10-Q – 2026-05-07 – evrg-20260331.htm

Credit risk of the Evergy Companies' derivative instruments relates to the potential adverse financial impact resulting from non-performance by a counterparty of its contractual obligations. The Evergy Companies maintain credit policies and employ credit risk mitigation, such as collateral requirements or letters of credit, when necessary to minimize their overall credit risk and monitor exposure. Substantially all of the Evergy Companies' counterparty credit risk associated with derivative instruments relates to Evergy Kansas Central's non-regulated energy marketing activities. As of March 31, 2026, if counterparty groups completely failed to perform on contracts, Evergy's and Evergy Kansas Central's maximum exposure related to derivative assets was $ 31.4  million. As of March 31, 2026, the potential loss after the consideration of applicable master netting arrangements and collateral received for Evergy and Evergy Kansas Central was $ 24.8  million.
Certain of the Evergy Companies' derivative instruments contain collateral provisions that are tied to the Evergy Companies' credit ratings and may require the posting of collateral for various reasons, including if the Evergy Companies' credit ratings were to fall below investment grade. Substantially all of these derivative instruments relate to Evergy Kansas Central's non-regulated energy marketing activities. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position as of March 31, 2026, was $ 33.4  million for which Evergy and Evergy Kansas Central have posted $ 5.1  million collateral in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered as of March 31, 2026, Evergy and Evergy Kansas Central could be required to post an additional $ 27.3  million of collateral to their counterparties.
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9. FAIR VALUE MEASUREMENTS
Values of Financial Instruments
GAAP establishes a hierarchical framework for disclosing the transparency of the inputs utilized in measuring assets and liabilities at fair value. Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of assets and liabilities within the fair value hierarchy levels. In addition, the Evergy Companies measure certain investments that do not have a readily determinable fair value at net asset value (NAV), which are not included in the fair value hierarchy. Further explanation of these levels and NAV is summarized below.
Level 1 – Quoted prices are available in active markets for identical assets or liabilities. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on public exchanges or exchange-traded derivative instruments.
Level 2 –  Pricing inputs are not quoted prices in active markets but are either directly or indirectly observable. The types of assets and liabilities included in Level 2 are certain marketable debt securities, financial instruments traded in less than active markets, non-exchange traded derivative instruments with observable forward curves and options contracts.
Level 3 – Significant inputs to pricing have little or no transparency. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation. The types of assets and liabilities included in Level 3 are non-exchange traded derivative instruments for which observable market data is not available to corroborate the valuation inputs and transmission congestion rights (TCRs) in the SPP Integrated Marketplace.
NAV - Investments that do not have a readily determinable fair value are measured at NAV. These investments do not consider the observability of inputs and, therefore, they are not included within the fair value hierarchy. The Evergy Companies include in this category investments in private equity, real estate and alternative investment funds that do not have a readily determinable fair value. The underlying alternative investments include collateralized debt obligations, mezzanine debt and a variety of other investments.
The Evergy Companies record cash and cash equivalents, accounts receivable and short-term borrowings on their consolidated balance sheets at cost, which approximates fair value due to the short-term nature of these instruments.
Fair Value of Long-Term Debt
The Evergy Companies measure the fair value of long-term debt using Level 2 measurements available as of the measurement date. The book value and fair value of the Evergy Companies' long-term debt are summarized in the following table.

March 31, 2026 December 31, 2025
Book Value Fair Value Book Value Fair Value
Long-term debt (a)
(millions)
Evergy (b)
$ 13,514.0   $ 12,728.2   $ 13,406.2   $ 13,018.9  
Evergy Kansas Central 5,233.8   4,754.8   5,233.1   4,812.1  
Evergy Metro 3,272.0   3,073.4   3,271.4   3,122.7  

(a) Includes current maturities.
(b) Book value as of March 31, 2026, and December 31, 2025, includes $ 75.0 million and $ 76.1 million, respectively, of fair value adjustments recorded in connection with purchase accounting for the merger that created Evergy, which are not part of future principal payments and will amortize over the remaining life of the associated debt instrument.
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Recurring Fair Value Measurements
The following tables include balances of financial assets and liabilities measured at fair value on a recurring basis.

Description March 31, 2026 Netting Level 1 Level 2 Level 3 NAV
Evergy Kansas Central (millions)
Assets

Nuclear decommissioning trust (a)

Domestic equity funds $ 155.2   $ —  $ 147.0   $ —   $ —   $ 8.2  
International equity funds 95.6   —  95.6   —   —   —  
Core bond fund 71.9   —  71.9   —   —   —  
High-yield bond fund 23.8   —  23.8   —   —   —  
Emerging markets bond fund 23.8   —  23.8   —   —   —  
Combination debt/equity/other fund 26.0   —  26.0   —   —   —  
Alternative investments fund 47.2   —  —   —   —   47.2  
Real estate securities fund 17.0   —  —   —   —   17.0  
Cash equivalents 0.5   —  0.5   —   —   —  

Total nuclear decommissioning trust 461.0   —  388.6   —   —   72.4  
Rabbi trust
Fixed income funds 12.8   —  12.8   —   —   —  
Equity funds 7.0   —  7.0   —   —   —  
Combination debt/equity/other fund 1.8   —  1.8   —   —   —  
Cash equivalents 0.2   —  0.2   —   —   —  
Total rabbi trust 21.8   —  21.8   —   —   —  
Derivative instruments - commodity contracts (b)

Power 41.5   ( 30.2 ) 37.0   31.4   3.3   —  
Natural gas 1.2   ( 6.2 ) 7.4   —   —   —  
Total derivative assets 42.7   ( 36.4 ) 44.4   31.4   3.3   —  
Total assets 525.5   ( 36.4 ) 454.8   31.4   3.3   72.4  
Liabilities
Derivative instruments - commodity contracts (b)

Power 37.1   ( 31.4 ) 29.0   37.8   1.7   —  
Natural gas 1.6   ( 6.2 ) 7.8   —   —   —  
Total derivative liabilities 38.7   ( 37.6 ) 36.8   37.8   1.7   —  
Total liabilities $ 38.7   $ ( 37.6 ) $ 36.8   $ 37.8   $ 1.7   $ —  
Evergy Metro
Assets        
Nuclear decommissioning trust (a)
       
Equity securities $ 419.4   $ —  $ 419.4   $ —   $ —   $ —  
Debt securities
U.S. Treasury 54.6   —  54.6   —   —   —  
U.S. Agency 0.1   —  —   0.1   —   —  
State and local obligations 2.1   —  —   2.1   —   —  
Corporate bonds 55.1   —  —   55.1   —   —  

Cash equivalents 3.0   —  3.0   —   —   —  

Total nuclear decommissioning trust 534.3   —  477.0   57.3   —   —  
Self-insured health plan trust (c)

Equity securities 2.6   —  2.6   —   —   —  
Debt securities 15.5   —  3.7   11.8   —   —  
Cash and cash equivalents 0.1   —  0.1   —   —   —  
Total self-insured health plan trust 18.2   —  6.4   11.8   —   —  
Derivative instruments - commodity contracts (b)

Power 3.5   ( 1.6 ) —   —   5.1   —  

Total derivative assets 3.5   ( 1.6 ) —   —   5.1   —  
Total assets 556.0   ( 1.6 ) 483.4   69.1   5.1   —  
Liabilities
Derivative instruments - commodity contracts (b)

Power —   ( 1.6 ) —   —   1.6   —  

Total derivative liabilities —   ( 1.6 ) —   —   1.6   —  
Total liabilities $ —   $ ( 1.6 ) $ —   $ —   $ 1.6   $ —  

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Description March 31, 2026 Netting Level 1 Level 2 Level 3 NAV
Other Evergy (millions)
Assets

Rabbi trusts
Core bond fund $ 7.5   $ —  $ 7.5   $ —   $ —   $ —  

Total rabbi trusts 7.5   —  7.5   —   —   —  
Derivative instruments - commodity contracts (b)

Power 0.4   ( 0.6 ) —   —   1.0   —  

Derivative instruments - interest rate swaps (b)
0.6   —   —   0.6   —   —  
Total derivative assets 1.0   ( 0.6 ) —   0.6   1.0   —  
Total assets 8.5   ( 0.6 ) 7.5   0.6   1.0   —  
Liabilities
Derivative instruments - commodity contracts (b)

Power —   ( 0.6 ) —   —   0.6   —  

Total derivative liabilities —   ( 0.6 ) —   —   0.6   —  
Total liabilities $ —   $ ( 0.6 ) $ —   $ —   $ 0.6   $ —  
Evergy        
Assets        
Nuclear decommissioning trust (a)
$ 995.3   $ —  $ 865.6   $ 57.3   $ —   $ 72.4  
Rabbi trusts 29.3   —  29.3   —   —   —  
Self-insured health plan trust (c)
18.2   —  6.4   11.8   —   —  

