Slide 1: Third Quarter 2025 Earnings Call
Third Quarter 2025 Earnings Call November 6, 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 • 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
Slide 4: Business Update
Business Update David Campbell Chairman & CEO
Slide 5: Third Quarter Highlights
Third Quarter Highlights • Third Quarter 2025 EPS Adjusted EPS1 • GAAP: $2.03; Adjusted1: $2.03 $3.46 $3.41 • Primary Earnings Drivers vs Q3 2024 $2.02 $2.03 ↑ Recovery of regulated investments, load growth ↓ Interest expense, D&A, convertible debt dilution • Strong operational and reliability perfo
Slide 6: Economic Development Pipeline
Economic Development Pipeline1 ~4-6 GWs of Tier 1 Large Load Customers ~15+ GW ~15+ GW • Large customer interest remains exceptionally high ~1.1 ~1.2 • Represents a transformative 10-year roadmap to serve up to 4-6 GWs ~1.0 – 1.5 ~1.5 – 2.0 of new large load customers ~2.0 – 3.5 • Relative to Evergy
Slide 7: Up To 4-6 GWs of Tier 1 Large Load Customer Pipeline
Up To 4-6 GWs of Tier 1 Large Load Customer Pipeline Peak GW Pipeline Category Commentary Potential • 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 d
Slide 8: Regulatory Updates
Regulatory Updates 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
Slide 9: Constructive Backdrop for Investment & Growth
Constructive Backdrop for Investment & Growth 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
Slide 10: Core Tenets of Evergy Strategy
Core Tenets of Evergy Strategy Affordability: Maintaining Affordability affordable rates while investing in infrastructure and technology to support growth and prosperity Reliability: Targeting top-tier performance in reliability, customer service and generation Reliability Sustainability Sust
Slide 11: Financial Update
Financial Update Bryan Buckler EVP & CFO
Slide 12: Third Quarter 2025 Adjusted EPS
Third Quarter 2025 Adjusted EPS1 0.11 (0.07) $2.02 0.06 (0.06) (0.03) $2.03 2.0% increase in weather- normalized demand driven primarily by residential and commercial; weather impact ($0.04) compared to normal 3Q24 Weather, Demand Recovery of D&A, Interest Other Dilution from 3Q25 and Pricing2 Regul
Slide 13: Retail Sales Trends
Retail Sales Trends 3Q25 Weather-Normalized1 Demand Growth Unemployment Rate2 15% 3.0% 2.4% Total Retail 12% 2.0% 9% U.S. KC Metro 6% Kansas -0.9% Residential Commercial Industrial 3% • Strong residential and commercial growth supported by a healthy economy and ramp-up 0% 2018 2019 2020 2021 2022 20
Slide 14: Updated 2025 Adjusted EPS Guidance
Updated 2025 Adjusted EPS1 Guidance • Narrowing 2025 adjusted EPS2 guidance to $3.92 – $4.12 $3.92 – $4.02 from $3.92 – $4.12 $3.92 – $4.02 • Primarily driven by the impact of weather (0.13) ($0.13) due to fewer cooling degree days in Q2 and Q3 compared to normal 0.10 • Anticipate ~($0.02) of increm
Slide 15: Growth Outlook Summary
Growth Outlook Summary Reaffirmed as of Q3 Q4 Update Considerations 1 ~4-6 GWs of Tier 1 Large Customers, ~2-3% Load Growth 2024 – 2029E Finalizing Agreements customers could raise load growth to 4-5% through 2029 2 Higher infrastructure investment to modernize the $17.5B Capital Expenditures 2025
Slide 16: Q&A
Q&A 16 Third Quarter 2025 Earnings Presentation
Slide 17: Appendix
Appendix
Slide 18: Large Load Power Service Tariff – Key Terms
Large Load Power Service Tariff – Key Terms • 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
Slide 19: 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 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 two customers in the Finalizing Agreements Current Demand Forecast 2-3% category would
Slide 21: 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 22: 2025E – 2029E Financing Plan
2025E – 2029E Financing Plan Entered forward sales agreements for $125M2 of Cash from operations forecast does not yet common shares via at-the- Sources & Uses incorporate the potential benefits from tax market program to address ($ billions) future equity needs credit monetization related to the In
Slide 23: 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 24: Nearer-Term Generation Projects in 2025 IRP
Nearer-Term Generation Projects in 2025 IRP1,2 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)
Slide 25: Third Quarter GAAP to Non-GAAP EPS Reconciliation
Third Quarter GAAP to Non-GAAP EPS Reconciliation 25 Third Quarter 2025 Earnings Presentation
Slide 26: Year-to-Date GAAP to Non-GAAP EPS Reconciliation
Year-to-Date GAAP to Non-GAAP EPS Reconciliation 26 Third Quarter 2025 Earnings Presentation
Slide 27: Presentation Footnotes
Presentation Footnotes • 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, m