FULLTEXT DEL 2 AV 5
10-K – 2026-02-19 – evrg-20251231.htm
-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2025-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2025-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2025-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2025-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2025-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2025-12-31 0001711269 us-gaap:FairValueMeasurementsRecurringMember evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2025-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashAndCashEquivalentsMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashAndCashEquivalentsMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashAndCashEquivalentsMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashAndCashEquivalentsMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashAndCashEquivalentsMember 2025-12-31 0001711269 evrg:PowerCommodityContractMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:PowerCommodityContractMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:PowerCommodityContractMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:PowerCommodityContractMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:PowerCommodityContractMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2025-12-31 0001711269 us-gaap:FairValueMeasurementsRecurringMember evrg:OtherEvergyMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 evrg:PowerCommodityContractMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:PowerCommodityContractMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:PowerCommodityContractMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:PowerCommodityContractMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:PowerCommodityContractMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:InterestRateSwapMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member us-gaap:InterestRateSwapMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member us-gaap:InterestRateSwapMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member us-gaap:InterestRateSwapMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:InterestRateSwapMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueMeasurementsRecurringMember evrg:PowerCommodityContractMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:PowerCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:PowerCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:PowerCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:PowerCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueMeasurementsRecurringMember evrg:NaturalGasCommodityContractMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:NaturalGasCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:NaturalGasCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:NaturalGasCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:NaturalGasCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestRateSwapMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel1Member us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel2Member us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueInputsLevel3Member us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001711269 us-gaap:GeographicDistributionDomesticMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 us-gaap:GeographicDistributionDomesticMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 us-gaap:GeographicDistributionDomesticMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 us-gaap:GeographicDistributionDomesticMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 us-gaap:GeographicDistributionDomesticMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 us-gaap:GeographicDistributionForeignMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 us-gaap:GeographicDistributionForeignMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 us-gaap:GeographicDistributionForeignMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 us-gaap:GeographicDistributionForeignMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 us-gaap:GeographicDistributionForeignMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:HighYieldBondFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:HighYieldBondFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:HighYieldBondFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:HighYieldBondFundMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:HighYieldBondFundMember 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:EmergingMarketsBondFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:EmergingMarketsBondFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:EmergingMarketsBondFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:EmergingMarketsBondFundMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:EmergingMarketsBondFundMember 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:AlternativeInvestmentFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:AlternativeInvestmentFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:AlternativeInvestmentFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:AlternativeInvestmentFundMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:AlternativeInvestmentFundMember 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateFundsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateFundsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateFundsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateFundsMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateFundsMember 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueMeasurementsRecurringMember evrg:EvergyKansasCentralIncMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeFundsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeFundsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeFundsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeFundsMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeFundsMember 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:OtherEquityFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:OtherEquityFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:OtherEquityFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:OtherEquityFundMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:OtherEquityFundMember 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:DebtEquityOtherFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:DebtEquityOtherFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:DebtEquityOtherFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:DebtEquityOtherFundMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:DebtEquityOtherFundMember 2024-12-31 0001711269 evrg:PowerCommodityContractMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:PowerCommodityContractMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:PowerCommodityContractMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:PowerCommodityContractMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:PowerCommodityContractMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 evrg:NaturalGasCommodityContractMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:NaturalGasCommodityContractMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:NaturalGasCommodityContractMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:NaturalGasCommodityContractMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:NaturalGasCommodityContractMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2024-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueMeasurementsRecurringMember evrg:EvergyMetroIncMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2024-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashAndCashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashAndCashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashAndCashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashAndCashEquivalentsMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CashAndCashEquivalentsMember 2024-12-31 0001711269 evrg:PowerCommodityContractMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:PowerCommodityContractMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:PowerCommodityContractMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:PowerCommodityContractMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:PowerCommodityContractMember evrg:EvergyMetroIncMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember evrg:CoreBondFundMember 2024-12-31 0001711269 us-gaap:FairValueMeasurementsRecurringMember evrg:OtherEvergyMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 evrg:PowerCommodityContractMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:PowerCommodityContractMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:PowerCommodityContractMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:PowerCommodityContractMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:PowerCommodityContractMember evrg:OtherEvergyMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueMeasurementsRecurringMember evrg:PowerCommodityContractMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:PowerCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:PowerCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:PowerCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:PowerCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueMeasurementsRecurringMember evrg:NaturalGasCommodityContractMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel1Member evrg:NaturalGasCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel2Member evrg:NaturalGasCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueInputsLevel3Member evrg:NaturalGasCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:NaturalGasCommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001711269 us-gaap:GeographicDistributionDomesticMember evrg:EvergyKansasCentralIncMember us-gaap:EquitySecuritiesMember 2025-12-31 0001711269 us-gaap:GeographicDistributionDomesticMember evrg:EvergyKansasCentralIncMember us-gaap:EquitySecuritiesMember 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:AlternativeInvestmentFundMember 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:AlternativeInvestmentFundMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember evrg:AlternativeInvestmentFundMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember us-gaap:RealEstateFundsMember 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember us-gaap:RealEstateFundsMember 2024-12-31 0001711269 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember evrg:EvergyKansasCentralIncMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateFundsMember 2025-01-01 2025-12-31 0001711269 evrg:DecommissioningTrustAssetsEquityMember 2025-01-01 2025-12-31 0001711269 evrg:DecommissioningTrustAssetsEquityMember 2024-01-01 2024-12-31 0001711269 evrg:DecommissioningTrustAssetsEquityMember 2023-01-01 2023-12-31 0001711269 evrg:DecommissioningTrustAssetsDebtMember 2025-01-01 2025-12-31 0001711269 evrg:DecommissioningTrustAssetsDebtMember 2024-01-01 2024-12-31 0001711269 evrg:DecommissioningTrustAssetsDebtMember 2023-01-01 2023-12-31 0001711269 evrg:RabbiTrustsMember 2025-01-01 2025-12-31 0001711269 evrg:RabbiTrustsMember 2024-01-01 2024-12-31 0001711269 evrg:RabbiTrustsMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:DecommissioningTrustAssetsEquityMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:DecommissioningTrustAssetsEquityMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:DecommissioningTrustAssetsEquityMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:RabbiTrustsMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:RabbiTrustsMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:RabbiTrustsMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyMetroIncMember evrg:DecommissioningTrustAssetsEquityMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyMetroIncMember evrg:DecommissioningTrustAssetsEquityMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyMetroIncMember evrg:DecommissioningTrustAssetsEquityMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyMetroIncMember evrg:DecommissioningTrustAssetsDebtMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyMetroIncMember evrg:DecommissioningTrustAssetsDebtMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyMetroIncMember evrg:DecommissioningTrustAssetsDebtMember 2023-01-01 2023-12-31 0001711269 us-gaap:PublicUtilitiesInventoryFuelMember 2025-12-31 0001711269 evrg:PurchasedPowerMember 2025-12-31 0001711269 us-gaap:CapitalAdditionsMember 2025-12-31 0001711269 us-gaap:PublicUtilitiesInventoryFuelMember evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 evrg:PurchasedPowerMember evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:CapitalAdditionsMember evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:PublicUtilitiesInventoryFuelMember evrg:EvergyMetroIncMember 2025-12-31 0001711269 evrg:PurchasedPowerMember evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:FinancialGuaranteeMember evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:FinancialGuaranteeMember evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:GuaranteeOfIndebtednessOfOthersMember evrg:EvergyMissouriWestIncMember 2025-12-31 0001711269 evrg:JointlyOwnedElectricityGenerationPlantIatanNo1And2Member evrg:EvergyMissouriWestIncMember 2025-12-31 0001711269 evrg:JeffreyEnergyCenterMember evrg:EvergyMissouriWestIncMember 2025-12-31 0001711269 evrg:LaCygneStationMember evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:EvergyMissouriWestIncMember evrg:OperatingExpensesAndCapitalCostsBilledMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:EvergyMissouriWestIncMember evrg:OperatingExpensesAndCapitalCostsBilledMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:EvergyMissouriWestIncMember evrg:OperatingExpensesAndCapitalCostsBilledMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyMetroIncMember evrg:EvergyMissouriWestIncMember evrg:OperatingExpensesAndCapitalCostsBilledMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyMetroIncMember evrg:EvergyMissouriWestIncMember evrg:OperatingExpensesAndCapitalCostsBilledMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyMetroIncMember evrg:EvergyMissouriWestIncMember evrg:OperatingExpensesAndCapitalCostsBilledMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:EvergyMetroIncMember evrg:OperatingExpensesAndCapitalCostsBilledMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:EvergyMetroIncMember evrg:OperatingExpensesAndCapitalCostsBilledMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:EvergyMetroIncMember evrg:OperatingExpensesAndCapitalCostsBilledMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyMetroIncMember evrg:EvergyKansasCentralIncMember evrg:OperatingExpensesAndCapitalCostsBilledMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyMetroIncMember evrg:EvergyKansasCentralIncMember evrg:OperatingExpensesAndCapitalCostsBilledMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyMetroIncMember evrg:EvergyKansasCentralIncMember evrg:OperatingExpensesAndCapitalCostsBilledMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyMember evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 evrg:EvergyMember evrg:EvergyKansasCentralIncMember 2024-12-31 0001711269 evrg:EvergyMetroIncMember evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 evrg:EvergyMetroIncMember evrg:EvergyKansasCentralIncMember 2024-12-31 0001711269 evrg:EvergyMissouriWestIncMember evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 evrg:EvergyMissouriWestIncMember evrg:EvergyKansasCentralIncMember 2024-12-31 0001711269 evrg:EvergyMember evrg:EvergyMetroIncMember 2025-12-31 0001711269 evrg:EvergyMember evrg:EvergyMetroIncMember 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:EvergyMetroIncMember 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:EvergyMetroIncMember 2024-12-31 0001711269 evrg:EvergyMissouriWestIncMember evrg:EvergyMetroIncMember 2025-12-31 0001711269 evrg:EvergyMissouriWestIncMember evrg:EvergyMetroIncMember 2024-12-31 0001711269 evrg:EvergyMetroIncMember us-gaap:RelatedPartyMember evrg:EvergyIncMoneyPoolMember 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember us-gaap:RelatedPartyMember evrg:EvergyIncMoneyPoolMember 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:EvergyMember evrg:IncomeTaxReceivableMember 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:EvergyMember evrg:IncomeTaxesPayableMember 2024-12-31 0001711269 evrg:EvergyMetroIncMember evrg:EvergyMember evrg:IncomeTaxReceivableMember 2025-12-31 0001711269 evrg:EvergyMetroIncMember evrg:EvergyMember evrg:IncomeTaxReceivableMember 2024-12-31 0001711269 2025-05-31 0001711269 srt:WeightedAverageMember 2025-01-01 2025-12-31 0001711269 evrg:SecuritizedBondsDue2040EMWMember evrg:EvergyMissouriWestIncMember 2024-02-28 0001711269 evrg:SecuritizedBondsDue2040EMWMember evrg:EvergyMissouriWestIncMember evrg:SecuritizedBondsMember 2024-02-28 0001711269 evrg:LaCygneUnit2Member 2025-01-01 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:LaCygneUnit2Member 2025-01-01 2025-12-31 0001711269 evrg:MissouriStateMember 2025-01-01 2025-12-31 0001711269 evrg:MissouriStateMember 2024-01-01 2024-12-31 0001711269 evrg:MissouriStateMember 2023-01-01 2023-12-31 0001711269 evrg:KansasStateMember 2025-01-01 2025-12-31 0001711269 evrg:KansasStateMember 2024-01-01 2024-12-31 0001711269 evrg:KansasStateMember 2023-01-01 2023-12-31 0001711269 evrg:OtherStatesMember 2025-01-01 2025-12-31 0001711269 evrg:OtherStatesMember 2024-01-01 2024-12-31 0001711269 evrg:OtherStatesMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:MissouriStateMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:MissouriStateMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:MissouriStateMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:KansasStateMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:KansasStateMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:KansasStateMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:OtherStatesMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:OtherStatesMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyKansasCentralIncMember