Slides
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May 8, 2025 First Quarter 2025 Earnings Call
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Forward Looking Statements Statements made in this document that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital investment goals; the outcome of legislative efforts and regulatory and legal proceedings; future energy demand, including demand driven by new and existing customers; future power prices; plans with respect to existing and potential future generation resources; the availability and cost of generation resources and energy storage; target emissions reductions; and other matters relating to expected financial performance or affecting future operations. Forward-looking statements are often accompanied by forward-looking words such as "anticipates," "believes," "expects," "estimates," "forecasts," "guidance," "should," "could," "may," "seeks," "intends," "predict," "potential," "opportunities," "proposed," "projects," "planned," "target," "outlook," "remain confident," "goal," "will" or other words of similar meaning. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information. In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Evergy Companies are providing a number of risks, uncertainties and other factors that could cause actual results to differ from the forward-looking information. These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; significant changes in the demand for electricity; changes in business strategy or operations, including with respect to the Evergy Companies' strategy to meet demand requirements of existing and future customers; the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; changes in U.S. trade policies (including tariffs and other trade measures) and responses from other countries; the ability to build or acquire generation and transmission facilities to meet the future demand for electricity from customers; the ability to control costs, avoid costs and schedule overruns during the development, construction and operation of generation, transmission, distribution or other projects due to challenges, which include, but are not limited to, changes in labor costs, availability and productivity, challenges with the management of contractors or vendors, subcontractor performance, shortages, delays, increased costs or inconsistent quality of equipment, materials and labor and increased financing costs as a result of changes in interest rates or as a result of project delays; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; development, adoption and use of artificial intelligence by the Evergy Companies and its third-party vendors; the impact of climate change, including increased frequency and severity of significant weather events; risks relating to potential wildfires, including costs of litigation, potential regulatory penalties and damages in excess of insurance liability coverage; the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal- fired generation; prices and availability of electricity and natural gas in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of future pandemic health events on, among other things, sales, results of operations, financial position, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies' employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, disruptions in the banking industry, including volatility in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, acts of war and other disruptions to the Evergy Companies' facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; impact of geopolitical conflicts on the global energy market, including the ability to contract for non-Russian sourced uranium; ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; the Evergy Companies' ability to manage their generation, transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies' ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, wages, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy's strategic plan, financial results or operations; the impact of changing expectations and demands of the Evergy Companies' customers, regulators, investors and stakeholders, including differing views on environmental, social and governance concerns; the possibility that strategic initiatives, including mergers, acquisitions and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, contractors, regulators or suppliers; the outcome of litigation involving the Evergy Companies; and other risks and uncertainties. This list of factors is not all-inclusive because it is not possible to predict all factors. You should also carefully consider the information contained in the Evergy Companies' other filings with the Securities and Exchange Commission (SEC). Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Evergy Companies with the SEC. New factors emerge from time to time, and it's not possible for the Evergy Companies to predict all such factors, nor can the Evergy Companies assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. The Evergy Companies undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures Evergy uses adjusted earnings, adjusted earnings per share and adjusted O&M which are non-GAAP financial measures. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures are included in the appendix. 2 First Quarter 2025 Earnings Presentation Important Information