Derivative instruments - commodity contracts (b)

Power 45.4   ( 32.4 ) 37.0   31.4   9.4   —  
Natural gas 1.2   ( 6.2 ) 7.4   —   —   —  
Derivative instruments - interest rate swaps (b)
0.6   —   —   0.6   —   —  
Total derivative assets 47.2   ( 38.6 ) 44.4   32.0   9.4   —  
Total assets 1,090.0   ( 38.6 ) 945.7   101.1   9.4   72.4  
Liabilities
Derivative instruments - commodity contracts (b)

Power 37.1   ( 33.6 ) 29.0   37.8   3.9   —  
Natural gas 1.6   ( 6.2 ) 7.8   —   —   —  

Total derivative liabilities 38.7   ( 39.8 ) 36.8   37.8   3.9   —  
Total liabilities $ 38.7   $ ( 39.8 ) $ 36.8   $ 37.8   $ 3.9   $ —  

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Description December 31, 2025 Netting Level 1 Level 2 Level 3 NAV
Evergy Kansas Central (millions)
Assets
Nuclear decommissioning trust (a)

Domestic equity funds $ 159.8   $ —  $ 151.5   $ —   $ —   $ 8.3  
International equity funds 95.9   —  95.9   —   —   —  
Core bond fund 71.5   —  71.5   —   —   —  
High-yield bond fund 23.9   —  23.9   —   —   —  
Emerging markets bond fund 23.9   —  23.9   —   —   —  
Combination debt/equity/other fund 23.8   —  23.8   —   —   —  
Alternative investments fund 49.6   —  —   —   —   49.6  
Real estate securities fund 16.8   —  —   —   —   16.8  
Cash equivalents 0.8   —  0.8   —   —   —  
Total nuclear decommissioning trust 466.0   —  391.3   —   —   74.7  
Rabbi trust
Fixed income funds 13.7   —  13.7   —   —   —  
Equity funds 7.8   —  7.8   —   —   —  
Combination debt/equity/other fund 1.8   —  1.8   —   —   —  
Cash equivalents 0.2   —  0.2   —   —   —  
Total rabbi trust 23.5   —  23.5   —   —   —  
Derivative instruments - commodity contracts (b)

Power 38.7   ( 29.8 ) 30.1   36.3   2.1   —  
Natural gas 1.2   ( 5.2 ) 6.4   —   —   —  
Total derivative assets 39.9   ( 35.0 ) 36.5   36.3   2.1   —  
Total assets 529.4   ( 35.0 ) 451.3   36.3   2.1   74.7  
Liabilities
Derivative instruments - commodity contracts (b)

Power 36.2   ( 28.7 ) 23.5   39.1   2.3   —  
Natural gas 1.6   ( 5.2 ) 6.8   —   —   —  
Total derivative liabilities 37.8   ( 33.9 ) 30.3   39.1   2.3   —  
Total liabilities $ 37.8   $ ( 33.9 ) $ 30.3   $ 39.1   $ 2.3   $ —  
Evergy Metro
Assets        
Nuclear decommissioning trust (a)
     
Equity securities $ 436.8   $ —  $ 436.8   $ —   $ —   $ —  
Debt securities          
U.S. Treasury 56.8   —  56.8   —   —   —  
U.S. Agency 0.1   —  —   0.1   —   —  
State and local obligations 2.1   —  —   2.1   —   —  
Corporate bonds 51.5   —  —   51.5   —   —  

Cash equivalents 3.5   —  3.5   —   —   —  

Total nuclear decommissioning trust 550.8   —  497.1   53.7   —   —  
Self-insured health plan trust (c)

Equity securities 2.7   —  2.7   —   —   —  
Debt securities 15.3   —  3.8   11.5   —   —  
Cash and cash equivalents 2.5   —  2.5   —   —   —  
Total self-insured health plan trust 20.5   —  9.0   11.5   —   —  
Derivative instruments - commodity contracts (b)

Power 4.3   ( 2.3 ) —   —   6.6   —  

Total derivative assets 4.3   ( 2.3 ) —   —   6.6   —  
Total assets 575.6   ( 2.3 ) 506.1   65.2   6.6   —  
Liabilities
Derivative instruments - commodity contracts (b)

Power —   ( 2.3 ) —   —   2.3   —  

Total derivative liabilities —   ( 2.3 ) —   —   2.3   —  
Total liabilities $ —   $ ( 2.3 ) $ —   $ —   $ 2.3   $ —  

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Description December 31, 2025 Netting Level 1 Level 2 Level 3 NAV
Other Evergy (millions)
Assets

Rabbi trusts
Core bond fund $ 7.7   $ —  $ 7.7   $ —   $ —   $ —  
Total rabbi trusts 7.7   —  7.7   —   —   —  
Derivative instruments - commodity contracts (b)

Power 0.2   ( 0.6 ) —   —   0.8   —  

Derivative instruments - interest rate swaps (b)
0.6   —   —   0.6   —   —  
Total derivative assets 0.8   ( 0.6 ) —   0.6   0.8   —  
Total assets 8.5   ( 0.6 ) 7.7   0.6   0.8   —  
Liabilities
Derivative instruments - commodity contracts (b)

Power —   ( 0.6 ) —   —   0.6   —  

Total derivative liabilities —   ( 0.6 ) —   —   0.6   —  
Total liabilities $ —   $ ( 0.6 ) $ —   $ —   $ 0.6   $ —  
Evergy        
Assets        
Nuclear decommissioning trust (a)
$ 1,016.8   $ —  $ 888.4   $ 53.7   $ —   $ 74.7  
Rabbi trusts 31.2   —  31.2   —   —   —  
Self-insured health plan trust (c)
20.5   —  9.0   11.5   —   —  

Derivative instruments - commodity contracts (b)

Power 43.2   ( 32.7 ) 30.1   36.3   9.5   —  
Natural gas 1.2   ( 5.2 ) 6.4   —   —   —  
Derivative instruments - interest rate swaps (b)
0.6   —   —   0.6   —   —  
Total derivative assets 45.0   ( 37.9 ) 36.5   36.9   9.5   —  
Total assets 1,113.5   ( 37.9 ) 965.1   102.1   9.5   74.7  
Liabilities
Derivative instruments - commodity contracts (b)

Power 36.2   ( 31.6 ) 23.5   39.1   5.2   —  
Natural gas 1.6   ( 5.2 ) 6.8   —   —   —  
Total derivative liabilities 37.8   ( 36.8 ) 30.3   39.1   5.2   —  
Total liabilities $ 37.8   $ ( 36.8 ) $ 30.3   $ 39.1   $ 5.2   $ —  

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

March 31, 2026 December 31, 2025 March 31, 2026
Fair Unfunded Fair Unfunded Redemption Length of
Value Commitments Value Commitments Frequency Settlement
Evergy Kansas Central (millions)
Nuclear decommissioning trust:
Domestic equity funds $ 8.2   $ 1.3   $ 8.3   $ 1.3   (a) (a)
Alternative investments fund (b)
47.2   —   49.6   —   Quarterly 65 days

Real estate securities fund (b)
17.0   —   16.8   —   Quarterly 65 days

Total Evergy investments at NAV $ 72.4   $ 1.3   $ 74.7   $ 1.3  

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

Three Months Ended March 31 2026 2025
Evergy (millions)
Nuclear decommissioning trust - equity securities $ ( 24.1 ) $ ( 19.3 )
Nuclear decommissioning trust - debt securities ( 1.3 ) 1.5  
Rabbi trusts - equity securities ( 0.1 ) 0.7  
Total $ ( 25.5 ) $ ( 17.1 )
Evergy Kansas Central
Nuclear decommissioning trust - equity securities $ ( 7.5 ) $ 0.9  
Rabbi trust - equity securities —   0.6  
Total $ ( 7.5 ) $ 1.5  
Evergy Metro
Nuclear decommissioning trust - equity securities $ ( 16.6 ) $ ( 20.2 )
Nuclear decommissioning trust - debt securities ( 1.3 ) 1.5  
Total $ ( 17.9 ) $ ( 18.7 )

