Evergy (EVRG) 10-K risk factor changes: FY2024 vs FY2023

A failure to recover costs or earn a reasonable return on invested capital [added: for any reason] could [added: negatively impact Evergy's ability to access capital at reasonable rates, impeding Evergy's ability to invest and develop infrastructure in its service territory, and may also] have a material adverse effect on the results of operations, financial position and cash flows of [removed: Evergy and its utility subsidiaries.][added: Evergy.]

Furthermore, the United States' economy [removed: has] experienced a [removed: substantial] [added: significant] rise in the inflation rate [removed: over] [added: in] the [removed: past several years] [added: post-pandemic era] compared to recent historical inflation rates.

While the inflation rate has subsided due, in part, to actions taken by the Federal Reserve Bank, there remains [removed: some] uncertainty in the near-term outlook as to whether inflation will remain [removed: elevated or, alternatively, whether actions by the Federal Reserve Bank will result in a recession.][added: elevated.]

[removed: Failure to timely recover the full investment costs of capital projects, the impact of renewable energy and energy efficiency programs, other utility costs and expenses due to regulatory disallowances, regulatory lag or other factors could] lead to [added: increased expenses,] lowered credit ratings, reduced access to capital markets, increased financing costs, lower flexibility due to constrained financial resources and increased collateral security requirements or reductions or delays in planned capital expenditures.

In addition, [added: the] Evergy [removed: is] [added: Companies are] also subject to health, safety and other requirements enacted by the Occupational Safety and Health Administration, the Department of Transportation, the Department of Labor and other federal and state agencies.

[added: The costs of complying] with existing, new or modified regulations, standards and other requirements could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies.

For example, Evergy Kansas Central [removed: recently] decommissioned the Tecumseh Energy Center [added: in 2018] and removed all coal combustion residuals (CCRs) from a surface impoundment in a manner it believed complied with federal law, but the EPA has reviewed and determined that Evergy Kansas Central should have taken additional or alternative actions, even though the facility is closed.

[removed: The Evergy Companies did] not apply for an extension, however, the EPA's proposed determinations on applications include extensive CCR rule interpretations and compliance expectations that may impact all owners of CCR units.

These changes [removed: will] [added: may] include additional unannounced inspections of suspected non-compliant facilities, deployment of new assets to monitor air pollution and a general increase in overall monitoring and oversight.

New facilities, or modifications of existing facilities, may require new environmental permits or [added: amendments to existing permits.]

The Evergy Companies plan to continue to make significant capital investments in renewable [added: and natural gas] generation and to enhance the customer experience, improve reliability and resiliency and improve efficiency, which are expected to be funded with cash flows from [removed: operations] [added: operations, debt] and [removed: debt.][added: equity.]

If cash flows from operations are lower than expected or the costs of these capital investments are higher than expected, additional debt [added: and equity] will be required to fund the investments, which, in turn, may [removed: create pressure on the Evergy Companies' credit ratings or] result in a [removed: ratings downgrade and increase their cost] [added: decrease in the market value] of [removed: capital.][added: Evergy's]

Each of Evergy Metro and Evergy Missouri West has committed to Missouri regulators to not pay dividends to Evergy if its credit rating falls below BBB- for S&P Global Ratings or Baa3 for Moody's [removed: Investor Services.][added: Investors Service.]

Each of Evergy Kansas Central and Evergy Metro has committed to Kansas regulators to not pay dividends to Evergy if (i) the payment would result in an increase in the utility's debt level (excluding short-term debt and debt due within one year) above 60 percent of its total capitalization, absent approval from the KCC or (ii) if its credit rating falls below BBB- for S&P Global Ratings or Baa3 for Moody's [removed: Investor Services.][added: Investors Service.]

Supply chain [removed: disruptions] [added: disruptions, tariffs] and inflation could negatively impact the Evergy Companies' operations and corporate strategy.

The delivery of components, materials, equipment and other resources that are critical to the Evergy Companies' business operations and corporate strategy has been restricted by domestic and global supply chain [removed: upheaval.][added: turmoil.]

International [removed: tensions,] [added: tensions from any source,] including the ramifications of regional [removed: conflict,] [added: conflict or increased tariffs,] could further exacerbate the global supply chain [removed: upheaval.][added: turmoil.]

The constraints in the supply chain could restrict the availability and delay the construction, maintenance or repair of items that are needed to support normal operations or are required to execute on the Evergy Companies' corporate strategy for continued capital investment in utility [removed: equipment.][added: equipment and impact the strategy to transition its generation]

These disruptions and constraints could have a material adverse effect on the [added: business,] results of operations, financial position and cash flows of the Evergy Companies.

Supply chain disruptions have contributed to higher prices of components, materials, equipment and other needed [removed: commodities and these higher prices may continue in the future.][added: commodities.]

[removed: Failure to recover increased costs] [added: Evergy Companies' service territories] could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies.

The Evergy Companies may also be adversely impacted by labor disruptions and productivity as a result of infections, employee attrition, and a reduced ability to [added: replace departing employees as a result of employees who leave or forego employment to avoid any required precautionary measures.]

In addition, changes in accounting rules and assumptions related to future costs, returns on investments, interest rates and other actuarial assumptions, including projected retirements, could have [removed: a significant] [added: an] adverse impact on the results of operations, financial position and cash flows of the Evergy Companies.

The increasing costs associated with health care plans could have [removed: a significant] [added: an] adverse impact on the results of operations, financial position and cash flows of the Evergy Companies.

A variety of factors, including transmission constraints, [added: IRS interpretation on] the [added: calculation of the credits, a change in law or regulation, the] ability to timely complete construction of renewable energy facilities, adverse weather conditions and breakdown or failure of equipment, could significantly reduce these tax credits, which could have an adverse impact on the results of operations and financial position of the Evergy Companies.

The Evergy Companies' strategy also includes a different mix of capital investments than has been pursued in the past, including significant capital investments in renewable [added: and natural gas] generation.

The Evergy Companies' strategy also includes the planned retirement [added: or conversion to natural gas] of coal-fired generation resources.

If regulators determine that the retirement [added: or conversion] of coal generation facilities was not prudent, they could prohibit the Evergy Companies from recovering, or earning a return on, the investments in those facilities that were prudent when the investments were originally made.

This concept is known as a "stranded asset," and generation retirements [added: or conversion] outside of those contemplated in the [removed: integrated resource plan] [added: IRP] increase the risk that regulators will disallow the recovery of otherwise prudent investments.

No assurance can be given that the [added: expected load growth and economic development in the] Evergy [added: Companies' service territory will occur, or that the Evergy] Companies will be successful in implementing their strategy in a timely manner or at all, and a failure to do so could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies and have an adverse impact on the price of Evergy’s common stock.

Some of the factors that could affect the price of Evergy common stock are Evergy's earnings; the ability of the Evergy Companies to implement their strategic plan; the ability of Evergy to deploy capital; actions by [removed: regulators;] [added: regulators including authorized return on equity] and [added: equity capital structure levels that could impact the ability to attract capital; and] statements in the press or investment community about the Evergy Companies' strategy, earnings per share or growth prospects, financial position or results of operations.

In addition, the Evergy Companies operate almost exclusively in Kansas and Missouri [added: and this concentration may increase exposure to risks arising from unique local or regional factors.]

High water conditions can also impair planned deliveries of fuel to generating stations or otherwise adversely impact the ability [added: of the Evergy Companies to operate these stations.]

[removed: of the] [added: The] Evergy Companies [removed: to operate these stations.][added: did]

[removed: An increase in the frequency or severity of extreme weather] [added: These and other operating] events [added: may reduce revenues] or [removed: a deterioration in the economic health of the Evergy Companies' service territories] [added: increase costs, or both, and] could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies.

Evergy has a goal to achieve net-zero CO2e emissions, for scope 1 and 2 emissions, by 2045 [removed: with an interim goal of a 70% reduction of owned generation CO2 emissions from 2005 levels by 2030] through the responsible transition of the Evergy Companies' generation fleet.

The trajectory and timing of achieving [removed: these] emissions reductions [added: and the 2045 goal] are expected to be dependent on [added: the evolution of Evergy's IRPs and] many external factors, including enabling technology developments, [added: trends in total demand for electricity,] the reliability of the power grid, availability of transmission capacity, supportive energy policies and regulations, and other factors.

These external factors are outside of Evergy's [added: direct] control, and without these enabling factors, Evergy cannot be confident in achieving its [removed: interim goal or its] net-zero carbon reduction goal.

[removed: New climate] [added: Climate] disclosure rules [removed: proposed] [added: issued] by the SEC may increase the Evergy Companies' costs of compliance and adversely impact their business.

[removed: On March 21, 2022,] [added: In 2024,] the SEC [removed: proposed] [added: issued] new rules relating to the disclosure of a range of climate-related risks.

The markets that the Evergy Companies operate in could also become deregulated resulting in costs that are unable to be recovered from customers.

Effective in July 2024, Evergy Kansas Central and Evergy Metro elected into a plant-in service accounting (PISA) provision permitted by Kansas law, allowing each to defer to a regulatory asset 90% of depreciation expense and associated return on investment associated with qualifying plants additions.

These deferred amounts must be included in rate base during subsequent rate proceedings.

However, Evergy Kansas Central and Evergy Metro will be unable to recover deferred amounts to the extent that inclusion of the incremental regulatory asset created by PISA causes base rates to increase more than 1.5% per year.

Similarly, Evergy Metro and Evergy Missouri West elected into a PISA provision permitted by Missouri law that establishes a 2.5% annual limit on increases to the revenue requirement due to the inclusion of the incremental regulatory asset created by PISA.

Increased capital expenditures could cause Evergy Kansas Central, Evergy Metro or Evergy Missouri West to exceed the applicable limitation resulting in an adverse impact to the Evergy Companies' results of operations, financial position and cash flows.

While the inflation rate and prices have increased, the Evergy Companies, and the energy industry as a whole, have experienced an upward trend in spending, especially with respect to infrastructure investments, which is likely to continue in the foreseeable future and could result in more frequent rate cases and requests for, and the continuation of, cost recovery mechanisms.

The cost recovery efforts could face resistance from customers and other stakeholders especially in a rising cost environment, whether due to inflation or high fuel prices or otherwise, and/or in periods of economic decline or hardship.

Significant increases in costs also could increase financing needs and otherwise adversely affect the Evergy Companies' business, financial position, results of operation or cash flows.

Failure to timely recover the full investment costs of capital projects, the impact of renewable energy and energy efficiency programs, potential tariffs on imported goods that may be levied by the current presidential administration, other utility costs and expenses due to regulatory disallowances, regulatory lag or other factors could

common stock, create pressure on the Evergy Companies' credit ratings or result in a ratings downgrade and increase their cost of capital.

Further, Evergy Kansas Central and Evergy Metro have outstanding tax-exempt bonds with interest rates that are determined each week.

The bondholders of these tax-exempt bonds are permitted to tender the tax-exempt bonds to the issuer for purchase and, if tendered, the issuer is obligated to purchase any such bonds that cannot be remarketed to other investors, which could adversely impact liquidity.

Additionally, Evergy may not declare or pay any cash dividend or distribution on its capital stock during any period in which Evergy defers interest on its junior subordinated notes that were issued in December 2024.

The current presidential administration has implemented tariffs on certain imported goods and may impose additional tariffs.

fleet.

An extended duration or an ongoing increase in the severity of supply chain and inflationary disruptions, including increased tariffs, could result in continued inflation, further extend lead times and result in higher cost of capital.

While the Evergy Companies generally recover increases in costs from customers through rates in the Evergy Companies' regulated jurisdictions, short-term increases may not be recovered due to "regulatory lag." Failure to recover increased costs could have a material adverse effect on the business, results of operations, financial position and cash flows of the Evergy Companies.

Additionally, heightened inflation raises the Evergy Companies' costs for labor, materials and services, and failure to secure these on reasonable terms may adversely impact the Evergy Companies' business, results of operations, financial position and cash flows.

The current presidential administration may seek to alter current tax policy, including tax rates, tax credits and incentives.

The Evergy Companies are also eligible under current law for production tax credits related to the generation of electricity from nuclear energy.

The Evergy Companies' strategy includes maintaining rigorous cost management and planned increases in capital investment levels to meet expected load growth and economic development in their service territory.

Evergy is subject to wildfire risk.

Wildfires have the potential to negatively affect communities within the Evergy Companies' service territories and the surrounding areas, as well as its network of electric transmission and distribution lines and facilities.

The possibility of wildfires and the risk of damage to the Evergy Companies' network and facilities resulting therefrom may be exacerbated by severe weather events and the effects of climate change.

The continued expansion of the wildland-urban interface has also increased wildfire risk to communities in the Evergy Companies' service territories.

While the Evergy Companies proactively take steps to mitigate wildfire risk in the areas of its electrical

assets, wildfire risk is always present.

The Evergy Companies could be held liable for damages incurred as a result of wildfires or incur reputational harm if it was determined that the wildfires were caused by or enhanced due to any fault of the Evergy Companies.

In addition, while the Evergy Companies maintain wildfire insurance, insurance coverage may not be sufficient to cover all losses the Evergy Companies may incur as a result of wildfires.

Wildfires could also lead to significant financial distress, credit rating downgrades and further increased costs for wildfire insurance or lack of availability thereof.

Insufficient wildfire insurance coverage, increased wildfire insurance costs and a lack of wildfire insurance availability could adversely impact the Evergy Companies' financial condition, results of operations and cash flows.

Furthermore, any damage caused to the Evergy Companies' assets, loss of service to customers or liability imposed as a result of wildfires could negatively impact Evergy's financial condition, results of operations and cash flows.

An increase in the frequency or severity of extreme weather events or a deterioration in the economic health of the

Additionally, the Evergy Companies have been increasing their renewable resources and expect to continue to add renewable capacity in the future.

The production of energy from wind and solar facilities depends heavily on suitable weather conditions, which are variable.

When wind or solar conditions are unfavorable or below estimates, electricity production can be substantially below expectations.

The rules have been challenged in court and are currently stayed.

If a long-term outage occurred, the state regulatory commissions could

transmission and distribution of electricity, supply chain functions and the invoicing and collection of payments from customers.

The costs of complying

amendments to existing permits.

In 2023, a credit rating agency downgraded Evergy's, Evergy Kansas Central's, Evergy Metro's, Evergy Kansas South's and Evergy Missouri West's corporate credit ratings.

Also, Evergy, Inc.’s and Evergy Metro's senior unsecured and Evergy Metro's senior secured debt ratings were downgraded and the Evergy Companies’ outlooks were moved from negative to stable.

