Aktieanalys – källarkiv Uppdaterad 2026-08-06T06:09:21Z

SEC EDGAR · 10-Q

10-Q – 2026-05-07 – evrg-20260331.htm

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Omsättning
  • Note 2: | Revenue | 29
  • Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 70
  • NAV Net asset value | NPNS Normal purchases and normal sales
  • 2. REVENUE | The Evergy Companies ' revenues disaggregated by customer class are summarized in the following tables.
  • Other 15.3 10.4 | Total revenue from contracts with customers $ 1,350.5 $ 1,294.5 | Other operating revenues 93.2 80.0
  • Other 6.0 1.8 | Total revenue from contracts with customers $ 737.6 $ 707.0 | Other operating revenues 35.5 2.1
  • Other 2.7 2.6 | Total revenue from contracts with customers $ 388.0 $ 350.2 | Other operating revenues 57.4 77.5
  • The Evergy Companies' other receivables as of March 31, 2026, and December 31, 2025, consisted primarily of receivables from partners in jointly-owned electric utility plants, wholesale sales receivables and receivables related to alternative revenue programs. | The Evergy Companies' other receivables also included receivables from contracts with customers as summarized in the following table.
Periodens resultat
  • Equity in earnings of equity method investees, net of income taxes 2.4 1.6 | NET INCOME 154.6 128.1 | Less: Net income attributable to noncontrolling interests 3.1 3.1
  • NET INCOME 154.6 128.1 | Less: Net income attributable to noncontrolling interests 3.1 3.1 | NET INCOME ATTRIBUTABLE TO EVERGY, INC. $ 151.5 $ 125.0
  • Less: Net income attributable to noncontrolling interests 3.1 3.1 | NET INCOME ATTRIBUTABLE TO EVERGY, INC. $ 151.5 $ 125.0 | BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO EVERGY, INC. (see Note 1)
  • COMPREHENSIVE INCOME | NET INCOME $ 154.6 $ 128.1 | OTHER COMPREHENSIVE INCOME:
  • CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: (millions) | Net income $ 154.6 $ 128.1 | Adjustments to reconcile income to net cash from operating activities:
  • Balance as of December 31, 2024 229,983,615 $ 7,245.9 $ 2,732.9 $ ( 23.8 ) $ 34.2 $ 9,989.2 | Net income — — 125.0 — 3.1 128.1
  • Balance as of December 31, 2025 230,262,674 $ 7,273.1 $ 2,966.2 $ ( 18.0 ) $ 46.5 $ 10,267.8 | Net income — — 151.5 — 3.1 154.6 | Issuance of stock, net of issuance costs 36,922 2.9 — — — 2.9
  • Equity in earnings of equity method investees, net of income taxes 1.0 0.7 | NET INCOME 147.0 110.9 | Less: Net income attributable to noncontrolling interests 3.1 3.1
Resultat per aktie
  • CAUTIONARY STATEMENTS REGARDING CERTAIN FORWARD-LOOKING INFORMATION | Statements made in this document that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital investment goals; the outcome of legislative efforts and regulatory and legal proceedings | In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Evergy Companies are providing a number of risks, uncertainties and other factors that could cause actual results to differ from the forward-looking information. These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; significant changes in the demand for electricity, including demand from data
  • EPA Environmental Protection Agency | EPS Earnings per common share
  • Evergy is in the process of disposing these investments and could experience additional losses or gains on these investments as a result of further changes in their value or upon their ultimate liquidation. | Earnings Per Share | To compute basic earnings per common share (EPS), Evergy divides net income attributable to Evergy, Inc. by the weighted average number of common shares outstanding. Diluted EPS includes the effect of issuable common shares resulting from restricted share units (RSUs), convertible notes and forward sale agreements entered into through Evergy's at-the-market equity offering program (ATM Program). Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock
  • Earnings Per Share | To compute basic earnings per common share (EPS), Evergy divides net income attributable to Evergy, Inc. by the weighted average number of common shares outstanding. Diluted EPS includes the effect of issuable common shares resulting from restricted share units (RSUs), convertible notes and forward sale agreements entered into through Evergy's at-the-market equity offering program (ATM Program). Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock
  • The following table reconciles Evergy's basic and diluted EPS.
  • Diluted average number of common shares outstanding 235.6 232.1 | Basic EPS $ 0.66 $ 0.54 | Diluted EPS $ 0.64 $ 0.54
  • Basic EPS $ 0.66 $ 0.54 | Diluted EPS $ 0.64 $ 0.54
  • The effect of dilutive securities for the three months ended March 31, 2026 and 2025, included 4.2 million shares and 1.3 million shares, respectively, resulting from Evergy's convertible notes. | The table below summarizes the anti-dilutive securities excluded from the computation of diluted EPS.
Kassaflöde
  • Common stock shares Common Stock Retained earnings AOCI - Net gains (losses) on cash flow hedges Total equity | (millions, except share amounts)
  • Supplemental Cash Flow Information
  • Accounting for Derivative Instruments | 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 as (i) economic hedges or trading contracts (n | Changes in the fair value of derivative instruments designated as economic hedges (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.
  • Changes in the fair value of derivative instruments designated as trading contracts (non-hedging derivatives) are recorded in operating revenues on the Evergy Companies' statements of income and comprehensive income. | Changes in the fair value of interest rate swaps designated as cash flow hedges are initially recorded in other comprehensive income (OCI). These amounts are subsequently reclassified into earnings as an adjustment to interest expense over the same period that the hedged interest payments affect earnings. The Evergy Companies classify cash flows from derivative instruments accounted for as a cash flow hedge in the same category as the cash flows from the items being hedged. | 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).
  • Hedging derivatives - Cash flow hedge Notional volume unit of measure March 31 December 31
  • Hedging derivatives - Cash flow hedge Balance sheet location March 31 December 31
  • In January 2026, Evergy, Inc. entered into a $55.0 million unsecured Term Loan Credit Agreement with an expiration date in January 2027. In February 2026, Evergy, Inc. entered into a $500.0 million unsecured Term Loan Credit Agreement with an expiration date in February 2027. Evergy's borrowings under the $500.0 million unsecured Term Loan Credit Agreement were used for, among other things, the repayment in full of all borrowings under the $55.0 million Term Loan Credit Agreement and the partial | 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. | Long-Term Debt
Likvida medel
  • CURRENT ASSETS: | Cash and cash equivalents $ 18.4 $ 19.8
  • CURRENT ASSETS: | Cash and cash equivalents $ 4.9 $ 5.3 | Receivables, net of allowance for credit losses of $ 5.3 and $ 7.3 , respectively
  • Cash Flows from (used in) Financing Activities ( 26.2 ) 78.1 | NET CHANGE IN CASH AND CASH EQUIVALENTS ( 0.4 ) 4.1 | CASH AND CASH EQUIVALENTS:
  • NET CHANGE IN CASH AND CASH EQUIVALENTS ( 0.4 ) 4.1 | CASH AND CASH EQUIVALENTS: | Beginning of period 5.3 3.7
  • CURRENT ASSETS: | Cash and cash equivalents $ 2.3 $ 3.3 | Receivables, net of allowance for credit losses of $ 3.9 and $ 5.7 , respectively
  • Cash Flows from Financing Activities 109.9 43.3 | NET CHANGE IN CASH AND CASH EQUIVALENTS ( 1.0 ) 2.5 | CASH AND CASH EQUIVALENTS:
  • NET CHANGE IN CASH AND CASH EQUIVALENTS ( 1.0 ) 2.5 | CASH AND CASH EQUIVALENTS: | Beginning of period 3.3 3.7
  • Current assets | Cash and cash equivalents $ 18.4 $ 19.8 | Other 13.5 5.6
Nettoskuld
  • Net income $ 154.6 $ 128.1 | Adjustments to reconcile income to net cash from operating activities: | Depreciation and amortization 305.3 288.1
  • Net income $ 147.0 $ 110.9 | Adjustments to reconcile income to net cash from operating activities: | Depreciation and amortization 153.0 142.1
  • Net income $ 36.2 $ 36.9 | Adjustments to reconcile income to net cash from operating activities: | Depreciation and amortization 107.3 103.8
  • In May 2025, Evergy entered into an equity distribution agreement, pursuant to which Evergy may sell, from time to time, up to an aggregate of $ 1.2 billion of its common stock through an ATM Program, which may utilize forward sales agreements. Evergy subsequently entered into forward sale agreements under the ATM program and as of March 31, 2026, the ATM Program had approximately $ 1.1 billion of common stock available for issuance. | The forward sale agreements outstanding as of March 31, 2026, can be settled at Evergy’s discretion on or prior to dates ranging from March 2027 to October 2027. On a settlement date or dates, if Evergy elects to physically settle a forward sale agreement, Evergy will issue shares of common stock to the counterparties at the then-applicable forward sale price. The initial forward sale price for the outstanding agreements ranged from $ 71.29 to $ 73.34 , with a weighted average initial forward sa | Evergy has not received any proceeds related to the outstanding forward sale agreements. The forward sale agreements have been classified as equity transactions.
Eget kapital
  • Note 12: Shareholders' Equity | 53
  • EQUITY: | Evergy, Inc. Shareholders' Equity: | Common stock - 600,000,000 shares authorized, without par value
  • Accumulated other comprehensive loss ( 16.6 ) ( 18.0 ) | Total Evergy, Inc. Shareholders' Equity 10,156.6 10,221.3 | Noncontrolling Interests 49.6 46.5
  • In December 2023, Evergy, Inc. issued $ 1.4 billion aggregate principal amount of 4.50 % Convertible Notes (Convertible Notes). The Convertible Notes will mature in December 2027, unless earlier converted or repurchased. | In January and February 2026, Evergy, Inc. repurchased $ 244.1 million aggregate principal amount of the Convertible Notes, under separate, privately negotiated repurchase agreements with certain holders of the Convertible Notes, for $ 309.5 million, including fees and excluding accrued and unpaid interest. The repurchases were funded by Term Loan Credit Agreements executed in January and February 2026, see Note 6 for additional information on the Term Loan Credit Agreements. The repurchases wer | The closing price of Evergy's common stock exceeded 130 % of the Convertible Notes' conversion price for at least 20 trading days during the 30 consecutive trading-day period ending on, and including, the last trading day of the first quarter of 2026. As a result, as of April 1, 2026, the conversion condition was met, and the outstanding Convertible Notes are convertible at the option of the holders through June 2026. If this conversion condition is not met in future periods, the Convertible Not
  • 12. SHAREHOLDERS' EQUITY | ATM Program
Antal aktier
  • Diluted earnings per common share $ 0.64 $ 0.54 | AVERAGE COMMON SHARES OUTSTANDING | Basic 230.7 230.4
  • Earnings Per Share | To compute basic earnings per common share (EPS), Evergy divides net income attributable to Evergy, Inc. by the weighted average number of common shares outstanding. Diluted EPS includes the effect of issuable common shares resulting from restricted share units (RSUs), convertible notes and forward sale agreements entered into through Evergy's at-the-market equity offering program (ATM Program). Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock
  • Net income attributable to Evergy, Inc. $ 151.5 $ 125.0 | Common Shares Outstanding | Weighted average number of common shares outstanding - basic 230.7 230.4
  • Common Shares Outstanding | Weighted average number of common shares outstanding - basic 230.7 230.4 | Add: effect of dilutive securities 4.9 1.7
  • Add: effect of dilutive securities 4.9 1.7 | Diluted average number of common shares outstanding 235.6 232.1 | Basic EPS $ 0.66 $ 0.54
Antal anställda
  • 5. 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. | 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
  • 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. | 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 | 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 Generating Station's (Wolf Creek) post-retirement benefit plans.
  • 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 | 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 Generating Station's (Wolf Creek) 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.
  • 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 operates Wolf Creek, a nuclear facility in Kansas. Evergy indirectly owns 94 % of
  • 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 Kansa | The operating expenses and capital costs, including construction of new generating facilities, billed for jointly-owned plants and billings for shared services are detailed in the following table.
  • (a) Other segment items include benefits expense associated with Operations, Customer and Support employees, regulatory amortization expense, expense associated with energy efficiency programs and credit loss expense, among other items.
Bruttomarginal
  • 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 of
  • 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 of | 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 rep
  • 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 of | 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 rep | 56
  • 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.
  • 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)
  • Gross Margin (GAAP) and Utility Gross Margin (non-GAAP) | The following table summarizes Evergy's gross margin (GAAP) and MWhs sold and reconciles Evergy's gross margin (GAAP) to Evergy's utility gross margin (non-GAAP). See "Executive Summary - Non-GAAP Measures", above for additional information regarding gross margin (GAAP) and utility gross margin (non-GAAP).
  • Taxes other than income tax (107.2) 3.9 (111.1) | Gross margin (GAAP) 429.0 34.5 394.5 | Operating and maintenance (a)
  • Taxes other than income tax 107.2 (3.9) 111.1 | Utility gross margin (non-GAAP) $ 974.1 $ 51.3 $ 922.8 | (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 $110.6 million and $102.9 million

