10-Q – 2025-08-07 – evrg-20250630.htm

5. GOODWILL
GAAP requires goodwill to be tested for impairment annually and when an event occurs indicating the possibility that an impairment exists. Evergy's impairment test for the $ 2,336.6 million of goodwill that was recorded as a result of the merger that created Evergy was conducted as of May 1, 2025. The goodwill impairment test consists of comparing the fair value of a reporting unit to its carrying amount, including goodwill, to identify potential impairment. In the event that the carrying amount exceeds the fair value of the reporting unit, an impairment loss is recognized for the difference between the carrying amount of the reporting unit and its fair value. Evergy's consolidated operations are considered one reporting unit for assessment of impairment, as management assesses financial performance and allocates resources on a consolidated basis. The determination of fair value of the reporting unit consisted of two valuation techniques: an income approach consisting of a discounted cash flow analysis and a market approach consisting of a determination of reporting unit invested capital using a market multiple derived from the historical earnings before interest, income taxes, depreciation and amortization and market prices of the stock of peer companies. The results of the two techniques were evaluated and weighted to determine a point within the range that management considered representative of fair value for the reporting unit. The fair value of the reporting unit exceeded the carrying amount, including goodwill. As a result, there was no impairment of goodwill.
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6. PENSION PLANS AND POST-RETIREMENT BENEFITS
Evergy and certain of its subsidiaries maintain, and Evergy Kansas Central and Evergy Metro participate in, qualified non-contributory defined benefit pension plans covering the majority of Evergy Kansas Central's and Evergy Metro's employees as well as certain non-qualified plans covering certain active and retired officers. Evergy is also responsible for its indirect 94 % ownership share of Wolf Creek Generating Station (Wolf Creek) defined benefit plans, consisting of Evergy Kansas South's and Evergy Metro's respective 47 % ownership shares.
For the majority of employees, pension benefits under these plans reflect the employees' compensation, years of service and age at retirement. However, for the plan covering Evergy Kansas Central's employees, the benefits for non-union employees hired between 2002 and the second quarter of 2018 and union employees hired beginning in 2012 are derived from a cash balance account formula. The plan was closed to future non-union employees in 2018. For the plans covering Evergy Metro's employees, the benefits for union employees hired beginning in 2014 are derived from a cash balance account formula and the plans were closed to future non-union employees in 2014.
Evergy and its subsidiaries also provide certain post-retirement health care and life insurance benefits for substantially all retired employees of Evergy Kansas Central and Evergy Metro and their respective shares of Wolf Creek's post-retirement benefit plans.
The Evergy Companies record pension and post-retirement expense in accordance with rate orders from the KCC and MPSC that allow the difference between pension and post-retirement costs under GAAP and costs for ratemaking to be recognized as a regulatory asset or liability.  This difference between financial and regulatory accounting methods is due to timing and will be eliminated over the life of the plans.
The following tables provide the components of net periodic benefit costs prior to the effects of capitalization and sharing with joint owners of power plants.

Pension Benefits Post-Retirement Benefits
Three Months Ended June 30, 2025 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro
Components of net periodic benefit costs (millions)
Service cost $ 11.3   $ 4.7   $ 6.6   $ 0.3   $ 0.3   $ 0.2  
Interest cost 23.6   11.9   11.4   2.5   1.3   1.3  
Expected return on plan assets ( 22.0 ) ( 10.8 ) ( 11.2 ) ( 2.7 ) ( 1.4 ) ( 1.4 )
Prior service cost 0.4   0.5   —   0.1   —   ( 0.1 )
Recognized net actuarial gain ( 4.6 ) ( 0.1 ) ( 4.3 ) ( 1.0 ) ( 0.5 ) ( 0.6 )

Net periodic benefit costs before regulatory adjustment and intercompany allocations
8.7   6.2   2.5   ( 0.8 ) ( 0.3 ) ( 0.6 )
Regulatory adjustment 4.1   ( 1.8 ) 5.7   ( 0.2 ) —   ( 0.2 )
Intercompany allocations —   ( 0.9 ) 0.2   —   —   0.3  
Net periodic benefit costs (income) $ 12.8   $ 3.5   $ 8.4   $ ( 1.0 ) $ ( 0.3 ) $ ( 0.5 )

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Pension Benefits Post-Retirement Benefits
Year to Date June 30, 2025 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro
Components of net periodic benefit costs (millions)
Service cost $ 22.6   $ 9.3   $ 13.3   $ 0.7   $ 0.5   $ 0.3  
Interest cost 47.1   23.8   22.8   5.0   2.6   2.5  
Expected return on plan assets ( 44.0 ) ( 21.5 ) ( 22.5 ) ( 5.4 ) ( 2.8 ) ( 2.7 )
Prior service cost 0.9   1.0   —   0.2   0.1   ( 0.2 )
Recognized net actuarial gain ( 9.2 ) ( 0.2 ) ( 8.6 ) ( 2.0 ) ( 1.0 ) ( 1.0 )

Net periodic benefit costs before regulatory adjustment and intercompany allocations
17.4   12.4   5.0   ( 1.5 ) ( 0.6 ) ( 1.1 )
Regulatory adjustment 7.3   ( 4.5 ) 11.5   ( 0.4 ) —   ( 0.3 )
Intercompany allocations —   ( 1.5 ) 0.3   —   —   0.4  
Net periodic benefit costs (income) $ 24.7   $ 6.4   $ 16.8   $ ( 1.9 ) $ ( 0.6 ) $ ( 1.0 )

Pension Benefits Post-Retirement Benefits
Three Months Ended June 30, 2024 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro
Components of net periodic benefit costs (millions)
Service cost $ 11.5   $ 4.8   $ 6.7   $ 0.4   $ 0.2   $ 0.2  
Interest cost 22.4   11.4   10.8   2.5   1.3   1.3  
Expected return on plan assets ( 21.7 ) ( 10.8 ) ( 11.0 ) ( 2.9 ) ( 1.5 ) ( 1.3 )
Prior service cost 0.5   0.5   —   —   —   ( 0.1 )
Recognized net actuarial (gain) loss ( 4.4 ) 0.2   ( 4.3 ) ( 1.0 ) ( 0.5 ) ( 0.5 )

Net periodic benefit costs before regulatory adjustment and intercompany allocations
8.3   6.1   2.2   ( 1.0 ) ( 0.5 ) ( 0.4 )
Regulatory adjustment 6.9   ( 1.1 ) 7.8   —   0.2   ( 0.1 )
Intercompany allocations —   ( 0.6 ) ( 0.6 ) —   —   0.2  
Net periodic benefit costs (income) $ 15.2   $ 4.4   $ 9.4   $ ( 1.0 ) $ ( 0.3 ) $ ( 0.3 )

Pension Benefits Post-Retirement Benefits
Year to Date June 30, 2024 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro
Components of net periodic benefit costs (millions)
Service cost $ 23.0   $ 9.5   $ 13.5   $ 0.8   $ 0.4   $ 0.4  
Interest cost 44.8   22.8   21.5   5.0   2.6   2.5  
Expected return on plan assets ( 43.4 ) ( 21.5 ) ( 21.9 ) ( 5.7 ) ( 3.0 ) ( 2.7 )
Prior service cost 1.0   1.0   —   —   —   ( 0.2 )
Recognized net actuarial (gain) loss ( 8.7 ) 0.4   ( 8.7 ) ( 2.0 ) ( 1.0 ) ( 0.9 )

Net periodic benefit costs before regulatory adjustment and intercompany allocations
16.7   12.2   4.4   ( 1.9 ) ( 1.0 ) ( 0.9 )
Regulatory adjustment 12.6   ( 3.2 ) 15.5   —   0.4   ( 0.2 )
Intercompany allocations —   ( 1.0 ) ( 1.1 ) —   —   0.3  
Net periodic benefit costs (income) $ 29.3   $ 8.0   $ 18.8   $ ( 1.9 ) $ ( 0.6 ) $ ( 0.8 )

The components of net periodic benefit costs other than the service cost component are included in other expense on the Evergy Companies' consolidated statements of income and comprehensive income.
Year to date June 30, 2025, Evergy, Evergy Kansas Central and Evergy Metro made cash pension contributions of $ 41.6  million, $ 23.2  million and $ 18.4  million, respectively. Evergy expects to make additional cash pension
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contributions of $ 24.4  million in 2025 to satisfy the Employee Retirement Income Security Act of 1974, as amended, funding requirements and KCC and MPSC rate orders, of which $ 8.6  million is expected to be paid by Evergy Kansas Central and $ 15.8  million is expected to be paid by Evergy Metro.
Year to date June 30, 2025, Evergy, Evergy Kansas Central and Evergy Metro made post-retirement benefit contributions of $ 0.3  million, $ 0.2  million and $ 0.1  million, respectively. Evergy, Evergy Kansas Central and Evergy Metro expect to make additional contributions in 2025 of $ 0.3  million, $ 0.2  million and $ 0.1  million, respectively, to the post-retirement benefit plans.

7. SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT
The Evergy Companies' $ 2.5 billion master credit facility expires in 2028. Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West have borrowing capacity under the master credit facility with specific sublimits for each borrower. These sublimits can be unilaterally adjusted by Evergy for each borrower provided the sublimits remain within minimum and maximum sublimits as specified in the facility. The applicable interest rates and commitment fees of the facility are also subject to changes in ratings by the credit rating agencies.
A default by any borrower under the facility or one of its significant subsidiaries on other indebtedness totaling more than $ 100.0  million constitutes a default by that borrower under the facility. Under the terms of this facility, each of Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West is required to maintain a total indebtedness to total capitalization ratio, as defined in the facility, of not greater than 0.65 to 1.00. As of June 30, 2025, Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West were in compliance with this covenant.
The following table summarizes the committed credit facilities (excluding receivable sale facilities discussed in Note 3) available to the Evergy Companies as of June 30, 2025, and December 31, 2024.

Amounts Drawn
Master Credit Facility Commercial Paper Letters of Credit Cash Borrowings Available Borrowings Capacity Weighted Average Interest Rate on Short-Term Borrowings
June 30, 2025 (millions)
Evergy, Inc. $ 500.0   $ 341.5   $ 0.7   $ —   $ 157.8   4.57 %
Evergy Kansas Central 900.0   502.2   1.0   —   396.8   4.57 %
Evergy Metro 600.0   305.9   1.1   —   293.0   4.57 %
Evergy Missouri West 500.0   273.6   —   —   226.4   4.75 %
Evergy $ 2,500.0   $ 1,423.2   $ 2.8   $ —   $ 1,074.0  

December 31, 2024
Evergy, Inc. $ 300.0   $ 75.4   $ 0.7   $ —   $ 223.9   4.70 %
Evergy Kansas Central 1,100.0   797.3   1.0   —   301.7   4.74 %
Evergy Metro 600.0   158.7   1.0   —   440.3   4.64 %
Evergy Missouri West 500.0   176.2   —   —   323.8   4.71 %
Evergy $ 2,500.0   $ 1,207.6   $ 2.7   $ —   $ 1,289.7  

8. LONG-TERM DEBT
Mortgage Bonds
In March 2025, Evergy Kansas Central issued, at a discount, $ 300.0 million of 5.25 % First Mortgage Bonds, maturing in 2035. Proceeds were used to pay down commercial paper and for general corporate purposes.
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Notes
In March 2025, Evergy Kansas Central issued, at a discount, $ 300.0 million of 4.70 % Notes, maturing in 2028. Proceeds were used to pay down commercial paper and for general corporate purposes.
Pollution Control Bonds
In July 2025, Evergy Metro remarketed its unsecured Series 2008 Environmental Improvement Revenue Refunding (EIRR) bonds maturing in 2038 totaling $ 23.4  million at a fixed rate of 4.05 % through June 2030.