Further, Evergy Kansas Central and Evergy Metro have outstanding tax-exempt bonds that may be put back to the respective issuer at the option of the holders, which could adversely impact liquidity.

Elevated inflation levels have contributed to increased uncertainty in the outlook of near term economic activity, including whether inflation will continue and at what rate.

Increases in inflation raise costs for labor, materials and services.

The Evergy Companies typically recover increases in costs from customers through rates.

replace departing employees as a result of employees who leave or forego employment to avoid any required precautionary measures.

The Evergy Companies' strategy includes maintaining and continuing reduced operating and maintenance expense levels and planned increases in capital investments.

and this concentration may increase exposure to risks arising from unique local or regional factors.

facilities may not be sufficient to restore the loss or damage.

The Evergy Companies' strategy includes a significant amount of planned capital investments.

that any third parties may believe is necessary or appropriate (regardless of whether there is a legal requirement to do so), their reputation, business, financial position and/or results of operations could be negatively impacted.

The following MD&A generally discusses [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] items and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

Discussions of [removed: 2021] [added: 2022] items and year-to-year comparisons between [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] can be found in MD&A in Part II, Item 7, of the Evergy Companies' combined annual report on Form 10-K for the fiscal year ended December 31, [removed: 2022.][added: 2023 and are incorporated herein by reference.]

Collectively, the Evergy Companies have approximately [removed: 15,600] [added: 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.

- targeting approximately [removed: $12.5] [added: $17.5] billion of expected base capital investments through [removed: 2028] [added: 2029] including new generation of approximately [removed: $2.9] [added: $6.2] billion which is expected to be primarily renewable and [removed: other generation.][added: natural gas generation that will help enable historic economic development opportunities in Kansas and Missouri.]

[removed: See] "Liquidity and Capital [removed: Resources;] [added: Resources -] Capital [removed: Expenditures",] [added: Expenditures,"] for further information regarding Evergy's projected capital expenditures through [removed: 2028;][added: 2029;]

See "Transitioning Evergy's Generation Fleet" in Part I, Item [removed: 1., Business, for additional information; and][added: 1.]

See "Cautionary Statements Regarding Certain Forward-Looking Information" and Part I, Item [removed: 1A, Risk Factors, for additional information.][added: 1A.]

Evergy Missouri West's request reflected a return [removed: of] [added: 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 inclusion of [added: certain] costs related to Dogwood Energy Center (Dogwood) and Crossroads Energy Center (Crossroads), two natural gas plants.

New rates are expected to be effective in [removed: January] [added: September] 2025.

Evergy Kansas [removed: Central and Evergy Metro 2023] [added: Central's 2025] Rate Case Proceeding

In [removed: April 2023,] [added: January 2025,] Evergy Kansas Central [removed: and Evergy Metro] filed an application with the KCC to request an increase to [removed: their] [added: its] retail [removed: revenues.][added: revenues of approximately $196 million.]

In [removed: September 2023, Evergy Kansas Central,] [added: October 2024,] Evergy [removed: Metro,] [added: Missouri West,] the [removed: KCC] [added: MPSC] staff and other intervenors [added: in the case] reached a unanimous [removed: settlement] [added: partial stipulation and] agreement to settle [removed: all outstanding] [added: certain] issues in the case.

See Note [removed: 4] [added: 12] to the consolidated financial statements for additional information.

See Note [removed: 12] [added: 6] to the consolidated financial statements for additional [removed: information on Evergy, Inc.'s issuance of Convertible Notes.][added: information.]

Natural Gas Plant [removed: Investment][added: Investments]

In [removed: November 2023,] [added: April 2024,] Evergy Missouri West [removed: entered into an agreement to buy] [added: purchased] a [removed: joint] [added: 22%] ownership interest [removed: in Dogwood,] representing approximately 145 MW in [added: Dogwood,] an operational [added: combined-cycle] natural gas [removed: combined cycle] facility located in Missouri, for approximately $60 million.

The [removed: purchase is] [added: agreements are] subject to regulatory approvals and closing conditions, including the granting by the MPSC of a [removed: Certificate of Convenience and Necessity (CCN)] [added: CCN] with reasonably acceptable terms.

[removed: Among these] [added: The purchase was subject to] terms and [removed: conditions,] [added: conditions listed in a stipulation and agreement approved by the MPSC allowing] Evergy Missouri West [removed: shall be allowed] to recover in rates a return of and return on the original cost, net of accumulated depreciation, of Dogwood.

[removed: In November 2022, the MPSC issued] [added: -] a [removed: revised financing order authorizing] [added: $21.6 million increase due to] Evergy Missouri [removed: West to issue securitized bonds to recover its] [added: West's recovery of] extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather [removed: event.][added: event through a securitized utility tariff charge effective in February 2024;]

See Note [removed: 12] [added: 20] to the consolidated financial statements for [removed: additional] [added: more] information regarding the [removed: issuance of the securitized bonds.][added: nuclear PTC.]

Wolf Creek Refueling [removed: Outage][added: Outage and Fuel Supply]

Wolf Creek's most recent refueling outage began in [removed: October 2022] [added: March 2024] and the unit returned to service in [removed: November 2022.][added: May 2024.]

Wolf Creek's next refueling outage is planned to begin in the [removed: first] [added: fourth] quarter of [removed: 2024.][added: 2025.]

The following table summarizes Evergy's net income and diluted [removed: earnings per common share (EPS).][added: EPS.]

| | | | | | | | | | | | | | | | | | | | | | [removed: 2023] [added: 2024] | | | | | | Change | | | | | | [removed: 2022] [added: 2023] | | |

| Net income attributable to Evergy, Inc. | | | | | | | | | | | | | | | | | | | | | $ | [removed: 731.3] [added: 873.5] | | | | | $ | [removed: (21.4)] [added: 142.2] | | | | | $ | [removed: 752.7] [added: 731.3] | |

| Earnings per common share, diluted | | | | | | | | | | | | | | | | | | | | | [removed: 3.17] [added: 3.79] | | | | | | [removed: (0.10)] [added: 0.62] | | | | | | [removed: 3.27] [added: 3.17] | | |

Net income attributable to Evergy, Inc. [removed: decreased] [added: increased] in [removed: 2023,] [added: 2024,] compared to [removed: 2022,] [added: the same period in 2023,] primarily due to [removed: higher depreciation and interest expense] [added: new Evergy Kansas Central retail rates effective] in [added: December] 2023, [removed: recording] [added: the recognition of] a $96.5 million [removed: deferral of revenues] [added: regulatory liability] in [added: the third quarter of] 2023 for future refund of amounts [added: of revenues] previously collected from customers related to [removed: corporate-owned life insurance (COLI)] [added: COLI] rate [removed: credits] [added: credits, higher transmission revenues] and lower [removed: retail sales driven by unfavorable weather;] [added: pension non-service costs;] partially offset by [removed: lower] [added: higher taxes other than income tax, depreciation, interest, income tax and] operating and maintenance [removed: expenses, new Evergy Metro] [added: expense] and [removed: Evergy Missouri West retail rates effective in January 2023, the refund obligation of amounts collected from customers for the return on] [added: lower] investment [removed: of Sibley Station recorded] [added: earnings] in [removed: 2022, lower income tax expense, the 2022 ordered refund to customers of certain transmission revenues and an increase due to Evergy Metro's Earnings Review and Sharing Plan (ERSP).][added: 2024.]

Diluted EPS [removed: decreased] [added: increased] in [removed: 2023,] [added: 2024,] compared to [removed: 2022,] [added: the same period in 2023,] primarily due to the [removed: decrease] [added: increase] in net income attributable to Evergy, Inc. discussed above.

[removed: 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.

[added: For 2023,] Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) [removed: for 2023] were $815.6 million or $3.54 per share.

[removed: For 2022,] Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) [added: for 2024] were [removed: $853.8] [added: $877.9] million or [removed: $3.71] [added: $3.81] per share.

[removed: i.the] [added: ii.the] costs resulting from non-regulated energy marketing margins from the February 2021 winter weather event;

[removed: iv.the] [added: i.the] mark-to-market impacts of economic hedges related to Evergy Kansas Central's 8% ownership share of JEC;

[removed: viii.the] [added: iii.the second quarter] 2023 [removed: deferral] [added: recognition] of [added: a regulatory liability for] the [removed: cumulative amount] [added: refund to customers] of [removed: prior year] revenues [added: previously] collected since October 2019 for costs related to an electric subdivision rebate program to be refunded to customers in accordance with a June 2020 KCC order; [removed: and]

[removed: ix.the deferral] [added: iv.the recognition] of [removed: revenues] [added: a regulatory liability] for future refund of amounts [added: of revenues] previously collected from customers related to COLI rate credits in accordance with a September 2023 KCC rate case unanimous settlement [removed: agreement.][added: agreement; and]

| Net income attributable to Evergy, Inc. | | | $ | [removed: 731.3] [added: 873.5] | | | | | $ | [removed: 3.17] [added: 3.79] | | | | | $ | [removed: 752.7] [added: 731.3] | | | | | $ | [removed: 3.27] [added: 3.17] | |

| Non-regulated energy marketing [removed: margin] [added: costs] related to February 2021 winter weather event, [removed: pre-tax(a)] [added: pre-tax(b)] | | | — | | | | | | — | | | | | | [removed: 2.1] [added: 0.3] | | | | | | [removed: 0.01] [added: —] | | |

| Mark-to-market impact of JEC economic hedges, [removed: pre-tax(c)] [added: pre-tax(a)] | | | [removed: 8.7] [added: 2.6] | | | | | | [removed: 0.04] [added: 0.01] | | | | | | [removed: (11.2)] [added: 8.7] | | | | | | [removed: (0.05)] [added: 0.04] | | |

| Electric subdivision rebate program costs refund, [removed: pre-tax(k)] [added: pre-tax(c)] | | | [removed: 2.6] [added: —] | | | | | | [removed: 0.01] [added: —] | | | | | | [removed: —] [added: 2.6] | | | | | | [removed: —] [added: 0.01] | | |

Evergy expects to continue operating its integrated utilities within the currently existing regulatory frameworks and is focused on enabling economic development across all of its service territories to strengthen the communities it serves and meet customer electric demand growth through the continued evolution of its generation, transmission and distribution systems.

Evergy will remain focused on consistently delivering on its affordability, reliability and sustainability objectives and delivering competitive long-term returns to shareholders, including growth in earnings per share and targeting a 60% - 70% dividend payout ratio.

- Affordability – maintaining affordable rates while investing in infrastructure and technology to meet customer demand;

- Reliability – targeting top-tier performance in reliability, customer service and generation; and

- Sustainability – advancing a responsible fleet transition while ensuring affordability and reliability.

- maintaining rigorous cost management across the business while ensuring reliability and sustainability;

- fostering economic development in Kansas and Missouri by serving new business customers and enabling the expansion of existing customers' operations;

See

- pursuing the responsible transition of Evergy's generation fleet, including the development of renewable energy and natural gas facilities and the retirement or conversion to natural gas of older coal-fired plants consistent with Evergy's IRPs.

The trajectory and timing of achieving emissions reductions relative to 2005 levels and Evergy's long-term emissions reductions goal are expected to be dependent on enabling technology developments, trends in total total demand for electricity, the reliability of the power grid, availability of transmission capacity and supportive energy policies and regulations, among other external factors.

Business, for additional information; and

- accessing debt and equity capital markets to support the Evergy Companies' capital investment plans.

Risk Factors, for additional information.

Evergy Kansas Central's request reflected a return on equity of 10.5% (with a capital structure composed of 52% equity) and increases related to the recovery of infrastructure investments made to improve reliability and enhance customer service and the update of expenses to current levels of spend.

The partial stipulation and agreement provided for an increase to Evergy Missouri West's retail revenues of approximately $55 million after lowering base rates for fuel and purchased power expense of approximately $49 million and rebasing property tax expense.

In December 2024, the MPSC issued a final rate order approving the unanimous partial stipulation and agreement.

The new rates established by this order took effect in January 2025.

Kansas Legislation

In April 2024, Kansas H.B. 2527 was signed into law by the Governor of Kansas.

Most notably, H.B. 2527 includes a PISA provision that can be elected by Kansas electric public utilities to defer and recover as regulatory assets 90% of depreciation expense and associated return on investment linked to qualifying electric plants in service.

Qualifying electric plant includes all rate base additions by an electric public utility, but does not include transmission facilities or new electric generating units.

The deferred depreciation and return on the associated regulatory asset are required to be included in determining the utility's rate base during subsequent general rate proceedings.

The return on the deferred regulatory asset balances will be calculated using the weighted average cost of capital.

Utilities that elect the PISA provision can make qualifying deferrals of depreciation and return from July 2024 through December 2030.

Evergy Kansas Central and Evergy Metro elected the PISA provision in their Kansas jurisdictions effective in July 2024.

Additionally, the law establishes new mechanisms for the recovery of costs associated with new gas-fired generating units.

If the KCC decides investment in a new gas-fired generating unit is reasonable, the utility would be able to recover the return on 100% of the associated construction costs at its weighted average cost of capital.

The cost recovery from customers could begin a year after construction begins.

Rates could be adjusted every six months until new base rates reflecting the plant's costs are established.

In April 2024, Kansas S.B. 410 was signed into law by the Governor of Kansas.

Most notably, S.B. 410 includes an exemption from all property and ad valorem taxes on certain electric generation facilities for which construction or installation begins on or after January 1, 2025.

The Evergy Companies use a triennial IRP, a detailed analysis that estimates factors that influence the future supply and demand for electricity, to inform the manner in which they supply electricity.

The most recent IRPs incorporate the latest SPP resource adequacy requirements and anticipated load growth.

Based on these and other factors, the IRP indicated the addition of new supply side resources, including combined and simple cycle natural gas plants, would be needed.

The purchase was recorded as an asset acquisition to property, plant and equipment, net, on Evergy's consolidated balance sheet.

In October 2024, Evergy announced its plan to construct two combined-cycle natural gas plants located in Kansas.

Evergy Kansas Central and Evergy Missouri West will jointly-own each plant and expect each plant to have an initial generating capacity of approximately 705 MW.

The first plant is expected to begin operations by summer of 2029 and the second plant is expected to begin operations by summer of 2030.

Additionally, Evergy Missouri West plans to construct a 440 MW simple-cycle natural gas plant located in Missouri.

The plant is expected to begin operations in 2030.

Evergy expects to continue operating its integrated utilities within the currently existing regulatory frameworks and is focused on empowering a better future for its customers, communities, employees and shareholders.

