10-K – 2026-02-19 – evrg-20251231.htm

Nuclear Insurance
Nuclear liability, property and accidental outage insurance is maintained for Wolf Creek. These policies contain certain industry standard terms, conditions and exclusions, including, but not limited to, ordinary wear and tear and war. An industry aggregate limit of approximately $ 3.2 billion for nuclear events (approximately $ 1.8 billion of non-nuclear events) plus any reinsurance, indemnity or any other source recoverable by Nuclear Electric Insurance Limited (NEIL), provider of property and accidental outage insurance, exists for acts of terrorism affecting Wolf Creek or any other NEIL insured plant within 12 months from the date of the first act. In addition, participation is required in industry-wide retrospect assessment programs as discussed below.
Nuclear Liability Insurance
Pursuant to the Price-Anderson Act, liability insurance includes coverage against public nuclear liability claims resulting from nuclear incidents to the required limit of public liability, which is approximately $ 16.3 billion. This limit of liability consists of the maximum available commercial insurance of $ 0.5 billion and the remaining $ 15.8 billion is provided through mandatory participation in an industry-wide retrospective assessment program. Under
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this retrospective assessment program, the owners of Wolf Creek are jointly and severally subject to an assessment of up to approximately $ 165.9 million (Evergy's share is $ 156.0 million and each of Evergy Kansas Central's and Evergy Metro's is $ 78.0 million), payable at no more than approximately $ 24.7 million (Evergy's share is $ 23.2 million and each of Evergy Kansas Central's and Evergy Metro's is $ 11.6 million) per incident per year per reactor for any commercial U.S. nuclear reactor qualifying incident. Both the total and yearly assessment is subject to an inflationary adjustment based on the Consumer Price Index and applicable premium taxes. In addition, the U.S. Congress could impose additional revenue-raising measures to pay claims.
Nuclear Property and Accidental Outage Insurance
The owners of Wolf Creek carry decontamination liability, nuclear property damage and premature nuclear decommissioning liability insurance for Wolf Creek totaling approximately $ 2.8 billion. Insurance coverage for non-nuclear property damage accidents total approximately $ 1.0 billion. In the event of an extraordinary nuclear accident, insurance proceeds must first be used for reactor stabilization and site decontamination in accordance with a plan mandated by the Nuclear Regulatory Commission (NRC). The Evergy Companies' share of any remaining proceeds can be used to pay for property damage or, if certain requirements are met, including decommissioning the plant, toward a shortfall in the nuclear decommissioning trust. The owners also carry additional insurance with NEIL to help cover costs of replacement power and other extra expenses incurred during a prolonged outage resulting from accidental property damage at Wolf Creek. If significant losses were incurred at any of the nuclear plants insured under the current NEIL policies, the owners of Wolf Creek may be subject to retrospective assessments under the current policies of approximately $ 27.9 million (Evergy's share is $ 26.2 million and each of Evergy Kansas Central's and Evergy Metro's is $ 13.1 million).
Nuclear Insurance Considerations
Although the Evergy Companies maintain various insurance policies to provide coverage for potential losses and liabilities resulting from an accident or an extended outage, the insurance coverage may not be adequate to cover the costs that could result from a catastrophic accident or extended outage at Wolf Creek. Any substantial losses not covered by insurance, to the extent not recoverable in prices, would have a material effect on the Evergy Companies' consolidated financial results.
Contractual Commitments
The Evergy Companies' contractual commitments for fuel, power and new generation projects as of December 31, 2025 are detailed in the following tables. See Notes 9, 12 and 21 for information regarding pension, long-term debt and lease commitments, respectively.

Evergy
2026 2027 2028 2029 2030 After 2030 Total
Purchase commitments (millions)
Fuel $ 313.0   $ 202.9   $ 194.7   $ 181.0   $ 93.2   $ 384.4   $ 1,369.2  
Power 73.7   83.9   104.9   123.8   105.6   176.1   668.0  
New generation projects 1,023.9   1,070.7   833.5   192.3   59.7   3.8   3,183.9  

Total contractual commitments $ 1,410.6   $ 1,357.5   $ 1,133.1   $ 497.1   $ 258.5   $ 564.3   $ 5,221.1  

Evergy Kansas Central
2026 2027 2028 2029 2030 After 2030 Total
Purchase commitments (millions)
Fuel $ 182.8   $ 117.7   $ 109.4   $ 97.4   $ 50.8   $ 213.6   $ 771.7  
Power 1.4   1.5   12.3   20.0   19.1   44.7   99.0  
New generation projects 342.3   497.7   348.2   59.1   15.9   1.0   1,264.2  

Total contractual commitments $ 526.5   $ 616.9   $ 469.9   $ 176.5   $ 85.8   $ 259.3   $ 2,134.9  

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Evergy Metro
2026 2027 2028 2029 2030 After 2030 Total
Purchase commitments (millions)
Fuel $ 110.8   $ 70.7   $ 73.8   $ 75.2   $ 36.7   $ 142.2   $ 509.4  
Power 29.2   29.2   29.2   29.2   29.2   50.1   196.1  

Total contractual commitments $ 140.0   $ 99.9   $ 103.0   $ 104.4   $ 65.9   $ 192.3   $ 705.5  

Fuel commitments consist of commitments for nuclear fuel and coal in addition to coal and natural gas transportation costs. Power commitments consist of certain commitments for renewable energy under power purchase agreements, capacity purchases and firm transmission service. New generation project commitments consist of contractual obligations related to natural gas and renewable plant investments. See "Natural Gas Plant Investments" and "Renewable Plant Investments" in Note 1 for additional information on new generation construction projects.

16. GUARANTEES
In the ordinary course of business, Evergy and certain of its subsidiaries enter into various agreements providing financial or performance assurance to third parties on behalf of certain subsidiaries. Such agreements include, for example, guarantees and letters of credit. These agreements are entered into primarily to support or enhance the creditworthiness otherwise attributed to a subsidiary on a stand-alone basis, thereby facilitating the extension of sufficient credit to accomplish the subsidiary's intended business purposes. The majority of these agreements guarantee Evergy's own future performance, so a liability for the fair value of the obligation is not recorded.
As of December 31, 2025, Evergy has provided $ 786.3 million of credit support for certain of its subsidiaries as follows:
• Evergy direct guarantees to Evergy Kansas Central and Evergy Metro counterparties for certain fuel supply contracts totaling $ 76.3 million, with expiration dates ranging from 2027 to 2031; and
• Evergy's guarantee of Evergy Missouri West long-term debt totaling $ 710.0 million, which includes debt with maturity dates ranging from 2031 to 2043.
None of the guaranteed obligations are subject to default or prepayment if Evergy Missouri West's credit ratings were downgraded.

17. RELATED PARTY TRANSACTIONS AND RELATIONSHIPS
In the normal course of business, Evergy Kansas Central, Evergy Metro and Evergy Missouri West engage in related party transactions with one another. In addition, Evergy Kansas Central and Evergy Missouri West are currently engaged in the construction of jointly-owned generation facilities. A summary of these related party transactions and the amounts associated with them is provided below.
Jointly-Owned Plants and Shared Services
Employees of Evergy Kansas Central and Evergy Metro manage Evergy Missouri West's business and operate its facilities at cost, including Evergy Missouri West's 18 % ownership interest in Evergy Metro's Iatan Nos. 1 and 2.  Employees of Evergy Kansas Central manage Jeffrey Energy Center (JEC) and operate its facilities at cost, including Evergy Missouri West's 8 % ownership interest in JEC. Employees of Evergy Metro manage La Cygne Station and operate its facilities at cost, including Evergy Kansas Central's 50 % interest in La Cygne Station. Employees of Evergy Metro and Evergy Kansas Central also provide one another with shared service support, including costs related to human resources, information technology, accounting and legal services.
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The operating expenses and capital costs billed for jointly-owned plants and shared services are detailed in the following table.

2025 2024 2023
(millions)
Evergy Kansas Central billings to Evergy Missouri West $ 213.8   $ 29.6   $ 33.0  
Evergy Metro billings to Evergy Missouri West 108.1   111.3   124.6  
Evergy Kansas Central billings to Evergy Metro 52.1   46.9   48.4  
Evergy Metro billings to Evergy Kansas Central 128.9   144.6   132.9  

Related Party Net Receivables and Payables
The following table summarizes Evergy Kansas Central's and Evergy Metro's related party net receivables and payables.

December 31
2025 2024
Evergy Kansas Central (millions)
Net payable to Evergy $ ( 13.3 ) $ ( 13.4 )
Net receivable from (payable to) Evergy Metro 10.6   ( 22.9 )
Net receivable from Evergy Missouri West 34.6   23.0  

Evergy Metro
Net receivable from Evergy $ 16.5   $ 16.8  
Net receivable from (payable to) Evergy Kansas Central ( 10.6 ) 22.9  
Net receivable from Evergy Missouri West 96.2   86.2  

Money Pool
Evergy Kansas Central, Evergy Metro and Evergy Missouri West are authorized to participate in the Evergy, Inc. money pool, which is an internal financing arrangement in which funds may be lent on a short-term basis between Evergy Kansas Central, Evergy Metro, Evergy Missouri West and Evergy, Inc. Evergy, Inc. can lend but not borrow under the money pool.
As of December 31, 2025 and December 31, 2024, Evergy Kansas Central and Evergy Metro had no outstanding receivables or payables under the money pool.
Tax Allocation Agreement
Evergy files a consolidated federal income tax return as well as unitary and combined income tax returns in several state jurisdictions with Kansas and Missouri being the most significant. Income taxes for consolidated or combined subsidiaries are allocated to the subsidiaries based on separate company computations of income or loss. The following table summarizes Evergy Kansas Central's and Evergy Metro's income taxes receivable from (payable to) Evergy.

December 31
2025 2024
Evergy Kansas Central (millions)
Income taxes receivable from (payable to) Evergy $ ( 14.3 ) $ 11.4  

Evergy Metro
Income taxes payable to Evergy $ —   $ ( 10.0 )

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18. SHAREHOLDERS' EQUITY
Evergy's authorized capital stock consists of 600  million shares of common stock, without par value, and 12  million shares of Preference Stock, without par value.
Evergy Registration Statements
In August 2024, Evergy filed an automatic shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC). Under this Form S-3, which is uncapped, Evergy may issue debt and other securities, including common stock, in the future with the amounts, prices and terms to be determined at the time of future offerings. The automatic registration statement was filed to replace a similar Form S-3 upon expiration of its three-year term. The shelf registration statement expires in August 2027.
In March 2024, Evergy registered shares of its common stock with the SEC for its Dividend Reinvestment and Direct Stock Purchase Plan. Shares issued under the plan may be either newly issued shares or shares purchased on the open market.
Evergy has registered shares of its common stock with the SEC for the Evergy, Inc. 401(k) Savings Plan. Shares issued under the plan may be either newly issued shares or shares purchased on the open market.
ATM Program (At-the-Market Program)
In May 2025, Evergy entered into an equity distribution agreement, pursuant to which Evergy may sell, from time to time, up to an aggregate of $ 1.2  billion of its common stock through an ATM Program, which may utilize forward sales agreements. Evergy subsequently entered into forward sale agreements under the ATM program and as of December 31, 2025, the ATM Program had approximately $ 1.1  billion of common stock available for issuance.
The forward sale agreements outstanding as of December 31, 2025, can be settled at Evergy’s discretion on or prior to dates ranging from March 2027 to October 2027. On a settlement date or dates, if Evergy elects to physically settle a forward sale agreement, Evergy will issue shares of common stock to the counterparties at the then-applicable forward sale price. The initial forward sale price for the outstanding agreements ranged from $ 71.29 to $ 73.34 , with a weighted average initial forward sale price of $ 72.50 . The initial forward sale price is subject to adjustment on a daily basis based on an interest rate factor and decreased on certain dates by predetermined amounts to reflect expected dividend payments. The forward sale agreements will be physically settled unless Evergy elects to settle in cash or to net share settle. At December 31, 2025, Evergy could have settled the forward sale agreements with physical delivery of 1.7  million shares of common stock to the respective counterparties in exchange for cash of $ 123.6  million. Alternatively, the forward sale agreements could have also been settled at December 31, 2025, with delivery of approximately $ 0.6  million of cash if Evergy elected net cash settlement.
Evergy has not received any proceeds related to the outstanding forward sale agreements. The forward sale agreements have been classified as equity transactions.
Dividend Restrictions
Evergy depends on its subsidiaries to pay dividends on its common stock. The Evergy Companies have certain restrictions stemming from statutory requirements, corporate organizational documents, covenants and other conditions that could affect dividend levels or the ability to pay dividends.
The KCC order authorizing the merger that created Evergy requires Evergy to maintain consolidated common equity of at least 35 % of total consolidated capitalization.
Under the Federal Power Act, Evergy Kansas Central, Evergy Metro and Evergy Missouri West generally can pay dividends only out of retained earnings. Certain conditions in the MPSC and KCC orders authorizing the merger that created Evergy also require Evergy Kansas Central and Evergy Metro to maintain consolidated common equity of at least 40 % of total capitalization. Other conditions in the MPSC and KCC merger orders require Evergy Kansas Central, Evergy Metro and Evergy Missouri West to maintain credit ratings of at least investment grade. If Evergy Kansas Central's, Evergy Metro's or Evergy Missouri West's credit ratings are downgraded below the
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investment grade level as a result of their affiliation with Evergy or any of Evergy's affiliates, the impacted utility shall not pay a dividend to Evergy without KCC or MPSC approval or until the impacted utility's investment grade credit rating has been restored.
The master credit facility of Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West and the note purchase agreements for certain Evergy Missouri West senior notes contain covenants requiring the respective company to maintain a consolidated indebtedness to consolidated total capitalization ratio of not more than 0.65 to 1.00.
The Evergy, Inc. Junior Subordinated Notes issued in December 2024 permit Evergy to defer the payment of interest under certain circumstances. Making such an election would restrict Evergy's ability to declare or pay dividends, among other restrictions. As of December 31, 2025, Evergy has not elected to defer the payment of interest under the terms of the Junior Subordinated Notes.
As of December 31, 2025, Evergy had a retained earnings restriction of $ 394.8  million, Evergy Kansas Central had a retained earnings restriction of $ 517.8  million and Evergy Metro had a retained earnings restriction of $ 617.8 million. As of December 31, 2025, Evergy's subsidiaries had restricted net assets of approximately $ 6.7 billion. These restrictions are not expected to affect the Evergy Companies' ability to pay dividends at the current level for the foreseeable future.