10. COMMITMENTS AND CONTINGENCIES
Environmental Matters
Set forth below are descriptions of contingencies related to environmental matters that may impact the Evergy Companies' operations or their financial results. Management's assessment of these contingencies, which are based on federal and state statutes and regulations, and regulatory agency and judicial interpretations and actions, has evolved over time. These laws, regulations, interpretations and actions can also change, restrict or otherwise impact the Evergy Companies' operations or financial results. The failure to comply with these laws, regulations, interpretations and actions could result in the assessment of administrative, civil and criminal penalties and the
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imposition of remedial requirements. The Evergy Companies believe that all their operations are in substantial compliance with current federal, state and local environmental standards. There are a variety of final and proposed regulations that could have a material adverse effect on the Evergy Companies' operations and consolidated financial results. Due in part to the complex nature of environmental laws and regulations, the Evergy Companies are unable to assess the impact of potential changes that may develop with respect to the environmental contingencies described below.
Ozone Interstate Transport State and Federal Implementation Plans
In 2015, the Environmental Protection Agency (EPA) lowered the Ozone National Ambient Air Quality Standards (NAAQS) and in 2018 required states to submit Interstate Transport State Implementation Plans (ITSIPs) to comply with the "Good Neighbor Provision" of the Clean Air Act (CAA). Several states, including Missouri, Kansas and Oklahoma submitted ITSIPs. The EPA disapproved ITSIPs for multiple states, including Missouri and Oklahoma, while initially approving the Kansas ITSIP. Disapproval of ITSIPs provides the EPA with authority to implement an Interstate Transport Federal Implementation Plan (ITFIP) to replace them. In April 2022, the EPA published in the Federal Register the proposed ITFIP to resolve outstanding "Good Neighbor" obligations for several states, including Missouri and Oklahoma. In March 2023, the EPA issued a final ITFIP for multiple states, including Missouri and Oklahoma, which imposed reduced ozone season nitrogen oxide (NOx) budgets for Electric Generating Units (EGUs) and imposed more stringent ozone season NOx emission limits. In April 2023, Missouri and Oklahoma challenged the EPA's ITSIP disapprovals and federal appellate courts subsequently stayed the disapprovals for both states. Due to judicial stays of the EPA's ITSIP disapprovals, the statutory conditions required to impose an ITFIP were not satisfied at that time. As a result, Missouri and Oklahoma continue to operate under the existing Cross-State Air Pollution Rule (CSAPR).
In January 2024, the EPA proposed to disapprove the previously approved ITSIPs for several states, including Kansas, which would cause Kansas to be subject to the ITFIP; however, final action has not taken place on this rulemaking. In June 2024, the U.S. Supreme Court issued an order granting emergency motions for stay of the final ITFIP pending further review of the ITFIP by the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit). In March 2025, the EPA announced plans to end the Good Neighbor Rule for the 2015 Ozone NAAQS. In April 2025, the D.C. Circuit granted an EPA request to hold all challenges to the ITFIP in indefinite abeyance.
In January 2026, the EPA published in the Federal Register a proposed "Phase 1" reconsideration rule addressing interstate transport requirements for the 2015 NAAQS for Ozone for ten states, including Kansas. The EPA indicated they intend to address additional states, including Missouri, in a separate action. The Phase 1 proposal would withdraw the EPA's proposed disapproval of the ITSIP submissions for five states, including Kansas. As a result, Kansas would no longer be subject to the ITFIP if this rule is finalized. Until this and future proposals and associated litigation are finalized, the full impact on the Evergy Companies' operations cannot be determined and the cost to comply could be material.
Particulate Matter National Ambient Air Quality Standards
In March 2024, the EPA published in the Federal Register the final rule which strengthens the primary annual PM 2.5 (particulate matter less than 2.5 microns in diameter) NAAQS by lowering the primary annual PM 2.5 NAAQS from 12.0 μg/m 3 (micrograms per cubic meter) to 9.0 μg/m 3 . The final rule took effect in May 2024. In March 2025, the EPA announced its plans to reconsider the 2024 PM 2.5 NAAQS. In November 2025, the EPA filed a motion requesting that the D.C. Circuit vacate the 2024 PM 2.5 NAAQS, asserting that the prior presidential administration's EPA failed to consider costs during its revision process and therefore did not conduct a thorough review, as required. Due to the uncertainty of the attainment status of portions of the Evergy Companies' service territory and potential reconsideration or court vacatur of the NAAQS, the Evergy Companies are unable to accurately assess the impacts on their operations or consolidated financial results, but the cost to potentially comply with the 2024 PM 2.5 NAAQS could be material.
Regional Haze Rule
In 1999, the EPA finalized the Regional Haze Rule which requires states, in coordination with the EPA and other parties, to develop and implement air quality protection plans to reduce the pollution that causes visibility impairment in "Class I" national parks and wilderness areas. There are 156 Class I areas across the U.S. that must
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be restored to pristine conditions by the year 2064. Kansas has no Class I areas, while Missouri has two: the Hercules-Glades Wilderness Area and the Mingo Wilderness Area. States are required to submit revisions to their State Implementation Plans (SIPs) every ten years and the first round was due in 2007.
The Missouri Department of Natural Resources (MDNR) failed to submit a Missouri SIP revision to the EPA by the EPA's revised submittal deadline in August 2022 resulting in a "finding of failure". This finding of failure established a two-year deadline for the EPA to issue a Regional Haze Federal Implementation Plan (FIP) unless a revised SIP is approved. In July 2024, the EPA published in the Federal Register a proposal to partially approve and partially disapprove Missouri's Regional Haze SIP revision.
In August 2024, the EPA issued final disapproval of the Kansas Department of Health and Environment's (KDHE) July 2021 SIP revision for failing to conduct certain required analyses. In January 2026, the KDHE submitted a supplemental SIP revision to the EPA addressing those deficiencies, including analyses of Evergy's La Cygne Station, and determined no additional requirements should be necessary for any Kansas emission source.
In March 2025, the EPA announced plans to restructure the Regional Haze Program and in October 2025, the EPA published a Notice of Proposed Advanced Rulemaking requesting comments to assist in the development of regulatory changes to the current Regional Haze Program. In December 2025, the EPA issued a final rule extending the SIP revision deadline for the third ten-year implementation period from July 2028 to July 2031. Due to uncertainty regarding the status of the Regional Haze Program and when or if a Kansas or Missouri SIP or FIP is finalized, the overall costs of implementing the rules could be material to the Evergy Companies.
Greenhouse Gases
Burning fossil fuels releases carbon dioxide (CO 2 ) and other greenhouse gases (GHG). Various regulations under the CAA limit CO 2 and other GHG emissions. In 2015, the EPA established new GHG emission standards for fossil-fuel fired EGUs under the CAA. In April 2024, the EPA finalized new GHG emission guidelines that set CO 2 emission limitations for new and existing fossil-fuel EGUs. In June 2025, the EPA published a proposed rule to repeal both the 2015 GHG emission standards and the April 2024 GHG emission standards. In the same June 2025 proposed rule, the EPA included an alternative proposal to repeal the most burdensome requirements of the 2024 rule including the elimination of carbon capture and sequestration (CCS). In February 2026, the EPA issued a final rule rescinding the 2009 GHG Endangerment Finding (Endangerment Finding). The Endangerment Finding applies to GHG emissions from new motor vehicles and also provides justification for declaring GHG emissions as a threat to public health and welfare, thereby establishing the basis for regulating GHG emission under the CAA. The rescission of the Endangerment Finding may be used in future rulemaking by the EPA to justify discontinuing the regulation of GHG emissions from the power sector. Due to uncertainty regarding when each of these proposed rules will be finalized, and the ongoing potential for judicial review, the Evergy Companies are unable to accurately assess the impacts on their operations or consolidated financial results, but the cost to comply could be material.
Regulation of Coal Combustion Residuals (CCRs)
In the course of operating their coal generation plants, the Evergy Companies produce CCRs, including fly ash, gypsum and bottom ash. The EPA published a rule to regulate CCRs in April 2015 that requires additional CCR handling, processing and storage equipment and closure of certain ash disposal units. In April 2024, the EPA finalized an expansion to the CCR regulations focused on legacy surface impoundments and historic placements of CCR. This regulation expands applicability of the 2015 CCR regulation to inactive landfills and beneficial use sites not previously regulated. Litigation could impact the timing or cost to comply. In March 2025, the EPA announced its plans to update the regulations that apply to CCRs, and in January 2026, finalized a rulemaking extending deadlines for compliance with various aspects of the CCR legacy rule. In April 2026, the EPA released a second proposed update to the CCR regulations which requests comment on a number of modifications, including, rescinding the CCR management unit requirements, providing a site-specific approach to CCR unit closure and groundwater monitoring and clarifying the allowed uses of CCR in beneficial uses. It is expected that the EPA will finalize this regulation in late 2026. The Evergy Companies are reviewing this proposal and cannot predict the contents of the final rulemaking.
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The Evergy Companies have recorded asset retirement obligations (AROs) for their current estimates for the closure of ash disposal ponds, landfills and other historical placements of CCR. The revision of these AROs may be required in the future due to information collected in the CCR legacy rule regulation's Facility Evaluation Reports (FERs), changes in existing CCR regulations, the results of groundwater monitoring of CCR units, changes in interpretation of existing CCR regulations or changes in the timing or cost to close ash disposal ponds and landfills. The revision of AROs for regulated operations has no income statement impact due to the deferral of the adjustments through a regulatory asset. If revisions to these AROs are necessary, the impact on the Evergy Companies' operations or consolidated financial results could be material.
Montrose Station CCRs
In 2025, three lawsuits, including one seeking class certification, were filed in the Circuit Court of Henry County, Missouri against Evergy Metro and two other defendants alleging unspecified damages resulting from the defendants' alleged unlawful and negligent spreading of CCRs associated with the Montrose Station coal ash landfill. Montrose Station was a coal-fired generating facility which was operated by Evergy Metro until its closure in 2018. The cases are at preliminary stages and Evergy and Evergy Metro are unable to assess the outcome or reasonably estimate any possible damages with respect to the claims. However, Evergy and Evergy Metro believe the claims are without merit and intend to vigorously defend themselves.
Nuclear Antitrust Class Action
In July 2025, a class action complaint was filed in the U.S. District Court for the District of Maryland alleging violations of the Sherman Antitrust Act in establishing wages for employees at nuclear facilities since 2003. The complaint names 28 defendants, including all 26 owner operators of nuclear facilities in the United States, or affiliated entities, including Wolf Creek Nuclear Operating Corporation, which operates Wolf Creek, a nuclear facility in Kansas. Evergy indirectly owns 94 % of Wolf Creek, with Evergy Kansas Central and Evergy Metro each owning 47 % of the nuclear facility. This case is at a preliminary stage and the Evergy Companies are unable to assess the outcome or reasonably estimate any possible damages with respect to the claims.