- Affordability - operating the business cost-effectively and investing in technology and infrastructure to keep rates affordable and improve regional rate competitiveness; mitigating fuel and purchased power volatility by investing in a diverse generation fleet;

- Reliability - targeting transmission and distribution infrastructure investment to support reliability, flexibility, public safety, and resiliency; deploying new technology to improve preventive maintenance and customer restoration times; and

- Sustainability - investing at sustainable capital expenditure levels to maintain reliability and customer affordability for the long-term and balancing clean energy investment to continue fuel diversification and enable a responsible generation portfolio transition.

- targeting a 70% reduction of owned generation CO2 emissions by 2030 (from 2005 levels) and net-zero CO2e emissions, for scope 1 and scope 2 emissions, by 2045 through the responsible transition of Evergy's generation fleet, including the continued growth of Evergy's renewable energy portfolio and the retirement of older and less efficient fossil fuel plants; achieving these emissions reductions is expected to be dependent on enabling technologies and supportive policies and regulations, among other external factors.

- maintaining and continuing to advance the operating and maintenance expense reductions and efficiency gains achieved since the 2018 merger of Evergy Kansas Central and Great Plains Energy.

In November 2023, the KCC approved the unanimous settlement agreement.

New rates were effective in December 2023.

Renewable Generation Investment

In May 2023, Evergy Kansas Central closed on the purchase of Persimmon Creek, owner of an operational wind farm located in the state of Oklahoma with a generating capacity of approximately 199 MW, for $220.9 million, including costs incidental to the purchase of the plant.

Evergy Kansas Central included the purchase of Persimmon Creek in its rate case application to the KCC which was filed in April 2023.

The addition of Persimmon Creek is consistent with the preferred plan identified through Evergy Kansas Central’s integrated resource plan filed with the KCC in June 2023, which identified it as part of the lowest-cost resource plan to serve customers.

In November 2023, the KCC approved the unanimous settlement agreement that included the purchase of Persimmon Creek in Evergy Kansas Central's rates through a levelized revenue requirement approach at a fixed annual rate of $18.6 million for the first 20 years, after which the levelized revenue requirement will be reevaluated.

See Note 1 and Note 4 to the consolidated financial statements for additional information on Evergy Kansas Central's purchase of Persimmon Creek and rate case proceeding, respectively.

Convertible Debt Issuance

In December 2023, Evergy, Inc. issued $1.4 billion aggregate principal amount of 4.50% Convertible Notes (Convertible Notes), including $0.2 billion principal amount of Convertible Notes issued upon the full exercise by the initial purchasers of their over-allotment option.

Proceeds from the offering were used to repay the $500.0 million borrowing under the Term Loan Facility, to repay a portion of the outstanding balance under the commercial paper program and for general corporate purposes.

In November 2023, Evergy Missouri West filed an application for a CCN.

In February 2024, Evergy Missouri West, staff of the MPSC and other intervenors reached a unanimous stipulation and agreement recommending the MPSC grant Evergy Missouri West a CCN, subject to the terms and conditions included within the agreement.

A decision by the MPSC and the closing of the transaction are expected by the end of second quarter of 2024.

Evergy Missouri West February 2021 Winter Weather Event Securitization

In February 2021, much of the central and southern United States, including the service territories of the Evergy Companies, experienced a significant winter weather event that resulted in extremely cold temperatures over a multi-day period (February 2021 winter weather event).

As part of the order, the MPSC found that Evergy Missouri West's costs were prudently incurred, that it should only be allowed to recover 95% of its extraordinary fuel and purchased power costs consistent with the 5% sharing provision of its fuel recovery mechanism, that it should be allowed to recover carrying costs incurred since February 2021 at Evergy Missouri West's long-term debt rate of 5.06% and approved a 15 year repayment period for the bonds with a 17 year legal maturity.

As of December 31, 2023 and 2022, the value of Evergy Missouri West's February 2021 winter weather event regulatory asset was $323.8 million and $309.0 million, respectively.

Evergy Missouri West continued to record carrying charges on its February 2021 winter weather event regulatory asset until it issued the securitized bonds in February 2024.

In January 2023, the OPC filed an appeal with the Missouri Court of Appeals, Western District, challenging the financing order regarding the treatment of income tax deductions, carrying costs and discount rates related to the financing of the extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event.

In September 2023, the Missouri Court of Appeals, Western District, affirmed the November 2022 MPSC revised financing order.

In October 2023, the Missouri Court of Appeals, Western District, rejected the OPC's request for rehearing.

The OPC did not file an appeal with the Supreme Court of the State of Missouri by the mid-November 2023 deadline and therefore the financing order is final and nonappealable.

In February 2024, Evergy Missouri West issued the securitized bonds.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

ii.gains or losses related to equity investments subject to a restriction on sale;

iii.the deferral of the cumulative amount of prior year revenues collected from customers since December 2018 for the return on investment of the retired Sibley Station in 2022 for future refunds to customers;

v.costs resulting from executive transition, severance and advisor expenses;

vi.the deferral of the cumulative amount of transmission revenues collected from customers since 2018 through Evergy Kansas Central's FERC TFR to be refunded to customers in accordance with a December 2022 FERC order;

vii.the impairment loss on Sibley Unit 3 and other regulatory disallowances;

| | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | |

| Sibley Station return on investment, pre-tax(b) | | | — | | | | | | — | | | | | | 51.4 | | | | | | 0.22 | | |

| Non-regulated energy marketing costs related to February 2021 winter weather event, pre-tax(d) | | | 0.3 | | | | | | — | | | | | | 1.3 | | | | | | 0.01 | | |

Evergy could experience losses, which could have a material adverse effect on its results of operations or financial position, due to many factors, including unexpectedly large or [added: rapid movements or disruptions in the energy markets, regulatory-driven market rule changes and/or bankruptcy or non-performance of customers or counterparties, and/or failure of underlying transactions that have been hedged to materialize.]

[removed: Derivative instruments entered into for non-regulated energy marketing] activities are marked-to-market each period, with changes in the fair value of the derivative instruments reflected in earnings.

Based on this VaR analysis, as of December 31, [removed: 2023,] [added: 2024,] a near term typical change in commodity prices is not expected to materially impact net income, cash flows or financial position.

| December 31, [removed: 2023] [added: 2024] | | | | | | | | | | | | | | | | | | | | | | | | December 31, [removed: 2022] [added: 2023] | | | | | | | | | | | | | | | | | | | | |

As of December 31, [removed: 2023, 11.6%] [added: 2024, 9.8%] of Evergy's total debt (including short-term borrowings consisting of short-term debt in excess of utility construction work in progress balances that is not eligible for capitalization as AFUDC and borrowings under Evergy's receivable sale facilities) were exposed to interest rate risk.

As of December 31, [removed: 2023,] [added: 2024,] Evergy had [removed: $1,533.0] [added: $1,380.8] million of short-term borrowings, variable rate debt and current maturities of fixed rate debt exposed to variable interest rate sensitivity.

A 100-basis-point change in interest rates applicable to this debt would impact Evergy's income before income taxes [removed: on an annualized] basis by approximately [removed: $9.7] [added: $9.1] million, net of AFUDC borrowed funds which represents the allowed cost of capital used to finance utility construction activity and is a reduction of interest expense.

See Note 13 to the consolidated financial statements for more information on potential loss on counterparty exposure for derivative instruments as of December 31, [removed: 2023.][added: 2024.]

As of December 31, [removed: 2023,] [added: 2024,] these funds were primarily invested in a diversified mix of equity and debt securities and reflected at fair value on Evergy's balance sheet.

Derivative instruments entered into for non-regulated energy marketing

| $ | 1.1 | | | | | $ | 3.6 | | | | | $ | 0.7 | | | | | $ | 0.1 | | | | | $ | 0.6 | | | | | $ | 2.6 | | | | | $ | 0.5 | | | | | $ | — | |

rapid movements or disruptions in the energy markets, regulatory-driven market rule changes and/or bankruptcy or non-performance of customers or counterparties, and/or failure of underlying transactions that have been hedged to materialize.

| $ | 0.6 | | | | | $ | 2.6 | | | | | $ | 0.5 | | | | | $ | — | | | | | $ | 0.3 | | | | | $ | 1.9 | | | | | $ | 0.6 | | | | | $ | — | |

Customers include approximately 1.5 million residences, 0.2 million commercial firms and [removed: 7,800] [added: 7,500] industrials, municipalities and other electric utilities.

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Residential | | | 37% | | | | | | 37% | | | | | | [removed: 34%] [added: 37%] | | |

| Commercial | | | [removed: 33%] [added: 34%] | | | | | | [removed: 32%] [added: 33%] | | | | | | [removed: 30%] [added: 32%] | | |

| Industrial | | | 12% | | | | | | 12% | | | | | | [removed: 11%] [added: 12%] | | |

| Wholesale | | | [removed: 7%] [added: 5%] | | | | | | [removed: 9%] [added: 7%] | | | | | | [removed: 13%] [added: 9%] | | |

| Transmission | | | [removed: 7%] [added: 8%] | | | | | | [removed: 6%] [added: 7%] | | | | | | 6% | | |

| Other | | | 4% | | | | | | 4% | | | | | | [removed: 6%] [added: 4%] | | |

| Residential | | | 37% | | | | | | [removed: 38%] [added: 37%] | | | | | | [removed: 37%] [added: 38%] | | |

| Commercial | | | 43% | | | | | | [removed: 42%] [added: 43%] | | | | | | 42% | | |

| Industrial | | | 20% | | | | | | 20% | | | | | | [removed: 21%] [added: 20%] | | |

| Evergy Missouri West | | | MPSC | | | (c) | | | | | | | | | January [removed: 2023] [added: 2025] | | |

Evergy expects its [removed: 2024] [added: 2025] Kansas and Missouri jurisdictional retail revenues to be approximately 60% and 40%, respectively, based on historical averages of Evergy Kansas Central's, Evergy Metro's and Evergy Missouri West's total retail revenues.

This competition primarily occurs within the [removed: SPP] [added: Southwest Power Pool, Inc. (SPP)] Integrated Marketplace, in which Evergy Kansas Central, Evergy Metro and Evergy Missouri West are participants.

The [removed: Southwest Power Pool, Inc. (SPP)] [added: SPP] Integrated Marketplace is similar to other regional transmission organization (RTO) or Independent System Operator (ISO) markets currently operating in other regions of the United States.

Evergy has approximately [removed: 15,600] [added: 15,800] megawatts (MWs) of owned generating capacity and renewable power purchase agreements.

| Fuel Type | | | Estimated [removed: 2024] [added: 2025] MW Capacity | | | Percent of Total Capacity | | | | | |

| Natural gas and oil | | | [removed: 4,065] [added: 4,210] | | | [removed: 26] [added: 27] | | | | | |

| Total capacity | | | [removed: 15,648] [added: 15,790] | | | 100 | | | % | | |

Evergy's projected peak summer demand for [removed: 2024] [added: 2025] is approximately [removed: 10,400] [added: 10,600] MWs.

Evergy expects to meet its projected capacity requirements for [removed: 2024] [added: 2025] with its existing generation assets and power purchases.

As SPP members, Evergy Kansas Central, Evergy Metro and Evergy Missouri West are required to maintain a minimum reserve margin of [removed: 15%.][added: 15% for 2025.]

Much of the Evergy Companies' infrastructure is [removed: old and outdated,] [added: advanced in age,] and grid resiliency efforts include building additional transmission and distribution lines, [added: performing necessary system maintenance,] replacing [removed: old and outdated] [added: necessary] infrastructure and proactively managing the vegetation that can damage systems during severe weather.

In [removed: 2023, Evergy achieved a reduction of] [added: 2024, Evergy's total] CO2 [removed: emissions,] [added: emissions] from owned [removed: generation, by half from] [added: generation units were more than 50% lower than] 2005 levels.

[added: Through the responsible transition of its generation fleet,] Evergy has a [added: long-term] goal to achieve net-zero carbon dioxide equivalent (CO2e) emissions, for scope 1 and scope 2 emissions, by [removed: 2045 with an interim goal of a 70% reduction of owned generation CO2 emissions from 2005 levels by 2030 through the responsible transition of the Evergy Companies' generation fleet.][added: 2045.]

[removed: The trajectory and timing of achieving these emissions reductions are expected to be dependent on many external factors, including enabling technology developments,] the reliability of the power grid, availability of transmission capacity, supportive energy policies and regulations, [removed: and] [added: among] other [added: external] factors.

See "Cautionary Statements Regarding Certain Forward-Looking Information" and Part I, Item [removed: 1A, Risk Factors, for additional information.][added: 1A.]

For example, because renewable generation can be intermittent, diversity of baseload generation fuel, including a mix of [added: uranium,] coal and natural gas, has helped to maintain a consistent availability of power.

The Evergy Companies use a triennial [removed: integrated resource plan,] [added: IRP,] a detailed analysis that estimates factors that influence the future supply and demand for electricity, to inform the manner in which they supply electricity.

The [removed: integrated resource plan] [added: IRP] considers forecasts of future electricity demand, fuel prices, transmission improvements, new generating capacity, cost of environmental compliance, integration of renewables, energy storage, energy efficiency and demand response initiatives.

Strategies that the Evergy Companies are pursuing to [removed: reduce emissions] [added: advance a responsible portfolio transition] include:

- developing renewable energy [added: and natural gas] facilities;

The actual [removed: 2023] [added: 2024] fuel mix and fuel cost in cents per net kilowatt hour (kWh) delivered are outlined in the following table.

| Wind, landfill gas and solar (b) | | | [removed: 30] [added: 32] | | | | | | | | | [removed: 2.16] [added: 1.82] | | | | | | | | | | | |

| Natural gas and oil | | | [removed: 8] [added: 11] | | | | | | | | | [removed: 3.59] [added: 3.25] | | | | | | | | | | | |

| Total | | | 100 | | | % | | | | | | [removed: 2.03] [added: 1.97] | | | | | | | | | | | |

During [removed: 2024,] [added: 2025,] Evergy's generating units, including jointly-owned units, are projected to use approximately [removed: 13] [added: 15] million tons of coal.

Evergy Kansas Central, Evergy Metro and Evergy Missouri West have entered into coal-purchase contracts with various suppliers in Wyoming's Powder River Basin (PRB), the nation's [removed: principal supply region of low-sulfur coal, and with local suppliers.]

The coal to be provided under these contracts is expected to satisfy approximately 65%, [removed: 35%] [added: 45%] and 35% of the projected coal requirements for [removed: 2024, 2025] [added: 2025, 2026] and [removed: 2026,] [added: 2027,] respectively.

