Slide 1: Second Quarter 2025 Earnings Call
Second Quarter 2025 Earnings Call August 7, 2025
Slide 2: Important Information
Important Information 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 r
Slide 3: Agenda
Agenda David Campbell, Chairman & CEO • Second quarter highlights • Economic development update • Regulatory update • Generation update Bryan Buckler, EVP & CFO • Second quarter results • Retail sales trends • 2025 and long-term outlook 3 Second Quarter 2025 Earnings Presentation
Slide 4: Business Update
Business Update David Campbell Chairman & CEO
Slide 5: Second Quarter Highlights
Second Quarter Highlights • Second Quarter 2025 EPS Adjusted EPS1 • GAAP: $0.74; Adjusted1: $0.82 • Q2 adjusted EPS exceeded expectations $1.44 $0.90 $1.37 • Primary Earnings Drivers vs Q2 2024 ↑ Recovery of regulated investments, load growth $0.82 ↓ Weather, O&M, interest expense, D&A • Weather imp
Slide 6: Evergy Kansas Central Rate Review
Evergy Kansas Central Rate Review • Unanimous settlement agreement filed on July 16 • $128M Kansas Central net revenue increase • Settlement is silent on return on equity (ROE) and capital structure • A 9.7% ROE will be utilized for purposes of the transmission delivery charge filings • Pre-tax rate
Slide 7: Economic Development Pipeline
Economic Development Pipeline ~15+ GW ~4-6 GWs of Tier 1 Large Load Customers ~1.1 ~1.0 – 1.5 • Represents a transformative 10-year roadmap to serve up to 4-6 GWs ~12.2 GW of new large load customers ~1.1 ~2.0 – 3.5 • Relative to Evergy’s size, the backlog of large customers is one of ~1.3 the most
Slide 8: Up To 4-6 GWs of Tier Large Load Customer Pipeline
Up To 4-6 GWs of Tier 1 Large Load Customer Pipeline Peak GW Pipeline Category Commentary Potential • Construction completed for 2 of 3 customers; 3rd customer in heavy construction phase with operations set to start 1H 2026 • Expect ~500MW of peak demand by 2029, supporting load growth forecast of
Slide 9: Regulatory Updates
Regulatory Updates • Kansas Central Rate Case (25-EKCE-294-RTS): unanimous settlement agreement filed on July 16; commission order anticipated by September 29 • Natural Gas & Solar Predetermination (25-EKCE-207-PRE): KCC approved settlement agreements for natural gas projects and solar project on Ju
Slide 10: Constructive Backdrop for Investment & Growth
Constructive Backdrop for Investment & Growth Kansas and Missouri stakeholders advanced constructive legislation in 2024 and 2025 sessions that will enable investment and promote economic prosperity for our customers and communities while solidifying our region as a premier destination for advanced
Slide 11: Generation Update
Generation Update Regulatory Targeted Project Fuel Type MW Ownership Status COD1 EKC (50%) & KCC & MPSC Sumner County Natural Gas 710 2029 EMW (50%) Approved EKC (50%) & KCC & MPSC Reno County Natural Gas 710 2030 EMW (50%) Approved Nodaway County Natural Gas 440 EMW MPSC Approved 2030 Kansas Sky So
Slide 12: Core Tenets of Evergy Strategy
Core Tenets of Evergy Strategy Affordability: Maintaining Affordability affordable rates while investing in infrastructure and technology to support growing customer demand Reliability: Targeting top-tier performance in reliability, customer service and generation Reliability Sustainability Su
Slide 13: Financial Update
Financial Update Bryan Buckler EVP & CFO
Slide 14: Second Quarter 2025 Adjusted EPS
