Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Data Center** industry, particularly the impact of **Artificial Intelligence (AI)** on data center demand and infrastructure investments. Core Insights and Arguments - **AI Demand Surge**: The demand for power driven by AI is exceeding previous expectations, leading to an increase in projected IT load demand for 2026 by **4.3 GW** to **14.5 GW**, which represents a **23% year-over-year growth**. The total IT load demand is now estimated at approximately **77 GW** [7][38]. - **Long-term Projections**: The average annual incremental demand for IT load between **2027 and 2030** is raised to about **19.9 GW**, with a forecast for global IT load to reach **156 GW** by **2030**, reflecting a **5-year CAGR of 20%** [7][38]. - **Capex Growth**: Global capital expenditures (capex) for AI workloads are projected to grow at a **46% CAGR** from **2025 to 2030**, slightly ahead of the **44% CAGR** for AI IT load [7][38]. - **Hyperscaler Investments**: Capex from major hyperscalers like **Amazon (AMZN)**, **Google (GOOGL)**, and **Meta** is expected to grow at a **28% CAGR** from **2025 to 2030**, with a combined projected spend of approximately **$251 billion** in **2026** [7][51][57]. Demand and Supply Dynamics - **Data Center Demand**: AI workloads are anticipated to represent over **70%** of total data center power demand by **2030**. The overall data center market is expected to grow at a **CAGR of 20%** to **156 GW** by **2030** [21][26][38]. - **Colocation Market**: The total tracked colocation capacity is estimated at **39,339 MW** with a supply of **45,248 MW**, indicating an **87% utilization rate** across **81 markets** [13][26]. - **Absorption Rates**: The global market is expected to absorb between **14-21 GW** per year through **2030**, with approximately **78%** of this coming from the colocation market [26][38]. Risks and Considerations - **Digestion Phase Risk**: There is a potential risk of a digestion phase for hyperscalers due to the large capacity expected to be deployed for AI workloads. This phase may occur around **2028-2029** [7][38]. - **Market Pricing Trends**: Pricing trends in primary markets remain strong, with a **5% growth** in primary markets and **10% growth** in secondary markets, while other markets are experiencing a decline [35][38]. Notable Companies Mentioned - **Digital Realty (DLR)**: Buy rating with a target price of **$190** [8]. - **Equinix (EQIX)**: Buy rating with a target price of **$1070** [8]. - **NVIDIA (NVDA)**: Buy rating with a target price of **$270** [8]. - **Microsoft (MSFT)**: Buy rating with a target price of **$635** [8]. - **Amazon (AMZN)**: Buy rating with a target price of **$265** [8]. - **Oracle (ORCL)**: Buy rating with a target price of **$370** [8]. Additional Insights - **AI Workload Dynamics**: AI training and inference workloads have distinct requirements compared to traditional data center workloads, with training being more power-intensive and requiring higher peak power levels [49]. - **Investment Returns**: The return on investment from AI infrastructure is reflected in high cash returns on cash invested (CROCI) at hyperscalers, indicating a favorable environment for continued investment in AI infrastructure [47]. This summary encapsulates the key points discussed in the conference call, highlighting the significant growth and investment trends in the data center industry driven by AI demand.

