Slides
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November 6, 2025 Third 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, battery storage 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, battery storage 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, which, among other things, could impact the trajectory of expected load growth; the possibility that strategic initiatives, including mergers, acquisitions, joint ventures 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 Third Quarter 2025 Earnings Presentation Important Information
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David Campbell, Chairman & CEO • Third quarter highlights • Economic development update • Regulatory updates Bryan Buckler, EVP & CFO • Third quarter results • Retail sales trends • 2025 and long-term outlook 3 Third Quarter 2025 Earnings Presentation Agenda
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Business Update David Campbell Chairman & CEO
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• Third Quarter 2025 EPS • GAAP: $2.03; Adjusted1: $2.03 • Primary Earnings Drivers vs Q3 2024 ↑ Recovery of regulated investments, load growth ↓ Interest expense, D&A, convertible debt dilution • Strong operational and reliability performance through September, with forced outage rate and SAIDI2 favorable to target • Nearing completion of 27th Wolf Creek refueling outage • Increasing dividend by 4% to $2.78 per share, annualized • Narrowing 2025 adjusted EPS3 guidance to $3.92 – $4.02 compared to original adjusted EPS3 guidance of $3.92 – $4.12 • Primarily driven by the ($0.13) impact of weather due to fewer cooling degree days in Q2 and Q3 compared to normal • Comprehensive update to growth outlook planned for year-end call in February: tailwinds to load forecast, capital plan, rate base growth and adjusted EPS growth Strong operational and reliability performance and well-positioned to execute on our adjusted EPS1 growth target $2.02 $2.03 3Q24 3Q25 Third Quarter Highlights 5 Third Quarter 2025 Earnings Presentation Adjusted EPS1 $3.46 $3.41 YTD24 YTD25 See page 27 for footnotes
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Economic Development Pipeline1 Continuing to advance customer agreements to deliver on our Tier 1 large load opportunity Third Quarter 2025 Earnings Presentation 1.0 1.0 ~1.1 ~1.0 – 1.5 ~2.0 – 3.5 ~10+ 2Q25 Large Customer Pipeline ~1.2 ~1.5 – 2.0 ~2.0 – 3.0 ~10+ 3Q25 Large Customer Pipeline ~15+ GW ~15+ GW Actively Building Finalizing Agreements Advanced Discussions Balance of Pipeline 6 ~4-6 GWs of Tier 1 Large Load Customers • Large customer interest remains exceptionally high • Represents a transformative 10-year roadmap to serve up to 4-6 GWs of new large load customers • Relative to Evergy’s size, the backlog of large customers is one of the most robust in the country • Expected to provide regional and community benefits in Kansas and Missouri, including a leading-edge digital economy, job growth and significantly expanded tax base • Large load customers allow system costs to be spread over a broader base, supporting retail customer affordability and long-term competitive rates • LLPS orders in MO and KS are gating for incremental announcements • Incremental pipeline not yet in active queue as Evergy evaluates opportunity to serve, and is well in excess of 10 GWs • Potential to address a portion pre-2030, with greatest potential post-2030 See page 27 for footnotes
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Up To 4-6 GWs of Tier 1 Large Load Customer Pipeline Tier 1 large load customers will empower growth, investments and drive prosperity for our region Third Quarter 2025 Earnings Presentation7 Pipeline Category Peak GW Potential Commentary Actively Building ~1.2 (up from ~1.1) • Panasonic and Meta began operations in Q3, currently at a combined ~70 MW and ramping • Third customer is nearing completion of construction on their first of three phases • Expect ~500 MW of peak demand by 2029 from these three customers, supporting load growth forecast of 2-3% CAGR through 2029 • Lambda announced $500M AI factory and data center investment in Kansas City, MO • Expected to launch in early 2026 with 24MW of capacity; potential to scale to more than 100MW in the future Finalizing Agreements ~1.5 – 2.0 (up from ~1.0- 1.5) • Continuing progress with two large data center customers • Executed various service agreements with ~$200M of financial commitments posted by the customers; potential 600MW of peak demand by 2029, which would increase overall company load growth forecast to a 4-5% CAGR through 2029 • Added third data center project to reflect significant progress and initial agreements • Negotiations progressed well in Q3; announcements expected after LLPS tariffs are finalized Advanced Discussions ~2.0 – 3.0 • Represents multiple customers that have acquired land or land rights, signed letters of agreement, and for which transmission and generation capacity studies are underway • Over $30M of financial commitments received; further agreements to be executed • Additional load growth potential by 2029 could come from these prospective customers