evrg:OtherStatesMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyMetroIncMember evrg:MissouriStateMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyMetroIncMember evrg:MissouriStateMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyMetroIncMember evrg:MissouriStateMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyMetroIncMember evrg:KansasStateMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyMetroIncMember evrg:KansasStateMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyMetroIncMember evrg:KansasStateMember 2023-01-01 2023-12-31 0001711269 evrg:EvergyMetroIncMember evrg:OtherStatesMember 2025-01-01 2025-12-31 0001711269 evrg:EvergyMetroIncMember evrg:OtherStatesMember 2024-01-01 2024-12-31 0001711269 evrg:EvergyMetroIncMember evrg:OtherStatesMember 2023-01-01 2023-12-31 0001711269 us-gaap:GeneralBusinessMember 2025-12-31 0001711269 us-gaap:GeneralBusinessMember 2024-12-31 0001711269 us-gaap:GeneralBusinessMember evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:GeneralBusinessMember evrg:EvergyKansasCentralIncMember 2024-12-31 0001711269 us-gaap:GeneralBusinessMember evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:GeneralBusinessMember evrg:EvergyMetroIncMember 2024-12-31 0001711269 evrg:PortionOfGeneralBusinessTaxCreditRelatedToNuclearPowerProductionMember 2025-12-31 0001711269 evrg:PortionOfGeneralBusinessTaxCreditRelatedToNuclearPowerProductionMember evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 evrg:PortionOfGeneralBusinessTaxCreditRelatedToNuclearPowerProductionMember evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:TaxYear2007Member 2025-12-31 0001711269 us-gaap:TaxYear2007Member evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:TaxYear2007Member evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:TaxYear2018Member 2025-12-31 0001711269 us-gaap:TaxYear2018Member evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:TaxYear2018Member evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:TaxYear2019Member 2025-12-31 0001711269 us-gaap:TaxYear2019Member evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:TaxYear2019Member evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:TaxYear2020Member 2025-12-31 0001711269 us-gaap:TaxYear2020Member evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:TaxYear2020Member evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:TaxYear2021Member 2025-12-31 0001711269 us-gaap:TaxYear2021Member evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:TaxYear2021Member evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:TaxYear2022Member 2025-12-31 0001711269 us-gaap:TaxYear2022Member evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:TaxYear2022Member evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:TaxYear2023Member 2025-12-31 0001711269 us-gaap:TaxYear2023Member evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:TaxYear2023Member evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:TaxYear2024Member 2025-12-31 0001711269 us-gaap:TaxYear2024Member evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:TaxYear2024Member evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:StateAndLocalJurisdictionMember 2024-12-31 0001711269 us-gaap:StateAndLocalJurisdictionMember 2025-12-31 0001711269 us-gaap:StateAndLocalJurisdictionMember evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:StateAndLocalJurisdictionMember 2025-12-31 0001711269 us-gaap:StateAndLocalJurisdictionMember 2024-12-31 0001711269 us-gaap:OperatingSegmentsMember evrg:EvergyCompaniesMember 2025-01-01 2025-12-31 0001711269 us-gaap:OperatingSegmentsMember evrg:EvergyCompaniesMember 2024-01-01 2024-12-31 0001711269 us-gaap:OperatingSegmentsMember evrg:EvergyCompaniesMember 2023-01-01 2023-12-31 0001711269 2025-10-01 2025-12-31 0001711269 srt:ParentCompanyMember 2025-01-01 2025-12-31 0001711269 srt:ParentCompanyMember 2024-01-01 2024-12-31 0001711269 srt:ParentCompanyMember 2023-01-01 2023-12-31 0001711269 srt:ParentCompanyMember 2025-12-31 0001711269 srt:ParentCompanyMember 2024-12-31 0001711269 us-gaap:RelatedPartyMember srt:ParentCompanyMember 2025-12-31 0001711269 us-gaap:RelatedPartyMember srt:ParentCompanyMember 2024-12-31 0001711269 srt:ParentCompanyMember 2023-12-31 0001711269 srt:ParentCompanyMember 2022-12-31 0001711269 us-gaap:AllowanceForCreditLossMember 2024-12-31 0001711269 us-gaap:AllowanceForCreditLossMember 2025-01-01 2025-12-31 0001711269 us-gaap:AllowanceForCreditLossMember 2025-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2024-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2025-01-01 2025-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2025-12-31 0001711269 us-gaap:AllowanceForCreditLossMember 2023-12-31 0001711269 us-gaap:AllowanceForCreditLossMember 2024-01-01 2024-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2023-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2024-01-01 2024-12-31 0001711269 us-gaap:AllowanceForCreditLossMember 2022-12-31 0001711269 us-gaap:AllowanceForCreditLossMember 2023-01-01 2023-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2022-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2023-01-01 2023-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyKansasCentralIncMember 2024-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyKansasCentralIncMember 2025-01-01 2025-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember evrg:EvergyKansasCentralIncMember 2024-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember evrg:EvergyKansasCentralIncMember 2025-01-01 2025-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember evrg:EvergyKansasCentralIncMember 2025-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyKansasCentralIncMember 2023-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyKansasCentralIncMember 2024-01-01 2024-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember evrg:EvergyKansasCentralIncMember 2023-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember evrg:EvergyKansasCentralIncMember 2024-01-01 2024-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyKansasCentralIncMember 2022-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyKansasCentralIncMember 2023-01-01 2023-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember evrg:EvergyKansasCentralIncMember 2022-12-31 0001711269 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember evrg:EvergyKansasCentralIncMember 2023-01-01 2023-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyMetroIncMember 2024-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyMetroIncMember 2025-01-01 2025-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyMetroIncMember 2025-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyMetroIncMember 2023-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyMetroIncMember 2024-01-01 2024-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyMetroIncMember 2022-12-31 0001711269 us-gaap:AllowanceForCreditLossMember evrg:EvergyMetroIncMember 2023-01-01 2023-12-31 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to_______ Exact name of registrant as specified in its charter, Commission state of incorporation, address of principal I.R.S. Employer File Number executive offices and telephone number Identification Number 001-38515 EVERGY, INC. 82-2733395 (a Missouri corporation) 1200 Main Street Kansas City , Missouri 64105 ( 816 ) 556-2200 001-03523 EVERGY KANSAS CENTRAL, INC. 48-0290150 (a Kansas corporation) 818 South Kansas Avenue Topeka , Kansas 66612 ( 785 ) 575-6300 000-51873 EVERGY METRO, INC. 44-0308720 (a Missouri corporation) 1200 Main Street Kansas City , Missouri 64105 ( 816 ) 556-2200 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Evergy, Inc. common stock EVRG The Nasdaq Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: Evergy Kansas Central, Inc. Common Stock $0.01 par value and Evergy Metro, Inc. Common Stock without par value. Table of Contents Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Evergy, Inc. Yes ☒ No ☐ Evergy Kansas Central, Inc. Yes ☐ No ☒ Evergy Metro, Inc. Yes ☐ No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Evergy, Inc. Yes ☐ No ☒ Evergy Kansas Central, Inc. Yes ☐ No ☒ Evergy Metro, Inc. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Evergy, Inc. Yes ☒ No ☐ Evergy Kansas Central, Inc. Yes ☒ No ☐ Evergy Metro, Inc. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Evergy, Inc. Yes ☒ No ☐ Evergy Kansas Central, Inc. Yes ☒ No ☐ Evergy Metro, Inc. Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Evergy, Inc. Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐ Evergy Kansas Central, Inc. Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☐ Emerging Growth Company ☐ Evergy Metro, Inc. Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☐ Emerging Growth Company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Evergy, Inc. ☐ Evergy Kansas Central, Inc. ☐ Evergy Metro, Inc. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Evergy, Inc. Yes ☒ No ☐ Evergy Kansas Central, Inc. Yes ☐ No ☒ Evergy Metro, Inc. Yes ☐ No ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Evergy, Inc. Yes ☐ No ☒ Evergy Kansas Central, Inc. Yes ☐ No ☒ Table of Contents Evergy Metro, Inc. Yes ☐ No ☒ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). Evergy, Inc. Yes ☐ No ☒ Evergy Kansas Central, Inc. Yes ☐ No ☒ Evergy Metro, Inc. Yes ☐ No ☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Evergy, Inc. Yes ☐ No ☒ Evergy Kansas Central, Inc. Yes ☐ No ☒ Evergy Metro, Inc. Yes ☐ No ☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates of Evergy, Inc. (based on the closing price of its common stock on The Nasdaq Stock Market LLC on June 30, 2025) was approximately $ 15,667,375,144 . All of the common equity of Evergy Kansas Central, Inc. and Evergy Metro, Inc. is held by Evergy, Inc. On February 11, 2026, Evergy, Inc. had 230,281,586 shares of common stock outstanding. On February 11, 2026, Evergy Kansas Central, Inc. and Evergy Metro, Inc. each had one share of common stock outstanding and held by Evergy, Inc. Evergy Kansas Central, Inc. and Evergy Metro, Inc. meet the conditions set forth in General Instruction (I)(1)(a) and (b) of Form 10-K and are therefore filing this Form 10-K with the reduced disclosure format. Documents Incorporated by Reference Portions of the 2026 annual meeting proxy statement of Evergy, Inc. to be filed with the Securities and Exchange Commission are incorporated by reference in Part III of this report. This combined annual report on Form 10-K is provided by the following registrants: Evergy, Inc. (Evergy), Evergy Kansas Central, Inc. (Evergy Kansas Central) and Evergy Metro, Inc. (Evergy Metro) (collectively, the Evergy Companies). Information relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants. Table of Contents TABLE OF CONTENTS Page Number Cautionary Statements Regarding Certain Forward-Looking Information 3 Glossary of Terms 5 PART I Item 1. Business 8 Item 1A. Risk Factors 17 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 30 Item 2. Properties 33 Item 3. Legal Proceedings 36 Item 4. Mine Safety Disclosures 36 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37 Item 6. Reserved 37 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 63 Item 8. Financial Statements and Supplementary Data 66 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 165 Item 9A. Controls and Procedures 165 Item 9B. Other Information 169 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 169 PART III Item 10. Directors, Executive Officers and Corporate Governance 169 Item 11. Executive Compensation 170 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 170 Item 13. Certain Relationships and Related Transactions, and Director Independence 171 Item 14. Principal Accounting Fees and Services 171 PART IV Item 15. Exhibits and Financial Statement Schedules 173 Signatures 196 2 Table of Contents CAUTIONARY STATEMENTS REGARDING CERTAIN FORWARD-LOOKING INFORMATION Statements made in this document that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital investment goals; the outcome of legislative efforts and regulatory and legal proceedings; future energy demand, including demand driven by new and existing customers; future power prices; plans with respect to existing and potential future generation resources; the availability and cost of generation resources and energy storage; target emissions reductions; and other matters relating to expected financial performance or affecting future operations. Forward-looking statements are often accompanied by forward-looking words such as "anticipates," "believes," "expects," "estimates," "forecasts," "guidance," "should," "could," "may," "seeks," "intends," "predict," "potential," "opportunities," "proposed," "projects," "planned," "target," "budget," "outlook," "remain confident," "goal," "will" or other words of similar meaning. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information. In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Evergy Companies are providing a number of risks, uncertainties and other factors that could cause actual results to differ from the forward-looking information. These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; significant changes in the demand for electricity, including demand from data centers and other large load customers; changes in business strategy or operations, including with respect to the Evergy Companies' strategy to meet demand requirements of existing and future customers; uncertainties related to projected rapid growth in electricity demand driven primarily by data centers and other large load customers and the related requirement for new generation and transmission investments, creating capital access, revenue recovery and customer affordability risks; the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; prolonged or recurring U.S. federal government shutdowns; changes in U.S. trade policies (including tariffs and other trade measures) and responses from other countries; the ability to build or acquire generation, battery storage and transmission facilities to meet the future demand for electricity from customers; the ability to control costs, avoid costs and schedule overruns during the development, construction and operation of generation, battery storage, transmission, distribution or other projects due to challenges, which include, but are not limited to, changes in labor costs, availability and productivity, challenges with the management of contractors or vendors, subcontractor performance, shortages, delays, increased costs or inconsistent quality of equipment, materials and labor and increased financing costs as a result of changes in interest rates or as a result of project delays; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; development, adoption and use of artificial intelligence by the Evergy Companies and its third-party vendors; the impact of climate change, including increased frequency and severity of significant weather events; risks relating to potential wildfires, including costs of litigation, potential regulatory penalties and damages in excess of insurance liability coverage; the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity and natural gas in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of future pandemic health events on, among other things, sales, results of operations, financial position, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies' employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, disruptions in the banking industry, including volatility in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges and ability to obtain capital to finance large construction projects, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their 3 Table of Contents contractual commitments including new large data center customers; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, acts of war and other disruptions to the Evergy Companies' facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; impact of geopolitical conflicts on the global energy market, including the ability to contract for non-Russian sourced uranium; ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; the Evergy Companies' ability to manage their generation, transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies' ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, wages, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy's strategic plan, financial results or operations; the impact of changing expectations and demands of the Evergy Companies' customers, regulators, investors and stakeholders, including differing views on environmental, social and governance concerns; the possibility that strategic initiatives, including mergers, acquisitions, joint ventures and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, contractors, regulators or suppliers; the outcome of litigation involving the Evergy Companies; and other risks and uncertainties. This list of factors is not all-inclusive because it is not possible to predict all factors. You should also carefully consider the information contained in the Evergy Companies' other filings with the Securities and Exchange Commission (SEC). Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Evergy Companies with the SEC. New factors emerge from time to time, and it's not possible for the Evergy Companies to predict all such factors, nor can the Evergy Companies assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. The Evergy Companies undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. AVAILABLE INFORMATION The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at sec.gov. Additionally, information about the Evergy Companies, including their combined annual reports on Form 10-K, combined quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed with the SEC, is also available through the Evergy Companies' website, http://investors.evergy.com. Such reports are accessible at no charge and are made available as soon as reasonably practical after such material is filed with or furnished to the SEC. Investors should note that the Evergy Companies announce material financial information in SEC filings, press releases and public conference calls. In accordance with SEC guidelines, the Evergy Companies also use the Investor Relations section of their website, http://investors.evergy.com, to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Evergy Companies' website is not part of this document. 4 Table of Contents GLOSSARY OF TERMS The following is a glossary of frequently used abbreviations or acronyms that are found throughout this report. Abbreviation or Acronym Definition AAO Accounting authority order ACE Affordable Clean Energy AEP American Electric Power Company, Inc. AFUDC Allowance for funds used during construction AOCI Accumulated other comprehensive income AROs Asset retirement obligations ASC Accounting Standards Codification ATM Program At-the-Market Program ATRR Annual Transmission Revenue Requirement BSER Best system of emission reduction CAA Clean Air Act CARFR Credit-adjusted risk-free rates CCGT Combined cycle gas turbine CCN Certificate of Convenience and Necessity CCRs Coal combustion residuals CCS Carbon capture and sequestration CNO Chief Nuclear Officer CO 2 Carbon dioxide CO 2 e Carbon dioxide equivalent COLI Corporate-owned life insurance Crossroads Crossroads Energy Center CSAPR Cross-State Air Pollution Rule CT Combustion turbine CTO Chief Technology Officer CWIP Construction work in progress Dogwood Dogwood Energy Center EIRR Environmental Improvement Revenue Refunding EPA Environmental Protection Agency EPS Earnings per common share ERISA Employee Retirement Income Security Act of 1974, as amended ESA Electric service agreement ESG Environmental, social and governance Evergy Evergy, Inc. and its consolidated subsidiaries Evergy Board Evergy Board of Directors Evergy Companies Evergy, Evergy Kansas Central, and Evergy Metro, collectively, which are individual registrants within the Evergy consolidated group Evergy Kansas Central Evergy Kansas Central, Inc., a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries Evergy Kansas Central Mortgage Indenture Evergy Kansas Central Mortgage Indenture and Deed of Trust dated as of July 1, 1939, as amended and supplemented Evergy Kansas South Evergy Kansas South, Inc., a wholly-owned subsidiary of Evergy Kansas Central 5 Table of Contents Abbreviation or Acronym Definition Evergy Kansas South Mortgage Indenture Evergy Kansas South Mortgage Indenture and Deed of Trust dated as of April 1, 1940, as amended and supplemented Evergy Metro Evergy Metro, Inc., a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries Evergy Metro Mortgage Indenture Evergy Metro General Mortgage Indenture and Deed of Trust dated as of December 1, 1986, as amended and supplemented Evergy Missouri West Evergy Missouri West, Inc., a wholly-owned subsidiary of Evergy Evergy Missouri West Mortgage Indenture Evergy Missouri West First Mortgage Indenture and Deed of Trust, dated as of March 1, 2022, as supplemented Evergy Missouri West Storm Funding Evergy Missouri West Storm Funding I, LLC Evergy Transmission Company Evergy Transmission Company, LLC Exchange Act The Securities Exchange Act of 1934, as amended FASB Financial Accounting Standards Board FER Facility Evaluation Report FERC Federal Energy Regulatory Commission FIP Federal implementation plan FMBs First Mortgage Bonds GAAP Generally Accepted Accounting Principles GHG Greenhouse gas Great Plains Energy Great Plains Energy Incorporated IBEW International Brotherhood of Electrical Workers IRA Inflation Reduction Act HB House Bill IRP Integrated Resource Plan IRS Internal Revenue Service ITFIP Interstate Transport Federal Implementation Plans ITSIP Interstate Transport State Implementation Plans JEC Jeffrey Energy Center KCC State Corporation Commission of the State of Kansas KDHE Kansas Department of Health & Environment KEEIA Kansas Energy Efficiency Investment Act kV Kilovolt kWh Kilowatt hour LEC Lawrence Energy Center LLPS Large Load Power Service MDNR Missouri Department of Natural Resources MEEIA Missouri Energy Efficiency Investment Act MPSC Public Service Commission of the State of Missouri MW Megawatt MWh Megawatt hour NAAQS National Ambient Air Quality Standards NAV Net asset value NERC North American Electric Reliability Corporation NIST CSF National Institute of Standards and Technology Cybersecurity Framework NIST RMF National Institute of Standards and Technology Risk Management Framework NOL Net operating loss 6 Table of Contents Abbreviation or Acronym Definition NRC Nuclear Regulatory Commission OBBBA One Big Beautiful Bill Act OCI Other comprehensive income PISA Plant-in-service accounting Prairie Wind Prairie Wind Transmission, LLC, 50% owned by Evergy Kansas Central PRB Powder River Basin PTC Production tax credit RSU Restricted share unit RTO Regional transmission organization Scope 1 Direct greenhouse gas emissions that occur from sources that are controlled or owned by an organization Scope 2 Indirect greenhouse gas emissions associated with the purchase of electricity, steam, heat or cooling SB Senate Bill SCGT Simple cycle gas turbine SEC Securities and Exchange Commission Securitized Bonds Securitized Utility Tariff Bonds SIP State implementation plan SPP Southwest Power Pool, Inc. TCR Transmission congestion rights TDC Transmission delivery charge TFR Transmission formula rate Transource Transource Energy, LLC and its subsidiaries, 13.5% owned by Evergy Transmission Company UGSOA United Government Security Officers of America VaR Value at Risk VIE Variable interest entity WACC Weighted average cost of capital Wolf Creek Wolf Creek Generating Station 7 Table of Contents PART I ITEM 1. BUSINESS General Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. are separate registrants filing this combined annual report on Form 10-K. The terms "Evergy," "Evergy Kansas Central," "Evergy Metro" and "Evergy Companies" are used throughout this report. "Evergy" refers to Evergy, Inc. and its consolidated subsidiaries, unless otherwise indicated. "Evergy Kansas Central" refers to Evergy Kansas Central, Inc. and its consolidated subsidiaries, unless otherwise indicated. "Evergy Metro" refers to Evergy Metro, Inc. and its consolidated subsidiaries, unless otherwise indicated. "Evergy Companies" refers to Evergy, Evergy Kansas Central, and Evergy Metro, collectively, which are individual registrants within the Evergy consolidated group. Information in other Items of this report as to which reference is made in this Item 1 is hereby incorporated by reference in this Item 1. The use of terms such as "see" or "refer to" shall be deemed to incorporate into this Item 1 the information to which such reference is made. EVERGY, INC. Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy operates primarily through the following wholly-owned direct subsidiaries listed below. • Evergy Kansas Central, Inc. (Evergy Kansas Central) is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, Inc. (Evergy Kansas South). • Evergy Metro, Inc. (Evergy Metro) is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas. • Evergy Missouri West, Inc. (Evergy Missouri West) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. • Evergy Transmission Company, LLC (Evergy Transmission Company) owns 13.5% of Transource Energy, LLC (Transource) with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of American Electric Power Company, Inc. (AEP). Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method. Evergy Kansas Central also owns a 50% interest in Prairie Wind Transmission, LLC (Prairie Wind), which is a joint venture between Evergy Kansas Central and subsidiaries of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kilovolt (kV) double-circuit transmission line that provides transmission service in the Southwest Power Pool, Inc. (SPP). Evergy Kansas Central accounts for its investment in Prairie Wind under the equity method. Evergy Kansas Central, Evergy Kansas South, Evergy Metro, and Evergy Missouri West conduct business in their respective service territories using the name Evergy. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment). Evergy serves approximately 1.7 million customers located in Kansas and Missouri. Customers include approximately 1.5 million residences, 0.2 million commercial firms and 7,400 industrials, municipalities and other electric utilities. Evergy is significantly impacted by seasonality with approximately one-third of its retail revenues recorded in the third quarter. Evergy expects to continue operating its integrated utilities within the currently existing regulatory frameworks and is focused on enabling economic development across all of its service territories to strengthen the communities it serves and meet existing and future customer electricity demand growth through the continued evolution of its generation, transmission and distribution systems. Evergy will remain focused on consistently delivering on its affordability, reliability and sustainability objectives and delivering competitive long-term returns to shareholders, 8 Table of Contents including growth in earnings per share and targeting a 50%-60% dividend payout ratio. The core tenets of Evergy's strategy are as follows: • Affordability – maintaining affordable rates while investing in infrastructure and technology to support growth and prosperity; • Reliability – targeting top-tier performance in reliability, customer service and generation; and • Sustainability – advancing an "all-of-the-above" generation portfolio. See Item 7, Management's Discussion and Analysis of Financial Operations (MD&A) – Executive Summary – Strategy, for additional information. The table below summarizes the percentage of Evergy's revenues by customer class. 2025 2024 2023 Residential 37% 37% 37% Commercial 33% 34% 33% Industrial 11% 12% 12% Wholesale 5% 5% 7% Transmission 9% 8% 7% Other 5% 4% 4% Total 100% 100% 100% The table below summarizes the percentage of Evergy's retail electricity sales volumes by customer class. 2025 2024 2023 Residential 37% 37% 37% Commercial 44% 43% 43% Industrial 19% 20% 20% Total 100% 100% 100% Regulation Evergy Kansas Central and Evergy Metro's Kansas operations are regulated by the State Corporation Commission of the State of Kansas (KCC) and Evergy Metro's Missouri operations and Evergy Missouri West are regulated by the Public Service Commission of the State of Missouri (MPSC), in each case with respect to retail rates, certain accounting matters, standards of service and, in certain cases, the issuance of securities, certification of facilities and service territories. The Evergy Companies are also subject to regulation by the Federal Energy Regulatory Commission (FERC) with respect to transmission, wholesale sales and rates, the issuance of securities in certain cases and other matters. Evergy has an indirect 94% ownership interest in Wolf Creek Generating Station (Wolf Creek), which is subject to regulation by the Nuclear Regulatory Commission (NRC) with respect to licensing, operations and safety-related requirements. The table below summarizes the rate orders in effect for Evergy Kansas Central's, Evergy Metro's and Evergy Missouri West's retail rate jurisdictions. Regulator Allowed Return on Equity Effective Date Evergy Kansas Central (a) KCC 9.7% (b) October 2025 Evergy Metro - Kansas KCC 9.4% (b) December 2023 Evergy Metro - Missouri MPSC (c) January 2023 Evergy Missouri West MPSC (c) January 2025 (a) The KCC establishes rates for Evergy Kansas Central and Evergy Kansas South on a consolidated basis. 9 Table of Contents (b) Current KCC rate orders do not contain an explicit allowed return on equity. The return on equity presented in this table reflects the current order in Kansas which stated an allowed return on equity to be utilized for purposes of the transmission delivery charge (TDC). (c) Current MPSC rate orders do not contain an explicit allowed return on equity. Evergy expects its 2026 Kansas and Missouri jurisdictional retail revenues to be approximately 60% and 40%, respectively, based on historical averages of Evergy Kansas Central's, Evergy Metro's and Evergy Missouri West's total retail revenues. See Item 7, MD&A, Critical Accounting Policies section, and Note 4 to the consolidated financial statements for additional information concerning regulatory matters. Competition Missouri and Kansas continue to operate on the fully integrated and regulated retail utility model. As a result, the Evergy Companies do not compete with others to supply and deliver electricity in their franchised service territories in exchange for agreeing to have their terms of service regulated by state regulatory bodies. If Missouri or Kansas were to pass and implement legislation authorizing or mandating retail choice, Evergy may no longer be able to apply regulated utility accounting principles to deregulated portions of its operations, which may require a surcharge to recover certain costs from legacy customers or could lead to a write-off of certain regulatory assets and liabilities. Evergy competes in the wholesale market to sell power in circumstances when the power it generates is not required for retail customers in its service territory. This competition primarily occurs within the SPP Integrated Marketplace, in which Evergy Kansas Central, Evergy Metro and Evergy Missouri West are participants. This marketplace determines which generating units among market participants should run, within the operating constraints of a unit, at any given time for maximum regional cost-effectiveness. The SPP Integrated Marketplace is similar to other regional transmission organization (RTO) or Independent System Operator (ISO) markets currently operating in other regions of the United States. Power Supply Evergy has approximately 15,800 megawatts (MWs) of owned generating capacity and renewable power purchase agreements. Evergy's owned generation and power purchases from others, as a percentage of total megawatt hours (MWhs) generated and purchased, was approximately 60% and 40%, respectively, over the last three years. About 60% of Evergy's purchased power was purchased under long-term renewable purchased power contracts over the last three years. Evergy purchases power to meet its customers' needs, to satisfy firm power commitments or to meet renewable energy standards. Management believes Evergy will be able to meet its future power purchase needs due to the coordination of planning and operations in the SPP region and existing power purchase agreements; however, price and availability of power purchases may be impacted during periods of high demand or reduced supply. Evergy's total capacity by fuel type, including both owned generating capacity and power purchase agreements, is detailed in the table below. Fuel Type Estimated 2026 MW Capacity Percent of Total Capacity Coal 5,930 37 % Wind (a) 4,525 29 Natural gas and oil 4,229 27 Uranium 1,106 7 Solar and landfill gas 22 — Total capacity 15,812 100 % (a) MWs are based on nameplate capacity of the wind facility. Includes owned generating capacity of 778 MWs and long-term power purchase agreements of approximately 3,747 MWs of wind generation that expire from 2028 through 2048. See Item 2, Properties, for additional information. 