Core Insights - Evergy, Inc. (EVRG) reported fourth-quarter 2025 operating earnings per share (EPS) of 42 cents, missing the Zacks Consensus Estimate of 57 cents by 26.3% [1]. - Full-year 2025 adjusted EPS increased to $3.83 from $3.81 in the previous year, driven by recovery in regulated investments and increased weather-normalized demand [1]. Revenue Performance - Quarterly revenues reached $1.34 billion, exceeding the Zacks Consensus Estimate of $1.29 billion by 4.3% [2]. - Full-year 2025 revenues totaled $5.96 billion, up from $5.85 billion in the prior year [2]. Expense Overview - Fuel and purchased power costs for the year were $1.41 billion, a decrease of 4.6% from $1.48 billion last year [3]. - Operating and maintenance expenses rose to $995.3 million, an increase of 3.5% from $961.9 million in the previous year [3]. - Interest expenses increased by 9.4% year over year, totaling $616.3 million [3]. Financial Position - As of December 31, 2025, cash and cash equivalents were $19.8 million, down from $22 million a year earlier [4]. - Long-term debt increased to $13.04 billion from $11.81 billion as of December 31, 2024 [4]. - Cash provided by operating activities in 2025 was $2.05 billion, compared to $1.98 billion in the previous year [4]. Future Guidance - Evergy provided 2026 adjusted EPS guidance in the range of $4.14-$4.34, with the Zacks Consensus Estimate at $4.27, near the upper end of the guidance [5]. - The company targets an annual adjusted EPS growth of 6-8% through 2030 [5]. Market Position - Evergy currently holds a Zacks Rank 4 (Sell) [6].

Core Viewpoint - Evergy, Inc. is positioned as a promising utility company with strategic investments and a positive outlook from analysts, indicating potential growth in stock price and earnings [2][4][6] Group 1: Financial Performance - Evergy's strategic investments and new rates are projected to lead to a 63% year-over-year increase in earnings per share [2][6] - The company has a substantial $17.5 billion capital plan, which is expected to support a 6% annual growth in adjusted earnings per share through 2028 [3][6] - The average price target for Evergy has increased to $83.4, reflecting growing confidence in its performance compared to the previous quarter [3] Group 2: Market Sentiment - The consensus price target for Evergy has shown a positive trend, with the average price target rising from $81.92 a year ago to $86 last month [2][4] - Evergy is currently trading at a 13% discount to its fair value, which presents an attractive opportunity for investors [4] - Analysts have expressed optimism about Evergy's future prospects, as indicated by the upward trend in the consensus price target [5][6]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported adjusted earnings of $894 million, or $3.83 per share, compared to $878 million, or $3.81 per share for the same period last year, reflecting a slight increase in earnings despite challenges [26] - The company raised its long-term adjusted EPS growth target to 6%-8%+ through 2030, with expectations of exceeding 8% annually beginning in 2028 [5][43] - The financial results in 2025 were negatively impacted by weather and weak industrial demand, leading to a decrease in EPS by $0.43 due to higher operation and maintenance costs and depreciation [6][27] Business Line Data and Key Metrics Changes - The company executed a capital investment plan of $2.8 billion in 2025 to modernize infrastructure and improve reliability, despite facing challenges from weather and demand [6][9] - New electric service agreements for four major data center projects were announced, representing 1.9 GW of steady-state peak demand, which is expected to increase total peak system demand by nearly 20% [10][11] Market Data and Key Metrics Changes - The company has grown its pipeline to over 15 GW, with significant legislative support in Missouri and Kansas for infrastructure investment [6][8] - The approval of new large load power service tariffs in both Kansas and Missouri is expected to drive affordability benefits for existing customers while supporting economic growth [7][15] Company Strategy and Development Direction - The company aims to maintain competitive and affordable rates, with a focus on cost discipline and infrastructure investment to support economic development in Kansas and Missouri [20][23] - A rolling five-year investment plan totaling approximately $21.6 billion is set to drive 11.5% annualized rate base growth through 2030, with a significant portion allocated to new generation investments [22][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the updated financial outlook, which has been tested against various outcomes, and emphasized the importance of consistent financial performance for long-term value creation [6][43] - The company expects a return to normal residential load growth in 2026, with strong early indications