Evergy, Inc. · NASDAQ:EVRG
Evergy — Q4 2024 Earnings Presentation
31 slides from Evergy's earnings presentation, Feb 27, 2025
Slide 1: Fourth Quarter 2024 Earnings Call
Fourth Quarter 2024 Earnings Call February 27, 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 • 2024 highlights • Economic development update • Regulatory and legislative update Bryan Buckler, EVP & CFO • 2024 results • Retail sales trends • 2025 and long-term guidance 3 Fourth Quarter 2024 Earnings Presentation
Slide 4: Business Update
Business Update David Campbell Chairman & CEO
Slide 5: 2024 Highlights
2024 Highlights GAAP EPS • Delivered solid results despite mild weather in the 4th quarter and throughout the year $3.79 $3.17 • Grew large customer pipeline to over 10 GWs • Invested $2.3 billion in electric infrastructure projects for the benefit of our Kansas and Missouri customers • Worked with
Slide 6: Large Customer & Demand Growth Outlook
Large Customer & Demand Growth Outlook Economic Development Wins Weather-Normalized Demand Growth 2024-2029E CAGR • ~$1B Data Center Base Demand + 2-3% New Large • EV battery manufacturing plant Customer Load under construction • ~$4B investment • Expected to create ~4,000 new jobs Base Demand 0.5-1
Slide 7: Economic Development Pipeline
Economic Development Pipeline ~11.2 GWs • Actively Building: 800 megawatts (MW) under active 0.8 ~10.6 GWs Actively Building construction Finalizing Agreements ~1.6 • ~500 MW included in our 2-3% demand forecast through 2029 • Finalizing Agreements: ~1.6 GWs from three data center Advanced Discussio
Slide 8: Updated Five-Year Capital Expenditure Plan
Updated Five-Year Capital Expenditure Plan Capital Investment Plan Update ($ millions) $4,198 $4,030 • Planning $17.5B of infrastructure investment 2025E- 2029E $3,546 $3,141 • Five-year rolling capital investment plan increased by $1.3B or 8%, financed with balanced mix of debt and $2,541 equity •
Slide 9: Adjusted EPS Growth Outlook
Adjusted EPS1 Growth Outlook Top half of 4-6% EPS CAGR2 $4.02 2025E Baseline2 2026E 2027E 2028E 2029E Expect to be in the top half of 4-6% EPS CAGR from 2025E - 2029E with potential significant tailwinds in later years from additional large customers 9 Fourth Quarter 2024 Earnings Presentation 1Adju
Slide 10: Regulatory & Legislative Updates
Regulatory & Legislative Updates • Kansas Central Rate Case (25-EKCE-294-RTS): staff testimony due June 6, settlement conference July 8-9, hearings begin July 21, commission order by September 29 • Natural Gas & Solar Predetermination (25-EKCE-207-PRE): intervenor testimony due March 14, settlement
Slide 11: 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 12: Financial Update
Financial Update Bryan Buckler EVP & CFO
Slide 13: 2024 Adjusted EPS
2024 Adjusted EPS1 (0.05) $3.81 (0.17) 0.48 $3.54 (0.13) 0.14 1.1% increase driven primarily by higher residential and commercial demand 2023 Weather2 Load Growth Recovery of O&M D&A, Interest 2024 Weather Normalized Regulated Expense & AFUDC Investments 13 Fourth Quarter 2024 Earnings Presentation
Slide 14: Retail Sales Trends
Retail Sales Trends 2024 Weather-Normalized Retail Sales Growth Unemployment Rate4 Compared to prior year1,2 15% 2.0% U.S. KC Metro 1.3% Total 12% Kansas Retail 1.1% 9% (0.8%) Residential Commercial Industrial 6% 2025E Weather-Normalized Demand Growth3 5.0% 3% 2.9% Total Retail 0% 01/2018 04/2018 07
Slide 15: Adjusted 2024A to Adjusted 2025E EPS Walk
Adjusted 2024A to Adjusted 2025E EPS1 Walk (0.09) 0.41 (0.31) (0.04) $4.02 (0.06) 0.19 $3.81 0.11 2024A Weather2 Load Growth Recovery of O&M D&A, Interest Convertible Other 2025E Regulated Expense, Dilution3 Investments and AFUDC 1Adjusted EPS is a non-GAAP financial measure. See appendix for reconc
Slide 16: 2025E – 2029E Financing Plan
2025E – 2029E Financing Plan Sources & Uses ($ billions) $17.5 $2.8 Assumes 2-3% $12.5 load growth $5.8 CAGR through ($3.6) 2029; does not yet include potential benefit to cash from operations Targeting 60-70% from customers in payout ratio the “Finalizing Agreements” stage of our economic developme