9. DERIVATIVE INSTRUMENTS
The Evergy Companies engage in the wholesale and retail sale of electricity as part of their regulated electric operations, in addition to limited non-regulated energy marketing activities. These activities expose the Evergy Companies to market risks associated with the price of electricity, natural gas and other energy-related products. Management has established risk management policies and strategies to reduce the potentially adverse effects that the volatility of the markets may have on the Evergy Companies' operating results. The Evergy Companies' commodity risk management activities, which are subject to the management, direction and control of an internal risk management committee, utilize derivative instruments to reduce the effects of fluctuations in wholesale sales and fuel and purchased power expense caused by commodity price volatility.
The Evergy Companies are also exposed to market risks arising from changes in interest rates and may use derivative instruments to manage these risks. The Evergy Companies' interest rate risk management activities have included using derivative instruments to hedge against future interest rate fluctuations on anticipated debt issuances.
The Evergy Companies also engage in non-regulated energy marketing activity for trading purposes, primarily at Evergy Kansas Central, which focuses on seizing market opportunities to create value driven by expected changes in the market prices of commodities, primarily electricity and natural gas.
The Evergy Companies consider various qualitative factors, such as contract and marketplace attributes, in designating derivative instruments at inception. The Evergy Companies may elect the normal purchases and normal sales (NPNS) exception, which requires the effects of the derivative to be recorded when the underlying contract settles under accrual accounting. The Evergy Companies account for derivative instruments that are not designated as NPNS primarily as either economic hedges or trading contracts (non-hedging derivatives) which are recorded as assets or liabilities on the consolidated balance sheets at fair value. See Note 10 for additional information on the Evergy Companies' methods for assessing the fair value of derivative instruments. Changes in the fair value of non-hedging derivatives that are related to the Evergy Companies' regulated operations are deferred to a regulatory asset or regulatory liability when determined to be probable of future recovery or refund from/to customers. Recovery of the actual costs incurred by regulated activities will not impact earnings but will impact cash flows due to the timing of the recovery mechanism. Cash flows for all derivative instruments are classified as operating activities on the Evergy Companies' statements of cash flows, with the exception of cash flows for interest rate swap agreements accounted for as cash flows hedges of forecasted debt transactions, which are recorded as financing activities. Changes in the fair value of non-hedging derivatives that are not related to the Evergy Companies' regulated operations are recorded in operating revenues on the Evergy Companies' statements of income and comprehensive income.
The Evergy Companies offset fair value amounts recognized for derivative instruments under master netting arrangements, which include rights to reclaim cash collateral (a receivable), or the obligation to return cash collateral (a payable).
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The gross notional contract amount by commodity type for derivative instruments is summarized in the following table.

June 30 December 31
Non-hedging derivatives Notional volume unit of measure 2025 2024
Evergy (millions)
Commodity contracts
Power MWhs 105.5   51.3  
Natural gas MMBtu 121.0   598.7  
Evergy Kansas Central
Commodity contracts
Power MWhs 58.1   31.3  
Natural gas MMBtu 121.0   598.7  
Evergy Metro
Commodity contracts
Power MWhs 35.7   15.3  

The fair values of Evergy's open derivative positions and balance sheet classifications are summarized in the following tables. The fair values below are gross values before netting agreements and netting of cash collateral.

June 30 December 31
Evergy 2025 2024
Non-hedging derivatives Balance sheet location
Commodity contracts (millions)
Power Other assets - current $ 21.9   $ 24.6  
Other assets - long-term 34.7   43.8  
Natural gas Other assets - current 7.2   16.9  
Other assets - long-term 0.7   2.1  
Total derivative assets $ 64.5   $ 87.4  
Commodity contracts
Power Other liabilities - current $ 22.5   $ 14.2  
Other liabilities - long-term 34.9   41.5  
Natural gas Other liabilities - current 7.4   17.9  
Other liabilities - long-term 0.6   2.1  
Total derivative liabilities $ 65.4   $ 75.7  

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June 30 December 31
Evergy Kansas Central 2025 2024
Non-hedging derivatives Balance sheet location
Commodity contracts (millions)
Power Other assets - current $ 18.7   $ 11.3  
Other assets - long-term 34.7   43.8  
Natural gas Other assets - current 7.2   16.9  
Other assets - long-term 0.7   2.1  
Total derivative assets $ 61.3   $ 74.1  
Commodity contracts
Power Other liabilities - current $ 17.3   $ 11.5  
Other liabilities - long-term 34.9   41.5  
Natural gas Other liabilities - current 7.4   17.9  
Other liabilities - long-term 0.6   2.1  
Total derivative liabilities $ 60.2   $ 73.0  

June 30 December 31
Evergy Metro 2025 2024
Non-hedging derivatives Balance sheet location
Commodity contracts (millions)
Power Other assets - current $ 2.8   $ 10.1  

Total derivative assets $ 2.8   $ 10.1  
Commodity contracts
Power Other liabilities - current $ 4.2   $ 2.0  

Total derivative liabilities $ 4.2   $ 2.0  

The following tables present the line items on the Evergy Companies' consolidated balance sheets where derivative assets and liabilities are reported. The gross amounts offset in the tables below show the effect of master netting arrangements and include collateral posted to offset the net position.

June 30, 2025 Evergy Evergy Kansas Central Evergy Metro
Derivative Assets (millions)
Current
Gross amounts recognized $ 29.1   $ 25.9   $ 2.8  
Gross amounts offset ( 22.4 ) ( 19.2 ) ( 2.8 )
Net amounts presented in other assets - current $ 6.7   $ 6.7   $ —  
Long-Term
Gross amounts recognized $ 35.4   $ 35.4   $ —  
Gross amounts offset ( 9.4 ) ( 9.4 ) —  
Net amounts presented in other assets - long-term $ 26.0   $ 26.0   $ —  
Derivative Liabilities
Current
Gross amounts recognized $ 29.9   $ 24.7   $ 4.2  
Gross amounts offset ( 20.8 ) ( 17.6 ) ( 2.8 )
Net amounts presented in other liabilities - current $ 9.1   $ 7.1   $ 1.4  
Long-Term
Gross amounts recognized $ 35.5   $ 35.5   $ —  
Gross amounts offset ( 4.3 ) ( 4.3 ) —  
Net amounts presented in other liabilities - long-term $ 31.2   $ 31.2   $ —  

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December 31, 2024 Evergy Evergy Kansas Central Evergy Metro

Derivative Assets (millions)
Current
Gross amounts recognized $ 41.5   $ 28.2   $ 10.1  
Gross amounts offset ( 28.4 ) ( 25.7 ) ( 2.0 )
Net amounts presented in other assets - current $ 13.1   $ 2.5   $ 8.1  
Long-Term
Gross amounts recognized $ 45.9   $ 45.9   $ —  
Gross amounts offset ( 12.0 ) ( 12.0 ) —  
Net amounts presented in other assets - long-term $ 33.9   $ 33.9   $ —  
Derivative Liabilities
Current
Gross amounts recognized $ 32.1   $ 29.4   $ 2.0  
Gross amounts offset ( 26.1 ) ( 23.4 ) ( 2.0 )
Net amounts presented in other liabilities - current $ 6.0   $ 6.0   $ —  
Long-Term
Gross amounts recognized $ 43.6   $ 43.6   $ —  
Gross amounts offset ( 3.8 ) ( 3.8 ) —  
Net amounts presented in other liabilities - long-term $ 39.8   $ 39.8   $ —  

The following table summarizes the amounts of gain (loss) recognized in income for the change in fair value of derivatives not designated as hedging instruments for the Evergy Companies.

Three Months Ended
June 30 Year to Date
June 30

Location of gain (loss) Contract type 2025 2024 2025 2024
Evergy (millions)
Operating revenues Commodity $ 10.1   $ ( 3.9 ) $ 15.8   $ ( 9.9 )
Total $ 10.1   $ ( 3.9 ) $ 15.8   $ ( 9.9 )
Evergy Kansas Central
Operating revenues Commodity $ 10.1   $ ( 3.9 ) $ 15.8   $ ( 9.9 )
Total $ 10.1   $ ( 3.9 ) $ 15.8   $ ( 9.9 )

Credit risk of the Evergy Companies' derivative instruments relates to the potential adverse financial impact resulting from non-performance by a counterparty of its contractual obligations. The Evergy Companies maintain credit policies and employ credit risk mitigation, such as collateral requirements or letters of credit, when necessary to minimize their overall credit risk and monitor exposure. Substantially all of the Evergy Companies' counterparty credit risk associated with derivative instruments relates to Evergy Kansas Central's non-regulated energy marketing activities. As of June 30, 2025, if counterparty groups completely failed to perform on contracts, Evergy's and Evergy Kansas Central's maximum exposure related to derivative assets was $ 35.0  million. As of June 30, 2025, the potential loss after the consideration of applicable master netting arrangements and collateral received for Evergy and Evergy Kansas Central was $ 25.9  million.
Certain of the Evergy Companies' derivative instruments contain collateral provisions that are tied to the Evergy Companies' credit ratings and may require the posting of collateral for various reasons, including if the Evergy Companies' credit ratings were to fall below investment grade. Substantially all of these derivative instruments relate to Evergy Kansas Central's non-regulated energy marketing activities. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position as of June 30, 2025, was $ 37.6  million for which Evergy and Evergy Kansas Central have posted $ 2.5  million collateral in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered
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as of June 30, 2025, Evergy and Evergy Kansas Central could be required to post an additional $ 33.6  million of collateral to their counterparties.

10. FAIR VALUE MEASUREMENTS
Values of Financial Instruments
GAAP establishes a hierarchical framework for disclosing the transparency of the inputs utilized in measuring assets and liabilities at fair value. Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of assets and liabilities within the fair value hierarchy levels. In addition, the Evergy Companies measure certain investments that do not have a readily determinable fair value at net asset value (NAV), which are not included in the fair value hierarchy. Further explanation of these levels and NAV is summarized below.
Level 1 – Quoted prices are available in active markets for identical assets or liabilities. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on public exchanges or exchange-traded derivative instruments.
Level 2 –  Pricing inputs are not quoted prices in active markets but are either directly or indirectly observable. The types of assets and liabilities included in Level 2 are certain marketable debt securities, financial instruments traded in less than active markets, non-exchange traded derivative instruments with observable forward curves and options contracts.
Level 3 – Significant inputs to pricing have little or no transparency. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation. The types of assets and liabilities included in Level 3 are non-exchange traded derivative instruments for which observable market data is not available to corroborate the valuation inputs and transmission congestion rights (TCRs) in the SPP Integrated Marketplace.
NAV - Investments that do not have a readily determinable fair value are measured at NAV. These investments do not consider the observability of inputs and, therefore, they are not included within the fair value hierarchy. The Evergy Companies include in this category investments in private equity, real estate and alternative investment funds that do not have a readily determinable fair value. The underlying alternative investments include collateralized debt obligations, mezzanine debt and a variety of other investments.
The Evergy Companies record cash and cash equivalents, accounts receivable and short-term borrowings on their consolidated balance sheets at cost, which approximates fair value due to the short-term nature of these instruments.
Fair Value of Long-Term Debt
The Evergy Companies measure the fair value of long-term debt using Level 2 measurements available as of the measurement date. The book value and fair value of the Evergy Companies' long-term debt are summarized in the following table.

June 30, 2025 December 31, 2024
Book Value Fair Value Book Value Fair Value
Long-term debt (a)
(millions)
Evergy (b)
$ 13,050.5   $ 12,437.6   $ 12,460.9   $ 11,535.0  
Evergy Kansas Central 5,178.9   4,707.1   4,583.5   4,031.7  
Evergy Metro 3,224.6   3,016.8   3,223.4   2,966.3  

(a) Includes current maturities.
(b) Book value as of June 30, 2025, and December 31, 2024, includes $ 78.9 million and $ 81.7 million, respectively, of fair value adjustments recorded in connection with purchase accounting for the merger that created Evergy, which are not part of future principal payments and will amortize over the remaining life of the associated debt instrument.
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Recurring Fair Value Measurements
The following tables include balances of financial assets and liabilities measured at fair value on a recurring basis.

