Evergy, Inc. · NASDAQ:EVRG
Evergy — Q4 2025 Earnings Presentation
34 slides from Evergy's earnings presentation, Feb 19, 2026
Slide 1: Fourth Quarter 2025 Earnings and Business Update Call
Fourth Quarter 2025 Earnings and Business Update Call February 19, 2026
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 • 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
Slide 4: Business Update
Business Update David Campbell Chairman & CEO
Slide 5: 2025 Highlights
2025 Highlights GAAP EPS • Raising long-term adjusted EPS2 target to 6% to 8%+ off of the 2026E midpoint of $4.24 $3.79 $3.66 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
Slide 6: Data Center Announcements
Data Center Announcements • 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 ste
Slide 7: Converting Tier 1 Large Load Customer Pipeline to ESAs
Converting Tier 1 Large Load Customer Pipeline to ESAs Peak GW Pipeline Category Commentary Potential • 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 Tier 1 • LLPS customers pay a premium
Slide 8: Large Load Power Service Tariff – Key Terms
Large Load Power Service Tariff – Key Terms • 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-
Slide 9: LLPS Mitigates Rate Impacts On Existing Customers
LLPS Mitigates Rate Impacts On Existing Customers LLPS / Data Center Customers Premium rate and load growth can • Pay a premium (higher) demand rate Premium generate significant customer benefits and all the direct costs to serve them • The revenue generated from both the premium rate and the load g
Slide 10: Expected Data Center Benefits To Local Economies
Expected Data Center Benefits To Local Economies Data center customers with load in excess of 75 MW pay a premium Electric Rates demand rate to cover the cost of dedicated infrastructure. Data centers’ high load factors help cover more of system fixed costs Data center investment generates local tax
Slide 11: Major Gains in Regional Rate Competitiveness
Major Gains in Regional Rate Competitiveness Total Rate Change from 2017 to 20251 42.3% ~0.5% CAGR Avg. 29.0% 28.9% Regional 26.5% 26.4% States 22.3% 22.2% 20.6% Excl. 17.9% Evergy 13.7% Jurisdictions 12.6% 11.3% +18.9% 4.9% CPI -6.8% IL (2017 MI IN CO WI MN SD TX AR OK SD IA Evergy ND base)2 Evergy
Slide 12: Updated Five-Year Capital Investment Plan
Updated Five-Year Capital Investment Plan Capital Investment Plan Update ($ billions) • $21.6B of infrastructure investment 2026E-2030E +24% $21.6 • Five-year rolling capital investment plan increased by $4.1B or 24%, to be financed with a prudent mix $17.5 of debt and equity • Reflects rate base CA
Slide 13: Core Tenets of Evergy Strategy
Core Tenets of Evergy Strategy Affordability: Maintaining Affordability affordable rates while investing in infrastructure to support growth and prosperity Reliability: Targeting top-tier performance in reliability, customer service and generation Reliability Sustainability Sustainability: Adv
Slide 14: Financial Update
Financial Update Bryan Buckler EVP & CFO
Slide 15: 2025 Adjusted EPS
2025 Adjusted EPS1 Adjusted EPS1 Drivers 0.56 (0.43) $3.81 (0.10) $3.83 0.04 (0.05) 0.3% growth in weather- normalized demand driven primarily by commercial customers 2024A Weather & Demand Recovery of O&M, D&A, Interest Other Dilution from 2025A Regulated Expense & AFUDC Convertible Notes Investmen
Slide 16: Adjusted 2025A to Adjusted 2026E EPS Walk
Adjusted 2025A to Adjusted 2026E EPS1,2 Walk Adjusted EPS1,2 Drivers (0.20) 0.35 (0.05) (0.08) $4.24 0.26 $3.83 0.13 2025A Q2/Q3 Normalized Demand Growth, Recovery of O&M, D&A, Other Dilution from 2026E Weather3 incl. LLPS ESAs Regulated Interest Expense Equity and Investments and AFUDC Convertible
Slide 17: Large Load Growth Profile