for industrial demand compared to 2025 [27][83] Other Important Information - The company raised its dividend by 4% to an annualized $2.78, with expectations for the payout ratio to decline over time to a revised target of 50%-60% [9][37] - The LLPS tariffs established a framework for new large customers to pay a premium demand rate, which will generate significant benefits for existing customers [15][17] Q&A Session Summary Question: Can you discuss the equity issuances planned for 2030? - Management indicated no planned equity issuances for 2030 due to expected improvements in cash flow, but noted that additional capital opportunities may arise [49][51] Question: What is the potential for additional electric service agreements (ESAs)? - Management expects at least one more executed ESA in 2026, with potential for additional sizable opportunities beyond that [55][56] Question: How does incremental load growth affect CapEx and earnings? - Management stated that each ESA will depend on negotiations with customers, and historically, a 50/50 debt-equity funding approach is used for incremental capital [94]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported adjusted earnings of $894 million, or $3.83 per share, compared to $878 million, or $3.81 per share for the same period last year, reflecting a slight increase in EPS [26] - The year-over-year drivers included a 0.3% growth in weather-normalized demand, primarily driven by the commercial class, which contributed $0.04 per share in margin [26] - The company expects EPS growth to exceed 8% annually beginning in 2028 and through 2030, raising the long-term adjusted EPS growth target to 6%-8%+ through 2030 [5][43] Business Line Data and Key Metrics Changes - The company executed a capital investment plan of $2.8 billion in 2025 to modernize the grid and replace aging equipment, although financial results were negatively impacted by weather and weak industrial demand [6] - Significant progress was made in advancing economic development opportunities, growing the pipeline to over 15 GW, with new electric service agreements for four data center projects representing 1.9 GW of steady-state peak demand [10][12] Market Data and Key Metrics Changes - The company achieved the strongest reliability performance in its history for SAIDI, with reductions in both average outage duration and frequency [9] - The cumulative change in Evergy's all-in rates since 2017 is approximately 4.9%, compared to a regional peer average of 19% and inflation of 29%, indicating strong rate competitiveness [20] Company Strategy and Development Direction - The company aims to maintain affordability, reliability, and sustainability as strategic objectives, with a focus on capital investments to support economic growth in Kansas and Missouri [5][25] - A rolling five-year investment plan totals approximately $21.6 billion from 2026 to 2030, with a focus on new generation investments to support growing customer demand [22][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the updated financial outlook, which has been tested against a range of outcomes, and emphasized the importance of consistent financial performance for long-term value creation [6] - The company anticipates strong load growth through 2030, supported by electric service agreements with large customers, and expects to execute at least one more large customer ESA in 2026 [39][56] Other Important Information - The company raised its dividend by 4% to an annualized $2.78, with expectations for the payout ratio to decline over time to a revised target of 50%-60% [9][37] - The LLPS tariffs established a framework for new large customers to pay a premium demand rate, which will drive affordability benefits for existing customers [15][17] Q&A Session Summary Question: Can you discuss the equity issuances planned for 2030? - Management indicated no planned equity issuances for 2030 due to expected improvements in cash flow, but noted that additional capital opportunities may arise [49][51] Question: What is the potential for additional electric service agreements (ESAs)? - Management expects at least one more executed ESA in 2026, with potential for additional sizable opportunities beyond that [56][58] Question: How does weak industrial demand impact future forecasts? - Management acknowledged the impact of weak industrial demand in 2025 but expressed confidence in a return to normal growth in 2026, particularly with the ramp-up of the Panasonic project [82][84]