Description June 30, 2025 Netting Level 1 Level 2 Level 3 NAV
Evergy Kansas Central (millions)
Assets

Nuclear decommissioning trust (a)

Domestic equity funds $ 150.9   $ —  $ 142.5   $ —   $ —   $ 8.4  
International equity funds 94.0   —  94.0   —   —   —  
Core bond fund 66.1   —  66.1   —   —   —  
High-yield bond fund 33.9   —  33.9   —   —   —  
Emerging markets bond fund 22.0   —  22.0   —   —   —  

Alternative investments fund 47.5   —  —   —   —   47.5  
Real estate securities fund 16.6   —  —   —   —   16.6  
Cash equivalents 0.5   —  0.5   —   —   —  

Total nuclear decommissioning trust 431.5   —  359.0   —   —   72.5  
Rabbi trust
Fixed income funds 13.3   —  13.3   —   —   —  
Equity funds 7.8   —  7.8   —   —   —  
Combination debt/equity/other fund 1.8   —  1.8   —   —   —  
Cash equivalents 0.2   —  0.2   —   —   —  
Total rabbi trust 23.1   —  23.1   —   —   —  
Derivative instruments - commodity contracts (b)

Power 32.4   ( 21.0 ) 18.0   35.0   0.4   —  
Natural gas 0.3   ( 7.6 ) 7.9   —   —   —  
Total derivative assets 32.7   ( 28.6 ) 25.9   35.0   0.4   —  
Total assets 487.3   ( 28.6 ) 408.0   35.0   0.4   72.5  
Liabilities
Derivative instruments - commodity contracts (b)

Power 37.9   ( 14.3 ) 10.7   39.2   2.3   —  
Natural gas 0.4   ( 7.6 ) 8.0   —   —   —  
Total derivative liabilities 38.3   ( 21.9 ) 18.7   39.2   2.3   —  
Total liabilities $ 38.3   $ ( 21.9 ) $ 18.7   $ 39.2   $ 2.3   $ —  
Evergy Metro
Assets        
Nuclear decommissioning trust (a)
       
Equity securities $ 389.6   $ —  $ 389.6   $ —   $ —   $ —  
Debt securities
U.S. Treasury 55.3   —  55.3   —   —   —  
U.S. Agency 0.1   —  —   0.1   —   —  
State and local obligations 2.1   —  —   2.1   —   —  
Corporate bonds 48.3   —  —   48.3   —   —  

Cash equivalents 2.9   —  2.9   —   —   —  

Total nuclear decommissioning trust 498.3   —  447.8   50.5   —   —  
Self-insured health plan trust (c)

Equity securities 2.5   —  2.5   —   —   —  
Debt securities 14.6   —  3.3   11.3   —   —  
Cash and cash equivalents 2.7   —  2.7   —   —   —  
Total self-insured health plan trust 19.8   —  8.5   11.3   —   —  
Derivative instruments - commodity contracts (b)

Power —   ( 2.8 ) —   —   2.8   —  

Total derivative assets —   ( 2.8 ) —   —   2.8   —  
Total assets 518.1   ( 2.8 ) 456.3   61.8   2.8   —  
Liabilities
Derivative instruments - commodity contracts (b)

Power 1.4   ( 2.8 ) —   —   4.2   —  

Total derivative liabilities 1.4   ( 2.8 ) —   —   4.2   —  
Total liabilities $ 1.4   $ ( 2.8 ) $ —   $ —   $ 4.2   $ —  

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Description June 30, 2025 Netting Level 1 Level 2 Level 3 NAV
Other Evergy (millions)
Assets

Rabbi trusts
Core bond fund $ 7.9   $ —  $ 7.9   $ —   $ —   $ —  

Total rabbi trusts 7.9   —  7.9   —   —   —  
Derivative instruments - commodity contracts (b)

Power —   ( 0.4 ) —   —   0.4   —  

Total derivative assets —   ( 0.4 ) —   —   0.4   —  
Total assets 7.9   ( 0.4 ) 7.9   —   0.4   —  
Liabilities
Derivative instruments - commodity contracts (b)

Power 0.6   ( 0.4 ) —   —   1.0   —  

Total derivative liabilities 0.6   ( 0.4 ) —   —   1.0   —  
Total liabilities $ 0.6   $ ( 0.4 ) $ —   $ —   $ 1.0   $ —  
Evergy        
Assets        
Nuclear decommissioning trust (a)
$ 929.8   $ —  $ 806.8   $ 50.5   $ —   $ 72.5  
Rabbi trusts 31.0   —  31.0   —   —   —  
Self-insured health plan trust (c)
19.8   —  8.5   11.3   —   —  

Derivative instruments - commodity contracts (b)

Power 32.4   ( 24.2 ) 18.0   35.0   3.6   —  
Natural gas 0.3   ( 7.6 ) 7.9   —   —   —  
Total derivative assets 32.7   ( 31.8 ) 25.9   35.0   3.6   —  
Total assets 1,013.3   ( 31.8 ) 872.2   96.8   3.6   72.5  
Liabilities
Derivative instruments - commodity contracts (b)

Power 39.9   ( 17.5 ) 10.7   39.2   7.5   —  
Natural gas 0.4   ( 7.6 ) 8.0   —   —   —  
Total derivative liabilities 40.3   ( 25.1 ) 18.7   39.2   7.5   —  
Total liabilities $ 40.3   $ ( 25.1 ) $ 18.7   $ 39.2   $ 7.5   $ —  

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Description December 31, 2024 Netting Level 1 Level 2 Level 3 NAV
Evergy Kansas Central (millions)
Assets
Nuclear decommissioning trust (a)

Domestic equity funds $ 142.9   $ —  $ 134.0   $ —   $ —   $ 8.9  
International equity funds 81.6   —  81.6   —   —   —  
Core bond fund 66.7   —  66.7   —   —   —  
High-yield bond fund 33.7   —  33.7   —   —   —  
Emerging markets bond fund 20.6   —  20.6   —   —   —  

Alternative investments fund 45.6   —  —   —   —   45.6  
Real estate securities fund 16.3   —  —   —   —   16.3  
Cash equivalents 0.5   —  0.5   —   —   —  
Total nuclear decommissioning trust 407.9   —  337.1   —   —   70.8  
Rabbi trust
Fixed income funds 14.6   —  14.6   —   —   —  
Equity funds 6.9   —  6.9   —   —   —  
Combination debt/equity/other fund 1.7   —  1.7   —   —   —  
Cash equivalents 0.2   —  0.2   —   —   —  
Total rabbi trust 23.4   —  23.4   —   —   —  
Derivative instruments - commodity contracts (b)

Power 35.1   ( 20.0 ) 11.7   40.5   2.9   —  
Natural gas 1.3   ( 17.7 ) 18.9   0.1   —   —  
Total derivative assets 36.4   ( 37.7 ) 30.6   40.6   2.9   —  
Total assets 467.7   ( 37.7 ) 391.1   40.6   2.9   70.8  
Liabilities
Derivative instruments - commodity contracts (b)

Power 43.5   ( 9.5 ) 4.5   44.2   4.3   —  
Natural gas 2.3   ( 17.7 ) 19.9   0.1   —   —  
Total derivative liabilities 45.8   ( 27.2 ) 24.4   44.3   4.3   —  
Total liabilities $ 45.8   $ ( 27.2 ) $ 24.4   $ 44.3   $ 4.3   $ —  
Evergy Metro
Assets        
Nuclear decommissioning trust (a)
     
Equity securities $ 368.8   $ —  $ 368.8   $ —   $ —   $ —  
Debt securities          
U.S. Treasury 55.3   —  55.3   —   —   —  

State and local obligations 2.1   —  —   2.1   —   —  
Corporate bonds 42.7   —  —   42.7   —   —  

Cash equivalents 3.0   —  3.0   —   —   —  

Total nuclear decommissioning trust 471.9   —  427.1   44.8   —   —  
Self-insured health plan trust (c)

Equity securities 2.3   —  2.3   —   —   —  
Debt securities 14.3   —  3.2   11.1   —   —  
Cash and cash equivalents 2.3   —  2.3   —   —   —  
Total self-insured health plan trust 18.9   —  7.8   11.1   —   —  
Derivative instruments - commodity contracts (b)

Power 8.1   ( 2.0 ) —   —   10.1   —  

Total derivative assets 8.1   ( 2.0 ) —   —   10.1   —  
Total assets 498.9   ( 2.0 ) 434.9   55.9   10.1   —  
Liabilities
Derivative instruments - commodity contracts (b)

Power —   ( 2.0 ) —   —   2.0   —  

Total derivative liabilities —   ( 2.0 ) —   —   2.0   —  
Total liabilities $ —   $ ( 2.0 ) $ —   $ —   $ 2.0   $ —  

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Description December 31, 2024 Netting Level 1 Level 2 Level 3 NAV
Other Evergy (millions)
Assets

Rabbi trusts
Core bond fund $ 8.0   $ —  $ 8.0   $ —   $ —   $ —  
Total rabbi trusts 8.0   —  8.0   —   —   —  
Derivative instruments - commodity contracts (b)

Power 2.5   ( 0.7 ) —   —   3.2   —  

Total derivative assets 2.5   ( 0.7 ) —   —   3.2   —  
Total assets 10.5   ( 0.7 ) 8.0   —   3.2   —  
Liabilities
Derivative instruments - commodity contracts (b)

Power —   ( 0.7 ) —   —   0.7   —  

Total derivative liabilities —   ( 0.7 ) —   —   0.7   —  
Total liabilities $ —   $ ( 0.7 ) $ —   $ —   $ 0.7   $ —  
Evergy        
Assets        
Nuclear decommissioning trust (a)
$ 879.8   $ —  $ 764.2   $ 44.8   $ —   $ 70.8  
Rabbi trusts 31.4   —  31.4   —   —   —  
Self-insured health plan trust (c)
18.9   —  7.8   11.1   —   —  

Derivative instruments - commodity contracts (b)

Power 45.7   ( 22.7 ) 11.7   40.5   16.2   —  
Natural gas 1.3   ( 17.7 ) 18.9   0.1   —   —  
Total derivative assets 47.0   ( 40.4 ) 30.6   40.6   16.2   —  
Total assets 977.1   ( 40.4 ) 834.0   96.5   16.2   70.8  
Liabilities
Derivative instruments - commodity contracts (b)

Power 43.5   ( 12.2 ) 4.5   44.2   7.0   —  
Natural gas 2.3   ( 17.7 ) 19.9   0.1   —   —  
Total derivative liabilities 45.8   ( 29.9 ) 24.4   44.3   7.0   —  
Total liabilities $ 45.8   $ ( 29.9 ) $ 24.4   $ 44.3   $ 7.0   $ —  

(a) With the exception of investments measured at NAV, fair value is based on quoted market prices of the investments held by the trust and/or valuation models.  
(b) Derivative instruments classified as Level 1 consist of exchange-traded derivative instruments with fair value based on quoted market prices. Derivative instruments classified as Level 2 consist of non-exchange traded derivative instruments with observable forward curves and option contracts priced with models using observable inputs. Derivative instruments classified as Level 3 consist of non-exchange traded derivative instruments for which observable market data is not available to corroborate the valuation inputs and TCRs valued at the most recent auction price in the SPP Integrated Marketplace.
(c) Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities.
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Certain Evergy and Evergy Kansas Central investments included in the table above are measured at NAV as they do not have readily determinable fair values. In certain situations, these investments may have redemption restrictions. The following table provides additional information on these Evergy and Evergy Kansas Central investments.

June 30, 2025 December 31, 2024 June 30, 2025
Fair Unfunded Fair Unfunded Redemption Length of
Value Commitments Value Commitments Frequency Settlement
Evergy Kansas Central (millions)
Nuclear decommissioning trust:
Domestic equity funds $ 8.4   $ 1.3   $ 8.9   $ 1.3   (a) (a)
Alternative investments fund (b)
47.5   —   45.6   —   Quarterly 65 days

Real estate securities fund (b)
16.6   —   16.3   —   Quarterly 65 days

Total Evergy investments at NAV $ 72.5   $ 1.3   $ 70.8   $ 1.3  

(a) This investment is in four long-term private equity funds that do not permit early withdrawal. Investments in these funds cannot be distributed until the underlying investments have been liquidated, which may take years from the date of initial liquidation. All funds have begun to make distributions.
(b) There is a holdback on final redemptions.
The Evergy Companies hold equity and debt investments classified as securities in various trusts including for the purposes of funding the decommissioning of Wolf Creek and for the benefit of certain retired executive officers of Evergy Kansas Central. The Evergy Companies record net realized and unrealized gains and losses on the nuclear decommissioning trusts in regulatory liabilities on their consolidated balance sheets and record net realized and unrealized gains and losses on the Evergy Companies' rabbi trusts in the consolidated statements of income and comprehensive income.
The following table summarizes the net unrealized gains (losses) for the Evergy Companies' nuclear decommissioning trusts and rabbi trusts.

