EVERGY KANSAS CENTRAL, INC.

Previous wording

In July 2025, Evergy Kansas Central, the KCC staff and other intervenors in the case reached a unanimous settlement agreement to settle all outstanding issues in the case. The unanimous settlement provides for an increase to retail revenues of $128.0 million after rebasing property tax expense and not including costs recoverable through KCC-approved riders for Evergy Kansas Central. The unanimous settlement agreement is subject to the approval of the KCC. If approved, new rates are expected to be effective on September 29, 2025. See Note 4 to the consolidated financial statements for additional information.

Current wording

In July 2025, Evergy Kansas Central, the KCC staff and other intervenors in the case reached a unanimous settlement agreement to settle all outstanding issues in the case. The unanimous settlement provides for an increase to retail revenues of $128.0 million after rebasing property tax expense and not including costs recoverable through KCC-approved riders for Evergy Kansas Central. In September 2025, the KCC approved the unanimous settlement agreement and new rates took effect in October 2025. See Note 4 to the consolidated financial statements for additional information.

Previous wording

In July 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law by President Trump. The OBBBA contains a wide variety of tax reforms affecting businesses, including changes to clean energy production tax credits which could impact the Evergy Companies' long-term generation resource planning. The OBBBA was signed into law after the close of the second quarter and therefore, the impacts of this legislation are not included in the Evergy Companies' operating results for the three months ended or year to date June 30, 2025. The Evergy Companies are evaluating the impact of the legislation on their operations and consolidated financial results but do not anticipate a material impact.

Current wording

In July 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law by President Trump. The OBBBA contains a wide variety of tax reforms affecting businesses, including changes to clean energy production tax credits which could impact the Evergy Companies' long-term generation resource planning. The Evergy Companies do not expect a material impact to their operations and consolidated financial results.

Previous wording

Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation facility to be located in Kansas and called Kansas Sky. The solar generation facility is expected to begin operations by summer of 2027. The construction of Kansas Sky is subject to the granting by the KCC of predetermination with reasonably acceptable terms and other closing conditions. In July 2025, the KCC approved a unanimous partial settlement agreement for the Kansas Sky solar investment. See "Applications for Predetermination" in Note 4 to the consolidated financial statements for additional information regarding Evergy Kansas Central's application for predetermination for its investment in this renewable generating plant.

Current wording

Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation facility to be located in Kansas called Kansas Sky. Kansas Sky is expected to begin operations by summer of 2027 and construction is subject to the granting by the KCC of predetermination with reasonably acceptable terms and other closing conditions. In July 2025, the KCC approved a unanimous partial settlement agreement for the Kansas Sky solar investment. See "Applications for Predetermination" in Note 4 to the consolidated financial statements for additional information regarding Evergy Kansas Central's application for predetermination for its investment in this renewable generating plant.

Previous wording

In 2024, Evergy Missouri West entered into agreements to own two solar generation facilities currently under development. The first facility, to be called Sunflower Sky, is a solar generation facility to be located in Kansas with an expected generating capacity of approximately 65 MW. The second facility, to be called Foxtrot, is a solar generation facility to be located in Missouri with an expected generating capacity of approximately 100 MW. The solar generation facilities are expected to begin operations by summer of 2027. In July 2025, the MPSC approved a unanimous stipulation and agreement regarding Evergy Missouri West's planned investments in the solar generation facilities. See "Requests for Certificate of Convenience and Necessity" in Note 4 to the consolidated financial statements for information regarding Evergy Missouri West's application for a CCN for its investment in these renewable generating plants.

Current wording

In 2024, Evergy Missouri West entered into agreements to own two solar generation facilities currently under development. The first facility, to be called Sunflower Sky, is a solar generation facility to be located in Kansas with an expected generating capacity of approximately 65 MW. In September 2025, Evergy Missouri West acquired the Sunflower Sky solar facility assets from the developer and will complete construction of the facility. The second facility, to be called Foxtrot, is a solar generation facility to be located in Missouri with an expected generating capacity of approximately 100 MW. In November 2025, Evergy Missouri West acquired the Foxtrot solar facility assets from the developer and will complete construction of the facility. The solar generation facilities are expected to begin operations by summer of 2027. In July 2025, the MPSC approved a unanimous stipulation and agreement regarding Evergy Missouri West's planned investments in the solar generation facilities. See "Requests for Certificate of Convenience and Necessity" in Note 4 to the consolidated financial statements for information regarding Evergy Missouri West's application for a CCN for its investment in these renewable generating plants.