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

Three Months Ended March 31 2026 2025
(millions)
Evergy Kansas Central billings to Evergy Missouri West $ 79.9   $ 7.7  
Evergy Metro billings to Evergy Missouri West 24.3   25.8  
Evergy Kansas Central billings to Evergy Metro 12.3   13.0  
Evergy Metro billings to Evergy Kansas Central 32.2   32.9  

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

March 31 December 31
2026 2025
Evergy Kansas Central (millions)
Net payable to Evergy $ ( 12.5 ) $ ( 13.3 )
Net receivable from (payable to) Evergy Metro ( 26.8 ) 10.6  
Net receivable from Evergy Missouri West 36.1   34.6  

Evergy Metro
Net receivable from Evergy $ 23.4   $ 16.5  
Net receivable from (payable to) Evergy Kansas Central 26.8   ( 10.6 )
Net receivable from Evergy Missouri West 93.8   96.2  

Money Pool
Evergy Kansas Central, Evergy Metro and Evergy Missouri West are authorized to participate in the Evergy, Inc. money pool, which is an internal financing arrangement in which funds may be lent on a short-term basis between Evergy Kansas Central, Evergy Metro, Evergy Missouri West and Evergy, Inc. Evergy, Inc. can lend but not borrow under the money pool.
As of March 31, 2026 and December 31, 2025, Evergy Kansas Central and Evergy Metro had no outstanding receivables or payables under the money pool.
Tax Allocation Agreement
Evergy files a consolidated federal income tax return as well as unitary and combined income tax returns in several state jurisdictions with Kansas and Missouri being the most significant. Income taxes for consolidated or combined subsidiaries are allocated to the subsidiaries based on separate company computations of income or loss. The following table summarizes Evergy Kansas Central's and Evergy Metro's income taxes payable to Evergy.

March 31 December 31
2026 2025
Evergy Kansas Central (millions)
Income taxes payable to Evergy $ ( 23.6 ) $ ( 14.3 )

Evergy Metro
Income taxes payable to Evergy $ ( 5.8 ) $ —  

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12. SHAREHOLDERS' EQUITY
ATM Program
In May 2025, Evergy entered into an equity distribution agreement, pursuant to which Evergy may sell, from time to time, up to an aggregate of $ 1.2  billion of its common stock through an ATM Program, which may utilize 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 sale price of $ 72.50 . The initial forward sale price is subject to adjustment on a daily basis based on an interest rate factor and decreased on certain dates by predetermined amounts to reflect expected dividend payments. The forward sale agreements will be physically settled unless Evergy elects to settle in cash or to net share settle. At March 31, 2026, Evergy could have settled the forward sale agreements with physical delivery of 1.7  million shares of common stock to the respective counterparties in exchange for cash of $ 123.3  million. Alternatively, the forward sale agreements could have also been settled at March 31, 2026, with delivery of approximately $ 15.9  million of cash or approximately 0.2  million shares of common stock to the counterparties, if Evergy elected net cash or net share settlement, respectively.
Evergy has not received any proceeds related to the outstanding forward sale agreements. The forward sale agreements have been classified as equity transactions.

13. TAXES
Effective Income Tax Rates
The Evergy Companies' effective income tax rates reflected in the financial statements are included in the following table.

Three Months Ended March 31 2026 2025

Evergy 2.2   % 7.0   %
Evergy Kansas Central 1.7   % 4.3   %
Evergy Metro 7.1   % 15.0   %

Evergy's effective income tax rate decreased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to higher energy production and other income tax credits in addition to an increase in stock compensation deductible for tax purposes.
Evergy Kansas Central's effective income tax rate decreased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to higher energy production tax credits and an increase in equity allowance for funds used during construction (AFUDC) not includible in taxable income.
Evergy Metro's effective income tax rate decreased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to an increase in stock compensation deductible for tax purposes.
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14. SEGMENT INFORMATION
Evergy's chief operating decision maker is Evergy's President and Chief Executive Officer. The chief operating decision maker assesses Evergy's performance based on consolidated net income attributable to Evergy, Inc. (i.e., Evergy operates in a single reportable segment) and uses consolidated net income attributable to Evergy, Inc. to make resource allocation decisions and to compare actual results to budget. The measures of segment assets and expenditures for additions to long-lived assets are reported as total assets on the consolidated balance sheet and additions to property, plant and equipment on the consolidated statement of cash flows, respectively. See Note 1 for additional information regarding the operations of Evergy. This segment information is detailed in the following table.

Three Months Ended March 31 2026 2025
(millions)
OPERATING REVENUES $ 1,443.7   $ 1,374.5  
Less:
Fuel and purchased power 360.0   355.3  
SPP network transmission costs 109.6   96.4  
Operating and maintenance:
Operations and customer 146.7   147.1  
Support 36.3   33.0  
Other segment items, including benefit costs (a)
60.2   51.9  
Depreciation and amortization 305.3   288.1  
Taxes other than income tax 107.2   111.1  

Interest expense 174.5   152.5  
Income tax expense 3.4   9.6  
Net income attributable to noncontrolling interests 3.1   3.1  
Plus:
Total other income (expense), net 11.7   ( 3.0 )
Equity in earnings of equity method investees, net of income taxes 2.4   1.6  
NET INCOME ATTRIBUTABLE TO EVERGY, INC. $ 151.5   $ 125.0  

(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.

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following combined Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the consolidated financial statements and accompanying notes in this combined Quarterly Report on Form 10-Q and the Evergy Companies' combined 2025 Form 10-K. None of the registrants make any representation as to information related solely to Evergy, Evergy Kansas Central or Evergy Metro other than itself.
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EVERGY, INC.
EXECUTIVE SUMMARY
Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy operates primarily through the following wholly-owned direct subsidiaries listed below.
• Evergy Kansas Central is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South.
• Evergy Metro is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.
• Evergy Missouri West is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
• Evergy Transmission Company owns 13.5% of Transource with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of AEP. Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method.
Evergy Kansas Central also owns a 50% interest in Prairie Wind, which is a joint venture between Evergy Kansas Central and subsidiaries of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kV double-circuit transmission line that provides transmission service in the SPP. Evergy Kansas Central accounts for its investment in Prairie Wind under the equity method.
Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West conduct business in their respective service territories using the name Evergy. Collectively, the Evergy Companies have approximately 15,800 MWs of owned generating capacity and renewable power purchase agreements and engage in the generation, transmission, distribution and sale of electricity to approximately 1.7 million customers in the states of Kansas and Missouri. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment).
Evergy 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.
Large Load Customers
In the first quarter of 2026, the Evergy Companies signed 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’ 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.
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Convertible Note Repurchases
In January and February 2026, Evergy, Inc. repurchased $244.1 million aggregate principal amount of its $1.4 billion aggregate principal amount of Convertible Notes, under separate, privately negotiated repurchase agreements with certain holders of its Convertible Notes, for a total repurchase cost (including fees and excluding accrued and unpaid interest) of $309.5 million. After these January and February 2026 repurchases, $1,155.9 million aggregate principal amount of Convertible Notes remain outstanding as of March 31, 2026. See "Convertible Notes" in Note 7 to the consolidated financial statements for additional information regarding Evergy, Inc.'s repurchase of Convertible Notes.
Regulatory Proceedings
See Note 4 to the consolidated financial statements for information regarding other regulatory proceedings.
Wolf Creek Refueling Outage
Wolf Creek's most recent refueling outage began in October 2025 and the unit returned to service in November 2025. Wolf Creek's next refueling outage is planned to begin in the spring of 2027.
Earnings Overview
The following table summarizes Evergy's net income and diluted EPS.