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______to_______

  Exact name of registrant as specified in its charter,  
Commission state of incorporation, address of principal I.R.S. Employer
File Number executive offices and telephone number Identification Number
     
001-38515 EVERGY, INC. 82-2733395

(a Missouri corporation)
1200 Main Street
Kansas City , Missouri 64105
( 816 ) 556-2200

   
001-03523 EVERGY KANSAS CENTRAL, INC. 48-0290150

(a Kansas corporation)
818 South Kansas Avenue
Topeka , Kansas 66612
( 785 ) 575-6300

000-51873 EVERGY METRO, INC. 44-0308720

(a Missouri corporation)
1200 Main Street
Kansas City , Missouri 64105
( 816 ) 556-2200

      Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Evergy, Inc. common stock EVRG The Nasdaq Stock Market LLC

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Evergy, Inc. Yes x No ☐

Evergy Kansas Central, Inc. Yes x No ☐

Evergy Metro, Inc. Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Evergy, Inc. Yes x No ☐

Evergy Kansas Central, Inc. Yes x No ☐

Evergy Metro, Inc. Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Evergy, Inc. Large Accelerated Filer x Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐

Evergy Kansas Central, Inc. Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer x Smaller Reporting Company ☐ Emerging Growth Company ☐

Evergy Metro, Inc. Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer x Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Evergy, Inc. ☐

Evergy Kansas Central, Inc. ☐

Evergy Metro, Inc. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Evergy, Inc. Yes ☐ No x

Evergy Kansas Central, Inc. Yes ☐ No x

Evergy Metro, Inc. Yes ☐ No x

On April 30, 2026, Evergy, Inc. had  230,513,025 shares of common stock outstanding.  On April 30, 2026, Evergy Metro, Inc. and Evergy Kansas Central, Inc. each had one share of common stock outstanding and held by Evergy, Inc.

Evergy Kansas Central, Inc. and Evergy Metro, Inc. meet the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and are therefore filing this Form 10-Q with the reduced disclosure format.

This combined Quarterly Report on Form 10-Q is provided by the following registrants: Evergy, Inc. (Evergy), Evergy Kansas Central, Inc. (Evergy Kansas Central) and Evergy Metro, Inc. (Evergy Metro) (collectively, the Evergy Companies). Information relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants.
This report should be read in its entirety.  No one section of the report deals with all aspects of the subject matter.  It should be read in conjunction with the consolidated financial statements and related notes and with the management's discussion and analysis of financial condition and results of operations included in the annual report on Form 10-K for the fiscal year ended December 31, 2025 for each of Evergy, Evergy Kansas Central and Evergy Metro (2025 Form 10-K).

Table of Contents

TABLE OF CONTENTS
Page Number
Cautionary Statements Regarding Certain Forward-Looking Information
4

Glossary of Terms
6

Part I - Financial Information

Item 1. Financial Statements

Evergy, Inc.

Unaudited Consolidated Balance Sheets
8

Unaudited Consolidated Statements of Comprehensive Income
10

Unaudited Consolidated Statements of Cash Flows
11

Unaudited Consolidated Statements of Changes in Equity
12

Evergy Kansas Central, Inc.

Unaudited Consolidated Balance Sheets
13

Unaudited Consolidated Statements of Income
15

Unaudited Consolidated Statements of Cash Flows
16

Unaudited Consolidated Statements of Changes in Equity
17

Evergy Metro, Inc.

Unaudited Consolidated Balance Sheets
18

Unaudited Consolidated Statements of Comprehensive Income
20

Unaudited Consolidated Statements of Cash Flows
21

Unaudited Consolidated Statements of Changes in Equity
22

Combined Notes to Unaudited Consolidated Financial Statements for Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc.
23

Note 1:
Organization and Basis of Presentation
23

Note 2:
Revenue
29

Note 3:
Receivables
31

Note 4:
Rate Matters and Regulation
33

Note 5: Pension Plans and Post-Retirement Benefits
34

Note 6: Short-Term Borrowings and Short-Term Bank Lines of Credit
36

Note 7: Long-Term Debt
37

Note 8: Derivative Instruments
38

Note 9: Fair Value Measurements
43

Note 10: Commitments and Contingencies
48

Note 11: Related Party Transactions and Relationships
51

Note 12: Shareholders' Equity
53

Note 13: Taxes
53

Note 14:
Segment Information
54

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
54

Item 3. Quantitative and Qualitative Disclosures About Market Risk
68

Item 4. Controls and Procedures
68

Part II - Other Information

Item 1. Legal Proceedings
69

Item 1A. Risk Factors
69

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
70

Item 3. Defaults Upon Senior Securities
70

Item 4. Mine Safety Disclosures
70

Item 5. Other Information
70

Item 6. Exhibits
73

Signatures
75

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CAUTIONARY STATEMENTS REGARDING CERTAIN FORWARD-LOOKING INFORMATION
Statements made in this document that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital investment goals; the outcome of legislative efforts and regulatory and legal proceedings; future energy demand, including demand driven by new and existing customers; future power prices; plans with respect to existing and potential future generation resources; the availability and cost of generation resources and energy storage; target emissions reductions; and other matters relating to expected financial performance or affecting future operations. Forward-looking statements are often accompanied by forward-looking words such as "anticipates," "believes," "expects," "estimates," "forecasts," "guidance," "should," "could," "may," "seeks," "intends," "predict," "potential," "opportunities," "proposed," "projects," "planned," "target," "budget," "outlook," "remain confident," "goal," "will" or other words of similar meaning. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information.
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Evergy Companies are providing a number of risks, uncertainties and other factors that could cause actual results to differ from the forward-looking information. These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; significant changes in the demand for electricity, including demand from data centers and other large load customers; changes in business strategy or operations, including with respect to the Evergy Companies' strategy to meet demand requirements of existing and future customers; uncertainties related to projected rapid growth in electricity demand driven primarily by data centers and other large load customers and the related requirement for new generation and transmission investments, creating capital access, revenue recovery and customer affordability risks; the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; prolonged or recurring U.S. federal government shutdowns; changes in U.S. trade policies (including tariffs and other trade measures) and responses from other countries; the ability to build or acquire generation, battery storage and transmission facilities to meet the future demand for electricity from customers; the ability to control costs, avoid cost and schedule overruns during the development, construction and operation of generation, battery storage, transmission, distribution or other projects due to challenges, which include, but are not limited to, changes in labor costs, availability and productivity, challenges with the management of contractors or vendors, subcontractor performance, shortages, delays, increased costs or inconsistent quality of equipment, materials and labor and increased financing costs as a result of changes in interest rates or as a result of project delays; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; development, adoption and use of artificial intelligence by the Evergy Companies and its third-party vendors; the impact of climate change, including increased frequency and severity of significant weather events; risks relating to potential wildfires, including costs of litigation, potential regulatory penalties and damages in excess of insurance liability coverage; the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity and natural gas in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of future pandemic health events on, among other things, sales, results of operations, financial position, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies' employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, disruptions in the banking industry, including volatility in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges and ability to obtain capital to finance large construction projects, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their
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contractual commitments including new large data center customers; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, acts of war and other disruptions to the Evergy Companies' facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; impact of geopolitical conflicts on the global energy market, including the ability to contract for non-Russian sourced uranium; ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; the Evergy Companies' ability to manage their generation, transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies' ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, wages, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy's strategic plan, financial results or operations; the impact of changing expectations and demands of the Evergy Companies' customers, regulators, investors and stakeholders, including differing views on environmental, social and governance concerns; the possibility that strategic initiatives, including mergers, acquisitions, joint ventures and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, contractors, regulators or suppliers; the outcome of litigation involving the Evergy Companies; and other risks and uncertainties.
This list of factors is not all-inclusive because it is not possible to predict all factors. You should also carefully consider the information contained in the Evergy Companies' other filings with the Securities and Exchange Commission (SEC). Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Evergy Companies with the SEC. New factors emerge from time to time, and it's not possible for the Evergy Companies to predict all such factors, nor can the Evergy Companies assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. The Evergy Companies undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
AVAILABLE INFORMATION
The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at sec.gov. Additionally, information about the Evergy Companies, including their combined annual reports on Form 10-K, combined quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed with the SEC, is also available through the Evergy Companies' website, http://investors.evergy.com. Such reports are accessible at no charge and are made available as soon as reasonably practical after such material is filed with or furnished to the SEC.
Investors should note that the Evergy Companies announce material financial information in SEC filings, press releases and public conference calls. In accordance with SEC guidelines, the Evergy Companies also use the Investor Relations section of their website, http://investors.evergy.com, to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Evergy Companies' website is not part of this document.
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GLOSSARY OF TERMS  
The following is a glossary of frequently used abbreviations or acronyms that are found throughout this report.