Slide 17: Growth Outlook Summary
Growth Outlook Summary • 2025 adjusted EPS1 guidance of $3.92 - $4.12 Targeted Adjusted EPS Growth1 • Reaffirming long-term adjusted EPS1 target of 4% to 6% off of the 2025E midpoint of $4.02 Top half of 4-6% EPS CAGR2 through 2029E; expect to be in the top half of 4% to 6% range • 60% to 70% divide
Slide 18: Q&A
Q&A 18 Fourth Quarter 2024 Earnings Presentation
Slide 19: Appendix
Appendix
Slide 20: Fourth Quarter 2024 Adjusted EPS
Fourth Quarter 2024 Adjusted EPS1 0.03 (0.03) (0.07) 0.11 $0.35 $0.27 0.06 (0.02) 4% decrease 2.0% increase in heating driven degree days primarily by higher residential and commercial demand 4Q23 Weather2 Weather Recovery of O&M D&A, Interest Other 4Q24 Normalized Regulated Expense & Demand Investm
Slide 21: Debt Maturities & Credit Ratings
Debt Maturities & Credit Ratings CFO pre-WC/Debt1 Strong Credit Ratings Moody’s S&P Global Evergy, Inc. Estimate2 ~15.0% Outlook Stable Stable Target3 ≥15.0% Senior Unsecured Debt Baa2 BBB Junior Subordinated Notes Baa3 BBB- Commercial Paper P-2 A-2 Long-Term Debt Maturities4,5 ($ millions) Evergy K
Slide 22: Rate Base, Year-End 2024 Estimates
Rate Base, Year-End 2024 Estimates Jurisdictional Allocation Rate Base Growth ($ in billions) FERC +8.5% 16% $29 – $30 $19.5 52% Kansas 32% Missouri 2024E 2029E 22 Fourth Quarter 2024 Earnings Presentation
Slide 23: Evergy Kansas Central Rate Request
Evergy Kansas Central Rate Request Case Attributes $196 Million Revenue Increase Request Filed 1/31/2025 196 Revenue Increase since 20231 $196.4M 44 Percent Increase since 20231 8.62% Rate Base $6,733M ROE 10.5% 43 Cost of Debt 4.64% 18 Common Equity Ratio 51.97% Rate of Return 7.69% Test Year 6/30/
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 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
Slide 25: Kansas Central Five-Year Capital Investment Plan
Kansas Central Five-Year Capital Investment Plan $ in millions 2025E 2026E 2027E 2028E 2029E Total New Generation1 189 377 461 723 591 2,341 General Facilities, IT, and Other2 77 63 76 80 88 384 Transmission 360 356 463 472 481 2,132 Distribution2 371 380 347 339 344 1,781 Legacy Generation2 200 236
Slide 26: Metro Five-Year Capital Investment Plan
Metro Five-Year Capital Investment Plan2 $ in millions 2025E 2026E 2027E 2028E 2029E Total New Generation1 29 91 304 333 313 1,070 General Facilities, IT, and Other1 122 157 197 190 219 885 Transmission 99 81 86 134 132 532 Distribution1 301 415 326 319 337 1,698 Legacy Generation1 126 134 143 147 1
Slide 27: Missouri West Five-Year Capital Investment Plan
Missouri West Five-Year Capital Investment Plan $ in millions 2025E 2026E 2027E 2028E 2029E Total New Generation1 284 438 486 864 688 2,760 General Facilities, IT, and Other1 6 6 10 4 9 35 Transmission 88 106 150 119 143 606 Distribution1 253 282 236 247 235 1,253 Legacy Generation1 37 17 47 32 33 1
Slide 28: Generation Project List
Generation Project List Project Fuel Type MW Ownership Regulatory Filings Dockets Targeted COD2 PISA Eligibility CWIP EKC (50%) & EMW Predetermination (KS) 25-EKCE-207-PRE (KS) & Sumner County Natural Gas 705 2029 Yes (KS) (50%) & CCN1 (MO) EA-2025-0075 (MO) EKC (50%) & EMW Predetermination (KS) 25-
Slide 29: GAAP to Non-GAAP EPS Reconciliation
GAAP to Non-GAAP EPS Reconciliation Adjusted EPS1 2024 2025E GAAP EPS $3.73 - $3.93 $3.92 - $4.12 Adjustments - - Adjusted EPS1 (non-GAAP) $3.73 - $3.93 $3.92 - $4.12 1Adjusted earnings and adjusted earnings per share guidance (non-GAAP) are financial measures that are not calculated in accordance w
Slide 30: Fourth Quarter GAAP to Non-GAAP EPS Reconciliation
Fourth Quarter GAAP to Non-GAAP EPS Reconciliation 30 Fourth Quarter 2024 Earnings Presentation
Slide 31: 2024 GAAP to Non-GAAP EPS Reconciliation
2024 GAAP to Non-GAAP EPS Reconciliation 31 Fourth Quarter 2024 Earnings Presentation