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Here are 1-3 brief analogies for Evergy:

• It's like the AT&T of electricity for Kansas and Missouri, owning the vast infrastructure and delivering essential power.
• Think of it as Duke Energy or Southern Company, but focused on generating and distributing power across Kansas and Missouri.
• It's the essential electric utility for its region, similar to how Con Edison powers New York City.

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• Electricity Generation: Producing electricity from various sources including coal, hydroelectric, natural gas, nuclear, solar, and wind.
• Electricity Transmission: Transporting high-voltage electricity through an extensive network of transmission lines.
• Electricity Distribution: Delivering lower-voltage electricity to homes, businesses, and other end-users via overhead and underground distribution lines.
• Electricity Sales: Providing retail electricity service and billing to residential, commercial, industrial, municipal, and other electric utility customers.

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Evergy (EVRG) serves a diverse customer base, with major customer categories including:

• Residences
• Commercial firms
• Industrials

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David Campbell - Chairman, President and Chief Executive Officer

David Campbell joined Evergy in January 2021 as President and CEO, and was appointed Chairman in May 2024. He brings over 25 years of experience in the energy industry, including 15 years in senior leadership roles within the electric power and utility sector. Before his time at Evergy, he served as Executive Vice President and Chief Financial Officer of Vistra Corp. from June 2019 to 2020. From 2014 to 2019, Campbell was the Chief Executive Officer of InfraREIT, Inc., where he led its Initial Public Offering in January 2015 and subsequently its sale to Oncor. He also held the position of CEO of Sharyland Utilities starting in late 2016. Earlier in his career, he was Chief Financial Officer of TXU Corp. from 2004 to 2007, where he was part of the senior leadership team responsible for a financial and operational turnaround. Prior to joining TXU, Campbell was a partner at McKinsey & Company.

W. Bryan Buckler - Executive Vice President and Chief Financial Officer

W. Bryan Buckler was appointed Executive Vice President and Chief Financial Officer of Evergy, effective October 1, 2024. Before joining Evergy, Buckler served as Chief Financial Officer for Oklahoma City-based OGE Energy Corp. since January 2021. Prior to OGE Energy Corp., he worked at Duke Energy Corporation for over 14 years, holding various finance leadership roles, with his most recent position being Vice President of Investor Relations. He began his career with 11 years at Ernst & Young LLP.

Chuck Caisley - Executive Vice President of Utility Operations and Chief Customer Officer

Chuck Caisley is the Executive Vice President of Utility Operations and Chief Customer Officer for Evergy, Inc. He is responsible for the company's transmission and distribution operations, customer service, and public affairs areas. Caisley joined Evergy's predecessor company, KCP&L, in 2007 as director of government affairs. Before KCP&L, he served as president and chief executive officer of the Missouri Energy Development Association. In 2004, he was chief of staff and top political advisor to Missouri House Speaker Catherine Hanaway.

Heather Humphrey - Senior Vice President, General Counsel and Corporate Secretary

Heather Humphrey serves as the Senior Vice President, General Counsel, and Corporate Secretary at Evergy, a position she has held since July 2018. In this role, she is responsible for all litigation, regulatory, and corporate legal matters, as well as compliance and environmental functions. Prior to joining Evergy, Humphrey was General Counsel and Senior Vice President of Corporate Services at Great Plains Energy/Kansas City Power & Light. Her previous experience also includes being an equity partner with Shughart Thomson & Kilroy, where she focused on business and employment litigation, and serving as a law clerk for the Honorable W. Duane Benton of the Missouri Supreme Court.

Lesley Elwell - Senior Vice President and Chief People Officer

Lesley Elwell is the Senior Vice President and Chief People Officer at Evergy, where she leads the human resources organization, emphasizing talent strategy, employee engagement, organizational development, and performance management. She joined Evergy in August 2021. Elwell brings over 25 years of experience in human resources and operations leadership roles for large, publicly-traded companies in consumer and business-to-business industries. Before her tenure at Evergy, she served as Chief People Officer at JE Dunn from 2017 to 2021. Her prior experience includes leadership roles at Walmart Corporation (2016-2017), DIRECTV (2012-2015), and Sprint (1997-2012; 2015-2016).