Abbreviation or Acronym Definition
   

AEP
American Electric Power Company, Inc.
AFUDC
Allowance for funds used during construction
AOCI Accumulated other comprehensive income
AROs Asset retirement obligations

ATM Program At-the-market equity offering program

CAA Clean Air Act

CCRs Coal combustion residuals
CCS Carbon capture and sequestration

COLI Corporate-owned life insurance
CO 2
Carbon dioxide

CSAPR Cross-State Air Pollution Rule

CWIP Construction work in progress

EGU Electric generating unit
EPA Environmental Protection Agency
EPS Earnings per common share

ERISA Employee Retirement Income Security Act of 1974, as amended

ESA Electric service agreement

Evergy Evergy, Inc. and its consolidated subsidiaries
Evergy Board Evergy Board of Directors

Evergy Companies Evergy, Evergy Kansas Central, and Evergy Metro, collectively, which are individual registrants within the Evergy consolidated group

Evergy Kansas Central Evergy Kansas Central, Inc., a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries

Evergy Kansas South Evergy Kansas South, Inc., a wholly-owned subsidiary of Evergy Kansas Central

Evergy Metro Evergy Metro, Inc., a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries

Evergy Missouri West Evergy Missouri West, Inc., a wholly-owned subsidiary of Evergy

Evergy Transmission Company Evergy Transmission Company, LLC

Exchange Act The Securities Exchange Act of 1934, as amended

FER Facility Evaluation Report
FERC Federal Energy Regulatory Commission
FIP Federal implementation plan

GAAP Generally Accepted Accounting Principles
GHG Greenhouse gas

ITFIP Interstate Transport Federal Implementation Plans
ITSIP Interstate Transport State Implementation Plans
JEC Jeffrey Energy Center

KCC State Corporation Commission of the State of Kansas
KDHE Kansas Department of Health & Environment

kV Kilovolt

LLPS Large Load Power Service

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Abbreviation or Acronym Definition
MDNR Missouri Department of Natural Resources

MPSC Public Service Commission of the State of Missouri
MW Megawatt
MWh Megawatt hour
NAAQS National Ambient Air Quality Standards
NAV Net asset value
NPNS Normal purchases and normal sales

OCI Other comprehensive income

PISA Plant-in-service accounting

Prairie Wind Prairie Wind Transmission, LLC, 50% owned by Evergy Kansas Central

RSU Restricted share unit
RTO Regional transmission organization

SEC Securities and Exchange Commission

SIP State implementation plan
SPP Southwest Power Pool, Inc.

TCR Transmission congestion rights
TDC Transmission delivery charge

TFR Transmission formula rate
Transource Transource Energy, LLC and its subsidiaries, 13.5% owned by Evergy Transmission Company

VIE Variable interest entity

Wolf Creek Wolf Creek Generating Station

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

EVERGY, INC.
Consolidated Balance Sheets
(Unaudited)

March 31 December 31
  2026 2025
ASSETS (millions, except share amounts)
CURRENT ASSETS:  
Cash and cash equivalents $ 18.4   $ 19.8  

Receivables, net of allowance for credit losses of $ 11.1 and $ 15.3 , respectively
201.2   214.2  
Accounts receivable pledged as collateral 402.0   402.0  
Fuel inventory and supplies 853.6   828.9  
Income taxes receivable —   8.2  
Regulatory assets, includes $ 16.9 and $ 16.7 related to variable interest entity, respectively
261.2   217.4  
Prepaid expenses 79.2   77.9  
Other 63.6   47.4  
Total Current Assets 1,879.2   1,815.8  
PROPERTY, PLANT AND EQUIPMENT, NET, includes $ 117.6 and $ 119.4 related to variable interest entity, respectively
26,803.9   26,301.5  

OTHER ASSETS:    
Regulatory assets, includes $ 273.6 and $ 277.9 related to variable interest entity, respectively
1,913.5   1,885.3  
Nuclear decommissioning trust 995.3   1,016.8  
Goodwill 2,336.6   2,336.6  
Other 553.0   592.5  
Total Other Assets 5,798.4   5,831.2  
TOTAL ASSETS $ 34,481.5   $ 33,948.5  

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY, INC.
Consolidated Balance Sheets
(Unaudited)

March 31 December 31
  2026 2025
LIABILITIES AND EQUITY (millions, except share amounts)
CURRENT LIABILITIES:    
Current maturities of long-term debt, includes $ 17.0 and $ 17.0 related to variable interest entity, respectively
$ 367.0   $ 367.0  

Notes payable and commercial paper 1,960.3   1,394.0  
Collateralized note payable 402.0   402.0  
Accounts payable 431.8   654.3  

Accrued taxes 287.6   169.4  
Accrued interest, includes $ 5.2 and $ 1.3 related to variable interest entity, respectively
211.5   158.3  
Regulatory liabilities 148.4   141.6  
Asset retirement obligations 37.5   34.2  

Customer advances for construction 196.3   161.6  
Other 175.6   213.5  
Total Current Liabilities 4,218.0   3,695.9  
LONG-TERM LIABILITIES:    
Long-term debt, net, includes $ 279.2 and $ 279.2 related to variable interest entity, respectively
13,147.0   13,039.2  
Deferred income taxes 2,000.8   2,020.7  
Unamortized investment tax credits 154.1   155.8  
Regulatory liabilities 2,809.6   2,824.6  
Pension and post-retirement liability 266.4   278.7  
Asset retirement obligations 1,320.0   1,308.1  
Other 359.4   357.7  
Total Long-Term Liabilities 20,057.3   19,984.8  
Commitments and Contingencies (Note 10)

EQUITY:
Evergy, Inc. Shareholders' Equity:
Common stock - 600,000,000 shares authorized, without par value
230,510,138 and 230,262,674 shares issued, stated value
7,217.2   7,273.1  
Retained earnings 2,956.0   2,966.2  
Accumulated other comprehensive loss ( 16.6 ) ( 18.0 )
Total Evergy, Inc. Shareholders' Equity 10,156.6   10,221.3  
Noncontrolling Interests 49.6   46.5  
Total Equity 10,206.2   10,267.8  
TOTAL LIABILITIES AND EQUITY $ 34,481.5   $ 33,948.5  

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)

Three Months Ended March 31 2026 2025
(millions, except per share amounts)
OPERATING REVENUES $ 1,443.7   $ 1,374.5  
OPERATING EXPENSES:
Fuel and purchased power 360.0   355.3  
SPP network transmission costs 109.6   96.4  
Operating and maintenance 243.2   232.0  
Depreciation and amortization 305.3   288.1  
Taxes other than income tax 107.2   111.1  

Total Operating Expenses 1,125.3   1,082.9  
INCOME FROM OPERATIONS 318.4   291.6  
OTHER INCOME (EXPENSE):
Investment earnings 1.6   2.1  
Other income 18.8   4.4  
Other expense ( 8.7 ) ( 9.5 )
Total Other Income (Expense), Net 11.7   ( 3.0 )
Interest expense 174.5   152.5  
INCOME BEFORE INCOME TAXES
155.6   136.1  
Income tax expense 3.4   9.6  
Equity in earnings of equity method investees, net of income taxes 2.4   1.6  
NET INCOME 154.6   128.1  
Less: Net income attributable to noncontrolling interests 3.1   3.1  
NET INCOME ATTRIBUTABLE TO EVERGY, INC. $ 151.5   $ 125.0  
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO EVERGY, INC. (see Note 1)

Basic earnings per common share $ 0.66   $ 0.54  
Diluted earnings per common share $ 0.64   $ 0.54  
AVERAGE COMMON SHARES OUTSTANDING
Basic 230.7   230.4  
Diluted 235.6   232.1  
COMPREHENSIVE INCOME
NET INCOME $ 154.6   $ 128.1  
OTHER COMPREHENSIVE INCOME:
Derivative hedging activity

Reclassification to expenses, net of tax 1.4   1.4  
Derivative hedging activity, net of tax 1.4   1.4  

Total other comprehensive income 1.4   1.4  
Comprehensive income 156.0   129.5  
Less:  Comprehensive income attributable to noncontrolling interest 3.1   3.1  
COMPREHENSIVE INCOME ATTRIBUTABLE TO EVERGY, INC. $ 152.9   $ 126.4  

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY, INC.
Consolidated Statements of Cash Flows
(Unaudited)

Three Months Ended March 31 2026 2025
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: (millions)
Net income $ 154.6   $ 128.1  
Adjustments to reconcile income to net cash from operating activities:
Depreciation and amortization 305.3   288.1  
Amortization of nuclear fuel 16.7   16.2  
Amortization of deferred refueling outage 9.8   4.2  
Amortization of corporate-owned life insurance 8.2   6.6  
Stock compensation 5.6   4.5  
Net deferred income taxes and credits ( 9.5 ) ( 8.9 )
Allowance for equity funds used during construction ( 10.4 ) ( 2.5 )
Payments for asset retirement obligations ( 0.6 ) ( 3.5 )
Equity in earnings of equity method investees, net of income taxes ( 2.4 ) ( 1.6 )
Income from corporate-owned life insurance ( 8.0 ) ( 1.3 )
(Gains) losses from investments in early-stage clean energy and energy solution companies ( 0.2 ) 3.6  
Losses on induced conversion of convertible notes 10.3   —  
Other 0.3   0.3  
Changes in working capital items:
Accounts receivable 3.9   41.6  

Fuel inventory and supplies ( 24.6 ) ( 0.2 )
Prepaid expenses and other current assets ( 39.3 ) ( 31.9 )
Accounts payable ( 191.8 ) ( 155.3 )
Accrued taxes 126.4   116.9  
Other current liabilities 25.2   60.6  
Changes in other assets ( 8.7 ) 19.6  
Changes in other liabilities ( 8.3 ) ( 35.5 )
Cash Flows from Operating Activities 362.5   449.6  
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:    
Additions to property, plant and equipment ( 851.9 ) ( 592.8 )

Purchase of securities - trusts ( 29.6 ) ( 26.8 )
Sale of securities - trusts 25.6   21.9  
Proceeds from nonrefundable contributions in aid of construction 48.8   —  
Investment in corporate-owned life insurance ( 1.9 ) ( 4.2 )
Proceeds from investment in corporate-owned life insurance 49.6   0.7  

Other investing activities 2.8   2.3  
Cash Flows used in Investing Activities ( 756.6 ) ( 598.9 )
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:    
Short-term debt, net 66.3   ( 264.0 )
Proceeds from term loan facility 555.0   —  
Repayment of term loan facility ( 55.0 ) —  

Issuance of common stock 0.4   —  
Proceeds from long-term debt 348.0   594.2  

Retirements of long-term debt ( 309.5 ) —  

Borrowings against cash surrender value of corporate-owned life insurance 0.7   0.7  
Repayment of borrowings against cash surrender value of corporate-owned life insurance ( 39.9 ) —  
Proceeds from refundable advances for construction 6.8   —  

Cash dividends paid ( 157.6 ) ( 153.6 )

Other financing activities ( 14.5 ) ( 5.7 )
Cash Flows from Financing Activities 400.7   171.6  
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 6.6   22.3  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period 27.0   29.9  
End of period $ 33.6   $ 52.2  

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY, INC.
Consolidated Statements of Changes in Equity
(Unaudited)

