19,247,788 Shares

Common Stock

The forward sellers referred to below are offering 19,247,788 shares of our common stock, par value $.01 per share. We have entered into forward sale agreements with each of Wells Fargo Bank, National Association, Citibank, N.A., Barclays Bank PLC and The Bank of Nova Scotia, whom we refer to in such capacity as the "forward purchasers," with respect to an aggregate of 19,247,788 shares of our common stock. In connection with these forward sale agreements, the forward purchasers or their affiliates and/or agents, whom we refer to in such capacity as the "forward sellers," at our request, are borrowing from third parties and selling to the underwriters an aggregate of 19,247,788 shares of our common stock. If in the good faith, commercially reasonable judgment of a forward purchaser, it or its affiliate is unable to borrow and deliver for sale on the anticipated closing date a number of shares of our common stock underlying its forward sale agreement, or it or its affiliate would be unable to borrow, at a stock loan rate not greater than a specified rate, and deliver for sale on the anticipated closing date such number of shares of our common stock, or if certain other conditions to such forward purchaser's or its affiliate's obligations have not been satisfied, then we will issue and sell directly to the underwriters a number of shares of our common stock equal to the number of shares that such forward seller does not borrow and deliver.

We will not initially receive any proceeds from the sale of our common stock sold by the forward sellers to the underwriters, except in certain circumstances described in this prospectus supplement, including the last sentence of the previous paragraph. Each forward sale agreement provides for settlement on a settlement date or dates to be specified at our discretion on or prior to April 30, 2028. If we elect to cash settle all or a portion of the forward sale agreements, we may not receive any proceeds from such election, and we may owe cash to one or more of the forward purchasers. If we elect to net share settle all or a portion of the forward sale agreements, we will not receive any cash proceeds from such election, and we may owe shares of our common stock to one or more of the forward purchasers.

Our common stock is listed on the New York Stock Exchange, or NYSE, and NYSE Texas, Inc., or NYSE Texas, in each case, under the symbol "ETR." On May 5, 2026, the last reported sale price of our common stock on the NYSE was $117.36 per share.