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 2026 Peak System demand expected to be ~11 GW, demonstrating the tr
Slide 18: Electric Load Growth Potential
Electric Load Growth Potential Weather-Normalized Retail Demand Weather-Normalized Retail Demand CAGRs 2025A-2030E 2025A-2030E ~10-11% ~6% CAGR 2025A-2030E ~6-7% ~6% ~3.5-4.5% Robust load 2025A 2026E 2027E 2028E 2029E 2030E KS Central Metro MO West growth Evergy Annual into next +3-4% Averages ~7% a
Slide 19: Evergy Five-Year Capital Investment Plan
Evergy Five-Year Capital Investment Plan1 $ 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 Lega
Slide 20: 2026E – 2030E Financing Plan
2026E – 2030E Financing Plan Sources & Uses ($ billions) $21.6 $3.3 Expect to issue $700-$900M/yr $13.5 on average from $8.4 2026-2029; No equity ($3.6) issuances planned in 2030 Expect to grow Expect to given improving dividend and include hybrid FFO target 50-60% securities with payout ratio over
Slide 21: Growth Outlook Summary
Growth Outlook Summary Commentary 1 Includes ~1,300 MW LLPS subject to premium rates ~1,700 MW Large Customer MW by 2030 and minimum monthly bills, benefitting affordability for all customers 2 Higher infrastructure investment to modernize the $21.6B Capital Expenditures 2026E – 2030E grid and e
Slide 22: Q&A Fourth Quarter 2025
Q&A 22 Fourth Quarter 2025 Earnings Presentation
Slide 23: Appendix
Appendix
Slide 24: 2025 and 2026E Retail Sales
2025 and 2026E Retail Sales • In 2025, weaker than expected industrial demand 2025 Weather-Normalized1 Retail Sales Growth was primarily driven by lower usage from 2.0% chemical and energy customers Total • Excluding January and February, 2025 Retail 0.3% Residential W-N growth was 1.0% -0.4% -1.9%
Slide 25: Rate Base, Year-End 2025 Estimates
Rate Base, Year-End 2025 Estimates Jurisdictional Allocation, 2025E Rate Base Growth ($ in billions) FERC ~11.5% CAGR 17% ~$36 $20.7 51% Kansas 32% Missouri 2025E 2030E 25 Fourth Quarter 2025 Earnings Presentation
Slide 26: Kansas Central Five-Year Capital Investment Plan
Kansas Central Five-Year Capital Investment Plan $ 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 2 Distribution 367 391 355 384 445 1,942 Legacy Gener
Slide 27: Metro Five-Year Capital Investment Plan
Metro Five-Year Capital Investment Plan $ in millions 2026E 2027E 2028E 2029E 2030E Total New Generation/Renewables1 204 308 375 685 508 2,080 1 IT, General Facilities, and Other 141 152 151 185 165 794 Transmission 104 106 97 102 149 558 1 Distribution 383 341 320 332 339 1,715 1 Legacy Generation
Slide 28: Missouri West Five-Year Capital Investment Plan
Missouri West Five-Year Capital Investment Plan $ 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 1 Distribution 266 263 231 248 231 1,239 Legacy Generati
Slide 29: Generation Projects in 2026E-2030E Capital Plan
Generation Projects in 2026E-2030E Capital Plan Operating Company Resource Type MW COD Project Status Solar 159 2028 KCC approved Kansas Central 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 Me
Slide 30: Regulatory Updates
Regulatory Updates • 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 Integra
Slide 31: Debt Maturities & Credit Ratings
Debt Maturities & Credit Ratings Strong Credit Ratings Moody’s S&P Global CFO pre-WC/Debt1 Evergy, Inc. Estimate2 ~14% 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 ($ mil
Slide 32: Q4 2025 GAAP to Non-GAAP EPS Reconciliation
Q4 2025 GAAP to Non-GAAP EPS Reconciliation 32 Fourth Quarter 2025 Earnings Presentation
Slide 33: Full-Year 2025 GAAP to Non-GAAP EPS Reconciliation
Full-Year 2025 GAAP to Non-GAAP EPS Reconciliation 33 Fourth Quarter 2025 Earnings Presentation
Slide 34: Presentation Footnotes & Acronyms
Presentation Footnotes & Acronyms • 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 regu