Evergy Inc.

Overview Key strengths Key risks Fully regulated, vertically integrated utility operations. Remaining coal-based generation that continues to expose it to environmental risks. Generally supportive regulation including securitization of storm restoration costs. Revenues dependent on higher-than-average industrial sales in the company?s service territories. Economic development and data centers to boost electricity sales growth. Discretionary cash flow (DCF) deficits from robust capital spending and requiring balanced funding. Securitization for transition from coal-fired generation. . In January 2025, Evergy Inc. subsidiary Evergy Kansas Central Inc. (EKC) filed with the Kansas Corporation Commission (KCC) for a net base rate increase of about $198 million, based on a return on equity of 10.5% and an equity ratio of 52%. In July 2025, EKC and other

...Subsidiary's recent rate case settlement supports credit quality. In January 2025, Evergy Inc. subsidiary Evergy Kansas Central Inc. (EKC) filed with the Kansas Corporation Commission (KCC) for a net base rate increase of about $198 million, based on a return on equity of 10.5% and an equity ratio of 52%. In July 2025, EKC and other parties to the rate case filed a unanimous settlement with the KCC for a net increase of about $128 million. If the settlement is approved as filed, we expect it to bolster financial measures supporting our base-case expectations of consolidated funds from operations (FFO) to debt of 13%-15% through 2027. We expect KCC to issue the final order by Sept. 29, 2025....

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