19. VARIABLE INTEREST ENTITIES
In determining the primary beneficiary of a VIE, the Evergy Companies assess the entity's purpose and design, including the nature of the entity's activities and the risks that the entity was designed to create and pass through to its variable interest holders. A reporting enterprise is deemed to be the primary beneficiary of a VIE if it has (a) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The primary beneficiary of a VIE is required to consolidate the VIE.
All involvement with entities by the Evergy Companies is assessed to determine whether such entities are VIEs and, if so, whether or not the Evergy Companies are the primary beneficiaries of the entities. The Evergy Companies also continuously assess whether they are the primary beneficiary of the VIE with which they are involved. Prospective changes in facts and circumstances may cause identification of the primary beneficiary to be reconsidered.
Evergy Missouri West Storm Funding
In 2022, Evergy Missouri West created Evergy Missouri West Storm Funding solely for the purpose of recovering extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event. In February 2024, Evergy Missouri West Storm Funding issued, at a discount, $ 331.1  million of 5.10 % Securitized Bonds with a final payment scheduled for 2038, maturing in 2040. The obligations of Evergy Missouri West Storm Funding's Securitized Bonds are repaid through charges imposed on customers in Evergy Missouri West's service territory and collected by Evergy Missouri West on behalf of Evergy Missouri West Storm Funding. Creditors of Evergy Missouri West have no recourse to any assets or revenues of Evergy Missouri West Storm Funding, and the bondholders have no recourse to the general credit of Evergy Missouri West.
Evergy Missouri West Storm Funding is considered a VIE. Evergy Missouri West is the primary beneficiary of the VIE primarily because, as described above, Evergy Missouri West has the power to direct the activities of Evergy Missouri West Storm Funding that most significantly impact economic performance and Evergy Missouri West has the obligation to absorb losses or the right to receive benefits from Evergy Missouri West Storm Funding that could potentially be significant. Therefore, Evergy Missouri West consolidates Evergy Missouri West Storm Funding.
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The following table summarizes the impact of Evergy Missouri West Storm Funding on Evergy's consolidated balance sheet as of December 31, 2025 and 2024.

December 31
2025 2024
Evergy (millions)
Current assets
Regulatory assets $ 16.7   $ 15.9  
Other 4.8   5.4  
Other assets
Regulatory assets 277.9   294.5  
Other 1.6   1.7  
Current liabilities
Current maturities of long-term debt 17.0   16.2  

Accrued interest 1.3   1.3  
Long-term liabilities
Long-term debt, net 279.2   295.7  

50 % Interest in La Cygne Unit 2
Under an agreement that expires in September 2029, Evergy Kansas Central entered into a sale-leaseback transaction with a trust under which the trust purchased Evergy Kansas Central's 50 % interest in La Cygne Unit 2 and subsequently leased it back to Evergy Kansas Central. The trust was financed with an equity contribution from an owner participant and debt issued by the trust. The trust was created specifically to purchase the 50 % interest in La Cygne Unit 2 and lease it back to Evergy Kansas Central and does not hold any other assets. Evergy Kansas Central meets the requirements to be considered the primary beneficiary of the trust. In determining the primary beneficiary of the trust, Evergy Kansas Central concluded that the activities of the trust that most significantly impact its economic performance and that Evergy Kansas Central has the power to direct include (1) the operation and maintenance of the 50 % interest in La Cygne Unit 2 and (2) Evergy Kansas Central's ability to exercise a purchase option at the end of the agreement at the lesser of fair value or a fixed amount. Evergy Kansas Central has the potential to receive benefits from the trust that could potentially be significant if the fair value of the 50 % interest in La Cygne Unit 2 at the end of the agreement is greater than the fixed amount.
As of December 31, 2025 and 2024, Evergy and Evergy Kansas Central recorded $ 119.4 million and $ 126.5 million, respectively, to property, plant and equipment, net, on their consolidated balance sheets related to the VIE described above.
The assets of the VIE can be used only to settle obligations of the VIE and the VIE's debt holders have no recourse to the general credit of Evergy and Evergy Kansas Central. Evergy and Evergy Kansas Central have not provided financial or other support to the VIE and are not required to provide such support. Evergy and Evergy Kansas Central did not record any gain or loss upon the initial consolidation of the VIE.
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20. TAXES
Components of income tax expense are detailed in the following tables.

Evergy

2025 2024 2023
Current income taxes (millions)
Federal $ 1.8   $ 30.9   $ 25.3  
State 7.2   7.7   6.9  
Total 9.0   38.6   32.2  
Deferred income taxes      
Federal 52.4   30.0   10.2  
State ( 24.5 ) ( 31.4 ) ( 21.7 )
Total 27.9   ( 1.4 ) ( 11.5 )

Investment tax credit
Deferral —   —   2.2  
Amortization ( 7.0 ) ( 7.2 ) ( 7.3 )
Total ( 7.0 ) ( 7.2 ) ( 5.1 )
Income tax expense $ 29.9   $ 30.0   $ 15.6  

Evergy Kansas Central

2025 2024 2023
Current income taxes (millions)
Federal $ 27.0   $ 6.2   $ 27.8  
State 7.2   4.7   4.7  
Total 34.2   10.9   32.5  
Deferred income taxes      
Federal ( 5.9 ) 16.4   ( 29.3 )
State ( 8.3 ) ( 11.3 ) ( 7.4 )
Total ( 14.2 ) 5.1   ( 36.7 )

Investment tax credit
Deferral —   —   2.2  
Amortization ( 3.7 ) ( 3.8 ) ( 3.9 )
Total ( 3.7 ) ( 3.8 ) ( 1.7 )
Income tax expense (benefit) $ 16.3   $ 12.2   $ ( 5.9 )

Evergy Metro

2025 2024 2023
Current income taxes (millions)
Federal $ 18.3   $ 37.7   $ 13.2  
State 1.5   3.6   3.7  
Total 19.8   41.3   16.9  
Deferred income taxes      
Federal 38.3   15.8   33.6  
State ( 10.7 ) ( 13.0 ) ( 7.8 )
Total 27.6   2.8   25.8  

Investment tax credit amortization ( 3.2 ) ( 3.2 ) ( 3.5 )

Income tax expense $ 44.2   $ 40.9   $ 39.2  

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Effective Income Tax Rates
Effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables.

Evergy
2025 2024 2023
Amount Percent Amount Percent Amount Percent
(millions, except percentages)
Federal statutory income tax $ 188.5   21.0   % $ 192.3   21.0   % $ 159.4   21.0   %
State and local income taxes
State income taxes (a)
12.1   1.4   % 7.1   0.8   % 5.2   0.7   %
Amortization of state excess deferred income taxes ( 27.2 ) ( 3.0 ) % ( 27.2 ) ( 3.0 ) % ( 16.1 ) ( 2.1 ) %
Tax Credits
Energy-related tax credits ( 57.5 ) ( 6.4 ) % ( 59.8 ) ( 6.5 ) % ( 44.3 ) ( 5.8 ) %
Other tax credits ( 2.2 ) ( 0.2 ) % ( 4.1 ) ( 0.5 ) % ( 3.1 ) ( 0.4 ) %

Nontaxable or nondeductible items

Corporate-owned life insurance ( 10.9 ) ( 1.2 ) % ( 11.9 ) ( 1.3 ) % ( 14.2 ) ( 1.9 ) %
Other permanent differences ( 2.9 ) ( 0.3 ) % ( 3.3 ) ( 0.4 ) % ( 2.1 ) ( 0.3 ) %

Effects of ratemaking
Amortization of investment tax credits ( 5.3 ) ( 0.6 ) % ( 5.4 ) ( 0.6 ) % ( 5.6 ) ( 0.7 ) %
Amortization of federal excess deferred income taxes ( 61.2 ) ( 6.8 ) % ( 59.9 ) ( 6.5 ) % ( 62.1 ) ( 8.2 ) %
Flow through for plant related differences 1.0   0.1   % 5.2   0.6   % 1.5   0.2   %
Other adjustments ( 4.5 ) ( 0.7 ) % ( 3.0 ) ( 0.3 ) % ( 3.0 ) ( 0.5 ) %
Income tax expense and effective income tax rate $ 29.9   3.3   % $ 30.0   3.3   % $ 15.6   2.0   %
(a ) State income taxes in Missouri and Kansas make up the majority (greater than 50%) of the tax effect in this category.

Evergy Kansas Central
2025 2024 2023
Amount Percent Amount Percent Amount Percent
(millions, except percentages)
Federal statutory income tax $ 121.7   21.0   % $ 121.2   21.0   % $ 79.5   21.0   %
State and local income taxes
State income taxes (a)
7.7   1.3   % 3.4   0.6   % 1.5   0.4   %
Amortization of state excess deferred income taxes ( 9.9 ) ( 1.7 ) % ( 10.0 ) ( 1.7 ) % ( 2.8 ) ( 0.7 ) %
Tax Credits
Energy-related tax credits ( 57.0 ) ( 9.8 ) % ( 59.4 ) ( 10.3 ) % ( 43.7 ) ( 11.5 ) %
Other tax credits ( 0.7 ) ( 0.1 ) % ( 0.7 ) ( 0.1 ) % ( 0.7 ) ( 0.2 ) %

Nontaxable or nondeductible items

Corporate-owned life insurance ( 10.4 ) ( 1.8 ) % ( 11.4 ) ( 2.0 ) % ( 13.7 ) ( 3.6 ) %
Other permanent differences ( 4.3 ) ( 0.7 ) % ( 4.4 ) ( 0.8 ) % ( 3.9 ) ( 1.0 ) %

Effects of ratemaking
Amortization of investment tax credits ( 2.0 ) ( 0.3 ) % ( 2.1 ) ( 0.4 ) % ( 2.2 ) ( 0.6 ) %
Amortization of federal excess deferred income taxes ( 26.2 ) ( 4.5 ) % ( 22.8 ) ( 3.9 ) % ( 23.5 ) ( 6.2 ) %
Flow through for plant related differences ( 1.2 ) ( 0.2 ) % 2.2   0.4   % 4.4   1.2   %
Other adjustments ( 1.4 ) ( 0.4 ) % ( 3.8 ) ( 0.7 ) % ( 0.8 ) ( 0.4 ) %
Income tax expense (benefit) and effective income tax rate $ 16.3   2.8   % $ 12.2   2.1   % $ ( 5.9 ) ( 1.6 ) %
(a ) State income taxes in Missouri and Kansas make up the majority (greater than 50%) of the tax effect in this category.
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Evergy Metro
2025 2024 2023
Amount Percent Amount Percent Amount Percent
(millions, except percentages)
Federal statutory income tax $ 76.6   21.0   % $ 76.7   21.0   % $ 78.0   21.0   %
State and local income taxes
State income taxes (a)
4.0   1.1   % 3.8   1.0   % 4.2   1.1   %
Amortization of state excess deferred income taxes ( 11.2 ) ( 3.1 ) % ( 11.2 ) ( 3.1 ) % ( 7.5 ) ( 2.0 ) %
Tax Credits

Other tax credits ( 1.8 ) ( 0.5 ) % ( 3.6 ) ( 1.0 ) % ( 2.7 ) ( 0.7 ) %

Nontaxable or nondeductible items

Other permanent differences 1.1   0.3   % 0.3   0.1   % 1.4   0.4   %

Effects of ratemaking
Amortization of investment tax credits ( 3.2 ) ( 0.9 ) % ( 3.2 ) ( 0.9 ) % ( 3.5 ) ( 0.9 ) %
Amortization of federal excess deferred income taxes ( 22.0 ) ( 6.0 ) % ( 23.3 ) ( 6.4 ) % ( 30.1 ) ( 8.1 ) %
Flow through for plant related differences 2.0   0.6   % 2.7   0.7   % 1.9   0.5   %
Other adjustments ( 1.3 ) ( 0.4 ) % ( 1.3 ) ( 0.2 ) % ( 2.5 ) ( 0.7 ) %
Income tax expense and effective income tax rate $ 44.2   12.1   % $ 40.9   11.2   % $ 39.2   10.6   %
(a ) State income taxes in Missouri and Kansas make up the majority (greater than 50%) of the tax effect in this category.
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Income Taxes Paid
Income taxes paid, net of refunds received, disaggregated between federal and state are detailed in the following tables.