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David Campbell, Chairman & CEO • First quarter highlights • Legislative outcomes • Economic development update • Integrated Resource Plan update • Regulatory updates Bryan Buckler, EVP & CFO • First quarter results • Retail sales trends • 2025 outlook 3 First Quarter 2025 Earnings Presentation Agenda
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Business Update David Campbell Chairman & CEO
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• First Quarter 2025 EPS • GAAP: $0.54; Adjusted1: $0.54 • Primary Earnings Drivers ↑ Recovery of regulated investments ↓ Industrial demand, interest expense, depreciation expense • Reaffirming 2025 adjusted EPS1 guidance of $3.92 - $4.12 • Long-term adjusted EPS1 target of 4% to 6% off of the 2025E midpoint of $4.02 through 2029E; expect to be in the top half of 4% to 6% range • Solid start to the year in reliability, with SAIDI2 and SAIFI2 favorable to target; generation fleet performed well with strong availability throughout the quarter • Constructive legislative outcomes in Kansas and Missouri enhance regulatory frameworks and enable economic development investment Well-positioned to execute on our adjusted EPS1 growth target $0.54 $0.54 1Q24 1Q25 First Quarter Highlights 5 First Quarter 2025 Earnings Presentation 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP information. 2SAIDI and SAIFI = System Average Interruption Duration Index and System Average Interruption Frequency Index Adjusted EPS1
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Legislative Outcomes Empowering Growth & Investment 6 Kansas and Missouri are well-positioned to advance economic development; legislative outcomes mitigate regulatory lag, support our credit profile, and enable infrastructure investment First Quarter 2025 Earnings Presentation Kansas and Missouri stakeholders advanced constructive legislation in recent sessions that will enable significant investment and promote economic prosperity for our customers and communities while solidifying our region as a premier destination for advanced manufacturing and data center customers Economic Development Wins
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Economic Development Pipeline Economic development pipeline remains robust, with additional projects representing more than 11 gigawatts of incremental demand actively considering our service territories First Quarter 2025 Earnings Presentation • Actively Building: 1.1 gigawatts (GW) under active construction • Added ~300 megawatts (MW) of load from Finalizing Agreements; expected to ramp 2030 and beyond • ~500 MW included in our 2-3% demand forecast through 2029 • Finalizing Agreements: ~1.3 GWs from two data center projects, reflecting one project in Kansas and the expansion of an existing data center customer in Missouri • Not yet included in 2-3% demand forecast; potential 600 MWs by 2029 • Positive momentum with counterparties in Q1 • Advanced Discussions: ~2.9 GWs reflecting large customers that have acquired land, signed letters of agreement, and for which transmission and generation capacity studies are underway • Balance of Pipeline: ~7 GWs in various stages of preliminary discussions 1Evergy’s projected peak summer demand for 2025 is approximately 10,600 megawatts ~0.8 ~1.6 ~2.9 ~6 4Q24 Large Customer Pipeline Evergy’s Current Peak Demand1 ~11.2 GWs ~10.6 GWs 1Q25 Large Customer Pipeline ~12.2 GW ~1.3 ~2.9 ~7 ~1.1 Actively Building Finalizing Agreements Advanced Discussions Balance of Pipeline 7
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Summary of 2025 IRP Preferred Plans Near-term wind 2025 2030 2040 Battery addition Viola, McNew, and Mullin Creek new natural gas-fired resources Delayed LEC1 4&5 retirement / conversion to natural gas Additional wind Includes Foxtrot, Sunflower Sky, and Kansas Sky Solar Delayed JEC2 2 retirement/conversion to natural gas 624 MW 1,860 MW 450 MW 700 MW150 MW Additional firm, dispatchable natural gas generation resources 5,850 MW 600 MW 1,950 MW Additional solar 4,350 MW First Quarter 2025 Earnings Presentation8 Evergy’s 2025 IRP calls for an all-of-the-above approach to new generation development; adds over 2.1 gigawatts of new resources from 2025-2035 relative to 2024 IRP 1LEC = Lawrence Energy Center 2JEC = Jeffrey Energy Center