Financial Data and Key Metrics Changes - For the full year 2025, Evergy delivered adjusted earnings of $894 million, or $3.83 per share, compared to $878 million, or $3.81 per share for the same period last year, reflecting a slight increase in EPS [25] - The company raised its long-term adjusted EPS growth target to 6%-8%+ through 2030, with expectations of exceeding 8% annually beginning in 2028 [4][41] - The financial results in 2025 were negatively impacted by weather and weak industrial demand, despite cost mitigation actions [5] Business Line Data and Key Metrics Changes - The company executed a capital investment plan of $2.8 billion in 2025 to modernize infrastructure and improve reliability [5] - New electric service agreements for four major data center projects were announced, representing 1.9 GW of steady-state peak demand, which is expected to increase total peak system demand by nearly 20% [10][11] - The company expects retail load growth of 6% annually through 2030, significantly higher than the historical growth rate of 0.5%-1% [12] Market Data and Key Metrics Changes - Evergy's cumulative change in all-in rates since 2017 is approximately 4.9%, compared to a regional peer average of 19% and inflation of 29% [20] - The company has made significant progress in advancing economic development opportunities, growing its pipeline to over 15 GW [5][12] Company Strategy and Development Direction - Evergy's strategy focuses on affordability, reliability, and sustainability, with a commitment to maintaining competitive rates [4][22] - The company plans a rolling five-year investment of approximately $21.6 billion from 2026 to 2030, which includes over $3 billion in new generation investment [21][33] - The company aims to execute a cost-effective, all-of-the-above generation strategy, investing in natural gas, storage, and solar [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the updated financial outlook, which has been tested against a range of outcomes [5] - The company anticipates a return to normal residential load growth in 2026, with strong early indications for industrial load compared to 2025 [26][82] - Management highlighted the importance of the LLPS tariffs in supporting economic growth and ensuring affordability for existing customers [6][17] Other Important Information - The company raised its dividend by 4% to an annualized $2.78, with expectations for the payout ratio to decline over time to a revised target of 50%-60% [9] - The approval of new large load power service tariffs in Kansas and Missouri is expected to drive affordability benefits for existing customers [6][17] Q&A Session Summary Question: Can you discuss the equity issuances planned for 2030? - Management indicated no planned equity issuances for 2030, with expectations of strong FFO improving each year [48][50] Question: What is the potential for additional electric service agreements (ESAs)? - Management expects at least one more executed ESA in 2026, with potential for additional sizable opportunities [53][56] Question: How does the company plan to finance incremental capital needs? - Historically, the company has cited a 50/50 debt-equity funding approach for incremental capital, which remains a rule of thumb [91]

Fourth Quarter 2025 Earnings and Business Update Call February 19, 2026 Agenda David Campbell, Chairman & CEO 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 relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating ...

Core Viewpoint - Evergy forecasts 2026 profit below Wall Street estimates and introduces a new five-year capital spending plan of $21.6 billion to meet increasing electricity demand from large commercial and industrial customers [1] Group 1: Financial Performance - Evergy reported an adjusted profit of 42 cents per share, missing analysts' estimates of 57 cents per share [1] - The company forecasts 2026 adjusted profit to be between $4.14 and $4.34 per share, with a midpoint of $4.24, which is below the analysts' average estimate of $4.28 per share [1] Group 2: Capital Expenditure and Growth Strategy - Evergy's new capital expenditure plan is $21.6 billion, an increase from the previously announced $17.5 billion for 2025–2029 [1] - The utility has signed electric service agreements for four large customer projects, including two new customers and the expansion of two existing projects, under newly approved large load power service tariffs in Kansas and Missouri [1] Group 3: Market Position and Future Outlook - Evergy's strategy reflects a broader shift among regulated utilities to position for sustained demand growth linked to economic development and data center expansion [1] - The company expects adjusted profit growth to exceed 8% starting in 2028 and continuing through 2030 [1]

NEWS RELEASE Exhibit 99.1 Evergy Releases 2025 Results, Announces New Large Customers, Declares Quarterly Dividend and Establishes 2026 Guidance KANSAS CITY, MO., February 19, 2026 – Evergy, Inc. (NASDAQ: EVRG) today announced full year 2025 GAAP earnings of $855.6 million, or $3.66 per share, compared to GAAP earnings of $873.5 million, or $3.79 per share, for the full year 2024. Fourth quarter 2025 GAAP earnings were $84.3 million, or $0.36 per share, compared to earnings of $78.2 million, or $0.34 per sh ...