Evergy

2025 2024 2023
(millions)
Federal income taxes $ 5.9   $ 31.0   $ 28.7  
State income taxes
Missouri —   7.0   10.5  
Kansas —   ( 0.1 ) ( 5.0 )
Other states 0.2   0.1   0.2  
Total state income tax paid, net of refunds 0.2   7.0   5.7  
Total income taxes paid, net of refunds $ 6.1   $ 38.0   $ 34.4  

Evergy Kansas Central

2025 2024 2023
(millions)
Federal income taxes $ 9.0   $ 7.0   $ 48.5  
State income taxes
Missouri 1.4   3.6   5.8  
Kansas ( 1.9 ) —   —  
Other states 0.1   0.1   0.1  
Total state income tax paid, net of refunds ( 0.4 ) 3.7   5.9  
Total income taxes paid, net of refunds $ 8.6   $ 10.7   $ 54.4  

Evergy Metro

2025 2024 2023
(millions)
Federal income taxes $ 29.8   $ 34.9   $ 6.4  
State income taxes
Missouri 0.1   3.6   2.7  
Kansas ( 0.3 ) ( 0.1 ) 0.5  
Other states 0.1   0.1   0.2  
Total state income tax paid, net of refunds ( 0.1 ) 3.6   3.4  
Total income taxes paid, net of refunds $ 29.7   $ 38.5   $ 9.8  

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Deferred Income Taxes
The tax effects of major temporary differences resulting in deferred income tax assets (liabilities) in the consolidated balance sheets is in the following table.

December 31
2025 2024
Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro
Deferred tax assets: (millions)
Tax credit carryforward $ 572.8   $ 412.4   $ 159.1   $ 393.2   $ 296.5   $ 95.3  
Income taxes refundable to customers, net 323.3   169.1   126.6   308.2   160.5   115.7  
Deferred employee benefit costs 92.9   37.7   59.2   98.4   42.4   61.6  
Net operating loss carryforward 4.6   —   —   4.4   —   —  
Deferred state income taxes 123.5   92.1   29.5   132.2   95.7   32.8  

Accrued liabilities 214.8   101.2   81.2   198.0   92.6   73.8  
Other regulatory liabilities 69.5   54.0   8.5   92.4   62.8   8.0  
Other 94.9   43.9   23.8   99.6   46.4   25.8  
Total deferred tax assets before
  valuation allowance 1,496.3   910.4   487.9   1,326.4   796.9   413.0  
Valuation allowances ( 7.2 ) ( 2.7 ) —   ( 6.9 ) ( 2.7 ) —  
Total deferred tax assets, net 1,489.1   907.7   487.9   1,319.5   794.2   413.0  
Deferred tax liabilities:
Plant-related ( 2,974.9 ) ( 1,463.3 ) ( 1,079.5 ) ( 2,844.9 ) ( 1,407.6 ) ( 1,030.5 )
Deferred employee benefit costs ( 0.6 ) —   —   ( 0.5 ) —   —  
ARO regulatory assets ( 194.0 ) ( 85.3 ) ( 75.5 ) ( 177.2 ) ( 76.4 ) ( 68.4 )
Acquisition premium ( 31.0 ) ( 31.0 ) —   ( 34.2 ) ( 34.2 ) —  
Other regulatory assets ( 227.6 ) ( 38.7 ) ( 55.9 ) ( 200.6 ) ( 31.3 ) ( 39.5 )
Other ( 81.7 ) ( 50.3 ) ( 20.8 ) ( 97.8 ) ( 50.3 ) ( 29.9 )
Total deferred tax liabilities ( 3,509.8 ) ( 1,668.6 ) ( 1,231.7 ) ( 3,355.2 ) ( 1,599.8 ) ( 1,168.3 )
Net deferred income tax liabilities $ ( 2,020.7 ) $ ( 760.9 ) $ ( 743.8 ) $ ( 2,035.7 ) $ ( 805.6 ) $ ( 755.3 )

Tax Credit Carryforwards
As of December 31, 2025 and 2024, Evergy had $ 567.9 million and $ 388.3 million, respectively, of federal general business income tax credit carryforwards.  As of December 31, 2025 and 2024, Evergy Kansas Central had $ 407.5  million and $ 291.6 million, respectively, of federal general business income tax credit carryforwards. As of December 31, 2025 and 2024, Evergy Metro had $ 159.1 million and $ 95.3 million, respectively, of federal general business income tax credit carryforwards.  The carryforwards for Evergy, Evergy Kansas Central and Evergy Metro relate primarily to PTCs and research and development tax credits and expire in the years 2026 to 2045.
The Evergy Companies' federal general business income tax credit carryforwards include PTCs related to the generation of electricity from nuclear energy. As of December 31, 2025, Evergy, Evergy Kansas Central and Evergy Metro had $ 263.1 million, $ 130.5 million and $ 132.6 million, respectively, of tax credits from the generation of electricity from nuclear energy included in the production tax credits carryforwards. Beginning in 2024, nuclear units, including Wolf Creek, became eligible for a production tax credit through 2032. The credit is for $ 15.00 per MWh and is subject to a phase-out when gross receipts from the facility are between $ 25.00 per MWh and $ 43.75 per MWh. The credit may be used to offset Evergy's income tax liability or be transferred to an unrelated third party. The Evergy Companies have estimated the credit based on the existing Internal Revenue Service (IRS) regulations. The IRS may provide guidance regarding the type of revenue to be included in the computation of gross receipts in 2026 which may significantly reduce the amount of nuclear production tax credits available to Evergy. The Evergy Companies have recorded a regulatory liability for these tax credits as the benefits are expected to be refunded to customers as a reduction to revenue in future regulatory proceedings.
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The year of origin of Evergy's, Evergy Kansas Central's and Evergy Metro's related tax benefit amounts for federal tax credit carryforwards as of December 31, 2025, are detailed in the following table.

Amount of Benefit
Year of Origin Evergy Evergy Kansas Central Evergy Metro
(millions)
2007 $ 0.1   $ —   $ —  
2019 28.5   25.1   3.3  
2020 35.9   28.5   7.3  
2021 31.9   28.1   3.6  
2022 34.6   31.7   2.6  
2023 49.8   45.3   4.3  
2024 196.6   125.7   70.8  
2025 190.5   123.1   67.2  
$ 567.9   $ 407.5   $ 159.1  

As of December 31, 2025 and 2024, Evergy and Evergy Kansas Central had $ 4.9  million of tax benefits related to state income tax credit carryforwards. The state income tax credits relate primarily to the Kansas high performance incentive program and expire in the years 2038 to 2039. Due to the elimination of the Kansas corporate income tax for utilities, Evergy and Evergy Kansas Central expect a portion of these state tax credit carryforwards to expire unutilized and have provided a valuation allowance against $ 2.7  million of the state tax benefits.

Net Operating Loss (NOL) Carryforwards
As of December 31, 2025 and 2024, Evergy had deferred tax benefits of $ 4.6 million and $ 4.4 million related to state NOLs, respectively.  The state NOL carryforwards expire in years 2026 to 2045. Evergy does not expect to utilize $ 4.5 million of NOLs before the expiration date of the carryforwards of NOLs in certain states. Therefore, a valuation allowance has been provided against $ 4.5 million of state tax benefits.
Valuation Allowances
Evergy is required to assess the ultimate realization of deferred tax assets using a "more likely than not" assessment threshold.  This assessment takes into consideration tax planning strategies within Evergy's control.  As a result of this assessment, Evergy has established a partial valuation allowance for state tax NOL carryforwards and tax credit carryforwards. During 2025, $ 0.3  million of tax expense was recorded in continuing operations primarily related to state NOLs that expired. The tax expense was offset by the reduction in related deferred tax assets.
Uncertain Tax Positions
Evergy is considered open to U.S. federal examination for years after 2009 due to the carryforward of NOLs and general business income tax credits. With few exceptions, Evergy is no longer subject to state and local tax examinations by tax authorities for years before 2021. As of December 31, 2025, Evergy is currently under IRS audit for the 2023 tax year.

21. LEASES
The Evergy Companies lease office buildings, computer equipment, vehicles, generating plant and other property and equipment, including rail cars to serve jointly-owned generating units where Evergy Kansas Central or Evergy Metro is the managing partner and is reimbursed by other joint-owners for the other owners' proportionate share of the costs. Under GAAP, a contract is or contains a lease if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Evergy Companies assess a contract as being or containing a lease if the contract identifies property, plant and equipment, provides the lessee the right to obtain substantially all of the economic benefits from use of the property, plant and equipment and provides the lessee the right to direct the use of the property, plant and equipment.
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The Evergy Companies have entered into several agreements to purchase energy through renewable purchase power agreements that are accounted for as leases that commenced prior to the application of Topic 842-Leases . Due to the intermittent nature of renewable generation, these leases have significant variable lease payments not included in the initial and subsequent measurement of the lease liability. Variable lease payments are expensed as incurred. In addition, certain other contracts contain payment for activity that transfers a separate good or service such as utilities or common area maintenance. The Evergy Companies have elected a practical expedient permitted by GAAP to not separate such components of the lease from other lease components for all leases.
The Evergy, Evergy Kansas Central and Evergy Metro leases have remaining terms ranging from 1 to 35 years, 1 to 13 years and 1 to 8 years, respectively. Leases that have original lease terms of twelve months or less are not recognized on the Evergy Companies’ balance sheets. Some leases have options to renew the lease or terminate early at the election of the Evergy Companies. Judgment is applied at lease commencement to determine the reasonably certain lease term based on then-current assumptions about use of the leased asset, market conditions and terms in the contract. The judgment applied to determine the lease term can significantly impact the measurement of the lease liability and right-of-use asset and lease classification.
The Evergy Companies typically discount lease payments over the term of the lease using their incremental borrowing rates at lease commencement to measure its initial and subsequent lease liability. For leases that existed at the initial application of Topic 842, the Evergy Companies used the incremental borrowing rates that corresponded to the remaining lease term as of January 1, 2019.
Leases may be classified as either operating leases or finance leases. The lease classification is based on assumptions of the lease term and discount rate, as discussed above, and the fair market value and economic life of the leased asset. Operating leases recognize a consistent expense each period over the lease term, while finance leases will result in the separate presentation of interest expense on the lease liability and amortization of the right-of-use asset. Finance leases are treated as operating leases for rate-making purposes and as such, the Evergy Companies defer to a regulatory asset or liability any material differences between expense recognition and the timing of payments in order to match what is being recovered in customer rates.
The Evergy Companies' lease expense is detailed in the following tables.

Evergy 2025 2024 2023
Finance lease costs (millions)
Amortization of right-of-use assets $ 17.6   $ 11.1   $ 6.1  
Interest on lease liabilities 2.7   2.5   2.3  
Operating lease costs 23.2   24.0   20.5  
Short-term lease costs 4.7   3.5   4.0  
Variable lease costs for renewable purchase power agreements 196.6   210.3   266.5  
Total lease costs $ 244.8   $ 251.4   $ 299.4  

Evergy Kansas Central 2025 2024 2023
Finance lease costs (millions)
Amortization of right-of-use assets $ 11.7   $ 8.3   $ 5.5  
Interest on lease liabilities 2.3   2.2   2.2  
Operating lease costs 11.3   12.3   10.0  
Short-term lease costs 1.5   1.2   1.5  
Variable lease costs for renewable purchase power agreements 62.8   71.0   122.6  
Total lease costs $ 89.6   $ 95.0   $ 141.8  

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Evergy Metro 2025 2024 2023
Finance lease costs (millions)
Amortization of right-of-use assets $ 4.5   $ 2.3   $ 0.5  
Interest on lease liabilities 0.3   0.2   0.1  
Operating lease costs 9.9   9.5   8.6  
Short-term lease costs 2.5   1.9   2.2  
Variable lease costs for renewable purchase power agreements 101.4   103.9   107.5  
Total lease costs $ 118.6   $ 117.8   $ 118.9  

Supplemental cash flow information related to the Evergy Companies' leases is detailed in the following tables.

Evergy 2025 2024 2023
Cash paid for amounts included in the measurement of lease liabilities: (millions)
Operating cash flows from operating leases $ 23.1   $ 24.9   $ 20.1  
Operating cash flows from finance leases 2.7   2.5   2.3  
Financing cash flows from finance leases 17.7   11.7   6.6  
Right-of-use assets obtained in exchange for new finance lease liabilities 56.7   17.0   11.9  
Right-of-use assets obtained in exchange for new operating lease liabilities 21.7   7.2   20.1  

Evergy Kansas Central 2025 2024 2023
Cash paid for amounts included in the measurement of lease liabilities: (millions)
Operating cash flows from operating leases $ 11.4   $ 12.3   $ 9.9  
Operating cash flows from finance leases 2.3   2.2   2.1  
Financing cash flows from finance leases 11.8   8.7   5.7  
Right-of-use assets obtained in exchange for new finance lease liabilities 16.6   13.2   10.2  
Right-of-use assets obtained in exchange for new operating lease liabilities 11.0   5.2   9.2  

Evergy Metro 2025 2024 2023
Cash paid for amounts included in the measurement of lease liabilities: (millions)
Operating cash flows from operating leases $ 11.3   $ 11.7   $ 9.7  
Operating cash flows from finance leases 0.3   0.2   0.1  
Financing cash flows from finance leases 4.6   2.5   0.8  
Right-of-use assets obtained in exchange for new finance lease liabilities 12.7   2.6   1.7  
Right-of-use assets obtained in exchange for new operating lease liabilities 8.8   1.9   9.9  

Other pertinent information related to the Evergy Companies' leases is detailed in the following tables.

