Slides
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February 19, 2026 Fourth Quarter 2025 Earnings and Business Update 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,“ “budget,” "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, including demand from data centers and other large load customers; changes in business strategy or operations, including with respect to the Evergy Companies' strategy to meet demand requirements of existing and future customers; uncertainties related to projected rapid growth in electricity demand driven primarily by data centers and other large load customers and the related requirement for new generation and transmission investments, creating capital access, revenue recovery and customer affordability risks; 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; prolonged or recurring U.S. federal government shutdowns; 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 and ability to obtain capital to finance large construction projects, 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 including new large datacenter customers; 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, 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 Fourth Quarter 2025 Earnings Presentation Important Information
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David Campbell, Chairman & CEO • 2025 highlights • Economic development update Bryan Buckler, EVP & CFO • 2025 financial results • Electric load growth potential • 2026 and long-term outlook 3 Fourth Quarter 2025 Earnings Presentation Agenda
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Business Update David Campbell Chairman & CEO
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• Raising long-term adjusted EPS2 target to 6% to 8%+ off of the 2026E midpoint of $4.24 through 2030E; expect adjusted EPS2 growth to exceed 8% annually beginning in 2028 • In 2025, Evergy invested $2.8 billion in electric infrastructure projects for the benefit of our Kansas and Missouri customers; 2025 financial results were negatively impacted by weather and weak industrial demand • Grew large customer pipeline to over 15 GWs and received approval of new large load power service tariffs, leading to execution of large customer ESAs in February 2026 • Worked with stakeholders in Missouri in securing passage of Senate Bill 4 to include natural gas units under PISA, extend the PISA sunset provision to 2035 and allow for the recovery of CWIP from new natural gas plant investment in base rates • Reached a unanimous settlement agreement in our Kansas Central rate review and received KCC and MPSC approval to construct three new natural gas plants and three solar farms, totaling nearly 2,200 MWs • Strong safety, operational and reliability performance • Increased dividend to current indicative annualized rate of $2.78 per share Regulatory and operational execution lay the foundation for transformative growth opportunity 2025 Highlights 5 Fourth Quarter 2025 Earnings Presentation Adjusted EPS1 $3.81 $3.83 2024 2025 $3.79 $3.66 2024 2025 GAAP EPS See page 34 for footnotes & acronyms
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Data Center Announcements Fourth Quarter 2025 Earnings Presentation6 Large load customers will empower growth, investments and drive prosperity for our region • In February 2026, executed ESAs for 4 data center projects (two new projects and expansion of two previously announced projects). ESAs are under the LLPS tariffs, inclusive of the strong protections for current customers and the company • These first four ESAs include steady-state peak load of ~1.9 GW • ~1,300 MW of aggregate peak demand from these customers by 2030E included in our load growth forecast, driving growth for our region and affordability benefits for our customers (in addition to ~400 MWs by 2030E from non-LLPS large customers previously disclosed) • Strong progress with several additional large customers, and expect at least one more executed ESA in 2026 (not in current financial plan outlook) Customer Project Information ESA Status In Plan Customer Profile Jurisdiction Beale Infrastructure New Signed Yes Developer/Host Kansas Central Google New Signed Yes Hyperscaler MO West Google Expansion of previously announced project Signed Yes Hyperscaler MO Metro Meta Expansion of previously announced project Signed Yes Hyperscaler MO West TBA - Multiple New Late Stage No Developer/Host & Hyperscaler KS & MO See page 34 for footnotes & acronyms
