EVERGY KANSAS CENTRAL, INC.

12. LONG-TERM DEBT

The Evergy Companies' long-term debt is detailed in the following tables.

(a)Variable rate. The bondholders of these tax-exempt bonds are permitted to tender the tax-exempt bonds to the issuer for purchase and, if tendered, the issuer is obligated to purchase any such bonds that cannot be remarketed to other investors. These tax-exempt bonds are classified as long-term debt due to the issuer's intent and ability to utilize such borrowings as long-term financing.

(b)Effectively secured pursuant to the General Mortgage Indenture and Deed of Trust dated as of December 1, 1986, as amended and supplemented (Evergy Metro Mortgage Indenture) through the issuance of collateral mortgage bonds to the trustee in 2019.

(c)Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments.

(d)Unconditionally guaranteed by Evergy, Inc.

(e) Represents the fair value adjustments recorded at Evergy consolidated related to the long-term debt of Evergy Metro and Evergy Missouri West in connection with purchase accounting for the merger that created Evergy. This amount is not part of future principal payments and will amortize over the remaining life of the associated debt instruments.

(f) Evergy's current maturities total as of December 31, 2025, includesno fair value adjustments recorded in connection with purchase accounting for the merger that created Evergy. Evergy's current maturities total as of December 31, 2024, included $(0.5) million of fair value adjustments recorded in connection with purchase accounting for the merger.

(g) As of December 31, 2025 and 2024, does not include $50.0 million and $21.9 million of secured Series 2005 Environmental Improvement Revenue Refunding (EIRR) bonds because the bonds were repurchased in September 2015 and are held by Evergy Metro.

Mortgage Bonds

The Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West mortgages each contain provisions restricting the amount of first mortgage bonds (FMBs) or mortgage bonds, as applicable, that can be issued by each entity. Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West must comply with these restrictions prior to the issuance of additional FMBs, mortgage bonds or other secured indebtedness.

Under the Mortgage and Deed of Trust, dated July 1, 1939, as amended and supplemented (Evergy Kansas Central Mortgage Indenture), additional Evergy Kansas Central mortgage bonds may be issued on the basis of 70% of property additions or retired bonds. The amount of Evergy Kansas Central FMBs authorized by Evergy Kansas Central's Mortgage Indenture is subject to certain limitations as described below. The amount of Evergy Kansas South FMBs authorized by the Evergy Kansas South Mortgage and Deed of Trust, dated April 1, 1940, as amended and supplemented (Evergy Kansas South Mortgage Indenture), is limited to a maximum of $3.5 billion, unless amended further. FMBs are secured by utility assets. Amounts of additional FMBs that may be issued are subject to property, earnings and certain restrictive provisions, except in connection with certain refundings, of each mortgage. As of December 31, 2025, approximately $2.3 billion and $2.9 billion principal amounts of additional Evergy Kansas Central FMBs or Evergy Kansas South FMBs, respectively, could be issued under the most restrictive provisions of their mortgages.

Evergy Metro has issued mortgage bonds under the General Mortgage Indenture and Deed of Trust, dated as of December 1, 1986, as amended and supplemented (Evergy Metro Mortgage Indenture), which creates a mortgage lien on substantially all of Evergy Metro's utility plant. Additional Evergy Metro bonds may be issued on the basis of 75% of property additions or retired bonds. As of December 31, 2025, approximately $5.6 billion principal amount of additional Evergy Metro mortgage bonds could be issued under the most restrictive provisions in the mortgage.

Evergy Missouri West has issued mortgage bonds under the First Mortgage Indenture and Deed of Trust, dated as of March 1, 2022, as supplemented (Evergy Missouri West Mortgage Indenture), which creates a first mortgage lien on substantially all of Evergy Missouri West's present properties and certain after-acquired properties, subject to certain exceptions. Additional Evergy Missouri West mortgage bonds may be issued on the basis of 75% of property additions or retired bonds. As of December 31, 2025, approximately $2.1 billion principal amount of additional Evergy Missouri West mortgage bonds could be issued under the most restrictive provisions in the mortgage.

In March 2025, Evergy Kansas Central issued, at a discount, $300.0 million of 5.25% FMBs, maturing in 2035. Proceeds were used to repay a portion of commercial paper and for general corporate purposes.

In August 2025, Evergy Metro issued, at a discount, $400.0 million of 5.125% Mortgage Bonds, maturing in 2035. Proceeds were used to repay its 3.65% Senior Notes at maturity and for general corporate purposes.

In November 2025, Evergy Missouri West issued, at a discount, $300.0 million of 5.25% FMBs, maturing in 2035. Proceeds were used to repay a portion of commercial paper borrowings outstanding.