Three Months Ended March 31 2026 Change 2025
(millions, except per share amounts)
Net income attributable to Evergy, Inc. $ 151.5  $ 26.5  $ 125.0 
Earnings per common share, diluted 0.64  0.10  0.54 

Net income attributable to Evergy, Inc. increased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to new Evergy Kansas Central retail rates effective in October 2025, higher non-regulated energy marketing revenue, higher equity AFUDC and corporate-owned life insurance (COLI) proceeds and lower income tax expense; partially offset by higher depreciation, interest and operating and maintenance expense.
Diluted EPS increased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to the increase in net income attributable to Evergy, Inc. discussed above.
For additional information regarding the change in net income, refer to the Evergy Results of Operations section within this MD&A.

Non-GAAP Measures
Evergy Utility Gross Margin (non-GAAP)
Utility gross margin (non-GAAP) is a financial measure that is not calculated in accordance with GAAP.  Utility gross margin (non-GAAP), as used by the Evergy Companies, is defined as operating revenues less fuel and purchased power costs and amounts billed by the SPP for network transmission costs. Expenses for fuel and purchased power costs, offset by wholesale sales margin, are subject to recovery through cost adjustment mechanisms.  As a result, changes in fuel and purchased power costs are offset in operating revenues with minimal impact on net income. In addition, SPP network transmission costs fluctuate primarily due to investments by SPP members for upgrades to the transmission grid within the SPP RTO.  As with fuel and purchased power costs, changes in SPP network transmission costs are mostly reflected in the prices charged to customers with minimal impact on net income. The Evergy Companies' definition of utility gross margin (non-GAAP) may differ from similar terms used by other companies.
Utility gross margin (non-GAAP) is intended to aid an investor's overall understanding of results. Management believes that utility gross margin (non-GAAP) provides a meaningful basis for evaluating the Evergy Companies' operations across periods because utility gross margin (non-GAAP) excludes the revenue effect of fluctuations in fuel and purchased power costs and SPP network transmission costs.  Utility gross margin (non-GAAP) is used internally to measure performance against budget and in reports for management and the Evergy Board.  Utility
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gross margin (non-GAAP) should be viewed as a supplement to, and not a substitute for, gross margin, which is the most directly comparable financial measure prepared in accordance with GAAP. Gross margin under GAAP is defined as the excess of sales over cost of goods sold.
Utility gross margin (non-GAAP) differs from the GAAP definition of gross margin due to the exclusion of operating and maintenance expenses determined to be directly attributable to revenue-producing activities, depreciation and amortization and taxes other than income tax. See the Evergy Companies' Results of Operations for a reconciliation of utility gross margin (non-GAAP) to gross margin, the most comparable GAAP measure.
Adjusted Earnings (non-GAAP) and Adjusted EPS (non-GAAP)
Management believes that adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are representative measures of Evergy's recurring earnings, assist in the comparability of results and are consistent with how management reviews performance.
Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended March 31, 2026, were $161.8 million or $0.69 per share. For the three months ended March 31, 2025, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were recast to conform to the current year calculation of adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP), resulting in adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) of $127.8 million or $0.55 per share.
In addition to net income attributable to Evergy, Inc. and diluted EPS, Evergy's management uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without:
i. losses from the repurchase of a portion of Evergy's Convertible Notes; and
ii. unrealized gains and losses from non-regulated investments in early-stage clean energy and energy solution companies and costs related to the disposal of these investments.
Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are intended to aid an investor's overall understanding of results. Management believes that adjusted earnings (non-GAAP) provides a meaningful basis for evaluating Evergy's operations across periods because it excludes certain items that management does not believe are indicative of Evergy's ongoing perf ormance or that can create period to period earnings volatility.
Ad justed earnings (non-GAAP) and adjusted EPS (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board. Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies' presentations or more useful than the GAAP information provided elsewhere in this report.
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The following table provides a reconciliation between net income attributable to Evergy, Inc. and diluted EPS as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP), respectively.

Earnings (Loss) Earnings per Diluted Share Earnings (Loss) Earnings per Diluted Share
Three Months Ended March 31 2026 2025
(millions, except per share amounts)
Net income attributable to Evergy, Inc. $ 151.5  $ 0.64  $ 125.0  $ 0.54 
Non-GAAP reconciling items:

Losses from the repurchase of convertible notes, pre-tax (a)
10.3  0.05  —  — 
Losses from investments in early-stage clean energy and energy solution companies, pre-tax (b)
0.4  —  3.6  0.01 

Income tax benefit (c)
(0.4) —  (0.8) — 

Adjusted earnings (non-GAAP) $ 161.8  $ 0.69  $ 127.8  $ 0.55 

(a) Reflects losses and fees of $10.3 million related to Evergy's repurchase of $244.1 million aggregate principal amount of its Convertible Notes in the first quarter 2026 that are included in interest expense on the consolidated statements of comprehensive income.
(b) Reflects unrealized gains of $0.2 million and unrealized losses of $3.6 million for the three months ended March 31, 2026 and 2025, respectively, from non-regulated investments in early-stage clean energy and energy solution companies that are included in investment earnings on the consolidated statements of comprehensive income and $0.6 million for the three months ended March 31, 2026, of costs related to the disposal of these investments that are included in operating and maintenance expense on the consolidated statements of comprehensive income. Adjustments for the three months ended March 31, 2025, have been recast to conform to the current year calculation of adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) that exclude these amounts. Evergy is in the process of disposing these investments.
(c) Reflects an income tax effect calculated at a statutory rate of approximately 22%, with the exception of certain non-deductible items.

ENVIRONMENTAL MATTERS
See Note 10 to the consolidated financial statements for information regarding environmental matters.
RELATED PARTY TRANSACTIONS
See Note 11 to the consolidated financial statements for information regarding related party transactions.
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EVERGY RESULTS OF OPERATIONS  
The following table summarizes Evergy's comparative results of operations.

Three Months Ended March 31 2026 Change 2025
  (millions)
Operating revenues $ 1,443.7  $ 69.2  $ 1,374.5 
Fuel and purchased power 360.0  4.7  355.3 
SPP network transmission costs 109.6  13.2  96.4 
Operating and maintenance 243.2  11.2  232.0 
Depreciation and amortization 305.3  17.2  288.1 
Taxes other than income tax 107.2  (3.9) 111.1 

Income from operations 318.4  26.8  291.6 
Other income (expense), net 11.7  14.7  (3.0)
Interest expense 174.5  22.0  152.5 
Income tax expense 3.4  (6.2) 9.6 
Equity in earnings of equity method investees, net of income taxes
2.4  0.8  1.6 
Net income 154.6  26.5  128.1 
Less: Net income attributable to noncontrolling interests
3.1  —  3.1 
Net income attributable to Evergy, Inc. $ 151.5  $ 26.5  $ 125.0 

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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).

  Revenues and Expenses MWhs Sold
Three Months Ended March 31 2026 Change 2025 2026 Change 2025
Retail revenues (millions) (thousands)
Residential $ 482.7  $ (27.2) $ 509.9  3,821  (234) 4,055 
Commercial 440.1  3.6  436.5  4,507  82  4,425 
Industrial 160.3  15.3  145.0  2,073  195  1,878 
Other retail revenues 11.4  1.3  10.1  20  (4) 24 
Total electric retail 1,094.5  (7.0) 1,101.5  10,421  39  10,382 
Wholesale revenues 107.1  58.5  48.6  3,163  (432) 3,595 
Transmission revenues 133.6  (0.4) 134.0  N/A N/A N/A
Other revenues 108.5  18.1  90.4  N/A N/A N/A
Operating revenues 1,443.7  69.2  1,374.5  13,584  (393) 13,977 
Fuel and purchased power (360.0) (4.7) (355.3)
SPP network transmission costs (109.6) (13.2) (96.4)
Operating and maintenance (a)
(132.6) (3.5) (129.1)
Depreciation and amortization (305.3) (17.2) (288.1)
Taxes other than income tax (107.2) 3.9  (111.1)
Gross margin (GAAP) 429.0   34.5   394.5  
Operating and maintenance (a)
132.6  3.5  129.1 
Depreciation and amortization 305.3  17.2  288.1 
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 for the three months ended March 31, 2026 and 2025, respectively.