Evergy, Inc. Shareholders
Common stock shares Common stock Retained earnings AOCI Non-controlling interests Total equity
(millions, except share amounts)
Balance as of December 31, 2024 229,983,615   $ 7,245.9   $ 2,732.9   $ ( 23.8 ) $ 34.2   $ 9,989.2  
Net income —  —  125.0   —  3.1   128.1  

Issuance of stock compensation and reinvested dividends, net of tax withholding
101,120   ( 2.3 ) —  —  —  ( 2.3 )

Dividends declared on common stock ($ 0.6675 per share)
—  —  ( 153.6 ) —  —  ( 153.6 )
Dividend equivalents declared —  —  0.3   —  —  0.3  
Stock compensation expense —  4.5   —  —  —  4.5  

Derivative hedging activity, net of tax —  —  —  1.4   —  1.4  
Other —  0.3   —  —  —  0.3  
Balance as of March 31, 2025 230,084,735   $ 7,248.4   $ 2,704.6   $ ( 22.4 ) $ 37.3   $ 9,967.9  

Balance as of December 31, 2025 230,262,674   $ 7,273.1   $ 2,966.2   $ ( 18.0 ) $ 46.5   $ 10,267.8  
Net income —  —  151.5   —  3.1   154.6  
Issuance of stock, net of issuance costs 36,922   2.9   —  —  —  2.9  
Issuance of stock compensation and reinvested dividends, net of tax withholding
210,542   ( 7.6 ) —  —  —  ( 7.6 )

Dividends declared on common stock ($ 0.6950 per share)
—  —  ( 160.2 ) —  —  ( 160.2 )
Dividend equivalents declared —  —  ( 1.5 ) —  —  ( 1.5 )
Stock compensation expense —  5.6   —  —  —  5.6  

Derivative hedging activity, net of tax —  —  —  1.4   —  1.4  
Conversion obligation of convertible notes —  ( 56.9 ) —  —  —  ( 56.9 )
Other —  0.1   —  —  —  0.1  
Balance as of March 31, 2026 230,510,138   $ 7,217.2   $ 2,956.0   $ ( 16.6 ) $ 49.6   $ 10,206.2  

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY KANSAS CENTRAL, INC.
Consolidated Balance Sheets
(Unaudited)

March 31 December 31
  2026 2025
ASSETS (millions, except share amounts)
CURRENT ASSETS:  
Cash and cash equivalents $ 4.9   $ 5.3  
Receivables, net of allowance for credit losses of $ 5.3 and $ 7.3 , respectively
135.5   136.6  
Related party receivables 38.8   59.8  
Accounts receivable pledged as collateral 213.0   213.0  
Fuel inventory and supplies 441.8   437.9  

Regulatory assets 77.9   76.7  
Prepaid expenses 38.0   36.9  
Other 24.5   17.5  
Total Current Assets 974.4   983.7  
PROPERTY, PLANT AND EQUIPMENT, NET, includes $ 117.6 and $ 119.4 related to variable interest entity, respectively
13,640.5   13,460.1  

OTHER ASSETS:    
Regulatory assets 528.9   523.8  
Nuclear decommissioning trust 461.0   466.0  
Other 331.3   340.0  
Total Other Assets 1,321.2   1,329.8  
TOTAL ASSETS $ 15,936.1   $ 15,773.6  

The disclosures regarding Evergy Kansas Central included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY KANSAS CENTRAL, INC.
Consolidated Balance Sheets
(Unaudited)

March 31 December 31
  2026 2025
LIABILITIES AND EQUITY (millions, except share amounts)
CURRENT LIABILITIES:    
Current maturities of long-term debt $ 350.0   $ 350.0  

Commercial paper 372.9   321.9  
Collateralized note payable 213.0   213.0  
Accounts payable 198.6   256.4  
Related party payables 42.0   27.9  

Accrued taxes 204.9   134.6  
Accrued interest 100.5   96.2  
Regulatory liabilities 61.8   64.7  
Asset retirement obligations 22.2   18.3  

Customer advances for construction 91.1   69.0  
Other 106.7   130.2  
Total Current Liabilities 1,763.7   1,682.2  
LONG-TERM LIABILITIES:    
Long-term debt, net 4,883.8   4,883.1  
Deferred income taxes 746.6   760.9  
Unamortized investment tax credits 47.8   48.7  
Regulatory liabilities 1,556.9   1,557.9  
Pension and post-retirement liability 160.4   171.7  
Asset retirement obligations 658.6   654.0  
Other 168.1   176.9  
Total Long-Term Liabilities 8,222.2   8,253.2  
Commitments and Contingencies (Note 10)

EQUITY:  
Evergy Kansas Central, Inc. Shareholder's Equity:    
Common stock - 1,000 shares authorized, $ 0.01 par value, 1 share issued
2,737.6   2,737.6  
Retained earnings 3,163.0   3,054.1  
Total Evergy Kansas Central, Inc. Shareholder's Equity 5,900.6   5,791.7  
Noncontrolling Interests 49.6   46.5  
Total Equity 5,950.2   5,838.2  
TOTAL LIABILITIES AND EQUITY $ 15,936.1   $ 15,773.6  

The disclosures regarding Evergy Kansas Central included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.

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EVERGY KANSAS CENTRAL, INC.
Consolidated Statements of Income
(Unaudited)

Three Months Ended March 31 2026 2025
(millions)
OPERATING REVENUES $ 773.1   $ 709.1  
OPERATING EXPENSES:
Fuel and purchased power 130.7   126.5  
SPP network transmission costs 109.6   96.4  
Operating and maintenance 120.9   109.5  
Depreciation and amortization 153.0   142.1  
Taxes other than income tax 57.2   60.8  
Total Operating Expenses 571.4   535.3  
INCOME FROM OPERATIONS 201.7   173.8  
OTHER INCOME (EXPENSE):
Investment earnings 0.7   3.2  
Other income 14.7   2.5  
Other expense ( 4.5 ) ( 5.1 )
Total Other Income, Net 10.9   0.6  
Interest expense 64.2   59.3  
INCOME BEFORE INCOME TAXES
148.4   115.1  
Income tax expense 2.4   4.9  
Equity in earnings of equity method investees, net of income taxes 1.0   0.7  
NET INCOME 147.0   110.9  
Less: Net income attributable to noncontrolling interests 3.1   3.1  
NET INCOME ATTRIBUTABLE TO EVERGY KANSAS CENTRAL, INC. $ 143.9   $ 107.8  

The disclosures regarding Evergy Kansas Central included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.

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EVERGY KANSAS CENTRAL, INC.
Consolidated Statements of Cash Flows
(Unaudited)

Three Months Ended March 31 2026 2025
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: (millions)
Net income $ 147.0   $ 110.9  
Adjustments to reconcile income to net cash from operating activities:
Depreciation and amortization 153.0   142.1  
Amortization of nuclear fuel 8.3   8.1  
Amortization of deferred refueling outage 4.9   2.1  
Amortization of corporate-owned life insurance 8.2   6.6  
Net deferred income taxes and credits ( 7.0 ) ( 2.4 )
Allowance for equity funds used during construction ( 6.6 ) ( 1.4 )
Payments for asset retirement obligations ( 0.5 ) ( 1.9 )
Equity in earnings of equity method investees, net of income taxes ( 1.0 ) ( 0.7 )
Income from corporate-owned life insurance ( 8.0 ) ( 1.3 )
Other ( 1.4 ) ( 1.4 )
Changes in working capital items:
Accounts receivable 12.3   30.1  

Fuel inventory and supplies ( 3.8 ) 6.1  
Prepaid expenses and other current assets ( 1.6 ) ( 25.0 )
Accounts payable ( 11.3 ) ( 35.9 )
Accrued taxes 70.4   63.7  
Other current liabilities ( 25.8 ) 9.8  
Changes in other assets ( 1.1 ) 10.3  
Changes in other liabilities ( 16.4 ) ( 20.0 )
Cash Flows from Operating Activities 319.6   299.8  
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:    
Additions to property, plant and equipment ( 367.8 ) ( 370.1 )

Purchase of securities - trusts ( 3.1 ) ( 3.2 )
Sale of securities - trusts 2.2   1.5  
Proceeds from nonrefundable contributions in aid of construction 26.1   —  
Investment in corporate-owned life insurance ( 1.9 ) ( 4.2 )
Proceeds from investment in corporate-owned life insurance 49.6   0.7  

Other investing activities 1.1   1.5  
Cash Flows used in Investing Activities ( 293.8 ) ( 373.8 )
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:    
Short-term debt, net 51.0   ( 504.8 )

Proceeds from long-term debt —   594.7  

Borrowings against cash surrender value of corporate-owned life insurance 0.7   0.7  
Repayment of borrowings against cash surrender value of corporate-owned life insurance ( 39.9 ) —  

Cash dividends paid ( 35.0 ) ( 10.0 )

Other financing activities ( 3.0 ) ( 2.5 )
Cash Flows from (used in) Financing Activities ( 26.2 ) 78.1  
NET CHANGE IN CASH AND CASH EQUIVALENTS ( 0.4 ) 4.1  
CASH AND CASH EQUIVALENTS:
Beginning of period 5.3   3.7  
End of period $ 4.9   $ 7.8  

The disclosures regarding Evergy Kansas Central included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY KANSAS CENTRAL, INC.
Consolidated Statements of Changes in Equity
(Unaudited)

Evergy Kansas Central, Inc. Shareholder
Common stock shares Common stock Retained earnings Non-controlling interests Total equity
(millions, except share amounts)
Balance as of December 31, 2024 1   $ 2,737.6   $ 2,513.1   $ 34.2   $ 5,284.9  
Net income —  —  107.8   3.1   110.9  
Dividends declared on common stock —  —  ( 10.0 ) —  ( 10.0 )

Balance as of March 31, 2025 1   $ 2,737.6   $ 2,610.9   $ 37.3   $ 5,385.8  

Balance as of December 31, 2025 1   $ 2,737.6   $ 3,054.1   $ 46.5   $ 5,838.2  
Net income —  —  143.9   3.1   147.0  
Dividends declared on common stock —  —  ( 35.0 ) —  ( 35.0 )
Balance as of March 31, 2026 1   $ 2,737.6   $ 3,163.0   $ 49.6   $ 5,950.2  

The disclosures regarding Evergy Kansas Central included in the accompanying Unaudited Notes to Consolidated Financial Statements are an integral part of these statements.
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EVERGY METRO, INC.
Consolidated Balance Sheets
(Unaudited)

March 31 December 31
  2026 2025
ASSETS (millions, except share amounts)
CURRENT ASSETS:  
Cash and cash equivalents $ 2.3   $ 3.3  
Receivables, net of allowance for credit losses of $ 3.9 and $ 5.7 , respectively
35.6   45.9  
Related party receivables 144.0   125.3  
Accounts receivable pledged as collateral 139.0   139.0  
Fuel inventory and supplies 293.5   279.9  