Previous wording

Wolf Creek's most recent refueling outage began in March 2024 and the unit returned to service in May 2024. Wolf Creek's next refueling outage is planned to begin in the fourth quarter of 2025.

Current wording

Wolf Creek's most recent refueling outage began in October 2025 and the unit is expected to return to service in November 2025.

Previous wording

Diluted EPS decreased for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to the decrease in net income attributable to Evergy, Inc. discussed above.

Current wording

Diluted EPS was nearly flat for the three months ended September 30, 2025, compared to the same period in 2024, with the increase in net income attributable to Evergy, Inc. discussed above mostly offset by a $0.03 per share decrease due to dilution from Evergy's convertible notes.

Previous wording

Net income attributable to Evergy, Inc. decreased year to date June 30, 2025, compared to the same period in 2024, primarily due to lower retail sales in 2025 driven by unfavorable weather, higher operating and maintenance, depreciation and interest expenses and losses from investments in early-stage clean energy and energy solution companies; partially offset by new Evergy Missouri West retail rates effective in January 2025, higher transmission revenues and income from the sale of a commercial solar generation project.

Current wording

Net income attributable to Evergy, Inc. decreased year to date September 30, 2025, compared to the same period in 2024, primarily due to higher interest, depreciation and operating and maintenance expenses, lower proceeds from COLI and losses from investments in early-stage clean energy and energy solution companies; partially offset by new Evergy Missouri West retail rates effective in January 2025 and higher transmission revenues.

Previous wording

Diluted EPS decreased year to date June 30, 2025, compared to the same period in 2024, primarily due to the decrease in net income attributable to Evergy, Inc. discussed above.

Current wording

Diluted EPS decreased year to date September 30, 2025, compared to the same period in 2024, primarily due to the decrease in net income attributable to Evergy, Inc. discussed above and a $0.04 per share decrease due to dilution from Evergy's convertible notes.

Previous wording

Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended and year to date June 30, 2025 were $191.1 million or $0.82 per share and $318.9 million or $1.37 per share, respectively. For the three months ended and year to date June 30, 2024, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $207.0 million or $0.90 per share and $331.7 million or $1.44 per share, respectively.

Current wording

Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended and year to date September 30, 2025, were $475.1 million or $2.03 per share and $794.0 million or $3.41 per share, respectively. For the three months ended and year to date September 30, 2024, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $465.6 million or $2.02 per share and $797.3 million or $3.46 per share, respectively.

Previous wording

ii. the unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies.

Current wording

i. the unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies and costs related to the disposal of these investments; and

Previous wording

i. the mark-to-market impacts of economic hedges related to Evergy Kansas Central's 8% ownership share of JEC; and

Current wording

ii. the mark-to-market impacts of economic hedges related to Evergy Kansas Central's 8% ownership share of JEC.

Previous wording

(b)Reflects unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies that are included in investment earnings (loss) on the consolidated statements of comprehensive income. Evergy has initiated a process to dispose of these investments.

Current wording

(a)Reflects unrealized losses and impairment losses year to date September 30, 2025, of $29.0 million from non-regulated investments in early-stage clean energy and energy solution companies that are included in investment earnings (loss) on the consolidated statements of comprehensive income and $0.1 million for the three months ended and year to date September 30, 2025, of costs related to the disposal of these investments that are included in operating and maintenance expense on the consolidated statements of comprehensive income. Evergy has initiated a process to dispose of these investments.

Previous wording

(a)Reflects mark-to-market gains or losses related to forward contracts for natural gas and electricity entered into as economic hedges against fuel price volatility related to Evergy Kansas Central's 8% ownership share of JEC that are included in operating revenues on the consolidated statements of comprehensive income.

Current wording

(b)Reflects mark-to-market gains or losses related to forward contracts for natural gas and electricity entered into as economic hedges against fuel price volatility related to Evergy Kansas Central's 8% ownership share of JEC that are included in operating revenues on the consolidated statements of comprehensive income.