10 Table of Contents Evergy has also entered into multiple firm capacity agreements with effective dates beginning between 2025 and 2028 to help it meet its projected load capacity requirements. These agreements total approximately 600 MWs and contain various expiration dates ranging between 2029 and 2033. Evergy's projected peak summer demand for 2026 is approximately 11,200 MWs. Evergy expects to meet its projected capacity requirements for 2026 with its existing generation assets and power purchases. See "Modernizing and Expanding Evergy's Generation Fleet" below for further information regarding Evergy's long-term strategy with regard to its generating assets and power purchases. Evergy Kansas Central, Evergy Metro and Evergy Missouri West are members of the SPP. The SPP is a FERC-approved RTO with the responsibility to ensure reliable power supply, adequate transmission infrastructure and competitive wholesale electricity prices in the region. As SPP members, Evergy Kansas Central, Evergy Metro and Evergy Missouri West were required to maintain a minimum reserve margin of 15% for 2025. Beginning in 2026, Evergy Kansas Central, Evergy Metro and Evergy Missouri West will be required to maintain a minimum reserve margin of 16%. This net positive supply of capacity is maintained through generation asset ownership, capacity agreements, power purchase agreements and peak demand reduction programs. The reserve margin is designed to support reliability of the region's electric supply. Environmental Matters The Evergy Companies are subject to extensive and evolving federal, state and local environmental laws, regulations and permit requirements relating to air and water quality, waste management and hazardous substance disposal, protected natural resources (such as wetlands, federally-listed species and other protected wildlife) and health and safety. For example, Evergy Kansas Central, Evergy Metro and Evergy Missouri West combust large amounts of fossil fuels in the production of electricity, which results in significant emissions of carbon dioxide (CO 2 ) and other greenhouse gases (GHG). Federal legislation regulates the emission of GHGs and numerous states and regions have adopted programs to stabilize or reduce GHG emissions. The Environmental Protection Agency (EPA), the Kansas Department of Health and Environment (KDHE) and the Missouri Department of Natural Resources (MDNR) regulate emissions under the Clean Air Act (CAA), water under the Clean Water Act and waste management under the Resource Conservation and Recovery Act, among other laws and regulations. See Note 15 to the consolidated financial statements for additional information. There have been, and management believes there will continue to be, policy, legal and regulatory efforts to influence climate change, such as efforts to reduce GHG emissions, impose a tax on those emissions and create incentives for low-carbon generation and energy efficiency. These efforts, and climate change itself, have the potential to adversely affect the Evergy Companies' operations, financial position and cash flows. See Part I, Item 1A, Risk Factors, for additional information. The Evergy Companies have taken, and will continue to take, proactive measures to mitigate the impact of climate change on its businesses. For example, the Evergy Companies regularly conduct preparedness exercises for a variety of disruptive events, including storms, which may become more frequent or intense due to climate change. In addition, the Evergy Companies have invested, and will continue to invest, in grid resiliency. Much of the Evergy Companies' infrastructure is advanced in age, and grid resiliency efforts include building additional transmission and distribution lines, performing necessary system maintenance, replacing necessary infrastructure and proactively managing the vegetation that can damage systems during severe weather. The Evergy Companies also monitor water conditions at their generating facilities and focus on water conservation at these facilities to address resource depletion. Modernizing and Expanding Evergy's Generation Fleet Evergy is committed to a long-term strategy focused on affordability, reliability and sustainability, including fostering economic development in Kansas and Missouri by supporting the attraction of new businesses and large load customers while ensuring protections for existing customers through key safeguards included in the Large Load Power Service (LLPS) rate plans. Evergy’s generation portfolio balances various fuel types which have historically provided cost and reliability benefits. For example, because renewable generation can be intermittent, a portfolio with dispatchable baseload generation that relies on varying fuel types, including a mix of uranium, coal and natural gas, has helped to maintain 11 Table of Contents a consistent availability of power. In addition, the Evergy Companies must prudently utilize the generation assets that regulators have allowed the Evergy Companies to include in rates. The Evergy Companies use an integrated resource plan (IRP), a detailed analysis that estimates factors that influence the future supply and demand for electricity, to inform the manner in which they supply electricity. The IRP considers forecasts of future electricity demand, fuel prices, transmission improvements, new generating capacity, cost of environmental compliance, integration of renewables, energy storage, energy efficiency and demand response initiatives, among other factors. The modernization of Evergy's generation fleet over time is expected to result in ongoing reductions in emissions. Strategies that the Evergy Companies are pursuing to modernize and expand the generation fleet include: • developing natural gas and renewable energy facilities; • exploring opportunities to add battery energy storage systems and nuclear generation; • grid investment and advancement; • collaborating with regulators to offer customers the opportunity to procure electricity produced with renewable resources; and • investing in customer energy efficiency programs. Since 2005, the Evergy Companies have added over 4,500 MWs of renewable generation capacity, while retiring more than 2,400 MWs of fossil generation. The fleet modernization steps outlined above will allow Evergy to support economic expansion in Kansas and Missouri and, as reflected in Evergy's IRPs, are expected in the future to be accompanied by the retirement of older coal-fired generation units and/or the conversion of coal-fired generation resources to natural gas. This generation modernization is expected to have a corresponding impact on CO 2 emissions, continuing a long-term downward trend. In 2025, Evergy's total CO 2 emissions from owned generation units were nearly 50% lower than 2005 levels. Through the ongoing modernization of its generation fleet, Evergy has a long-term goal to achieve net-zero carbon dioxide equivalent (CO 2 e) emissions, for scope 1 and scope 2 emissions, by 2050, a time frame that is consistent with the majority of industry peers with stated net-zero emissions goals. The trajectory and timing of achieving Evergy's long-term emissions reduction goal is expected to be dependent on the evolution of Evergy's IRPs and many external factors, including enabling technology developments, trends in total demand for electricity, the reliability of the power grid, availability of transmission capacity and supportive energy policies and regulations, among other external factors. See "Cautionary Statements Regarding Certain Forward-Looking Information" and Part I, Item 1A. Risk Factors, for additional information. See Item 2, Properties, for additional information regarding the Evergy Companies' renewable generation resources. The Evergy Companies are also committed to transparency. On its website, http://investors.evergy.com, Evergy provides quantitative and qualitative data regarding various environmental, social and governance matters, including information related to emissions, waste and water. The contents of the website, including reports and documents contained therein, are not incorporated into this filing. See Note 15 to the consolidated financial statements for information regarding environmental matters. 12 Table of Contents Fuel The fuel sources for Evergy's owned generation and power purchase agreements are coal, wind and other renewable sources, uranium and natural gas and oil. The actual 2025 fuel mix and fuel cost in cents per net kilowatt hour (kWh) delivered are outlined in the following table. Fuel cost in cents per Fuel Mix (a) net kWh delivered Actual Actual Fuel 2025 2025 Coal 47 % 2.27¢ Wind, landfill gas and solar (b) 28 1.83 Uranium 18 0.64 Natural gas and oil 7 4.47 Total 100 % 2.02 (a) Fuel mix based on percent of net MWhs generated by owned resources and delivered under renewable power purchase agreements. (b) Fuel cost in cents per net kWh delivered includes costs associated with renewable power purchase agreements. Coal During 2026, Evergy's generating units, including jointly-owned units, are projected to use approximately 16 million tons of coal. Evergy Kansas Central, Evergy Metro and Evergy Missouri West have entered into coal-purchase contracts with various suppliers in Wyoming's Powder River Basin (PRB), the nation's principal supply region of low-sulfur coal, and with local suppliers. The coal to be provided under these contracts is expected to satisfy approximately 75%, 55% and 40% of the projected coal requirements for 2026, 2027 and 2028, respectively. The remainder of the coal requirements is expected to be fulfilled through entering into additional contracts or spot market purchases. Evergy Kansas Central, Evergy Metro and Evergy Missouri West have also entered into rail transportation contracts with various railroads to transport coal from the PRB and local suppliers to their generating units. The transportation services to be provided under these contracts are expected to satisfy 70%, 25% and 25% of the projected transportation requirements for 2026, 2027 and 2028, respectively. The contract rates adjust for changes in railroad costs. Nuclear Fuel Evergy Kansas South and Evergy Metro each own 47% of Wolf Creek, which is Evergy's only nuclear generating unit. Wolf Creek purchases uranium and has it processed for use as fuel in its reactor. This process involves conversion of uranium concentrates to uranium hexafluoride, enrichment of uranium hexafluoride and fabrication of nuclear fuel assemblies. The owners of Wolf Creek have on hand or under contract all the uranium, uranium enrichment and conversion services needed to operate Wolf Creek through 2030. The owners also have under contract all the nuclear fuel assembly fabrication services required to operate Wolf Creek through 2045. Natural Gas Evergy purchases natural gas for use in its generating units primarily through spot market purchases. From time to time, Evergy also may enter into contracts, including the use of derivatives, in an effort to manage the cost of natural gas. For additional information about Evergy's exposure to commodity price risks, see Item 7A., Quantitative and Qualitative Disclosures About Market Risk. Evergy Kansas Central, Evergy Metro and Evergy Missouri West maintain various natural gas transportation arrangements. These agreements expire based on the generating unit being served with expiration dates from 2026 to 2031. 13 Table of Contents Customer Energy Efficiency Programs The Evergy Companies have implemented, and continue to offer, energy efficiency programs to help customers with their energy efficiency needs and to help manage energy costs. Both Missouri and Kansas have passed legislation promoting the implementation of cost-effective demand-side management programs and allowing for the recovery of these program costs from customers, along with the potential to earn performance incentives based upon certain criteria. In Missouri, Evergy Metro and Evergy Missouri West currently offer a suite of energy efficiency programs for customers under the Missouri Energy Efficiency Investment Act (MEEIA). The MPSC has approved a portfolio of MEEIA programs that run through 2027. The MEEIA programs provide for the recovery of program costs, throughput disincentive and the opportunity to earn an incentive based upon certain program costs or demand savings achieved. The costs of the programs are recovered from customers through a rider mechanism. In Kansas, Evergy Kansas Central and Evergy Metro currently offer a suite of energy efficiency programs for customers under the Kansas Energy Efficiency Investment Act (KEEIA). The KCC has approved a portfolio of KEEIA programs that run through February 2028. The KEEIA programs provide for the recovery of program costs, throughput disincentive and the opportunity to earn a performance incentive based primarily upon demand and energy savings achieved. The costs of the programs are recovered through a rider mechanism. Human Capital Resources As of December 31, 2025, the Evergy Companies had 4,691 employees, including 2,479 represented by five local unions of the International Brotherhood of Electrical Workers (IBEW) and one local union of the United Government Security Officers of America (UGSOA). The Evergy Companies' labor agreements expire at varying times from 2026 through 2028. The Evergy Companies employ 1,882 generation employees, 1,468 transmission and distribution employees and 1,341 support employees that work primarily in the states of Kansas and Missouri. Evergy's mission is to empower a better future and a key component of this mission is maintaining a culture that emphasizes safety, integrity, ownership and adaptability. Safety is a crucial part of Evergy's values. The components of Evergy's safety program include a strong management commitment to a safety-conscious work environment, hazard recognition and control, worksite analysis, contractor safety management and training. Evergy also conducts regular safety audits and assessments. Evergy offers a competitive package of compensation and benefits to attract and retain talented employees, including market-competitive pay, healthcare and retirement benefits, paid time off, family leave and tuition reimbursement. Evergy also encourages employees to participate in a comprehensive well-being program that includes health and wellness-related activities and incentives, employee resource groups, gym membership reimbursement, paid volunteer hours, charitable donation match and free access to an employee assistance program. 14 Table of Contents Information About Evergy's Executive Officers Set forth below is information relating to the executive officers of Evergy, Inc. Each executive officer holds the same position with each of Evergy Kansas Central, Inc., Evergy Metro, Inc., Evergy Kansas South, Inc. and Evergy Missouri West, Inc. as the executive officer holds with Evergy, Inc. Executive officers serve at the pleasure of Evergy's Board of Directors (Evergy Board). There are no family relationships among any of the executive officers, nor any arrangements or understandings between any executive officer and other persons pursuant to which he or she was appointed as an executive officer. Name Age Current Position(s) Year First Assumed an Officer Position David A. Campbell (a) 57 Chairman, President and Chief Executive Officer 2021 W. Bryan Buckler (b) 53 Executive Vice President and Chief Financial Officer 2024 Charles A. Caisley (c) 52 Executive Vice President, Utility Operations and Chief Customer Officer 2011 John T. Bridson (d) 56 Senior Vice President, Generation and Operations Support 2025 Lesley L. Elwell (e) 55 Senior Vice President, Chief People Officer 2021 Heather A. Humphrey (f) 55 Senior Vice President, General Counsel and Corporate Secretary 2010 Charles L. King (g) 61 Senior Vice President and Chief Technology Officer 2013 Cleveland O. Reasoner (h) 60 Senior Vice President and Chief Nuclear Officer 2025 Matthew B. Gummig (i) 40 Vice President and Chief Accounting Officer 2025 (a) Mr. Campbell was appointed Chairman, President and Chief Executive Officer of Evergy, Inc. in May 2024. Mr. Campbell previously served as President and Chief Executive Officer of Evergy, Inc. (2021-2024), Executive Vice President and Chief Financial Officer of Vistra Energy Corp. (2019-2020), as President and Chief Executive Officer of InfraREIT, Inc. and President of Hunt Utility Services (2014-2019) and as President and Chief Executive Officer of Sharyland Utilities, LLC (2016-2019), and in various roles with TXU Corp. and its affiliated entities (2004-2013). (b) Mr. Buckler was appointed Executive Vice President and Chief Financial Officer of Evergy, Inc. in October 2024. Mr. Buckler previously served as Chief Financial Officer of OGE Energy Corp. (2021-2024). Mr. Buckler also served as Vice President of Investor Relations at Duke Energy Corp. (2019-2020) and as Director of Financial Planning and Analysis at Duke Energy Corp. (2019). (c) Mr. Caisley was appointed Executive Vice President, Utility Operations and Chief Customer Officer of Evergy, Inc. effective October 2025. Mr. Caisley previously served as Executive Vice President, Public Affairs and Chief Customer Officer of Evergy, Inc. (2024-2025) and as Senior Vice President, Public Affairs and Chief Customer Officer of Evergy, Inc. (2021-2024). He previously served as Senior Vice President, Marketing and Public Affairs and Chief Customer Officer of Evergy, Inc. (2018-2021). Mr. Caisley served as Vice President - Marketing and Public Affairs of Great Plains Energy Incorporated (Great Plains Energy), Evergy Metro and Evergy Missouri West (2011-2018). He was Senior Director of Public Affairs (2008-2011) and Director of Governmental Affairs of Evergy Metro (2007-2008). (d) Mr. Bridson was appointed Senior Vice President, Generation and Operations Support of Evergy, Inc., effective October 2025. Mr. Bridson previously served as Vice President, Generation of Evergy, Inc. (2019-2025). He previously served as Senior Vice President, Generation and Marketing of Evergy Kansas Central (2015-2018). He joined Evergy Kansas Central in 1993 and held several positions with the company, including Vice President of Generation, Executive Director of Generation, Executive Director of Lawrence Energy Center, Executive Director of Gas-fired Power Plants, Director of Operations and Plant Engineer at Jeffrey Energy Center. (e) Ms. Elwell currently serves as Senior Vice President, Chief People Officer of Evergy, Inc. Ms. Elwell previously served as Senior Vice President and Chief Human Resources Officer of Evergy, Inc. (2021-2023). Ms. Elwell previously served as Chief People Officer at J.E. Dunn Construction Company (2017-2021), as Vice President People Strategy / HR Business Partner of Walmart Corporation (2016-2017), as Vice President HR Business Partner Operations at DIRECTV, Inc. (2012-2015), and in various roles of increasing responsibility, including as Vice President, with Sprint Corporation (1997-2012; 2015-2016). 