The transportation services to be provided under these contracts are expected to satisfy [removed: almost] all of the projected transportation requirements for [removed: 2024 and] 2025 and [removed: 65%] [added: 60% and 20%] of the projected transportation requirements for [removed: 2026.][added: 2026 and 2027, respectively.]

Evergy expects to continue operating its integrated utilities within the currently existing regulatory frameworks and is focused on enabling economic development across all of its service territories to strengthen the communities it serves and meet customer electric demand growth through the continued evolution of its generation, transmission and distribution systems.

Evergy will remain focused on consistently delivering on its affordability, reliability and

sustainability objectives and delivering competitive long-term returns to shareholders, including growth in earnings per share and targeting a 60%-70% dividend payout ratio.

- Affordability – maintaining affordable rates while investing in infrastructure and technology to meet customer demand;

- Reliability – targeting top-tier performance in reliability, customer service and generation; and

- Sustainability – advancing a responsible fleet transition while ensuring affordability and reliability.

| | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

| Coal | | | 5,927 | | | 37 | | | % | | |

Beginning in 2026, Evergy Kansas Central, Evergy Metro and Evergy Missouri West will be required to maintain a minimum reserve margin of 16%.

The Evergy Companies are unable to predict changes in regulations, regulatory guidance, legal interpretations, policy positions and implementation actions that may result from the change in presidential administrations.

Evergy is committed to a long-term strategy focused on affordability, reliability and sustainability, including the responsible transition of the generation fleet.

Given the age, cost and emissions profile of Evergy's current fossil plants, Evergy expects to retire coal-fired generating units over time or convert these units to alternative fuel sources such as natural gas.

This generation portfolio transition is expected to have a corresponding impact on CO2 emissions, continuing a long-term trend.

The trajectory and timing of achieving emissions reductions relative to 2005 levels and Evergy's long-term emissions reduction goal are expected to be dependent on the evolution of Evergy's integrated resource plans (IRP) and many external factors, including enabling technology developments, trends in total demand for electricity,

Risk Factors, for additional information.

The transition of Evergy's generation fleet over time is expected to result in ongoing reductions in emissions.

- retiring older coal-fired generation or converting coal-fired generation resources to natural gas;

| Fuel | | | 2024 | | | | | | | | | 2024 | | | | | | | | | | | |

| Coal | | | 38 | | | % | | | | | | 2.39¢ | | | | | | | | | | | |

| Uranium | | | 19 | | | | | | | | | 0.66 | | | | | | | | | | | |

principal supply region of low-sulfur coal, and with local suppliers.

The current portfolio of programs was approved by the KCC for March 2024 through February 2028.

extension while a long-term agreement is being negotiated.

Mr. Buckler previously served as Chief Financial Officer of OGE Energy Corp. (2021-2024).

Mr. Buckler also served as Vice President of Investor Relations at Duke Energy Corp. (2019-2020) and as Director of Financial Planning and Analysis at Duke Energy Corp. (2019).

Ms. Elwell previously served as

Evergy expects to continue operating its integrated utilities within the currently existing regulatory frameworks and is focused on empowering a better future for its customers, communities, employees and shareholders.

- Affordability – operating the business cost-effectively and investing in technology and infrastructure to keep rates affordable and improve regional rate competitiveness; mitigating fuel and purchased power volatility by investing in a diverse generation fleet;

- Reliability – targeting transmission and distribution infrastructure investment to support reliability, flexibility, public safety, and resiliency; deploying new technology to improve preventive maintenance and customer restoration times; and

- Sustainability – investing at sustainable capital expenditure levels to maintain reliability and customer affordability for the long-term and balancing clean energy investment to continue fuel diversification and enable a responsible generation portfolio transition.

| Coal | | | 5,930 | | | 38 | | | % | | |

The Evergy Companies are committed to a long-term strategy to reduce CO2 emissions in a cost-effective and reliable manner.

Public attention is currently focused on transitioning to a low carbon future, including reducing GHG emissions and closing coal-fired generating units.

- retiring fossil fuel generation;

| Fuel | | | 2023 | | | | | | | | | 2023 | | | | | | | | | | | |

| Coal | | | 42 | | | % | | | | | | 2.28¢ | | | | | | | | | | | |

| Uranium | | | 20 | | | | | | | | | 0.65 | | | | | | | | | | | |

In 2022 and 2023, the MPSC approved extensions of the programs for 2023 and 2024, respectively.

Evergy Kansas Central and Evergy Metro expect their KEEIA programs to begin in the first quarter 2024.

Evergy is also working to build a more diverse and inclusive workforce through recruiting and hiring practices, performance management, training and data analysis and reporting initiatives.

As of December 31, 2023, Evergy's workforce was 78% male and 22% female, and women represented 21% of Evergy's officer team.

The ethnicity of Evergy's workforce was 85% White, 5% Black, 4% Hispanic and 6% other.

| Kevin E. Bryant (c) | | | 48 | | | Executive Vice President and Chief Operating Officer | | | 2006 | | |

| Steven P. Busser (h) | | | 55 | | | Vice President and Chief Accounting Officer | | | 2014 | | |

Mr. Andrews previously served as Executive Vice President and Chief Financial Officer of NRG Energy, Inc. (2011-2021) and as Executive Vice President, Chief Financial Officer of Clearway Energy, Inc. (2012-2016).

Mr. Andrews also served as Managing Director and Co-Head Investment Banking, Power and Utilities - Americas at Deutsche Bank Securities, Inc. (2009-2011), and in several capacities at Citigroup Global Markets Inc., including Managing Director, Group Head, North American Power (2007-2009) and Head of Power, Mergers and Acquisitions (2005-2007).

He previously served as Vice President - Strategic Planning of Great Plains Energy Incorporated (Great Plains Energy), Evergy Metro and Evergy Missouri West (2014).

He served as Vice President - Investor Relations and Strategic Planning and Treasurer of Great Plains Energy, Evergy Metro and Evergy Missouri West (2013).

He served as Vice President - Investor Relations and Treasurer of Great Plains Energy, Evergy Metro and Evergy Missouri West (2011-2013).

He was Vice President - Strategy and Risk Management of Evergy Metro and Evergy Missouri West (2011) and Vice President - Energy Solutions of Evergy Metro (2006-2011) and Evergy Missouri West (2008-2011).

Mr. Caisley served as Vice President - Marketing and Public Affairs of Great Plains Energy, Evergy

Metro and Evergy Missouri West (2011-2018).

(g)Mr. King was appointed Senior Vice President and Chief Technology Officer of Evergy, Inc. in February 2020.

(h)Mr. Busser was appointed Vice President and Chief Accounting Officer of Evergy, Inc. in February 2022.

He previously served as Vice President - Risk Management and Controller of Evergy, Inc. (2018-2022).

Mr. Busser was appointed Vice President - Risk Management and Controller of Great Plains Energy, Evergy Metro and Evergy Missouri West in 2016.

He previously served as Vice President - Business Planning and Controller of Great Plains Energy, Evergy Metro and Evergy Missouri West (2014-2016).

He served as Vice President - Treasurer of El Paso Electric Company (2011-2014).

Prior to that, he served as Vice President - Treasurer and Chief Risk Officer (2006-2011) and Vice President - Regulatory Affairs and Treasurer (2004-2006) of El Paso Electric Company.

For the fiscal year ended December 31, [removed: 2023][added: 2024]

[removed: ][added: ]

The aggregate market value of the voting and non-voting common equity held by non-affiliates of Evergy, Inc. (based on the closing price of its common stock on The Nasdaq Stock Market LLC on June 30, [removed: 2023)] [added: 2024)] was approximately [removed: $13,251,118,253.][added: $12,025,571,828.]

On February [removed: 21, 2024,] [added: 19, 2025,] Evergy, Inc. had [removed: 229,730,266] [added: 230,009,344] shares of common stock outstanding.

On February [removed: 21, 2024,] [added: 19, 2025,] Evergy Kansas Central, Inc. and Evergy Metro, Inc. each had one share of common stock outstanding and held by Evergy, Inc.

Portions of the [removed: 2024] [added: 2025] annual meeting proxy statement of Evergy, Inc. to be filed with the Securities and Exchange Commission are incorporated by reference in Part III of this report.

| | | | [Cautionary Statements Regarding Certain Forward-Looking [removed: Information](#ia4ba91f1fd1c427993b78bcef2613ef9_16)] [added: Information](#id31b3da7e7a1477f9b77b81016bf9b82_16)] | | | [removed: [3](#ia4ba91f1fd1c427993b78bcef2613ef9_16)] [added: [3](#id31b3da7e7a1477f9b77b81016bf9b82_16)] | | |

| | | | [Glossary of [removed: Terms](#ia4ba91f1fd1c427993b78bcef2613ef9_19)] [added: Terms](#id31b3da7e7a1477f9b77b81016bf9b82_19)] | | | [removed: [5](#ia4ba91f1fd1c427993b78bcef2613ef9_19)] [added: [5](#id31b3da7e7a1477f9b77b81016bf9b82_19)] | | |

| Item 1. | | | [removed: [Business](#ia4ba91f1fd1c427993b78bcef2613ef9_25)] [added: [Business](#id31b3da7e7a1477f9b77b81016bf9b82_25)] | | | [removed: [7](#ia4ba91f1fd1c427993b78bcef2613ef9_25)] [added: [8](#id31b3da7e7a1477f9b77b81016bf9b82_25)] | | |

| Item 1A. | | | [Risk [removed: Factors](#ia4ba91f1fd1c427993b78bcef2613ef9_28)] [added: Factors](#id31b3da7e7a1477f9b77b81016bf9b82_28)] | | | [removed: [16](#ia4ba91f1fd1c427993b78bcef2613ef9_28)] [added: [16](#id31b3da7e7a1477f9b77b81016bf9b82_28)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#ia4ba91f1fd1c427993b78bcef2613ef9_31)] [added: Comments](#id31b3da7e7a1477f9b77b81016bf9b82_31)] | | | [removed: [28](#ia4ba91f1fd1c427993b78bcef2613ef9_31)] [added: [29](#id31b3da7e7a1477f9b77b81016bf9b82_31)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#ia4ba91f1fd1c427993b78bcef2613ef9_3501)] [added: [Cybersecurity](#id31b3da7e7a1477f9b77b81016bf9b82_34)] | | | [removed: [28](#ia4ba91f1fd1c427993b78bcef2613ef9_3501)] [added: [29](#id31b3da7e7a1477f9b77b81016bf9b82_34)] | | |

| Item 2. | | | [removed: [Properties](#ia4ba91f1fd1c427993b78bcef2613ef9_34)] [added: [Properties](#id31b3da7e7a1477f9b77b81016bf9b82_37)] | | | [removed: [30](#ia4ba91f1fd1c427993b78bcef2613ef9_34)] [added: [32](#id31b3da7e7a1477f9b77b81016bf9b82_37)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#ia4ba91f1fd1c427993b78bcef2613ef9_37)] [added: Proceedings](#id31b3da7e7a1477f9b77b81016bf9b82_40)] | | | [removed: [33](#ia4ba91f1fd1c427993b78bcef2613ef9_37)] [added: [35](#id31b3da7e7a1477f9b77b81016bf9b82_40)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#ia4ba91f1fd1c427993b78bcef2613ef9_40)] [added: Disclosures](#id31b3da7e7a1477f9b77b81016bf9b82_43)] | | | [removed: [33](#ia4ba91f1fd1c427993b78bcef2613ef9_40)] [added: [35](#id31b3da7e7a1477f9b77b81016bf9b82_43)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ia4ba91f1fd1c427993b78bcef2613ef9_46)] [added: Securities](#id31b3da7e7a1477f9b77b81016bf9b82_49)] | | | [removed: [34](#ia4ba91f1fd1c427993b78bcef2613ef9_46)] [added: [36](#id31b3da7e7a1477f9b77b81016bf9b82_49)] | | |

| Item 6. | | | [removed: [Reserved](#ia4ba91f1fd1c427993b78bcef2613ef9_49)] [added: [Reserved](#id31b3da7e7a1477f9b77b81016bf9b82_52)] | | | [removed: [34](#ia4ba91f1fd1c427993b78bcef2613ef9_49)] [added: [36](#id31b3da7e7a1477f9b77b81016bf9b82_52)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ia4ba91f1fd1c427993b78bcef2613ef9_223)] [added: Operations](#id31b3da7e7a1477f9b77b81016bf9b82_229)] | | | [removed: [34](#ia4ba91f1fd1c427993b78bcef2613ef9_223)] [added: [36](#id31b3da7e7a1477f9b77b81016bf9b82_229)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ia4ba91f1fd1c427993b78bcef2613ef9_52)] [added: Risk](#id31b3da7e7a1477f9b77b81016bf9b82_55)] | | | [removed: [62](#ia4ba91f1fd1c427993b78bcef2613ef9_52)] [added: [64](#id31b3da7e7a1477f9b77b81016bf9b82_55)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#ia4ba91f1fd1c427993b78bcef2613ef9_55)] [added: Data](#id31b3da7e7a1477f9b77b81016bf9b82_58)] | | | [removed: [65](#ia4ba91f1fd1c427993b78bcef2613ef9_55)] [added: [67](#id31b3da7e7a1477f9b77b81016bf9b82_58)] | | |

| Item 9. | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#ia4ba91f1fd1c427993b78bcef2613ef9_295)] [added: Disclosure](#id31b3da7e7a1477f9b77b81016bf9b82_301)] | | | [removed: [160](#ia4ba91f1fd1c427993b78bcef2613ef9_295)] [added: [160](#id31b3da7e7a1477f9b77b81016bf9b82_301)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#ia4ba91f1fd1c427993b78bcef2613ef9_298)] [added: Procedures](#id31b3da7e7a1477f9b77b81016bf9b82_304)] | | | [removed: [161](#ia4ba91f1fd1c427993b78bcef2613ef9_298)] [added: [160](#id31b3da7e7a1477f9b77b81016bf9b82_304)] | | |

| Item 9B. | | | [Other [removed: Information](#ia4ba91f1fd1c427993b78bcef2613ef9_319)] [added: Information](#id31b3da7e7a1477f9b77b81016bf9b82_325)] | | | [removed: [164](#ia4ba91f1fd1c427993b78bcef2613ef9_319)] [added: [164](#id31b3da7e7a1477f9b77b81016bf9b82_325)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ia4ba91f1fd1c427993b78bcef2613ef9_322)] [added: Inspections](#id31b3da7e7a1477f9b77b81016bf9b82_328)] | | | [removed: [164](#ia4ba91f1fd1c427993b78bcef2613ef9_322)] [added: [164](#id31b3da7e7a1477f9b77b81016bf9b82_328)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#ia4ba91f1fd1c427993b78bcef2613ef9_352)] [added: Governance](#id31b3da7e7a1477f9b77b81016bf9b82_358)] | | | [removed: [164](#ia4ba91f1fd1c427993b78bcef2613ef9_352)] [added: [164](#id31b3da7e7a1477f9b77b81016bf9b82_358)] | | |

