EVERGY KANSAS CENTRAL, INC.

Previous wording

In the first quarter of 2026, the Evergy Companies signed ESAs with multiple large load customers to serve data centers with a projected peak steady state load of approximately 2,500 MWs. The ESAs relate to three new projects and the expansion of two separate projects previously announced. The ESAs' terms reflect the applicable provisions of the Evergy Companies’ LLPS rate plans. The service of these large load customers, inclusive of an optional transitional load period not to exceed five years, has commenced or is expected to commence at dates ranging from 2026 to 2028.

Current wording

In 2026, the Evergy Companies signed ESAs with multiple large load customers to serve data centers with a projected peak steady state load of approximately 2,600 MWs. The ESAs relate to three new projects and the expansion of two separate projects previously announced. The ESAs' terms reflect the applicable provisions of the Evergy Companies’ LLPS rate plans. The service of these large load customers, inclusive of an optional transitional load period not to exceed five years, has commenced or is expected to commence at dates ranging from 2026 to 2028.

Previous wording

Net income attributable to Evergy, Inc. increased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to new Evergy Kansas Central retail rates effective in October 2025, higher non-regulated energy marketing revenue, higher equity AFUDC and corporate-owned life insurance (COLI) proceeds and lower income tax expense; partially offset by higher depreciation, interest and operating and maintenance expense.

Current wording

Net income attributable to Evergy, Inc. increased for the three months ended June 30, 2026, compared to the same period in 2025, primarily due to new Evergy Kansas Central retail rates effective in October 2025, higher retail sales in the second quarter of 2026 driven by favorable weather and higher weather-normalized demand, and gains in 2026 compared to losses in 2025 from non-regulated investments in early-stage clean energy and energy solution companies; partially offset by higher interest, depreciation and operating and maintenance expense.

Previous wording

Diluted EPS increased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to the increase in net income attributable to Evergy, Inc. discussed above.

Current wording

Diluted EPS increased for the three months ended June 30, 2026, compared to the same period in 2025, primarily due to the increase in net income attributable to Evergy, Inc. discussed above, partially offset by a $0.02 per share decrease primarily due to dilution from Evergy's convertible notes.

Previous wording

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

Current wording

ii. investment gains and losses from non-regulated investments in early-stage clean energy and energy solution companies and costs related to the disposal of these investments.

Previous wording

The following table provides a reconciliation between net income attributable to Evergy, Inc. and diluted EPS as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP), respectively.

Current wording

The following tables provide a reconciliation between net income attributable to Evergy, Inc. and diluted EPS as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP), respectively.

Previous wording

(b)Reflects unrealized gains of $0.2 million and unrealized losses of $3.6 million for the three months ended March 31, 2026 and 2025, respectively, from non-regulated investments in early-stage clean energy and energy solution companies that are included in investment earnings on the consolidated statements of comprehensive income and $0.6 million for the three months ended March 31, 2026, of costs related to the disposal of these investments that are included in operating and maintenance expense on the consolidated statements of comprehensive income. Adjustments for the three months ended March 31, 2025, have been recast to conform to the current year calculation of adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) that exclude these amounts. Evergy is in the process of disposing these investments.

Current wording

(b)Reflects net realized gains of $7.9 million and unrealized losses and impairment losses of $25.4 million for the three months ended June 30, 2026 and 2025, respectively, and net realized and unrealized gains of $8.1 million and unrealized losses and impairment losses of $29.0 million year to date June 30, 2026 and 2025, respectively, from non-regulated investments in early-stage clean energy and energy solution companies that are included in investment earnings on the consolidated statements of comprehensive income and $0.6 million year to date June 30, 2026, 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 is in the process of disposing of these investments.

Previous wording

The following table summarizes Evergy's gross margin (GAAP) and MWhs sold and reconciles Evergy's gross margin (GAAP) to Evergy's utility gross margin (non-GAAP). See "Executive Summary - Non-GAAP Measures", above for additional information regarding gross margin (GAAP) and utility gross margin (non-GAAP).

Current wording

The following tables summarize Evergy's gross margin (GAAP) and MWhs sold and reconcile Evergy's gross margin (GAAP) to Evergy's utility gross margin (non-GAAP). See "Executive Summary - Non-GAAP Measures", above for additional information regarding gross margin (GAAP) and utility gross margin (non-GAAP).

Previous wording

Evergy's gross margin (GAAP) increased $34.5 million for the three months ended March 31, 2026, compared to the same period in 2025 and Evergy's utility gross margin (non-GAAP) increased $51.3 million for the three months ended March 31, 2026, compared to the same period in 2025, both measures were driven by:

Current wording

Evergy's gross margin (GAAP) increased $34.4 million for the three months ended June 30, 2026, compared to the same period in 2025 and Evergy's utility gross margin (non-GAAP) increased $61.1 million for the three months ended June 30, 2026, compared to the same period in 2025, both measures were driven by:

Previous wording

•a $16.6 million increase in revenue related to non-regulated energy marketing activity at Evergy Kansas Central; partially offset by

Current wording

•a $15.6 million increase in revenue related to non-regulated energy marketing activity at Evergy Kansas Central.