Evergy 2025 2024
(dollars in millions)
Right-of-use assets under finance leases included in property, plant and equipment, net, on the consolidated balance sheets $ 399.0 $ 356.9
Right-of-use assets under operating leases included in other assets on the consolidated balance sheets
62.0 58.3
Weighted-average remaining lease term (years)
Finance leases 10.8 8.3
Operating leases 4.7 5.4
Weighted average discount rate
Finance leases 5.3   % 5.3   %
Operating leases 4.8   % 4.4   %

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Evergy Kansas Central 2025 2024
(dollars in millions)
Right-of-use assets under finance leases included in property, plant and equipment, net, on the consolidated balance sheets $ 89.0 $ 84.5
Right-of-use assets under operating leases included in other assets on the consolidated balance sheets
20.7 17.4
Weighted-average remaining lease term (years)
Finance leases 8.2 9.1
Operating leases 3.2 2.7
Weighted average discount rate
Finance leases 5.3   % 5.3   %
Operating leases 4.4   % 3.8   %

Evergy Metro 2025 2024
(dollars in millions)
Right-of-use assets under finance leases included in property, plant and equipment, net, on the consolidated balance sheets $ 23.9 $ 13.0
Right-of-use assets under operating leases included in other assets on the consolidated balance sheets
30.3 29.3
Weighted-average remaining lease term (years)
Finance leases 4.9 5.3
Operating leases 5.6 6.6
Weighted average discount rate
Finance leases 5.0   % 5.2   %
Operating leases 5.0   % 5.0   %

Finance Leases
Right-of-use assets for finance leases are included in property, plant and equipment on the Evergy Companies' balance sheets. Lease liabilities for finance leases are included in other current and other long-term liabilities. Payments and other supplemental information for finance leases as of December 31, 2025, are detailed in the following table.

Evergy Evergy Kansas Central Evergy Metro
(millions)
2026 $ 22.8   $ 14.5   $ 5.4  
2027 22.0   13.6   5.2  
2028 21.0   13.0   4.9  
2029 17.1   10.6   3.8  
2030 12.7   8.0   2.4  
After 2030 78.1   32.7   2.5  
Total finance lease payments 173.7   92.4   24.2  
Amounts representing imputed interest ( 43.7 ) ( 18.3 ) ( 0.3 )
Present value of lease payments 130.0   74.1   23.9  
Less: current portion ( 18.3 ) ( 11.9 ) ( 5.0 )
Total long-term obligations under finance leases $ 111.7   $ 62.2   $ 18.9  

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Operating Leases
Right-of-use assets for operating leases are included in other long-term assets on the Evergy Companies' balance sheets. Lease liabilities for operating leases are included in other current and other long-term liabilities. Lease payments and other supplemental information for operating leases as of December 31, 2025, are detailed in the following table.

Evergy Evergy Kansas Central Evergy Metro
(millions)
2026 $ 18.9   $ 8.1   $ 10.3  
2027 15.0   6.0   8.4  
2028 11.8   4.1   7.2  
2029 8.0   2.0   5.7  
2030 6.6   1.3   5.1  
After 2030 8.6   0.1   8.4  
Total operating lease payments 68.9   21.6   45.1  
Amounts representing imputed interest ( 7.9 ) ( 1.2 ) ( 6.3 )
Present value of lease payments 61.0   20.4   38.8  
Less: current portion ( 16.4 ) ( 7.3 ) ( 8.6 )
Total long-term obligations under operating leases $ 44.6   $ 13.1   $ 30.2  

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22. SEGMENT INFORMATION
Evergy's chief operating decision maker is Evergy's President and Chief Executive Officer. The chief operating decision maker assesses Evergy's performance based on consolidated net income attributable to Evergy, Inc. (i.e., Evergy operates in a single reportable segment) and uses consolidated net income attributable to Evergy, Inc. to make resource allocation decisions and to compare actual results to budget. The measures of segment assets and expenditures for additions to long-lived assets are reported as total assets on the consolidated balance sheet and additions to property, plant and equipment on the consolidated statement of cash flows, respectively. See Note 1 for additional information regarding the operations of Evergy. This segment information is detailed in the following table.

2025 2024 2023
(millions)
OPERATING REVENUES $ 5,961.6   $ 5,847.3   $ 5,508.2  
Less:
Fuel and purchased power 1,412.4   1,479.9   1,494.8  
SPP network transmission costs 438.0   370.9   302.6  
Operating and maintenance:
Operations and customer (a)
612.2   611.4   590.7  
Support (a)
155.4   148.5   137.6  
Other segment items, including benefit costs (b)
227.7   202.0   217.0  
Depreciation and amortization 1,162.9   1,114.0   1,076.5  
Taxes other than income tax 420.1   452.6   406.6  

Interest expense 616.3   563.1   525.8  
Income tax expense 29.9   30.0   15.6  
Net income attributable to noncontrolling interests 12.3   12.3   12.3  
Plus:
Total other income (expense), net ( 25.6 ) 3.1   ( 4.8 )
Equity in earnings of equity method investees, net of income taxes 6.8   7.8   7.4  
NET INCOME ATTRIBUTABLE TO EVERGY, INC. $ 855.6   $ 873.5   $ 731.3  

(a) In 2025, an internal reorganization that altered departmental hierarchies resulted in changes to the classification of certain operation and maintenance expenses. Amounts for 2024 and 2023 have been recast to conform to the current-year presentation and these reclassifications have no impact on total operation and maintenance expense or net income attributable to Evergy, Inc.
(b) Other segment items include benefits expense associated with Operations, Customer and Support employees, regulatory amortization expense, expense associated with energy efficiency programs and credit loss expense, among other items.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.

ITEM 9A. CONTROLS AND PROCEDURES

EVERGY
Disclosure Controls and Procedures
Evergy maintains a set of disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. In addition, the disclosure controls and procedures provide reasonable assurance that information required to be disclosed is accumulated and communicated to management, including to the chief executive officer and chief financial officer, allowing timely decisions regarding required disclosure. Evergy carried out an evaluation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act).  This evaluation was conducted under the supervision, and with the participation, of Evergy's management, including the chief executive officer and chief financial officer, and
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Evergy's disclosure committee.  Based upon this evaluation, the chief executive officer and chief financial officer of Evergy have concluded as of the end of the period covered by this report that the disclosure controls and procedures of Evergy were effective at a reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There has been no change in Evergy's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended December 31, 2025, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

Management's Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) for Evergy.  Under the supervision and with the participation of Evergy’s chief executive officer and chief financial officer, management evaluated the effectiveness of Evergy’s internal control over financial reporting as of December 31, 2025.  Management used for this evaluation the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission.
Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis.  Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.  Also, projections of any evaluation of the effectiveness of internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management has concluded that, as of December 31, 2025, Evergy’s internal control over financial reporting is effective based on the criteria set forth in the COSO framework.  Deloitte & Touche LLP, the independent registered public accounting firm that audited the financial statements included in this annual report on Form 10-K, has issued its attestation report on Evergy’s internal control over financial reporting, which is included below.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of Evergy, Inc.
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Evergy, Inc. and subsidiaries (the "Company") as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements and financial statement schedules as of and for the year ended December 31, 2025, of the Company and our report dated February 18, 2026, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ DELOITTE & TOUCHE LLP
Kansas City, Missouri  
February 18, 2026
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EVERGY KANSAS CENTRAL
Disclosure Controls and Procedures
Evergy Kansas Central maintains a set of disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. In addition, the disclosure controls and procedures provide reasonable assurance that information required to be disclosed is accumulated and communicated to management, including to the chief executive officer and chief financial officer, allowing timely decisions regarding required disclosure. Evergy Kansas Central carried out an evaluation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act).  This evaluation was conducted under the supervision, and with the participation, of Evergy Kansas Central's management, including the chief executive officer and chief financial officer, and Evergy Kansas Central's disclosure committee.  Based upon this evaluation, the chief executive officer and chief financial officer of Evergy Kansas Central have concluded as of the end of the period covered by this report that the disclosure controls and procedures of Evergy Kansas Central were effective at a reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There has been no change in Evergy Kansas Central's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended December 31, 2025, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

Management's Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) for Evergy Kansas Central.  Under the supervision and with the participation of Evergy Kansas Central’s chief executive officer and chief financial officer, management evaluated the effectiveness of Evergy Kansas Central’s internal control over financial reporting as of December 31, 2025. Management used for this evaluation the framework in Internal Control - Integrated Framework (2013) issued by the COSO of the Treadway Commission.
Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis.  Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.  Also, projections of any evaluation of the effectiveness of internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management has concluded that, as of December 31, 2025, Evergy Kansas Central’s internal control over financial reporting is effective based on the criteria set forth in the COSO framework.  

EVERGY METRO
Disclosure Controls and Procedures
Evergy Metro maintains a set of disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. In addition, the disclosure controls and procedures provide reasonable assurance that information required to be disclosed is accumulated and communicated to management, including to the chief executive officer and chief financial officer, allowing timely decisions regarding required disclosure. Evergy Metro carried out an evaluation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act).  This evaluation was conducted under the supervision, and with the participation, of Evergy Metro's management, including the chief executive officer and chief financial officer, and Evergy Metro's disclosure committee.  Based upon this evaluation, the chief executive officer and chief financial officer of Evergy Metro have concluded as of the end of the period covered by this report that the disclosure controls and procedures of Evergy Metro were effective at a reasonable assurance level.
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Changes in Internal Control Over Financial Reporting
There has been no change in Evergy Metro's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended December 31, 2025, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

Management's Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) for Evergy Metro.  Under the supervision and with the participation of Evergy Metro’s chief executive officer and chief financial officer, management evaluated the effectiveness of Evergy Metro’s internal control over financial reporting as of December 31, 2025.  Management used for this evaluation the framework in Internal Control - Integrated Framework (2013) issued by the COSO of the Treadway Commission.
Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis.  Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.  Also, projections of any evaluation of the effectiveness of internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management has concluded that, as of December 31, 2025, Evergy Metro’s internal control over financial reporting is effective based on the criteria set forth in the COSO framework.  

ITEM 9B.  OTHER INFORMATION
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 tab on 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 Evergy's website is not part of this document.
Securities Trading Plans of Directors and Executive Officers
For the three months ended December 31, 2025, no director or officer has adopted , terminated or modified a Rule 10b5-1 plan or non-rule 10b5-1 trading arrangement required to be disclosed under Item 408(a) of Regulation S-K.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.

PART III
Information required by Items 10-14 of Part III of this Form 10-K with respect to Evergy will be included in an amendment to this Form 10-K, or incorporated by reference to Evergy's definitive proxy statement with respect to its 2026 Annual Meeting of Shareholders (Proxy Statement) on or before April 30, 2026.

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Evergy
The information required by this item will be included in an amendment to this Form 10-K or will be incorporated by reference from the following sections of the Proxy Statement:
• Information regarding the directors of Evergy will be contained in the Proxy Statement section titled "Proposal I: Election of Directors."
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• If applicable, information regarding compliance with Section 16(a) of the Exchange Act will be contained in the Proxy Statement section titled "Security Ownership of Directors, Management and Beneficial Owners."
• Information regarding the Audit Committee of Evergy will be contained in the Proxy Statement section titled "Corporate Governance Matters - Board Structure - Audit Committee."
• Information regarding Evergy's Code of Ethics will be contained in the Proxy Statement section titled "Corporate Governance Matters - Corporate Governance Practices - Code of Ethics."
Information required by this item regarding Evergy's executive officers is contained in this report in Part I, Item 1 in "Information About Evergy's Executive Officers."
Evergy and its subsidiaries have adopted a Securities Trading Policy which governs transactions in Evergy's and its subsidiaries' securities by directors, officers, employees and others as defined in the Securities Trading Policy. The Securities Trading Policy does not address transactions in Evergy's and its subsidiaries' securities by Evergy or its subsidiaries themselves; however, pursuant to the Code of Ethics, which, among other items, requires Evergy and its subsidiaries to comply with all laws and regulations, it is the policy of Evergy and its subsidiaries to comply with applicable securities laws and regulations with respect to any such transactions. A copy of the Securities Trading Policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.
Evergy Kansas Central and Evergy Metro
Other information required by this item regarding Evergy Kansas Central and Evergy Metro has been omitted in reliance on General Instruction (I) to Form 10-K.

ITEM 11. EXECUTIVE COMPENSATION
Evergy
The information required by this item will be included in an amendment to this Form 10-K or will be incorporated by reference to the following sections of the Proxy Statement: "Proxy Statement Summary and Highlights - Executive Compensation Highlights," "Director Compensation," "Executive Summary of Compensation Matters," "Compensation Discussion and Analysis," "Compensation Committee Report," "Executive Compensation Tables," "Director Independence" and "Other Matters - Compensation Committee Interlocks and Insider Participation."
Evergy Kansas Central and Evergy Metro
Other information required by this item regarding Evergy Kansas Central and Evergy Metro has been omitted in reliance on General Instruction (I) to Form 10-K.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
Evergy
The information required by this item regarding security ownership of the directors and executive officers of Evergy will be included in an amendment to this Form 10-K or will be incorporated by reference to the "Security Ownership of Directors, Management and Beneficial Owners" section of the Proxy Statement.
Evergy Kansas Central and Evergy Metro
The information required by this item regarding Evergy Kansas Central and Evergy Metro has been omitted in reliance on General Instruction (I) to Form 10-K.
Equity Compensation Plans
The Evergy Long-Term Incentive Plan permits the grant of restricted stock, restricted stock units, bonus shares, stock options, stock appreciation rights, director shares, director deferred share units, performance shares and other stock-based awards to directors, officers and other employees of Evergy.
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The following table provides information, as of December 31, 2025, regarding the number of common shares to be issued upon exercise of outstanding options, warrants and rights, their weighted average exercise price, and the number of shares of common stock remaining available for future issuance. The table excludes shares issued or issuable under any defined contribution savings plans.