Previous wording

Evergy's gross margin (GAAP) increased $3.5 million for the three months ended June 30, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $3.2 million for the three months ended June 30, 2025, compared to the same period in 2024, both measures were driven by:

Current wording

Evergy's gross margin (GAAP) increased $30.0 million for the three months ended September 30, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $28.1 million for the three months ended September 30, 2025, compared to the same period in 2024, both measures were driven by:

Previous wording

•a $48.8 million increase from new Evergy Missouri West retail rates effective in January 2025; and

Current wording

•a $33.9 million increase from new Evergy Missouri West retail rates effective in January 2025; and

Previous wording

•an $11.4 million decrease primarily due to lower retail sales driven by unfavorable weather (cooling degree days decreased by 26%), partially offset by higher weather-normalized residential and commercial demand; and

Current wording

•an $8.1 million increase primarily due to higher retail sales driven by higher weather-normalized residential and commercial demand; partially offset by

Previous wording

Evergy's gross margin (GAAP) increased $42.2 million year to date June 30, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $44.1 million year to date June 30, 2025, compared to the same period in 2024, both measures were driven by:

Current wording

Evergy's gross margin (GAAP) increased $72.2 million year to date September 30, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $72.2 million year to date September 30, 2025, compared to the same period in 2024, both measures were driven by:

Previous wording

•a $25.3 million increase from new Evergy Missouri West retail rates effective in January 2025; partially offset by

Current wording

•an $82.7 million increase from new Evergy Missouri West retail rates effective in January 2025; and

Previous wording

•a $24.5 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2025; partially offset by

Current wording

•a $30.3 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2025; partially offset by

Previous wording

Evergy's depreciation and amortization increased $8.3 million for the three months ended June 30, 2025 and $20.3 million year to date June 30, 2025, compared to the same periods in 2024, primarily due to capital additions.

Current wording

Evergy's depreciation and amortization increased $8.0 million for the three months ended September 30, 2025 and $28.3 million year to date September 30, 2025, compared to the same periods in 2024, primarily due to capital additions.

Previous wording

Evergy's taxes other than income tax decreased $8.2 million for the three months ended June 30, 2025 and $11.2 million year to date June 30, 2025, compared to the same periods in 2024, primarily driven by amortization of a refund to customers for the Kansas property tax rider, which is offset in utility gross margin; partially offset by higher assessed property tax values.

Current wording

Evergy's taxes other than income tax decreased $12.1 million for the three months ended September 30, 2025 and $23.3 million year to date September 30, 2025, compared to the same periods in 2024, primarily driven by a 2024 over-collection of property taxes in Kansas and subsequent amortization of a refund to customers through the Kansas property tax rider, which is offset in utility gross margin; partially offset by higher assessed property tax values in 2025.

Previous wording

Evergy's other income, net for the three months ended June 30, 2024, became other expense, net for the three months ended June 30, 2025, as a result of an $8.4 million increase in net other expense items, primarily driven by:

Current wording

Evergy's other income, net for the three months ended September 30, 2024, became other expense, net for the three months ended September 30, 2025, resulting in a $7.4 million increase in net other expense, primarily driven by recording lower Evergy Kansas Central COLI benefits in the third quarter of 2025.

Previous wording

Evergy's other income, net year to date June 30, 2024, became other expense, net year to date June 30, 2025, as a result of a $15.7 million increase in net other expense items, primarily driven by:

Current wording

Evergy's other income, net year to date September 30, 2024, became other expense, net year to date September 30, 2025, resulting in a $23.1 million increase in net other expense, primarily driven by:

Previous wording

•$29.0 million of unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies; partially offset by

Current wording

•$29.0 million of unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies; and

Previous wording

•an $18.6 million increase due to issuances of long-term debt; partially offset by

Current wording

•an $18.3 million increase due to issuances of long-term debt; partially offset by

Previous wording

•a $4.9 million increase due to lower debt AFUDC primarily driven by lower CWIP balances and lower short-term interest rates in 2025; partially offset by

Current wording

•a $4.5 million increase due to lower debt AFUDC primarily driven by lower CWIP balances and lower short-term interest rates in 2025; partially offset by

Previous wording

•an $8.8 million decrease due to increases in carrying costs deferred to a regulatory asset in accordance with PISA due to Evergy Kansas Central and Evergy Metro electing into Kansas PISA beginning July 2024.

Current wording

•a $14.6 million decrease due to increases in carrying costs deferred to a regulatory asset in accordance with PISA due to Evergy Kansas Central and Evergy Metro electing into Kansas PISA beginning July 2024.

Previous wording

•a $2.4 million increase due to lower recognition of amortization of excess deferred income taxes; and

Current wording

•a $2.4 million increase primarily due to lower recognition of amortization of excess deferred income taxes.

Previous wording

As of June 30, 2025, Evergy had $1,074.0 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $157.8 million for Evergy, Inc., $396.8 million for Evergy Kansas Central, $293.0 million for Evergy Metro and $226.4 million for Evergy Missouri West. The Evergy Companies' borrowing capacity under the master credit facility also supports their issuance of commercial paper. See Note 7 to the consolidated financial statements for more information regarding the master credit facility.