Three Months Ended
June 30 Year to Date
June 30
2025 2024 2025 2024
Evergy (millions)
Nuclear decommissioning trust - equity securities $ 64.8   $ 22.0   $ 45.5   $ 52.3  
Nuclear decommissioning trust - debt securities 1.1   ( 0.4 ) 2.6   ( 1.7 )
Rabbi trusts - equity securities 1.4   ( 0.1 ) 2.1   0.3  
Total $ 67.3   $ 21.5   $ 50.2   $ 50.9  
Evergy Kansas Central
Nuclear decommissioning trust - equity securities $ 25.3   $ 12.0   $ 26.2   $ 20.5  
Rabbi trust - equity securities 1.3   —   1.9   0.5  
Total $ 26.6   $ 12.0   $ 28.1   $ 21.0  
Evergy Metro
Nuclear decommissioning trust - equity securities $ 39.5   $ 10.0   $ 19.3   $ 31.8  
Nuclear decommissioning trust - debt securities 1.1   ( 0.4 ) 2.6   ( 1.7 )
Total $ 40.6   $ 9.6   $ 21.9   $ 30.1  

11. COMMITMENTS AND CONTINGENCIES
Environmental Matters
Set forth below are descriptions of contingencies related to environmental matters that may impact the Evergy Companies' operations or their financial results. Management's assessment of these contingencies, which are based on federal and state statutes and regulations, and regulatory agency and judicial interpretations and actions, has evolved over time. These laws, regulations, interpretations and actions can also change, restrict or otherwise impact
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the Evergy Companies' operations or financial results. The failure to comply with these laws, regulations, interpretations and actions could result in the assessment of administrative, civil and criminal penalties and the imposition of remedial requirements. The Evergy Companies believe that all their operations are in substantial compliance with current federal, state and local environmental standards.
There are a variety of final and proposed laws and regulations that could have a material adverse effect on the Evergy Companies' operations and consolidated financial results. Due in part to the complex nature of environmental laws and regulations, the Evergy Companies are unable to assess the impact of potential changes that may develop with respect to the environmental contingencies described below.
Ozone Interstate Transport State Implementation Plans (ITSIP)
In 2015, the Environmental Protection Agency (EPA) lowered the Ozone National Ambient Air Quality Standards (NAAQS) from 75 ppb to 70 ppb. States were required to submit ITSIPs in 2018 to comply with the "Good Neighbor Provision" of the Clean Air Act (CAA) as it applies to the revised NAAQS. The EPA did not act on these ITSIP submissions by the deadline established in the CAA and entered consent decrees establishing deadlines for the EPA to take final action on various ITSIPs. In February 2022, the EPA published a proposed rule to disapprove the ITSIPs submitted by nineteen states including Missouri and Oklahoma. In April 2022, the EPA published an approval of the Kansas ITSIP in the Federal Register. The Missouri Department of Natural Resources (MDNR) submitted a supplemental ITSIP to the EPA in November 2022. In February 2023, the EPA published a final rule disapproving the ITSIPs submitted by nineteen states, including the final disapproval of the Missouri and Oklahoma ITSIPs. In April 2023, the Attorneys General of Missouri and Oklahoma filed Petitions for Review in the U.S. Court of Appeals for the Eighth Circuit (Eighth Circuit) and the U.S. Court of Appeals for the Tenth Circuit (Tenth Circuit), respectively, challenging the EPA's disapproval. In May 2023, the Eighth Circuit granted a stay of the EPA's disapproval of the Missouri ITSIP. Similarly, in July 2023, the Tenth Circuit granted a stay of the EPA's disapproval of the Oklahoma ITSIP. In August 2024, the EPA published in the Federal Register a proposed rule to disapprove the supplemental ITSIP that Missouri submitted in November 2022. In January 2024, the EPA proposed to disapprove the previously-approved ITSIP for Kansas and ITSIPs submitted by four other states. To date, the EPA has not taken final action in this rulemaking. Disapproval of ITSIPs provides the EPA with authority to implement an interstate transport federal implementation plan (ITFIP) to replace them. As described below, the EPA's ITFIP has been stayed and may be withdrawn. In the event that the ITSIPs for Missouri, Oklahoma and Kansas were disapproved and the EPA's ITFIP took effect, it could have a material impact on the Evergy Companies' operations.
Ozone Interstate Transport Federal Implementation Plans
In April 2022, the EPA published in the Federal Register the proposed ITFIP to resolve outstanding "Good Neighbor" obligations with respect to the 2015 Ozone NAAQS for twenty-six states including Missouri and Oklahoma. This ITFIP would establish a revised Cross-State Air Pollution Rule (CSAPR) ozone season nitrogen oxide (NOx) emissions trading program for EGUs beginning in 2023 and would limit ozone season NOx emissions from certain industrial stationary sources beginning in 2026. The proposed rule would also establish a new daily backstop NOx emissions rate limit for applicable coal-fired units larger than 100 MW, as well as unit-specific NOx emission rate limits for certain industrial emission units and would feature "dynamic" adjustments of emission budgets for EGUs beginning with ozone season 2025. The proposed ITFIP included reductions to the state ozone season NOx budgets for Missouri and Oklahoma beginning in 2023 with additional reductions in future years. The Evergy Companies provided formal comments as part of the rulemaking process. In March 2023, the EPA issued the final ITFIPs for twenty-three states, including Missouri and Oklahoma, which included reduced ozone season NOx budgets for EGUs in Missouri, Oklahoma and other states, and included other features and requirements that were in the proposed version of the rule. Because the EPA's authority to impose an ITFIP for a state is triggered by the state's failure to submit an ITSIP addressing NAAQS by the statutory deadline or disapproval of an ITSIP, the EPA lacks authority under the CAA to impose an ITFIP on a state for which an ITSIP disapproval has been stayed by the courts. Accordingly, the EPA issued interim final rules staying the effectiveness of the ITFIP in both Missouri and Oklahoma while the stays issued by the Eighth and Tenth Circuits in the ITSIP disapproval cases remain in place. During this time, both states will continue to operate under the existing CSAPR program. While Kansas was not originally included in the ITFIP, in January 2024, the EPA issued a proposal to include Kansas in the ITFIP. In June 2024, the U.S. Supreme Court issued an order granting emergency motions for stay filed by state
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and industry petitioners of the final ITFIP pending further review of the ITFIP by the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit). In March 2025, the EPA announced plans to end the Good Neighbor Rule for the 2015 Ozone NAAQS. In April 2025, the D.C. Circuit granted an EPA request to hold all challenges to the ITFIP in indefinite abeyance. If the ITFIP ultimately takes effect as promulgated for Missouri, Kansas and Oklahoma following the pending litigation or the EPA is unable to end the program as announced, the impact on the Evergy Companies' operations and the cost to comply could be material.
Particulate Matter National Ambient Air Quality Standards
In March 2024, the EPA published in the Federal Register the final rule which strengthens the primary annual PM 2.5 (particulate matter less than 2.5 microns in diameter) NAAQS by lowering the primary annual PM 2.5 NAAQS from 12.0 µg/m3 (micrograms per cubic meter) to 9.0 µg/m3. The final rule took effect in May 2024. In August 2024, the EPA released the PM 2.5 ambient monitor design values for calendar years 2021 through 2023. These design values are to be used by each state governor for recommending to the EPA attainment designations for their states. In February 2025, the Kansas Governor sent recommendations to the EPA to designate the entire state of Kansas as either attainment or attainment/unclassifiable for the 2024 annual PM 2.5 NAAQS. In March 2025, the EPA announced it plans to reconsider the 2024 PM 2.5 NAAQS. As a result of the EPA's plans to reconsider this NAAQS, the Missouri Governor delayed submitting area designations to the EPA. While the EPA is required to issue final designations for all states, including Kansas and Missouri, by February 2026, the issuance of final designations is in question based on the EPA's plans to reconsider this NAAQS. Due to the uncertainty of the attainment status of portions of the service territory and potential reconsideration of the NAAQS, the Evergy Companies are unable to accurately assess the impacts on their operations or consolidated financial results, but the cost to comply with lower PM 2.5 NAAQS could be material.
Regional Haze Rule
In 1999, the EPA finalized the Regional Haze Rule which aims to restore national parks and wilderness areas to pristine conditions. The rule requires states in coordination with the EPA, the National Park Service, the U.S. Fish and Wildlife Service, the U.S. Forest Service, and other interested parties to develop and implement air quality protection plans to reduce the pollution that causes visibility impairment. There are 156 "Class I" areas across the U.S. that must be restored to pristine conditions by the year 2064. There are no Class I areas in Kansas, whereas Missouri has two: the Hercules-Glades Wilderness Area and the Mingo Wilderness Area. States must submit revisions to their Regional Haze Rule state implementation plans (SIPs) every ten years and the first round was due in 2007. For the second ten-year implementation period, the EPA issued a final rule revision in 2017 that allowed states to submit their SIP revisions by July 2021.
The Missouri SIP revision does not require any additional reductions from the Evergy Companies' generating units in the state. MDNR submitted the Missouri SIP revision to the EPA in August 2022, however, they failed to do so by the EPA's revised submittal deadline in August 2022. As a result, in August 2022, the EPA published "finding of failure" with respect to Missouri and fourteen other states for failing to submit their Regional Haze SIP revisions by the applicable deadline. This finding of failure established a two-year deadline for the EPA to issue a Regional Haze federal implementation plan (FIP) for each state unless the state submits and the EPA approves a revised SIP that meets all applicable requirements before the EPA issues the FIP. In July 2024, the EPA published in the Federal Register a proposal to partially approve and partially disapprove Missouri's Regional Haze SIP revision.
The Kansas SIP revision did not include any additional emission reductions by electric utilities based on the significant reductions that were achieved during the first implementation period. The Kansas Department of Health and Environment (KDHE) submitted the Kansas SIP revision in July 2021. In August 2024, the EPA issued the final disapproval of the Kansas SIP revision for failing to conduct a four-factor analysis for at least two emission sources in Kansas. If a Kansas generating unit of the Evergy Companies is selected for analysis, the possibility exists that the state or the EPA, through a revised SIP or a FIP, could determine that additional operational or physical modifications are required on the generating unit to further reduce emissions.
In March 2025, the EPA announced plans to restructure the Regional Haze Program. Due to uncertainty regarding when or if a Kansas or Missouri revised SIP or FIP is finalized, the overall costs of implementing the rules could be material to the Evergy Companies.
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Greenhouse Gases
Burning coal and other fossil fuels releases carbon dioxide (CO 2 ) and other gases referred to as greenhouse gases (GHG). Various regulations under the CAA limit CO 2 and other GHG emissions, and in addition, other measures are being imposed or offered by individual states, municipalities and regional agreements with the goal of reducing GHG emissions. In April 2024, the EPA finalized the GHG regulations and GHG guidelines that apply to new and existing fossil fuel fired EGUs. The final GHG regulation establishes CO 2 limitations on emissions from new and reconstructed stationary combustion turbines. The GHG guidelines set CO 2 emission limitations for existing coal, oil and gas-fired steam generating units. For new and reconstructed stationary combustion turbines, the emission limitations were developed by applying the Best System of Emission Reduction (BSER) to three distinct subcategories (low load, intermediate load and base load) taking into consideration the annual capacity factor of the stationary combustion turbine. For intermediate and base load stationary combustion turbines, BSER is assumed to be the utilization of highly efficient combustion turbine technology. Base load stationary combustion turbines are also required to consider the emissions reduction associated with the application of carbon capture and sequestration (CCS) beginning in 2032. For existing coal-fired EGUs, the emission limitations were established by applying the BSER to two subcategories (medium and long-term). For medium-term existing coal-fired units, which are units retiring between 2032 and 2038, the BSER established emission limitation is based on co-firing natural gas beginning in 2030. For units operating in 2039 and after, BSER is the application of CCS starting in 2032. In July 2024, the D.C. Circuit denied motions of stay filed by various states, industry and trade organizations; however, the D.C. Circuit has ordered expedited review of the challenges to the final regulations and guidelines. In December 2024, a three-judge panel of the D.C. Circuit heard oral arguments on challenges to the merits of the rule. In March 2025, the EPA announced it plans to reconsider the GHG regulation and guidelines. While the EPA reconsiders the GHG regulation and guidelines, the D.C. Circuit granted an unopposed motion to hold the case challenging the merits of the rule in abeyance. In June 2025, the EPA proposed to repeal both the 2015 GHG emission standards for new fossil-fuel fired EGUs and the April 2024 GHG emission standards for new and existing fossil-fuel fired EGUs. As an alternative proposal, in June 2025, the EPA proposed to repeal the most burdensome requirements of the 2024 rule including the elimination of CCS as BSER.
Due to uncertainty regarding which of these proposed rules will be finalized and the ongoing judicial review, the Evergy Companies are unable to accurately assess the impacts on their operations or consolidated financial results, but the cost to comply could be material.
Regulation of Coal Combustion Residuals (CCRs)
In the course of operating their coal generation plants, the Evergy Companies produce CCRs, including fly ash, gypsum and bottom ash. The EPA published a rule to regulate CCRs in April 2015 that requires additional CCR handling, processing and storage equipment and closure of certain ash disposal units. In January 2022, the EPA published proposed determinations for facilities that filed closure extensions for unlined or clay-lined CCR units. These proposed determinations include various interpretations of the CCR regulations and compliance expectations that may impact all owners of CCR units. These interpretations could require modified compliance plans such as different methods of CCR unit closure. Additionally, more stringent remediation requirements for units that are in corrective action or forced to go into corrective action are possible. The cost to comply with these proposed determinations by the EPA could be material.
In April 2024, the EPA finalized an expansion to the CCR regulations focused on legacy surface impoundments and historic placements of CCR. This regulation expands applicability of the 2015 CCR regulation to inactive landfills and beneficial use sites not previously regulated. Litigation could impact the timing or cost to comply. In March 2025, the EPA announced its plans to update regulations of CCRs, and in July 2025, issued a rulemaking extending deadlines for compliance with various aspects of the CCR legacy rule. The EPA has indicated a second rulemaking modifying CCR requirements should be anticipated later in 2025, however specific details of any planned revisions have not been provided.
The Evergy Companies have recorded asset retirement obligations (AROs) for their current estimates for the closure of ash disposal ponds, landfills and other historical placements of CCR. The revision of these AROs may be required in the future due to information collected in the April 2024 CCR regulation's Facility Evaluation Reports (FERs), changes in existing CCR regulations, the results of groundwater monitoring of CCR units, changes in interpretation of existing CCR regulations or changes in the timing or cost to close ash disposal ponds and landfills. The revision of AROs for regulated operations has no income statement impact due to the deferral of the
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adjustments through a regulatory asset. If revisions to these AROs are necessary, the impact on the Evergy Companies' operations or consolidated financial results could be material.
Montrose Station CCRs
In 2025, three lawsuits, including one seeking class certification, were filed in the Circuit Court of Henry County, Missouri against Evergy Metro and two other defendants alleging unspecified damages resulting from the defendants' alleged unlawful and negligent spreading of CCRs associated with the Montrose Station coal ash landfill. Montrose Station was a coal-fired generating facility which was operated by Evergy Metro until its closure in 2018. The cases are at preliminary stages and Evergy and Evergy Metro are unable to assess the outcome or reasonably estimate any possible damages with respect to the claims. However, Evergy and Evergy Metro believe the claims are without merit and intend to vigorously defend themselves.
Nuclear Antitrust Class Action
In July 2025, a class action complaint was filed in the U.S. District Court for the District of Maryland alleging violations of the Sherman Antitrust Act in establishing wages for employees at nuclear facilities since 2003. The complaint names 28 defendants, including all 26 owner operators of nuclear facilities in the United States, or affiliated entities, including Wolf Creek Nuclear Operating Corporation, which owns and operates Wolf Creek, a nuclear facility in Kansas. Evergy indirectly owns 94 % of Wolf Creek, with Evergy Kansas Central and Evergy Metro each owning 47 % of the nuclear facility. This case is at a preliminary stage and the Evergy Companies are unable to assess the outcome or reasonably estimate any possible damages with respect to the claims.