Evergy's gross margin (GAAP) increased $34.5 million for the three months ended March 31, 2026, compared to the same period in 2025 and Evergy's utility gross margin (non-GAAP) increased $51.3 million for the three months ended March 31, 2026, compared to the same period in 2025, both measures were driven by:
• a $40.0 million increase from new Evergy Kansas Central retail rates effective in October 2025; and
• a $16.6 million increase in revenue related to non-regulated energy marketing activity at Evergy Kansas Central; partially offset by
• a $5.3 million decrease primarily due to unfavorable weather (heating degree days decreased by 20%); partially offset by higher weather-normalized demand.
Additionally, the increase in Evergy's gross margin (GAAP) was also impacted by:
• a $17.2 million increase in depreciation and amortization as further described below; and
• a $3.5 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $2.4 million increase in transmission and distribution operating and maintenance expense as further described below; partially offset by
• a $3.9 million decrease in taxes other than income tax as further described below.
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Operating and Maintenance
Evergy's operating and maintenance expense increased $11.2 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:
• a $6.7 million increase in general and administrative labor and employee benefits expense, primarily due to higher medical claims; and
• a $2.4 million increase in transmission and distribution operating and maintenance expenses primarily at Evergy Kansas Central primarily due to a $3.1 million increase in non-labor expense including higher contractor costs.
Depreciation and Amortization
Evergy's depreciation and amortization expense increased $17.2 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to capital additions.
Taxes Other Than Income Tax
Evergy's taxes other than income tax decreased $3.9 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by a decrease in Evergy Kansas Central's 2026 amortization of the Kansas property tax rider.
Other Income (Expense), Net
Ever gy's other expense, net for the three months ended March 31, 2025, became other income, net for the three months ended March 31, 2026, as a result of a $14.7 million increase in net other income items, primarily driven by:
• a $7.9 million increase in equity AFUDC primarily at Evergy Kansas Central and Evergy Missouri West primarily due to higher average construction work in progress (CWIP) balances in 2026; and
• a $6.4 million increase due to higher Evergy Kansas Central COLI benefits in 2026.
Interest Expense
Evergy's interest expense increased $22.0 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:
• an $18.9 million increase due to issuances of long-term debt;
• a $10.3 million increase related to Evergy's repurchase of a portion of its Convertible Notes in 2026; and
• a $2.8 million increase in interest expense on short-term borrowings primarily due to higher short-term debt balances in 2026; partially offset by
• a $6.9 million decrease due to the repayment of long-term debt;
• a $5.0 million decrease due to higher debt AFUDC primarily at Evergy Missouri West driven by higher average CWIP balances in 2026.
Income Tax Expense
Evergy's income tax expense decreased $6.2 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by a $4.0 million decrease related to higher energy production and other income tax credits in 2026.

LIQUIDITY AND CAPITAL RESOURCES
Evergy relies primarily upon cash from operations, short-term borrowings, debt, equity and hybrid security issuances and its existing cash and cash equivalents to fund its capital requirements. Evergy's capital requirements primarily consist of capital expenditures, payment of contractual obligations and other commitments, and the payment of dividends to shareholders. Evergy expects cash flows to be sufficient to meet existing short-term capital requirements. See the Evergy Companies' combined 2025 Form 10-K for more information on Evergy's sources and uses of cash.
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Short-Term Borrowings
As of March 31, 2026, Evergy had $968.8 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $393.9 million for Evergy, Inc., $308.0 million for Evergy Kansas Central, $199.2 million for Evergy Metro and $67.7 million for Evergy Missouri West. The Evergy Companies' borrowing capacity under the master credit facility also supports their issuance of commercial paper. See Note 6 to the consolidated financial statements for more information regarding the master credit facility.
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 repurchase of Evergy's Convertible Notes as further described in Note 7 to the consolidated financial statements.
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
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.
See Note 7 to the consolidated financial statements for information regarding significant debt issuances.
Pensions
See Note 5 to the consolidated financial statements for information regarding Evergy's pension and post-retirement plan contributions.
ATM Program
See Note 12 to the consolidated financial statements for information regarding Evergy's ATM Program.
Debt Covenants
As of March 31, 2026, Evergy was in compliance with all debt covenants under the master credit facility and certain debt instruments that contain restrictions that require the maintenance of certain capitalization and leverage ratios. See Note 6 to the consolidated financial statements for more information.
Cash Flows
The following table presents Evergy's cash flows from operating, investing and financing activities.

Three Months Ended March 31 2026 2025
(millions)
Cash Flows from Operating Activities $ 362.5  $ 449.6 
Cash Flows used in Investing Activities (756.6) (598.9)
Cash Flows from Financing Activities 400.7  171.6 

Cash Flows from Operating Activities
Evergy's cash flows from operating activities decreased $87.1 million for the three months ended March 31, 2026, compared to the same perio d in 2025, primarily driven by decreased collections from customers related to a February 2021 winter weather event and an increase in fuel inventory, primarily driven by coal purchases.
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Cash Flows used in Investing Activities
Evergy's cash flows used in investing activities increased $157.7 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:
• a $259.1 million increase in additions to property, plant and equipment, due to increased spending for a variety of capital projects, including construction of new generating facilities; partially offset by
• a $48.9 million increase in proceeds from COLI investments, primarily at Evergy Kansas Central due to higher policy settlements in 2026.
Cash Flows from Financing Activities
Evergy's cash flows from financing activities increased $229.1 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:
• a $500.0 million increase due to proceeds from term loans, net of repayments, executed in 2026; and
• a $330.3 million increase in short-term debt primarily driven by higher repayment of short-term debt in 2025 with proceeds from long-term debt ; partially offset by
• a $246.2 million decrease in proceeds from long-term debt, net due to the issuance of $594.2 million of long-term debt for the three months ended March 31, 2025, compared to the issuance of $348.0 million of long-term debt for the same period in 2026; and
• a $309.5 million decrease due to retirements of long-term debt driven by Evergy's repurchase of $244.1 million aggregate principal amount of the Convertible Notes in 2026.

EVERGY KANSAS CENTRAL, INC.
MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS
The below results of operations and related discussion for Evergy Kansas Central is presented in a reduced disclosure format in accordance with General Instruction (H)(2)(a) to Form 10-Q.
The following table summarizes Evergy Kansas Central's comparative results of operations.

Three Months Ended March 31 2026 Change 2025
  (millions)
Operating revenues $ 773.1  $ 64.0  $ 709.1 
Fuel and purchased power 130.7  4.2  126.5 
SPP network transmission costs 109.6  13.2  96.4 
Operating and maintenance 120.9  11.4  109.5 
Depreciation and amortization 153.0  10.9  142.1 
Taxes other than income tax 57.2  (3.6) 60.8 
Income from operations 201.7  27.9  173.8 
Other income, net 10.9  10.3  0.6 
Interest expense 64.2  4.9  59.3 
Income tax expense 2.4  (2.5) 4.9 
Equity in earnings of equity method investees, net of income taxes 1.0  0.3  0.7 
Net income 147.0  36.1  110.9 
Less: Net income attributable to noncontrolling interests 3.1  —  3.1 
Net income attributable to Evergy Kansas Central, Inc. $ 143.9  $ 36.1  $ 107.8 

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

  Revenues and Expenses MWhs Sold
Three Months Ended March 31 2026 Change 2025 2026 Change 2025
Retail revenues (millions) (thousands)
Residential $ 217.3  $ (6.4) $ 223.7  1,488  (119) 1,607 
Commercial 188.5  4.9  183.6  1,721  12  1,709 
Industrial 108.7  12.6  96.1  1,305  125  1,180 
Other retail revenues 5.8  (0.3) 6.1  7  (3) 10 
Total electric retail 520.3  10.8  509.5  4,521  15  4,506 
Wholesale revenues 86.6  14.1  72.5  2,197  36  2,161 
Transmission revenues 124.7  1.5  123.2  N/A N/A N/A
Other revenues 41.5  37.6  3.9  N/A N/A N/A
Operating revenues 773.1  64.0  709.1  6,718  51  6,667 
Fuel and purchased power (130.7) (4.2) (126.5)
SPP network transmission costs (109.6) (13.2) (96.4)
Operating and maintenance (a)
(60.9) (4.2) (56.7)
Depreciation and amortization (153.0) (10.9) (142.1)
Taxes other than income tax (57.2) 3.6  (60.8)
Gross margin (GAAP) 261.7   35.1   226.6  
Operating and maintenance (a)
60.9  4.2  56.7 
Depreciation and amortization 153.0  10.9  142.1 
Taxes other than income tax 57.2  (3.6) 60.8 
Utility gross margin (non-GAAP) $ 532.8   $ 46.6   $ 486.2  
(a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP. These amounts exclude general and administrative expenses not directly attributable to revenue-producing activities of $60.0 million and $52.8 million for the three months ended March 31, 2026 and 2025, respectively.