In December 2025, Evergy Kansas Central issued, at a premium, $300.0 million of 5.25% FMBs, maturing in 2035. Proceeds were primarily used to repay its $250.0 million of 3.25% FMBs at maturity and for general corporate purposes.

Notes and Senior Notes

Under the terms of the note purchase agreements for certain Evergy Missouri West senior notes, Evergy Missouri West is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the agreements, not greater than 0.65 to 1.00. In addition, Evergy Missouri West's priority debt, as defined in the agreements, cannot exceed 15% of consolidated tangible net worth, as defined in the agreements. As of December 31, 2025, Evergy Missouri West was in compliance with these covenants.

In March 2025, Evergy Kansas Central issued, at a discount, $300.0 million of 4.70% Notes, maturing in 2028. Proceeds were used to repay a portion of commercial paper and for general corporate purposes.

In August 2025, Evergy Metro repaid its $350.0 million of 3.65% Senior Notes at maturity.

In August 2025, Evergy Missouri West repaid its $36.0 million of 3.49% Senior Notes at maturity.

Convertible Notes

In December 2023, Evergy, Inc. issued $1.4 billion aggregate principal amount of 4.50% Convertible Notes (Convertible Notes). The Convertible Notes will mature in December 2027, unless earlier converted or repurchased, but are not redeemable at the option of Evergy, Inc. No sinking fund is provided for the Convertible Notes. The Convertible Notes are direct, senior unsecured obligations of Evergy, Inc. and rank equal in right of payment to any of Evergy, Inc.'s unsecured indebtedness that is not so subordinated, including Evergy, Inc.'s master revolving credit agreement that governs its senior unsecured revolving credit facility, its commercial paper obligations and its 2.90% Senior Notes due 2029. The Convertible Notes are not guaranteed by any of Evergy, Inc.'s subsidiaries.

Holders may convert their Convertible Notes at any time prior to the close of business on the business day immediately preceding September 15, 2027 only under the following circumstances:

a. During any calendar quarter commencing after the calendar quarter ending on March 31, 2024 (and only such calendar quarter), if the last reported sales price of Evergy, Inc. common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

b. During the five business day period after any ten consecutive trading day period (Measurement Period) in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of Evergy, Inc. common stock and the conversion rate on each such trading day; or

c. Upon the occurrence of specific corporate events specified in the indenture governing the Convertible Notes.

On or after September 15, 2027 until the close of business on the business day immediately preceding the maturity date, a holder may convert their notes at any time, regardless of the foregoing circumstances.

Upon conversion, Evergy, Inc. will pay cash up to the aggregate principal amount of the Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of Evergy, Inc. common stock or a combination of cash and shares of Evergy, Inc. common stock, at Evergy, Inc.’s election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted, as described in the indenture governing the Convertible Notes. The Convertible Notes were initially convertible at a rate of 16.1809 shares of Evergy, Inc. common stock per $1,000 principal amount of Convertible Notes, which was equivalent to an initial conversion price of approximately $61.80 per share of Evergy, Inc. common stock. The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest.

In addition, following certain corporate events that occur prior to the maturity date, Evergy, Inc. will, in certain circumstances, increase the conversion rate for a holder who elects to convert their Convertible Notes in connection with such a corporate event. If Evergy, Inc. undergoes a fundamental change, a holder may require Evergy, Inc. to repurchase for cash all or any portion of their Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

In January and February 2026, Evergy, Inc. repurchased $244.1 million aggregate principal amount of the Convertible Notes, under separate, privately negotiated repurchase agreements with certain holders of its Convertible Notes, for a total repurchase cost (excluding accrued and unpaid interest) of approximately $308.6 million. The repurchases were funded by Term Loan Credit Agreements executed in January and February 2026, see Note 11 for additional information on the Term Loan Credit Agreements. After these January and February 2026 repurchases, $1,155.9 million aggregate principal amount of Convertible Notes remain outstanding.

Pollution Control Bonds

In July 2025, Evergy Metro remarketed its unsecured Series 2008 EIRR bonds maturing in 2038 totaling $23.4 million at a fixed rate of 4.05% through June 2030.

In November 2025, Evergy Kansas Central redeemed and reissued its variable rate Series 1994 pollution control bonds maturing in 2032 totaling $45.0 million and $30.5 million at a fixed rate of 3.50% through April 2032.

Scheduled Maturities

Evergy's, Evergy Kansas Central's and Evergy Metro's long-term debt maturities for the next five years are detailed in the following table.

(a) The Evergy maturities for 2027 are inclusive of the $244.1 million of Convertible Notes that were repurchased in January and February 2026, based on agreements that were executed in January 2026. This principal amount is reflected as a long-term liability on the consolidated balance sheet as of December 31, 2025.