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• Kansas Central Rate Case (25-EKCE-294-RTS): staff testimony due June 6, settlement conference July 8-9, hearings begin July 21, commission order by September 29 • Natural Gas & Solar Predetermination (25-EKCE-207-PRE): reached non-unanimous partial settlement agreement for natural gas projects and a unanimous settlement agreement for solar project; commission order by July 7 • Large Load Tariff (25-EKME-315-TAR): early settlement offer due June 20, settlement discussions June 23, settlement agreement due July 3, hearings October 8-9 • Integrated Resource Plan (24-EKCE-387-CPL): update filed May 1 • Solar Certificates of Convenience and Necessity (CCN) (EA-2024-0292): staff report filed April 4, settlement conference May 22, hearings begin May 27 • Natural Gas CCNs (EA-2025-0075): staff report filed April 25, settlement conference May 22, evidentiary hearings May 29 • Large Load Tariff (EO-2025-0154): joint proposed procedural schedule filed May 5, awaiting approval; intervenor rebuttal testimony by July 25, settlement conference September 23, hearings September 29 – October 3 • Integrated Resource Plan (EO-2025-0250/0251): update filed March 13 Regulatory Updates 9 Working collaboratively with stakeholders to position Evergy to best advance economic development, enable beneficial infrastructure investments and support customer affordability First Quarter 2025 Earnings Presentation
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Focused on consistently delivering against our affordability, reliability, and sustainability objectives 1Targets net zero CO2e by 2045 for scope 1 and scope 2 emissions; The trajectory and timing of achieving these further emissions reductions are expected to be dependent on the evolution of Evergy's integrated resource plans and many external factors, including enabling technology developments, trends in total demand for electricity, the reliability of the power grid, availability of transmission capacity, supportive energy policies and regulations, and other factors. Affordability: Maintaining affordable rates while investing in infrastructure and technology to support growing customer demand Reliability : Targeting top-tier performance in reliability, customer service and generation Sustainability : Advancing “all-of-the-above” fleet transition1 Affordability Reliability Sustainability First Quarter 2025 Earnings Presentation10 Core Tenets of Evergy Strategy
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Financial Update Bryan Buckler EVP & CFO
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0.13 $0.54 1Q24 0.01 Weather, Demand and Pricing2 Recovery of Regulated Investments (0.10) D&A, Interest Expense & AFUDC (0.04) Other 1Q25 $0.54 Favorable heating degree days (HDD); Leap year impact of ($0.03); lower industrial demand primarily driven by unplanned customer maintenance shutdown First Quarter 2025 Adjusted EPS1 12 First Quarter 2025 Earnings Presentation 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP information. 2While HDD were above normal, extreme winter weather benefits were muted by declining block pricing and significant snow events limiting commercial activity. Thus, the expectation of a $0.04 favorable impact relative to normal in 1Q25 based on a 30-year weather model is not applicable.
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Retail Sales Trends 13 First Quarter 2025 Earnings Presentation Customer growth supports demand rebound, local economy remains resilient 1Weather-normalization uses a 30-year normal weather model. When adjusting for leap year, total weather-normalized retail sales declined (1.8%) for the quarter 1Q25 Weather-Normalized1 Demand Growth Residential Commercial Industrial -3.2% -0.2% -8.4% Total Retail -3.0% 1Q25 Total Demand Growth Residential Commercial Industrial 8.4% 3.2% -8.3% Total Retail 2.7% • Cold winter weather led to increases in residential and commercial usage, but declining block pricing limited margin benefit and major snowstorms reduced business activity in January and February • Large customer unplanned maintenance shutdown was primary driver of industrial usage decrease; customer is expected to be producing at near normal levels this month • Expect strong commercial and industrial load growth as Meta and Panasonic ramp up operations in 2H 2025 • Expect year-over-year load growth in Q3 and Q4 of 3-5% for commercial and 6-8% for industrial
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2025 Year-To-Go Adjusted EPS1 Considerations Remain on track to achieve 2025 adjusted EPS1 guidance range of $3.92 - $4.12 First Quarter 2025 Earnings Presentation14 • ~($0.05) below adjusted EPS1 expectations after the first quarter • First quarter results reflect timing items and weakness in margins from the challenges of the historic snow events that limited business customer operations and the impact of a large customer unplanned maintenance shutdown • No areas of concern to foundational earnings power of the company post-Q1 • On track to achieve 2025 adjusted EPS1 guidance midpoint of $4.02. Areas of expected strength for the remainder of 2025: • Drive cost efficiencies building on solid operational performance year-to-date • Anticipate a rebound in weather-normalized demand growth through the balance of the year • Meta and Panasonic expected to ramp in 2H25 • Residential customer growth remains strong • Large customer expected to resume normal operations in Q2 • Recovery of regulated investments expected to drive growth throughout the year 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP information.
