Financial Performance - First Quarter 2025 GAAP EPS was $0.54, and adjusted EPS was also $0.54[19] - The company reaffirmed its 2025 adjusted EPS guidance of $3.92 - $4.12[19] - The long-term adjusted EPS target is 4% to 6% off of the 2025E midpoint of $4.02 through 2029E[19] - The company expects to be in the top half of the 4% to 6% range for long-term adjusted EPS growth[19] Economic Development and Demand - The economic development pipeline remains robust, with projects representing more than 11 gigawatts of incremental demand actively considering the service territories[25] - Actively Building projects account for 1.1 gigawatts[25] - Projects in the Finalizing Agreements stage represent approximately 1.3 gigawatts, with a potential 600 MW by 2029, which are not yet included in the 2-3% demand forecast[25] - Total retail sales growth potential is projected at 4-5% CAGR through 2029, including actively building and finalizing agreements[50] Capital Investment and Financing - The company is planning $17.5 billion of infrastructure investment from 2025E-2029E[55] - The financing plan includes $5.8 billion in incremental debt and $2.8 billion in equity & equity-like securities from 2025E-2029E[48] Regulatory and Generation - The 2025 IRP calls for over 2.1 gigawatts of new resources from 2025-2035 relative to the 2024 IRP[28] - The company is requesting a $196 million revenue increase in the Kansas Central Rate Case, representing an 8.62% increase since 2023[76]