12. 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, Evergy Metro and Evergy Missouri West plan to engage in the construction of jointly-owned generation facilities. See Note 1 for a discussion of future planned investments. 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.
The operating expenses and capital costs billed for jointly-owned plants and shared services are detailed in the following table.

Three Months Ended
June 30 Year to Date
June 30
2025 2024 2025 2024
(millions)
Evergy Kansas Central billings to Evergy Missouri West $ 61.9   $ 10.4   $ 69.6   $ 17.5  
Evergy Metro billings to Evergy Missouri West 29.4   31.3   55.2   59.5  
Evergy Kansas Central billings to Evergy Metro 13.5   12.3   26.5   23.6  
Evergy Metro billings to Evergy Kansas Central 35.2   32.8   68.1   65.2  

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

June 30 December 31
2025 2024
Evergy Kansas Central (millions)
Net payable to Evergy $ ( 13.3 ) $ ( 13.4 )
Net payable to Evergy Metro ( 17.8 ) ( 22.9 )
Net receivable from Evergy Missouri West 65.0   23.0  

Evergy Metro
Net receivable from Evergy $ 16.4   $ 16.8  
Net receivable from Evergy Kansas Central 17.8   22.9  
Net receivable from Evergy Missouri West 79.8   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 June 30, 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.

June 30 December 31
2025 2024
Evergy Kansas Central (millions)
Income taxes receivable from (payable to) Evergy $ ( 12.4 ) $ 11.4  

Evergy Metro
Income taxes payable to Evergy $ ( 13.4 ) $ ( 10.0 )

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13. TAXES
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
Three Months Ended
June 30 Year to Date
June 30
2025 2024 2025 2024
Federal statutory income tax 21.0   % 21.0   % 21.0   % 21.0   %
COLI policies ( 1.2 ) ( 1.2 ) ( 1.2 ) ( 1.2 )
State income taxes ( 1.8 ) 0.5   ( 1.5 ) 0.5  
Flow through depreciation for plant-related differences ( 5.3 ) ( 8.7 ) ( 5.2 ) ( 8.6 )
Federal tax credits ( 6.7 ) ( 6.8 ) ( 6.6 ) ( 6.7 )
Non-controlling interest ( 0.3 ) ( 0.3 ) ( 0.3 ) ( 0.3 )
AFUDC equity ( 0.3 ) ( 0.4 ) ( 0.3 ) ( 0.3 )
Amortization of federal investment tax credits ( 0.5 ) ( 0.6 ) ( 0.5 ) ( 0.6 )

Stock compensation 0.2   —   0.3   —  
Officer compensation limitation 0.2   ( 0.3 ) 0.2   0.1  
Other 0.2   0.2   0.2   0.3  
Effective income tax rate 5.5   % 3.4   % 6.1   % 4.2   %

Evergy Kansas Central
Three Months Ended
June 30 Year to Date
June 30
2025 2024 2025 2024
Federal statutory income tax 21.0   % 21.0   % 21.0   % 21.0   %
COLI policies ( 1.8 ) ( 1.9 ) ( 1.8 ) ( 1.9 )
State income taxes ( 0.7 ) 0.6   ( 0.5 ) 0.6  
Flow through depreciation for plant-related differences ( 3.3 ) ( 5.8 ) ( 3.3 ) ( 5.6 )
Federal tax credits ( 10.2 ) ( 10.5 ) ( 10.2 ) ( 10.7 )
Non-controlling interest ( 0.4 ) ( 0.4 ) ( 0.4 ) ( 0.5 )
AFUDC equity ( 0.4 ) ( 0.5 ) ( 0.3 ) ( 0.5 )
Amortization of federal investment tax credits ( 0.3 ) ( 0.4 ) ( 0.3 ) ( 0.4 )

Stock compensation 0.3   —   0.1   —  

Other 0.3   0.2   0.2   0.1  
Effective income tax rate 4.6   % 2.3   % 4.5   % 2.1   %

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Evergy Metro
Three Months Ended
June 30 Year to Date
June 30
2025 2024 2025 2024
Federal statutory income tax 21.0   % 21.0   % 21.0   % 21.0   %
COLI policies ( 0.1 ) ( 0.1 ) ( 0.1 ) ( 0.1 )
State income taxes ( 1.9 ) 0.6   ( 1.7 ) 0.7  
Flow through depreciation for plant-related differences ( 5.2 ) ( 7.8 ) ( 4.9 ) ( 7.8 )
Federal tax credits ( 1.0 ) ( 0.7 ) ( 1.0 ) ( 0.7 )
AFUDC equity ( 0.1 ) ( 0.2 ) ( 0.2 ) ( 0.1 )
Amortization of federal investment tax credits ( 0.8 ) ( 0.8 ) ( 0.8 ) ( 0.8 )

Stock compensation —   —   0.6   0.6  
Officer compensation limitation 0.5   ( 0.4 ) 0.5   0.3  

Effective income tax rate 12.4   % 11.6   % 13.4   % 13.1   %

14. 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.

Three Months Ended
June 30 Year to Date
June 30
2025 2024 2025 2024
(millions)
OPERATING REVENUES $ 1,437.0   $ 1,447.5   $ 2,811.5   $ 2,778.5  
Less:
Fuel and purchased power 330.4   359.0   685.7   735.4  
SPP network transmission costs 114.9   100.0   211.3   172.7  
Operating and maintenance:
Operations and customer 164.6   163.3   311.7   315.4  
Support 40.4   37.1   73.4   70.3  
Other segment items, including benefit costs (a)
50.1   37.3   102.0   83.5  
Depreciation and amortization 288.4   280.1   576.5   556.2  
Taxes other than income tax 104.4   112.6   215.5   226.7  

Interest expense 153.8   143.6   306.3   276.8  
Income tax expense 10.0   7.4   19.6   14.7  
Net income attributable to noncontrolling interests 3.1   3.1   6.2   6.2  
Plus:
Total other income (expense), net ( 7.4 ) 1.0   ( 10.4 ) 5.3  
Equity in earnings of equity method investees, net of income taxes 1.8   2.0   3.4   3.8  
NET INCOME ATTRIBUTABLE TO EVERGY, INC. $ 171.3   $ 207.0   $ 296.3   $ 329.7  

(a) Other segment items include benefits expense associated with Operations, Customer and Support employees, regulatory amortization expense, expense associated with energy efficiency programs and bad debt expense, among other items.

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ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following combined Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the consolidated financial statements and accompanying notes in this combined Quarterly Report on Form 10-Q and the Evergy Companies' combined 2024 Form 10-K. None of the registrants make any representation as to information related solely to Evergy, Evergy Kansas Central or Evergy Metro other than itself.

