Company Overview

Evergy, Inc. (NASDAQ: EVRG), through its operating subsidiaries Evergy Kansas Central, Evergy Metro, and Evergy Missouri West, provides clean, safe, and reliable energy to 1.7 million customers across Kansas and Missouri. The company was incorporated in 2017 and is headquartered in Kansas City, Missouri. The strategic combination of Great Plains Energy and Westar Energy in 2018 created a leading energy company dedicated to delivering value to shareholders and a stronger operational base for its customers.

Business Operations and Market Position

Evergy operates as a regulated electric utility serving eastern Kansas and western Missouri. Its primary operating subsidiaries include Evergy Metro, Evergy Kansas Central, Evergy Missouri West, and Evergy Transmission Co. The company maintains a combined rate base of approximately $20 billion, with roughly half allocated to Kansas and the remainder split between Missouri and federal jurisdictions.

Evergy is recognized as one of the largest wind energy suppliers in the United States. Its electricity generation portfolio includes coal, landfill gas, uranium, natural gas, and oil sources, alongside solar and wind power, and other renewable sources. Currently, approximately half of Evergy's power generation originates from carbon-free sources, contributing to more reliable energy delivery with a reduced environmental impact.

Key Financial Performance

#### Market Capitalization and Valuation

With a market capitalization of $15.9 billion, Evergy generates electricity through a diverse mix of sources including coal, landfill gas, uranium, natural gas, and oil, complemented by solar, wind, and other renewable energy technologies.

#### Second Quarter 2025 Results (as of August 7, 2025)

- GAAP EPS: $0.74 (compared to $0.90 in Q2 2024)

- Adjusted EPS (non-GAAP): $0.82 (compared to $0.90 in Q2 2024)

- Impacts: Relative to the same period in 2024, Q2 2025 adjusted earnings per share were negatively affected by milder weather conditions (resulting in a 26% decrease in cooling degree days), higher operations and maintenance expenses, and an increase in interest and depreciation costs.

#### First Quarter 2025 Results (as of May 8, 2025)

- Adjusted Earnings (non-GAAP): $125.0 million

- Adjusted EPS (non-GAAP): $0.54 (consistent with Q1 2024)

- Revenue: $1.37 billion

- Adjusted EPS Beat: The quarter's adjusted EPS of $0.54 fell short of the consensus estimate by 18.2%.

#### Guidance and Dividend Information

- 2025 Guidance: Despite challenges, Evergy reaffirmed its 2025 adjusted EPS guidance range of $3.92 to $4.12.

- Dividend: The company declared a quarterly dividend of $0.6675 per share.

- Dividend Growth: Evergy, Inc. boasts a 20-year streak of consecutive dividend growth, underscoring its reliability as a dividend-paying company.

Strategic Initiatives and Future Growth

#### Clean Energy Transition

Currently, about half of Evergy's power is derived from carbon-free sources, enhancing energy reliability and minimizing environmental impact. The company is committed to ongoing investments in renewable energy infrastructure to satisfy escalating demand while simultaneously reducing its environmental footprint.

#### Advanced Nuclear Energy Partnership

On September 23, 2025, TerraPower, a company specializing in nuclear innovation, Evergy (NASDAQ: EVRG), and the Kansas Department of Commerce announced the signing of a Memorandum of Understanding (MOU). This agreement aims to explore the potential siting of TerraPower's flagship technology, the Natrium® reactor.

#### Capital Investment Plan

Evergy has outlined a capital investment plan for 2025E-2029E totaling $16.2 billion. This plan is designed to support critical infrastructure development and to meet the increasing energy demands, particularly from burgeoning data centers and commercial users.

Regulatory Environment and Market Dynamics

Surging demand from data centers and commercial users, coupled with robust economic development, is projected to drive substantial growth in both revenue and earnings. Accelerated investments in grid modernization and clean energy initiatives, supported by a favorable regulatory framework, are expected to enhance capital recovery and ensure stable, predictable financial returns.

The company operates within a regulated utility framework across Kansas and Missouri. This environment provides revenue generation stability but also necessitates regulatory approval for rate adjustments and significant capital investments.

Industry Position and Competitive Advantages

Evergy serves a diverse customer base including residential, commercial, industrial, municipal, and other electric utility clients. Its strategic location in the Midwest, combined with this diversified customer base, offers stability and significant growth opportunities, especially as the region experiences increased economic development and rising energy demand driven by emerging technologies.

The utility's strategic focus on clean energy transformation positions it advantageously to meet future regulatory mandates and evolving customer preferences for sustainable energy solutions. Evergy emphasizes innovation and adaptability to provide customers with enhanced energy management options, ensure a safe workplace, and create value for its investors.