[First Quarter 2025 Highlights](index=1&type=section&id=First%20Quarter%202025%20Highlights) Evergy reported increased GAAP and adjusted earnings per share in Q1 2025, driven by regulated investment recovery despite demand and cost pressures [Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) Evergy's Q1 2025 GAAP earnings increased to $125.0 million ($0.54/share), with adjusted EPS growth driven by regulated investments First Quarter Earnings (GAAP & Adjusted) | Metric | Q1 2025 | Q1 2024 | | :-------------------------------- | :------ | :------ | | GAAP Earnings (millions) | $125.0 | $122.7 | | GAAP EPS ($) | $0.54 | $0.53 | | Adjusted Earnings (non-GAAP) (millions) | $125.0 | $124.7 | | Adjusted EPS (non-GAAP) ($) | $0.54 | $0.54 | - First quarter 2025 adjusted earnings per share were driven by **recovery of regulated investments**, partially offset by lower demand due to an unplanned customer maintenance shutdown and leap year impact, higher interest expense, and higher depreciation and amortization expense[3](index=3&type=chunk) [Key Business Developments & Strategic Initiatives](index=1&type=section&id=Key%20Business%20Developments%20%26%20Strategic%20Initiatives) Evergy advanced key legislative policies in Missouri and Kansas, supporting infrastructure, data centers, and wildfire mitigation - Missouri Senate Bill 4 was signed into law, supporting infrastructure investment, resource adequacy, reliability, and growth[4](index=4&type=chunk) - Kansas Senate Bill 98 enhances the state's competitive positioning to attract large data center customers[4](index=4&type=chunk) - Kansas House Bill 2107 recognizes the need for continued critical infrastructure investment to mitigate wildfire risk[4](index=4&type=chunk) - Progress was made in seeking approval for new generation projects in Kansas, including modern, high-efficiency natural gas plants and a solar farm[4](index=4&type=chunk) [Guidance and Dividend Declaration](index=1&type=section&id=Guidance%20and%20Dividend%20Declaration) Evergy reaffirmed its 2025 EPS guidance and long-term growth target, declaring a quarterly dividend of $0.6675 per share 2025 EPS Guidance | Metric | Range | | :-------------------- | :------------ | | GAAP EPS Guidance ($) | $3.92 – $4.12 | | Adjusted EPS (non-GAAP) Guidance ($) | $3.92 – $4.12 | - Reaffirmed long-term adjusted EPS (non-GAAP) annual growth target of **4% to 6% through 2029**, with expected growth in the upper half of this range beginning in 2026[5](index=5&type=chunk) Quarterly Dividend Declaration | Metric | Value | | :-------------------- | :-------- | | Dividend per share ($) | $0.6675 | | Payable Date | June 20, 2025 | | Record Date | May 23, 2025 | [Non-GAAP Financial Measures Reconciliation](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section clarifies the definition and reconciliation of Evergy's non-GAAP adjusted earnings and EPS to GAAP measures [Definition and Purpose of Adjusted Earnings (non-GAAP)](index=2&type=section&id=Definition%20and%20Purpose%20of%20Adjusted%20Earnings%20(non-GAAP)) Adjusted earnings are used to represent Evergy's recurring performance by excluding non-indicative or volatile items like JEC hedges - Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are used to represent Evergy's recurring earnings and assist in comparability of results[10](index=10&type=chunk) - These measures exclude items like the mark-to-market impacts of economic hedges related to Evergy Kansas Central's 8% ownership share of JEC[11](index=11&type=chunk) - Management believes these exclusions provide a meaningful basis for evaluating operations by removing items not indicative of ongoing performance or that create earnings volatility[11](index=11&type=chunk) [Consolidated Earnings and EPS Reconciliation](index=3&type=section&id=Consolidated%20Earnings%20and%20EPS%20Reconciliation) This section reconciles Evergy's GAAP net income and EPS to adjusted non-GAAP figures for Q1 2025 and 2024 Consolidated Earnings and Diluted Earnings Per Share (Unaudited) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | | Net income attributable to Evergy, Inc. (millions) | $125.0 | $122.7 | | Diluted Share ($) | $0.54 | $0.53 | | Mark-to-market impact of JEC economic hedges, pre-tax (millions) | — | $2.6 | | Income tax benefit (millions) | — | ($0.6) | | Adjusted earnings (non-GAAP) (millions) | $125.0 | $124.7 | | Adjusted Diluted Share (non-GAAP) ($) | $0.54 | $0.54 | [GAAP to Non-GAAP Earnings Guidance Reconciliation](index=3&type=section&id=GAAP%20to%20Non-GAAP%20Earnings%20Guidance%20Reconciliation) The company's 2024 and 2025 GAAP and adjusted EPS guidance ranges are identical, with no non-GAAP reconciling items GAAP to Non-GAAP Earnings Guidance | Metric | 2024 Earnings per Diluted Share Guidance | 2025 Earnings per Diluted Share Guidance | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | | Net income attributable to Evergy, Inc. ($) | $3.73 – $3.93 | $3.92 – $4.12 | | Non-GAAP reconciling items | — | — | | Adjusted earnings (non-GAAP) ($) | $3.73 – $3.93 | $3.92 – $4.12 | [Company Information](index=3&type=section&id=Company%20Information) Evergy, Inc. is an energy company serving 1.7 million customers in Kansas and Missouri, committed to sustainable energy [Company Overview](index=3&type=section&id=Company%20Overview) Evergy, Inc. (NASDAQ: EVRG) serves 1.7 million customers across Kansas and Missouri, providing reliable, affordable, and sustainable energy - Evergy, Inc. serves **1.7 million customers** in Kansas and Missouri[18](index=18&type=chunk) - The mission is to empower a better future by producing, transmitting, and delivering reliable, affordable, and sustainable energy[18](index=18&type=chunk) - Approximately **half of Evergy's power comes from carbon-free sources**[18](index=18&type=chunk) [Forward-Looking Statements & Risk Factors](index=4&type=section&id=Forward-Looking%20Statements%20%26%20Risk%20Factors) This section outlines the inherent risks and uncertainties associated with Evergy's forward-looking statements and future operations [Nature of Forward-Looking Statements](index=4&type=section&id=Nature%20of%20Forward-Looking%20Statements) Statements not based on historical facts are forward-looking, inherently involve risks and uncertainties, and are identified by specific terminology - Statements not based on historical facts are forward-looking and involve risks and uncertainties[21](index=21&type=chunk) - Forward-looking statements cover strategic plans, earnings, dividends, operating expenses, capital investments, legislative and regulatory outcomes, energy demand, and future generation resources[21](index=21&type=chunk) - These statements are identified by words such as 'anticipates,' 'believes,' 'expects,' 'estimates,' 'guidance,' 'will,' or other similar meanings[21](index=21&type=chunk) [Identified Risk Factors](index=4&type=section&id=Identified%20Risk%20Factors) Various risks, including economic, regulatory, operational, and climate factors, could materially impact Evergy's actual results - Risks include economic and weather conditions, significant changes in electricity demand, and impacts on sales, prices, and costs[22](index=22&type=chunk) - Regulatory and legislative actions, including deregulation, re-regulation, and decisions on customer rates and capital expenditures, pose risks[22](index=22&type=chunk) - Challenges in building or acquiring generation and transmission facilities, including labor costs, supply chain issues, and increased financing costs[22](index=22&type=chunk) - Impact of climate change, including increased frequency and severity of significant weather events, and risks relating to potential wildfires[22](index=22&type=chunk) - Financial market conditions, including volatility in interest rates, credit spreads, availability and cost of capital, and impacts on derivatives and hedges[22](index=22&type=chunk) - Impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, and geopolitical conflicts on facilities or IT infrastructure[22](index=22&type=chunk) [Contact Information](index=5&type=section&id=Contact%20Information) Direct contact details for Evergy's Investor Relations and Corporate Communications departments are provided for inquiries [Investor and Media Contacts](index=5&type=section&id=Investor%20and%20Media%20Contacts) This section provides direct contact information for Evergy's Investor Relations and Corporate Communications departments for inquiries Investor Contact | Name | Title | Phone | Email | | :---------- | :-------------------- | :---------- | :-------------------- | | Pete Flynn | Director, Investor Relations | 816-652-1060 | Peter.Flynn@evergy.com | Media Contact | Name | Title | Phone | Email | | :---------- | :-------------------------- | :---------- | :-------------------- | | Gina Penzig | Director, Corporate Communications | 785-508-2410 | Gina.Penzig@evergy.com | | Media Line | | 888-613-0003 | |