| Item 11. | | | [Executive [removed: Compensation](#ia4ba91f1fd1c427993b78bcef2613ef9_355)] [added: Compensation](#id31b3da7e7a1477f9b77b81016bf9b82_361)] | | | [removed: [165](#ia4ba91f1fd1c427993b78bcef2613ef9_355)] [added: [165](#id31b3da7e7a1477f9b77b81016bf9b82_361)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ia4ba91f1fd1c427993b78bcef2613ef9_358)] [added: Matters](#id31b3da7e7a1477f9b77b81016bf9b82_364)] | | | [removed: [165](#ia4ba91f1fd1c427993b78bcef2613ef9_358)] [added: [165](#id31b3da7e7a1477f9b77b81016bf9b82_364)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ia4ba91f1fd1c427993b78bcef2613ef9_361)] [added: Independence](#id31b3da7e7a1477f9b77b81016bf9b82_367)] | | | [removed: [166](#ia4ba91f1fd1c427993b78bcef2613ef9_361)] [added: [166](#id31b3da7e7a1477f9b77b81016bf9b82_367)] | | |

| Item 14. | | | [Principal Accounting Fees and [removed: Services](#ia4ba91f1fd1c427993b78bcef2613ef9_364)] [added: Services](#id31b3da7e7a1477f9b77b81016bf9b82_370)] | | | [removed: [166](#ia4ba91f1fd1c427993b78bcef2613ef9_364)] [added: [166](#id31b3da7e7a1477f9b77b81016bf9b82_370)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#ia4ba91f1fd1c427993b78bcef2613ef9_370)] [added: Schedules](#id31b3da7e7a1477f9b77b81016bf9b82_376)] | | | [removed: [168](#ia4ba91f1fd1c427993b78bcef2613ef9_370)] [added: [168](#id31b3da7e7a1477f9b77b81016bf9b82_376)] | | |

Forward-looking statements include, but are not limited to, statements relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital investment goals; the outcome of legislative efforts and regulatory and legal proceedings; future energy [removed: demand;] [added: demand, including demand driven by new and existing customers;] future power prices; plans with respect to existing and potential future generation resources; the availability and cost of generation resources and energy storage; target emissions reductions; and other matters relating to expected financial performance or affecting future operations.

Forward-looking statements are often accompanied by forward-looking words such as "anticipates," "believes," "expects," "estimates," "forecasts," [added: "guidance,"] "should," "could," "may," "seeks," "intends," [added: "predict," "potential," "opportunities,"] "proposed," "projects," "planned," "target," "outlook," "remain confident," "goal," "will" or other words of similar meaning.

These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; [added: significant] changes in [added: the demand for electricity; changes in] business strategy or [removed: operations;] [added: operations, including with respect to] the [added: Evergy Companies' strategy to meet demand requirements of existing and future customers; the] impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; [added: the ability to build or acquire generation and transmission facilities to meet the future demand for electricity from customers; the ability to control costs, avoid costs and schedule overruns during the development, construction and operation of generation, transmission, distribution or other projects due to challenges, which include, but are not limited to, changes in labor costs, availability and productivity, challenges with the management of contractors or vendors, subcontractor performance, shortages, delays, increased costs or inconsistent quality of equipment, materials and labor and increased financing costs as a result of changes in interest rates or as a result of project delays;] decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; [added: development, adoption and use of artificial intelligence by] the [added: Evergy Companies and its third-party vendors; the] impact of climate change, including increased frequency and severity of significant weather [removed: events] [added: events; risks relating to potential wildfires, including costs of litigation, potential regulatory penalties] and [added: damages in excess of insurance liability coverage;] the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity and natural gas in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of future pandemic health events on, among other things, sales, results of operations, financial position, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies' employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, disruptions in the banking industry, including volatility in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, acts of war and other disruptions to the Evergy Companies' facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; impact of geopolitical conflicts on the global energy [removed: market;] [added: market, including the] ability to [added: contract for non-Russian sourced uranium; ability to] carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; impacts of tariffs; [removed: ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; delays and cost increases of generation, transmission, distribution or other projects; the Evergy Companies' ability to manage their transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies' ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, wages, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy's strategic plan, financial results or operations; the impact of changing expectations and demands of the Evergy Companies' customers, regulators, investors and stakeholders, including heightened emphasis on environmental, social and governance concerns; the possibility that strategic initiatives, including mergers, acquisitions and divestitures, and long-term financial plans, may not create the value that they]

| CSAPR | | | | | | Cross-State Air Pollution [added: Rule] | | |

| TCR | | | | | | Transmission congestion [removed: right] [added: rights] | | |

| [PART I](#id31b3da7e7a1477f9b77b81016bf9b82_22) | | | | | | | | |

| [PART II](#id31b3da7e7a1477f9b77b81016bf9b82_46) | | | | | | | | |

| [PART III](#id31b3da7e7a1477f9b77b81016bf9b82_355) | | | | | | | | |

| [PART IV](#id31b3da7e7a1477f9b77b81016bf9b82_373) | | | | | | | | |

| | | | [Signatures](#id31b3da7e7a1477f9b77b81016bf9b82_406) | | | [190](#id31b3da7e7a1477f9b77b81016bf9b82_406) | | |

ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; the Evergy Companies' ability to manage their generation, transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies' ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, wages, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy's strategic plan, financial results or operations; the impact of changing expectations and demands of the Evergy Companies' customers, regulators, investors and stakeholders, including differing views on environmental, social and governance concerns; the possibility that strategic initiatives, including mergers, acquisitions and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, contractors, regulators or suppliers; the outcome of litigation involving the Evergy Companies; and other risks and uncertainties.

| BSER | | | | | | Best system of emission reduction | | |

| CARFR | | | | | | Credit-adjusted risk-free rates | | |

| CCS | | | | | | Carbon capture and sequestration | | |

| CNO | | | | | | Chief Nuclear Officer | | |

| Crossroads | | | | | | Crossroads Energy Center | | |

| CTO | | | | | | Chief Technology Officer | | |

| EIRR | | | | | | Environmental Improvement Revenue Refunding | | |

| ESG | | | | | | Environmental, social and governance | | |

| Evergy Missouri West Storm Funding | | | | | | Evergy Missouri West Storm Funding I, LLC | | |

| FIP | | | | | | Federal implementation plan | | |

| IBEW | | | | | | International Brotherhood of Electrical Workers | | |

| IRP | | | | | | Integrated Resource Plan | | |

| IRS | | | | | | Internal Revenue Service | | |

| LEC | | | | | | Lawrence Energy Center | | |

| NIST CSF | | | | | | National Institute of Standards and Technology Cybersecurity Framework | | |

| NIST RMF | | | | | | National Institute of Standards and Technology Risk Management Framework | | |

| | | | | | | | | |

| PRB | | | | | | Powder River Basin | | |

| | | | | | | | | |

| | | | | | | | | |

| Securitized Bonds | | | | | | Securitized Utility Tariff Bonds | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Abbreviation or Acronym | | | | | | Definition | | |

| | | | | | | | | |

| VaR | | | | | | Value at Risk | | |

| WACC | | | | | | Weighted average cost of capital | | |

| [PART I](#ia4ba91f1fd1c427993b78bcef2613ef9_22) | | | | | | | | |

| [PART II](#ia4ba91f1fd1c427993b78bcef2613ef9_43) | | | | | | | | |

| [PART III](#ia4ba91f1fd1c427993b78bcef2613ef9_349) | | | | | | | | |

| [PART IV](#ia4ba91f1fd1c427993b78bcef2613ef9_367) | | | | | | | | |

| | | | [Signatures](#ia4ba91f1fd1c427993b78bcef2613ef9_400) | | | [190](#ia4ba91f1fd1c427993b78bcef2613ef9_400) | | |

are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, regulators or suppliers; and other risks and uncertainties.

| COVID-19 | | | | | | Coronavirus | | |

| ELG | | | | | | Effluent limitations guidelines | | |

| OPC | | | | | | Office of the Public Counsel | | |

| Scope 1 | | | | | | Direct greenhouse gas emissions that occur from sources that are controlled or owned by an organization | | |

| Scope 2 | | | | | | Indirect greenhouse gas emissions associated with the purchase of electricity, steam, heat or cooling | | |

| Term Loan Facility | | | | | | Term Loan Credit Agreement | | |

The Senior Vice President, Chief Technology Officer (CTO) and Vice President, Chief Nuclear Officer (CNO), have overall accountability for the assessment, identification and management of [removed: cybersecurity risks on behalf of the Evergy Companies and Wolf Creek, respectively, subject to review by the Evergy Board and its committees.]

The Evergy Board has assigned primary oversight of cybersecurity risk to the [removed: Safety and Power Delivery] [added: Operations] Committee of the Evergy Board.

At each [removed: Safety and Power Delivery] [added: Operations] Committee meeting, the CTO discusses the Evergy Companies' cybersecurity metrics and scorecard performance; global, industry and Evergy-specific cybersecurity news; third-party assessments of the Evergy Companies' cybersecurity program; and industry benchmarking results.

The [removed: Safety and Power Delivery] [added: Operations] Committee meets regularly throughout the year and may meet more frequently or otherwise be informed of cybersecurity risk and incident information as needed.

The CNO discusses with the [removed: Nuclear, Power Supply and Environmental] [added: Operations] Committee risks specific to Wolf Creek, including cybersecurity [removed: risk, at least twice per year.][added: risk.]

The Evergy Companies' cybersecurity organization [removed: use] [added: uses] the NIST CSF to model the security program.

The Evergy Companies employ security practitioners with cybersecurity and information technology degrees and certifications and with extensive experience, with several holding [removed: top secret and secret] federal government clearances.

Cybersecurity [removed: threats] [added: incidents] are identified and mitigated by cybersecurity incident response plans that detail [removed: the] [added: any] actions to be taken when a cybersecurity incident occurs.

While the Evergy Companies have a cybersecurity program designed to protect and preserve the integrity of their information systems, the Evergy Companies also maintain cybersecurity insurance to manage financial statement risk resulting from specific [removed: cyber attacks.][added: cyber-attacks.]

The Evergy Companies have been subjected to attempted [removed: cyber attacks] [added: cyber-attacks] from time to time, and will likely continue to be subject to such attempted attacks, but these prior attacks have not had a material impact on the Evergy Companies' operations or financial results to date.

However, because technology is increasingly complex and [removed: cyber attacks] [added: cyber-attacks] are increasingly sophisticated and more [removed: frequent,] [added: frequent through the use of such tools as AI,] there can be no assurance that such incidents will not have a material adverse effect on the Evergy Companies in the future.

cybersecurity risks on behalf of the Evergy Companies and Wolf Creek, respectively, subject to review by the Evergy Board and its committees.

One layer of defense is Evergy's employees and their abilities to detect and respond to phishing attempts.

Evergy conducts annual security awareness training and monthly phishing simulations.

Employees that perform poorly in the phishing simulations are subject to additional training and disciplinary action.

Other defense layers include firewalls at both the network and application layers, network segmentation, email scanning, multi-factor authentications, cloud security monitoring, in addition to other defensive layers.

Several of the Evergy Companies' security tools employ AI and machine learning to enhance their respective capabilities.

These services include, but are not limited to, the identification of vulnerabilities, penetration testing and assessment of the cybersecurity program to both validate effectiveness and also identify any areas for improvement.

If warranted, the incident response plan may trigger the activation of the Crisis Management Team, a subset of officers who lead corporate functions and would collectively perform impact assessment and provide

decision-making guidance as a component of the Crisis Management Plan within the Evergy Companies' business continuity and disaster recovery plans.

Both the incident response plan and crisis management plan are practiced on an annual basis.

The Nuclear, Power Supply and Environmental Committee of the Evergy Board supports the Safety and Power Delivery Committee's review of cybersecurity risk limited to power supply resources.

The CNO may inform the Nuclear, Power Supply and Environmental Committee of cybersecurity matters more frequently as needed.

| [removed: Hutch] [added: Hutchinson] Solar | | | | | | | | | Kansas | | | 2017 | | | Solar | | | — | | | — | | | — | | | — | | | 1 | | | (b) | | | 1 | | |

| Steam Turbines | | | [removed: 1-3] [added: 1 - 3] | | | (h) | | | | | | 1978, 1980 &1983 | | | Coal | | | [removed: 2,011] [added: 2,008] | | | — | | | 175 | | | [removed: 2,186] [added: 2,183] | | | — | | | | | | [removed: 2,186] [added: 2,183] | | |

| Total Coal: | | | | | | | | | | | | | | | | | | [removed: 3,209] [added: 3,206] | | | 2,258 | | | 463 | | | [removed: 5,930] [added: 5,927] | | | — | | | | | | [removed: 5,930] [added: 5,927] | | |

| Combined Cycle | | | [removed: 2-1, 2-2 & 2-3] [added: 1 - 3] | | | (h) | | | | | | 2001 | | | Natural Gas | | | 209 | | | — | | | — | | | 209 | | | — | | | | | | 209 | | |

| Combined Cycle | | | [removed: 6/9] [added: 6 & 9] | | | | | | | | | 2000 | | | Natural Gas | | | — | | | 242 | | | — | | | 242 | | | — | | | | | | 242 | | |

| Total Gas and Oil | | | | | | | | | | | | | | | | | | 1,690 | | | 1,185 | | | [removed: 1,190] [added: 1,335] | | | [removed: 4,065] [added: 4,210] | | | — | | | | | | [removed: 4,065] [added: 4,210] | | |

(a) Capability (except for wind generating facilities) represents estimated [removed: 2024] [added: 2025] net generating capacity.

Evergy has approximately [removed: 10,200] [added: 10,100] circuit miles of transmission lines, [removed: 44,800] [added: 44,600] circuit miles of overhead distribution lines and [removed: 16,000] [added: 16,300] circuit miles of underground distribution lines in Missouri and Kansas.

| Dogwood Energy Center | | | | | | | | | Missouri | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Combined Cycle | | | 1 - 3 | | | (h) | | | | | | 2002 | | | Natural Gas | | | — | | | — | | | 145 | | | 145 | | | — | | | | | | 145 | | |

| Total | | | | | | | | | | | | | | | | | | 6,078 | | | 4,152 | | | 1,806 | | | 12,036 | | | 3,754 | | | | | | 15,790 | | |

| Total | | | | | | | | | | | | | | | | | | 6,081 | | | 4,152 | | | 1,661 | | | 11,894 | | | 3,754 | | | | | | 15,648 | | |

Evergy's common stock is listed on the Nasdaq Stock Market LLC under the symbol "EVRG." At February [removed: 21, 2024,] [added: 19, 2025,] Evergy's common stock was held by [removed: 16,312] [added: 15,388] shareholders of record.