15 Table of Contents (f) Ms. Humphrey was appointed Senior Vice President, General Counsel and Corporate Secretary of Evergy, Inc. in June 2018. Ms. Humphrey previously served as Senior Vice President - Corporate Services and General Counsel of Great Plains Energy, Evergy Metro and Evergy Missouri West (2016-2018). She previously served as General Counsel (2010-2016) and Senior Vice President - Human Resources of Great Plains Energy, Evergy Metro and Evergy Missouri West (2012-2016). She served as Vice President - Human Resources of Great Plains Energy, Evergy Metro and Evergy Missouri West (2010-2012). She was Senior Director of Human Resources and Interim General Counsel of Great Plains Energy, Evergy Metro and Evergy Missouri West (2010) and Managing Attorney of Evergy Metro (2007-2010). (g) Mr. King was appointed Senior Vice President and Chief Technology Officer of Evergy, Inc. in February 2020. He previously served as Senior Vice President, Information Technology and Chief Information Officer (2019) and Vice President, Information Technology and Chief Information Officer (2018-2019) of Evergy, Inc. Prior to that, he served as Vice President - Information Technology (2013-2018), as Senior Director of Information Technology Applications and Delivery (2013) and Director of Information Technology Applications (2011-2013) of Evergy Metro and Evergy Missouri West. Mr. King also served in various roles, including leadership roles, with Dish Network, CenturyLink, Sprint and Accenture. (h) Mr. Reasoner was appointed Senior Vice President and Chief Nuclear Officer of Evergy, Inc., effective October 2025. Mr. Reasoner previously served as Vice President and Chief Nuclear Officer of Evergy, Inc (2019-2025). Mr. Reasoner also serves as President and Chief Executive Officer, Board of Directors Member, Chief Nuclear Officer and Treasurer of Wolf Creek Nuclear Operating Corporation (2019-present). He previously served as Senior Vice President, Chief Nuclear Officer of Wolf Creek Nuclear Operating Corporation (2018-2019) and Site Vice President of Wolf Creek Nuclear Operating Corporation (2014-2018). Prior to joining Wolf Creek Nuclear Operating Corporation, Mr. Reasoner served as Vice President of Engineering at Ameren Corporation's Callaway nuclear power plant and Site Vice President (2009-2014). Before joining Ameren's Callaway plant, Mr. Reasoner started his nuclear career at Arkansas Nuclear One and served in a variety of engineering roles. (i) Mr. Gummig was appointed Vice President and Chief Accounting Officer of Evergy, Inc., effective April 2025. Mr. Gummig previously served as Director of External Reporting, Policy and Property Accounting of Evergy, Inc. (2023-2025). Prior to that, he held the position of Senior Manager of External Reporting and various other roles of increasing responsibility within Evergy, Inc.'s accounting organization (2012-2023). Mr. Gummig also served in various roles within the assurance practice of Ernst & Young (2009-2011). Evergy Kansas Central, Inc. Evergy Kansas Central, a Kansas corporation incorporated in 1924 and headquartered in Topeka, Kansas, is an integrated, regulated electric utility that engages in the generation, transmission, distribution and sale of electricity. Evergy Kansas Central serves approximately 751,000 customers located in central and eastern Kansas. Customers include approximately 651,100 residences, 94,800 commercial firms, and 5,100 industrials, municipalities and other electric utilities. Evergy Kansas Central's retail revenues averaged approximately 74% of its total operating revenues over the last three years. Wholesale firm power, bulk power sales, transmission and miscellaneous electric revenues accounted for the remainder of Evergy Kansas Central's revenues. Evergy Kansas Central is significantly impacted by seasonality with approximately one-third of its retail revenues recorded in the third quarter. Evergy Metro, Inc. Evergy Metro, a Missouri corporation incorporated in 1922 and headquartered in Kansas City, Missouri, is an integrated, regulated electric utility that engages in the generation, transmission, distribution and sale of electricity. Evergy Metro serves approximately 591,800 customers located in western Missouri and eastern Kansas. Customers include approximately 524,800 residences, 65,200 commercial firms, and 1,800 industrials, municipalities and other electric utilities. Evergy Metro's retail revenues averaged approximately 88% of its total operating revenues over the last three years. Wholesale firm power, bulk power sales and miscellaneous electric revenues accounted for the remainder of Evergy Metro's revenues. Evergy Metro is significantly impacted by seasonality with approximately one-third of its retail revenues recorded in the third quarter. Missouri and Kansas jurisdictional retail revenues for Evergy Metro averaged approximately 55% and 45%, respectively, of total retail revenues over the last three years. 16 Table of Contents ITEM 1A. RISK FACTORS Utility Regulatory Risks: Prices are established by regulators and may not be sufficient to recover costs or provide for a return on investment. The prices that the FERC, KCC and MPSC authorize the utility subsidiaries of Evergy to charge significantly influence the Evergy Companies' results of operations, financial position and cash flows. In general, utilities are allowed to recover in customer rates costs that were prudently incurred to provide utility service, plus a reasonable return on invested capital. There can be no assurance, however, that regulators will determine costs to have been prudently incurred. Further, the amounts approved by the regulators may not be sufficient to allow for a recovery of costs or provide for an adequate return on and of capital investments. Also, amounts that were approved by regulators may be subject to existing limitations in regulatory or legislative frameworks or appealed, modified, limited or eliminated by subsequent regulatory or legislative actions. The markets that the Evergy Companies operate in could also become deregulated resulting in costs that are unable to be recovered from customers. A failure to recover costs or earn a reasonable return on invested capital for any reason could negatively impact Evergy's ability to access capital at reasonable rates, impeding Evergy's ability to invest and develop infrastructure in its service territory, and may also have a material adverse effect on the results of operations, financial position and cash flows of Evergy. The Evergy Companies are also exposed to cost-recovery shortfalls due to the inherent "regulatory lag" in the rate-setting process. Potential cost-recovery shortfalls occur because utility rates are generally based on historical information and, except for certain situations in which regulators allow for recovery of expenses through use of a formula that tracks costs, are not subject to adjustment between rate cases. These and other factors may result in under-recovery of costs or failure to earn the authorized return on investment, or both. Effective in July 2024, Evergy Kansas Central and Evergy Metro elected into a plant-in service accounting (PISA) provision permitted by Kansas law, allowing each to defer to a regulatory asset 90% of depreciation expense and associated return on investment associated with qualifying plants additions. These deferred amounts must be included in rate base during subsequent rate proceedings. However, Evergy Kansas Central and Evergy Metro will be unable to recover deferred amounts to the extent that inclusion of the incremental regulatory asset created by PISA causes base rates to increase more than 1.5% per year. Similarly, Evergy Metro and Evergy Missouri West elected into a PISA provision permitted by Missouri law that establishes a 2.5% annual limit on increases to the revenue requirement due to the inclusion of the incremental regulatory asset created by PISA. Increased capital expenditures could cause Evergy Kansas Central, Evergy Metro or Evergy Missouri West to exceed the applicable limitation resulting in an adverse impact to the Evergy Companies' results of operations, financial position and cash flows. Furthermore, there remains uncertainty in the near-term outlook as to whether inflation will remain elevated compared to pre-pandemic inflation rates. Increases in inflation raise the Evergy Companies' costs for labor, materials and services, and a failure to recover these increased costs could result in under-recovery. While the inflation rate and prices have increased, the Evergy Companies, and the energy industry as a whole, have experienced an upward trend in spending, especially with respect to new generation and infrastructure investments, which is likely to continue in the foreseeable future and could result in more frequent rate cases and requests for, and the continuation of, cost recovery mechanisms. The cost recovery efforts could face resistance from customers and other stakeholders especially in a rising cost environment, whether due to inflation or high fuel prices or otherwise, and/or in periods of economic decline or hardship. Significant increases in costs also could increase financing needs and otherwise adversely affect the Evergy Companies' business, financial position, results of operation or cash flows. The Evergy Companies' business and capital investment plan calls for significant investment in capital improvements and additions, including the construction or acquisition of additional generation and transmission facilities, interconnection with data centers and modernizing existing infrastructure. Failure to timely recover the full investment costs of capital projects, the impact of renewable energy and energy efficiency programs, the impact 17 Table of Contents of tariffs and trade policy, other utility costs and expenses due to regulatory disallowances, regulatory lag or other factors could lead to increased expenses, lowered credit ratings, reduced access to capital markets, increased financing costs, lower flexibility due to constrained financial resources and increased collateral security requirements or reductions or delays in planned capital expenditures. In response to competitive, economic, political, legislative, public perception, customer affordability and regulatory pressures, Evergy's utility subsidiaries may be subject to rate moratoriums, rate refunds, limits on rate increases, lower allowed returns on investments or rate reductions, including phase-in plans designed to spread the impact of rate increases over an extended period for the benefit of customers. In addition, Transource, of which Evergy owns a 13.5% interest, is focused on the development of competitive electric transmission projects across the United States and faces similar risks with respect to projects located in regulatory jurisdictions outside of Kansas and Missouri. Any of these results could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies. Legislative and regulatory requirements may increase costs and result in compliance penalties. FERC, the North American Electric Reliability Corporation (NERC) and SPP have implemented and enforce an extensive set of transmission system reliability, cybersecurity and critical infrastructure protection standards that apply to public utilities. The MPSC and KCC have the authority to implement utility operational standards and requirements, such as vegetation management standards, facilities inspection requirements and quality of service standards. In addition, the Evergy Companies are also subject to health, safety and other requirements enacted by the Occupational Safety and Health Administration, the Department of Transportation, the Department of Labor and other federal and state agencies. As discussed more fully below, the Evergy Companies are also subject to numerous environmental laws and regulations, as well as laws and regulations related to nuclear power generation. The costs of complying with existing, new or modified regulations, standards and other requirements could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies. Furthermore, regulatory changes could result in operational changes that increase costs or adversely impact the Evergy Companies' prospects. In addition, failure to meet quality of service, reliability, cybersecurity, critical infrastructure protection, operational or other standards and requirements could expose the Evergy Companies to penalties, additional compliance costs or adverse rate consequences, any of which could have a material adverse impact on their results of operations, financial position and cash flows. Environmental Risks: Costs to comply with environmental laws and regulations, including those relating to air and water quality, waste management and hazardous substance disposal, protected natural resources and health and safety, are significant and may adversely impact operations and financial results. The Evergy Companies are subject to extensive and evolving federal, state and local environmental laws, regulations and permit requirements relating to air and water quality, waste management and hazardous substance disposal, protected natural resources (such as wetlands, federally-listed species and other protected wildlife) and health and safety. See Item 1. Business - Environmental Matters and Note 15 to the consolidated financial statements for additional information. In general, over time these laws and regulations have become increasingly stringent and compliance with these laws and regulations require an increasing share of capital and operating resources, which may reduce the resources available for other business objectives, including capital investments. Compliance with environmental laws, regulations and requirements requires significant capital and operating resources. Regulators may also disagree with the Evergy Companies' interpretation or application of environmental laws, regulations and requirements. The failure to comply with environmental laws, regulations and requirements could result in substantial fines, injunctive relief and other sanctions. The EPA has begun issuing coal combustion residual (CCR) Part A and Part B rule extension application determinations for companies that applied for approval to operate unlined or clay-lined impoundments beyond April 2021. The Evergy Companies did not apply for an extension; however, the EPA's proposed determinations on applications include extensive CCR rule interpretations and compliance expectations that may impact all owners of CCR units. The new interpretations could require modified compliance plans such as different methods of CCR 18 Table of Contents unit closure. Additionally, more stringent remediation requirements for units that are in corrective action or forced to go into corrective action could result in substantial costs or operational impacts. Environmental permits are subject to periodic renewal, which may result in more stringent permit conditions and limits. New facilities, or modifications of existing facilities, may require new environmental permits or amendments to existing permits. Delays in the environmental permitting process, public opposition and challenges, denials of permit applications, limits or conditions imposed in permits and the associated uncertainty may materially adversely affect the cost and timing of projects, and thus may materially adversely affect the results of operations, financial position and cash flows of the Evergy Companies. In addition, compliance with environmental laws, regulations and requirements could alter the way assets are managed, which in turn could result in retiring assets earlier than expected, recording asset retirement obligations (AROs) or having a regulator disallow recovery of costs that had been prudently incurred in connection with those assets. There is also a risk of lawsuits alleging violations of environmental laws, regulations or requirements, claiming creation of a public nuisance or other matters, and seeking injunctions or monetary damages or other relief. Costs of compliance with environmental laws, regulations and requirements, or fines, penalties or negative lawsuit outcomes, if not recovered in rates from customers, could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies. Financial Risks: Evergy’s business and capital investment plans depend, in part, on the viability of data centers and large load customers interconnecting with Evergy’s utility subsidiaries. The Evergy Companies are experiencing current and projected load demands that exceed recent experience, creating a business need for new power generating resources and transmission facilities. Much of this demand is driven by interconnecting with and providing power to data centers and large load customers to serve an increasingly digital economy and to support artificial intelligence. The business and capital investment plans of the Evergy Companies are focused on meeting these current and projected needs. If these increased demands for electricity do not occur as projected or are not sustained as projected, for any reason, it could have a material adverse effect on the Evergy Companies' financial results. Financial market volatility or declines in the Evergy Companies' credit ratings may increase financing costs and limit access to the credit markets, which may adversely affect liquidity and financial results. The Evergy Companies rely on funds from operations and access to the capital and credit markets to fund capital expenditures and for working capital and liquidity. Volatility in capital or credit markets, increases in interest rates, deterioration in the financial condition of the financial institutions on which the Evergy Companies rely, credit rating downgrades, delays in regulatory approvals for certain financings, a decrease in the market price of Evergy's common stock or a lack of demand for securities issued by the Evergy Companies or subsidiaries could have material adverse effects on the Evergy Companies. These effects could include, among others: reduced access to capital and increased cost of borrowed funds and collateral requirements; dilution resulting from equity issuances at reduced prices; increased nuclear decommissioning trust and pension and other post-retirement benefit plan funding requirements; reduced ability to pay dividends; rate case disallowance of costs of capital; reductions in or delays of capital expenditures; delayed access to the capital markets at opportune times; and limitations in the ability of Evergy to provide credit support for its subsidiaries. The Evergy Companies plan to continue to make significant capital investments in natural gas and renewable generation and other forms of capacity and to enhance the customer experience, improve reliability and resiliency and improve efficiency, which are expected to be funded with cash flows from operations and issuances of debt, equity and hybrid securities. If cash flows from operations are lower than expected or the costs of these capital investments are higher than expected, additional debt, equity and hybrid securities will be required to fund the investments, which, in turn, may result in a decrease in the market value of Evergy's common stock, create pressure on the Evergy Companies' credit ratings or result in a ratings downgrade and increase their cost of capital. While the Evergy Companies currently expect sufficient available debt and equity capital from public and private funding sources, there is no guarantee such sources will be available in the future. Further, Evergy Kansas Central and 19 Table of Contents Evergy Metro have outstanding tax-exempt bonds with interest rates that are determined each week. 