Slides
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November 5, 2026 Third Quarter 2026 Earnings Call
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Forward Looking Statements Statements made in this document that are not based on historical facts are forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, 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; the status, timing and outcome of customer negotiations and the execution of definitive agreements; 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," "expectations," "estimates," "forecasts," "future," "guidance," "growth," "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 a number of risks and uncertainties. There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to, the following factors: 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, and customer adoption of alternative energy sources, such as distributed generation; 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 transmissi on 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 cost 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 sufficiency of the Evergy Companies' insurance coverage, including availability, cost, coverage and terms and ability to recover claims; 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 data center customers; impact of physical security incidents, cybersecurity incidents and cyber-attacks, including those enabled or enhanced by artificial intelligence, 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 C ompanies' ability to manage their generation, transmission and distribution development plans and transmission joint ventures; t he 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 and adjusted earnings per share 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 2026 Earnings Presentation Important Information
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David Campbell, Chairman & CEO • Third quarter highlights • Economic development update • Regulatory update Bryan Buckler, EVP & CFO • Third quarter results • Retail sales trends • 2026 and long-term financial outlook 3 Third Quarter 2026 Earnings Presentation Agenda
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Business Update David Campbell Chairman & CEO
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• Third Quarter 2026 EPS • GAAP: $2.59; Adjusted1: $2.58 • Primary Earnings Drivers vs Q3 2025 ↑ Weather, recovery of regulated investments, load growth, large customer revenues ↓ O&M, D&A • Executed amendments to three ESAs driving ~250 MW of incremental load and signed letter of intent with Digital Realty for 1.4 GW expansion • Solid operational execution with safety, reliability, and generation availability metrics trending favorably to target • Raising 2026 adjusted EPS1 guidance to $4.35 - $4.50 from $4.14 - $4.34 • Long-term adjusted EPS2 growth target of 6% to 8%+ off of the original 2026E midpoint of $4.24 through 2030E; expect annual adjusted EPS growth to exceed 8% beginning in 2028 and through 2030 • Increasing dividend by 4% to $2.89 per share, annualized; consistent with November 2025 increase and supportive of our long- term payout ratio target of 50-60% Raising 2026 guidance and well-positioned to execute on our adjusted EPS1 growth targets $2.03 $2.58 3Q25 3Q26 Third Quarter Highlights 5 Third Quarter 2026 Earnings Presentation Adjusted EPS1 $3.41 $4.15 YTD25 YTD26 See page 24 for footnotes & acronyms
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Major Gains In Regional Rate Competitiveness Third Quarter 2026 Earnings Presentation6 Total Rate Change from 2017 to 20261 Evergy rates have increased ~0.7% annually since 2017, far below inflation and driving major gains in regional rate competitiveness See page 24 for footnotes & acronyms 51.1% 36.5% 33.4% 32.8% 31.9% 27.2% 25.8% 23.6% 22.1% 19.0% 18.5% 13.4% 6.8% -2.8% IL MI CO CPI (2017 base) IN WI MN TX AR OK SD IA Evergy ND Avgerage Regional States Excl. Evergy +25.0%