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2025E – 2029E Financing Plan $17.5 $5.8 $2.8 Sources & Uses ($ billions) Cash From Operations ($3.6) Dividends Incremental Debt1 Equity & Equity- Like Securities 2025E-2029E Capex Plan $12.5 First Quarter 2025 Earnings Presentation Financing plan reflects balanced mix of debt and equity proceeds to fund growth while supporting our balance sheet 15 1Debt issuances which are incremental to debt needed to fund $3.9 billion of long-term debt maturities in 2025E-2029E Targeting 60-70% payout ratio Assumes 2-3% load growth CAGR through 2029; does not yet include potential benefit to cash from operations from customers in the “Finalizing Agreements” stage of our economic development pipeline No expectation of tax credit monetization benefiting the cash from operations forecast related to the Inflation Reduction Act
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Economic Development Pipeline Projected Demand Robust demand growth opportunity through 2029 and beyond First Quarter 2025 Earnings Presentation16 Incremental Load (MWh) 2025 2026 2027 2028 2029 • Our 2-3% demand growth forecast through 2029 only includes ~500 MWs of Actively Building customers • Load from customers in the Finalizing Agreements category would be additive to our forecast; approximately 600 MW incremental opportunity through 2029 • Significant increase in load growth through 2029 as Actively Building customers work towards their full run rates, with continued growth into the next decade • Given advanced discussions, the 2025 IRP Preferred Plans include all customers under Actively Building and Finalizing Agreements categories • Additional load growth potential could come from the Advanced Discussions category of prospective customers '24-'29 CAGR Base Retail 0.5-1.0% + Actively Building Current Demand Forecast 2-3% + Finalizing Agreements Total Retail Sales Growth Potential 4-5% 2-3% CAGR through 2029 4-5% CAGR through 2029
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• Reaffirming 2025 adjusted EPS1 guidance of $3.92 - $4.12 • Reaffirming long-term adjusted EPS1 target of 4% to 6% off of the 2025E midpoint of $4.02 through 2029E • Expect to be in the top half of 4% to 6% range, with tailwinds • Planning $17.5B of infrastructure investment 2025E-2029E • Implied annualized rate base growth of ~8.5% 2024E-2029E • Focused on business execution, enhancing reliability, and advancing constructive policies to support competitiveness and economic prosperity for our communities Growth Outlook Summary 17 First Quarter 2025 Earnings Presentation Well positioned to deliver on our EPS growth targets 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP information 2CAGR target calculated using $4.02 midpoint of 2025 adjusted EPS guidance Targeted Adjusted EPS Growth1 2025E Baseline2 2026E 2027E 2028E 2029E Top half of 4-6% EPS CAGR2 $4.02
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Q&A 18 First Quarter 2025 Earnings Presentation
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Appendix
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Inflation Reduction Act and Tariffs Our primary goal remains to manage the affordability impact of federal tariffs and potential changes to the Inflation Reduction Act First Quarter 2025 Earnings Presentation20 Federal Tariffs • If federal tariffs hold over the long-term, we could see a higher cost of materials used in capital projects – currently expected to be less than a 5% impact to annual capital expenditures. Our primary goal is to manage the impacts for our customers, as we have done through this recent inflationary period • We primarily procure from domestic suppliers with whom we have solid partnerships Inflation Reduction Act • The Inflation Reduction Act provides benefits for our customers in the form of renewable tax credits, which enhance the economics of owned renewables • Importantly, our financial plan does not rely on tax credit transferability, nor the nuclear production tax credit, for which we await guidance from the Internal Revenue Service