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, which could adversely impact liquidity. Finally, market disruption and volatility could have an adverse impact on Evergy's lenders, suppliers and other counterparties or customers, causing them to fail to meet their obligations. Evergy is a holding company and relies on the earnings of its subsidiaries to meet its financial obligations. Evergy is a holding company with no significant operations of its own. The primary source of funds for Evergy's payment of dividends to its shareholders and its other financial obligations is dividends paid to it by its direct subsidiaries, particularly Evergy Kansas Central, Evergy Metro and Evergy Missouri West. Evergy's subsidiaries are separate legal entities and have no obligation to provide Evergy with funds. The ability of Evergy's subsidiaries to pay dividends or make other distributions, and accordingly, Evergy's ability to pay dividends on its common stock and meet its financial obligations, principally depends on the earnings and cash flows, capital requirements and general financial position of its subsidiaries, as well as regulatory factors, financial covenants, general business conditions and other matters. In addition, the Evergy Companies are subject to certain corporate and regulatory restrictions and financial covenants that could affect their ability to pay dividends. Under the Federal Power Act, Evergy Kansas Central, Evergy Metro and Evergy Missouri West generally can pay dividends only out of retained earnings. Each of Evergy Metro and Evergy Missouri West has committed to Missouri regulators to not pay dividends to Evergy if its credit rating falls below BBB- for S&P Global Ratings or Baa3 for Moody's Investors Service. Each of Evergy Kansas Central and Evergy Metro has committed to Kansas regulators to not pay dividends to Evergy if (i) the payment would result in an increase in the utility's debt level (excluding short-term debt and debt due within one year) above 60 percent of its total capitalization, absent approval from the KCC or (ii) if its credit rating falls below BBB- for S&P Global Ratings or Baa3 for Moody's Investors Service. Under various debt agreements, the Evergy Companies are also required to maintain a consolidated indebtedness to consolidated total capitalization ratio of not more than 0.65 to 1.00, which could restrict the amount of dividends the Evergy Companies are permitted to pay. Evergy cannot guarantee dividends will be paid in the future or that, if paid, dividends will satisfy announced targets or investor expectations or be paid with the same frequency as in the past. Additionally, Evergy may not declare or pay any cash dividend or distribution on its capital stock during any period in which Evergy defers interest on its outstanding junior subordinated notes. In addition, from time to time Evergy has in the past and may in the future guarantee debt obligations of its subsidiaries. Under the financing agreements to which Evergy is a party, a guarantee of debt may be considered indebtedness for purposes of complying with financial covenants that dictate the extent to which Evergy can borrow money, and any guarantee payments could adversely affect Evergy's liquidity and ability to service its own debt obligations. Supply chain disruptions, tariffs and inflation could negatively impact the Evergy Companies' operations and corporate strategy. The operations and business plans of the Evergy Companies depend on the global supply chain to procure the equipment, materials and other resources necessary to build and provide services in a safe and reliable manner. The delivery of components, materials, equipment and other resources that are critical to the Evergy Companies' business operations and corporate strategy has been restricted by domestic and global supply chain uncertainty. This has resulted in the shortage of critical items. International tensions from any source, including the ramifications of regional conflict or increased tariffs, could further exacerbate the global supply chain uncertainty. These disruptions and shortages could adversely impact business operations and corporate strategy. The current presidential administration has implemented tariffs on certain imported goods and may impose additional tariffs. The constraints in the supply chain could restrict the availability and delay the construction, maintenance or repair of items that are needed to support normal operations or are required to execute on the Evergy Companies' corporate strategy for continued capital investment in utility equipment and impact the strategy to modernize its generation fleet. These disruptions and constraints could have a material adverse effect on the business, results of operations, financial position and cash flows of the Evergy Companies. 20 Table of Contents Supply chain disruptions have contributed to higher prices of components, materials, equipment and other needed commodities. An extended duration or an ongoing increase in the severity of supply chain and inflationary disruptions, including increased tariffs, could result in continued inflation, further extend lead times and result in higher cost of capital. While the Evergy Companies generally recover increases in costs from customers through rates in the Evergy Companies' regulated jurisdictions, short-term increases may not be recovered due to "regulatory lag." Failure to recover increased costs could have a material adverse effect on the business, results of operations, financial position and cash flows of the Evergy Companies. Additionally, heightened inflation raises the Evergy Companies' costs for labor, materials and services, and failure to secure these on reasonable terms may adversely impact the Evergy Companies' business, results of operations, financial position and cash flows. Public health crises, epidemics, or pandemics could adversely affect the Evergy Companies' business functions, financial position, liquidity, and results of operations. Public health crises, epidemics, or pandemics and any related government responses may adversely impact the economy and financial markets and could have a variety of adverse impacts on the Evergy Companies, including a decrease in revenues, increased credit loss expense; increases in past due accounts receivable balances; and access to the capital markets at unreasonable terms or rates. Public health crises, epidemics, or pandemics and any related government responses could also impair the Evergy Companies' ability to develop, construct, and operate facilities. Risks include extended disruptions to supply chains and inflation, resulting in increased costs for labor, materials, and services, which could adversely impact the Evergy Companies' ability to implement their corporate strategy. The Evergy Companies may also be adversely impacted by labor disruptions and productivity as a result of infections, employee attrition, and a reduced ability to replace departing employees as a result of employees who leave or forego employment to avoid any required precautionary measures. Despite the Evergy Companies' efforts to manage the impacts of public health crises, epidemics, or pandemics that may occur in the future, the extent to which they may affect them depends on factors beyond their knowledge or control. As a result, the Evergy Companies are unable to determine the potential impact any such public health crises, epidemics, or pandemics may have on their business plans and operations, liquidity, financial position, and results of operations. Increasing costs associated with defined benefit retirement and postretirement plans, health care plans and other employee benefits could adversely affect Evergy's financial position and liquidity. Evergy maintains defined benefit retirement and other post-retirement employee benefit plans for certain current and former employees. The costs of these plans depend on a number of factors, including the rates of return on plan assets, the level and nature of the provided benefits, discount rates, the interest rates used to measure required minimum funding levels, changes in benefit design, changes in laws or regulations and the amount of any required or voluntary contributions to the plans. The Evergy Companies have substantial unfunded liabilities under these plans. Also, if the rate of retirements exceeds planned levels, these plans experience adverse market returns on investments or interest rates fall, required or voluntary contributions to the plans could be material. In addition, changes in accounting rules and assumptions related to future costs, returns on investments, interest rates and other actuarial assumptions, including projected retirements, could have an adverse impact on the results of operations, financial position and cash flows of the Evergy Companies. The costs of providing health care benefits to employees and retirees have increased in recent years and may continue to rise in the future. Future legislative changes related to health care could also cause significant changes to benefit programs and costs. The increasing costs associated with health care plans could have an adverse impact on the results of operations, financial position and cash flows of the Evergy Companies. The Evergy Companies are subject to commodity and other risks associated with energy markets. The Evergy Companies are required to maintain generation capacity that satisfies regulatory mandates and are obligated to provide power when required by the SPP or pursuant to contractual obligations. Although the Evergy Companies generally have regulatory mechanisms that allow them to recover the cost of fuel and purchased power 21 Table of Contents necessary to satisfy these requirements, regulatory or legislative actions could limit, eliminate or delay recovery of these expenses after the expenses have been incurred. The Evergy Companies engage in the wholesale and retail sale of electricity and the wholesale purchase of electricity as part of their regulated electric operations in addition to energy marketing activities and the management of third-party generation facilities. These activities expose the Evergy Companies to risks associated with the price of electricity and other energy-related products, as well as credit exposure to their counterparties. Exposure to these risks is affected by a number of factors, including the availability and cost of fuel and power that the Evergy Companies purchase on the wholesale markets to serve customer load or to satisfy their regulatory or contractual obligations, the ability or effectiveness of strategies utilized by the Evergy Companies to hedge these risks, the extent to which the Evergy Companies may be required to post collateral for the benefit of third parties and the risk that counterparties fail to fulfill their obligations to the Evergy Companies. Market volatility can increase or create unanticipated risks. Regional transmission organizations and independent system operators may also retroactively reprice transactions following execution. Subject to certain regulatory constraints, the Evergy Companies use derivative instruments, such as transmission congestion rights (TCRs), swaps, options, futures and forwards, to manage commodity and financial risks. Losses could be recognized as a result of volatility in the market values of these contracts, if a counterparty fails to perform or if the underlying transactions, which the derivative instruments are intended to hedge, fail to materialize. The valuation of these financial instruments can involve management’s judgment or the use of estimates. As a result, changes in the underlying assumptions or use of alternative valuation methods could affect the reported fair value of these contracts. The Evergy Companies cannot assure that their risk management practices will be effective or will mitigate all risks. The results of operations, financial position and liquidity of the Evergy Companies could be materially adversely affected if the Evergy Companies fail to recover, or experience a delay in the recovery of, fuel and purchased power expenses; if the Evergy Companies fail to adequately hedge or mitigate commodity or energy market risks; if the Evergy Companies are required to provide collateral in amounts greater than planned; if energy marketing transactions are retroactively repriced; or if counterparties fail to fulfill obligations to the Evergy Companies. Tax legislation and an inability to utilize tax credits could adversely impact results of operations, financial position and liquidity. Tax laws and regulations can adversely affect, among other things, financial results, liquidity, credit ratings and the valuation of assets, such as deferred income tax assets. The Evergy Companies regularly assess their ability to utilize tax benefits, including those in the form of net operating loss (NOL), tax credit and other tax carryforwards, that are recorded as deferred income tax assets on their balance sheets to determine whether a valuation allowance is necessary. A reduction in, or disallowance of, these tax benefits could have an adverse impact on the financial results and liquidity of the Evergy Companies. Changes in corporate tax rates or policy changes, as well as any inability to generate enough taxable income in the future to utilize all tax benefits before they expire, could have an adverse impact on the results of operations, financial position and liquidity of the Evergy Companies. In addition, the Evergy Companies construct and operate renewable energy facilities that generate tax credits that reduce federal income tax obligations. The Evergy Companies are also eligible under current law for production tax credits related to the generation of electricity from nuclear energy. The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025. The OBBBA, among other things, changed most of the federal renewable energy initiatives. Furthermore, the amount of tax credits is dependent on several factors, including the amount of electricity produced and the applicable tax credit rate. A variety of factors, including transmission constraints, IRS interpretation on eligibility as well as the calculation of the credits, a change in law or regulation, the ability to timely complete construction of renewable energy facilities, adverse weather conditions and breakdown or failure of equipment, could significantly reduce these tax credits, which could have an adverse impact on the results of operations and financial position of the Evergy Companies. 