actuals rather than consensus, so no beat/miss determination versus Street could be made [GetEstimates].
Given affirmed FY guidance and Q1 EPS of $0.82 (as-reported/adjusted), we expect analysts to focus on industrial load trajectory, regulatory cadence, and cost headwinds (interest and D&A) in revising FY models .

S&P Global disclaimer: Where present, values marked with * are retrieved from S&P Global.

Key Takeaways for Investors

Utility-led upside: Utility EPS rose to $1.11 driven by higher volumes and constructive regulatory actions; focus on sustaining industrial demand and execution on capital plans .
Cost discipline is visible: lower other O&M supported margins, with KPIs showing improved O&M per MWh and strong residential/industrial GWh growth .
Headwinds to monitor: higher interest expense and rising D&A tied to rate base growth/nuclear depreciation will pressure EPS leverage even as operating trends improve .
Guidance maintained: FY 2025 adjusted EPS $3.75–$3.95 reaffirmed; watch for catalysts from regulatory outcomes and load additions (including data centers) in the footprint .
Funding strategy: ~$1.5B equity offering with forward component completed; modest dilution evident—expect continued balanced financing to support grid resilience and growth .
Operational cash flow strength: OCF increased year over year, aided by timing benefits—useful liquidity backdrop amid elevated investment cycle and fuel/interest costs .
Tactical: Near term, narrative favors industrial load momentum and regulatory wins; medium term, thesis rests on rate base investment, resilience, and capturing large-load opportunities while managing affordability and capital costs .

ENTERGY LOUISIANA, LLC (ELC)·Q1 2025 Earnings Summary