EVERGY, INC.
EXECUTIVE SUMMARY
Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy operates primarily through the following wholly-owned direct subsidiaries listed below.
• Evergy Kansas Central 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.
• Evergy Metro is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.
• Evergy Missouri West is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
• Evergy Transmission Company owns 13.5% of Transource with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of AEP. Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method.
Evergy Kansas Central also owns a 50% interest in Prairie Wind, which is a joint venture between Evergy Kansas Central and subsidiaries of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kV double-circuit transmission line that provides transmission service in the SPP. Evergy Kansas Central accounts for its investment in Prairie Wind under the equity method.
Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West conduct business in their respective service territories using the name Evergy. Collectively, the Evergy Companies have approximately 15,800 MWs of owned generating capacity and renewable power purchase agreements and engage in the generation, transmission, distribution and sale of electricity to approximately 1.7 million customers in the states of Kansas and Missouri. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment).
Evergy Kansas Central's 2025 Rate Case Proceeding
In January 2025, Evergy Kansas Central filed an application with the KCC to request an increase to its retail revenues of approximately $196 million. Evergy Kansas Central's request reflected a return on equity of 10.5% (with a capital structure composed of 52% equity) and increases related to the recovery of infrastructure investments made to improve reliability and enhance customer service and the update of expenses to current levels of spend.
In July 2025, Evergy Kansas Central, the KCC staff and other intervenors in the case reached a unanimous settlement agreement to settle all outstanding issues in the case. The unanimous settlement provides for an increase to retail revenues of $128.0 million after rebasing property tax expense and not including costs recoverable through KCC-approved riders for Evergy Kansas Central. The unanimous settlement agreement is subject to the approval of the KCC. If approved, new rates are expected to be effective on September 29, 2025. See Note 4 to the consolidated financial statements for additional information.
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Federal Tax Reform
In July 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law by President Trump. The OBBBA contains a wide variety of tax reforms affecting businesses, including changes to clean energy production tax credits which could impact the Evergy Companies' long-term generation resource planning. The OBBBA was signed into law after the close of the second quarter and therefore, the impacts of this legislation are not included in the Evergy Companies' operating results for the three months ended or year to date June 30, 2025. The Evergy Companies are evaluating the impact of the legislation on their operations and consolidated financial results but do not anticipate a material impact.
Missouri Legislation
In April 2025, Missouri SB 4 was signed into law by the Governor of Missouri. Most notably, SB 4 establishes new mechanisms for Missouri electric utilities to recover the costs associated with the construction of new natural gas-fired generating units. The utilities will be able to include certain costs of CWIP in rate base. The inclusion of CWIP will be in lieu of AFUDC applicable to the construction of the new natural gas-fired generating units. The MPSC will determine the amount of CWIP that may be included in rate base. Additionally, amounts collected arising from the inclusion of CWIP in rate base are subject to refund under certain circumstances. These provisions are scheduled to expire at the end of 2035.
Additionally, the law extends Missouri's existing PISA provisions to include certain natural gas-fired generating units as qualifying electric plant and extends the sunset date of these provisions through the end of 2035. These provisions allow electric utilities to defer to a regulatory asset for recovery in a subsequent general rate case 85% of depreciation expense and the associated return on investment for qualifying electric plant rate base additions for assets placed in-service between general rate cases.
Kansas Legislation
In April 2025, Kansas House Bill (HB) 2107 was signed into law by the Governor of Kansas. Most notably, HB 2107 establishes a two-year statute of limitations for wildfire-related claims against a Kansas electric public utility and a $5.0 million limit for punitive damages awarded under a fire claim. The law also requires the plaintiff to establish the burden of proof for fire claims by a preponderance of evidence.
Natural Gas Plant Investments
The Evergy Companies use a triennial IRP, a detailed analysis that estimates factors that influence the future supply and demand for electricity, to inform the manner in which they supply electricity. The most recent IRPs incorporate the latest SPP resource adequacy requirements and anticipated load growth. Based on these and other factors, the IRP indicated the addition of new supply side resources, including combined and simple cycle natural gas plants, would be needed.
In October 2024, Evergy announced its plan to construct two combined-cycle natural gas plants located in Kansas. Evergy Kansas Central and Evergy Missouri West will jointly-own each plant and expect each plant to have an initial generating capacity of approximately 705 MW. The first plant is expected to begin operations by summer of 2029 and the second plant is expected to begin operations by summer of 2030.
Additionally, Evergy Missouri West plans to construct a 440 MW simple-cycle natural gas plant located in Missouri. The plant is expected to begin operations in 2030.
In 2024, Evergy Kansas Central and Evergy Missouri West requested predetermination from the KCC and a CCN from the MPSC, respectively, for their planned natural gas investments. In July 2025, the KCC approved a non-unanimous partial settlement agreement regarding Evergy Kansas Central's investments in its planned natural gas plants. In July 2025, the MPSC approved a non-unanimous stipulation and agreement regarding Evergy Missouri West's investments in its planned natural gas plants. See "Applications for Predetermination" and "Requests for Certificate of Convenience and Necessity" in Note 4 to the consolidated financial statements for information regarding Evergy Kansas Central's and Evergy Missouri West's applications for predetermination and CCN for their investments in these natural gas plants.
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Renewable Plant Investments
Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation facility to be located in Kansas and called Kansas Sky. The solar generation facility is expected to begin operations by summer of 2027. The construction of Kansas Sky is subject to the granting by the KCC of predetermination with reasonably acceptable terms and other closing conditions. In July 2025, the KCC approved a unanimous partial settlement agreement for the Kansas Sky solar investment. See "Applications for Predetermination" in Note 4 to the consolidated financial statements for additional information regarding Evergy Kansas Central's application for predetermination for its investment in this renewable generating plant.
In 2024, Evergy Missouri West entered into agreements to own two solar generation facilities currently under development. The first facility, to be called Sunflower Sky, is a solar generation facility to be located in Kansas with an expected generating capacity of approximately 65 MW. The second facility, to be called Foxtrot, is a solar generation facility to be located in Missouri with an expected generating capacity of approximately 100 MW. The solar generation facilities are expected to begin operations by summer of 2027. In July 2025, the MPSC approved a unanimous stipulation and agreement regarding Evergy Missouri West's planned investments in the solar generation facilities. See "Requests for Certificate of Convenience and Necessity" in Note 4 to the consolidated financial statements for information regarding Evergy Missouri West's application for a CCN for its investment in these renewable generating plants.
Regulatory Proceedings
See Note 4 to the consolidated financial statements for information regarding other regulatory proceedings.
Wolf Creek Refueling Outage
Wolf Creek's most recent refueling outage began in March 2024 and the unit returned to service in May 2024. Wolf Creek's next refueling outage is planned to begin in the fourth quarter of 2025.
Earnings Overview
The following table summarizes Evergy's net income and diluted EPS.

Three Months Ended
June 30 Year to Date
June 30
2025 Change 2024 2025 Change 2024
(millions, except per share amounts)
Net income attributable to Evergy, Inc. $ 171.3  $ (35.7) $ 207.0  $ 296.3  $ (33.4) $ 329.7 
Earnings per common share, diluted 0.74  (0.16) 0.90  1.28  (0.15) 1.43 

Net income attributable to Evergy, Inc. decreased for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to lower retail sales in the second quarter of 2025 driven by unfavorable weather, higher operating and maintenance, depreciation and interest expenses and losses from investments in early-stage clean energy and energy solution companies; partially offset by new Evergy Missouri West retail rates effective in January 2025 and income from the sale of a commercial solar generation project.
Diluted EPS decreased for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to the decrease in net income attributable to Evergy, Inc. discussed above.
Net income attributable to Evergy, Inc. decreased year to date June 30, 2025, compared to the same period in 2024, primarily due to lower retail sales in 2025 driven by unfavorable weather, higher operating and maintenance, depreciation and interest expenses and losses from investments in early-stage clean energy and energy solution companies; partially offset by new Evergy Missouri West retail rates effective in January 2025, higher transmission revenues and income from the sale of a commercial solar generation project.
Diluted EPS decreased year to date June 30, 2025, compared to the same period in 2024, primarily due to the decrease in net income attributable to Evergy, Inc. discussed above.
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For additional information regarding the change in net income, refer to the Evergy Results of Operations section within this MD&A.

Non-GAAP Measures
Evergy Utility Gross Margin (non-GAAP)
Utility gross margin (non-GAAP) is a financial measure that is not calculated in accordance with GAAP.  Utility gross margin (non-GAAP), as used by the Evergy Companies, is defined as operating revenues less fuel and purchased power costs and amounts billed by the SPP for network transmission costs. Expenses for fuel and purchased power costs, offset by wholesale sales margin, are subject to recovery through cost adjustment mechanisms.  As a result, changes in fuel and purchased power costs are offset in operating revenues with minimal impact on net income. In addition, SPP network transmission costs fluctuate primarily due to investments by SPP members for upgrades to the transmission grid within the SPP RTO.  As with fuel and purchased power costs, changes in SPP network transmission costs are mostly reflected in the prices charged to customers with minimal impact on net income. The Evergy Companies' definition of utility gross margin (non-GAAP) may differ from similar terms used by other companies.
Utility gross margin (non-GAAP) is intended to aid an investor's overall understanding of results. Management believes that utility gross margin (non-GAAP) provides a meaningful basis for evaluating the Evergy Companies' operations across periods because utility gross margin (non-GAAP) excludes the revenue effect of fluctuations in fuel and purchased power costs and SPP network transmission costs.  Utility gross margin (non-GAAP) is used internally to measure performance against budget and in reports for management and the Evergy Board.  Utility gross margin (non-GAAP) should be viewed as a supplement to, and not a substitute for, gross margin, which is the most directly comparable financial measure prepared in accordance with GAAP. Gross margin under GAAP is defined as the excess of sales over cost of goods sold.
Utility gross margin (non-GAAP) differs from the GAAP definition of gross margin due to the exclusion of operating and maintenance expenses determined to be directly attributable to revenue-producing activities, depreciation and amortization and taxes other than income tax. See the Evergy Companies' Results of Operations for a reconciliation of utility gross margin (non-GAAP) to gross margin, the most comparable GAAP measure.
Adjusted Earnings (non-GAAP) and Adjusted EPS (non-GAAP)
Management believes that adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are representative measures of Evergy's recurring earnings, assist in the comparability of results and are consistent with how management reviews performance.
Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended and year to date June 30, 2025 were $191.1 million or $0.82 per share and $318.9 million or $1.37 per share, respectively. For the three months ended and year to date June 30, 2024, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $207.0 million or $0.90 per share and $331.7 million or $1.44 per share, respectively.
In addition to net income attributable to Evergy, Inc. and diluted EPS, Evergy's management uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without:
i. the mark-to-market impacts of economic hedges related to Evergy Kansas Central's 8% ownership share of JEC; and
ii. the unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies.
Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are intended to aid an investor's overall understanding of results. Management believes that adjusted earnings (non-GAAP) provides a meaningful basis for evaluating Evergy's operations across periods because it excludes certain items that management does not believe are indicative of Evergy's ongoing perf ormance or that can create period to period earnings volatility.
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Ad justed earnings (non-GAAP) and adjusted EPS (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board. Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies' presentations or more useful than the GAAP information provided elsewhere in this report.

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

Earnings (Loss) Earnings (Loss) per Diluted Share Earnings (Loss) Earnings (Loss) per Diluted Share
Three Months Ended June 30 2025 2024
(millions, except per share amounts)
Net income attributable to Evergy, Inc. $ 171.3  $ 0.74  $ 207.0  $ 0.90 
Non-GAAP reconciling items:

Losses from investments in early-stage clean energy and energy solution companies, pre-tax (b)
25.4  0.10  —  — 

Income tax benefit (c)
(5.6) (0.02) —  — 

Adjusted earnings (non-GAAP) $ 191.1  $ 0.82  $ 207.0  $ 0.90 

Earnings (Loss) Earnings (Loss) per Diluted Share Earnings (Loss) Earnings (Loss) per Diluted Share
Year to Date June 30 2025 2024
(millions, except per share amounts)
Net income attributable to Evergy, Inc. $ 296.3  $ 1.28  $ 329.7  $ 1.43 
Non-GAAP reconciling items:

Mark-to-market impact of JEC economic hedges, pre-tax (a)
—  —  2.6  0.01 
Losses from investments in early-stage clean energy and energy solution companies, pre-tax (b)
29.0  0.12  —  — 

Income tax benefit (c)
(6.4) (0.03) (0.6) — 

Adjusted earnings (non-GAAP) $ 318.9  $ 1.37  $ 331.7  $ 1.44 

(a) Reflects mark-to-market gains or losses related to forward contracts for natural gas and electricity entered into as economic hedges against fuel price volatility related to Evergy Kansas Central's 8% ownership share of JEC that are included in operating revenues on the consolidated statements of comprehensive income.
(b) Reflects unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies that are included in investment earnings (loss) on the consolidated statements of comprehensive income. Evergy has initiated a process to dispose of these investments.
(c) Reflects an income tax effect calculated at a statutory rate of approximately 22%.

ENVIRONMENTAL MATTERS
See Note 11 to the consolidated financial statements for information regarding environmental matters.
RELATED PARTY TRANSACTIONS
See Note 12 to the consolidated financial statements for information regarding related party transactions.
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EVERGY RESULTS OF OPERATIONS  
The following table summarizes Evergy's comparative results of operations.

Three Months Ended
June 30 Year to Date
June 30
2025 Change 2024 2025 Change 2024
  (millions)
Operating revenues $ 1,437.0  $ (10.5) $ 1,447.5  $ 2,811.5  $ 33.0  $ 2,778.5 
Fuel and purchased power 330.4  (28.6) 359.0  685.7  (49.7) 735.4 
SPP network transmission costs 114.9  14.9  100.0  211.3  38.6  172.7 
Operating and maintenance 255.1  17.4  237.7  487.1  17.9  469.2 
Depreciation and amortization 288.4  8.3  280.1  576.5  20.3  556.2 
Taxes other than income tax 104.4  (8.2) 112.6  215.5  (11.2) 226.7 

Income from operations 343.8  (14.3) 358.1  635.4  17.1  618.3 
Other income (expense), net (7.4) (8.4) 1.0  (10.4) (15.7) 5.3 
Interest expense 153.8  10.2  143.6  306.3  29.5  276.8 
Income tax expense 10.0  2.6  7.4  19.6  4.9  14.7 
Equity in earnings of equity method investees, net of income taxes
1.8  (0.2) 2.0  3.4  (0.4) 3.8 
Net income 174.4  (35.7) 210.1  302.5  (33.4) 335.9 
Less: Net income attributable to noncontrolling interests
3.1  —  3.1  6.2  —  6.2 
Net income attributable to Evergy, Inc. $ 171.3  $ (35.7) $ 207.0  $ 296.3  $ (33.4) $ 329.7 

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

  Revenues and Expenses MWhs Sold
Three Months Ended June 30 2025 Change 2024 2025 Change 2024
Retail revenues (millions) (thousands)
Residential $ 491.9  $ (44.8) $ 536.7  3,548  (276) 3,824 
Commercial 467.6  (18.2) 485.8  4,501  (58) 4,559 
Industrial 160.5  (14.2) 174.7  2,077  (47) 2,124 
Other retail revenues 10.7  0.5  10.2  23  (2) 25 
Total electric retail 1,130.7  (76.7) 1,207.4  10,149  (383) 10,532 
Wholesale revenues 91.2  17.9  73.3  3,976  634  3,342 
Transmission revenues 128.3  5.9  122.4  N/A N/A N/A
Other revenues 86.8  42.4  44.4  N/A N/A N/A
Operating revenues 1,437.0  (10.5) 1,447.5  14,125  251  13,874 
Fuel and purchased power (330.4) 28.6  (359.0)
SPP network transmission costs (114.9) (14.9) (100.0)
Operating and maintenance (a)
(136.8) 0.4  (137.2)
Depreciation and amortization (288.4) (8.3) (280.1)
Taxes other than income tax (104.4) 8.2  (112.6)
Gross margin (GAAP) 462.1   3.5   458.6  
Operating and maintenance (a)
136.8  (0.4) 137.2 
Depreciation and amortization 288.4  8.3  280.1 
Taxes other than income tax 104.4  (8.2) 112.6 
Utility gross margin (non-GAAP) $ 991.7   $ 3.2   $ 988.5  
(a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP. These amounts exclude general and administrative expenses not directly attributable to revenue-producing activities of $118.3 million and $100.5 million for the three months ended June 30, 2025 and 2024, respectively.