Regulatory assets 37.1   42.6  
Prepaid expenses 31.1   30.6  
Other 22.5   23.1  
Total Current Assets 705.1   689.7  
PROPERTY, PLANT AND EQUIPMENT, NET 8,535.6   8,448.9  
OTHER ASSETS:    
Regulatory assets 570.1   538.6  
Nuclear decommissioning trust 534.3   550.8  
Other 89.8   124.2  
Total Other Assets 1,194.2   1,213.6  
TOTAL ASSETS $ 10,434.9   $ 10,352.2  

The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY METRO, INC.
Consolidated Balance Sheets
(Unaudited)

March 31 December 31
  2026 2025
LIABILITIES AND EQUITY (millions, except share amounts)
CURRENT LIABILITIES:    

Commercial paper $ 349.7   $ 245.3  
Collateralized note payable 139.0   139.0  
Accounts payable 153.0   257.9  
Related party payables —   23.2  
Accrued taxes 85.1   42.1  
Accrued interest 53.6   35.4  
Regulatory liabilities 55.0   38.0  
Asset retirement obligations 14.3   15.0  

Customer advances for construction 86.2   75.9  
Other 56.7   69.8  
Total Current Liabilities 992.6   941.6  
LONG-TERM LIABILITIES:    
Long-term debt, net 3,272.0   3,271.4  
Deferred income taxes 732.0   743.8  
Unamortized investment tax credits 104.0   104.8  
Regulatory liabilities 1,132.9   1,141.3  
Pension and post-retirement liability 90.2   91.4  
Asset retirement obligations 513.5   506.5  
Other 105.2   95.0  
Total Long-Term Liabilities 5,949.8   5,954.2  
Commitments and Contingencies (Note 10)

EQUITY:    
Common stock - 1,000 shares authorized, without par value, 1 share issued, stated value
1,563.1   1,563.1  
Retained earnings 1,926.4   1,890.2  
Accumulated other comprehensive income 3.0   3.1  
Total Equity 3,492.5   3,456.4  
TOTAL LIABILITIES AND EQUITY $ 10,434.9   $ 10,352.2  

The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY METRO, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)

Three Months Ended March 31 2026 2025
(millions)
OPERATING REVENUES $ 445.4   $ 427.7  
OPERATING EXPENSES:    
Fuel and purchased power 152.7   137.8  
Operating and maintenance 72.1   70.5  
Depreciation and amortization 107.3   103.8  
Taxes other than income tax 36.2   36.7  

Total Operating Expenses 368.3   348.8  
INCOME FROM OPERATIONS 77.1   78.9  
OTHER INCOME (EXPENSE):
Investment earnings 1.3   2.0  
Other income 0.7   1.8  
Other expense ( 2.8 ) ( 2.9 )
Total Other Income (Expense), Net ( 0.8 ) 0.9  
Interest expense 37.3   36.3  
INCOME BEFORE INCOME TAXES
39.0   43.5  
Income tax expense 2.8   6.6  
NET INCOME $ 36.2   $ 36.9  
COMPREHENSIVE INCOME
NET INCOME $ 36.2   $ 36.9  
OTHER COMPREHENSIVE INCOME:
Derivative hedging activity
Reclassification to expenses, net of tax ( 0.1 ) ( 0.1 )
Derivative hedging activity, net of tax ( 0.1 ) ( 0.1 )
Total other comprehensive loss ( 0.1 ) ( 0.1 )
COMPREHENSIVE INCOME $ 36.1   $ 36.8  

The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY METRO, INC.
Consolidated Statements of Cash Flows
(Unaudited)

Three Months Ended March 31 2026 2025
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: (millions)
Net income $ 36.2   $ 36.9  
Adjustments to reconcile income to net cash from operating activities:
Depreciation and amortization 107.3   103.8  
Amortization of nuclear fuel 8.4   8.1  
Amortization of deferred refueling outage 4.9   2.1  
Net deferred income taxes and credits ( 3.0 ) 2.0  
Allowance for equity funds used during construction ( 0.5 ) ( 1.1 )
Payments for asset retirement obligations ( 0.1 ) ( 1.7 )

Other ( 0.1 ) ( 0.1 )
Changes in working capital items:
Accounts receivable ( 5.0 ) 10.2  

Fuel inventory and supplies ( 13.6 ) ( 5.3 )
Prepaid expenses and other current assets 10.5   ( 11.7 )
Accounts payable ( 134.7 ) ( 75.9 )
Accrued taxes 43.0   37.2  
Other current liabilities 27.1   16.8  
Changes in other assets ( 12.0 ) ( 0.1 )
Changes in other liabilities 5.8   ( 5.9 )
Cash Flows from Operating Activities 74.2   115.3  
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:    
Additions to property, plant and equipment ( 202.0 ) ( 155.3 )
Purchase of securities - trusts ( 26.5 ) ( 23.6 )
Sale of securities - trusts 23.4   20.5  
Proceeds from nonrefundable contributions in aid of construction 17.8   —  

Other investing activities 2.2   2.3  
Cash Flows used in Investing Activities ( 185.1 ) ( 156.1 )
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:    
Short-term debt, net 104.4   94.1  

Proceeds from refundable advances for construction 6.8   —  

Cash dividends paid —   ( 50.0 )
Other financing activities ( 1.3 ) ( 0.8 )
Cash Flows from Financing Activities 109.9   43.3  
NET CHANGE IN CASH AND CASH EQUIVALENTS ( 1.0 ) 2.5  
CASH AND CASH EQUIVALENTS:
Beginning of period 3.3   3.7  
End of period $ 2.3   $ 6.2  

The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY METRO, INC
Consolidated Statements of Changes in Equity
(Unaudited)

 Common stock shares  Common Stock  Retained earnings  AOCI - Net gains (losses) on cash flow hedges  Total equity
 (millions, except share amounts)
Balance as of December 31, 2024 1   $ 1,563.1   $ 1,809.7   $ 3.4   $ 3,376.2  
Net income —  —  36.9   —  36.9  
Dividends declared on common stock —  —  ( 50.0 ) —  ( 50.0 )
Derivative hedging activity, net of tax —  —  —  ( 0.1 ) ( 0.1 )
Balance as of March 31, 2025 1   $ 1,563.1   $ 1,796.6   $ 3.3   $ 3,363.0  

Balance as of December 31, 2025 1   $ 1,563.1   $ 1,890.2   $ 3.1   $ 3,456.4  
Net income —  —  36.2   —  36.2  

Derivative hedging activity, net of tax —  —  —  ( 0.1 ) ( 0.1 )
Balance as of March 31, 2026 1   $ 1,563.1   $ 1,926.4   $ 3.0   $ 3,492.5  

The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY, INC.
EVERGY KANSAS CENTRAL, INC.
EVERGY METRO, INC.
Combined Notes to Unaudited Consolidated Financial Statements
The notes to unaudited consolidated financial statements that follow are a combined presentation for Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc., all registrants under this filing.  The terms "Evergy," "Evergy Kansas Central," "Evergy Metro" and "Evergy Companies" are used throughout this report.  "Evergy" refers to Evergy, Inc. and its consolidated subsidiaries, unless otherwise indicated.  "Evergy Kansas Central" refers to Evergy Kansas Central, Inc. and its consolidated subsidiaries, unless otherwise indicated. "Evergy Metro" refers to Evergy Metro, Inc. and its consolidated subsidiaries, unless otherwise indicated. "Evergy Companies" refers to Evergy, Evergy Kansas Central and Evergy Metro, collectively, which are individual registrants within the Evergy consolidated group.

1. ORGANIZATION AND BASIS OF PRESENTATION
Organization
Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy operates primarily through the following wholly-owned direct subsidiaries listed below.
• Evergy Kansas Central, Inc. (Evergy Kansas Central) is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, Inc. (Evergy Kansas South).
• Evergy Metro, Inc. (Evergy Metro) is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.
• Evergy Missouri West, Inc. (Evergy Missouri West) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
• Evergy Transmission Company, LLC (Evergy Transmission Company) owns 13.5 % of Transource Energy, LLC (Transource) with the remaining 86.5 % owned by AEP Transmission Holding Company, LLC, a subsidiary of American Electric Power Company, Inc. (AEP). Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method.
Evergy Kansas Central also owns a 50 % interest in Prairie Wind Transmission, LLC (Prairie Wind), which is a joint venture between Evergy Kansas Central and subsidiaries of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108 -mile, 345 kilovolt (kV) double-circuit transmission line that provides transmission service in the Southwest Power Pool, Inc. (SPP). Evergy Kansas Central accounts for its investment in Prairie Wind under the equity method.
Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West conduct business in their respective service territories using the name Evergy. Collectively, the Evergy Companies have approximately 15,800 megawatts (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.
Basis of Presentation
These unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements in the Evergy Companies' combined 2025 Form 10-K.
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These unaudited consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary to fairly present the unaudited consolidated financial statements for each of the Evergy Companies for these interim periods. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Principles of Consolidation
Each of Evergy's, Evergy Kansas Central's and Evergy Metro's unaudited consolidated financial statements includes the accounts of their subsidiaries and variable interest entities (VIEs) of which they are the primary beneficiary. Undivided interests in jointly-owned generation facilities are included on a proportionate basis.  Intercompany transactions have been eliminated. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment).
Cash, Cash Equivalents and Restricted Cash
Cash equivalents consist of highly liquid investments with original maturities of three months or less at acquisition. Evergy has restricted cash included in Other Current Assets and Other Non-current Assets on Evergy's consolidated balance sheets to facilitate the servicing of Evergy Missouri West Storm Funding I, LLC's debt and the funding requirements for a jointly-owned generation facility. The following table summarizes the cash, cash equivalents and restricted cash included on Evergy's consolidated balance sheets.

March 31
2026 December 31
2025
Evergy (millions)
Current assets
Cash and cash equivalents $ 18.4   $ 19.8  
Other 13.5   5.6  
Other assets
Other 1.7   1.6  
Total cash, cash equivalents and restricted cash $ 33.6   $ 27.0  

Fuel Inventory and Supplies
The Evergy Companies record fuel inventory and supplies at average cost. The following table separately states the balances for fuel inventory and supplies.

March 31
2026 December 31
2025
Evergy (millions)
Fuel inventory $ 239.2   $ 218.6  
Supplies 614.4   610.3  
Fuel inventory and supplies $ 853.6   $ 828.9  
Evergy Kansas Central
Fuel inventory $ 122.5   $ 114.9  
Supplies 319.3   323.0  
Fuel inventory and supplies $ 441.8   $ 437.9  
Evergy Metro    
Fuel inventory $ 80.2   $ 69.6  
Supplies 213.3   210.3  
Fuel inventory and supplies $ 293.5   $ 279.9  

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Property, Plant and Equipment
The following tables summarize the property, plant and equipment for each of the Evergy Companies.