Number of securities
Number of remaining available
securities for future issuance
to be issued upon Weighted-average under equity
exercise of exercise price of compensation plans
outstanding options, outstanding options, (excluding securities
warrants and rights warrants and rights reflected in column (a))
Plan Category (a) (b) (c)
Equity compensation plans approved by security holders (3)

Evergy Long-Term Incentive Plan 1,171,916  (1) $ —  (2) 5,660,460 
Equity compensation plans not approved by security holders
—  —  — 
Total 1,171,916  (1) $ —  (2) 5,660,460 

(1) Includes 360,016 RSUs with time-based requirements, 627,821 RSUs with performance measures at target performance levels and director deferred share units for 184,079 shares of Evergy common stock outstanding at December 31, 2025.
(2) The RSUs, RSAs and director deferred share units have no exercise price and therefore are not reflected in the weighted-average exercise price.
(3) As of December 31, 2025, there were approximately 149,642 units outstanding that were deferred pursuant to the Evergy Kansas Central, Inc. non-employee deferred compensation program. Deferred units will continue to receive deferred dividend equivalents in the form of additional deferred units until payouts pursuant to elections begin.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Evergy
The information required by this item will be included in an amendment to this Form 10-K or will be incorporated by reference to the "Director Independence" and "Other Matters - Related Party Transactions" sections of the Proxy Statement.
Evergy Kansas Central and Evergy Metro
The information required by this item regarding Evergy Kansas Central and Evergy Metro has been omitted in reliance on General Instruction (I) to Form 10-K.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Evergy
The information required by this item regarding the independent auditors of Evergy and its subsidiaries will be included in an amendment to this Form 10-K or will be incorporated by reference to the "Ratification of Appointment of Deloitte & Touche LLP" (PCAOB ID No. 34 ) section of the Proxy Statement.
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Evergy Kansas Central and Evergy Metro
The Audit Committee of the Evergy Board functions as the Audit Committee of Evergy Kansas Central and Evergy Metro. The following tables set forth the aggregate fees billed, or expected to be billed, by Deloitte & Touche LLP for audit services rendered in connection with the consolidated financial statements and reports for 2025 and 2024 and for other services rendered during 2025 and 2024 on behalf of Evergy Kansas Central and Evergy Metro, as well as all out-of-pocket costs incurred in connection with these services:

Evergy Kansas Central 2025 2024
Fee Category
Audit Fees $ 2,263,457  $ 1,891,984 
Audit-Related Fees 28,333  27,000 
Tax Fees 14,541  16,380 
All Other Fees —  — 
Total Fees $ 2,306,331  $ 1,935,364 

Evergy Metro 2025 2024
Fee Category
Audit Fees $ 1,550,558  $ 1,393,290 
Audit-Related Fees 28,333  27,000 
Tax Fees 9,117  11,171 
All Other Fees —  — 
Total Fees $ 1,588,008  $ 1,431,461 

Audit Fees: Consists of fees billed, or expected to be billed, for professional services rendered for the audits of the annual consolidated financial statements of Evergy Kansas Central and Evergy Metro and reviews of the interim consolidated financial statements included in quarterly reports. Audit fees also include: services provided by Deloitte & Touche LLP in connection with statutory and regulatory filings or engagements; audit reports on audits of the effectiveness of internal control over financial reporting and other attest services, except those not required by statute or regulation; services related to filings with the SEC, including comfort letters, consents and assistance with and review of documents filed with the SEC; and accounting research in support of the audit.
Audit-Related Fees: Consists of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of consolidated financial statements of Evergy Kansas Central and Evergy Metro and are not reported under "Audit Fees." These services include consultation concerning financial accounting and reporting standards.
Tax Fees: Consists of fees billed for tax compliance and related support of tax returns and other tax services, including assistance with tax research and planning.
All Other Fees: Consists of fees for all other services other than those described above.
Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services
The Audit Committee has adopted policies and procedures for the pre-approval of all audit services, audit-related services, tax services and other services to be provided by the independent registered public accounting firm for Evergy Kansas Central and Evergy Metro. Under these policies and procedures, the Audit Committee may pre-approve certain types of services, up to the aggregate fee levels it sets. Any proposed service within a pre-approved type of service that would cause the applicable fee level to be exceeded cannot be provided unless the Audit Committee either amends the applicable fee level or specifically approves the proposed service. The Audit Committee, as well, may specifically approve audit, audit-related, tax or other services on a case-by-case basis. Pre-approval is generally provided for up to one year, unless the Audit Committee specifically provides for a different period. Management provides quarterly updates to the Audit Committee regarding actual fees spent with respect to
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pre-approved services.  The Chair of the Audit Committee may pre-approve audit, audit-related, tax and other services provided by the independent registered public accounting firm as required between meetings and report such pre-approval at the next Audit Committee meeting.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
Financial Statements

Evergy, Inc. Page No.

a. Consolidated Statements of Comprehensive Income for the years ended December 31, 202 5 , 202 4 and 202 3
73

b. Consolidated Balance Sheets - December 31, 202 5 and 202 4
74

c. Consolidated Statements of Cash Flows for the years ended December 31, 202 5 , 202 4 and 20 23
76

d. Consolidated Statements of Changes in Equity for the years ended December 31, 202 5 , 202 4 and 202 3
77

e. Notes to Consolidated Financial Statements
88

f. Report of Independent Registered Public Accounting Firm
67

Evergy Kansas Central, Inc.

g. Consolidated Statements of Income for the years ended December 31, 202 5 , 2024 and 202 3
78

h. Consolidated Balance Sheets - December 31, 202 5 and 202 4
79

i. Consolidated Statements of Cash Flows for the years ended December 31, 202 5 , 202 4 and 202 3
81

j. Consolidated Statements of Changes in Equity for the years ended December 31, 202 5 , 202 4 and 20 23
82

k. Notes to Consolidated Financial Statements
88

l. Report of Independent Registered Public Accounting Firm
69

Evergy Metro, Inc.

m. Consolidated Statements of Comprehensive Income for the years ended December 31, 202 5 , 202 4 and 202 3
83

n. Consolidated Balance Sheets - December 31, 202 5 and 20 24
84

o. Consolidated Statements of Cash Flows for the years ended December 31, 202 5 , 202 4 and 202 3
86

p. Consolidated Statements of Changes in Equity for the years ended December 31, 202 5 , 202 4 and 20 23
87

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q. Notes to Consolidated Financial Statements
88

r. Report of Independent Registered Public Accounting Firm
71

Financial Statement Schedules

Evergy, Inc.

a. Schedule I - Parent Company Financial Statements
190

b. Schedule II - Valuation and Qualifying Accounts and Reserves
194

Evergy Kansas Central, Inc.
c. Schedule II - Valuation and Qualifying Accounts and Reserves
194

Evergy Metro, Inc.

d. Schedule II - Valuation and Qualifying Accounts and Reserves
195

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Exhibits  

Exhibit
Number  
   
Description of Document
 
Registrant

       
2.1 * Agreement and Plan of Merger, dated May 29, 2016, by and among Evergy Kansas Central, Inc. (formerly Westar Energy Inc.), Great Plains Energy Incorporated and, from and after its accession thereto, Merger Sub (as defined therein) (Exhibit 2.1 to Great Plains Energy's Form 8-K filed on May 31, 2016).
Evergy
Evergy Kansas Central

2.2 * Amended and Restated Merger Agreement, dated July 9, 2017, by and among Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.), Great Plains Energy Incorporated, Monarch Energy Holding, Inc., King Energy, Inc. and, solely for the purposes set forth therein, GP Star, Inc. (Exhibit 2.1 to Great Plains Energy's Form 8-K filed on July 10, 2017).
Evergy
Evergy Kansas Central

3.1 * Amended and Restated Articles of Incorporation of Evergy, Inc., effective June 4, 2018 (Exhibit 3.1 to Form 8-K filed on June 4, 2018).
Evergy

3.2 * Amended and Restated By-laws of Evergy, Inc., effective as of December 13, 2023 (Exhibit 3.1 to Evergy's Form 8-K filed on December 13, 2023).
Evergy

3.3 * Amended and Restated Articles of Consolidation of Evergy Metro, Inc., as amended September 16, 2019 (Exhibit 3.1 to Evergy Metro's Form 10-Q for the quarter ended September 30, 2019).
Evergy Metro

3.4 * Amended and Restated By-laws of Evergy Metro, Inc., effective February 28, 2020 (Exhibit 3.3 to Evergy Metro's Form 8-K filed on March 2, 2020).
Evergy Metro

3.5 * Amended and Restated Articles of Incorporation of Evergy Kansas Central, Inc., as amended September 16, 2019 (Exhibit 3.3 to Evergy Kansas Central's Form 10-Q for the quarter ended September 30, 2019).
Evergy Kansas Central

3.6 * Amended and Restated By-laws of Evergy Kansas Central, Inc., effective February 28, 2020 (Exhibit 3.2 to Evergy Kansas Central's Form 8-K filed on March 2, 2020).
Evergy Kansas Central

4.1 * Indenture, dated June 1, 2004, between Evergy. Inc. (successor to Great Plains Energy Incorporated) and BNY Midwest Trust Company, as trustee (Exhibit 4.4 to Great Plains Energy's Form 8-A/A filed on June 14, 2004).
Evergy

4.2 * First Supplemental Indenture, dated June 14, 2004, between Evergy. Inc. (successor to Great Plains Energy Incorporated) and BNY Midwest Trust Company, as trustee (Exhibit 4.5 to Great Plains Energy's Form 8-A/A filed on June 14, 2004).
Evergy

4.3 * Second Supplemental Indenture, dated September 25, 2007, between Evergy, Inc. (successor to Great Plains Energy Incorporated) and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on September 26, 2007).
Evergy

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4.4 * Third Supplemental Indenture, dated August 13, 2010, between Evergy, Inc. (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on August 13, 2010).
Evergy

4.5 * Fourth Supplemental Indenture, dated May 19, 2011, between Evergy, Inc. (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on May 19, 2011).
Evergy

4.6 * Fifth Supplemental Indenture, dated March 9, 2017, between Evergy, Inc. (successor to Great Plains Energy Incorporated) and The Bank of New York Trust Company, N.A. as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on March 9, 2017).
Evergy

4.7 * Sixth Supplemental Indenture, dated June 4, 2018, by and among Great Plains Energy Incorporated, Evergy, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on June 4, 2018).
Evergy

4.8 * Seventh Supplemental Indenture, dated as of September 9, 2019 between Evergy, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on September 9, 2019).
Evergy

4.9 * Subordinated Indenture, dated May 18, 2009, between Evergy, Inc. (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on May 18, 2009).
Evergy

4.10 * Supplemental Indenture No. 1, dated May 18, 2009, between Evergy, Inc. (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.2 to Great Plains Energy's Form 8-K filed on May 19, 2009).
Evergy

4.11 * Supplemental Indenture No. 2, dated March 22, 2012, between Evergy, Inc. (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on March 23, 2012).
Evergy

4.12 * Supplemental Indenture No. 3, dated June 4, 2018, by and among Great Plains Energy Incorporated, Evergy, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.2 to Evergy's Form 8-K filed on June 4, 2018).
Evergy

4.13 * Supplemental Indenture No. 4, dated as of December 5, 2024, by and between Evergy, Inc. (as successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on December 5, 2024).
Evergy

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4.14 * Equity Distribution Agreement, dated May 8, 2025, between Evergy, Inc. and each of (a) Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, acting as managers, (b) Barclays Bank PLC, Bank of America, N.A., Citibank, N.A., Goldman Sachs & Co. LLC, JPMorgan Chase Bank, National Association, Morgan Stanley & Co. LLC, MUFG Securities EMEA plc, The Toronto-Dominion Bank, Truist Bank and Wells Fargo Bank, National Association, acting as forward purchasers, and (c) Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC acting as forward sellers (Exhibit 1.1 to Evergy's Form 8-K filed on May 9, 2025).
Evergy

4.15 * Indenture, dated August 24, 2001, between Evergy Missouri West, Inc. (formerly Aquila, Inc.) and BankOne Trust Company, N.A., as trustee (Exhibit 4(d) to Registration Statement on Form S-3 (File No. 333-68400) filed by Aquila, Inc. on August 27, 2001).
Evergy

4.16 * Second Supplemental Indenture, dated July 3, 2002, between Missouri West, Inc. (formerly Aquila, Inc.) and BankOne Trust Company, N.A., as trustee (Exhibit 4(c) to Form S-4 (File No. 333-100204) filed by Aquila, Inc. on September 30, 2002).
Evergy

4.17 * General Mortgage and Deed of Trust, dated December 1, 1986, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.12 to Evergy Metro's Form 10-K for the year ended December 31, 2017).
Evergy
Evergy Metro

4.18 * Fifth Supplemental Indenture, dated September 1, 1992, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.13 to Evergy Metro's Form 10-K for the year ended December 31, 2017).
Evergy
Evergy Metro

4.19 * Seventh Supplemental Indenture, dated October 1, 1993, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.14 to Evergy Metro's Form 10-K for the year ended December 31, 2017).
Evergy
Evergy Metro

4.20 * Eighth Supplemental Indenture, dated December 1, 1993, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.15 to Evergy Metro's Form 10-K for the year ended December 31, 2017).
Evergy
Evergy Metro

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4.21 * Eleventh Supplemental Indenture, dated August 15, 2005, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.2 to Evergy Metro's Form 10-Q for the quarter ended September 30, 2005).
Evergy
Evergy Metro

4.22 * Thirteenth Supplemental Indenture, dated March 1, 2009, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.3 to Evergy Metro's Form 8-K filed on March 24, 2009).
Evergy
Evergy Metro

4.23 * Fourteenth Supplemental Indenture, dated March 1, 2009, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.4 to Evergy Metro's Form 8-K filed on March 24, 2009).
Evergy
Evergy Metro