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 December 31, [removed: 2023.][added: 2024.]

| October 1 - 31 | | | [removed: —] [added: 42] | | | [removed: —] [added: $61.64] | | | — | | | — | | |

| December 1 - 31 | | | 6,051 | | | $61.60 | | | — | | | — | | |

| Total | | | 6,093 | | | $61.60 | | | — | | | — | | |

| December 1 - 31 | | | 8,180 | | | $52.20 | | | — | | | — | | |

| Total | | | 8,180 | | | $52.20 | | | — | | | — | | |

| [Evergy, [removed: Inc.](#ia4ba91f1fd1c427993b78bcef2613ef9_61)] [added: Inc.](#id31b3da7e7a1477f9b77b81016bf9b82_64)] | | | | | | [removed: [66](#ia4ba91f1fd1c427993b78bcef2613ef9_61)] [added: [68](#id31b3da7e7a1477f9b77b81016bf9b82_64)] | | |

| [Evergy Kansas Central, [removed: Inc.](#ia4ba91f1fd1c427993b78bcef2613ef9_64)] [added: Inc.](#id31b3da7e7a1477f9b77b81016bf9b82_67)] | | | | | | [removed: [69](#ia4ba91f1fd1c427993b78bcef2613ef9_64)] [added: [70](#id31b3da7e7a1477f9b77b81016bf9b82_67)] | | |

| [Evergy Metro, [removed: Inc.](#ia4ba91f1fd1c427993b78bcef2613ef9_67)] [added: Inc.](#id31b3da7e7a1477f9b77b81016bf9b82_70)] | | | | | | [removed: [72](#ia4ba91f1fd1c427993b78bcef2613ef9_67)] [added: [72](#id31b3da7e7a1477f9b77b81016bf9b82_70)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#ia4ba91f1fd1c427993b78bcef2613ef9_73)] [added: Income](#id31b3da7e7a1477f9b77b81016bf9b82_76)] | | | | | | [removed: [75](#ia4ba91f1fd1c427993b78bcef2613ef9_73)] [added: [74](#id31b3da7e7a1477f9b77b81016bf9b82_76)] | | |

| [Consolidated Balance [removed: Sheets](#ia4ba91f1fd1c427993b78bcef2613ef9_70)] [added: Sheets](#id31b3da7e7a1477f9b77b81016bf9b82_73)] | | | | | | [removed: [76](#ia4ba91f1fd1c427993b78bcef2613ef9_70)] [added: [75](#id31b3da7e7a1477f9b77b81016bf9b82_73)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ia4ba91f1fd1c427993b78bcef2613ef9_76)] [added: Flows](#id31b3da7e7a1477f9b77b81016bf9b82_79)] | | | | | | [removed: [78](#ia4ba91f1fd1c427993b78bcef2613ef9_76)] [added: [77](#id31b3da7e7a1477f9b77b81016bf9b82_79)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#ia4ba91f1fd1c427993b78bcef2613ef9_82)] [added: Equity](#id31b3da7e7a1477f9b77b81016bf9b82_85)] | | | | | | [removed: [79](#ia4ba91f1fd1c427993b78bcef2613ef9_82)] [added: [78](#id31b3da7e7a1477f9b77b81016bf9b82_85)] | | |

| [Consolidated Statements of [removed: Income](#ia4ba91f1fd1c427993b78bcef2613ef9_88)] [added: Income](#id31b3da7e7a1477f9b77b81016bf9b82_91)] | | | | | | [removed: [80](#ia4ba91f1fd1c427993b78bcef2613ef9_88)] [added: [79](#id31b3da7e7a1477f9b77b81016bf9b82_91)] | | |

| [Consolidated Balance [removed: Sheets](#ia4ba91f1fd1c427993b78bcef2613ef9_85)] [added: Sheets](#id31b3da7e7a1477f9b77b81016bf9b82_88)] | | | | | | [removed: [81](#ia4ba91f1fd1c427993b78bcef2613ef9_85)] [added: [80](#id31b3da7e7a1477f9b77b81016bf9b82_88)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ia4ba91f1fd1c427993b78bcef2613ef9_91)] [added: Flows](#id31b3da7e7a1477f9b77b81016bf9b82_94)] | | | | | | [removed: [83](#ia4ba91f1fd1c427993b78bcef2613ef9_91)] [added: [82](#id31b3da7e7a1477f9b77b81016bf9b82_94)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#ia4ba91f1fd1c427993b78bcef2613ef9_97)] [added: Equity](#id31b3da7e7a1477f9b77b81016bf9b82_100)] | | | | | | [removed: [84](#ia4ba91f1fd1c427993b78bcef2613ef9_97)] [added: [83](#id31b3da7e7a1477f9b77b81016bf9b82_100)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#ia4ba91f1fd1c427993b78bcef2613ef9_103)] [added: Income](#id31b3da7e7a1477f9b77b81016bf9b82_106)] | | | | | | [removed: [85](#ia4ba91f1fd1c427993b78bcef2613ef9_103)] [added: [84](#id31b3da7e7a1477f9b77b81016bf9b82_106)] | | |

| [Consolidated Balance [removed: Sheets](#ia4ba91f1fd1c427993b78bcef2613ef9_100)] [added: Sheets](#id31b3da7e7a1477f9b77b81016bf9b82_103)] | | | | | | [removed: [86](#ia4ba91f1fd1c427993b78bcef2613ef9_100)] [added: [85](#id31b3da7e7a1477f9b77b81016bf9b82_103)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ia4ba91f1fd1c427993b78bcef2613ef9_106)] [added: Flows](#id31b3da7e7a1477f9b77b81016bf9b82_109)] | | | | | | [removed: [88](#ia4ba91f1fd1c427993b78bcef2613ef9_106)] [added: [87](#id31b3da7e7a1477f9b77b81016bf9b82_109)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#ia4ba91f1fd1c427993b78bcef2613ef9_112)] [added: Equity](#id31b3da7e7a1477f9b77b81016bf9b82_115)] | | | | | | [removed: [89](#ia4ba91f1fd1c427993b78bcef2613ef9_112)] [added: [88](#id31b3da7e7a1477f9b77b81016bf9b82_115)] | | |

| [Combined Notes to Consolidated Financial [removed: Statements](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] [added: Statements](#id31b3da7e7a1477f9b77b81016bf9b82_118)] | | | | | | | | |

| Note 1: | | | [Summary of Significant Accounting [removed: Policies](#ia4ba91f1fd1c427993b78bcef2613ef9_121)] [added: Policies](#id31b3da7e7a1477f9b77b81016bf9b82_124)] | | | [removed: [90](#ia4ba91f1fd1c427993b78bcef2613ef9_121)] [added: [89](#id31b3da7e7a1477f9b77b81016bf9b82_124)] | | |

| Note 4: | | | [Rate Matters and [removed: Regulation](#ia4ba91f1fd1c427993b78bcef2613ef9_133)] [added: Regulation](#id31b3da7e7a1477f9b77b81016bf9b82_136)] | | | [removed: [104](#ia4ba91f1fd1c427993b78bcef2613ef9_133)] [added: [103](#id31b3da7e7a1477f9b77b81016bf9b82_136)] | | |

| Note 6: | | | [Asset Retirement [removed: Obligations](#ia4ba91f1fd1c427993b78bcef2613ef9_193)] [added: Obligations](#id31b3da7e7a1477f9b77b81016bf9b82_145)] | | | [removed: [111](#ia4ba91f1fd1c427993b78bcef2613ef9_193)] [added: [110](#id31b3da7e7a1477f9b77b81016bf9b82_145)] | | |

| Note 7: | | | [Property, Plant & [removed: Equipment](#ia4ba91f1fd1c427993b78bcef2613ef9_196)] [added: Equipment](#id31b3da7e7a1477f9b77b81016bf9b82_208)] | | | [removed: [113](#ia4ba91f1fd1c427993b78bcef2613ef9_196)] [added: [112](#id31b3da7e7a1477f9b77b81016bf9b82_208)] | | |

| Note 8: | | | [Jointly-Owned Electric Utility [removed: Plants](#ia4ba91f1fd1c427993b78bcef2613ef9_199)] [added: Plants](#id31b3da7e7a1477f9b77b81016bf9b82_211)] | | | [removed: [114](#ia4ba91f1fd1c427993b78bcef2613ef9_199)] [added: [113](#id31b3da7e7a1477f9b77b81016bf9b82_211)] | | |

| Note 9: | | | [Pension Plans and Post-Retirement [removed: Benefits](#ia4ba91f1fd1c427993b78bcef2613ef9_157)] [added: Benefits](#id31b3da7e7a1477f9b77b81016bf9b82_163)] | | | [removed: [115](#ia4ba91f1fd1c427993b78bcef2613ef9_157)] [added: [114](#id31b3da7e7a1477f9b77b81016bf9b82_163)] | | |

| Note 11: | | | [Short-Term Borrowings and Short-Term Bank Lines of [removed: Credit](#ia4ba91f1fd1c427993b78bcef2613ef9_160)] [added: Credit](#id31b3da7e7a1477f9b77b81016bf9b82_166)] | | | [removed: [128](#ia4ba91f1fd1c427993b78bcef2613ef9_160)] [added: [127](#id31b3da7e7a1477f9b77b81016bf9b82_166)] | | |

| Note 12: | | | [Long-Term [removed: Debt](#ia4ba91f1fd1c427993b78bcef2613ef9_166)] [added: Debt](#id31b3da7e7a1477f9b77b81016bf9b82_172)] | | | [removed: [130](#ia4ba91f1fd1c427993b78bcef2613ef9_166)] [added: [129](#id31b3da7e7a1477f9b77b81016bf9b82_172)] | | |

| Note 14: | | | [Fair Value [removed: Measurements](#ia4ba91f1fd1c427993b78bcef2613ef9_175)] [added: Measurements](#id31b3da7e7a1477f9b77b81016bf9b82_181)] | | | [removed: [138](#ia4ba91f1fd1c427993b78bcef2613ef9_175)] [added: [137](#id31b3da7e7a1477f9b77b81016bf9b82_181)] | | |

| Note 15: | | | [Commitments and [removed: Contingencies](#ia4ba91f1fd1c427993b78bcef2613ef9_178)] [added: Contingencies](#id31b3da7e7a1477f9b77b81016bf9b82_184)] | | | [removed: [143](#ia4ba91f1fd1c427993b78bcef2613ef9_178)] [added: [142](#id31b3da7e7a1477f9b77b81016bf9b82_184)] | | |

| Note 17: | | | [Related Party Transactions and [removed: Relationships](#ia4ba91f1fd1c427993b78bcef2613ef9_184)] [added: Relationships](#id31b3da7e7a1477f9b77b81016bf9b82_190)] | | | [removed: [149](#ia4ba91f1fd1c427993b78bcef2613ef9_184)] [added: [148](#id31b3da7e7a1477f9b77b81016bf9b82_190)] | | |

| Note 20: | | | [removed: [Taxes](#ia4ba91f1fd1c427993b78bcef2613ef9_187)] [added: [Taxes](#id31b3da7e7a1477f9b77b81016bf9b82_202)] | | | [removed: [152](#ia4ba91f1fd1c427993b78bcef2613ef9_187)] [added: [152](#id31b3da7e7a1477f9b77b81016bf9b82_202)] | | |

We have audited the accompanying consolidated balance sheets of Evergy, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] and the related notes and the financial statement [removed: schedules] [added: schedule] listed in the Index at Item 15 (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 28, 2024,] [added: 26, 2025,] expressed an unqualified opinion on the Company's internal control over financial reporting.

Because the [removed: Commissions set] [added: Commission sets] the rates, the Company is allowed to charge customers based on allowable costs, including a reasonable return on equity, and the Company applies accounting standards that require the financial statements to reflect the effects of rate regulation, including the recording of regulatory assets and liabilities.

While the Company has indicated it expects to recover costs from customers through regulated rates, there is a risk that the [removed: Commissions] [added: Commission] will not approve (1) full recovery of the costs of providing utility service or (2) full recovery of amounts invested in the utility business and a reasonable return on that investment.

We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management to support its assertions about impacted account balances and disclosures and the [removed: high] degree of subjectivity involved in assessing the impact of future regulatory orders on the financial statements.

Management judgments include assessing the likelihood of (1) recovery in future rates of incurred [removed: costs, (2) probability of potential charges related to the abandonment of regulated plants,] [added: costs] and [removed: (3) a refund] [added: (2) refunds or future rate reduction] to customers.

- We tested the effectiveness of management's controls over the evaluation of the likelihood of (1) the recovery in future rates of [removed: costs deferred as] regulatory assets and (2) a refund or a future reduction in rates that should be reported as regulatory liabilities.

- We tested the effectiveness of management's controls over the initial recognition of amounts as regulatory assets or liabilities; and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in [removed: rates, including Company management's determination of the likelihood of recovery of the full investment of certain regulated plants and probability of refunding amounts previously collected from customers related to certain regulated plants.][added: rates.]

Such external information included relevant regulatory orders issued by the [removed: Federal Energy Regulatory Commission as well as the] Commissions for the Company and other public utilities in Kansas and Missouri, [removed: filings made by interveners, and] [added: as well as] other publicly available information to assess the likelihood of recovery in future rates or of a future reduction in rates based on precedents of the Commissions' treatment of similar costs under similar circumstances.

- We evaluated management's analysis, and letters from internal [removed: and external] legal counsel, as appropriate, regarding probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities not yet addressed in a regulatory order to assess management's assertion that amounts are probable of recovery or a future reduction in rates.