March 31, 2026 Evergy Evergy Kansas Central Evergy Metro
(millions)
Electric plant in service $ 38,558.8   $ 19,098.6   $ 14,087.5  
Electric plant acquisition adjustment 739.8   724.9   —  
Accumulated depreciation ( 15,200.8 ) ( 7,422.4 ) ( 6,197.2 )
Plant in service, net 24,097.8   12,401.1   7,890.3  
Construction work in progress 2,473.3   1,123.1   528.8  
Nuclear fuel, net 232.8   116.3   116.5  

Property, plant and equipment, net $ 26,803.9   $ 13,640.5   $ 8,535.6  

December 31, 2025 Evergy Evergy Kansas Central Evergy Metro
(millions)
Electric plant in service $ 38,218.9   $ 18,893.6   $ 14,001.3  
Electric plant acquisition adjustment 739.8   724.9   —  
Accumulated depreciation ( 14,986.6 ) ( 7,308.5 ) ( 6,110.5 )
Plant in service, net 23,972.1   12,310.0   7,890.8  
Construction work in progress 2,120.6   1,045.8   453.6  
Nuclear fuel, net 208.8   104.3   104.5  

Property, plant and equipment, net $ 26,301.5   $ 13,460.1   $ 8,448.9  

Other Income and Other Expense
The tables below show the detail of other income and other expense, respectively, for each of the Evergy Companies.

Three Months Ended
March 31
Other Income 2026 2025
Evergy (millions)
AFUDC equity $ 10.4   $ 2.5  

Corporate-owned life insurance policy benefit 7.7   1.3  

Other 0.7   0.6  
Other income $ 18.8   $ 4.4  
Evergy Kansas Central
AFUDC equity $ 6.6   $ 1.4  

Corporate-owned life insurance policy benefit 7.7   0.8  
Other 0.4   0.3  
Other income $ 14.7   $ 2.5  
Evergy Metro
AFUDC equity $ 0.5   $ 1.1  

Other 0.2   0.7  
Other income $ 0.7   $ 1.8  

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Three Months Ended
March 31
Other Expense 2026 2025
Evergy (millions)
Non-service cost component of net benefit cost $ ( 2.0 ) $ ( 3.1 )
Corporate-owned life insurance cost ( 6.3 ) ( 5.8 )
Other ( 0.4 ) ( 0.6 )
Other expense $ ( 8.7 ) $ ( 9.5 )
Evergy Kansas Central
Non-service cost component of net benefit cost $ 1.6   $ 0.6  
Corporate-owned life insurance cost ( 6.0 ) ( 5.5 )
Other ( 0.1 ) ( 0.2 )
Other expense $ ( 4.5 ) $ ( 5.1 )
Evergy Metro
Non-service cost component of net benefit cost $ ( 2.4 ) $ ( 2.5 )
Corporate-owned life insurance cost ( 0.3 ) ( 0.3 )
Other ( 0.1 ) ( 0.1 )
Other expense $ ( 2.8 ) $ ( 2.9 )

Investments in Early-Stage Clean Energy and Energy Solution Companies
From time to time, Evergy has made limited non-regulated equity and debt investments in early-stage clean energy and energy solution companies. These investments are recorded in Other Non-current Assets on Evergy’s consolidated balance sheets and as of March 31, 2026, and December 31, 2025, the total value of these investments was $ 41.2  million and $ 41.3  million, respectively. These investments have historically not had a significant impact on Evergy’s results of operations.
For the three months ended March 31, 2026, Evergy recorded $ 0.2  million of unrealized gains in investment earnings (loss) on its consolidated statements of comprehensive income, resulting from an increase in fair value of certain investments. For the three months ended March 31, 2025, Evergy recorded $ 3.6  million of unrealized losses in investment earnings (loss) on its consolidated statements of comprehensive income, resulting from a decrease in fair value of certain investments.
Evergy is in the process of disposing these investments and could experience additional losses or gains on these investments as a result of further changes in their value or upon their ultimate liquidation.
Earnings Per Share
To compute basic earnings per common share (EPS), Evergy divides net income attributable to Evergy, Inc. by the weighted average number of common shares outstanding. Diluted EPS includes the effect of issuable common shares resulting from restricted share units (RSUs), convertible notes and forward sale agreements entered into through Evergy's at-the-market equity offering program (ATM Program). Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock method and the if-converted method, as applicable.

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The following table reconciles Evergy's basic and diluted EPS.

Three Months Ended March 31 2026 2025
Income (millions, except per share amounts)
Net income $ 154.6   $ 128.1  
Less: Net income attributable to noncontrolling interests 3.1   3.1  
Net income attributable to Evergy, Inc. $ 151.5   $ 125.0  
Common Shares Outstanding
Weighted average number of common shares outstanding - basic 230.7   230.4  
Add: effect of dilutive securities 4.9   1.7  
Diluted average number of common shares outstanding 235.6   232.1  
Basic EPS $ 0.66   $ 0.54  
Diluted EPS $ 0.64   $ 0.54  

The effect of dilutive securities for the three months ended March 31, 2026 and 2025, included 4.2  million shares and 1.3  million shares, respectively, resulting from Evergy's convertible notes.
The table below summarizes the anti-dilutive securities excluded from the computation of diluted EPS.

Three Months Ended
March 31
Anti-Dilutive Securities 2026 2025
(shares in millions)

RSUs with performance measures 0.1   —  
RSUs with time-based vesting 0.1   —  

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Supplemental Cash Flow Information

Evergy
Three Months Ended March 31 2026 2025
Cash paid for (received from): (millions)
Interest, net of amount capitalized $ 119.3   $ 97.0  

Income taxes, net of refunds —   4.0  
Right-of-use assets obtained in exchange for new operating lease liabilities 8.8   4.9  
Right-of-use assets obtained in exchange for new finance lease liabilities 7.8   10.4  
Non-cash investing transactions:
Property, plant and equipment additions 210.0   91.0  

Non-cash financing transactions:
Issuance of common stock for reinvested dividends 2.5   —  

Evergy Kansas Central
Three Months Ended March 31 2026 2025
Cash paid for (received from): (millions)
Interest, net of amount capitalized $ 67.4   $ 53.2  

Right-of-use assets obtained in exchange for new operating lease liabilities 6.3   1.7  
Right-of-use assets obtained in exchange for new finance lease liabilities 5.2   4.2  
Non-cash investing transactions:
Property, plant and equipment additions 98.7   51.0  

Evergy Metro
Three Months Ended March 31 2026 2025
Cash paid for (received from): (millions)
Interest, net of amount capitalized $ 22.2   $ 18.8  

Right-of-use assets obtained in exchange for new operating lease liabilities 2.5   3.2  
Right-of-use assets obtained in exchange for new finance lease liabilities 1.9   5.2  
Non-cash investing transactions:
Property, plant and equipment additions 50.9   25.1  

Dividends Declared
In May 2026, Evergy's Board of Directors (Evergy Board) declared a quarterly dividend of $ 0.6950 per share on Evergy's common stock. The common stock dividend is payable June 18, 2026, to shareholders of record as of May 22, 2026.
In May 2026, Evergy Kansas Central's Board of Directors and Evergy Metro's Board of Directors each declared a cash dividend to Evergy of up to $ 50.0 million payable on or before June 17, 2026.
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2. REVENUE
The Evergy Companies ' revenues disaggregated by customer class are summarized in the following tables.

Evergy

Three Months Ended March 31 2026 2025
Revenues (millions)
Residential $ 482.7   $ 509.9  
Commercial 440.1   436.5  
Industrial 160.3   145.0  
Other retail 11.4   10.1  
Total electric retail $ 1,094.5   $ 1,101.5  
Wholesale 107.1   48.6  
Transmission 133.6   134.0  
Other 15.3   10.4  
Total revenue from contracts with customers $ 1,350.5   $ 1,294.5  
Other operating revenues 93.2   80.0  
Operating revenues $ 1,443.7   $ 1,374.5  

Evergy Kansas Central

Three Months Ended March 31 2026 2025
Revenues (millions)
Residential $ 217.3   $ 223.7  
Commercial 188.5   183.6  
Industrial 108.7   96.1  
Other retail 5.8   6.1  
Total electric retail $ 520.3   $ 509.5  
Wholesale 86.6   72.5  
Transmission 124.7   123.2  
Other 6.0   1.8  
Total revenue from contracts with customers $ 737.6   $ 707.0  
Other operating revenues 35.5   2.1  
Operating revenues $ 773.1   $ 709.1  

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Evergy Metro

Three Months Ended March 31 2026 2025
Revenues (millions)
Residential $ 155.4   $ 166.9  
Commercial 169.4   171.7  
Industrial 29.5   28.3  
Other retail 2.8   2.3  
Total electric retail $ 357.1   $ 369.2  
Wholesale 21.9   ( 29.0 )
Transmission 6.3   7.4  
Other 2.7   2.6  
Total revenue from contracts with customers $ 388.0   $ 350.2  
Other operating revenues 57.4   77.5  
Operating revenues $ 445.4   $ 427.7  

Large Load Customers
In the first quarter of 2026, the Evergy Companies signed electric service agreements (ESAs) with multiple large load customers to serve data centers with a projected peak steady state load of approximately 2,500 MWs. The ESAs relate to three new projects and the expansion of two separate projects previously announced. The ESAs’ terms reflect the applicable provisions of the Evergy Companies’ Large Load Power Service (LLPS) rate plans. The service of these large load customers, inclusive of an optional transitional load period not to exceed five years , has commenced or is expected to commence at dates ranging from 2026 to 2028.
Most of the Evergy Companies’ retail contracts are on demand, with customer bills that vary each month based on an approved tariff and usage. Certain retail customers, primarily large load customers with expected load in excess of 75 MWs, have agreements that require a minimum amount of consideration to be paid through the end of a contract term longer than one year. The aggregate amount of the remaining contractual minimum consideration for these large load customer contracts and their remaining terms are detailed in the following table.

March 31, 2026 Remaining Term (a)
Remaining Performance Obligations (b)

(years) (billions)
Evergy 10 to 17 $ 8.7  
Evergy Kansas Central 10 to 16 4.8  
Evergy Metro 17 2.3  

(a) The remaining contractual term begins with the start of service for these customers.
(b) Contractual minimum amounts typically equal 80 % of customers' expected annual capacity demand and exclude potential volume-based charges such as fuel cost recoveries. Amounts disclosed are based on current large load customer rates in effect and do not include any potential changes in these rates in future years as a result of general rate cases.

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3. RECEIVABLES
The Evergy Companies' receivables are detailed in the following table.

March 31 December 31
2026 2025
Evergy (millions)
Customer accounts receivable - billed $ 6.7   $ 10.0  
Customer accounts receivable - unbilled 89.3   108.9  
Other receivables 116.3   110.6  
Allowance for credit losses ( 11.1 ) ( 15.3 )
Total $ 201.2   $ 214.2  
Evergy Kansas Central

Customer accounts receivable - unbilled $ 35.3   $ 42.8  
Other receivables 105.5   101.1  
Allowance for credit losses ( 5.3 ) ( 7.3 )
Total $ 135.5   $ 136.6  
Evergy Metro    

Customer accounts receivable - unbilled $ 20.2   $ 30.0  
Other receivables 19.3   21.6  
Allowance for credit losses ( 3.9 ) ( 5.7 )
Total $ 35.6   $ 45.9  

The Evergy Companies' other receivables as of March 31, 2026, and December 31, 2025, consisted primarily of receivables from partners in jointly-owned electric utility plants, wholesale sales receivables and receivables related to alternative revenue programs.
The Evergy Companies' other receivables also included receivables from contracts with customers as summarized in the following table.