Previous wording

•a $2.4 million increase in transmission and distribution operating and maintenance expenses primarily at Evergy Kansas Central primarily due to a $3.1 million increase in non-labor expense including higher contractor costs.

Current wording

•an $11.4 million increase in transmission and distribution operating and maintenance expenses primarily driven by an $8.3 million increase in non-labor expense primarily due to higher contractor costs related to storms and vegetation management costs; partially offset by

Previous wording

•a $6.7 million increase in general and administrative labor and employee benefits expense, primarily due to higher medical claims; and

Current wording

•a $4.2 million increase in general and administrative labor and employee benefits expense, primarily due to higher medical claims.

Previous wording

Evergy's other expense, net for the three months ended March 31, 2025, became other income, net for the three months ended March 31, 2026, as a result of a $14.7 million increase in net other income items, primarily driven by:

Current wording

Evergy's other expense, net for the three months ended June 30, 2025, became other income, net for the three months ended June 30, 2026, as a result of a $25.7 million increase in net other income items, primarily driven by:

Previous wording

•a $7.9 million increase in equity AFUDC primarily at Evergy Kansas Central and Evergy Missouri West primarily due to higher average construction work in progress (CWIP) balances in 2026; and

Current wording

•a $9.2 million increase in equity AFUDC primarily at Evergy Kansas Central and Evergy Missouri West primarily driven by higher average construction work in progress (CWIP) balances in the second quarter of 2026; partially offset by

Previous wording

•a $2.8 million increase in interest expense on short-term borrowings primarily due to higher short-term debt balances in 2026; partially offset by

Current wording

•a $10.1 million increase in interest expense on short-term borrowings primarily due to higher short-term debt balances in the second quarter of 2026; partially offset by

Previous wording

•a $6.9 million decrease due to the repayment of long-term debt;

Current wording

•a $6.9 million decrease due to higher debt AFUDC primarily at Evergy Missouri West driven by higher average CWIP balances in the second quarter of 2026.

Previous wording

•a $10.3 million increase related to Evergy's repurchase of a portion of its Convertible Notes in 2026; and

Current wording

•a $10.3 million increase related to Evergy's repurchase of a portion of its Convertible Notes in 2026; partially offset by

Previous wording

•a $5.0 million decrease due to higher debt AFUDC primarily at Evergy Missouri West driven by higher average CWIP balances in 2026.

Current wording

•an $11.9 million decrease due to higher debt AFUDC primarily at Evergy Missouri West driven by higher average CWIP balances in 2026.

Previous wording

As of March 31, 2026, Evergy had $968.8 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $393.9 million for Evergy, Inc., $308.0 million for Evergy Kansas Central, $199.2 million for Evergy Metro and $67.7 million for Evergy Missouri West. The Evergy Companies' borrowing capacity under the master credit facility also supports their issuance of commercial paper. See Note 6 to the consolidated financial statements for more information regarding the master credit facility.

Current wording

In June 2026, Evergy entered into a $3.5 billion master credit facility which expires in June 2031. Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West have borrowing capacity under the master credit facility with specific sublimits for each borrower. As of June 30, 2026, Evergy had $1,648.4 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $513.5 million for Evergy, Inc., $394.0 million for Evergy Kansas Central, $537.4 million for Evergy Metro and $203.5 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 additional information regarding the master credit facility.

Previous wording

Evergy's cash flows from operating activities decreased $87.1 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by decreased collections from customers related to a February 2021 winter weather event and an increase in fuel inventory, primarily driven by coal purchases.

Current wording

Evergy's cash flows from operating activities decreased $62.4 million year to date June 30, 2026, compared to the same period in 2025, primarily driven by fuel recovery mechanism under-collections at Evergy Missouri West and an increase in coal inventory purchases.

Previous wording

Evergy's cash flows used in investing activities increased $157.7 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:

Current wording

Evergy's cash flows used in investing activities increased $393.1 million year to date June 30, 2026, compared to the same period in 2025, primarily driven by:

Previous wording

•a $259.1 million increase in additions to property, plant and equipment, due to increased spending for a variety of capital projects, including construction of new generating facilities; partially offset by

Current wording

•a $591.7 million increase in additions to property, plant and equipment, due to increased spending for a variety of capital projects, including construction of new generating facilities; partially offset by

Previous wording

•a $48.9 million increase in proceeds from COLI investments, primarily at Evergy Kansas Central due to higher policy settlements in 2026.

Current wording

•a $49.3 million increase in proceeds from COLI investments, primarily at Evergy Kansas Central due to higher policy settlements in 2026.

Previous wording

Evergy's cash flows from financing activities increased $229.1 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:

Current wording

Evergy's cash flows from financing activities increased $450.7 million year to date June 30, 2026, compared to the same period in 2025, primarily driven by:

Previous wording

•a $330.3 million increase in short-term debt primarily driven by higher repayment of short-term debt in 2025 with proceeds from long-term debt ; partially offset by

Current wording

◦a $530.5 million decrease in short-term debt at Evergy, Inc. primarily due to the repayment of commercial paper borrowings with proceeds from long-term debt in 2026.