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Generation Projects - Regulatory Approval Requests First Quarter 2025 Earnings Presentation21 1CCN = Certificate of convenience and necessity 2COD = Commercial operation date 3While renewables are not explicitly eligible under the PISA statute in Kansas, the unanimous settlement agreement in support of Kansas Sky provides for deferral of depreciation and the return on the project into a regulatory asset beginning at the in-service date and until inclusion in base rates Project Fuel Type MW Ownership Regulatory Filings Dockets Targeted COD2 PISA Eligibility CWIP Sumner County Natural Gas 705 EKC (50%) & EMW (50%) Predetermination (KS) & CCN1 (MO) 25-EKCE-207-PRE (KS) & EA-2025-0075 (MO) 2029 Yes Yes Reno County Natural Gas 705 EKC (50%) & EMW (50%) Predetermination (KS) & CCN1 (MO) 25-EKCE-207-PRE (KS) & EA-2025-0075 (MO) 2030 Yes Yes Nodaway County Natural Gas 425 EMW CCN1 (MO) EA-2025-0075 2030 Yes Yes Kansas Sky Solar 159 EKC Predetermination 25-EKCE-207-PRE 2027 No3 No Sunflower Sky Solar 65 EMW CCN EA-2024-0292 2027 Yes No Foxtrot Solar Solar 100 EMW CCN EA-2024-0292 2027 Yes No Total 2,159
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Evergy IRP Preferred Plan, 2024 vs. 2025 2025 IRP Update adds nearly 2 gigawatts of high-efficiency natural gas generation over the next 10 years relative to the 2024 update to support economic growth and reliability 143 600 450 650 740 650 415 300200 150 150 300 300 300 150 150 150 2024 2025 2026 2027 -480 2028 2029 -733 2030 2031 -750 2032 2033 2024 IRP Update (April 2024) Projected Additions & Retirements (MW)1 2025 IRP Update (May 2025) Projected Additions & Retirements (MW)1 1Reflects April 1 in-service for new resource additions 2Lawrence Unit 4 (107MW) retires and Unit 5 (373MW) transitions to gas only (338MW) 624 450 710 150 355 300 150 150 300 150 300 150 300 150 2025 2026 2027 2028 2029 1,150 2030 1,150 -733 2031 2032 1,065 -1,230 20332 2034 Wind Solar Natural Gas Battery Storage Coal Retirements First Quarter 2025 Earnings Presentation22
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Generation Projects in Five-Year Capital Plan1 First Quarter 2025 Earnings Presentation23 Projects not yet incorporated into the capital plan would be additive to our forecast 1Project list reflects 2025 IRP Preferred Plans, whose demand assumptions include all customers included in the Actively Building and Finalizing Agreements categories Operating Company Resource Type MW COD In Capital Plan? Solar 159 2027 Yes Wind 150 2028 No Solar 150 2029 Yes Natural Gas (1/2 CCGT) 355 2029 Yes Solar 150 2030 Yes Natural Gas (1/2 CCGT) 355 2030 Yes Natural Gas (CCGT) 710 2031 No Solar 300 2032 No Natural Gas (CCGT) 710 2033 No Solar 300 2027 No Wind 150 2028 Yes Wind 150 2029 Yes Solar 150 2030 Yes Battery 150 2030 No Natural Gas (CT) 440 2031 No Natural Gas (1/2 CCGT) 355 2032 No Natural Gas (1/2 CCGT) 355 2033 No Solar 165 2027 Yes Wind 150 2028 No Natural Gas (1/2 CCGT) 355 2029 Yes Natural Gas (1/2 CCGT) 355 2030 Yes Natural Gas (CT) 440 2030 Yes Total 6,554 Evergy Missouri West Evergy Metro Evergy Kansas Central