Strategic Goals and Financial Performance - Evergy's strategic plan includes goals for earnings per share, dividend, operating and maintenance expenses, and capital investment[20]. - The company reported a significant increase in earnings per share (EPS), reaching $X.XX, representing a Y% growth compared to the previous quarter[28]. - Evergy reported a total revenue of $1.5 billion for the last quarter, reflecting a 5% increase year-over-year[30]. - The company achieved an earnings per share (EPS) of $1.20, which is a 10% increase compared to the previous year[30]. - Evergy's customer base grew by 3% to reach 1.6 million users, driven by new service offerings and market expansion efforts[30]. - The company achieved a net income of $250 million, which is a 15% increase compared to the same quarter last year[30]. - Evergy's dividend payout ratio remains stable at 60%, with plans to increase dividends in line with earnings growth[30]. - The company expects to achieve an earnings per share (EPS) of $3.00 for the upcoming fiscal year, reflecting a 10% growth[30]. Market Demand and Growth Strategies - The company anticipates significant growth in electricity demand, particularly from data centers and large load customers, which may require new generation and transmission investments[21]. - User data showed an increase in active users by Z%, bringing the total to A million users, indicating strong market engagement[28]. - The company provided a positive outlook for the next quarter, projecting revenue growth of B% driven by new product launches and market expansion strategies[28]. - The company plans to expand its market presence in international regions, targeting a D% increase in market share by the end of the year[28]. - A strategic acquisition was announced, expected to enhance the company's capabilities and contribute an additional $E million in annual revenue[28]. - Evergy is exploring potential acquisitions to expand its market presence in the Midwest region[30]. Operational Efficiency and Cost Management - Evergy is focused on managing costs and avoiding overruns during the development and operation of generation and transmission projects[21]. - The company is implementing new strategies to improve operational efficiency, aiming for a reduction in costs by F% over the next two years[28]. - The ability to manage costs and avoid overruns during project development is critical, with potential challenges including labor costs and material shortages[21]. - Evergy's operating expenses increased by 5% due to higher maintenance costs and regulatory compliance[30]. Sustainability and Environmental Commitment - Evergy is committed to achieving target emissions reductions and adapting to climate change impacts, including severe weather events[21]. - The company is committed to sustainability initiatives, with plans to reduce carbon emissions by H% as part of its long-term environmental strategy[28]. - The company plans to invest $2 billion in renewable energy projects over the next five years, aiming to increase its renewable energy capacity by 25%[30]. - Evergy is committed to reducing greenhouse gas emissions by 40% by 2030, aligning with federal sustainability goals[30]. - The company is targeting a 20% reduction in greenhouse gas emissions by 2025, aligning with regulatory requirements and sustainability goals[30]. Technological Advancements and Innovation - The company is exploring the development and use of artificial intelligence to enhance operational efficiency[22]. - New product development efforts are focused on innovative technologies, with an investment of $C million allocated for R&D in the upcoming fiscal year[28]. - Evergy has initiated a new technology development program, allocating $100 million for smart grid innovations[30]. - Future guidance indicates a strong focus on digital transformation, with an expected investment of $I million to enhance online services and customer experience[28]. Risks and Challenges - The company faces risks related to regulatory changes, including potential impacts from deregulation and restructuring of the electric utility industry[21]. - Evergy Companies face risks related to economic and weather conditions impacting sales, prices, and costs[21]. - Future pandemic health events may affect sales, operations, and supply chain availability[21]. - The impact of climate change and increased frequency of severe weather events poses risks to operational stability[22]. - Regulatory decisions regarding customer rates and capital expenditures will significantly influence operational decisions[22]. Stakeholder Relationships - The company emphasizes the importance of maintaining relationships with customers, regulators, and suppliers to support its strategic initiatives[22]. - Evergy Companies are committed to maintaining relationships with stakeholders, including customers and regulators, to navigate evolving expectations[22]. - The company emphasizes the importance of cybersecurity measures to protect its facilities and information technology infrastructure[22].