22 Table of Contents The anticipated benefits of the Evergy Companies' strategy may not be realized. The Evergy Companies' strategy includes maintaining rigorous cost management and planned increases in capital investment levels to meet expected electricity demand growth and economic development in their service territory. The Evergy Companies' strategy also includes a different mix of capital investments than has been pursued in the past, including significant capital investments in natural gas and renewable generation and battery storage capacity. The Evergy Companies' strategy is expected to result in the modernization and expansion of the generation fleet to support economic expansion in Kansas and Missouri and, as reflected in their IRPs, is expected in the future to be accompanied by the retirement of older coal-fired generation units and/or conversion of coal-fired generation resources to natural gas. If regulators determine that the modernization and expansion of the generation fleet or the retirement or conversion of coal generation facilities were not prudent, they could prohibit the Evergy Companies from recovering, or earning a return on, the investments in those facilities that were prudent when the investments were originally made. This concept is known as a "stranded asset," and generation retirements or conversion outside of those contemplated in the IRP increase the risk that regulators will disallow the recovery of otherwise prudent investments. In addition, the Evergy Companies may in the future utilize legislative mechanisms known as securitization to facilitate the retirement of coal-fired generation, which will eliminate future returns on the investment that was originally made by the Evergy Companies in those coal-fired generating facilities and reduce the Evergy's Companies' results of operations and financial position. No assurance can be given that the expected electricity demand growth and economic development in the Evergy Companies' service territory will occur, or that the Evergy Companies will be successful in implementing their strategy in a timely manner or at all, and a failure to do so could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies and have an adverse impact on the price of Evergy’s common stock. The price of Evergy common stock may experience volatility. The price of Evergy common stock may be volatile. Some of the factors that could affect the price of Evergy common stock are Evergy's earnings; the ability of the Evergy Companies to implement their strategic plan; the ability of Evergy to deploy capital; actions by regulators including authorized return on equity and equity capital structure levels that could impact the ability to attract capital; anticipated demand for electricity from large load customers not occurring as projected or not sustained as projected; and statements in the press or investment community about the Evergy Companies' strategy, earnings per share or growth prospects, results of operations or financial position. Negative perceptions or publicity from increasing scrutiny of environmental, social and governance practices could also adversely impact Evergy's stock price. Also, individuals or entities, such as activist shareholders and special interest groups, may seek to influence the Evergy Companies' strategic plan or take other actions that could disrupt the Evergy Companies' business, financial results or operations and could adversely impact Evergy's stock price. In addition, the Evergy Companies operate almost exclusively in Kansas and Missouri and this concentration may increase exposure to risks arising from unique local or regional factors. Furthermore, domestic and international market conditions and economic factors and political events unrelated to the performance of Evergy (including geopolitical conflicts) may also affect Evergy's stock price. For these reasons, shareholders should not rely on historical trends in the price of Evergy common stock to predict the future price of Evergy's common stock. Evergy has recorded goodwill that could become impaired and adversely affect financial results . As required by generally accepted accounting principles (GAAP), Evergy recorded a significant amount of goodwill on its balance sheet in connection with completion of the merger that resulted in the formation of Evergy. Evergy assesses goodwill for impairment on an annual basis or whenever events or circumstances occur that would indicate a potential for impairment. If goodwill is deemed to be impaired, Evergy may be required to incur non-cash charges that could materially adversely affect its results of operations. Customer and Weather-Related Risks: Evergy is subject to wildfire risk. Wildfires have the potential to negatively affect communities within the Evergy Companies' service territories and the surrounding areas, as well as its network of electric transmission and distribution lines and facilities. The 23 Table of Contents possibility of wildfires and the risk of damage to the Evergy Companies' network and facilities resulting therefrom may be exacerbated by severe weather events and the effects of climate change. The continued expansion of the wildland-urban interface has also increased wildfire risk to communities in the Evergy Companies' service territories. While the Evergy Companies proactively take steps to mitigate wildfire risk in the areas of its electrical assets, wildfire risk is always present. Kansas has enacted legislation that partially mitigates wildfire-related liability exposure for Kansas public utilities by establishing a two-year statute of limitations for wildfire-related claims and imposing a cap on punitive damages awarded under a fire-related claim. The law also requires plaintiffs to prove fire-related claims by a preponderance of the evidence. Despite these statutory limitations, the Evergy Companies could still be held liable for damages incurred as a result of wildfires or incur reputational harm if it was determined that the wildfires were caused by or enhanced due to any fault of the Evergy Companies. In addition, while the Evergy Companies maintain wildfire insurance, insurance coverage may not be sufficient to cover all losses the Evergy Companies may incur as a result of wildfires. Wildfires could also lead to significant financial distress, credit rating downgrades, limits on the ability to access capital markets and further increased costs for wildfire insurance or lack of availability thereof. Insufficient wildfire insurance coverage, increased wildfire insurance costs and a lack of wildfire insurance availability could adversely impact the Evergy Companies' results of operations, financial position and cash flows. Furthermore, any damage caused to the Evergy Companies' assets, loss of service to customers or liability imposed as a result of wildfires could negatively impact Evergy's results of operations, financial position and cash flows. Changes in electricity consumption could have a material adverse effect on Evergy's results of operations, financial position and cash flows. Change in customer behaviors in response to energy efficiency programs, changing conditions and preferences or changes in the adoption of technologies could affect the consumption of energy by customers. Federal and state programs exist to influence the way customers use energy and regulators have mandates to promote energy efficiency. Conservation programs and customers' level of participation in the programs could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies. Technological advances, energy efficiency and other energy conservation measures have reduced and will continue to reduce customer electricity consumption. The Evergy Companies predominately generate electricity at central station power plants to achieve economies of scale and produce electricity at a competitive cost. Self-generation and distributed generation technologies, including microturbines, wind turbines, fuel cells and solar cells, as well as those related to the storage of energy produced by these systems, have become economically competitive with the manner and price at which the Evergy Companies sell electricity. There is also a perception that generating or storing electricity through these technologies is more environmentally friendly than generating electricity with fossil fuels. Increased adoption of these technologies could reduce electricity demand and the pool of customers from whom fixed costs are recovered, resulting in under recovery of the fixed costs of the Evergy Companies. Increased self-generation and the related use of net energy metering, which allows self-generating customers to receive bill credits for surplus power, could put upward price pressure on remaining customers. If the Evergy Companies are unable to adjust to reduced electricity demand and increased self-generation and net energy metering, their results of operations, financial position and cash flows could be adversely affected. Changes in customer electricity consumption due to sustained financial market disruptions, downturns or sluggishness in the economy or other factors may also adversely affect the results of operations, financial position and cash flows of the Evergy Companies. Weather is a major driver of the results of operations, financial position and cash flows of the Evergy Companies and the Evergy Companies are subject to risks associated with climate change. Weather conditions directly influence the demand for and price of electricity. The Evergy Companies are significantly impacted by seasonality, and, due to energy demand created by air conditioning load, their highest revenues are typically recorded in the third quarter. Unusually mild winter or summer weather can adversely affect sales. In addition, severe weather and events, including tornados, snow, fire, rain, flooding, drought and ice storms, can be destructive and cause outages and property damage that can result in increased expenses, lower revenues and additional restoration costs. Storm reserves established by the Evergy Companies may be insufficient and rates may not be adjusted in a timely manner, or at all, to recover these costs. Additionally, because many of the Evergy 24 Table of Contents Companies' generating stations utilize water for cooling, low water and flow levels can increase maintenance costs at these stations, result in limited power production and require modifications to plant operations. High water conditions can also impair planned deliveries of fuel to generating stations or otherwise adversely impact the ability of the Evergy Companies to operate these stations. Climate change may produce more frequent or severe weather events, such as storms, droughts or floods. These events could lead to unforeseen changes in water supply quality and create additional costs related to water treatment and complying with environmental discharge requirements. Climate change events could also impact the economic health of the Evergy Companies' service territories. An increase in the frequency or severity of extreme weather events or a deterioration in the economic health of the Evergy Companies' service territories could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies. Additionally, the Evergy Companies have been increasing their renewable resources and expect to continue to add renewable capacity in the future. The production of energy from wind and solar facilities depends heavily on suitable weather conditions, which are variable. When wind or solar conditions are unfavorable or below estimates, electricity production can be substantially below expectations. In addition, policy, legal and regulatory efforts to influence climate change, such as efforts to reduce GHG emissions, impose a tax on emissions and create incentives for low-carbon generation and energy efficiency, could result in reduced sales and require significant costs to respond to such efforts. These efforts could also result in the early retirement of generation facilities, which could result in stranded costs if regulators disallow recovery of investments that were prudent when originally made and included in rates. Evergy has a goal to achieve net-zero CO 2 e emissions, for scope 1 and 2 emissions, by 2050 through the responsible transition of the Evergy Companies' generation fleet. This time frame is consistent with the majority of industry peers with stated net-zero emissions goals. The trajectory and timing of achieving emissions reductions and the 2050 goal are expected to be dependent on the evolution of Evergy's IRPs and many external factors, including enabling technology developments, trends in the total demand for electricity, the reliability of the power grid, availability of transmission capacity, supportive energy policies and regulations, and other factors. These external factors are outside of Evergy's direct control, and without these enabling factors, Evergy cannot be confident in achieving its net-zero carbon reduction goal. Any of the foregoing could adversely affect the results of operations, financial position and cash flows of the Evergy Companies and the market prices of Evergy's common stock. Operational Risks: The Evergy Companies are exposed to risks associated with the ownership and operation of a nuclear generating unit, which could adversely impact the Evergy Companies' business and financial results. Evergy indirectly owns 94% of Wolf Creek, with Evergy Kansas South and Evergy Metro each owning 47% of the nuclear plant. Such ownership exposes the Evergy Companies to various risks unique to the nuclear industry. Damages, decommissioning or other costs could exceed the Evergy Companies' ability to recover such costs through rates or other mechanisms such as decommissioning trust assets or through external insurance coverage, including statutorily required nuclear incident insurance. The NRC has broad authority under federal law to impose licensing and safety-related requirements for the operation of nuclear generation facilities, including Wolf Creek. In the event of non-compliance, the NRC has the authority to impose fines, shut down the facilities, or both, depending upon its assessment of the severity of the situation, until compliance is achieved. Additionally, the non-compliance of other nuclear facility operators with applicable regulations or the occurrence of a serious nuclear incident anywhere in the world could result in increased regulation of the nuclear industry. Such events could increase Wolf Creek's costs and impact the financial results of the Evergy Companies or result in a shutdown of Wolf Creek. An extended outage of Wolf Creek, whether resulting from NRC action, an incident at the plant or otherwise, could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies in the event replacement power, damages, and other costs exceed or are not recovered through rates, insurance or decommissioning trust assets. If a long-term outage occurred, the state regulatory commissions could reduce rates by excluding the Wolf Creek investment from rate base. Wolf Creek commenced operations in 1985 and the age of Wolf Creek may increase the risk of unplanned outages and may result in higher maintenance costs. 25 Table of Contents On an annual basis, Evergy Kansas South and Evergy Metro are required to contribute money to tax-qualified trusts that were established to pay for decommissioning costs at the end of the unit's life. The amount of contributions varies depending on estimates of decommissioning expenses and projected return on trust assets. If the actual return on trust assets is below the projected level or actual decommissioning costs are higher than estimated, Evergy Kansas South and Evergy Metro could be responsible for the balance of funds required and may not be allowed to recover the balance through rates. The Evergy Companies are also exposed to other risks associated with the ownership and operation of a nuclear generating unit, including, but not limited to, (i) potential liability associated with the potential harmful effects on the environment and human health resulting from the operation of a nuclear generating unit, (ii) the storage, handling, disposal and potential release (by accident, through third-party actions or otherwise) of radioactive materials and (iii) uncertainties with respect to contingencies and assessments if insurance coverage is inadequate. Under the structure for insurance among owners of nuclear generating units, Evergy Kansas South and Evergy Metro are also liable for potential retrospective premium assessments (subject to a cap) per incident at any commercial reactor in the country and losses in excess of insurance coverage. In addition, Wolf Creek is reliant on a sole supplier for nuclear fuel assembly fabrication and related services. The supplier has in the past been the subject of Chapter 11 reorganization proceedings, and an extended outage of Wolf Creek could occur if the supplier is not able to perform under its contracts with Wolf Creek. Switching to another supplier could take an extended amount of time and would require NRC approval. An extended outage at Wolf Creek could affect the amount of Wolf Creek investment included in customer rates and could have a material adverse effect on the Evergy Companies' financial results. Operational risks may adversely affect the Evergy Companies. The operation of electric generation, transmission, distribution and information systems involves many risks, including breakdown or failure of equipment; aging infrastructure; employee error or contractor or subcontractor failure; problems that delay or increase the cost of returning facilities to service after outages; limitations that may be imposed by equipment conditions or environmental, safety or other regulatory requirements; fuel supply or fuel transportation reductions or interruptions; labor disputes; difficulties with the implementation or operation of information systems; transmission scheduling constraints; and catastrophic events such as fires, floods, droughts, explosions, terrorism or acts of war, severe weather, pandemics, cyberattacks or other similar occurrences. Many of the Evergy Companies' generation, transmission and distribution resources are aged, which increases the risk of unplanned outages, reduced generation output and higher maintenance expense. Any equipment or system outage or constraint can, among other things, reduce sales, increase costs and affect the ability to meet regulatory service metrics, customer expectations and regulatory reliability and security requirements. The Evergy Companies have general liability and property insurance to cover a portion of their facilities, but such policies do not cover transmission or distribution systems, are subject to certain limits and deductibles and do not include business interruption coverage. Insurance coverage may not be available in the future at reasonable costs or on commercially reasonable terms, and the insurance proceeds received for any loss of, or any damage to, any facilities may not be sufficient to restore the loss or damage. Certain insurers are also choosing to limit their exposure to companies with coal-fired generation, which may result in increased premiums and reduced scope of coverage. These and other operating events may reduce revenues or increase costs, or both, and could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies. Physical and cybersecurity breaches, criminal activity, terrorist attacks, acts of war and other disruptions to facilities or technology infrastructure could interfere with operations, expose the Evergy Companies or their customers or employees to a risk of loss, expose the Evergy Companies to legal or regulatory liability and cause reputational and other harm. The Evergy Companies rely upon technology networks and systems to process, transmit and store electronic information, and to manage or support a variety of business processes and activities, including the generation, transmission and distribution of electricity, supply chain functions and the invoicing and collection of payments from customers. The Evergy Companies also use technology networks and systems to record, process and summarize financial information and results of operations for internal reporting purposes and to comply with 26 Table of Contents financial