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | | Exact name of registrant as specified in its charter, | | | --- | --- | --- | | Commission | state of incorporation, address of principal | I.R.S. Employer | | File Number | executive offices and telephone number | Identification Number | | 001-38515 | EVERGY, INC. | 82-2733395 | | | (a Missouri corporation) | | | | 1200 Main Street | | | | Kansas City, Missouri 64105 | | | | (816) 556-2200 | | | 001-03523 | EVERGY ...

Core Viewpoint - The market anticipates Evergy Inc (EVRG) to report a year-over-year increase in earnings driven by higher revenues for the quarter ended March 2025, with a consensus EPS estimate of $0.66, reflecting a +22.2% change, and revenues expected to reach $1.41 billion, up 6.2% from the previous year [1][3]. Earnings Expectations - The upcoming earnings report is scheduled for May 8, and the stock may rise if the actual results exceed expectations, while a miss could lead to a decline [2]. - The consensus EPS estimate has been revised 0.53% higher in the last 30 days, indicating a positive reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate for Evergy is higher than the consensus estimate, resulting in an Earnings ESP of +1.52%, suggesting a strong likelihood of beating the consensus EPS estimate [10][11]. - The stock currently holds a Zacks Rank of 2, further supporting the expectation of an earnings beat [11]. Historical Performance - In the last reported quarter, Evergy was expected to post earnings of $0.36 per share but delivered $0.35, resulting in a surprise of -2.78% [12]. - Over the past four quarters, the company has only surpassed consensus EPS estimates once [13]. Industry Context - Centuri Holdings (CTRI), another player in the electric utility sector, is expected to report a loss of $0.16 per share for the same quarter, indicating a year-over-year change of +99.9%, with revenues projected at $530.54 million, up 0.5% [17]. - Despite a 33.3% downward revision in the consensus EPS estimate for Centuri, a higher Most Accurate Estimate has led to an Earnings ESP of 25.00%, suggesting a likely earnings beat [18].

Core Insights - Consistency is emphasized as the most important factor in dividend growth investing [1] Group 1 - The author has been investing since September 2017 and has a long-standing interest in dividend investing since 2009 [1] - The blog "Kody's Dividends" documents the journey towards financial independence through dividend growth investing [1] - The author expresses gratitude for the blog's role in connecting with the Seeking Alpha community as an analyst [1] Group 2 - The author holds a beneficial long position in shares of GOOGL and META through various means [1] - The article reflects the author's personal opinions and is not influenced by compensation from any company mentioned [1]

