EVERGY KANSAS CENTRAL, INC.

8. LONG-TERM DEBT

Mortgage Bonds

In May 2026, Evergy Missouri West issued, at a discount, $300.0 million of 4.70% First Mortgage Bonds (FMBs) maturing in 2029. Proceeds were used to pay down commercial paper and for general corporate purposes.

In July 2026, Evergy Kansas Central issued, at a discount, $350.0 million of 5.30% FMBs, maturing in 2036. Proceeds were used to repay $350.0 million aggregate principal amount of outstanding 2.55% FMBs at maturity in July 2026.

In September 2026, Evergy Missouri West issued, at a discount, $300.0 million of 5.95% FMBs maturing in 2036. Proceeds were used to pay down commercial paper and for general corporate purposes.

In September 2026, Evergy Kansas Central issued, at a discount, $350.0 million of 5.60% FMBs maturing in 2034. Proceeds were used to pay down commercial paper and for general corporate purposes.

Pollution Control Bonds

In June 2026, Evergy Metro remarketed its Series 2023 Environmental Improvement Revenue Refunding (EIRR) bonds totaling $79.5 million at a fixed rate of 3.375% through June 2031.

Notes

In March 2026, Evergy, Inc. issued, at a discount, $350.0 million of 4.25% Notes, maturing in 2029. Proceeds were used to pay down commercial paper and for general corporate purposes.

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.

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 the Convertible Notes, for $309.5 million, including fees and excluding accrued and unpaid interest. The repurchases were funded by Term Loan Credit Agreements executed in January and February 2026, see Note 7 for additional information on the Term Loan Credit Agreements. The repurchases were accounted for as an induced conversion of debt. Evergy recognized a loss of $10.3 million in interest expense on Evergy's consolidated statement of comprehensive income year to date September 30, 2026, which included a $1.8 million inducement loss, a $7.6 million loss on the settlement of an embedded forward contract and $0.9 million in fees. In the first quarter of 2026, Evergy also recognized a $56.9 million reduction of shareholders’ equity related to the settlement of the equity-related conversion obligation under the December 2023 Convertible Notes agreement, which included $1.8 million of unamortized debt issuance costs. After these January and February 2026 repurchases, $1,155.9 million aggregate principal amount of Convertible Notes remain outstanding as of September 30, 2026.

The closing price of Evergy's common stock exceeded 130% of the Convertible Notes' conversion price for at least 20 trading days during the 30 consecutive trading-day periods ending on, and including, the last trading day of the first, second and third quarters of 2026, satisfying the sales price conversion condition for each quarter. As a result, the Convertible Notes were convertible at the option of holders from April 2026 through September 2026 and will continue to be convertible through December 2026. Beginning in September 2027, holders may convert the Convertible Notes at any time, regardless of whether any applicable conversion conditions have been satisfied. Accordingly, the Convertible Notes were classified within current maturities of long-term debt on Evergy's consolidated balance sheet as of September 30, 2026.

Junior Subordinated Notes

In August 2026, Evergy, Inc. issued $600.0 million in aggregate principal amount of 6.40% Fixed-to-Fixed Reset Rate Junior Subordinated Notes (Junior Subordinated Notes), maturing in 2057. Proceeds were used to repay outstanding borrowings under Evergy, Inc.'s $500.0 million unsecured Term Loan Credit Agreement and to pay down commercial paper. The Junior Subordinated Notes will bear interest (i) from and including August 24, 2026 to, but excluding, February 15, 2032 at the rate of 6.40% per annum and (ii) from and including February 15, 2032, during each reset period at a rate per annum equal to the five-year U.S. Treasury rate (determined as described in the offering documents) as of the most recent reset interest determination date plus a spread of 2.022%, to be reset every five years until maturity; provided that the interest rate during any reset period will not reset below 6.40% per annum. At Evergy, Inc.'s option, it may redeem some or all of the Junior Subordinated Notes during specified periods, and upon the occurrence of certain credit ratings, tax or tax credit events, all as described in the offering documents. In accordance with the terms of the Junior Subordinated Notes, Evergy, Inc. has the right, from time to time, to defer the payment of interest on the outstanding Junior Subordinated Notes on one or more occasions for up to 20 consecutive semi-annual interest payment periods. As more fully described in the offering documents, deferring the payment of interest on outstanding Junior Subordinated Notes will restrict Evergy, Inc.'s ability to execute certain actions, such as declaring or paying dividends, purchasing Evergy, Inc. stock or repaying principal on any indebtedness of Evergy that ranks equally with or junior to the Junior Subordinated Notes.