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Converting Tier 1 Large Load Customer Pipeline to ESAs Tier 1 large load customers will empower growth, investments and drive prosperity for our region; LLPS tariffs provide protections for existing customers and ensure large customers pay their fair share of system costs Fourth Quarter 2025 Earnings Presentation7 Pipeline Category Peak GW Potential Commentary Tier 1 Active Operations and Signed ESAs ~2.4 • Includes projects already in operation progressing toward a steady-state of 450 MW • Includes 1.9 GWs of newly executed ESAs or near final ESAs under the LLPS • LLPS customers pay a premium demand rate ~15-20% higher than the standard industrial rate • Expect ~1,300 MW of peak demand by 2030E from these LLPS customers, supporting load growth forecast of ~6% CAGR 2025A through 2030E • Recent announcements include ESAs for 4 projects (2 new, 2 expansions) Remaining Tier 1 Advanced Discussions ~2.0-3.5 • Expect at least one more executed large customer ESA in 2026 (not in current financial plan outlook) • Represents multiple customers that have acquired land or land rights, signed letters of agreement, and for which transmission and generation capacity solutions are under review • Financial commitments received; further agreements to be executed Tier 2 10+ • Incremental pipeline not yet in active queue as Evergy evaluates opportunity to serve, and is well in excess of 10 GWs See page 34 for footnotes & acronyms
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Large Load Power Service Tariff – Key Terms Fourth Quarter 2025 Earnings Presentation8 LLPS tariffs designed with critical customer safeguards in place to ensure new large customers pay their fair share of system costs • 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 • LLPS customers pay a premium demand rate ~15-20% higher than the standard industrial rate • If usage is below minimum levels, monthly bill is calculated using all demand rates at 80% of contracted capacity • Bill includes other charges, including demand charge, grid charge, and various riders • Termination fees • Termination fee covers the greater of 1) remaining term of the contract or 2) 12 months • Posting of collateral • Customers are subject to creditworthiness standards and collateral requirements of up to two years of minimum monthly bills, due 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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LLPS Mitigates Rate Impacts On Existing Customers • Pay a premium (higher) demand rate and all the direct costs to serve them • The revenue generated from both the premium rate and the load growth is used to reduce the overall rate increase request in future rate cases, which benefits existing customers • Data centers support spreading total system costs of new generation and grid modernization investments over a higher usage base, putting downward pressure on rate increase requests • Large customers will also pay all applicable demand charges, grid charges, and riders, just like any other customer LLPS / Data Center Customers Load Growth Revenue Benefit Benefit Benefit Premium Rate Case Increase Existing Residential Customers Existing Commercial Customers Existing Industrial Customers Premium rate and load growth can generate significant customer benefits Fourth Quarter 2025 Earnings Presentation9
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Expected Data Center Benefits To Local Economies Job Creation / Personal Income Tax Revenue Infrastructure Investment Significant job creation and an emerging trend of substantial personal income gains for areas that have built data centers Data center investment generates local tax revenue that exceeds the local services needed – providing support for education, infrastructure, parks and other community needs Large data centers are multi-billion-dollar construction projects, often with ongoing construction for major equipment upgrades. Data centers drive the need for new/updated fiber optic infrastructure which can then create a virtuous cycle for additional data-focused industries Electric Rates Data center customers with load in excess of 75 MW pay a premium demand rate to cover the cost of dedicated infrastructure. Data centers’ high load factors help cover more of system fixed costs Competitive Industries Low latency/proximity increasingly important for advanced applications across the economy. Sectors including healthcare, finance, transportation, logistics and advanced manufacturing expected to have increasing levels of automation and 2-way communication Fourth Quarter 2025 Earnings Presentation10 Customer announcements reflect the economic vitality of Kansas and Missouri; projects are expected to bring significant benefits to our customers and communities
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42.3% 29.0% 28.9% 26.5% 26.4% 22.3% 22.2% 20.6% 17.9% 13.7% 12.6% 11.3% 4.9% -6.8% SD IAIL Major Gains in Regional Rate Competitiveness AR WI Total Rate Change from 2017 to 20251 MI TX OK CPI (2017 base)2 SD ND Avg. Regional States Excl. Evergy Jurisdictions +18.9% EvergyIN CO MN Fourth Quarter 2025 Earnings Presentation11 ~0.5% CAGR Evergy rates have increased ~0.5% annually since 2017, far below inflation and driving major gains in regional rate competitiveness See page 34 for footnotes & acronyms