March 31 December 31

2026 2025
(millions)
Evergy $ 56.9   $ 64.2  
Evergy Kansas Central 51.4   59.7  
Evergy Metro 3.5   2.9  

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The change in the Evergy Companies' allowance for credit losses is summarized in the following table.

2026 2025
Evergy (millions)
Beginning balance January 1 $ 15.3   $ 15.7  
Credit loss expense 0.2   0.3  
Write-offs ( 7.5 ) ( 7.7 )
Recoveries of prior write-offs 3.1   2.9  
Ending balance March 31 $ 11.1   $ 11.2  
Evergy Kansas Central
Beginning balance January 1 $ 7.3   $ 7.8  

Write-offs ( 3.3 ) ( 3.6 )
Recoveries of prior write-offs 1.3   1.2  
Ending balance March 31 $ 5.3   $ 5.4  
Evergy Metro
Beginning balance January 1 $ 5.7   $ 5.8  

Write-offs ( 3.0 ) ( 2.8 )
Recoveries of prior write-offs 1.2   1.1  
Ending balance March 31 $ 3.9   $ 4.1  

Sale of Accounts Receivable
Evergy Kansas Central, Evergy Metro and Evergy Missouri West sell an undivided percentage ownership interest in their retail electric accounts receivable to independent outside investors. These sales are accounted for as secured borrowings with accounts receivable pledged as collateral and a corresponding short-term collateralized note payable recognized on the balance sheets.   The following table summarizes the receivable sale facilities, each of which expire in April 2028.

Committed Capacity Additional Conditional Capacity (a)
Current Borrowings

March 31, 2026 (millions)
Evergy Kansas Central $ 185.0   $ 65.0   $ 213.0  
Evergy Metro 130.0   70.0   139.0  
Evergy Missouri West 50.0   65.0   50.0  
Evergy $ 365.0   $ 200.0   $ 402.0  

December 31, 2025
Evergy Kansas Central $ 185.0   $ 65.0   $ 213.0  
Evergy Metro 130.0   70.0   139.0  
Evergy Missouri West 50.0   65.0   50.0  
Evergy $ 365.0   $ 200.0   $ 402.0  

(a) To the extent Evergy Kansas Central, Evergy Metro and Evergy Missouri West have qualifying accounts receivable and subject to the lender's discretion, the cash receivable facilities permit additional borrowing capacity in excess of committed capacity.

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4. RATE MATTERS AND REGULATION
State Corporation Commission of the State of Kansas (KCC) Proceedings
Earnings Review and Sharing
As part of the settlement agreement in Evergy Kansas Central's 2025 KCC rate case, Evergy Kansas Central agreed to participate in an earnings review surveillance report for each calendar year beginning 2025 through the time Evergy Kansas Central files its next general rate case and new base rates become effective as a result of that case. Under this mechanism, Evergy Kansas Central’s jurisdiction is required to refund customers 50 % of annual earnings in excess of a 9.7 % return on equity.
Evergy Kansas Central filed its 2025 earnings calculation with the KCC in March 2026, which reflected no refund obligation. As of March 31, 2026, Evergy Kansas Central estimates its 2026 earnings will not result in a significant refund obligation. The final refund obligations for 2025 and 2026 will be decided by the KCC and could vary from current estimates.
Evergy Kansas Central 2026 Transmission Delivery Charge (TDC)
In March 2026, the KCC issued an order adjusting Evergy Kansas Central's retail prices to include updated transmission costs as reflected in the Federal Energy Regulatory Commission (FERC) transmission formula rate (TFR). The new prices became effective in May 2026 and are expected to increase Evergy Kansas Central's annual retail revenues by $ 16.8  million when compared to 2025.
Evergy Metro 2026 TDC
In March 2026, the KCC issued an order adjusting Evergy Metro's retail prices to include updated transmission costs as reflected in the FERC TFR. The new prices became effective in May 2026 and are expected to decrease Evergy Metro's annual retail revenues by $ 4.3 million when compared to 2025.
Public Service Commission of the State of Missouri (MPSC) Proceedings
Evergy Metro's 2026 Rate Case Proceeding
In February 2026, Evergy Metro filed an application with the MPSC to request an increase to its retail revenues of approximately $ 140  million. Evergy Metro'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. An evidentiary hearing in the case is scheduled to occur in October 2026 and new rates are expected to be effective in January 2027.

FERC Proceedings
Evergy Kansas Central and Evergy Metro TFR Annual Update
In October of each year, Evergy Kansas Central and Evergy Metro post an updated TFR that includes projected transmission capital expenditures and operating costs for the following year. This rate is the most significant component in the retail rate calculation for Evergy Kansas Central's and Evergy Metro's annual request with the KCC to adjust retail prices to include updated transmission costs through the TDC.
The most recently updated TFR is expected to increase Evergy Kansas Central's annual transmission revenues by approximately $ 21.6  million and decrease Evergy Metro's annual transmission revenues by approximately $ 2.4  million, effective in January 2026.
Evergy Kansas Central TFR Formal Complaint
In February 2023, certain Evergy Kansas Central TFR customers submitted a formal complaint with FERC requesting the refund of over-collections related to the capital structure calculation in determining Evergy Kansas Central's Annual Transmission Revenue Requirement for the 2018 and 2019 rate years. As of March 31, 2026, and December 31, 2025, Evergy and Evergy Kansas Central had recorded a regulatory liability of $ 9.8  million and $ 9.7  million, respectively, related to the 2018 and 2019 rate year refund request. Evergy and Evergy Kansas Central are awaiting a response from FERC.
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5. 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.
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 Generating Station's (Wolf Creek) 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.

Evergy

Three Months Ended March 31 2026 2025
Components of net periodic benefit costs (millions)
Pension Benefits
Service cost $ 10.3   $ 11.3  
Interest cost 24.2   23.5  
Expected return on plan assets ( 22.6 ) ( 22.0 )
Prior service cost 0.5   0.5  
Recognized net actuarial gain ( 3.3 ) ( 4.6 )

Net periodic benefit costs before regulatory adjustment and intercompany allocations 9.1   8.7  
Regulatory adjustment 3.9   3.2  

Net periodic benefit costs $ 13.0   $ 11.9  

Post-Retirement Benefits
Service cost $ 0.4   $ 0.4  
Interest cost 2.1   2.5  
Expected return on plan assets ( 2.1 ) ( 2.7 )
Prior service cost —   0.1  
Recognized net actuarial gain ( 0.5 ) ( 1.0 )

Net periodic benefit costs before regulatory adjustment and intercompany allocations ( 0.1 ) ( 0.7 )
Regulatory adjustment ( 0.5 ) ( 0.2 )

Net periodic benefit income $ ( 0.6 ) $ ( 0.9 )

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Evergy Kansas Central

Three Months Ended March 31 2026 2025
Components of net periodic benefit costs (millions)
Pension Benefits
Service cost $ 4.1   $ 4.6  
Interest cost 12.1   11.9  
Expected return on plan assets ( 11.1 ) ( 10.7 )
Prior service cost 0.5   0.5  
Recognized net actuarial (gain) loss 0.3   ( 0.1 )

Net periodic benefit costs before regulatory adjustment and intercompany allocations 5.9   6.2  
Regulatory adjustment ( 2.2 ) ( 2.7 )
Intercompany allocations ( 0.3 ) ( 0.6 )
Net periodic benefit costs $ 3.4   $ 2.9  

Post-Retirement Benefits
Service cost $ 0.2   $ 0.2  
Interest cost 1.1   1.3  
Expected return on plan assets ( 1.1 ) ( 1.4 )
Prior service cost 0.1   0.1  
Recognized net actuarial gain ( 0.3 ) ( 0.5 )

Net periodic benefit costs before regulatory adjustment and intercompany allocations —   ( 0.3 )
Regulatory adjustment ( 0.2 ) —  
Intercompany allocations ( 0.1 ) —  
Net periodic benefit income $ ( 0.3 ) $ ( 0.3 )

Evergy Metro

Three Months Ended March 31 2026 2025
Components of net periodic benefit costs (millions)
Pension Benefits
Service cost $ 6.2   $ 6.7  
Interest cost 11.9   11.4  
Expected return on plan assets ( 11.5 ) ( 11.3 )

Recognized net actuarial gain ( 3.5 ) ( 4.3 )

Net periodic benefit costs before regulatory adjustment and intercompany allocations 3.1   2.5  
Regulatory adjustment 6.0   5.8  
Intercompany allocations ( 0.5 ) 0.1  
Net periodic benefit costs $ 8.6   $ 8.4  

Post-Retirement Benefits
Service cost $ 0.2   $ 0.1  
Interest cost 1.1   1.2  
Expected return on plan assets ( 1.2 ) ( 1.3 )
Prior service cost ( 0.1 ) ( 0.1 )
Recognized net actuarial gain ( 0.2 ) ( 0.4 )

Net periodic benefit costs before regulatory adjustment and intercompany allocations ( 0.2 ) ( 0.5 )
Regulatory adjustment ( 0.3 ) ( 0.1 )
Intercompany allocations 0.2   0.1  
Net periodic benefit income $ ( 0.3 ) $ ( 0.5 )

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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.
For the three months ended March 31, 2026, Evergy, Evergy Kansas Central and Evergy Metro made cash pension contributions of $ 18.7  million, $ 16.0  million and $ 2.7  million, respectively. Evergy expects to make additional cash pension contributions of $ 92.0  million in 2026 to satisfy the Employee Retirement Income Security Act of 1974, as amended (ERISA), funding requirements and KCC and MPSC rate orders, of which $ 60.4  million is expected to be paid by Evergy Kansas Central and $ 31.6  million is expected to be paid by Evergy Metro.
For the three months ended March 31, 2026, Evergy, Evergy Kansas Central and Evergy Metro made post-retirement benefit contributions of $ 0.2  million, $ 0.1  million and $ 0.1  million, respectively. Evergy, Evergy Kansas Central and Evergy Metro expect to make additional contributions in 2026 of $ 0.4  million, $ 0.2  million and $ 0.2  million, respectively, to the post-retirement benefit plans.

6. 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 March 31, 2026, Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West were in compliance with this covenant.
The following table summarizes the committed credit facilities available to the Evergy Companies as of March 31, 2026, and December 31, 2025 (excluding receivable sale facilities discussed in Note 3 and Term Loan Credit Agreements discussed below).