4.24 * Fifteenth Supplemental Indenture, dated June 30, 2011, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Evergy Metro's Form 10-Q for the quarter ended June 30, 2011).
Evergy
Evergy Metro

4.25 * Sixteenth Supplemental Indenture, March 1, 2019, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) UMB Bank N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.3 to Evergy's Form 8-K filed on March 14, 2019).
Evergy
Evergy Metro

4.26 * Seventeenth Supplemental Indenture, dated March 27, 2019, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on March 27, 2019).
Evergy
Evergy Metro

4.27 * Eighteenth Supplemental Indenture, dated as of May 26, 2020, between Evergy Metro and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on May 26, 2020).
Evergy
Evergy Metro

4.28 * Indenture, dated December 1, 2000, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York, as trustee (Exhibit 4(a) to Evergy Metro's Form 8-K filed on December 18, 2000).
Evergy
Evergy Metro

4.29 * Indenture, dated March 1, 2002, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York, as trustee (Exhibit 4.1.b. to Evergy Metro's Form 10-Q for the quarter ended March 31, 2002).
Evergy
Evergy Metro

4.30 * Supplemental Indenture No. 1, dated November 15, 2005, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York, as trustee (Exhibit 4.2.j to Evergy Metro's Form 10-K for the year ended December 31, 2005).
Evergy
Evergy Metro

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4.31 * Supplemental Indenture No. 2, dated March 1, 2019, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York Mellon, as trustee (Exhibit 4.2 to Evergy's Form 8-K filed on March 14, 2019).
Evergy
Evergy Metro

4.32 * Indenture, dated May 1, 2007, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Metro's Form 8-K filed on June 4, 2007).
Evergy
Evergy Metro

4.33 * Supplemental Indenture No. 1, dated June 4, 2007, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.2 to Evergy Metro's Form 8-K filed on June 4, 2007).
Evergy
Evergy Metro

4.34 * Supplemental Indenture No. 2, dated March 11, 2008, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.2 to Evergy Metro's Form 8-K filed on March 11, 2008).
Evergy
Evergy Metro

4.35 * Supplemental Indenture No. 3, dated September 20, 2011, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York Mellon Trust Company, N.A., trustee (Exhibit 4.1 to Evergy Metro's Form 8-K filed on September 20, 2011).
Evergy
Evergy Metro

4.36 * Supplemental Indenture No. 4, dated March 14, 2013, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York Mellon Trust Company, N.A., trustee (Exhibit 4.1 to Evergy Metro's Form 8-K filed on March 14, 2013).
Evergy
Evergy Metro

4.37 * Supplemental Indenture No. 5, dated August 18, 2015, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York Mellon Trust Company, N.A., trustee (Exhibit 4.1 to Evergy Metro's Form 8-K filed on August 18, 2015).
Evergy
Evergy Metro

4.38 * Supplemental Indenture No. 6, dated June 15, 2017, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Metro's Form 8-K filed on June 15, 2017).
Evergy
Evergy Metro

4.39 * Supplemental Indenture No. 7, dated March 1, 2018, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Metro's Form 8-K filed on March 1, 2018).
Evergy
Evergy Metro

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4.40 * Supplemental Indenture No. 8, dated March 1, 2019, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Metro's Form 8-K filed on March 14, 2019).
Evergy
Evergy Metro

4.41 * Note Purchase Agreement, dated August 16, 2013, among Evergy Missouri West, Inc. (formerly KCP&L Greater Missouri Operations Company), Evergy, Inc. and the purchasers party thereto (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on August 19, 2013).
Evergy

4.42 * Note Purchase Agreement dated February 12, 2019, among Evergy Missouri West, Inc. (formerly KCP&L Greater Missouri Operations Company), Evergy, Inc. and the purchasers party thereto (Exhibit 4.5 to Evergy's Form 10-Q for the quarter ended March 31, 2019).
Evergy

4.43 * Note Purchase Agreement, dated April 20, 2021, among Evergy Missouri West, Inc. (formerly KCP&L Greater Missouri Operations Company), Evergy, Inc. and the purchasers party thereto (Exhibit 4.1 to Evergy's 8-K filed on April 20, 2021).
Evergy

4.44 * Mortgage and Deed of Trust, dated July 1, 1939, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc. and The Kansas Power and Light Company) and Harris Trust and Savings Bank, as trustee (Exhibit 4.35 to Evergy Kansas Central's Form 10-K for the fiscal year ended December 31, 2018).
Evergy
Evergy Kansas Central

4.45 *
First Supplemental Indenture, dated July 1, 1939, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc. and The Kansas Power and Light Company) and Harris Trust and Savings Bank, as trustee (Exhibit 4.36 to Evergy Kansas Central's Form 10-K for the fiscal year ended December 31, 2018).
Evergy
Evergy Kansas Central

4.46 * Second Supplemental Indenture, dated April 1, 1949, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc. and The Kansas Power and Light Company) and Harris Trust and Savings Bank, as trustee (Exhibit 4.37 to Evergy Kansas Central's Form 10-K for the fiscal year ended December 31, 2018).
Evergy
Evergy Kansas Central

4.47 * Sixth Supplemental Indenture, dated October 4, 1951, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc. and The Kansas Power and Light Company) and Harris Trust and Savings Bank, as trustee (Exhibit 4.38 to Evergy Kansas Central's Form 10-K for the fiscal year ended December 31, 2018).
Evergy
Evergy Kansas Central

4.48 * Fourteenth Supplemental Indenture, dated May 1, 1976, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc. and The Kansas Power and Light Company) and Harris Trust and Savings Bank, as trustee (Exhibit 4.39 to Evergy Kansas Central's Form 10-K for the fiscal year ended December 31, 2018).
Evergy
Evergy Kansas Central

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4.49 * Twenty-Eighth Supplemental Indenture, dated July 1, 1992, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc. and Western Resources, Inc.) and Harris Trust and Savings Bank, as trustee (Exhibit 4.40 to Evergy Kansas Central's Form 10-K for the fiscal year ended December 31, 2018).
Evergy
Evergy Kansas Central

4.50 * Thirty-Second Supplemental Indenture, dated April 15, 1994, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc. and Western Resources, Inc.) and Harris Trust and Savings Bank, as trustee (Exhibit 4(s) to Evergy Kansas Central's Form 10-K for the fiscal year ended December 31, 1994).
Evergy
Evergy Kansas Central

4.51 * Thirty-Fourth Supplemental Indenture, dated June 28, 2000, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc. and Western Resources, Inc.) and Harris Trust and Savings Bank, as trustee (Exhibit 4(v) to Evergy Kansas Central's Form 10-K for the fiscal year ended December 31, 2000).
Evergy
Evergy Kansas Central

4.52 * Thirty-Sixth Supplemental Indenture, dated June 1, 2004, between Evergy Kansas Central, Inc. (formerly Westar Energy Inc.) and BNY Midwest Trust Company, as trustee (Exhibit 4.1 to Evergy Kansas Central's Form 8-K filed on January 18, 2005).
Evergy
Evergy Kansas Central

4.53 * Thirty-Eighth Supplemental Indenture, dated January 18, 2005, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and BNY Midwest Trust Company, as trustee (Exhibit 4.3 to Evergy Kansas Central's Form 8-K filed on January 18, 2005).
Evergy
Evergy Kansas Central

4.54 * Thirty-Ninth Supplemental Indenture, dated June 30, 2005, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and BNY Midwest Trust Company, as trustee (Exhibit 4.1 to Evergy Kansas Central's Form 8-K filed on July 1, 2005).
Evergy
Evergy Kansas Central

4.55 * Forty-Second Supplemental Indenture, dated March 1, 2012, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Kansas Central's Form 8-K filed on February 29, 2012).
Evergy
Evergy Kansas Central

4.56 * Forty-Second Supplemental (Reopening) Indenture, dated May 17, 2012, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Kansas Central's Form 8-K filed on May 16, 2012).
Evergy
Evergy Kansas Central

4.57 * Forty-Third Supplemental Indenture, dated March 28, 2013, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Kansas Central's Form 8-K filed on March 22, 2013).
Evergy
Evergy Kansas Central

4.58 * Forty-Fourth Supplemental Indenture, dated August 19, 2013, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Kansas Central's Form 8-K filed on August 14, 2013).
Evergy
Evergy Kansas Central

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4.59 * Forty-Fifth Supplemental Indenture, dated November 13, 2015, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Kansas Central's Form 8-K filed on November 6, 2015).
Evergy
Evergy Kansas Central

4.60 * Forty-Sixth Supplemental Indenture, dated June 20, 2016, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Kansas Central's Form 8-K filed on June 17, 2016).
Evergy
Evergy Kansas Central

4.61 * Forty-Seventh Supplemental Indenture, dated March 6, 2017, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Kansas Central's Form 8-K filed on March 3, 2017).
Evergy
Evergy Kansas Central

4.62 * Forty-Eighth Supplemental Indenture, dated June 4, 2018, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Kansas Central's Form 8-K filed on June 4, 2018).
Evergy
Evergy Kansas Central

4.63 * Forty-Ninth Supplemental Indenture, dated August 19, 2019, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Kansas Central's Form 8-K filed on August 19, 2019).
Evergy
Evergy Kansas Central

4.64 * Fiftieth Supplemental Indenture, dated as of April 9, 2020, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Kansas Central's Form 8-K filed on April 9, 2020).
Evergy
Evergy Kansas Central

4.65 * Senior Indenture, dated August 1, 1998, between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and Deutsche Bank Trust Company Americas, as trustee, including Form of Senior Note (Exhibit 4.1 to Evergy Kansas Central's Form 10-Q for the quarter ended June 30, 1998).
Evergy
Evergy Kansas Central

4.66 * Form of Subordinated Indenture between Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and The Bank of New York Mellon Trust Company, N.A., as trustee, including Form of Subordinated Note (Exhibit 4.3 to Evergy Kansas Central's Form S-3 filed on March 18, 2016 (No. 333-210266)).
Evergy
Evergy Kansas Central

4.67 * Description of Securities (Exhibit 4.64 to Evergy, Inc.'s Form 10-K for the fiscal year ended December 31, 2020).
Evergy
Evergy Kansas Central
Evergy Metro

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4.68 * First Mortgage Indenture and Deed of Trust, dated as of March 1, 2022, between Evergy Missouri West, Inc. and UMB Bank, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on March 7 , 2022).
Evergy

4.69 * First Supplemental Indenture dated as of March 1, 2022, between Evergy Missouri West, Inc. and UMB Bank, N.A., as trustee (Exhibit 4.2 to Evergy's Form 8-K filed on March 7, 2022).
Evergy

4.70 * Fifty-First Supplemental Indenture, dated as of March 14, 2023, between Evergy Kansas Central, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on March 14, 2023).
Evergy
Evergy Kansas Central

4.71 * Nineteenth Supplemental Indenture, dated as of April 4, 2023, between Evergy Metro and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on April 6, 2023).
Evergy
Evergy Metro

4.72 * Fifty-Second Supplemental Indenture, dated as of November 15, 2023, between Evergy Kansas Central, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on November 15, 2023).
Evergy
Evergy Kansas Central

4.73 * Indenture, dated as of December 7, 2023 by and between Evergy, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee, and form of global note included therein (Exhibit 4.1 to Evergy's Form 8-K filed on December 7, 2023).
Evergy

4.74 * Twentieth Supplemental Indenture, dated as of December 1, 2023, between Evergy Metro, Inc. and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.3.13 to Evergy Metro's Form S-3 filed on August 16, 2024 (No. 333-281614-01).
Evergy
Evergy Metro

4.75 * Twenty-First Supplemental Indenture, dated as of April 5, 2024, by and between Evergy Metro and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on April 5, 2024).
Evergy
Evergy Metro

4.76 * Supplemental Indenture No. 4, dated as of December 5, 2024, by and among Great Plains Energy Incorporated, Evergy, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on December 5, 2024.
Evergy

4.77 * Fifty-Third Supplemental Indenture, dated as of March 13, 2025, between Evergy Kansas Central, Inc. and The Bank of New York Mellon Trust company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on March 13, 2025).
Evergy
Evergy Kansas Central

4.78 * First Supplemental Indenture, dated as of March 13, 2025, between Evergy Kansas Central, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (as Successor to Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company)) (Exhibit 4.2 to Evergy's Form 8-K filed on March 13, 2025).
Evergy
Evergy Kansas Central

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4.79 * Twenty-second Supplemental Indenture, dated as of August 15, 2025, between Evergy Metro and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on August 15, 2025).
Evergy
Evergy Metro

4.80 * Fifty-Fourth Supplemental Indenture, dated as of November 25, 2025, between Evergy Kansas Central, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on November 25, 2025).
Evergy
Evergy Kansas Central

4.81 * Fifty-Third Supplemental (Reopening) Indenture, dated as of December 5, 2025, between Evergy Kansas Central, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.2 to Evergy's Form 8-K filed on December 5, 2025).
Evergy
Evergy Kansas Central

10.1 *+ Evergy, Inc. (successor to Great Plains Energy Incorporated) Amended Long-Term Incentive Plan, as amended effective on May 3, 2016 (Exhibit 10.4 to Great Plains Energy's Form 10-Q for the quarter ended June 30, 2016).
Evergy
Evergy Metro

10.2 *+ Evergy, Inc. Long-Term Incentive Plan (formerly the Great Plains Energy Incorporated Long-Term Incentive Plan, as amended), effective June 4, 2018 (Exhibit 99.1 to Evergy's Registration Statement on Form S-8 filed on June 15, 2018 (File No. 333-225673)).
Evergy
Evergy Metro
Evergy Kansas Central