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Natural Gas & Solar Predetermination (25-EKCE-207-PRE) Kansas Central Rate Case (25-EKCE-294-RTS): Commission issued order approving unanimous settlement agreement on September 25; new rates became effective October 1 Large Load Tariff (25-EKME-315-TAR): unanimous settlement agreement filed on August 18; commission order anticipated during November 6 business meeting Solar Certificates of Convenience and Necessity (CCN) (EA-2024-0292) Natural Gas CCNs (EA-2025-0075) Large Load Tariff (EO-2025-0154): non-unanimous settlement agreement filed September 25; awaiting Commission order Missouri Metro rate case filing planned for February 2026 Regulatory Updates 8 Working collaboratively with stakeholders to position Evergy to advance economic development, enable beneficial infrastructure investments and support customer affordability Third Quarter 2025 Earnings Presentation
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Constructive Backdrop for Investment & Growth 9 Kansas and Missouri are well-positioned to advance economic development; legislative outcomes mitigate regulatory lag, support our credit profile, and enable infrastructure investment Third Quarter 2025 Earnings Presentation Kansas and Missouri stakeholders advanced constructive legislation in 2024 and 2025 sessions that is expected to enable 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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Focused on consistently delivering against our affordability, reliability, and sustainability objectives Affordability: Maintaining affordable rates while investing in infrastructure and technology to support growth and prosperity Reliability : Targeting top-tier performance in reliability, customer service and generation Sustainability : Advancing “all-of-the-above” generation portfolio Affordability Reliability Sustainability Third Quarter 2025 Earnings Presentation10 Core Tenets of Evergy Strategy
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Financial Update Bryan Buckler EVP & CFO
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0.11$2.02 3Q24 0.06 Weather, Demand and Pricing2 Recovery of Regulated Investments (0.07) D&A, Interest Expense & AFUDC (0.06) Other (0.03) Dilution from Convertible Notes 3Q25 $2.03 Third Quarter 2025 Adjusted EPS1 12 Third Quarter 2025 Earnings Presentation 2.0% increase in weather- normalized demand driven primarily by residential and commercial; weather impact ($0.04) compared to normal See page 27 for footnotes
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Retail Sales Trends 13 Third Quarter 2025 Earnings Presentation Local economy remains resilient; new large customers have begun ramp-up of operations 3Q25 Weather-Normalized1 Demand Growth Residential Commercial Industrial 2.4% 3.0% -0.9% Total Retail 2.0% • Strong residential and commercial growth supported by a healthy economy and ramp-up of Meta data center 0% 3% 6% 9% 12% 15% Unemployment Rate2 2018 2019 2020 2021 2022 2023 2024 2025 U.S. KC Metro Kansas See page 27 for footnotes
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0.10 $3.92 – $4.12 Original 2025E Midpoint (0.13) Q2 & Q3 Weather vs. Normal (0.02) Incremental Convertible Dilution Mitigation Measures Updated 2025E Midpoint $3.92 – $4.02 Updated 2025 Adjusted EPS1 Guidance 14 Third Quarter 2025 Earnings Presentation Fundamental long-term opportunity not impacted by weather headwinds; large customers and infrastructure investment will drive growth • Narrowing 2025 adjusted EPS2 guidance to $3.92 – $4.02 from $3.92 – $4.12 • Primarily driven by the impact of weather ($0.13) due to fewer cooling degree days in Q2 and Q3 compared to normal • Anticipate ~($0.02) of incremental convertible-related dilution compared to plan • Identified mitigation measures of $0.10 • Fundamental long-term outlook not impacted and remains strong, bolstered by tailwinds from a generational economic development opportunity and the investment needed to enable it See page 27 for footnotes