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• $21.6B of infrastructure investment 2026E-2030E • Five-year rolling capital investment plan increased by $4.1B or 24%, to be financed with a prudent mix of debt and equity • Reflects rate base CAGR of ~11.5% 2025E-2030E • Includes investing in a balanced generation portfolio to ensure reliability, meet SPP reserve margin requirements and support growth • Targeting transmission and distribution and existing generation investments for our current customers and grid, and to support reliability, flexibility and resiliency2025E-2029E 2026E-2030E $17.5 $21.6 +24% New Generation/Renewables General Facilities, IT, and Other Transmission Distribution Legacy Generation Updated Five-Year Capital Investment Plan Fourth Quarter 2025 Earnings Presentation Investing in reliability, resiliency and a balanced generation portfolio to support generational economic development opportunities and customer growth 12 Capital Investment Plan Update ($ billions)
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Focused on consistently delivering against our affordability, reliability and sustainability objectives Affordability: Maintaining affordable rates while investing in infrastructure 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 Fourth Quarter 2025 Earnings Presentation13 Core Tenets of Evergy Strategy
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Financial Update Bryan Buckler EVP & CFO
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0.56 $3.81 2024A 0.04 Weather & Demand Recovery of Regulated Investments (0.43) O&M, D&A, Interest Expense & AFUDC (0.10) Other (0.05) Dilution from Convertible Notes 2025A $3.83 2025 Adjusted EPS1 15 Fourth Quarter 2025 Earnings Presentation 0.3% growth in weather- normalized demand driven primarily by commercial customers Adjusted EPS1 Drivers See page 34 for footnotes & acronyms
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0.13 0.26 0.35 $3.83 2025A Q2/Q3 Normalized Weather3 Demand Growth, incl. LLPS ESAs Recovery of Regulated Investments (0.20) O&M, D&A, Interest Expense and AFUDC (0.05) Other (0.08) Dilution from Equity and Convertible Notes4 2026E $4.24 Adjusted 2025A to Adjusted 2026E EPS1,2 Walk 16 Fourth Quarter 2025 Earnings Presentation Large load ESAs reinforce confidence in 2026 guidance midpoint of $4.24 See page 34 for footnotes & acronyms Adjusted EPS1,2 Drivers
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Large Load Growth Profile • Approval of LLPS tariffs, execution on transmission and generation capacity planning, and strong collaboration with customers and local stakeholders enabled signing ESAs for four projects in February 2026 Large load customers will drive significant load growth through 2030 and beyond Fourth Quarter 2025 Earnings Presentation17 2026 Peak System demand expected to be ~11 GW, demonstrating the tremendous expected growth in the size of Evergy in the coming years 2026E 2027E 2028E 2029E 2030E Peak ~350-400 ~600-700 ~1,000-1,100 ~1,400-1,500 ~1,550-1,750 ~2,400 Aggregate LLPS MW Non-LLPS MW Project Jurisdiction Beale Infrastructure (new) KS Central Google (new) MO West Google (base + expansion) MO Metro Meta (expansion) MO West Panasonic/other non- LLPS Multiple See page 34 for footnotes & acronyms
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Electric Load Growth Potential 2025A 2026E 2027E 2028E 2029E 2030E Large load customers will drive significant load growth through 2030 and beyond, diversified across our footprint driving affordability benefits for all customers Fourth Quarter 2025 Earnings Presentation18 ~6% CAGR 2025A-2030E Robust load growth into next decade+3-4%Annual Increase Weather-Normalized Retail Demand 2025A-2030E KS Central Metro MO West Evergy ~3.5-4.5% ~6-7% ~10-11% ~6% Averages ~7% annually 2026 through 2030 See page 34 for footnotes & acronyms Weather-Normalized Retail Demand CAGRs 2025A-2030E
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Evergy Five-Year Capital Investment Plan1 19 Fourth Quarter 2025 Earnings Presentation 11.5% rate base CAGR 2025E through 2030E, driven by a $21.6 billion 5-year capital investment plan $ in millions 2026E 2027E 2028E 2029E 2030E Total New Generation/Renewables 1,473 1,980 2,004 2,283 1,604 9,344 IT, General Facilities, and Other 242 272 266 275 232 1,287 Transmission 664 842 786 789 802 3,883 Distribution 1,016 995 906 964 1,015 4,896 Legacy Generation 413 457 438 446 432 2,186 Total 3,808 4,546 4,400 4,757 4,085 21,596 See page 34 for footnotes & acronyms
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2026E – 2030E Financing Plan $21.6 $8.4 $3.3 Sources & Uses ($ billions) Cash From Operations ($3.6) Dividends1 Incremental Debt and Hybrid Securities2 Common Equity3 2026E-2030E Capex Plan $13.5 Fourth Quarter 2025 Earnings Presentation Financing plan reflects strong cash flow from operations and a prudent mix of debt and equity proceeds to fund growth while supporting our balance sheet 20 Expect to grow dividend and target 50-60% payout ratio over time Expect to issue $700-$900M/yr on average from 2026-2029; No equity issuances planned in 2030 given improving FFO Expect to include hybrid securities with $1 billion of equity content See page 34 for footnotes & acronyms