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  Revenues and Expenses MWhs Sold
Year to Date June 30 2025 Change 2024 2025 Change 2024
Retail revenues (millions) (thousands)
Residential $ 1,001.8  $ (13.9) $ 1,015.7  7,603  37  7,566 
Commercial 904.1  (14.4) 918.5  8,926  77  8,849 
Industrial 305.5  (29.6) 335.1  3,955  (216) 4,171 
Other retail revenues 20.8  (1.3) 22.1  47  (5) 52 
Total electric retail 2,232.2  (59.2) 2,291.4  20,531  (107) 20,638 
Wholesale revenues 139.8  (4.5) 144.3  7,571  935  6,636 
Transmission revenues 262.3  24.5  237.8  N/A N/A N/A
Other revenues 177.2  72.2  105.0  N/A N/A N/A
Operating revenues 2,811.5  33.0  2,778.5  28,102  828  27,274 
Fuel and purchased power (685.7) 49.7  (735.4)
SPP network transmission costs (211.3) (38.6) (172.7)
Operating and maintenance (a)
(265.9) 7.2  (273.1)
Depreciation and amortization (576.5) (20.3) (556.2)
Taxes other than income tax (215.5) 11.2  (226.7)
Gross margin (GAAP) 856.6   42.2   814.4  
Operating and maintenance (a)
265.9  (7.2) 273.1 
Depreciation and amortization 576.5  20.3  556.2 
Taxes other than income tax 215.5  (11.2) 226.7 
Utility gross margin (non-GAAP) $ 1,914.5   $ 44.1   $ 1,870.4  
(a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP. These amounts exclude general and administrative expenses not directly attributable to revenue-producing activities of $221.2 million and $196.1 million year to date June 30, 2025 and 2024, respectively.

Evergy's gross margin (GAAP) increased $3.5 million for the three months ended June 30, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $3.2 million for the three months ended June 30, 2025, compared to the same period in 2024, both measures were driven by:
• a $25.3 million increase from new Evergy Missouri West retail rates effective in January 2025; partially offset by
• an $11.4 million decrease primarily due to lower retail sales driven by unfavorable weather (cooling degree days decreased by 26%), partially offset by higher weather-normalized residential and commercial demand; and
• a $10.7 million decrease in revenue from the Kansas property tax rider, which is offset in taxes other than income taxes.
Ev ergy's gross margin (GAAP) increased $42.2 million year to date June 30, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $44.1 million year to date June 30, 2025, compared to the same period in 2024, both measures were driven by:
• a $48.8 million increase from new Evergy Missouri West retail rates effective in January 2025; and
• a $24.5 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2025; partially offset by
• a $15.6 million decrease in revenue from the Kansas property tax rider, which is offset in taxes other than income taxes; and
• a $13.6 million decrease primarily due to lower retail sales driven by unfavorable weather (cooling degree days decreased by 25%, partially offset by a 20% increase in heating degree days) and lower weather-normalized residential and industrial demand.
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Operating and Maintenance
Evergy's operating and maintenance expense increased $17.4 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily driven by:
• a $9.3 million increase in general and administrative labor and employee benefits expense; and
• a $1.7 million increase in credit loss expense primarily at Evergy Missouri West.
Evergy's operating and maintenance expense increased $17.9 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:
• an $11.4 million increase in general and administrative labor and employee benefits expense; and
• a $3.1 million increase in credit loss expense primarily at Evergy Missouri West.
Depreciation and Amortization
Evergy's depreciation and amortization increased $8.3 million for the three months ended June 30, 2025 and $20.3 million year to date June 30, 2025, compared to the same periods in 2024, primarily due to capital additions.
Taxes Other than Income Tax
Evergy's taxes other than income tax decreased $8.2 million for the three months ended June 30, 2025 and $11.2 million year to date June 30, 2025, compared to the same periods in 2024, primarily driven by amortization of a refund to customers for the Kansas property tax rider, which is offset in utility gross margin; partially offset by higher assessed property tax values.
Other Income (Expense), Net
Evergy's other income, net for the three months ended June 30, 2024, became other expense, net for the three months ended June 30, 2025, as a result of an $8.4 million increase in net other expense items, primarily driven by:
• $25.4 million of unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies; partially offset by
• $11.6 million of income related to the sale of a commercial solar generation project completed in the second quarter of 2025; and
• a $2.9 million decrease primarily due to recording higher Evergy Kansas Central corporate-owned life insurance (COLI) benefits in the second quarter of 2025.
Evergy's other income, net year to date June 30, 2024, became other expense, net year to date June 30, 2025, as a result of a $15.7 million increase in net other expense items, primarily driven by:
• $29.0 million of unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies; partially offset by
• $11.6 million of income related to the sale of a commercial solar generation project completed in 2025.
Interest Expense
Evergy's interest expense increased $10.2 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily driven by:
• an $18.6 million increase due to issuances of long-term debt; partially offset by
• a $4.9 million decrease due to the repayment of long-term debt.
Evergy's interest expense increased $29.5 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:
• a $39.0 million increase due to issuances of long-term debt; and
• a $4.9 million increase due to lower debt AFUDC primarily driven by lower CWIP balances and lower short-term interest rates in 2025; partially offset by
• a $9.8 million decrease due to the repayment of long-term debt; and
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• an $8.8 million decrease due to increases in carrying costs deferred to a regulatory asset in accordance with PISA due to Evergy Kansas Central and Evergy Metro electing into Kansas PISA beginning July 2024.

LIQUIDITY AND CAPITAL RESOURCES
Evergy relies primarily upon cash from operations, short-term borrowings, long-term debt and equity and equity-like issuances and its existing cash and cash equivalents to fund its capital requirements. Evergy's capital requirements primarily consist of capital expenditures, payment of contractual obligations and other commitments, and the payment of dividends to shareholders. Evergy expects cash flows to be sufficient to meet existing short-term capital requirements. See the Evergy Companies' combined 2024 Form 10-K for more information on Evergy's sources and uses of cash.
Short-Term Borrowings
As of June 30, 2025, Evergy had $1,074.0 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $157.8 million for Evergy, Inc., $396.8 million for Evergy Kansas Central, $293.0 million for Evergy Metro and $226.4 million for Evergy Missouri West. The Evergy Companies' borrowing capacity under the master credit facility also supports their issuance of commercial paper. See Note 7 to the consolidated financial statements for more information regarding the master credit facility.
Along with cash flows from operations and receivable sales facilities, Evergy generally uses borrowings under its master credit facility and the issuance of commercial paper to meet its day-to-day cash flow requirements. Evergy may also utilize these short-term borrowings to repay maturing long-term debt until the long-term debt is able to be refinanced.
Significant Debt Issuances
See Note 8 to the consolidated financial statements for information regarding significant debt issuances.
Credit Ratings
In April 2025, Moody's Investor Service changed Evergy Missouri West's outlook from Negative to Stable and lowered credit ratings as detailed in the following table.

Moody's
Investors Service (a)

Evergy Missouri West

Corporate Credit Rating Baa3
Senior Secured Debt Baa1
Commercial Paper P-3

(a) A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency.
Pensions
See Note 6 to the consolidated financial statements for information regarding Evergy's pension and post-retirement plan contributions.
At-the-Market (ATM) 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 an optional forward sales component. As of June 30, 2025, Evergy did not enter into any sales under its ATM Program.
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Debt Covenants
As of June 30, 2025, Evergy was in compliance with all debt covenants under the master credit facility and certain debt instruments that contain restrictions that require the maintenance of certain capitalization and leverage ratios. See Note 7 to the consolidated financial statements for more information.
Cash Flows
The following table presents Evergy's cash flows from operating, investing and financing activities.

Year to Date June 30 2025 2024
(millions)
Cash Flows from Operating Activities $ 773.5  $ 634.8 
Cash Flows used in Investing Activities (1,235.4) (1,270.1)
Cash Flows from Financing Activities 467.0  643.1 

Cash Flows from Operating Activities
Evergy's cash flows from operating activities increased $138.7 million year to date June 30, 2025, compared to the same perio d in 2024, primarily driven by an increase in cash receipts for retail electric sales in 2025 and a decrease in payments made for a Wolf Creek refueling outage in 2024.
Cash Flows used in Investing Activities
Evergy's cash flows used in investing activities decreased $34.7 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:
• a $76.0 million decrease in additions to property, plant and equipment, primarily due to Evergy Missouri West's purchase of a joint ownership interest in Dogwood Energy Center for approximately $60 million in April 2024; partially offset by
• a $38.9 million decrease in proceeds from COLI investments, primarily from Evergy Kansas Central due to a lower number of policy settlements in 2025.
Cash Flows from Financing Activities
Evergy's cash flows from financing activities decreased $176.1 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:
• a $327.3 million decrease in proceeds from long-term debt, net due to the issuance of $920.7 million of long-term debt in 2024, compared to the issuance of $593.4 million of long-term debt in 2025; partially offset by
• a $197.7 million increase in short-term debt borrowings driven by:
◦ higher borrowings of $306.2 million at Evergy Metro, $285.7 million at Evergy Missouri West and $266.1 million at Evergy, Inc. for general corporate purposes; partially offset by
◦ a $660.3 million decrease in short-term borrowings at Evergy Kansas Central, primarily due to the repayment of commercial paper borrowings with proceeds from long-term debt issuances.
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EVERGY KANSAS CENTRAL, INC.
MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS
The below results of operations and related discussion for Evergy Kansas Central is presented in a reduced disclosure format in accordance with General Instruction (H)(2)(a) to Form 10-Q.
The following table summarizes Evergy Kansas Central's comparative results of operations.

Year to Date June 30 2025 Change 2024
  (millions)
Operating revenues $ 1,442.6  $ 22.1  $ 1,420.5 
Fuel and purchased power 244.0  (18.6) 262.6 
SPP network transmission costs 211.3  38.6  172.7 
Operating and maintenance 229.2  (4.4) 233.6 
Depreciation and amortization 286.3  6.6  279.7 
Taxes other than income tax 116.8  (9.1) 125.9 
Income from operations 355.0  9.0  346.0 
Other income, net 9.0  1.5  7.5 
Interest expense 120.4  6.4  114.0 
Income tax expense 10.9  5.9  5.0 
Equity in earnings of equity method investees, net of income taxes 1.7  0.1  1.6 
Net income 234.4  (1.7) 236.1 
Less: Net income attributable to noncontrolling interests 6.2  —  6.2 
Net income attributable to Evergy Kansas Central, Inc. $ 228.2  $ (1.7) $ 229.9 

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

  Revenues and Expenses MWhs Sold
Year to Date June 30 2025 Change 2024 2025 Change 2024
Retail revenues (millions) (thousands)
Residential $ 432.1  $ (15.9) $ 448.0  3,114  3  3,111 
Commercial 376.4  (15.5) 391.9  3,558  15  3,543 
Industrial 197.1  (23.1) 220.2  2,485  (145) 2,630 
Other retail revenues 11.6  (0.5) 12.1  20  1  19 
Total electric retail 1,017.2  (55.0) 1,072.2  9,177  (126) 9,303 
Wholesale revenues 142.8  27.0  115.8  4,902  448  4,454 
Transmission revenues 242.8  18.5  224.3  N/A N/A N/A
Other revenues 39.8  31.6  8.2  N/A N/A N/A
Operating revenues 1,442.6  22.1  1,420.5  14,079  322  13,757 
Fuel and purchased power (244.0) 18.6  (262.6)
SPP network transmission costs (211.3) (38.6) (172.7)
Operating and maintenance (a)
(114.2) 17.7  (131.9)
Depreciation and amortization (286.3) (6.6) (279.7)
Taxes other than income tax (116.8) 9.1  (125.9)
Gross margin (GAAP) 470.0   22.3   447.7  
Operating and maintenance (a)
114.2  (17.7) 131.9 
Depreciation and amortization 286.3  6.6  279.7 
Taxes other than income tax 116.8  (9.1) 125.9 
Utility gross margin (non-GAAP) $ 987.3   $ 2.1   $ 985.2  
(a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP. These amounts exclude general and administrative expenses not directly attributable to revenue-producing activities of $115.0 million and $101.7 million year to date June 30, 2025 and 2024, respectively.