Core Viewpoint - The stock market is experiencing significant declines, reminiscent of the COVID-19 sell-off in 2020, with a looming global trade war and increased recession probabilities due to President Trump's new tariffs [1]. Group 1: Company Analysis - Kroger - Kroger's stock has risen approximately 14% despite the overall market downturn, indicating resilience [3]. - The company acknowledges potential tariff impacts, particularly on its produce business, but expects only a mid-single-digit percentage effect [4]. - Kroger is likely to perform well even in a recession, as grocery shopping remains essential, potentially increasing sales of its private-label products [5]. - Management expresses a proactive approach to tariffs, viewing them as an opportunity rather than a significant threat [6]. Group 2: Company Analysis - Evergy - Evergy, a utility company serving 1.7 million customers, has shown gains this year and is well-positioned amidst new tariffs [7]. - The company has a market cap of approximately $15.7 billion and a projected net income of $873.5 million for 2024, with a robust backlog of growth opportunities [8]. - There was no mention of tariffs in Evergy's earnings call, suggesting minimal impact from trade policies, and the company is expected to continue providing dividends with a yield over 3.8% [9]. Group 3: Company Analysis - Vertex Pharmaceuticals - Vertex Pharmaceuticals has seen its stock rise nearly 20% year-to-date, demonstrating strong performance amid tariff concerns [10]. - The company specializes in therapies for cystic fibrosis and is expanding its product line with new treatments, which are unlikely to be affected by tariffs [11]. - Vertex's pipeline includes several late-stage programs that could lead to significant revenue, including a potential cure for severe type 1 diabetes [13].

Core Viewpoint - Evergy, Inc. is focusing on expanding its operations in the transmission market through planned investments and strategic acquisitions, while also aiming to enhance its renewable asset portfolio to improve overall performance [1][2]. Group 1: Investment Plans - In 2024, Evergy plans to invest $2.34 billion in infrastructure to modernize the grid, replace aging equipment, and advance sustainability [2]. - The company targets nearly $17.5 billion in capital investments for the period of 2025-2029, which includes approximately $6.17 billion for new renewable generation [2]. Group 2: Renewable Projects - Evergy is actively developing renewable projects with a total capacity of 800 MW, of which 500 MW is included in its 2-3% demand forecast [3]. - The company announced plans to construct two combined-cycle natural gas plants in Kansas, each with an initial generating capacity of nearly 705 MW, expected to begin operations in the summer of 2029 and 2030 respectively [3]. Group 3: Joint Ventures - Evergy has a joint venture with American Electric Power named Transource Energy, which focuses on developing competitive electric transmission projects across the U.S., positioning Evergy for sustainable long-term growth in the transmission market with a 13.5% interest in the venture [4]. Group 4: Challenges - The company faces potential delays in capital projects due to permit issues, equipment availability, or increased costs, which could adversely impact profitability [5]. - Seasonal electricity sales and changing weather conditions significantly affect overall performance, with mild seasons potentially reducing electricity demand [5]. Group 5: Stock Performance - Over the past three months, Evergy's shares have increased by 14.8%, outperforming the industry's growth of 7.4% [6].

February 27, 2025 Fourth Quarter 2024 Earnings Call 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 relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital ...

Financial Data and Key Metrics Changes - For the full year 2024, Evergy reported adjusted earnings of $878 million or $3.81 per share, compared to $816 million or $3.54 per share for the same period last year, reflecting a year-over-year increase in adjusted EPS driven by strong cost management and load growth [49][50][66] - The adjusted EPS growth was impacted by a 5% decrease in cooling degree days and a 4% decrease in heating degree days, leading to a $0.13 decline in EPS versus 2023 [50] - The company reaffirmed its 2025 adjusted EPS guidance range of $3.92 to $4.12 per share, with a midpoint of $4.02, representing a 5% increase over the 2024 guidance midpoint [15][66] Business Line Data and Key Metrics Changes - Retail sales trends showed a weather-normalized increase of 1.1% in 2024, driven by solid growth in both residential and commercial usage [52][54] - The company anticipates a 2.4% growth in load demand for 2025, with significant contributions expected from new large customers such as Meta and Panasonic [53][54] Market Data and Key Metrics Changes - The economic development pipeline in Kansas and Missouri has grown from approximately 6 gigawatts to over 11 gigawatts, reflecting robust demand from large customers [18][19] - The company expects weather-normalized demand growth of 2% to 3% through 2029, with upside potential from additional customer wins [17][54] Company Strategy and Development Direction - Evergy's strategic objectives focus on affordability, reliability, and sustainability, with a five-year capital investment plan totaling $17.5 billion aimed at modernizing infrastructure and supporting economic growth [9][28][45] - The company is actively pursuing regulatory and legislative initiatives to support infrastructure investment and mitigate regulatory lag, including the passage of House Bill 2527 in Kansas [11][12][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic challenges and maintain strong performance, citing successful regulatory execution and a solid capital investment plan [10][15] - The company anticipates continued growth driven by a strong labor market and robust customer demand in its service areas [53][54] Other Important Information - The company raised its dividend by 4% to an annualized $2.67, consistent with its target payout ratio [15] - Evergy's capital investment program is expected to result in 8.5% annualized rate base growth through 2029, compared to a prior forecast of approximately 8% [28][67] Q&A Session Summary Question: Timeline for finalizing agreements on 1.6 gigawatts - Management indicated that discussions are advancing well and expects announcements later this year, with agreements finalized over the course of the year [72][76][78] Question: Next steps for capital structure in Kansas - Management characterized the proceeding as procedural and expressed a desire to seek a constructive settlement during the rate case [79][82] Question: Timeline for developing associated generation - Management confirmed that they have a good plan to serve customers from both transmission and generation perspectives, with updates to the Integrated Resource Plans (IRPs) expected in March and April [89][92][100] Question: Protections for existing customers in large load tariff - Management is seeking a well-balanced tariff that covers incremental costs while providing protections for existing customers, including minimum bills and contract periods [107][111] Question: Timeline for Senate Bill 4 in Missouri - Management expressed confidence in the bill's passage, highlighting its transformative potential for the regulatory framework in Missouri [120][125] Question: Matching load with generation projects - Management provided clarity on the load forecast, indicating that they expect to have the necessary transmission and generation capacity to serve the anticipated load growth [126][130]