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Growth Outlook Summary 21 Fourth Quarter 2025 Earnings Presentation Large Customer MW ~1,700 MW by 2030 Includes ~1,300 MW LLPS subject to premium rates and minimum monthly bills, benefitting affordability for all customers Capital Expenditures 1 $21.6B 2026E – 2030E Adjusted EPS Growth CAGR1,2,3 2 6% to 8%+ 2026E – 2030E Common Equity Financing Plan $3.3B 2026E-2030E 4 5 Expect annual EPS growth to exceed 8% annually beginning in 2028 Supports $21.6B capital plan while maintaining balance sheet strength Higher infrastructure investment to modernize the grid and expand generation capacity for growing customer demand, including new large loads Rate Base Growth ~11.5% 2025E – 2030E 3 Investments in critical infrastructure to ensure reliability for customers Well-positioned to deliver on our growth targets Commentary See page 34 for footnotes & acronyms
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Q&A 22 Fourth Quarter 2025 Earnings Presentation
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Appendix
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2025 and 2026E Retail Sales 24 Fourth Quarter 2025 Earnings Presentation Local economy remains resilient; new large customers have begun ramp-up of operations 2026E Weather-Normalized1 Retail Sales Growth Residential Commercial (incl. data centers) Industrial ~1.0-1.5% ~3.5-5.5% ~5.5-7.0% Total Retail ~3-4% 2025 Weather-Normalized1 Retail Sales Growth Residential Commercial Industrial -0.4% 2.0% -1.9% Total Retail 0.3% • In 2025, weaker than expected industrial demand was primarily driven by lower usage from chemical and energy customers • Excluding January and February, 2025 Residential W-N growth was 1.0% • In 2026, Panasonic’s expected ramp will contribute to expected industrial growth while two data center project ramps support commercial growth expectations • Local economies remain resilient with unemployment below the national average; residential customer growth was 0.9% in 2025 • Excluding strong January 2026 actuals, balance of year 2026E residential demand growth is forecast to be ~0.5% See page 34 for footnotes & acronyms
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Rate Base, Year-End 2025 Estimates 25 Fourth Quarter 2025 Earnings Presentation 2025E 2030E $20.7 ~$36 ~11.5% CAGR Rate Base Growth ($ in billions) 51% 32% 17% Kansas Missouri FERC Jurisdictional Allocation, 2025E
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Kansas Central Five-Year Capital Investment Plan 26 Fourth Quarter 2025 Earnings Presentation $ in millions 2026E 2027E 2028E 2029E 2030E Total New Generation/Renewables1 384 640 555 224 395 2,198 IT, General Facilities, and Other2 88 109 109 84 62 452 Transmission 364 510 533 435 490 2,332 Distribution2 367 391 355 384 445 1,942 Legacy Generation2 228 256 253 239 253 1,229 Total 1,431 1,906 1,805 1,366 1,645 8,153 See page 34 for footnotes & acronyms
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Metro Five-Year Capital Investment Plan 27 Fourth Quarter 2025 Earnings Presentation $ in millions 2026E 2027E 2028E 2029E 2030E Total New Generation/Renewables1 204 308 375 685 508 2,080 IT, General Facilities, and Other1 141 152 151 185 165 794 Transmission 104 106 97 102 149 558 Distribution1 383 341 320 332 339 1,715 Legacy Generation1 150 161 149 177 148 785 Total 982 1,068 1,092 1,481 1,309 5,932 See page 34 for footnotes & acronyms
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Missouri West Five-Year Capital Investment Plan 28 Fourth Quarter 2025 Earnings Presentation $ in millions 2026E 2027E 2028E 2029E 2030E Total New Generation/Renewables1 885 1,032 1,074 1,374 701 5,066 IT, General Facilities, and Other1 12 10 6 6 7 41 Transmission 195 226 157 252 162 992 Distribution1 266 263 231 248 231 1,239 Legacy Generation1 35 40 36 31 30 172 Total 1,393 1,571 1,504 1,911 1,131 7,510 See page 34 for footnotes & acronyms
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Generation Projects in 2026E-2030E Capital Plan Fourth Quarter 2025 Earnings Presentation29 Updated five-year plan incorporates latest view of all-of-the-above generation strategy; will file updated IRPs by mid-year Operating Company Resource Type MW COD Project Status Solar 159 2028 KCC approved Natural Gas (1/2 CCGT) 355 2029 KCC approved Natural Gas (1/2 CCGT) 355 2030 KCC approved Battery 200 2029 Evaluating self-build options and RFP results Natural Gas (CT) 440 2030 Evaluating self-build options and RFP results Natural Gas (1/2 CCGT) 355 2033 Evaluating self-build options and RFP results Solar 165 2027 MPSC approved Natural Gas (1/2 CCGT) 355 2029 MPSC approved Natural Gas (1/2 CCGT) 355 2030 MPSC approved Natural Gas (CT) 440 2030 MPSC approved Natural Gas (CCGT) 710 2031 Evaluating self-build options and RFP results Natural Gas (1/2 CCGT) 355 2033 Evaluating self-build options and RFP results Total 4,244 Kansas Central Metro Missouri West See page 34 for footnotes & acronyms
