Evergy(EVRG) - 2025 Q1 - Quarterly Results

First Quarter 2025 Highlights 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 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] Key Business Developments & Strategic Initiatives 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] - Kansas Senate Bill 98 enhances the state's competitive positioning to attract large data center customers[4] - Kansas House Bill 2107 recognizes the need for continued critical infrastructure investment to mitigate wildfire risk[4] - Progress was made in seeking approval for new generation projects in Kansas, including modern, high-efficiency natural gas plants and a solar farm[4] Guidance and Dividend Declaration 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 – $4.12 | - Reaffirmed long-term adjusted EPS (non-GAAP) annual growth target of 4% to 6% through 2029, with expected growth in the upper half of this range beginning in 2026[5] Quarterly Dividend Declaration | Metric | Value | | :-------------------- | :-------- | | Dividend per share ($) | $0.6675 | | Payable Date | June 20, 2025 | | Record Date | May 23, 2025 | Non-GAAP Financial Measures Reconciliation 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) 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] - 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] - 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] Consolidated Earnings and EPS Reconciliation 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 | $0.54 | GAAP to Non-GAAP Earnings Guidance Reconciliation The company's 2024 and 2025 GAAP and adjusted EPS guidance ranges are identical, with no non-GAAP reconciling items GAAP to Non-GAAP Earnings Guidance | Metric | 2024 Earnings per Diluted Share Guidance | 2025 Earnings per Diluted Share Guidance | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | | Net income attributable to Evergy, Inc. ($) | $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 Evergy, Inc. is an energy company serving 1.7 million customers in Kansas and Missouri, committed to sustainable energy Company Overview 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] - The mission is to empower a better future by producing, transmitting, and delivering reliable, affordable, and sustainable energy[18] - Approximately half of Evergy's power comes from carbon-free sources[18] Forward-Looking Statements & Risk Factors This section outlines the inherent risks and uncertainties associated with Evergy's forward-looking statements and future operations Nature of Forward-Looking Statements 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] - Forward-looking statements cover strategic plans, earnings, dividends, operating expenses, capital investments, legislative and regulatory outcomes, energy demand, and future generation resources[21] - These statements are identified by words such as 'anticipates,' 'believes,' 'expects,' 'estimates,' 'guidance,' 'will,' or other similar meanings[21] Identified Risk Factors 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] - Regulatory and legislative actions, including deregulation, re-regulation, and decisions on customer rates and capital expenditures, pose risks[22] - Challenges in building or acquiring generation and transmission facilities, including labor costs, supply chain issues, and increased financing costs[22] - Impact of climate change, including increased frequency and severity of significant weather events, and risks relating to potential wildfires[22] - Financial market conditions, including volatility in interest rates, credit spreads, availability and cost of capital, and impacts on derivatives and hedges[22] - Impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, and geopolitical conflicts on facilities or IT infrastructure[22] Contact Information Direct contact details for Evergy's Investor Relations and Corporate Communications departments are provided for inquiries Investor and Media Contacts 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 | |