Evergy Kansas Central's gross margin (GAAP) increased $35.1 million for the three months ended March 31, 2026, compared to the same period in 2025, and Evergy Kansas Central's utility gross margin (non-GAAP) increased $46.6 million for the three months ended March 31, 2026, compared to the same period in 2025, both measures were driven by:
• a $40.0 million increase from new Evergy Kansas Central retail rates effective in October 2025; and
• a $16.6 million increase in revenue related to non-regulated energy marketing activity; partially offset by
• a $10.0 million decrease primarily due to unfavorable weather (heating degree days decreased 22%); partially offset by higher weather-normalized demand.
Additionally, the increase in Evergy Kansas Central's gross margin (GAAP) was also impacted by:
• a $10.9 million increase in depreciation and amortization as further described below; and
• a $4.2 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities driven by an increase in transmission and distribution operating and maintenance expense as further described below; partially offset by
• a $3.6 million decrease in taxes other than income tax as further described below.
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Evergy Kansas Central Operating and Maintenance
Evergy Kansas Central's operating and maintenance expense increased $11.4 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:
• a $3.9 million increase in general and administrative labor and employee benefits expense including higher medical claims; and
• a $4.2 million increase in transmission and distribution operating and maintenance expenses primarily driven by a $3.1 million increase in non-labor costs including higher contractor costs.
Evergy Kansas Central Depreciation and Amortization
Evergy Kansas Central's depreciation and amortization expense increased $10.9 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to capital additions.
Evergy Kansas Central Taxes Other than Income Tax
Evergy Kansas Central's taxes other than income tax decreased $3.6 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by a decrease in the 2026 amortization of the Kansas property tax rider.
Evergy Kansas Central Other Income, Net
Evergy Kansas Central's other income, net increased $10.3 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:
• a $6.9 million increase due to recording higher COLI benefits in 2026; and
• a $5.2 million increase in equity AFUDC driven by higher average CWIP balances in 2026.
Evergy Kansas Central Interest Expense
Evergy Kansas Central's interest expense increased $4.9 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:
• a $9.9 million increase due to issuances of long-term debt; and
• a $2.3 million increase due to decreases in carrying costs deferred to a regulatory asset in accordance with plant-in-service accounting (PISA); partially offset by
• a $5.3 million decrease in interest expense on short-term borrowings primarily due to lower short-term debt balances in 2026; and
• a $2.0 million decrease due to the repayment of long-term debt.
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EVERGY METRO, INC.
MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS
The below results of operations and related discussion for Evergy Metro is presented in a reduced disclosure format in accordance with General Instruction (H)(2)(a) to Form 10-Q.
The following table summarizes Evergy Metro's comparative results of operations.

Three Months Ended March 31 2026 Change 2025
  (millions)
Operating revenues $ 445.4  $ 17.7  $ 427.7 
Fuel and purchased power 152.7  14.9  137.8 
Operating and maintenance 72.1  1.6  70.5 
Depreciation and amortization 107.3  3.5  103.8 
Taxes other than income tax 36.2  (0.5) 36.7 

Income from operations 77.1  (1.8) 78.9 
Other income (expense), net (0.8) (1.7) 0.9 
Interest expense 37.3  1.0  36.3 
Income tax expense 2.8  (3.8) 6.6 
Net income $ 36.2  $ (0.7) $ 36.9 

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

  Revenues and Expenses MWhs Sold
Three Months Ended March 31 2026 Change 2025 2026 Change 2025
Retail revenues (millions) (thousands)
Residential $ 155.4  $ (11.5) $ 166.9  1,365  (68) 1,433 
Commercial 169.4  (2.3) 171.7  1,820  (26) 1,846 
Industrial 29.5  1.2  28.3  423  30  393 
Other retail revenues 2.8  0.5  2.3  10  —  10 
Total electric retail 357.1  (12.1) 369.2  3,618  (64) 3,682 
Wholesale revenues 21.9  50.9  (29.0) 1,066  (233) 1,299 
Transmission revenues 6.3  (1.1) 7.4  N/A N/A N/A
Other revenues 60.1  (20.0) 80.1  N/A N/A N/A
Operating revenues 445.4  17.7  427.7  4,684  (297) 4,981 
Fuel and purchased power (152.7) (14.9) (137.8)
Operating and maintenance (a)
(51.2) 0.1  (51.3)
Depreciation and amortization (107.3) (3.5) (103.8)
Taxes other than income tax (36.2) 0.5  (36.7)
Gross margin (GAAP) 98.0   (0.1) 98.1  
Operating and maintenance (a)
51.2  (0.1) 51.3 
Depreciation and amortization 107.3  3.5  103.8 
Taxes other than income tax 36.2  (0.5) 36.7 
Utility gross margin (non-GAAP) $ 292.7   $ 2.8   $ 289.9  
(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 $20.9 million and $19.2 million for the three months ended March 31, 2026 and 2025, respectively.

Evergy Metro's gross margin (GAAP) decreased $0.1 million for the three months ended March 31, 2026, compared to the same period in 2025, and Evergy Metro's utility gross margin (non-GAAP) increased $2.8 million for the three months ended March 31, 2026, compared to the same period in 2025, both measures were driven by:
• a $2.8 million increase primarily due to favorable weather-normalized demand and retail pricing; partially offset by unfavorable weather (heating degree days decreased 19%).
Additionally, the decrease in Evergy Metro's gross margin (GAAP) was also impacted by:
• a $3.5 million increase in depreciation and amortization as further described below; partially offset by
• a $0.5 million decrease in taxes other than income tax; and
• a $0.1 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities.
Evergy Metro Depreciation and Amortization
Evergy Metro's depreciation and amortization expense increased $3.5 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to capital additions.
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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  
In the ordinary course of business, Evergy faces risks that are either non-financial or non-quantifiable. Such risks principally include business, legal, operational and credit risks and are discussed elsewhere in this report as well as in the Evergy Companies' combined 2025 Form 10-K and therefore are not represented here.
Evergy's interim period disclosures about market risk included in quarterly reports on Form 10-Q address material changes, if any, from the most recently filed annual report on Form 10-K. Therefore, these interim period disclosures should be read in conjunction with Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risk included in the Evergy Companies' combined 2025 Form 10-K. Evergy's exposure to market risk has not changed materially since December 31, 2025.

ITEM 4. CONTROLS AND PROCEDURES

EVERGY
Disclosure Controls and Procedures
Evergy maintains a set of disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. In addition, the disclosure controls and procedures provide reasonable assurance that information required to be disclosed is accumulated and communicated to management, including to the chief executive officer and chief financial officer, allowing timely decisions regarding required disclosure. Evergy carried out an evaluation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act).  This evaluation was conducted under the supervision, and with the participation, of Evergy's management, including the chief executive officer and chief financial officer, and Evergy's disclosure committee.  Based upon this evaluation, the chief executive officer and chief financial officer of Evergy have concluded as of the end of the period covered by this report that the disclosure controls and procedures of Evergy were effective at a reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There has been no change in Evergy's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

EVERGY KANSAS CENTRAL
Disclosure Controls and Procedures
Evergy Kansas Central maintains a set of disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. In addition, the disclosure controls and procedures provide reasonable assurance that information required to be disclosed is accumulated and communicated to management, including to the chief executive officer and chief financial officer, allowing timely decisions regarding required disclosure. Evergy Kansas Central carried out an evaluation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act).  This evaluation was conducted under the supervision, and with the participation, of Evergy Kansas Central's management, including the chief executive officer and chief financial officer, and Evergy Kansas Central's disclosure committee.  Based upon this evaluation, the chief executive officer and chief financial officer of Evergy Kansas Central have concluded as of the end of the period covered by this report that the disclosure controls and procedures of Evergy Kansas Central were effective at a reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There has been no change in Evergy Kansas Central's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.
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EVERGY METRO
Disclosure Controls and Procedures
Evergy Metro maintains a set of disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. In addition, the disclosure controls and procedures provide reasonable assurance that information required to be disclosed is accumulated and communicated to management, including to the chief executive officer and chief financial officer, allowing timely decisions regarding required disclosure. Evergy Metro carried out an evaluation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act).  This evaluation was conducted under the supervision, and with the participation, of Evergy Metro's management, including the chief executive officer and chief financial officer, and Evergy Metro's disclosure committee.  Based upon this evaluation, the chief executive officer and chief financial officer of Evergy Metro have concluded as of the end of the period covered by this report that the disclosure controls and procedures of Evergy Metro were effective at a reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There has been no change in Evergy Metro's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS
Other Proceedings
The Evergy Companies are parties to various lawsuits and regulatory proceedings in the ordinary course of their respective businesses.  For information regarding material lawsuits and proceedings, see Notes 4 and 10 to the consolidated financial statements.  Such information is incorporated herein by reference.