Financial Data and Key Metrics Changes - For the full year 2024, Evergy reported adjusted earnings of $878 million or $3.81 per share, compared to $816 million or $3.54 per share for the same period last year, reflecting a year-over-year increase in adjusted EPS driven by strong cost management and load growth [49][50][66] - The adjusted EPS growth was impacted by a 5% decrease in cooling degree days and a 4% decrease in heating degree days, leading to a $0.13 decline in EPS versus 2023 [50] - The company reaffirmed its 2025 adjusted EPS guidance range of $3.92 to $4.12 per share, with a midpoint of $4.02, representing a 5% increase over the 2024 guidance midpoint [15][66] Business Line Data and Key Metrics Changes - Retail sales trends showed a weather-normalized increase of 1.1% in 2024, driven by strong growth in both residential and commercial usage [52][53] - The company anticipates a 2.4% growth in load demand for 2025, with significant contributions expected from new large customers such as Meta and Panasonic [53][55] Market Data and Key Metrics Changes - The economic development pipeline in Kansas and Missouri has grown from approximately 6 gigawatts to over 11 gigawatts, reflecting robust demand from large customers [18][19] - The projected peak summer demand for 2025 is approximately 10.6 gigawatts, indicating a strong backlog of growth opportunities [19] Company Strategy and Development Direction - Evergy's strategic objectives focus on affordability, reliability, and sustainability, with a five-year capital investment plan totaling $17.5 billion aimed at modernizing infrastructure and supporting economic growth [9][28][45] - The company is actively pursuing regulatory and legislative initiatives to support infrastructure investment and mitigate regulatory lag, particularly in Kansas and Missouri [11][33][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges posed by weather and operational costs, reaffirming a long-term growth target of 4% to 6% through 2029 [15][66] - The management highlighted the importance of a competitive regulatory framework and successful execution of capital plans to support economic development in the region [11][12][45] Other Important Information - The company raised its dividend by 4% to an annualized $2.67, consistent with its target payout ratio [15] - Evergy's capital investment plan is expected to result in 8.5% annualized rate base growth through 2029, an increase from the prior forecast of approximately 8% [28][67] Q&A Session Summary Question: Timeline for finalizing agreements related to 1.6 gigawatts - Management indicated that discussions are advancing well and expects announcements later this year, with agreements finalized over the course of the year [72][76][78] Question: Next steps for capital structure in Kansas - Management characterized the proceeding as procedural and expressed a desire to seek a constructive settlement, similar to previous cases [79][82] Question: Timeline for developing associated generation - Management confirmed that they have a good plan to serve customers from both transmission and generation perspectives, with updates expected in the upcoming IRP filings [89][91][100] Question: Protections for existing customers in large load tariff - Management is seeking a well-balanced tariff that covers incremental costs while providing protections for existing customers, including minimum bills and contract periods [107][111] Question: Timeline for SB4 in Missouri - Management expressed confidence in the bill's passage, highlighting its transformative potential for the regulatory framework in Missouri [120][124] Question: Matching load with generation projects - Management provided clarity on the load forecast, indicating that they expect to have the necessary transmission and generation capacity to serve the anticipated load growth [126][130]