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Evergy Five-Year Capital Investment Plan 24 First Quarter 2025 Earnings Presentation $ in millions 2025E 2026E 2027E 2028E 2029E Total New Generation 501 906 1,251 1,920 1,592 6,170 General Facilities, IT, and Other 204 227 283 274 316 1,304 Transmission 547 543 699 725 756 3,270 Distribution 926 1,077 908 905 915 4,731 Legacy Generation 363 388 405 374 451 1,981 Total 2,541 3,141 3,546 4,198 4,030 17,456
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$- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 2025 2026 2027 2028 2029 Long-Term Debt Maturities4,5 ($ millions) Evergy Evergy KS Central/South Evergy Metro Evergy MO West Strong Credit Ratings Moody’s S&P Global Evergy, Inc. Outlook Stable Stable Senior Unsecured Debt Baa2 BBB Junior Subordinated Notes Baa3 BBB- Commercial Paper P-2 A-2 Evergy Kansas Central Outlook Stable Stable Senior Secured Debt A2 A Commercial Paper P-2 A-2 Evergy Kansas South Outlook Stable Stable Senior Secured Debt A2 A Short Term Rating P-2 A-2 Evergy Metro Outlook Stable Stable Senior Secured Debt A2 A Commercial Paper P-2 A-2 Evergy Missouri West Outlook Stable Stable Senior Secured Debt Baa1 A Commercial Paper P-3 A-2 Debt Maturities & Credit Ratings 25 1Based on our calculation using Moody’s methodology of cash from operations (pre-working capital) / debt excluding ratio impacts from the Missouri West Winter Storm Fund Securitization. 2CFO pre-WC/Debt estimate range of 14.5%-15.5%. 3Moody’s target. 4Excludes maturities related to variable interest entity. 5As of 12/31/2024. CFO pre-WC/Debt1 Estimate2 ~15.0% Target3 ≥15.0% First Quarter 2025 Earnings Presentation
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$196 Million Revenue Increase Request Evergy Kansas Central Rate Request Case Attributes Filed 1/31/2025 Revenue Increase since 20231 $196.4M Percent Increase since 20231 8.62% Rate Base $6,733M ROE 10.5% Cost of Debt 4.64% Common Equity Ratio 51.97% Rate of Return 7.69% Test Year 6/30/2024 Proposed True-Up Date 3/31/2025 Anticipated Effective Date of New Retail Rate Order 9/29/2025 Case Number 25-EKCE-294-RTS Request includes infrastructure investment to improve reliability and enhance customer service 91 196 18 43 44 New Infrastructure Investment Capital Structure and Cost of Debt Expense True-Up Other Rate Request 1Excludes the rebasing of ($4.3M) of property taxes into base rates, which were previously being collected under the Property Tax Surcharge, resulting in no bill impact from this rate case First Quarter 2025 Earnings Presentation26
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2024 vs. 2025 Quarterly Adjusted EPS1 Considerations 27 First Quarter 2025 Earnings Presentation 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP information 2For 2025, Q2-Q4 percentage ranges represent forward looking estimates as measured against the $4.02 midpoint of our 2025 Adjusted EPS guidance
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GAAP to Non-GAAP EPS Reconciliation First Quarter 2025 Earnings Presentation 1Adjusted earnings and adjusted earnings per share guidance (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies’ presentations of similarly-named measures. Adjusted earnings (Non-GAAP) and adjusted EPS (Non-GAAP) should be considered as supplemental in nature and not considered in isolation or as a substitute for GAAP information 28 Adjusted EPS1 2024 2025E GAAP EPS $3.73 - $3.93 $3.92 - $4.12 Adjustments - - Adjusted EPS1 (non-GAAP) $3.73 - $3.93 $3.92 - $4.12
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First Quarter GAAP to Non-GAAP EPS Reconciliation 29 First Quarter 2025 Earnings Presentation