Amounts Drawn
Master Credit Facility Commercial Paper Letters of Credit Cash Borrowings Available Borrowings Capacity Weighted Average Interest Rate on Short-Term Borrowings
March 31, 2026 (millions)
Evergy, Inc. $ 500.0   $ 105.4   $ 0.7   $ —   $ 393.9   3.95 %
Evergy Kansas Central 750.0   372.9   69.1   —   308.0   4.00 %
Evergy Metro 550.0   349.7   1.1   —   199.2   3.94 %
Evergy Missouri West 700.0   632.3   —   —   67.7   4.24 %
Evergy $ 2,500.0   $ 1,460.3   $ 70.9   $ —   $ 968.8  

December 31, 2025
Evergy, Inc. $ 700.0   $ 500.2   $ 0.7   $ —   $ 199.1   3.91 %
Evergy Kansas Central 800.0   321.9   2.0   —   476.1   3.96 %
Evergy Metro 500.0   245.3   1.1   —   253.6   3.85 %
Evergy Missouri West 500.0   326.6   —   —   173.4   4.06 %
Evergy $ 2,500.0   $ 1,394.0   $ 3.8   $ —   $ 1,102.2  

In January 2026, Evergy, Inc. entered into a $ 55.0  million unsecured Term Loan Credit Agreement with an expiration date in January 2027. In February 2026, Evergy, Inc. entered into a $ 500.0  million unsecured Term Loan
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Credit Agreement with an expiration date in February 2027. Evergy's borrowings under the $ 500.0  million unsecured Term Loan Credit Agreement were used for, among other things, the repayment in full of all borrowings under the $ 55.0  million Term Loan Credit Agreement and the partial repurchase of Evergy's convertible notes as further described in Note 7. The weighted average interest rate for borrowings under the $ 500.0  million unsecured Term Loan Credit Agreement as of March 31, 2026, was 4.67 %. The Term Loan Credit Agreement contains customary covenants, including one that sets the ratio of maximum allowed total indebtedness to total capitalization of not greater than 0.65 to 1.00, for Evergy and its subsidiaries on a consolidated basis. As of March 31, 2026, Evergy was in compliance with this covenant.

7. LONG-TERM DEBT
Notes
In March 2026, Evergy, Inc. issued, at a discount, $ 350.0  million of 4.25 % Notes, maturing in 2029. Proceeds were used to pay down commercial paper and for general corporate purposes.
Convertible Notes
In December 2023, Evergy, Inc. issued $ 1.4  billion aggregate principal amount of 4.50 % Convertible Notes (Convertible Notes). The Convertible Notes will mature in December 2027, unless earlier converted or repurchased.
In January and February 2026, Evergy, Inc. repurchased $ 244.1  million aggregate principal amount of the Convertible Notes, under separate, privately negotiated repurchase agreements with certain holders of the Convertible Notes, for $ 309.5  million, including fees and excluding accrued and unpaid interest. The repurchases were funded by Term Loan Credit Agreements executed in January and February 2026, see Note 6 for additional information on the Term Loan Credit Agreements. The repurchases were accounted for as an induced conversion of debt. Evergy recognized a loss of $ 10.3  million in interest expense on Evergy's consolidated statement of comprehensive income for the three months ended March 31, 2026, which included a $ 1.8  million inducement loss, a $ 7.6  million loss on the settlement of an embedded forward contract and $ 0.9  million in fees. As of March 31, 2026, Evergy also recognized a $ 56.9  million reduction of shareholders’ equity on its consolidated balance sheet to account for the settlement of the equity-related conversion obligation under the December 2023 Convertible Notes agreement, which included $ 1.8  million of unamortized debt issuance costs. After these January and February 2026 repurchases, $ 1,155.9  million aggregate principal amount of Convertible Notes remain outstanding as of March 31, 2026.
The closing price of Evergy's common stock exceeded 130 % of the Convertible Notes' conversion price for at least 20 trading days during the 30 consecutive trading-day period ending on, and including, the last trading day of the first quarter of 2026. As a result, as of April 1, 2026, the conversion condition was met, and the outstanding Convertible Notes are convertible at the option of the holders through June 2026. If this conversion condition is not met in future periods, the Convertible Notes will not be convertible under this condition until the condition is met again.
Delayed Draw Term Loan
In May 2026, Evergy, Inc. entered into a Delayed Draw Term Loan Agreement in which lenders have committed to provide term loans in an aggregate principal amount of up to $ 1.0  billion, maturing in November 2027. If not fully utilized, the term loan commitments expire in August 2026. Evergy has not made any borrowings under the Delayed Draw Term Loan Agreement.
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8. DERIVATIVE INSTRUMENTS
Commodity Price Risk
The Evergy Companies engage in the wholesale and retail sale of electricity as part of their regulated electric operations. 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.
Interest Rate Risk
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. From time to time, this may include entering into interest rate swap agreements to mitigate exposure to interest rate fluctuations associated with forecasted debt transactions.
Trading
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.
Accounting for Derivative Instruments
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 as (i) economic hedges or trading contracts (non-hedging derivatives) or (ii) cash flow hedges, which are recorded as assets or liabilities on the consolidated balance sheets at fair value. See Note 9 for additional information on the Evergy Companies' methods for assessing the fair value of derivative instruments.
Changes in the fair value of derivative instruments designated as economic hedges (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.
Changes in the fair value of derivative instruments designated as trading contracts (non-hedging derivatives) are recorded in operating revenues on the Evergy Companies' statements of income and comprehensive income.
Changes in the fair value of interest rate swaps designated as cash flow hedges are initially recorded in other comprehensive income (OCI). These amounts are subsequently reclassified into earnings as an adjustment to interest expense over the same period that the hedged interest payments affect earnings. The Evergy Companies classify cash flows from derivative instruments accounted for as a cash flow hedge in the same category as the cash flows from the items being hedged.
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 non-hedging derivative instruments is summarized in the following table.

March 31 December 31
Non-hedging derivatives Notional volume unit of measure 2026 2025
Evergy (millions)
Commodity contracts
Power MWhs 38.9   63.0  
Natural gas MMBtu 83.5   54.6  
Evergy Kansas Central
Commodity contracts
Power MWhs 29.4   41.0  
Natural gas MMBtu 83.5   54.6  
Evergy Metro
Commodity contracts
Power MWhs 7.2   16.5  

The fair values of Evergy's open non-hedging 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.

March 31 December 31
Evergy 2026 2025
Non-hedging derivatives Balance sheet location
Commodity contracts (millions)
Power Other assets - current $ 44.4   $ 40.8  
Other assets - long-term 33.4   35.1  
Natural gas Other assets - current 7.4   6.4  

Total derivative assets $ 85.2   $ 82.3  
Commodity contracts
Power Other liabilities - current $ 35.7   $ 30.8  
Other liabilities - long-term 35.0   37.0  
Natural gas Other liabilities - current 7.7   6.7  
Other liabilities - long-term 0.1   0.1  
Total derivative liabilities $ 78.5   $ 74.6  

March 31 December 31
Evergy Kansas Central 2026 2025
Non-hedging derivatives Balance sheet location
Commodity contracts (millions)
Power Other assets - current $ 38.3   $ 33.4  
Other assets - long-term 33.4   35.1  
Natural gas Other assets - current 7.4   6.4  

Total derivative assets $ 79.1   $ 74.9  
Commodity contracts
Power Other liabilities - current $ 33.5   $ 27.9  
Other liabilities - long-term 35.0   37.0  
Natural gas Other liabilities - current 7.7   6.7  
Other liabilities - long-term 0.1   0.1  
Total derivative liabilities $ 76.3   $ 71.7  

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March 31 December 31
Evergy Metro 2026 2025
Non-hedging derivatives Balance sheet location
Commodity contracts (millions)
Power Other assets - current $ 5.1   $ 6.6  

Total derivative assets $ 5.1   $ 6.6  
Commodity contracts
Power Other liabilities - current $ 1.6   $ 2.3  

Total derivative liabilities $ 1.6   $ 2.3  

The following tables present the line items on the Evergy Companies' consolidated balance sheets where non-hedging 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.

March 31, 2026 Evergy Evergy Kansas Central Evergy Metro
Non-hedging derivatives (millions)
Derivative Assets
Current
Gross amounts recognized $ 51.8   $ 45.7   $ 5.1  
Gross amounts offset ( 29.9 ) ( 27.7 ) ( 1.6 )
Net amounts presented in other assets - current $ 21.9   $ 18.0   $ 3.5  
Long-Term
Gross amounts recognized $ 33.4   $ 33.4   $ —  
Gross amounts offset ( 8.7 ) ( 8.7 ) —  
Net amounts presented in other assets - long-term $ 24.7   $ 24.7   $ —  
Derivative Liabilities
Current
Gross amounts recognized $ 43.4   $ 41.2   $ 1.6  
Gross amounts offset ( 29.7 ) ( 27.5 ) ( 1.6 )
Net amounts presented in other liabilities - current $ 13.7   $ 13.7   $ —  
Long-Term
Gross amounts recognized $ 35.1   $ 35.1   $ —  
Gross amounts offset ( 10.1 ) ( 10.1 ) —  
Net amounts presented in other liabilities - long-term $ 25.0   $ 25.0   $ —  

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December 31, 2025 Evergy Evergy Kansas Central Evergy Metro

Non-hedging derivatives (millions)
Derivative Assets
Current
Gross amounts recognized $ 47.2   $ 39.8   $ 6.6  
Gross amounts offset ( 29.9 ) ( 27.0 ) ( 2.3 )
Net amounts presented in other assets - current $ 17.3   $ 12.8   $ 4.3  
Long-Term
Gross amounts recognized $ 35.1   $ 35.1   $ —  
Gross amounts offset ( 8.0 ) ( 8.0 ) —  
Net amounts presented in other assets - long-term $ 27.1   $ 27.1   $ —  
Derivative Liabilities
Current
Gross amounts recognized $ 37.5   $ 34.6   $ 2.3  
Gross amounts offset ( 29.3 ) ( 26.4 ) ( 2.3 )
Net amounts presented in other liabilities - current $ 8.2   $ 8.2   $ —  
Long-Term
Gross amounts recognized $ 37.1   $ 37.1   $ —  
Gross amounts offset ( 7.5 ) ( 7.5 ) —  
Net amounts presented in other liabilities - long-term $ 29.6   $ 29.6   $ —  

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

Three Months Ended March 31 2026 2025
Non-hedging derivatives - Location of gain Contract type
Evergy (millions)
Operating revenues Commodity $ 22.8   $ 5.7  
Total $ 22.8   $ 5.7  
Evergy Kansas Central
Operating revenues Commodity $ 22.8   $ 5.7  
Total $ 22.8   $ 5.7  

The following table summarizes the gross notional contract amount by type for hedging derivative instruments.

Hedging derivatives - Cash flow hedge Notional volume unit of measure March 31 December 31

2026 2025
Evergy (millions)
Interest rate swaps USD $ 100.0   $ 100.0  

The fair value of Evergy's open hedging derivative positions and balance sheet classifications are summarized in the following table. The fair values represent both the gross and net impact of netting agreements and the netting of cash collateral.

Hedging derivatives - Cash flow hedge Balance sheet location March 31 December 31

2026 2025
Interest rate swaps (millions)

Other assets - long-term $ 0.6   $ 0.6  
Total derivative assets $ 0.6   $ 0.6  

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