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1. Environmental and Regulatory Risks: Evergy operates within a highly regulated industry, making it susceptible to changes in environmental and regulatory requirements. These changes can lead to increased costs, compliance penalties, or difficulties in recovering investments and operating expenses through approved rates. The company's strategic shift toward renewable energy and the retirement of coal-fired plants necessitate favorable regulatory outcomes to ensure the cost-effective execution of these initiatives and to prevent adverse impacts on profitability and financial health.
2. Cybersecurity and Operational Risks: Evergy's reliance on extensive technology networks and operational systems exposes it to significant cybersecurity threats and broader operational risks. Potential breaches or disruptions could interfere with electricity generation, transmission, and distribution, leading to data loss, service interruptions, regulatory liabilities, and reputational damage. Maintaining robust security measures and ensuring grid stability are ongoing and critical challenges.
3. Inflationary Pressures and Cost Recovery: The company faces ongoing inflationary pressures, resulting in higher costs for labor, materials, and services. A substantial risk is the potential inability to fully or timely recover these increased costs from customers through regulated rates. "Regulatory lag," where there's a delay between incurring costs and obtaining approval for rate adjustments, could lead to reduced profitability and financial strain, affecting Evergy's ability to fund necessary capital expenditures.

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The increasing adoption of distributed energy resources, such as rooftop solar panels and battery storage systems, by residential and commercial customers. This trend could reduce demand for Evergy's grid-supplied electricity, potentially impacting revenue and challenging the traditional utility business model.

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Evergy (EVRG) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Transformative Demand from Large Customers, Especially Data Centers: Evergy projects significant growth from new large customers, particularly data centers. The company has already executed electric service agreements for four data center projects, which are expected to add approximately 1.9 gigawatts of steady-state peak demand, representing nearly a 20% increase in total peak system demand. Evergy forecasts about 1,300 megawatts of peak demand from these large load power service (LLPS) customers by 2030, contributing to a projected consolidated retail load growth compound annual growth rate (CAGR) of approximately 6% through 2030. The company also has a substantial pipeline of over 15 gigawatts in additional large customer opportunities.
2. Substantial Capital Investment Plan and Rate Base Growth: Evergy has significantly increased its five-year capital investment plan for 2026-2030 to $21.6 billion, which is a $4.1 billion, or 24%, increase over its previous plan. These investments are primarily directed towards grid modernization, transmission and distribution upgrades, and new generation capacity to meet growing customer demand and system reliability requirements, including new natural gas and solar projects. This expanded capital program is expected to drive an 11.5% annualized rate base growth through 2030, a considerable increase from its prior forecast of 8.5%.
3. Favorable Regulatory Frameworks and Tariffs: The approval of new Large Load Power Service (LLPS) tariffs in both Kansas and Missouri is a crucial driver. These tariffs establish a framework for new large customers, requiring them to pay a premium demand rate, typically 15-20% higher than the standard industrial rate. These regulatory approvals, along with provisions for minimum monthly bills and termination fees, provide a stable and protected revenue stream as Evergy serves these high-demand customers.
4. Underlying Retail Sales Growth: Beyond the significant impact of large industrial customers, Evergy also anticipates continued, albeit more modest, growth from its established residential and commercial customer base. While weather-related factors have caused some fluctuations, the company has seen growth in weather-normalized demand, particularly in the commercial sector, which contributes to overall margin increases and retail sales growth. Evergy projects retail load growth to be approximately 3-4% in 2026.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• Evergy has not engaged in significant share repurchases over the last 3-5 years. Available data through late 2024 indicates $0.00 in share buybacks for various quarters.

Share Issuance

• Evergy issued $350 million in aggregate principal amount of 4.250% notes due 2029 in March 2026, as part of efforts to optimize its capital structure.

Outbound Investments

• Evergy reported realized losses, unrealized losses, and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies in 2024 and 2025.
• The company initiated a process to dispose of these non-regulated investments in early-stage clean energy and energy solution companies.

Capital Expenditures

• Evergy significantly increased its capital investment plans, with a new five-year capital spending plan of $21.6 billion for 2026-2030, up from a previous $17.5 billion plan for 2025-2029.
• Previous capital plans included $17.5 billion of infrastructure investments through 2029, and $12.5 billion through 2028.
• The primary focus of these capital expenditures is on grid modernization, infrastructure upgrades, and the addition of new generation resources (including nearly 1.9 GW of gas-fired generation and 325 MW of solar) to meet accelerating electricity demand, enhance reliability and resiliency, and support economic development.