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Growth Outlook Summary 15 Third Quarter 2025 Earnings Presentation Load Growth ~2-3% 2024 – 2029E ~4-6 GWs of Tier 1 Large Customers, Finalizing Agreements customers could raise load growth to 4-5% through 2029 Capital Expenditures 1 $17.5B 2025E-2029E Adjusted EPS Growth CAGR1,2,3 2 4 to 6%4 2025E – 2029E Equity Financing Plan $2.8B From 2026E-2029E 4 5 Comprehensive update to growth outlook planned for year-end call in February; will incorporate tailwinds Equity needs for $17.5B of capital could be mitigated by the impact of large customer loads on cash flows Higher infrastructure investment to modernize the grid and expand generation capacity for growing customer demand, including new large loads Rate Base Growth 8.5% 2025E-2029E 3 Regular cadence of rate cases to maintain our credit profile and support infrastructure investments in Kansas and Missouri Well-positioned to deliver on our growth targets; comprehensive update on year-end call. Focus on affordability, reliability, sustainability and prosperity will remain at the forefront Q4 Update ConsiderationsReaffirmed as of Q3 See page 27 for footnotes
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Q&A 16 Third Quarter 2025 Earnings Presentation
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Appendix
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Large Load Power Service Tariff – Key Terms Third Quarter 2025 Earnings Presentation18 LLPS tariffs designed with critical customer safeguards in place to ensure new large customers pay their fair share of accelerated capital investment • These terms reflect LLPS settlement agreements as filed in both KS and MO and remain subject to commission approval • Load requirement • Tariff applies to customers with load in excess of 75 MW • Minimum term length • 5-year transitional load ramp period plus 12-year term length; up to 17 years total • Minimum monthly bill requirement • 80% of total bill, excluding fuel, based on steady-state contract peak capacity • Bill includes other charges, including demand charge, grid charge, and various riders • Termination fees • Fee = minimum monthly bill X remaining months in the contract • Posting of collateral • Equal to two years of minimum monthly bills to be provided at the time of signing the agreement • Recomputed quarterly, and may be increased if customer’s load forecast increases the minimum monthly bill
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Generation Update Third Quarter 2025 Earnings Presentation19 Project Fuel Type MW Ownership Regulatory Status Targeted COD1 Sumner County Natural Gas 710 EKC (50%) & EMW (50%) KCC & MPSC Approved 2029 Reno County Natural Gas 710 EKC (50%) & EMW (50%) KCC & MPSC Approved 2030 Nodaway County Natural Gas 440 EMW MPSC Approved 2030 Kansas Sky Solar 159 EKC KCC Approved 2027 Sunflower Sky Solar 65 EMW MPSC Approved 2027 Foxtrot Solar Solar 100 EMW MPSC Approved 2027 Total 2,184 Advancing an “all-of-the-above” generation strategy to drive affordability, reliability, and sustainability for our customers See page 27 for footnotes
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Economic Development Pipeline Projected Demand Robust demand growth opportunity through 2029 and beyond Third Quarter 2025 Earnings Presentation20 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 two 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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Evergy Five-Year Capital Investment Plan 21 Third 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 $17.5 billion five-year capital investment plan for 2025-2029. Comprehensive update on load and EPS growth, 5-year capital plan for 2026-2030, and financing plan on the year-end call
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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 Third Quarter 2025 Earnings Presentation Financing plan reflects balanced mix of debt and equity proceeds to fund growth while supporting our balance sheet; will provide comprehensive update on year-end call 22 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 Cash from operations forecast does not yet incorporate the potential benefits from tax credit monetization related to the Inflation Reduction Act Entered forward sales agreements for $125M2 of common shares via at-the- market program to address future equity needs See page 27 for footnotes
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$- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 2025 2026 2027 2028 2029 Long-Term Debt Maturities3,4 ($ 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 Senior Unsecured Debt Baa1 BBB+ 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 23 CFO pre-WC/Debt1 Estimate2 ~15.0% Moody’s downgrade threshold 14% Third Quarter 2025 Earnings Presentation See page 27 for footnotes