Current wording

As of September 30, 2025, Evergy had $1,263.5 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $254.2 million for Evergy, Inc., $495.3 million for Evergy Kansas Central, $402.1 million for Evergy Metro and $111.9 million for Evergy Missouri West. The Evergy Companies' borrowing capacity under the master credit facility also supports their issuance of commercial paper. See Note 7 to the consolidated financial statements for more information regarding the master credit facility.

Previous wording

In May 2025, Evergy entered into an equity distribution agreement, pursuant to which Evergy may sell, from time to time, up to an aggregate of $1.2 billion of its common stock through an ATM Program, which may utilize an optional forward sales component. As of June 30, 2025, Evergy did not enter into any sales under its ATM Program.

Current wording

In May 2025, Evergy entered into an equity distribution agreement, pursuant to which Evergy may sell, from time to time, up to an aggregate of $1.2 billion of its common stock through an ATM Program, which may utilize optional forward sales agreements. Evergy subsequently entered into forward sale agreements under the ATM program and as of September 30, 2025, the ATM Program had approximately $1.1 billion of common stock available for issuance. As of September 30, 2025, Evergy has not received any proceeds related to the ATM Program. See Note 13 to the consolidated financial statements for more information.

Previous wording

Evergy's cash flows from operating activities increased $138.7 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by an increase in cash receipts for retail electric sales in 2025 and a decrease in payments made for a Wolf Creek refueling outage in 2024.

Current wording

Evergy's cash flows from operating activities increased $123.1 million year to date September 30, 2025, compared to the same period in 2024, primarily driven by an increase in cash receipts for retail electric sales in 2025 and a decrease in payments made for a Wolf Creek refueling outage in 2024.

Previous wording

Evergy's cash flows used in investing activities decreased $34.7 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:

Current wording

Evergy's cash flows used in investing activities increased $111.7 million year to date September 30, 2025, compared to the same period in 2024, primarily driven bya $110.0 million increase in additions to property, plant and equipment, due to increased spending for a variety of capital projects.

Previous wording

Evergy's cash flows from financing activities decreased $176.1 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:

Current wording

Evergy's cash flows from financing activities decreased $26.7 million year to date September 30, 2025, compared to the same period in 2024, primarily driven by:

Previous wording

◦a $660.3 million decrease in short-term borrowings at Evergy Kansas Central, primarily due to the repayment of commercial paper borrowings with proceeds from long-term debt issuances.

Current wording

•a $447.9 million decrease in short-term borrowings primarily due to the Evergy Kansas Central repayment of commercial paper borrowings with proceeds from long-term debt issuances; partially offset by

Previous wording

Evergy Kansas Central's gross margin (GAAP) increased $22.3 million year to date June 30, 2025, compared to the same period in 2024, and Evergy Kansas Central's utility gross margin (non-GAAP) increased $2.1 million year to date June 30, 2025, compared to the same period in 2024, both measures were driven by:

Current wording

Evergy Kansas Central's gross margin (GAAP) increased $5.9 million year to date September 30, 2025, compared to the same period in 2024, and Evergy Kansas Central's utility gross margin (non-GAAP) decreased $20.2 million year to date September 30, 2025, compared to the same period in 2024, both measures were driven by:

Previous wording

•an $18.5 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2025; partially offset by

Current wording

•a $22.6 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2025; partially offset by

Previous wording

•a $3.1 million decrease primarily due to lower retail sales driven by unfavorable weather (cooling degree days decreased 29%, partially offset by a 24% increase in heating degree days) and lower weather-normalized residential and industrial demand.

Current wording

•an $18.3 million decrease primarily due to lower retail sales driven by unfavorable weather (cooling degree days decreased 15%, partially offset by a 24% increase in heating degree days); partially offset by higher weather-normalized residential and commercial demand.

Previous wording

•a $5.3 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $4.3 million increase in operating and maintenance expense at fossil-fuel generating facilities, as further described below; partially offset by

Current wording

•a $17.2 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $9.9 million decrease in transmission and distribution operating and maintenance expense as further described below; partially offset by

Previous wording

Evergy Kansas Central's operating and maintenance expense decreased $4.4 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:

Current wording

Evergy Kansas Central's operating and maintenance expense decreased $3.4 million year to date September 30, 2025, compared to the same period in 2024, primarily driven by:

Previous wording

Evergy Kansas Central's depreciation and amortization expense increased $6.6 million year to date June 30, 2025, compared to the same period in 2024, primarily due to capital additions.

Current wording

Evergy Kansas Central's depreciation and amortization expense increased $9.6 million year to date September 30, 2025, compared to the same period in 2024, primarily due to capital additions.