We have audited the accompanying consolidated balance sheets of Evergy Kansas Central, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of income, changes in equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] and the related notes and the financial statement schedule listed in the Index at Item 15 (collectively referred to as the "financial statements").

| Note 2: | | | [Revenue](#id31b3da7e7a1477f9b77b81016bf9b82_127) | | | [98](#id31b3da7e7a1477f9b77b81016bf9b82_127) | | |

| Note 3: | | | [Receivables](#id31b3da7e7a1477f9b77b81016bf9b82_133) | | | [101](#id31b3da7e7a1477f9b77b81016bf9b82_133) | | |

| Note 5: | | | [Goodwill](#id31b3da7e7a1477f9b77b81016bf9b82_142) | | | [110](#id31b3da7e7a1477f9b77b81016bf9b82_142) | | |

| Note 10: | | | [Equity Compensation](#id31b3da7e7a1477f9b77b81016bf9b82_214) | | | [126](#id31b3da7e7a1477f9b77b81016bf9b82_214) | | |

| Note 13: | | | [Derivative Instruments](#id31b3da7e7a1477f9b77b81016bf9b82_178) | | | [133](#id31b3da7e7a1477f9b77b81016bf9b82_178) | | |

| Note 16: | | | [Guarantees](#id31b3da7e7a1477f9b77b81016bf9b82_217) | | | [147](#id31b3da7e7a1477f9b77b81016bf9b82_217) | | |

| Note 18: | | | [Shareholders' Equity](#id31b3da7e7a1477f9b77b81016bf9b82_220) | | | [149](#id31b3da7e7a1477f9b77b81016bf9b82_220) | | |

| Note 19: | | | [Variable Interest Entities](#id31b3da7e7a1477f9b77b81016bf9b82_199) | | | [150](#id31b3da7e7a1477f9b77b81016bf9b82_196) | | |

| Note 21: | | | [Leases](#id31b3da7e7a1477f9b77b81016bf9b82_223) | | | [156](#id31b3da7e7a1477f9b77b81016bf9b82_223) | | |

| Note 22: | | | [S](#id31b3da7e7a1477f9b77b81016bf9b82_3460)[egment Information](#id31b3da7e7a1477f9b77b81016bf9b82_3460) | | | [160](#id31b3da7e7a1477f9b77b81016bf9b82_3460) | | |

February 26, 2025

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management to support its assertions about impacted account balances and disclosures and the degree of subjectivity involved in assessing the impact of future regulatory orders on the financial statements.

Management judgments include assessing the likelihood of (1) recovery in future rates of incurred costs and (2) refunds or future rate reduction to customers.

February 26, 2025

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management to support its assertions about impacted account balances and disclosures and the degree of subjectivity involved in assessing the impact of future regulatory orders on the financial statements.

Management judgments include assessing the likelihood of (1) recovery in future rates of incurred costs and (2) refunds or future rate reduction to customers.

- We tested the effectiveness of management's controls over the evaluation of the likelihood of (1) the recovery in future rates of regulatory assets and (2) a refund or a future reduction in rates that should be reported as regulatory liabilities.

Such external information included relevant regulatory orders issued by the Commissions for the Company and other public utilities in Kansas and Missouri, as well as other publicly available information to assess the likelihood of recovery in future rates or of a future reduction in rates based on precedents of the Commissions' treatment of similar costs under similar circumstances.

- We evaluated management's analysis, and letters from internal legal counsel, as appropriate, regarding probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities not yet addressed in a regulatory order to assess management's assertion that amounts are probable of recovery, or a future reduction in rates.

February 26, 2025

| | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | |

| Regulatory assets, includes $15.9 and $— related to variable interest entity, respectively | | | | | | 180.9 | | | | | | | | | | | | 292.1 | | | | | |

| Other | | | | | | 45.4 | | | | | | | | | | | | 31.4 | | | | | |

| PROPERTY, PLANT AND EQUIPMENT, NET, includes $126.5 and $133.6 related to variable interest entity, respectively | | | | | | 24,930.9 | | | | | | | | | | | | 23,728.7 | | | | | |

| Regulatory assets, includes $294.5 and $— related to variable interest entity, respectively | | | | | | 1,719.3 | | | | | | | | | | | | 1,795.3 | | | | | |

| | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | |

| Current maturities of long-term debt, includes $16.2 and $— related to variable interest entity, respectively | | | | | | $ | 651.7 | | | | | | | | | | | $ | 800.0 | | | | |

| Accrued interest, includes $1.3 and $— related to variable interest entity, respectively | | | | | | 136.4 | | | | | | | | | | | | 134.2 | | | | | |

| Long-term debt, net, includes $295.7 and $— related to variable interest entity, respectively | | | | | | 11,809.2 | | | | | | | | | | | | 11,053.3 | | | | | |

| Stock compensation | | | 15.2 | | | | | | 17.7 | | | | | | 18.8 | | | | | |

| Net income | | | — | | | — | | | 873.5 | | | — | | | 12.3 | | | 885.8 | | |

| Other | | | — | | | 0.6 | | | — | | | — | | | — | | | 0.6 | | |

| Balance as of December 31, 2024 | | | 229,983,615 | | | $ | 7,245.9 | | $ | 2,732.9 | | $ | (23.8) | | $ | 34.2 | | $ | 9,989.2 | |

| SPP network transmission costs | | | | | | | | | | | | | | | | | | 370.9 | | | | | | 302.6 | | | | | | 323.0 | | |

| | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | |

| PROPERTY, PLANT AND EQUIPMENT, NET, includes $126.5 and $133.6 related to variable interest entity, respectively | | | | | | 12,880.1 | | | | | | | | | | | | 12,121.9 | | | | | |

| | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | |

| Noncontrolling Interests | | | | | | 34.2 | | | | | | | | | | | | 21.9 | | | | | |

| Note 2: | | | [Revenue](#ia4ba91f1fd1c427993b78bcef2613ef9_124) | | | [93](#ia4ba91f1fd1c427993b78bcef2613ef9_124) | | |

| Note 3: | | | [Receivables](#ia4ba91f1fd1c427993b78bcef2613ef9_130) | | | [102](#ia4ba91f1fd1c427993b78bcef2613ef9_130) | | |

| Note 5: | | | [Goodwill](#ia4ba91f1fd1c427993b78bcef2613ef9_139) | | | [111](#ia4ba91f1fd1c427993b78bcef2613ef9_139) | | |

| Note 10: | | | [Equity Compensation](#ia4ba91f1fd1c427993b78bcef2613ef9_202) | | | [127](#ia4ba91f1fd1c427993b78bcef2613ef9_202) | | |

| Note 13: | | | [Derivative Instruments](#ia4ba91f1fd1c427993b78bcef2613ef9_172) | | | [134](#ia4ba91f1fd1c427993b78bcef2613ef9_172) | | |

| Note 16: | | | [Guarantees](#ia4ba91f1fd1c427993b78bcef2613ef9_205) | | | [148](#ia4ba91f1fd1c427993b78bcef2613ef9_205) | | |

| Note 18: | | | [Shareholders' Equity](#ia4ba91f1fd1c427993b78bcef2613ef9_208) | | | [150](#ia4ba91f1fd1c427993b78bcef2613ef9_208) | | |

| Note 19: | | | [Variable Interest Entities](#ia4ba91f1fd1c427993b78bcef2613ef9_214) | | | [151](#ia4ba91f1fd1c427993b78bcef2613ef9_214) | | |

| Note 21: | | | [Leases](#ia4ba91f1fd1c427993b78bcef2613ef9_217) | | | [157](#ia4ba91f1fd1c427993b78bcef2613ef9_217) | | |

- For regulatory matters in process, we inspected the Company's filings with the Commissions and the filings with the Commissions by intervenors that may impact the Company's future rates, for any evidence that might contradict management's assertions.

- We evaluated the reasonableness of management's judgments for potential indicators of abandonment by performing the following:

◦We inquired of management about property, plant, and equipment that may be abandoned.

◦We inspected the capital projects budget and construction-in-process listings and inquired of management to identify projects that are designed to replace assets that may be retired prior to the end of the useful life.

◦We inspected minutes of the board of directors and regulatory orders and other filings with the Commissions to identify any evidence that may contradict management's assertion regarding probability of an abandonment.

February 28, 2024

- For regulatory matters in process, we inspected the Company’s filings with the Commission and the filings with the Commission by intervenors that may impact the Company’s future rates, for any evidence that might contradict management’s assertions.

◦We inspected minutes of the board of directors and regulatory orders and other filings with the Commission to identify any evidence that may contradict management's assertion regarding probability of an abandonment.

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Regulatory assets | | | | | | 292.1 | | | | | | | | | | | | 368.0 | | | | | |

| Regulatory assets | | | | | | 1,795.3 | | | | | | | | | | | | 1,846.3 | | | | | |

| Non-cash compensation | | | 17.7 | | | | | | 18.8 | | | | | | 15.6 | | | | | |

| Issuance of common stock | | | — | | | | | | — | | | | | | 112.5 | | | | | |

| Balance as of December 31, 2020 | | | 226,836,670 | | | $ | 7,080.0 | | $ | 1,702.8 | | $ | (49.4) | | $ | (14.9) | | $ | 8,718.5 | |

| Net income | | | — | | | — | | | 879.7 | | | — | | | 12.2 | | | 891.9 | | |

| Issuance of stock, net issuance costs | | | 2,269,447 | | | 112.5 | | | — | | | — | | | — | | | 112.5 | | |

| Issuance of restricted common stock | | | 54,054 | | | 2.9 | | | — | | | — | | | — | | | 2.9 | | |

| Unearned compensation | | | | | | | | | | | | | | | | | | | | |

| Issuance of restricted common stock | | | — | | | (2.9) | | | — | | | — | | | — | | | (2.9) | | |

| Compensation expense recognized | | | — | | | 1.8 | | | — | | | — | | | — | | | 1.8 | | |

| Retirements of long-term debt of variable interest entities | | | — | | | | | | — | | | | | | (18.8) | | |

| Balance as of December 31, 2020 | | | 1 | | | $ | 2,737.6 | | $ | 1,558.1 | | $ | (14.9) | | $ | 4,280.8 | |

| Net income | | | — | | | — | | | 488.5 | | | 12.2 | | | 500.7 | | |

| Income taxes receivable | | | | | | — | | | | | | | | | | | | 0.2 | | | | | |

| Retirements of long-term debt | | | (379.5) | | | | | | (23.4) | | | | | | — | | |

| Balance as of December 31, 2020 | | | 1 | | | $ | 1,563.1 | | $ | 1,191.5 | | $ | 4.6 | | $ | 2,759.2 | |

| Net income | | | — | | | — | | | 312.3 | | | — | | | 312.3 | | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

be retired, net on the consolidated balance sheets.

[removed: 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.

There has been no change in Evergy's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended December 31, [removed: 2023,] [added: 2024,] that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

Under the supervision and with the participation of Evergy’s chief executive officer and chief financial officer, management evaluated the effectiveness of Evergy’s internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

Management has concluded that, as of December 31, [removed: 2023,] [added: 2024,] Evergy’s internal control over financial reporting is effective based on the criteria set forth in the COSO framework.

We have audited the internal control over financial reporting of Evergy, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements and financial statement schedules as of and for the year ended December 31, [removed: 2023,] [added: 2024,] of the Company and our report dated February [removed: 28, 2024,] [added: 26, 2025,] expressed an unqualified opinion on those financial [removed: statements and financial statement schedules.][added: statements.]

There has been no change in Evergy Kansas Central's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended December 31, [removed: 2023,] [added: 2024,] that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

Under the supervision and with the participation of Evergy Kansas Central’s chief executive officer and chief financial officer, management evaluated the effectiveness of Evergy Kansas Central’s internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

Management has concluded that, as of December 31, [removed: 2023,] [added: 2024,] Evergy Kansas Central’s internal control over financial reporting is effective based on the criteria set forth in the COSO framework.

There has been no change in Evergy Metro's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended December 31, [removed: 2023,] [added: 2024,] that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

Under the supervision and with the participation of Evergy Metro’s chief executive officer and chief financial officer, management evaluated the effectiveness of Evergy Metro’s internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

[added: Management] used for this evaluation the framework in *Internal Control - Integrated Framework (2013)* issued by the COSO of the Treadway Commission.

Management has concluded that, as of December 31, [removed: 2023,] [added: 2024,] Evergy Metro’s internal control over financial reporting is effective based on the criteria set forth in the COSO framework.

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.

This evaluation was conducted under the supervision, and with the

February 26, 2025

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 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.

February 28, 2024

Management

For the three months ended December 31, [removed: 2023,] [added: 2024,] 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.

Information required by Items 10-14 of Part III of this Form 10-K with respect to Evergy will be included in an amendment to this Form 10-K, or incorporated by reference to Evergy's definitive proxy statement with respect to its [removed: 2024] [added: 2025] Annual Meeting of Shareholders (Proxy Statement) on or before April [removed: 29, 2024.][added: XX, 2025.]

Evergy and its subsidiaries have adopted a Securities Trading Policy which governs transactions in Evergy's and its subsidiaries' securities by directors, officers, employees and others as defined in the Securities Trading Policy.

The Securities Trading Policy does not address transactions in Evergy's and its subsidiaries' securities by Evergy or its subsidiaries themselves; however, pursuant to the Code of Ethics, which, among other items, requires Evergy and its subsidiaries to comply with all laws and regulations, it is the policy of Evergy and its subsidiaries to comply with applicable securities laws and regulations with respect to any such transactions.

A copy of the Securities Trading Policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

The [removed: renamed] Evergy Long-Term Incentive Plan permits the grant of restricted stock, restricted stock units, bonus shares, stock options, stock appreciation rights, director shares, director deferred share units, performance shares and other stock-based awards to directors, officers and other employees of Evergy.

The following table provides information, as of December 31, [removed: 2023,] [added: 2024,] regarding the number of common shares to be issued upon exercise of outstanding options, warrants and rights, their weighted average exercise price, and the number of shares of common stock remaining available for future issuance.

(1)Includes [removed: 264,214] [added: 306,655] RSUs with time-based requirements, [removed: 663,727] [added: 630,687] RSUs with performance measures at target performance [removed: levels, 18,018 restricted share awards] [added: levels] and director deferred share units for [removed: 163,005] [added: 178,323] shares of Evergy common stock outstanding at December 31, [removed: 2023.][added: 2024.]

[added: (3)] As of December 31, [removed: 2023,] [added: 2024,] there were approximately [removed: 212,377] [added: 172,690] units outstanding that were deferred pursuant to the Evergy Kansas Central, Inc. non-employee deferred compensation program.

| Evergy Long-Term Incentive Plan | | | | | | 1,115,665 | | | (1) | | | | | | | | | $ | — | | (2) | | | | | | | | | 6,034,239 | | | | | |

| Total | | | | | | 1,115,665 | | | (1) | | | | | | | | | $ | — | | (2) | | | | | | | | | 6,034,239 | | | | | |

Upon the consummation of the merger, Evergy assumed both Evergy Kansas Central's LTISA and Great Plains Energy's Amended Long-Term Incentive Plan, which was renamed the Evergy, Inc. Long-Term Incentive Plan.

| Evergy Long-Term Incentive Plan | | | | | | 1,108,964 | | | (1) | | | | | | | | | $ | — | | (2) | | | | | | | | | 6,436,283 | | | | | |

| Total | | | | | | 1,108,964 | | | (1) | | | | | | | | | $ | — | | (2) | | | | | | | | | 6,436,283 | | | | | |

(3) The Evergy Kansas Central, Inc. LTISA will not be used for future awards.

