安特吉 2025年度报告

202Annual Report Entergy Corporation and Subsidiaries 2025 Entergy produces, transmits and distributes electricity to power life for 3.1 million customers through ouroperating companies in Arkansas, Louisiana, Mississippi and Texas. We’re investing for growth and improvedreliability and resilience of our energy system while working to keep energy rates affordable for our customers.We’re also investing in cleaner energy generation like modern natural gas, nuclear, and renewable energy. Anationally recognized leader in sustainability and corporate citizenship, we deliver more than $100 million ineconomic benefits each year to the communities we serve through philanthropy, volunteerism, and advocacy.Entergy is a Fortune 500 company headquartered in New Orleans, Louisiana, and has approximately 12,000employees. Learn more at entergy.com and connect with @Entergy on social media. We take an integrated approach to reporting on our company’s business objectives and outcomes. OurPerformance Report includes financial results and the economic, environmental, governance and social aspectsthat we believe help drive our results and are of interest to our customers, employees, communities and owners aswe fulfill our mission to deliver sustainable value to all stakeholders. We encourage you to visit our 2025 Performance Report at performancereport.entergy.com Contents 1Letter to Our Stakeholders5Forward-Looking Information and Regulation G Compliance11Comparison of Five-Year Cumulative Return12Definitions15Management’s Financial Discussion and Analysis55Report of Management56Report of Independent Registered Public Accounting Firm60Consolidated Income Statements61Consolidated Statements of Comprehensive Income62Consolidated Statements of Cash Flows64Consolidated Balance Sheets66Consolidated Statements of Changes in Equity67Notes to Financial Statements203Board of Directors204Executive Officers205Investor Information LETTER TO OUR STAKEHOLDERS Each year, our customers’ needs evolve and these changes present tremendous opportunities. To managechange and realize the opportunity, it’s essential that our team is comprised of smart, dedicated andadaptable people. People who believe in our mission to power life today and for future generations. In 2025, Entergy’s more than 12,000 employees once again proved how to grow, adapt and lead for thebenefit of our stakeholders, while staying true to who we are. In this report, you’ll find many examples ofhow, together, we are building an exciting future for our customers, employees, communities and owners. Growing with purpose The scale of our growth this year has been nothing short of unprecedented. We added electric serviceagreements totaling more than 3.3 gigawatts in 2025. From 2025 to 2026, construction started on six newgeneration facilities, and we received regulatory approval on four new sites. We also submitted an additionalseven planned facilities to regulators all to help support historic economic expansion across the region weserve. We are growing with purpose by facilitating economic development that produces well-paying jobs,expanded and improved infrastructure, and transformative economic advantages and opportunities for ourcommunities. This growth helps manage risk for our existing customers and brings new revenues to thelocal and state governments that educate our children, secure our communities and help us protect theenvironment. Entergy’s competitive rates and comparatively low emissions continue to produce industrial sales growthunlike anything in the country. Additionally, the broader Gulf South’s low cost of energy, abundant energytransportation, supportive communities and access to global markets through our ports create a powerfulforce for economic development in our region. All customers benefit when we gain hyperscale customers like Google, Meta and Amazon Web Serviceswho are helping pay for the incremental costs of developing more and better power generation and deliveryequipment. These new customers are also providing direct benefits to our existing customers throughsupport of storm response, resilience, overhead and other costs. In addition, they indirectly support ourexistingcustomers through additional infrastructure investment such as upgraded substations andtransmission lines, the improved fuel efficiency of our newest natural gas plants compared with legacyplants and more capacity for economic growth. We plan to invest $43 billion in generation, transmission and distribution from 2026 through 2029. Ourstrong capital plan will serve all our customers, both large and small, boost the resilience, reliability andefficiency of our system, and help us prepare for further business investment while maintaining our costcompetitiveness. Entergy is leading the way not just in the energy industry, but in the business community at large. We engage with our stakeholders In support of economic growth, during the year we deepened our engagement with