Previous wording

•a $246.2 million decrease in proceeds from long-term debt, net due to the issuance of $594.2 million of long-term debt for the three months ended March 31, 2025, compared to the issuance of $348.0 million of long-term debt for the same period in 2026; and

Current wording

•a $130.9 million increase in proceeds from long-term debt, net due to the issuance of $724.3 million of long-term debt year to date June 30, 2026, compared to the issuance of $593.4 million of long-term debt for the same period in 2025; partially offset by

Previous wording

•a $309.5 million decrease due to retirements of long-term debt driven by Evergy's repurchase of $244.1 million aggregate principal amount of the Convertible Notes in 2026.

Current wording

•a $389.4 million decrease due to retirements of long-term debt driven by Evergy's repurchase of $244.1 million aggregate principal amount of the Convertible Notes in 2026 and Evergy Metro's remarketing of its Series 2023 EIRR bonds totaling $79.5 million in 2026.

Previous wording

Evergy Kansas Central's gross margin (GAAP) increased $35.1 million for the three months ended March 31, 2026, compared to the same period in 2025, and Evergy Kansas Central's utility gross margin (non-GAAP) increased $46.6 million for the three months ended March 31, 2026, compared to the same period in 2025, both measures were driven by:

Current wording

Evergy Kansas Central's gross margin (GAAP) increased $63.3 million year to date June 30, 2026, compared to the same period in 2025, and Evergy Kansas Central's utility gross margin (non-GAAP) increased $94.2 million year to date June 30, 2026, compared to the same period in 2025, both measures were driven by:

Previous wording

•a $16.6 million increase in revenue related to non-regulated energy marketing activity; partially offset by

Current wording

•a $15.6 million increase in revenue related to non-regulated energy marketing activity; and

Previous wording

Evergy Kansas Central's operating and maintenance expense increased $11.4 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:

Current wording

Evergy Kansas Central's operating and maintenance expense increased $22.8 million year to date June 30, 2026, compared to the same period in 2025, primarily driven by:

Previous wording

•a $4.2 million increase in transmission and distribution operating and maintenance expenses primarily driven by a $3.1 million increase in non-labor costs including higher contractor costs.

Current wording

•an $11.3 million increase in transmission and distribution operating and maintenance expenses primarily driven by a $7.3 million increase in non-labor costs including higher contractor and vegetation management costs;

Previous wording

•a $3.9 million increase in general and administrative labor and employee benefits expense including higher medical claims; and

Current wording

•a $2.6 million increase in general and administrative labor and employee benefits expense primarily driven by higher medical claims; and

Previous wording

•a $3.5 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $2.4 million increase in transmission and distribution operating and maintenance expense as further described below; partially offset by

Current wording

•a $1.9 million increase in plant operating and maintenance expense at coal-fired generating facilities primarily due to a $3.5 million increase at JEC driven by a major maintenance outage in 2026, partially offset by a $1.7 million decrease at Lawrence Energy Center driven by a major maintenance outage in 2025.

Previous wording

Evergy Kansas Central's depreciation and amortization expense increased $10.9 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to capital additions.

Current wording

Evergy Kansas Central's depreciation and amortization expense increased $19.2 million year to date June 30, 2026, compared to the same period in 2025, primarily due to capital additions.

Previous wording

Evergy Kansas Central's other income, net increased $10.3 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:

Current wording

Evergy Kansas Central's other income, net increased $10.3 million year to date June 30, 2026, compared to the same period in 2025, driven by a $10.3 million increase in equity AFUDC primarily driven by higher average CWIP balances in 2026.

Previous wording

Evergy Kansas Central's interest expense increased $4.9 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:

Current wording

Evergy Kansas Central's interest expense increased $8.3 million year to date June 30, 2026, compared to the same period in 2025, primarily driven by:

Previous wording

•a $2.3 million increase due to decreases in carrying costs deferred to a regulatory asset in accordance with plant-in-service accounting (PISA); partially offset by

Current wording

•a $6.7 million increase due to decreases in carrying costs deferred to a regulatory asset in accordance with plant-in-service accounting (PISA); partially offset by

Previous wording

•a $5.3 million decrease in interest expense on short-term borrowings primarily due to lower short-term debt balances in 2026; and

Current wording

•a $5.0 million decrease in interest expense on short-term borrowings primarily due to lower short-term debt balances and lower short-term interest rates in 2026;

Previous wording

•a $2.0 million decrease due to the repayment of long-term debt.

Current wording

•a $2.0 million decrease due to higher debt AFUDC driven by higher CWIP balances in 2026.

Previous wording

Evergy Metro's depreciation and amortization expense increased $3.5 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to capital additions.

Current wording

Evergy Metro's depreciation and amortization expense increased $9.7 million year to date June 30, 2026, compared to the same period in 2025, primarily due to capital additions.