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• 2026 Integrated Resource Plan: expect to file in first half of the year • Generation Predeterminations: expect to file in first half of the year • Missouri Metro Rate Case (ER-2026-0143): filed February 6; anticipated effective date of new rates is January 1, 2027 • 2026 Integrated Resource Plan: expect to file in first half of the year • Generation CCNs: expect to file in first half of the year Regulatory Updates 30 Working collaboratively with stakeholders to position Evergy to advance economic development, enable beneficial infrastructure investments and support customer affordability Fourth Quarter 2025 Earnings Presentation See page 34 for footnotes & acronyms
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$- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 2026 2027 2028 2029 2030 Long-Term Debt Maturities3,4 ($ 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 31 CFO pre-WC/Debt1 Estimate2 ~14% Moody’s downgrade threshold 14% Fourth Quarter 2025 Earnings Presentation See page 34 for footnotes
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Q4 2025 GAAP to Non-GAAP EPS Reconciliation 32 Fourth Quarter 2025 Earnings Presentation
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Full-Year 2025 GAAP to Non-GAAP EPS Reconciliation 33 Fourth Quarter 2025 Earnings Presentation
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Presentation Footnotes & Acronyms 34 Fourth Quarter 2025 Earnings Presentation • Slide 5: 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 2026 Adjusted EPS (non-GAAP) guidance. LLPS = large load power service, ESA = electric service agreement, MW = megawatt, GW = gigawatt, PISA = plant-in-service accounting, CWIP = construction work in progress, KCC = Kansas Corporation Commission, MPSC = Missouri Public Service Commission • Slide 6: TBA = to be announced • Slide 7: CAGR = compound annual growth rate; ~15-20% premium varies by customer usage • Slide 11: 1Evergy Ledger, EIA, and Bureau of Labor Statistics. Regional state data is sourced from EIA and is comprised of revenues and sales for all sectors, with 2025 data using a rolling twelve-month average of rates ending October 2025. EIA data is preliminary that is subject to change, with 2025 data to be finalized in October 2026. US Bureau of Labor Statistics for historic CPI-U uses a rolling twelve-month average. Due to a lapse in appropriations, data is unavailable for October 2025 and inflation measures are calculated using an eleven-month average. • Slide 15: 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP information. O&M = operations & maintenance, D&A = depreciation & amortization, AFUDC = allowance for funds used during construction • Slide 16: 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 2026 Adjusted EPS (non-GAAP) guidance. 3Impact relative to 30-year normalized weather. 4Dilution includes additional increase in share counts from equity compensation and shares issued under the Dividend Re-Investment Program (DRIP). 4Expected 2026 effective income tax rate range is 3.0-5.0%. • Slide 19: 1Five-year new generation capital may increase depending on timing of future ESAs and ownership or PPA decisions following results from the 2026 IRP to be filed in the first half of 2026 • Slide 20: 1Dividend decisions are subject to approval by the Evergy Board of directors. 2Debt issuances are net of expected refinancings 3$125 million of equity already addressed via at-the-market program • Slide 21: 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP information. 26-8% plus growth target calculated using $4.24 midpoint of 2026 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 2026 Adjusted EPS (non-GAAP) guidance. • Slide 24: 1Weather-normalization uses a 30-year normal weather model • Slide 26: 1Natural gas generation is eligible for CWIP treatment. 2Eligible for PISA treatment in Kansas • Slide 27: 1Eligible for PISA treatment in Kansas and Missouri, except “New Generation” in Kansas. New natural gas generation investment in Kansas is eligible for CWIP treatment, and for recovery of CWIP via the rate case process in Missouri. 2Kansas allocation of Metro Capex is 45.3% using Kansas Metro net plant allocation based on Schedule 2 of the Kansas Metro General Rate Filing is 45.3% (Docket No. 23-EKCE-775- RTS) • Slide 28: 1Eligible for PISA treatment in Missouri • Slide 29: RFP = request for proposals • Slide 30: CCN = certificate of convenience and necessity • Slide 31: 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 of ~14.0%. 3Excludes maturities related to variable interest entity. 4As of 1/31/2026