Second Quarter 2025 Adjusted EPS1 $0.90 (0.05) 0.09 (0.07) $0.82 (0.15) 0.02 0.08 (0.08) $0.74 (26%) 1.4% increase decrease in in weather- cooling degree normalized days demand driven primarily by residential and commercial 2Q24 Weather2 Weather Recovery of O&M D&A, Interest Other 2Q25 Adjusted Impa
Slide 15: Retail Sales Trends
Retail Sales Trends 2Q25 Weather-Normalized1 Demand Growth Unemployment Rate2 15% 2.6% Total 12% 1.3% Retail 1.4% 9% U.S. KC Metro 6% Kansas -0.9% Residential Commercial Industrial 3% • Expect continued solid residential growth with commercial and industrial load growth supported by 0% 2018 2019 202
Slide 16: Growth Outlook Summary
Growth Outlook Summary • Reaffirming 2025 adjusted EPS3 guidance of $3.92 - $4.12 Targeted Adjusted EPS Growth1 • Solid second quarter and strong operational execution to date puts Evergy on track for midpoint Top half of 4-6% EPS CAGR2 of guidance range • Reaffirming long-term adjusted EPS3 growth
Slide 17: Q&A
Q&A 17 Second Quarter 2025 Earnings Presentation
Slide 18: Appendix
Appendix
Slide 19: Year-to-Date 2025 Adjusted EPS
Year-to-Date 2025 Adjusted EPS1 (0.03) $1.44 0.23 (0.18) (0.03) (0.02) (0.04) $1.37 (0.09) $1.28 (0.8)% decrease in weather- normalized demand YTD24 Weather2 Weather- Recovery of O&M D&A, Interest Other YTD25 Impairments YTD25 Normailized Regulated Expense & Adjusted EPS1 of Venture GAAP EPS Demand
Slide 20: Incremental Load (MWh)
Economic Development Pipeline Projected Demand • Our 2-3% demand growth forecast through 2029 only '24-'29 CAGR includes ~500 MWs of Actively Building customers Base Retail 0.5-1.0% + Actively Building • Load from customers in the Finalizing Agreements Current Demand Forecast 2-3% category would be
Slide 21: 2025E – 2029E Financing Plan
2025E – 2029E Financing Plan Cash from operations forecast not Sources & Uses ($ billions) reliant on incremental benefits from tax credit monetization related to the $17.5 Inflation Reduction Act $2.8 Assumes 2-3% $12.5 load growth $5.8 CAGR through ($3.6) 2029; does not yet include potential benef
Slide 22: Debt Maturities & Credit Ratings
Debt Maturities & Credit Ratings Strong Credit Ratings Moody’s S&P Global CFO pre-WC/Debt1 Evergy, Inc. Estimate2 ~15.0% Outlook Stable Stable Senior Unsecured Debt Baa2 BBB Moody’s downgrade threshold 14% Junior Subordinated Notes Baa3 BBB- Commercial Paper P-2 A-2 Long-Term Debt Maturities3,4 ($ m
Slide 23: Nearer-Term Generation Projects in 2025 IRP
Nearer-Term Generation Projects in 2025 IRP Operating Company Resource Type MW COD In Capital Plan? Project Status 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) 35
Slide 24: Evergy Five-Year Capital Investment Plan
Evergy Five-Year Capital Investment Plan $ in millions 2025E 2026E 2027E 2028E 2029E Total New Generation 501 906 1,251 1,920 1,592 6,170 General Facilities, IT, and 204 227 283 274 316 1,304 Other Transmission 547 543 699 725 756 3,270 Distribution 926 1,077 908 905 915 4,731 Legacy Generation 363
Slide 25: 2025 Quarterly Adjusted EPS Considerations
2025 Quarterly Adjusted EPS1 Considerations Adjusted EPS1 ($) 20252 Q1 Actual 0.54 Q2 Actual 0.82 Q3 52-53% Q4 13-14% FY2 4.02 25 Second Quarter 2025 Earnings Presentation 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconciliation to most comparable GAAP information 2For 2025, Q3
Slide 26: Second Quarter GAAP to Non-GAAP EPS Reconciliation
Second Quarter GAAP to Non-GAAP EPS Reconciliation 26 Second Quarter 2025 Earnings Presentation
Slide 27: Year-to-Date GAAP to Non-GAAP EPS Reconciliation
Year-to-Date GAAP to Non-GAAP EPS Reconciliation 27 Second Quarter 2025 Earnings Presentation