10.3 *+ Form of Evergy, Inc. 2023 Performance-Based Restricted Stock Unit Agreement (Exhibit 10.9 to Evergy's Form 10-K for the fiscal year ended December 31, 2022).
Evergy
Evergy Metro
Evergy Kansas Central

10.4 *+ Form of Evergy, Inc. 2023 Time-Based Restricted Stock Unit Agreement (Exhibit 10.10 to Evergy's Form 10-K for the fiscal year ended December 31, 2022).
Evergy
Evergy Metro
Evergy Kansas Central

10.5 *+ Evergy, Inc. Long-Term Incentive Plan , as Amended and Restated , on May 3, 2022 (Appendix C to Evergy, Inc.'s Definitive Proxy Statement on Schedule 14A filed on March 23, 2022).
Evergy
Evergy Metro
Evergy Kansas Central

10.6 *+ Form of Evergy, Inc. 2024 Time-Based Restricted Stock Unit Agreement (Cliff Vesting) (Exhibit 10.11 to Evergy's Form 10-K for the fiscal year ended December 31, 2023).
Evergy
Evergy Metro
Evergy Kansas Central

10.7 *+ Form of Evergy, Inc. 2024 Time-Based Restricted Stock Unit Agreement (Tranche Vesting) (Exhibit 10.12 to Evergy's Form 10-K for the fiscal year ended December 31, 2023).
Evergy
Evergy Metro
Evergy Kansas Central

10.8 *+ Form of Evergy, Inc. 2024 Performance-Based Restricted Stock Unit Agreement (Exhibit 10.13 to Evergy's Form 10-K for the fiscal year ended December 31, 2023).
Evergy
Evergy Metro
Evergy Kansas Central

10.9 *+ Form of Evergy, Inc. 2025 Time-Based Restricted Stock Unit Agreement (Cliff Vesting) (Exhibit 10.15 to Evergy's Form 10-K for the fiscal year ended December 31, 2024).
Evergy
Evergy Metro
Evergy Kansas Central

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10.10 *+ Form of Evergy, Inc. 2025 Time-Based Restricted Stock Unit Agreement (Tranche Vesting) (Exhibit 10.16 to Evergy's Form 10-K for the fiscal year ended December 31, 2024).
Evergy
Evergy Metro
Evergy Kansas Central

10.11 *+ Form of Evergy, Inc. 2025 Performance-Based Restricted Stock Unit Agreement (Exhibit 10.17 to Evergy's Form 10-K for the fiscal year ended December 31, 2024).
Evergy
Evergy Metro
Evergy Kansas Central

10.12 *+ Evergy, Inc. 2025 Annual Incentive Plan (Exhibit 10.18 to Evergy's Form 10-K for the fiscal year ended December 31, 2024).
Evergy
Evergy Metro
Evergy Kansas Central

10.13 + Form of Evergy, Inc. 2026 Time-Based Restricted Stock Unit Award Agreement
Evergy
Evergy Metro
Evergy Kansas Central

10.14 + Form of Evergy, Inc. 2026 Time-Based Restricted Stock Unit Award Agreement (Alternate)
Evergy
Evergy Metro
Evergy Kansas Central

10.15 + Form of Evergy, Inc. 2026 Performance-Based Restricted Stock Unit Award Agreement
Evergy
Evergy Metro
Evergy Kansas Central

10.16 + Form of Evergy, Inc. 2026 Performance-Based Restricted Stock Unit Award Agreement (Alternate)
Evergy
Evergy Metro
Evergy Kansas Central

10.17 + Evergy, Inc. 2026 Annual Incentive Plan
Evergy
Evergy Metro
Evergy Kansas Central

10.18 *+ David A. Campbell Offer Letter, dated December 3, 2020 (Exhibit 10.1 to Evergy's Form 8-K filed on December 8, 2020).
Evergy
Evergy Metro
Evergy Kansas Central

10.19 *+ Form of Time-Based Restricted Stock Award Agreement for David A. Campbell (Exhibit 10.3 to Evergy's Form 8-K/A filed on December 22, 2020).
Evergy
Evergy Metro
Evergy Kansas Central

10.20 *+ W. Bryan Buckler Offer Letter, dated August 18, 2024 (Exhibit 10.1 to Evergy's Form 8-K filed on August 26, 2024).
Evergy
Evergy Metro
Evergy Kansas Central

10.21 *+ Form of Indemnification Agreement with Evergy, Inc. officers and directors (Exhibit 10.2 to Evergy's Form 10-Q for the quarter ended September 30, 2018).
Evergy
Evergy Metro
Evergy Kansas Central

10.22 *+ Form of Evergy, Inc. Amended and Restated Change-in-Control Severance Agreement (Exhibit 10.20 to Evergy's Form 10-K for the fiscal year ended December 31, 2023).
Evergy
Evergy Metro
Evergy Kansas Central

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10.23 *+ Evergy, Inc. Executive Severance Plan, dated November 6, 2019 (Exhibit 10.1 to Evergy's Form 10-Q for the quarter ended September 30, 2019).
Evergy

10.24 *+ Evergy, Inc. Supplemental Executive Retirement Plan, effective June 4, 2018 (Exhibit 10.6 to Evergy's Form 10-Q for the quarter ended June 30, 2018).
Evergy
Evergy Metro
Evergy Kansas Central

10.25 *+ Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) Retirement Benefit Restoration Plan (Exhibit 10.1 to Evergy Kansas Central's Form 8-K filed on April 2, 2010).
Evergy
Evergy Kansas Central

10.26 *+ Amendment dated December 12, 2018 to Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) Retirement Benefit Restoration Plan (Exhibit 10.35 to Evergy Kansas Central's Form 10-K for the fiscal year ended December 31, 2018).
Evergy
Evergy Kansas Central

10.27 *+ Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) Non-Employee Director Nonqualified Deferred Compensation Plan, as amended and restated May 17, 2018 (Exhibit 10.8 to Evergy Kansas Central's Form 10-Q for the quarter ended June 30, 2018).
Evergy
Evergy Kansas Central

10.28 *+ Evergy, Inc. Nonqualified Deferred Compensation Plan, effective June 4, 2018 (Exhibit 10.39 to Evergy's Form 10-K for the fiscal year ended December 31, 2018).
Evergy
Evergy Metro
Evergy Kansas Central

10.29 *+ Evergy, Inc. Amended and Restated Nonqualified Deferred Compensation Plan, effective January 1, 2023 (Exhibit 10.26 to Evergy's Form 10-K for the fiscal year ended December 31, 2022).
Evergy
Evergy Metro
Evergy Kansas Central

10.30 + Summary of Evergy, Inc. Non-Employee Director Compensation
Evergy
Evergy Metro
Evergy Kansas Central

10.31 * Amended and Restated Credit Agreement, dated August 31, 2021, by and among Evergy, Inc., Evergy Missouri West, Inc. (formerly KCP&L Greater Missouri Operations Company), Evergy Metro, Inc. (formerly Kansas City Power & Light Company), Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.), as Borrowers, the lenders referred to therein, as Lenders, and Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and Issuing Lender, Bank of America, N.A., Citibank, N.A., MUFG Bank, Ltd., TD Bank, N.A. and U.S. Bank National Association as Co-Syndication Agents and Issuing Lenders, Wells Fargo Securities, LLC, as Sustainability Structuring Agent, and Wells Fargo Securities, LLC, Citigroup Global Markets Inc., BOFA Securities, Inc., MUFG Bank, Ltd., TD Securities (USA) LLC and U.S. Bank National Association as Joint Lead Arrangers and Joint Bookrunners. (Exhibit 10.1 to Evergy's Form 8-K filed on August 31, 2021).
Evergy
Evergy Metro
Evergy Kansas Central

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10.32 * First Amendment to Amended and Restated Credit Agreement, dated as of June 2, 2023, by and among Evergy, Inc., Evergy Metro, Inc., Evergy Missouri West, Inc., and Evergy Kansas Central, Inc., as Borrowers, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (Exhibit 10.1 to Evergy's Form 8-K filed on June 2, 2023).
Evergy
Evergy Metro
Evergy Kansas Central

10.33 * Term Loan Credit Agreement dated as of February 25, 2022, by and among Evergy, Inc., Wells Fargo Bank, National Association, as Administrative Agent, and the lenders referred to therein. (Exhibit 10.1 to Evergy's Form 8-K on February 28, 2022).
Evergy

10.34 * First Amendment to Term Loan Credit Agreement, dated as of February 23, 2023, by and among Evergy, Inc., Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (Exhibit 10.1 to Evergy's Form 8-K filed on February 27, 2023).
Evergy

10.35 * Second Amendment to Term Loan Credit Agreement, dated as of November 29, 2023, by and among Evergy, Inc. Wells Fargo Bank, National association, as administrative agent, and the lenders party thereto (Exhibit 10.1 to Evergy's Form 8-K filed on December 4, 2023).
Evergy

10.36 * Term Loan Credit Agreement, dated as of February 11, 2026, between Evergy, Inc. and Wells Fargo Bank, N.A., as administrative agent and the lenders party thereto (Exhibit 10.1 to Evergy's Form 8-K filed on February 11, 2026).
Evergy

10.37 * Guaranty Agreement, dated April 20, 2021, issued by Evergy in favor of the holders of Evergy Missouri West, Inc.'s 2.86% Senior Notes due 2031, 3.01% Senior Notes due 2033 and 3.21% Senior Notes due 2033 (Exhibit 10.1 to Evergy's Current Report on Form 8-K filed on April 20, 2021).
Evergy

10.38 * Guaranty Agreement, dated April 20, 2021, issued by Evergy, Inc. in favor of the holders of Evergy Missouri West, Inc.'s 3.49% Senior Notes due 2025, 4.06% Senior Notes due 2033 and 4.74% Senior Notes due 2043 (Exhibit 10.2 to Evergy's Form 8-K filed on April 20, 2021).
Evergy

10.39 * Cooperation Agreement, dated February 25, 2021, by and between Evergy, Inc. and Bluescape Energy Partners, LLC (Exhibit 10.1 to Evergy's Form 8-K filed on February 26, 2021).
Evergy

10.40 * Securities Purchase Agreement, dated February 25, 2021, by and between Evergy, Inc. and BEP Special Situations V LLC. (Exhibit 10.2 to Evergy's Form 8-K filed on February 26, 2021).
Evergy

10.41 * Registration Rights Agreement, dated April 14, 2021, by and between Evergy, Inc. and BEP Special Situations V LLC. (Exhibit 10.1 to Evergy's Form 8-K filed on April 14, 2021.
Evergy

19.1 * Evergy, Inc. and Subsidiaries Securities Trading Polic y ( Exhibit 19.1 to Evergy , Inc.'s F orm 10-K for the fiscal year ended December 31, 2024 )
Evergy
Evergy Metro
Evergy Kansas Central

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21.1 List of Subsidiaries.
Evergy
Evergy Kansas Central

23.1 Consent of Independent Registered Public Accounting Firm.
Evergy

23.2 Consent of Independent Registered Public Accounting Firm.
Evergy Metro

23.3 Consent of Independent Registered Public Accounting Firm.
Evergy Kansas Central

24.1 Powers of Attorney.
Evergy

24.2 Powers of Attorney.
Evergy Kansas Central

24.3 Powers of Attorney.
Evergy Metro

31.1 Rule 13a-14(a)/15d-14(a) Certification of David A. Campbell.
Evergy

31.2 Rule 13a-14(a)/15d-14(a) Certification of W. Bryan Buckler.
Evergy

31.3 Rule 13a-14(a)/15d-14(a) Certification of David A. Campbell.
Evergy Metro

31.4 Rule 13a-14(a)/15d-14(a) Certification of W. Bryan Buckler.
Evergy Metro

31.5 Rule 13a-14(a)/15d-14(a) Certification of David A. Campbell.
Evergy Kansas Central

31.6 Rule 13a-14(a)/15d-14(a) Certification of W. Bryan Buckler.
Evergy Kansas Central

32.1 ** Section 1350 Certifications.
Evergy

32.2 ** Section 1350 Certifications.
Evergy Metro

32.3 ** Section 1350 Certifications.
Evergy Kansas Central

97 * Evergy, Inc. Compensation Recoupment (Mandatory Clawback) Policy effective as of October 31, 2023 (Exhibit 97 to Evergy's Form 10-K for the fiscal year ended December 31, 2023).
Evergy

101.INS *** XBRL Instance Document. n/a

101.SCH Inline XBRL Taxonomy Extension Schema Document. Evergy
Evergy Metro
Evergy Kansas Central

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document. Evergy
Evergy Metro
Evergy Kansas Central

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101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document. Evergy
Evergy Metro
Evergy Kansas Central

101.LAB Inline XBRL Taxonomy Extension Labels Linkbase Document. Evergy
Evergy Metro
Evergy Kansas Central

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. Evergy
Evergy Metro
Evergy Kansas Central

104 Cover Page Interactive Data File (embedded within the Inline XBRL document). Evergy
Evergy Metro
Evergy Kansas Central
* Filed with the SEC as exhibits to prior SEC filings and are incorporated herein by reference and made a part hereof.  The SEC filings and the exhibit number of the documents so filed, and incorporated herein by reference, are stated in parenthesis in the description of such exhibit.
** Furnished and shall not be deemed filed for the purpose of Section 18 of the Exchange Act.  Such document shall not be incorporated by reference into any registration statement or other document pursuant to the Exchange Act or the Securities Act of 1933, as amended, unless otherwise indicated in such registration statement or other document.
*** The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
+ Indicates management contract or compensatory plan or arrangement.
Copies of any of the exhibits filed with the SEC in connection with this report may be obtained from the applicable registrant upon written request. The registrants agree to furnish to the SEC upon request any instrument with respect to long-term debt as to which the total amount of securities authorized does not exceed 10% of total assets of such registrant and its subsidiaries on a consolidated basis.
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Schedule I - Parent Company Financial Statements