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Large Customer Announcements Third Quarter 2026 Earnings Presentation7 Large load customers will empower growth, investments and drive prosperity for our region • Announcing the execution in Q3 2026 of ESA amendments to two of our LLPS ESAs driving ~110 MW of incremental load; more capacity being served in all five years of the plan • Increases aggregate steady-state peak load of 5 ESAs to ~2.6 GW from ~2.5 GW; total of ~3.1 GW inclusive of non-LLPS customers • Signed a 3rd agreement in early November 2026 for ~140 MW expansion, which is contingent on final transmission study results expected by year-end 2026 • Signed letter of intent with Digital Realty for 1.4 GW expansion; anticipate executing ESA in first half of 2027 • All ESAs under LLPS tariffs; expected to drive growth for our region and affordability benefits for our customers • Strong momentum with multiple additional projects; will provide update on Q4 earnings call in February • Additional ESAs would further extend load growth with highest impact in 2030sCustomer Project Information ESA Status In Plan Customer Profile Jurisdiction Digital Realty ESA Announced in May 2026 Signed Accretive to plan announced in Feb. Developer/Host Kansas Central Beale Infrastructure ESA Announced in Feb. 2026 Signed Yes Developer/Host Kansas Central Google ESA Announced in Feb. 2026 Signed Yes Hyperscaler MO West Google ESA Announced in Feb. 2026 Signed Yes Hyperscaler MO Metro Meta ESA Announced in Feb. 2026 Signed Yes Hyperscaler MO West See page 24 for footnotes & acronyms
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Converting Robust Large Load Customer Pipeline To ESAs 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 Third Quarter 2026 Earnings Presentation8 Pipeline Category Peak GW Potential Commentary Tier 1 Active Operations and Signed ESAs ~3.1 • Includes projects already in operation progressing toward a steady-state of ~1.4 GW • Includes ~1.7 GW of additional announced projects with executed ESAs under LLPS inclusive of binding minimum bill provisions over remaining term of contract Tier 1 Expansion Opportunities ~2.0-2.5 • Represents expansion opportunities with existing customers at existing/adjacent sites who have signed ESAs; incremental load requires amending load ramp in existing or new ESAs • ~1.4 GW expansion LOI with Digital Realty; expect ESA to be signed in 1H27 with pricing governed by new LLPS Customer Affordability Enhancement tariff (subject to KCC approval) • ~140 MW ESA expansion amendment signed in early November; contingent on final costs under SPP transmission study expected to be finalized in Q4 2026 • Working on transmission and generation solutions to allow expansions • Upside potential to load growth beginning in 2029 and well into the 2030’s Tier 2 Advanced Discussions ~1.0-2.0 • Represents customers that have land or land rights, signed initial agreements, and for which transmission and generation capacity solutions are under review • Financial commitments received; further agreements to be executed • Opportunity primarily post-2030, further extending strong growth into the next decade Tier 3 ~10+ • Incremental pipeline projects not yet in active queue; well in excess of 10 GW See page 24 for footnotes & acronyms
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Evergy Missouri Metro Rate Review • Multiple revenue requirement stipulations and agreements filed on October 2 • Select outstanding items include return on capital and LLPS customer impacts • Partial LLPS stipulation and agreement with large load customer filed on October 5 • If approved, would deliver $60M of large customer revenue offset, demonstrating the value of the LLPS tariff and delivering a significant affordability benefit to all other customers • In addition, if large load revenues drive improvements in realized returns, earnings above the specified level to be shared 65%/35% between customers and shareholders If approved, settlements would result in ~1.5% annualized increase since 2022 and ~0.7% annualized since 2017; Commission order anticipated in December and new rates anticipated January 2027 Third Quarter 2026 Earnings Presentation9 See page 24 for footnotes & acronyms
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• Natural Gas, Solar & Battery Storage Predetermination (27-EKCE-0149-PRE): Staff testimony January 6, 2027, rebuttal testimony January 27, settlement conference February 4, hearings begin February 15, commission order by April 29 • LLPS Customer Affordability Enhancement Plan (27-EKCE-0194-TAR): filed on October 29; new vintage of LLPS tariff would allow non-refundable advance payments and drive incremental customer affordability benefits while supporting financial strength of utility • LLPS Tariff (25-EKME-315-TAR): motion for clarification to allow voluntary customer advance prepayments prior to energization of customer facilities under LLPS tariff; settlement filed October 30 • Missouri Metro Rate Case (ER-2026-0143): partial revenue requirement stipulation and agreement filed October 2; partial LLPS stipulation and agreement filed on October 5; commission