reporting, legal and tax requirements. These networks and systems are in some cases owned or managed by third-party service providers. In the ordinary course of business, the Evergy Companies collect, store and transmit sensitive data including operating information, proprietary business information and personal information belonging to customers and employees. The Evergy Companies' technology networks and infrastructure, as well as the networks and infrastructure belonging to third-party service providers, are vulnerable to damage, disruptions or shutdowns due to attacks or breaches by hackers or other unauthorized third parties; error or malfeasance by employees, contractors or service providers; unintended consequences related to software or hardware upgrades, additions or replacements; malicious software code; vulnerabilities in third-party software code; telecommunication failures; the lack of availability of qualified employees and contractors; natural disasters or other catastrophic events; or criminal activity, terrorist attacks or acts of war. The Evergy Companies use technology to enable remote-working arrangements, which may increase or expose previously unknown vulnerabilities. Public reports have indicated an increase in cyberattacks in general due, in part, to employees working remotely and the proliferation of the different ways in which people interact with their technology infrastructure. The occurrence of any of these events could, among other things, impact the reliability or safety of the Evergy Companies' generation, transmission and distribution systems and information systems; result in the erasure of data or render the Evergy Companies' equipment, or the equipment of third-party service providers, unusable; impact the Evergy Companies' ability to conduct business in the ordinary course; reduce sales; expose the Evergy Companies and their customers, employees and vendors to a risk of loss or misuse of information; result in legal claims or proceedings, liability or regulatory penalties; damage the Evergy Companies' reputation; or otherwise harm the Evergy Companies' results of operations, financial position and cash flows. The Evergy Companies can provide no assurance that they will be able to identify and remediate all security or system vulnerabilities or that unauthorized access or error will be identified and remediated. The Evergy Companies are subject to laws and rules issued by multiple government agencies concerning cybersecurity and safeguarding their customer and business information. For example, NERC has issued comprehensive regulations and standards surrounding the security of the bulk power system, including both physical and cybersecurity, and continually evaluates the necessity for updates and new requirements with which the Evergy Companies must comply. The Evergy Companies are subject to recurring, independent, third-party audits with respect to adherence to these regulations and standards. The NRC also has issued regulations and standards related to the protection of critical digital assets at nuclear power plants. Compliance with NERC and NRC rules and standards, and rules and standards promulgated by other regulatory agencies from time to time or future legislation, will increase the Evergy Companies' compliance costs and their exposure to the potential risk of violations of these rules, standards or future legislation, which includes potential financial penalties. Furthermore, the non-compliance by other utilities subject to similar regulations or the occurrence of a serious security event at other utilities could result in increased regulation or oversight, both of which could increase the Evergy Companies' costs and adversely impact their financial results. Additionally, the Evergy Companies cannot predict the impact that any future technology or malicious attack may have on the energy industry in general. The electric utility industry, both within the United States and internationally, has experienced physical and cybersecurity attacks on energy infrastructure such as power plants, substations and related assets in the past, and there will likely be more attacks in the future. Geopolitical matters, including terrorist attacks and acts of war, may increase the likelihood of such attacks. The Evergy Companies have been subject to attempted cyberattacks from time to time, and will likely continue to be subject to such attempted attacks, but these prior attacks have not had a material impact on their operations. However, because technology is increasingly complex and cyber-attacks are increasingly sophisticated and more frequent, there can be no assurance that such incidents will not have a material adverse effect on the Evergy Companies in the future. The Evergy Companies' facilities and systems could be direct targets or indirect casualties of such attacks. The effects of such attacks could include disruption to the Evergy Companies' generation, transmission and distribution, and information systems or to the electrical grid in general, reduced sales and could increase the cost of insurance coverage. Furthermore, although the Evergy Companies maintain information security risk insurance coverage, 27 Table of Contents such insurance may not be adequate to cover any associated losses. Any of the foregoing could have a material adverse impact on the Evergy Companies' results of operations, financial position and cash flows. Artificial intelligence (AI) is an emerging area of technology that has the potential to impact various aspects of the Evergy Companies' business operations and customer interactions. Generative AI technologies are still in their early stages of development and deployment. Ineffective or inadequate AI development or deployment practices by Evergy, its subsidiaries or third-party vendors could result in unintended consequences. While the Evergy Companies seek contractual protections with its third-party vendors regarding the use of AI technology, the Evergy Companies may not have full awareness of, or control or visibility over the quality, performance, security or compliance of the products and services that incorporate AI-related technology used by such vendors. AI algorithms that the Evergy Companies or its third-party vendors use may be flawed or may be based on datasets that are biased or insufficient. These limitations or failures, or inaccurate results generated as a result of the Evergy Companies' employees', contractors' or vendors' use or misuse of generative AI technologies could lead to operational interruptions or otherwise adversely affect the Evergy Companies' business, reputation or financial results. Developing, testing and deploying resource-intensive AI systems may require additional investment and increase the Evergy Companies' costs. In addition, the rapidly evolving nature of AI technologies may cause new laws and regulations to be enacted which could dramatically affect business practices, including the costs to comply with such new laws and regulations. The future development of AI technologies and the nature of any related new laws and regulations, and their costs and consequences, cannot be reasonably predicted at this time. The cost and schedule of capital projects, including the construction of new natural gas and renewable generating facilities, may materially change and expected performance may not be achieved. The Evergy Companies' business is capital intensive and includes significant construction projects. The risks of any capital project include: actual costs may exceed estimated costs; regulators may disallow, limit or delay the recovery of all or part of the cost of, or a return on, a capital project; increased inflation or the imposition of tariffs on imported goods may render previously estimated costs to be inaccurate; delays due to regulatory or judicial action; risks associated with the capital and credit markets to fund projects; delays in receiving, or failure to receive, necessary permits, approvals and other regulatory authorizations; unforeseen engineering problems or changes in project design or scope; the failure of suppliers and contractors to perform as required under their contracts; inadequate availability or increased cost of labor or materials, including commodities such as steel, copper and aluminum that may be subject to uncertain or increased tariffs; inclement weather; new or changed laws, regulations and requirements, including environmental and health and safety laws, regulations and requirements; and other events beyond the Evergy Companies' control may occur that may materially affect the schedule, cost and performance of these projects. The completion of capital projects, including the construction of natural gas and renewable generating facilities, involves substantial risks that could materially affect the Evergy Companies' financial condition, results of operations, or liquidity. The Evergy Companies' ability to complete capital projects in a timely and cost-effective manner and within budget is contingent upon many variables including on the availability of adequate internal and external resources, such as employees and qualified contractors and the availability of materials. The Evergy Companies have selected a single vendor to supply the power island equipment to its new natural gas plants. The Evergy Companies face the potential of project delays if the vendor is unable to meet contractual deadlines. Causes and impacts could include material constraints or disruptions, financial hardship, geopolitical issues, or permitting issues. The Evergy Companies have entered into certain equipment purchases ahead of regulatory approval in an attempt to adhere to anticipated project timelines and expected completion dates. If any of these projects are canceled for any reason, including failure to receive necessary regulatory approvals, supply chain issues and/or siting or environmental permits, significant cancellation penalties under the equipment purchase orders and construction contracts could occur. In addition, if any construction work or investments have been recorded as an asset, an impairment may need to be recorded in the event the project is canceled. These events could increase costs and have a material adverse impact on the Evergy Companies' results of operations, financial position and cash flows. See Part II, Item 7, MD&A - Liquidity and Capital Resources - Capital Expenditures for additional information. 28 Table of Contents These and other risks could also cause the Evergy Companies to defer or limit capital expenditures, materially increase the costs of capital projects, incur penalties from the SPP for insufficient capacity reserve margins, delay the in-service dates of projects, adversely affect the performance of the projects and require the purchase of electricity on the wholesale market, at potentially more expensive prices, until the projects are completed. These risks may have a material adverse impact on the Evergy Companies' results of operations, financial position and cash flows. Failure to attract and retain an appropriately qualified workforce or to maintain satisfactory collective bargaining agreements could negatively impact the Evergy Companies' business and operations and adversely impact the Evergy Companies' results of operations, financial position and cash flows. The Evergy Companies' workforce includes professional, managerial and technical employees. Failure to attract and retain qualified talent, successfully transition retirements with adequate replacements, or source qualified contractors could impede the Evergy Companies' strategy and/or adversely impact the Evergy Companies' ability to execute on their strategy. For example, certain skills, such as those related to construction, maintenance and repair of transmission and distribution systems are in high demand and have a limited supply. Evergy competes for qualified employees with these skills on a national level. A significant portion of the Evergy Companies' workforce is represented by five local unions of the IBEW and one local union of the UGSOA. The Evergy Companies currently have labor agreements that expire at varying times from 2026 through 2028. A failure to successfully negotiate these collective bargaining agreements could result in a labor disruption and have an adverse impact on the Evergy Companies' operations and results of operations. The Evergy Companies' strategic plan includes enhanced technology and transmission and distribution investments and a reduction in reliance on coal-fired generation. The Evergy Companies will need to attract and retain personnel that are qualified to implement the Evergy Companies' strategy and may need to retrain or reskill certain employees to support the Evergy Companies' long-term objectives. A failure to attract and retain qualified employees, retrain or reskill existing employees and maintain satisfactory collective bargaining agreements could have an adverse impact on the results of operations, financial position and cash flows of the Evergy Companies. The structure of the regional power market in which the Evergy Companies operate could have an adverse effect on their results of operations, financial position and cash flows. Evergy Kansas Central, Evergy Metro and Evergy Missouri West are members of the SPP regional transmission organization, and each has transferred operational authority (but not ownership) of their transmission facilities to the SPP. The SPP's Integrated Marketplace determines which generating units among market participants should run, within the operating constraints of a unit, at any given time. The SPP's rules are primarily designed to provide for maximum cost-effectiveness. If Evergy Kansas Central's, Evergy Metro's or Evergy Missouri West's generating resources are not dispatched, each could experience decreased levels of wholesale electricity sales. The Evergy Companies' strategic plan includes adding a significant amount of natural gas and renewable generation. Transmission constraints and delays in the transmission planning and construction processes could impair the ability of the Evergy Companies to sell and transmit electricity generated by these generation facilities, which could have an adverse impact on the results of operations, financial position and cash flows of the Evergy Companies. In addition, the rules governing the various regional power markets, including the SPP, may change from time to time and such changes could impact the costs and revenues of the Evergy Companies. Litigation Risks: The outcome of legal proceedings cannot be predicted. An adverse finding could have a material adverse effect on the Evergy Companies' results of operations, financial position and cash flows. The Evergy Companies are parties to various lawsuits and regulatory proceedings in the ordinary course of their respective businesses. The outcome of these matters cannot be determined, nor, in many cases, can the liability that could potentially result from each case be reasonably estimated. The liability that the Evergy Companies may incur 29 Table of Contents with respect to any of these cases may be in excess of amounts currently accrued and insured against with respect to such matters and could have a material adverse effect on the financial results for the Evergy Companies. Environmental, Social and Governance Risks: The Evergy Companies are subject to risks relating to environmental, social and governance (ESG) matters that could adversely affect their reputation, business, financial position and results of operations. The Evergy Companies are subject to a variety of risks, including reputational risk, associated with ESG issues. The public holds diverse and often conflicting views on ESG topics. The Evergy Companies have multiple stakeholders, including their shareholders, customers, associates, federal and state regulatory authorities and the communities in which they operate, and these stakeholders will often have differing priorities and expectations regarding ESG issues. If the Evergy Companies take action in conflict with one or another of those stakeholders' expectations, they could experience an increase in customer complaints, a loss of business or reputational harm. The Evergy Companies could also face negative publicity or reputational harm based on the identity of those with whom they choose to do business. Any adverse publicity in connection with ESG issues could damage their reputation, ability to attract new customers and retain employees, compete effectively and grow their business. In addition, proxy advisory firms and certain institutional investors who manage investments in public companies are integrating ESG factors into their investment analysis. The consideration of ESG factors in making investment and voting decisions is relatively new and evolving. Accordingly, the frameworks and methods for assessing ESG policies are not fully developed, vary considerably among the investment community and will likely continue to evolve over time. Moreover, the subjective nature of methods used by various stakeholders to assess a company with respect to ESG criteria could result in erroneous perceptions or a misrepresentation of the Evergy Companies' actual ESG policies and practices. Organizations that provide ratings information to investors on ESG matters may also assign unfavorable ratings to the Evergy Companies. If the Evergy Companies fail to comply with specific ESG-related investor or stakeholder expectations and standards, or to provide the disclosure relating to ESG issues that any third parties may believe is necessary or appropriate (regardless of whether there is a legal requirement to do so), their reputation, business, financial position and/or results of operations could be negatively impacted. ITEM 1B. UNRESOLVED STAFF COMMENTS None.