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Nearer-Term Generation Projects in 2025 IRP1,2 Third Quarter 2025 Earnings Presentation24 Updated five-year plan will incorporate latest expectations for customer load growth, changes in federal and local policies impacting renewables, market capacity options (generally limited), and plant retirements Operating Company Resource Type MW COD In Capital Plan? Project Status Evergy Kansas Central Solar 159 2027 Yes KCC approved Wind 150 2028 No Evaluating self-build options and RFP results Solar 150 2029 Yes Evaluating self-build options and RFP results Natural Gas (1/2 CCGT) 355 2029 Yes KCC approved Solar 150 2030 Yes Evaluating self-build options and RFP results Natural Gas (1/2 CCGT) 355 2030 Yes KCC approved Natural Gas (CCGT) 710 2031 No Evaluating self-build options and RFP results Solar 300 2032 No Evaluating self-build options and RFP results Natural Gas (CCGT) 710 2033 No Evaluating self-build options and RFP results Evergy Metro Solar 300 2027 No PPA Wind 150 2028 Yes Evaluating self-build options and RFP results Wind 150 2029 Yes Evaluating self-build options and RFP results Solar 150 2030 Yes Evaluating self-build options and RFP results Battery 150 2030 No Evaluating self-build options and RFP results Natural Gas (CT) 440 2031 No Evaluating self-build options and RFP results Natural Gas (1/2 CCGT) 355 2032 No Evaluating self-build options and RFP results Natural Gas (1/2 CCGT) 355 2033 No Evaluating self-build options and RFP results Evergy Missouri West Solar 165 2027 Yes MPSC approved Wind 150 2028 No Evaluating self-build options and RFP results Natural Gas (1/2 CCGT) 355 2029 Yes MPSC approved Natural Gas (1/2 CCGT) 355 2030 Yes MPSC approved Natural Gas (CT) 440 2030 Yes MPSC approved Total 6,554 See page 27 for footnotes
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Third Quarter GAAP to Non-GAAP EPS Reconciliation 25 Third Quarter 2025 Earnings Presentation
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Year-to-Date GAAP to Non-GAAP EPS Reconciliation 26 Third Quarter 2025 Earnings Presentation
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Presentation Footnotes 27 Third Quarter 2025 Earnings Presentation • Slide 5: 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP information. 2SAIDI = System Average Interruption Duration Index 3Adjusted EPS (non-GAAP) could differ from GAAP EPS for items such as impairments, divestitures, mark-to-market impacts, the impact of regulatory orders, or changes in accounting principles. Evergy management is not able to forecast if any of these items will occur or any amounts that may be reported for future periods. Therefore, Evergy is not able to provide a corresponding GAAP equivalent for 2025 Adjusted EPS (non-GAAP) guidance. • Slide 6: 1Evergy’s projected peak summer demand for 2025 is approximately 10,600 megawatts. • Slide 12: 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP information. 2Weather was $(0.04) unfavorable to normal in 3Q25 (based on a 30-year weather model.) • Slide 13: 1Weather-normalization uses a 30-year normal weather model. 2Source: Federal Reserve Economic Data. • Slide 14: 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP information. 2Adjusted EPS (non-GAAP) could differ from GAAP EPS for items such as impairments, divestitures, mark-to-market impacts, the impact of regulatory orders, or changes in accounting principles. Evergy management is not able to forecast if any of these items will occur or any amounts that may be reported for future periods. Therefore, Evergy is not able to provide a corresponding GAAP equivalent for 2025 Adjusted EPS (non-GAAP) guidance. • Slide 15: 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. 3Adjusted EPS (non-GAAP) could differ from GAAP EPS for items such as impairments, divestitures, mark-to-market impacts, the impact of regulatory orders, or changes in accounting principles. Evergy management is not able to forecast if any of these items will occur or any amounts that may be reported for future periods. Therefore, Evergy is not able to provide a corresponding GAAP equivalent for 2025 Adjusted EPS (non-GAAP) guidance. 4Expect to be in the top half of 4% to 6% range. • Slide 19: 1COD = Commercial operation date. • Slide 22: 1Debt issuances which are incremental to debt needed to fund $3.9 billion of long-term debt maturities in 2025E-2029E. 2Through October 3rd, 2025. • Slide 23: 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%. 3Excludes maturities related to variable interest entity. 4As of 12/31/2024. • Slide 24: 1Project list reflects 2025 IRP Preferred Plans, whose demand assumptions include all customers included in the Actively Building and Finalizing Agreements categories. 2Coal retirements of ~2GW assumed in IRP.