order anticipated in December and new rates January 2027 • Missouri West Rate Case (ER-2027-0077): filed November 3, awaiting procedural schedule, new rates anticipated October 2027 • Natural Gas, Solar & Battery Storage CCN (EA-2026-0343): Staff rebuttal due January 7, 2027, settlement conference January 14, evidentiary hearings begin February 24 • Mullin Creek #2 CCN (EA-2026-0154): non-unanimous stipulation and agreement October 2; commission order anticipated by January 2027 Regulatory Updates 10 Working collaboratively with stakeholders to position Evergy to advance economic development, enable beneficial infrastructure investments and support customer affordability Third Quarter 2026 Earnings Presentation See page 24 for footnotes & acronyms
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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 Third Quarter 2026 Earnings Presentation11 Core Tenets Of Evergy Strategy
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Financial Update Bryan Buckler EVP & CFO
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0.46 0.17 $2.03 3Q25 Weather, Demand & Large Customer Revenues Recovery of Regulated Investments and Expenses (0.15) O&M, D&A, Interest Expense & AFUDC 0.07 Other 3Q26 $2.58 Third Quarter 2026 Adjusted EPS1 13 Third Quarter 2026 Earnings Presentation Increase in cooling degree days 31% higher than 3Q25 (and 26% above normal) and large customer revenues Adjusted EPS1 Drivers See page 24 for footnotes & acronyms
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0.8% 8.7% 3.0% Residential Commercial Industrial Retail Sales Trends 14 Third Quarter 2026 Earnings Presentation Local economy remains resilient; new large customers have begun ramp-up of operations 3Q26 Weather-Normalized Retail Sales Growth Compared to prior year1 Total Retail 4.5% 0.9% 6.0% 4.6% Residential Commercial Industrial YTD Weather-Normalized Retail Sales Growth Compared to prior year1 Total Retail 3.7% • Total retail demand growth remains on target for the year • Commercial demand growth supported by data center project ramps • Industrial demand growth driven primarily by Panasonic’s continued ramp • Local economies remain resilient with unemployment below the national average See page 24 for footnotes & acronyms
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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 five projects in 2026 Large load customers will drive significant load growth through 2030 and beyond Third Quarter 2026 Earnings Presentation15 2026E1 2027E 2028E 2029E 2030E Peak ~350-400 ~750-850 ~1,300-1,400 ~1,800-1,900 ~2,150-2,350 ~3,100 Aggregate LLPS MW Non-LLPS MW Customer Jurisdiction Digital Realty KS Central Beale Infrastructure KS Central Google MO West Google MO Metro Meta MO West Panasonic/other non- LLPS Multiple ESA amendments announced today drive upside to five-year load and ~110 MW at peak; does not include signed LOI with Digital Realty 1.4 GW expansion or the ~140 MW expansion signed November 2026. Strong momentum in multiple other discussions, creating upside to load growth beginning in 2029 and well into the 2030s See page 24 for footnotes & acronyms
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Growth Outlook Summary 16 Load Growth ~7-8% CAGR through 2030E Additional ESAs driven by high demand from existing and new customers would extend load growth with highest impact in the 2030s 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; ESA announcements on Q1 call strengthened all years Supports $21.6B capital plan while maintaining balance sheet strength; ~$700M4 of equity priced to date 2026 IRP addresses ~3.0 GW of large load and adds incremental ~$1B of investment; does not include amendments and LOI announced today Rate Base Growth ~11.5% 2025E – 2030E 3 2026 IRP raises expected annual rate base growth to ~12%; additional ESAs would require further capacity resources Well-positioned to deliver on our growth targets with significant tailwinds; LLPS tariffs ensure large customers pay their fair share of system costs and provide protections for existing customers Financial Tailwinds Third Quarter 2026 Earnings Presentation See page 24 for footnotes & acronyms
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Q&A 17 Third Quarter 2026 Earnings Presentation
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Appendix