ITEM 1A. RISK FACTORS
Actual results in future periods for the Evergy Companies could differ materially from historical results and the forward-looking statements contained in this report. The business of the Evergy Companies is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond their control. Additional risks and uncertainties not presently known or that management currently believes to be immaterial may also adversely affect the Evergy Companies. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in Part I, Item 1A, Risk Factors included in the 2025 Form 10-K for each of Evergy, Evergy Kansas Central and Evergy Metro, as well as Quarterly Reports on Form 10-Q and from time to time in Current Reports on Form 8-K filed by Evergy, Evergy Kansas Central and Evergy Metro. There have been no material changes with regard to those risk factors since the filing of the 2025 Form 10-K for each of Evergy, Evergy Kansas Central and Evergy Metro. This information, as well as the other information included in this report and in the other documents filed with the SEC, should be carefully considered before making an investment in the securities of the Evergy Companies. Risk factors of Evergy Kansas Central and Evergy Metro are also risk factors of Evergy.
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ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Purchases of Equity Securities
The following table provides information regarding purchases by Evergy of its equity securities that are registered pursuant to Section 12 of the Exchange Act during the three months ended March 31, 2026.

Issuer Purchases of Equity Securities
Month Total Number of
Shares (or Units)
Purchased (a)
Average Price
Paid per Share
(or Unit) Total Number of
Shares (or Units)
Purchased as
Part of Publicly
Announced Plans
or Programs Maximum
Number of
Shares (or Units)
that May Yet Be
Purchased Under the Plans or Programs
January 1 - 31 392  $ 72.63  —  — 
February 1 - 28 680  77.77  —  — 
March 1 - 31 89,592  83.55  —  — 
Total 90,664  $ 83.46  —  — 

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

ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.

ITEM 4.  MINE SAFETY DISCLOSURES
Not applicable.

ITEM 5.  OTHER INFORMATION
Annual Shareholder Meeting Results
Evergy's annual meeting of shareholders was held on May 5, 2026. In accordance with the recommendations of the Board, the shareholders (i) elected twelve directors; (ii) approved, on an advisory and non-binding basis, the 2025 compensation of Evergy's named executive officers; and (iii) ratified the appointment of Deloitte & Touche LLP as independent registered public accountants for 2026. The proposals voted upon at the annual meeting, as well as the voting results for each proposal are set forth below.
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Item 1 on the Proxy Card. The twelve persons named below were elected, as proposed in the proxy statement, to serve as directors until Evergy's annual meeting in 2026, and until their successors are elected and qualified. The voting regarding the election was as follows:

Number of Votes
For Against Abstain Broker Non-Votes
David A. Campbell 183,017,922 3,982,843 488,265 21,792,652
B. Anthony Isaac 182,550,874 4,450,081 488,075 21,792,652
Paul M. Keglevic 186,044,078 962,004 482,948 21,792,652
Mary L. Landrieu 185,292,368 1,726,976 469,686 21,792,652
Sandra A.J. Lawrence 181,048,878 5,975,478 464,674 21,792,652
Ann D. Murtlow 184,998,923 1,980,526 509,581 21,792,652
Dean A. Newton 186,367,187 640,896 480,947 21,792,652
Sandra J. Price 184,326,375 2,651,627 511,028 21,792,652
Jonathan D. Rolph 186,235,322 760,122 493,586 21,792,652
James Scarola 186,345,644 656,316 487,070 21,792,652
Neal A. Sharma 186,279,549 725,376 484,105 21,792,652
C. John Wilder 186,259,399 694,229 535,402 21,792,652

Item 2 on the Proxy Card. In an advisory and non-binding "say on pay" vote, shareholders approved the 2025 compensation of Evergy's named executive officers, with the following vote:

Number of Votes
For Against Abstain Broker Non-Votes
180,310,780 6,310,855 867,395 21,792,652

Item 3 on the Proxy Card. Shareholders voted for the ratification and confirmation of the appointment of Deloitte & Touche LLP as Evergy's independent registered public accounting firm for 2026, with the following vote:

Number of Votes
For Against Abstain Broker Non-Votes
201,388,566 7,302,623 590,493 0

Available Information
The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at http://www.sec.gov. Additionally, information about the Evergy Companies, including their combined annual reports on Form 10-K, combined quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed with the SEC, is also available through the Evergy Companies' website, http://investors.evergy.com. Such reports are accessible at no charge and are made available as soon as reasonably practical after such material is filed with or furnished to the SEC.
Investors should note that the Evergy Companies announce material financial information in SEC filings, press releases and public conference calls. In accordance with SEC guidelines, the Evergy Companies also use the Investor Relations section of their website, http://investors.evergy.com, to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Evergy Companies' website is not part of this document.
Securities Trading Plans of Directors and Executive Officers
For the three months ended March 31, 2026, no director or officer has adopted , terminated or modified a Rule 10b5-1 plan or non-Rule 10b5-1 trading arrangement required to be disclosed under Item 408(a) of Regulation S-K.
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Delayed Draw Term Loan
On May 5, 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 on November 5, 2027. If not fully utilized, the term loan commitments expire on August 10, 2026. Evergy has not made any borrowings under the Delayed Draw Term Loan Agreement.
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ITEM 6. EXHIBITS

Exhibit
Number  
  Description of Document  
Registrant

4.1 * Eighth Supplemental Indenture, dated as of March 10, 2026 between Evergy, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee, and the form of global note included therein (Exhibit 4.1 to Evergy's Form 8-K filed on March 10, 2026).
Evergy

10.1 * Term Loan Credit Agreement, dated as of January 7, 2026 between Evergy, Inc. and Bank of America, N.A., as the lender (Exhibit 10.1 to Evergy's Form 8-K filed on January 7, 2026).
Evergy

10.2 * Term Loan Credit Agreement, dated as of February 11, 2026, by and among Evergy, Inc., Wells Fargo Bank, National Association, as administrative agent and the lenders party thereto from time to time (Exhibit 10.1 to Evergy's Form 8-K filed on February 11, 2026.
Evergy

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

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

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

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

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

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

32.1 ** Section 1350 Certifications.
Evergy

32.2 ** Section 1350 Certifications.
Evergy Metro

32.3 ** Section 1350 Certifications.
Evergy Kansas Central

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

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

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

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

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

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

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

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* Filed with the SEC as exhibits to prior SEC filings and are incorporated herein by reference and made a part hereof. The SEC filings and the exhibit number of the documents so filed, and incorporated herein by reference, are stated in parenthesis in the description of such exhibit.
** Furnished and shall not be deemed filed for the purpose of Section 18 of the Exchange Act. Such document shall not be incorporated by reference into any registration statement or other document pursuant to the Exchange Act or the Securities Act of 1933, as amended, unless otherwise indicated in such registration statement or other document.
*** The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
+ Indicates management contract or compensatory plan or arrangement.
Copies of any of the exhibits filed with the SEC in connection with this document may be obtained from Evergy, Evergy Kansas Central or Evergy Metro, as applicable, upon written request.
The registrants agree to furnish to the SEC upon request any instrument with respect to long-term debt as to which the total amount of securities authorized does not exceed 10% of total assets of such registrant and its subsidiaries on a consolidated basis.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

  EVERGY, INC.
 
Dated: May 6, 2026 By:  /s/ W. Bryan Buckler
  (W. Bryan Buckler)
  (Executive Vice President and Chief Financial Officer)

  EVERGY KANSAS CENTRAL, INC.
   
Dated: May 6, 2026 By:  /s/ W. Bryan Buckler
  (W. Bryan Buckler)
  (Executive Vice President and Chief Financial Officer)

  EVERGY METRO, INC.
   
Dated: May 6, 2026 By:  /s/ W. Bryan Buckler
  (W. Bryan Buckler)
  (Executive Vice President and Chief Financial Officer)

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