EVERGY, INC.
Statements of Comprehensive Income of Parent Company

2025 2024 2023
OPERATING EXPENSES:  (millions)
Operating and maintenance $ 11.8   $ 12.0   $ 6.2  

Total Operating Expenses 11.8   12.0   6.2  
INCOME FROM OPERATIONS ( 11.8 ) ( 12.0 ) ( 6.2 )
OTHER INCOME (EXPENSE)
Equity in earnings from subsidiaries 980.5   965.8   804.7  
Investment earnings 0.2   16.7   0.5  

Other expense ( 2.4 ) —   ( 0.1 )
Total Other Income, Net 978.3   982.5   805.1  
Interest expense 147.5   124.8   91.6  
INCOME BEFORE INCOME TAXES 819.0   845.7   707.3  
Income tax benefit ( 36.6 ) ( 25.9 ) ( 22.1 )

NET INCOME $ 855.6   $ 871.6   $ 729.4  
COMPREHENSIVE INCOME

NET INCOME $ 855.6   $ 871.6   $ 729.4  
OTHER COMPREHENSIVE INCOME
Derivative hedging activity
Gain on derivative hedging instruments 0.6   —   —  
Income tax expense ( 0.1 ) —   —  
Net gain on derivative hedging instruments 0.5   —   —  
Reclassification to expenses, net of taxes 5.4   5.4   5.4  
Derivative hedging activity, net of tax 5.9   5.4   5.4  
Other comprehensive income (loss) from subsidiaries, net ( 0.1 ) 0.4   ( 0.5 )
Total other comprehensive income 5.8   5.8   4.9  
COMPREHENSIVE INCOME $ 861.4   $ 877.4   $ 734.3  

The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements.
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EVERGY, INC.
Balance Sheets of Parent Company
December 31
  2025 2024
ASSETS (millions, except share amounts)
CURRENT ASSETS:    
Cash and cash equivalents $ 0.2   $ 0.1  
Accounts receivable from subsidiaries 54.2   58.4  
Notes receivable from subsidiaries 0.6   0.6  
Income taxes receivable 16.3   15.5  
Prepaid expenses and other assets 1.9   3.0  
Total Current Assets 73.2   77.6  
OTHER ASSETS:    
Investment in subsidiaries 13,368.6   12,523.4  

Deferred income taxes 10.9   13.3  
Other 2.4   1.6  
Total Other Assets 13,381.9   12,538.3  
TOTAL ASSETS $ 13,455.1   $ 12,615.9  
LIABILITIES AND EQUITY
CURRENT LIABILITIES:    

Commercial paper $ 500.2   $ 75.4  
Accounts payable to subsidiaries 27.8   30.8  
Accrued interest 12.3   12.0  
Other 5.5   6.0  
Total Current Liabilities 545.8   124.2  
LONG-TERM LIABILITIES:
Long-term debt, net 2,680.0   2,674.1  
Other 8.0   9.8  
Total Long-Term Liabilities 2,688.0   2,683.9  
Commitments and Contingencies (Note 15)

EQUITY:    
Evergy, Inc. Shareholders' Equity:    
Common stock - 600,000,000 shares authorized, without par value, 230,262,674 and 229,983,615 shares issued
7,273.1   7,229.1  
Retained earnings 2,966.2   2,602.5  
Accumulated other comprehensive loss ( 18.0 ) ( 23.8 )
Total Shareholders' Equity 10,221.3   9,807.8  
TOTAL LIABILITIES AND EQUITY $ 13,455.1   12,615.9  

The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements.
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EVERGY, INC.
Statements of Cash Flows of Parent Company

2025 2024 2023
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: (millions)
Net income $ 855.6   $ 871.6   $ 729.4  
Adjustments to reconcile income to net cash from operating activities:

Non-cash compensation 20.7   15.3   17.7  
Net deferred income taxes and credits 0.7   ( 0.1 ) 1.1  

Equity in earnings from subsidiaries ( 980.5 ) ( 965.8 ) ( 804.7 )
Other 7.0   7.0   7.0  
Changes in working capital items:
Accounts receivable from subsidiaries 4.2   0.1   ( 14.2 )

Income taxes receivable ( 0.8 ) ( 4.3 ) ( 5.3 )
Prepaid expenses and other current assets 1.0   ( 2.3 ) 1.5  
Accounts payable to subsidiaries ( 3.0 ) —   11.0  

Accrued interest 0.3   ( 4.7 ) 4.1  
Other current liabilities 0.4   ( 0.3 ) ( 1.9 )
Cash dividends from subsidiaries 250.0   313.0   325.0  
Changes in other assets —   0.1   ( 0.8 )
Changes in other liabilities 3.0   3.7   ( 2.9 )
Cash Flows from Operating Activities 158.6   233.3   267.0  
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:

Repayment of intercompany note —   —   1.4  
Net money pool lending —   604.0   ( 574.5 )

Proceeds from return of investments 34.8   —   —  
Equity contribution ( 2.4 ) ( 3.1 ) —  

Cash Flows from (used in) Investing Activities 32.4   600.9   ( 573.1 )
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Short term debt, net 424.8   75.4   ( 0.5 )

Repayment of term loan facility —   —   ( 500.0 )

Proceeds from long-term debt —   493.3   1,379.1  
Retirements of long-term debt —   ( 800.0 ) —  

Cash dividends paid ( 613.1 ) ( 596.7 ) ( 569.6 )
Issuance of common stock 1.1   —   —  

Other financing activities ( 3.7 ) ( 6.1 ) ( 3.3 )
Cash Flows (used in) from Financing Activities ( 190.9 ) ( 834.1 ) 305.7  
NET CHANGE IN CASH AND CASH EQUIVALENTS 0.1   0.1   ( 0.4 )
CASH AND CASH EQUIVALENTS:
Beginning of period 0.1   —   0.4  
End of period $ 0.2   $ 0.1   $ —  

The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements.
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EVERGY, INC.
NOTES TO FINANCIAL STATEMENTS OF PARENT COMPANY
The Evergy, Inc. Notes to Consolidated Financial Statements in Part II, Item 8 should be read in conjunction with the Evergy, Inc. Parent Company Financial Statements.
1. ORGANIZATION AND BASIS OF PRESENTATION
The Evergy, Inc. Parent Company Financial Statements have been prepared to comply with Rule 12-04 of Regulation S-X.
Evergy, Inc. is a public holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy, Inc. 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, Inc.'s investments in subsidiaries are accounted for using the equity method. Fair value adjustments and goodwill related to the assets and liabilities acquired in the merger that created Evergy, Inc. are included in Evergy, Inc.'s Parent Company Financial Statements as of December 31, 2025 and for the year ended December 31, 2025. See Note 1 to the consolidated financial statement for additional information.
2. LONG-TERM DEBT
See Note 12 to the consolidated financial statements for additional information on Evergy, Inc.'s long-term debt.
3. GUARANTEES
See Note 16 to the consolidated financial statements for additional information regarding Evergy, Inc.'s guarantees.
4. DIVIDENDS
Cash dividends paid to Evergy, Inc. by its subsidiaries were $ 250.0 million for the year ended December 31, 2025, $ 313.0 million for the year ended December 31, 2024 and $ 325.0 million for the year ended December 31, 2023. See Note 18 to the consolidated financial statements for information regarding the dividend restrictions of Evergy, Inc. and its subsidiaries.
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Schedule II - Valuation and Qualifying Accounts and Reserves

Evergy, Inc.
Valuation and Qualifying Accounts
Years Ended December 31, 2025, 2024 and 2023

Additions
Charged
Balance At To Costs Charged Balance
Beginning And To Other At End
Description Of Period Expenses Accounts Deductions Of Period
Year Ended December 31, 2025 (millions)
Allowance for uncollectible accounts $ 15.7   $ 20.4   $ 11.6   (a)
$ 32.4   (b)
$ 15.3  
Tax valuation allowance 6.9   1.0   —   0.7   (c)
7.2  
Year Ended December 31, 2024
Allowance for uncollectible accounts $ 24.2   $ 11.7   $ 12.3   (a)
$ 32.5   (b)
$ 15.7  
Tax valuation allowance 14.8   0.6   —   8.5   (c)
6.9  
Year Ended December 31, 2023
Allowance for uncollectible accounts $ 31.4   $ 15.4   $ 10.7   (a)
$ 33.3   (b)
$ 24.2  
Tax valuation allowance 12.8   3.5   —   1.5   (c)
14.8  

(a) Recoveries.
(b) Uncollectible accounts charged off.
(c) Reversal of tax valuation allowance.

Evergy Kansas Central, Inc.
Valuation and Qualifying Accounts
Years Ended December 31, 2025, 2024 and 2023

Additions
Charged
Balance At To Costs Charged Balance
Beginning And To Other At End
Description Of Period Expenses Accounts Deductions Of Period
Year Ended December 31, 2025 (millions)
Allowance for uncollectible accounts $ 7.8   $ 10.4   $ 4.7   (a)
$ 15.6   (b)
$ 7.3  
Tax valuation allowance 2.7   —   —   —   2.7  
Year Ended December 31, 2024
Allowance for uncollectible accounts $ 11.6   $ 6.6   $ 5.2   (a)
$ 15.6   (b)
$ 7.8  
Tax valuation allowance 2.7   —   —   —   2.7  
Year Ended December 31, 2023
Allowance for uncollectible accounts $ 16.9   $ 7.7   $ 4.7   (a)
$ 17.7   (b)
$ 11.6  
Tax valuation allowance —   2.7  

—   —   2.7  

(a) Recoveries.
(b) Uncollectible accounts charged off.
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Evergy Metro, Inc.
Valuation and Qualifying Accounts
Years Ended December 31, 2025, 2024 and 2023

Additions
Charged
Balance At To Costs Charged Balance
Beginning And To Other At End
Description Of Period Expenses Accounts Deductions Of Period
Year Ended December 31, 2025 (millions)
Allowance for uncollectible accounts $ 5.8   $ 6.8   $ 4.9   (a)
$ 11.8   (b)
$ 5.7  
Year Ended December 31, 2024
Allowance for uncollectible accounts $ 7.9   $ 4.5   $ 5.0   (a)
$ 11.6   (b)
$ 5.8  

Year Ended December 31, 2023
Allowance for uncollectible accounts $ 9.3   $ 5.0   $ 4.1   (a)
$ 10.5   (b)
$ 7.9  

(a) Recoveries.
(b) Uncollectible accounts charged off.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EVERGY, INC.

Date: February 18, 2026 By: /s/ David A. Campbell

David A. Campbell
Chairman, President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature Title Date

/s/ David A. Campbell Chairman, President and Chief Executive Officer ) February 18, 2026
David A. Campbell (Principal Executive Officer) )

/s/ W. Bryan Buckler Executive Vice President and Chief Financial Officer )
W. Bryan Buckler (Principal Financial Officer) )

/s/ Matt Gummig Vice President and Chief Accounting Officer )
Matt Gummig (Principal Accounting Officer) )

B. Anthony Isaac* Director )

Paul M. Keglevic* Director )

Mary L. Landrieu* Director )

Sandra A.J. Lawrence* Director )

Ann D. Murtlow* Director )

Dean A. Newton* Director )

Sandra J. Price* Director )

Jonathan D. Roth* Director )

James Scarola* Director )

Neal A. Sharma* Director )

C. John Wilder* Director )

*By     /s/ David A. Campbell
    David A. Campbell
    Attorney-in-Fact*

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.                

EVERGY KANSAS CENTRAL, INC.

Date: February 18, 2026 By: /s/ David A. Campbell

David A. Campbell
Chairman, President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature Title Date

/s/ David A. Campbell Chairman, President and Chief Executive Officer ) February 18, 2026
David A. Campbell (Principal Executive Officer) )

/s/ W. Bryan Buckler Executive Vice President and Chief Financial Officer )
W. Bryan Buckler (Principal Financial Officer) )

/s/ Matt Gummig Vice President and Chief Accounting Officer )
Matt Gummig (Principal Accounting Officer) )

B. Anthony Isaac* Director )

Paul M. Keglevic* Director )

Mary L. Landrieu* Director )

Sandra A.J. Lawrence* Director )

Ann D. Murtlow* Director )

Dean A. Newton* Director )

Sandra J. Price* Director )

Jonathan D. Roth* Director )

James Scarola* Director )

Neal A. Sharma* Director )

C. John Wilder* Director )

*By:     /s/ David A. Campbell
    David A. Campbell
    Attorney-in-Fact*
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.                

EVERGY METRO, INC.

Date: February 18, 2026 By: /s/ David A. Campbell

David A. Campbell
Chairman, President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature Title Date

/s/ David A. Campbell Chairman, President and Chief Executive Officer ) February 18, 2026
David A. Campbell (Principal Executive Officer) )

/s/ W. Bryan Buckler Executive Vice President and Chief Financial Officer )
W. Bryan Buckler (Principal Financial Officer) )

/s/ Matt Gummig Vice President and Chief Accounting Officer )
Matt Gummig (Principal Accounting Officer) )

B. Anthony Isaac* Director )

Paul M. Keglevic* Director )

Mary L. Landrieu* Director )

Sandra A.J. Lawrence* Director )

Ann D. Murtlow* Director )

Dean A. Newton* Director )

Sandra J. Price* Director )

Jonathan D. Roth* Director )

James Scarola* Director )

Neal A. Sharma* Director )

C. John Wilder* Director )

*By     /s/ David A. Campbell
    David A. Campbell
    Attorney-in-Fact*

198