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Resource Additions Enabling Generational Load Growth Third Quarter 2026 Earnings Presentation19 2026 IRPs result in ~$1 billion of capex incremental to $21.6B 4Q25 capital plan; additional load beyond 3.1 GW signed to date will require incremental capacity resources See page 24 for footnotes & acronyms • Resource additions below are reflective of the filed 2026 IRPs and updates thereafter; would result in an incremental ~$1 billion of investment compared to the February 2026 five-year $21.6 billion capital plan NATURAL GAS 3,720 MW 74% SOLAR 774 MW 15% BATTERY 559 MW 11% Resource Additions Breakdown TOTAL 5,053 MW 100%
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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 Third Quarter 2026 Earnings Presentation Strong balance sheet to be supported by a financing plan reflective of strong cash flows from operations and a prudent mix of debt and equity proceeds to fund growth 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 ~$700M achieved; includes settlement of 3.9M shares for $321M of net proceeds as of September 30 Expect to include hybrid securities with $1 billion of equity content Credit metrics outlook bolstered from the signing of 5th ESA and positive amendments to previously announced ESAs. 2026E-2028E FFO/Debt estimate of 14-15% and continuing to strengthen in 2029 & 2030 See page 24 for footnotes & acronyms
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Weather-Normalized Retail Demand CAGRs1 2025A-2030E 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 and driving affordability benefits for all customers Third Quarter 2026 Earnings Presentation21 ~7-8% CAGR 2025A-2030E (up from estimate of 6% shared on February 2026 call) +3-4% Annual Increase Weather-Normalized Retail Demand 2025A-2030E KS Central Metro MO West Evergy ~7-8% ~6-7% ~10-11% ~7-8% Averages ~8-9% annually 2026 through 2030 See page 24 for footnotes & acronyms
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Q3 2026 GAAP To Non-GAAP EPS Reconciliation 22 Third Quarter 2026 Earnings Presentation
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YTD 2026 GAAP To Non-GAAP EPS Reconciliation 23 Third Quarter 2026 Earnings Presentation
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Presentation Footnotes & Acronyms 24 Third Quarter 2026 Earnings Presentation • Slide 5: 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP financial measure. Adjusted 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; O&M = operations & maintenance, D&A = depreciation & amortization, ESA = electric service agreement, MW = megawatt, GW = gigawatt • Slide 6: 1Source: Evergy 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 and 2026 data using a rolling twelve- month average of rates ending July 2026. EIA data is preliminary that is subject to change. 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 7: LLPS = large load power service • Slide 8: LOI =letter of intent, KCC = Kansas Corporation Commission • Slide 9: ROE = return on equity, CWIP = construction work in progress • Slide 10: CCN = certificate of convenience and necessity • Slide 13: 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP financial measure; AFUDC = allowance for funds used during construction, 3Q26 and YTD 2026 weather impact versus normal of ~$0.30 and ~$0.25, respectively • Slide 14: 1Weather-normalization uses a 30-year normal weather model • Slide 15: 12026 margins are anticipated to benefit from the acceleration of revenues under two amended ESAs announced in May 2026. • Slide 16: 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP financial measure. 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. 4As of 9/30/2026, ~$700M of equity has been priced under the company’s current $1.2B ATM program. We expect to establish a replacement ATM program in the months ahead to continue with ATM issuances as we address the $3.3B common equity need illustrated on the slide; CAGR = compound annual growth rate • Slide 19: IRP = integrated resource plan, CCGT = combined-cycle gas turbine, CT = combustion turbine • Slide 20: 1Dividend decisions are subject to approval by the Evergy Board of directors. 2Debt issuances are net of expected refinancings. 3As of 9/30/2026, ~$700M of equity has been priced under the company’s current $1.2B ATM program. We expect to establish a replacement ATM program in the months ahead to continue with ATM issuances as we address the $3.3B common equity need illustrated on the slide. • Slide 21: 1Weather-normalized load growth CAGRs correlate to the “Large Load Growth Profile” on slide 15, which reflects ~2,150 MW to 2,350 MW of served load capacity by 2030 for contracts expected to peak at 3,100 MW in the 2030’s.