Evergy Kansas Central's gross margin (GAAP) increased $22.3 million year to date June 30, 2025, compared to the same period in 2024, and Evergy Kansas Central's utility gross margin (non-GAAP) increased $2.1 million year to date June 30, 2025, compared to the same period in 2024, both measures were driven by:
• an $18.5 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2025; partially offset by
• a $13.3 million decrease in revenue from the Kansas property tax rider, which is offset in taxes other than income taxes; and
• a $3.1 million decrease primarily due to lower retail sales driven by unfavorable weather (cooling degree days decreased 29%, partially offset by a 24% increase in heating degree days) and lower weather-normalized residential and industrial demand.
Additionally, the increase in Evergy Kansas Central's gross margin (GAAP) was also impacted by:
• a $17.7 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities including an $8.2 million decrease in plant operating and maintenance expense at fossil-fuel generating facilities as described further below; and
• a $9.1 million decrease in taxes other than income tax as described further below; partially offset by
• a $6.6 million increase in depreciation and amortization as described further below.
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Evergy Kansas Central Operating and Maintenance
Evergy Kansas Central's operating and maintenance expense decreased $4.4 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:
• an $8.2 million decrease in plant operating and maintenance expense at fossil-fuel generating facilities primarily due to a decrease at JEC driven by a major maintenance outage in 2024; partially offset by
• a $4.7 million increase in general and administrative labor and employee benefits expense.
Evergy Kansas Central Depreciation and Amortization
Evergy Kansas Central's depreciation and amortization expense increased $6.6 million year to date June 30, 2025, compared to the same period in 2024, primarily due to capital additions.
Evergy Kansas Central Taxes Other than Income Tax
Evergy Kansas Central's taxes other than income tax decreased $9.1 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by amortization of a refund to customers for the Kansas property tax rider, which is offset in utility gross margin; partially offset by higher assessed property tax values.
Evergy Kansas Central Interest Expense
Evergy Kansas Central's interest expense increased $6.4 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:
• an $8.9 million increase due to issuances of long-term debt;
• a $5.4 million increase in interest expense on short-term borrowings primarily due to higher short-term debt balances; and
• a $2.5 million increase due to lower debt AFUDC primarily driven by lower CWIP balances and short-term interest rates in 2025; partially offset by
• a $7.0 million decrease due to increases in carrying costs deferred to a regulatory asset in accordance with PISA due to Evergy Kansas Central electing into Kansas PISA beginning July 2024.
Evergy Kansas Central Income Tax Expense
Evergy Kansas Central's income tax expense increased $5.9 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:
• a $2.4 million increase due to lower recognition of amortization of excess deferred income taxes; and
• a $1.0 million increase due to lower recognition of wind income tax credits in 2025.
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EVERGY METRO, INC.
MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS
The below results of operations and related discussion for Evergy Metro is presented in a reduced disclosure format in accordance with General Instruction (H)(2)(a) to Form 10-Q.
The following table summarizes Evergy Metro's comparative results of operations.

Year to Date June 30 2025 Change 2024
  (millions)
Operating revenues $ 898.9  $ 4.0  $ 894.9 
Fuel and purchased power 282.6  0.5  282.1 
Operating and maintenance 149.1  13.6  135.5 
Depreciation and amortization 204.0  1.6  202.4 
Taxes other than income tax 71.2  (2.3) 73.5 

Income from operations 192.0  (9.4) 201.4 
Other income (expense), net 0.5  2.5  (2.0)
Interest expense 70.5  (5.5) 76.0 
Income tax expense 16.3  0.2  16.1 
Net income $ 105.7  $ (1.6) $ 107.3 

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

  Revenues and Expenses MWhs Sold
Year to Date June 30 2025 Change 2024 2025 Change 2024
Retail revenues (millions) (thousands)
Residential $ 342.0  $ 1.1  $ 340.9  2,690  9  2,681 
Commercial 359.4  3.2  356.2  3,622  19  3,603 
Industrial 63.1  (1.6) 64.7  821  (36) 857 
Other retail revenues 5.4  (0.1) 5.5  21  (3) 24 
Total electric retail 769.9  2.6  767.3  7,154  (11) 7,165 
Wholesale revenues (10.4) (42.2) 31.8  2,410  219  2,191 
Transmission revenues 13.3  3.5  9.8  N/A N/A N/A
Other revenues 126.1  40.1  86.0  N/A N/A N/A
Operating revenues 898.9  4.0  894.9  9,564  208  9,356 
Fuel and purchased power (282.6) (0.5) (282.1)
Operating and maintenance (a)
(107.0) (5.3) (101.7)
Depreciation and amortization (204.0) (1.6) (202.4)
Taxes other than income tax (71.2) 2.3  (73.5)
Gross margin (GAAP) 234.1   (1.1) 235.2  
Operating and maintenance (a)
107.0  5.3  101.7 
Depreciation and amortization 204.0  1.6  202.4 
Taxes other than income tax 71.2  (2.3) 73.5 
Utility gross margin (non-GAAP) $ 616.3   $ 3.5   $ 612.8  
(a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP. These amounts exclude general and administrative expenses not directly attributable to revenue-producing activities of $42.1 million and $33.8 million year to date June 30, 2025 and 2024, respectively.

Evergy Metro's gross margin (GAAP) decreased $1.1 million year to date June 30, 2025, compared to the same period in 2024, and Evergy Metro's utility gross margin (non-GAAP) increased $3.5 million year to date June 30, 2025, compared to the same period in 2024, both measures were driven by:
• a $3.5 million increase primarily due to higher retail sales driven by higher retail pricing, partially offset by unfavorable weather (cooling degree days decreased by 21%, partially offset by a 17% increase in heating degree days) and lower weather-normalized residential and industrial demand.
Additionally, the decrease in Evergy Metro's gross margin (GAAP) was also impacted by:
• a $1.6 million increase in depreciation and amortization; and
• a $5.3 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $4.3 million increase in operating and maintenance expense at fossil-fuel generating facilities, as further described below; partially offset by
• a $2.3 million decrease in taxes other than income tax.
Evergy Metro Operating and Maintenance
Evergy Metro's operating and maintenance expense increased $13.6 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:
• a $7.1 million increase in general and administrative labor and employee benefits expense; and
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• a $4.3 million increase in plant operating and maintenance expense at fossil-fuel generating facilities primarily due to a major maintenance outage at Iatan Station in 2025.
Evergy Metro Other Income (Expense), Net
Evergy Metro's other expense, net year to date June 30, 2024, became other income, net year to date June 30, 2025, as a result of a $2.5 million increase in net other income items, primarily driven by a $2.0 million decrease in pension non-service costs.
Evergy Metro Interest Expense
Evergy Metro's interest expense decreased $5.5 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:
• a $6.3 million decrease due to increases in carrying costs deferred to a regulatory asset in accordance with PISA due to a higher outstanding balance of qualified PISA additions and Evergy Metro electing into Kansas PISA beginning July 2024; and
• a $5.8 million decrease in interest expense on short-term borrowings primarily due to lower weighted-average interest rates; partially offset by
• a $4.3 million increase due to issuances of long-term debt; and
• a $1.9 million increase due to lower debt AFUDC primarily driven by lower CWIP balances and lower short-term interest rates.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  
In the ordinary course of business, Evergy faces risks that are either non-financial or non-quantifiable. Such risks principally include business, legal, operational and credit risks and are discussed elsewhere in this report as well as in the Evergy Companies' combined 2024 Form 10-K and therefore are not represented here.
Evergy's interim period disclosures about market risk included in quarterly reports on Form 10-Q address material changes, if any, from the most recently filed annual report on Form 10-K. Therefore, these interim period disclosures should be read in conjunction with Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risk included in the Evergy Companies' combined 2024 Form 10-K. Evergy's exposure to market risk has not changed materially since December 31, 2024.

ITEM 4. 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 Securities Exchange Act of 1934, as amended (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 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 June 30, 2025, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.
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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 June 30, 2025, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

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.
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 June 30, 2025, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS
Other Proceedings
The Evergy Companies are parties to various lawsuits and regulatory proceedings in the ordinary course of their respective businesses.  For information regarding material lawsuits and proceedings, see Notes 4 and 11 to the consolidated financial statements.  Such information is incorporated herein by reference.

ITEM 1A. RISK FACTORS
Actual results in future periods for the Evergy Companies could differ materially from historical results and the forward-looking statements contained in this report. The business of the Evergy Companies is influenced by many
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factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond their control. Additional risks and uncertainties not presently known or that management currently believes to be immaterial may also adversely affect the Evergy Companies. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in Part I, Item 1A, Risk Factors included in the 2024 Form 10-K for each of Evergy, Evergy Kansas Central and Evergy Metro, as well as Quarterly Reports on Form 10-Q and from time to time in Current Reports on Form 8-K filed by Evergy, Evergy Kansas Central and Evergy Metro. There have been no material changes with regard to those risk factors since the filing of the 2024 Form 10-K for each of Evergy, Evergy Kansas Central and Evergy Metro. This information, as well as the other information included in this report and in the other documents filed with the SEC, should be carefully considered before making an investment in the securities of the Evergy Companies. Risk factors of Evergy Kansas Central and Evergy Metro are also risk factors of Evergy.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Purchases of Equity Securities
The following table provides information regarding purchases by Evergy of its equity securities that are registered pursuant to Section 12 of the Exchange Act during the three months ended June 30, 2025.

Issuer Purchases of Equity Securities
Month Total Number of
Shares (or Units)
Purchased (a)
Average Price
Paid per Share
(or Unit) Total Number of
Shares (or Units)
Purchased as
Part of Publicly
Announced Plans
or Programs Maximum
Number of
Shares (or Units)
that May Yet Be
Purchased Under the Plans or Programs
April 1 - 30 —  $ —  —  — 
May 1 - 31 451  69.25  —  — 
June 1 - 30 —  —  —  — 
Total 451  $ 69.25  —  — 

(a) Represents shares Evergy purchased for withholding taxes related to the vesting of RSUs.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.

ITEM 4.  MINE SAFETY DISCLOSURES
Not applicable.

ITEM 5.  OTHER INFORMATION
Available Information
The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at http://www.sec.gov. Additionally, information about the Evergy Companies, including their combined annual reports on Form 10-K, combined quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed with the SEC, is also available through the Evergy Companies' website, http://investors.evergy.com. Such reports are accessible at no charge and are made available as soon as reasonably practical after such material is filed with or furnished to the SEC.
Investors should note that the Evergy Companies announce material financial information in SEC filings, press releases and public conference calls. In accordance with SEC guidelines, the Evergy Companies also use the Investor Relations section of their website, http://investors.evergy.com, to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Evergy Companies' website is not part of this document.
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Securities Trading Plans of Directors and Executive Officers
For the three months ended June 30, 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.
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ITEM 6. EXHIBITS

Exhibit
Number  
  Description of Document  
Registrant

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

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

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

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

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

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

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

104 Cover Page Interactive Data File (embedded within the Inline XBRL document). Evergy
Evergy Kansas Central
Evergy Metro

* 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.
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Copies of any of the exhibits filed with the SEC in connection with this document may be obtained from Evergy, Evergy Kansas Central or Evergy Metro, as applicable, 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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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

  EVERGY, INC.
 
Dated: August 6, 2025 By:  /s/ W. Bryan Buckler
  (W. Bryan Buckler)
  (Executive Vice President and Chief Financial Officer)

  EVERGY KANSAS CENTRAL, INC.
   
Dated: August 6, 2025 By:  /s/ W. Bryan Buckler
  (W. Bryan Buckler)
  (Executive Vice President and Chief Financial Officer)

  EVERGY METRO, INC.
   
Dated: August 6, 2025 By:  /s/ W. Bryan Buckler
  (W. Bryan Buckler)
  (Executive Vice President and Chief Financial Officer)

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