The following tables set forth the aggregate fees billed, or expected to be billed, by Deloitte & Touche LLP for audit services rendered in connection with the consolidated financial statements and reports for [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] and for other services rendered during [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] on behalf of Evergy Kansas Central and Evergy Metro, as well as all out-of-pocket costs incurred in connection with these services:

| Evergy Kansas Central | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | |

| Audit Fees | | | $ | [removed: 1,940,500] [added: 1,891,984] | | $ | [removed: 1,801,625] [added: 1,940,500] | |

| Audit-Related Fees | | | [removed: 25,000] [added: 27,000] | | | [removed: 25,618] [added: 25,000] | | |

| Tax Fees | | | [removed: 8,222] [added: 16,380] | | | [removed: 42,845] [added: 8,222] | | |

| Total Fees | | | $ | [removed: 1,973,722] [added: 1,935,364] | | $ | [removed: 1,870,088] [added: 1,973,722] | |

| Evergy Metro | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | |

| Audit Fees | | | $ | [removed: 1,407,100] [added: 1,393,290] | | $ | [removed: 1,336,725] [added: 1,407,100] | |

| Tax Fees | | | [removed: 16,138] [added: 11,171] | | | [removed: 16,669] [added: 16,138] | | |

| Total Fees | | | $ | [removed: 1,448,238] [added: 1,431,461] | | $ | [removed: 1,379,012] [added: 1,448,238] | |

Audit Fees: Consists of fees billed, or expected to be billed, for professional services rendered for the audits of the annual consolidated financial statements of Evergy Kansas Central and Evergy Metro and reviews of the interim [removed: condensed] consolidated financial statements included in quarterly reports.

Tax Fees: Consists of fees billed for tax compliance and related support of tax returns and other tax services, including assistance with tax [removed: audits, and tax] research and planning.

Pre-approval is generally provided for up to one year, unless the Audit Committee specifically provides for a different [added: period.]

Management provides quarterly updates to the Audit Committee regarding actual fees spent with respect to [removed: pre-approved services.]

| Audit-Related Fees | | | 27,000 | | | 25,000 | | |

pre-approved services.

period.

| a. | | | [Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 2023, 2022 and 2021](#ia4ba91f1fd1c427993b78bcef2613ef9_73)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_76)[4](#id31b3da7e7a1477f9b77b81016bf9b82_76)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_76)[3](#id31b3da7e7a1477f9b77b81016bf9b82_76) [and 20](#id31b3da7e7a1477f9b77b81016bf9b82_76)[2](#id31b3da7e7a1477f9b77b81016bf9b82_76)[2](#id31b3da7e7a1477f9b77b81016bf9b82_76)] | | | [removed: [75](#ia4ba91f1fd1c427993b78bcef2613ef9_73)] [added: [74](#id31b3da7e7a1477f9b77b81016bf9b82_76)] | | |

| b. | | | [Consolidated Balance Sheets - December 31, [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_70)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_70)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_73)[4](#id31b3da7e7a1477f9b77b81016bf9b82_73)] [and [removed: 20](#ia4ba91f1fd1c427993b78bcef2613ef9_70)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_70)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_70)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_73)[3](#id31b3da7e7a1477f9b77b81016bf9b82_73)] | | | [removed: [76](#ia4ba91f1fd1c427993b78bcef2613ef9_70)] [added: [75](#id31b3da7e7a1477f9b77b81016bf9b82_73)] | | |

| c. | | | [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_76)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_76)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_76)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_76)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_79)[4](#id31b3da7e7a1477f9b77b81016bf9b82_79)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_79)[3](#id31b3da7e7a1477f9b77b81016bf9b82_79)] [and [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_76)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_76)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_79)[2](#id31b3da7e7a1477f9b77b81016bf9b82_79)] | | | [removed: [78](#ia4ba91f1fd1c427993b78bcef2613ef9_76)] [added: [77](#id31b3da7e7a1477f9b77b81016bf9b82_79)] | | |

| d. | | | [Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_82)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_82)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_82)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_82)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_85)[4](#id31b3da7e7a1477f9b77b81016bf9b82_85)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_85)[3](#id31b3da7e7a1477f9b77b81016bf9b82_85)] [and [removed: 20](#ia4ba91f1fd1c427993b78bcef2613ef9_82)[21](#ia4ba91f1fd1c427993b78bcef2613ef9_82)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_85)[2](#id31b3da7e7a1477f9b77b81016bf9b82_85)] | | | [removed: [79](#ia4ba91f1fd1c427993b78bcef2613ef9_82)] [added: [78](#id31b3da7e7a1477f9b77b81016bf9b82_85)] | | |

| e. | | | [Notes to Consolidated Financial [removed: Statements](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] [added: Statements](#id31b3da7e7a1477f9b77b81016bf9b82_118)] | | | [removed: [90](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] [added: [89](#id31b3da7e7a1477f9b77b81016bf9b82_118)] | | |

| f. | | | [Report of Independent Registered Public Accounting [removed: Firm](#ia4ba91f1fd1c427993b78bcef2613ef9_61)] [added: Firm](#id31b3da7e7a1477f9b77b81016bf9b82_64)] | | | [removed: [66](#ia4ba91f1fd1c427993b78bcef2613ef9_61)] [added: [68](#id31b3da7e7a1477f9b77b81016bf9b82_64)] | | |

| g. | | | [Consolidated Statements of Income for the years ended December 31, [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_88)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_88)[, 20](#ia4ba91f1fd1c427993b78bcef2613ef9_88)[22](#ia4ba91f1fd1c427993b78bcef2613ef9_88)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_91)[4](#id31b3da7e7a1477f9b77b81016bf9b82_91)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_91)[3](#id31b3da7e7a1477f9b77b81016bf9b82_91)] [and [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_88)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_88)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_91)[2](#id31b3da7e7a1477f9b77b81016bf9b82_91)] | | | [removed: [80](#ia4ba91f1fd1c427993b78bcef2613ef9_88)] [added: [79](#id31b3da7e7a1477f9b77b81016bf9b82_91)] | | |

| h. | | | [Consolidated Balance Sheets - December 31, [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_85)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_85)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_88)[4](#id31b3da7e7a1477f9b77b81016bf9b82_88)] [and [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_85)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_85)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_88)[3](#id31b3da7e7a1477f9b77b81016bf9b82_88)] | | | [removed: [81](#ia4ba91f1fd1c427993b78bcef2613ef9_85)] [added: [80](#id31b3da7e7a1477f9b77b81016bf9b82_88)] | | |

| i. | | | [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_91)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_91)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_91)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_91)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_94)[4](#id31b3da7e7a1477f9b77b81016bf9b82_94)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_94)[3](#id31b3da7e7a1477f9b77b81016bf9b82_94)] [and [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_91)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_91)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_94)[2](#id31b3da7e7a1477f9b77b81016bf9b82_94)] | | | [removed: [83](#ia4ba91f1fd1c427993b78bcef2613ef9_91)] [added: [82](#id31b3da7e7a1477f9b77b81016bf9b82_94)] | | |

| j. | | | [Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_97)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_97)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_97)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_97)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_100)[4](#id31b3da7e7a1477f9b77b81016bf9b82_100)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_100)[3](#id31b3da7e7a1477f9b77b81016bf9b82_100)] [and [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_97)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_97)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_100)[2](#id31b3da7e7a1477f9b77b81016bf9b82_100)] | | | [removed: [84](#ia4ba91f1fd1c427993b78bcef2613ef9_97)] [added: [83](#id31b3da7e7a1477f9b77b81016bf9b82_100)] | | |

| k. | | | [Notes to Consolidated Financial [removed: Statements](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] [added: Statements](#id31b3da7e7a1477f9b77b81016bf9b82_118)] | | | [removed: [90](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] [added: [89](#id31b3da7e7a1477f9b77b81016bf9b82_118)] | | |

| l. | | | [Report of Independent Registered Public Accounting [removed: Firm](#ia4ba91f1fd1c427993b78bcef2613ef9_64)] [added: Firm](#id31b3da7e7a1477f9b77b81016bf9b82_67)] | | | [removed: [69](#ia4ba91f1fd1c427993b78bcef2613ef9_64)] [added: [70](#id31b3da7e7a1477f9b77b81016bf9b82_67)] | | |

| m. | | | [Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_103)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_103)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_103)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_103)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_106)[4](#id31b3da7e7a1477f9b77b81016bf9b82_106)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_106)[3](#id31b3da7e7a1477f9b77b81016bf9b82_106)] [and [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_103)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_103)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_106)[2](#id31b3da7e7a1477f9b77b81016bf9b82_106)] | | | [removed: [85](#ia4ba91f1fd1c427993b78bcef2613ef9_103)] [added: [84](#id31b3da7e7a1477f9b77b81016bf9b82_106)] | | |

| n. | | | [Consolidated Balance Sheets - December 31, [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_100)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_100)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_103)[4](#id31b3da7e7a1477f9b77b81016bf9b82_103)] [and [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_100)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_100)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_103)[3](#id31b3da7e7a1477f9b77b81016bf9b82_103)] | | | [removed: [86](#ia4ba91f1fd1c427993b78bcef2613ef9_100)] [added: [85](#id31b3da7e7a1477f9b77b81016bf9b82_103)] | | |

| o. | | | [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_106)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_106)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_106)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_106)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_109)[4](#id31b3da7e7a1477f9b77b81016bf9b82_109)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_109)[3](#id31b3da7e7a1477f9b77b81016bf9b82_109)] [and [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_106)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_106)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_109)[2](#id31b3da7e7a1477f9b77b81016bf9b82_109)] | | | [removed: [88](#ia4ba91f1fd1c427993b78bcef2613ef9_106)] [added: [87](#id31b3da7e7a1477f9b77b81016bf9b82_109)] | | |

| p. | | | [Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_112)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_112)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_112)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_112)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_115)[4](#id31b3da7e7a1477f9b77b81016bf9b82_115)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_115)[3](#id31b3da7e7a1477f9b77b81016bf9b82_115)] [and [removed: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_112)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_112)] [added: 202](#id31b3da7e7a1477f9b77b81016bf9b82_115)[2](#id31b3da7e7a1477f9b77b81016bf9b82_115)] | | | [removed: [89](#ia4ba91f1fd1c427993b78bcef2613ef9_112)] [added: [88](#id31b3da7e7a1477f9b77b81016bf9b82_115)] | | |

| q. | | | [Notes to Consolidated Financial [removed: Statements](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] [added: Statements](#id31b3da7e7a1477f9b77b81016bf9b82_118)] | | | [removed: [90](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] [added: [89](#id31b3da7e7a1477f9b77b81016bf9b82_118)] | | |

| r. | | | [Report of Independent Registered Public Accounting [removed: Firm](#ia4ba91f1fd1c427993b78bcef2613ef9_67)] [added: Firm](#id31b3da7e7a1477f9b77b81016bf9b82_70)] | | | [removed: [72](#ia4ba91f1fd1c427993b78bcef2613ef9_67)] [added: [72](#id31b3da7e7a1477f9b77b81016bf9b82_70)] | | |

| a. | | | [Schedule I - Parent Company Financial [removed: Statements](#ia4ba91f1fd1c427993b78bcef2613ef9_373)] [added: Statements](#id31b3da7e7a1477f9b77b81016bf9b82_379)] | | | [removed: [184](#ia4ba91f1fd1c427993b78bcef2613ef9_373)] [added: [184](#id31b3da7e7a1477f9b77b81016bf9b82_379)] | | |

| b. | | | [Schedule II - Valuation and Qualifying Accounts and [removed: Reserves](#ia4ba91f1fd1c427993b78bcef2613ef9_391)] [added: Reserves](#id31b3da7e7a1477f9b77b81016bf9b82_397)] | | | [removed: [188](#ia4ba91f1fd1c427993b78bcef2613ef9_391)] [added: [188](#id31b3da7e7a1477f9b77b81016bf9b82_397)] | | |

| c. | | | [Schedule II - Valuation and Qualifying Accounts and [removed: Reserves](#ia4ba91f1fd1c427993b78bcef2613ef9_394)] [added: Reserves](#id31b3da7e7a1477f9b77b81016bf9b82_400)] | | | [removed: [188](#ia4ba91f1fd1c427993b78bcef2613ef9_394)] [added: [188](#id31b3da7e7a1477f9b77b81016bf9b82_400)] | | |

| d. | | | [Schedule II - Valuation and Qualifying Accounts and [removed: Reserves](#ia4ba91f1fd1c427993b78bcef2613ef9_397)] [added: Reserves](#id31b3da7e7a1477f9b77b81016bf9b82_403)] | | | [removed: [189](#ia4ba91f1fd1c427993b78bcef2613ef9_397)] [added: [189](#id31b3da7e7a1477f9b77b81016bf9b82_403)] | | |

| 3.2 | | | * | | | [Amended and Restated By-laws of Evergy, Inc., effective as of December [removed: 1](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[3](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[, 202](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[3](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm) [(Exhibit] [added: 13, 2023 (Exhibit] 3.1 to Evergy's Form 8-K filed on December [removed: 1](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[3](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[, 202](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[3](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[).](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)] [added: 13, 2023).](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)] | | | | | | Evergy | | |

| [removed: 4.13] [added: 4.14] | | | * | | | [Indenture, dated August 24, 2001, between Evergy Missouri West, Inc. (formerly Aquila, Inc.) and BankOne Trust Company, N.A., as trustee (Exhibit 4(d) to Registration Statement on Form S-3 (File No. 333-68400) filed by Aquila, Inc. on August 27, 2001).](http://www.sec.gov/Archives/edgar/data/66960/000091205701530339/a2057441zex-4_d.txt) | | | | | | Evergy | | |

| [removed: 4.14] [added: 4.15] | | | * | | | [Second Supplemental Indenture, dated July 3, 2002, between Missouri West, Inc. (formerly Aquila, Inc.) and BankOne Trust Company, N.A., as trustee (Exhibit 4(c) to Form S-4 (File No. 333-100204) filed by Aquila, Inc. on September 30, 2002).](http://www.sec.gov/Archives/edgar/data/66960/000091205702037266/a2090171zex-4_c.htm) | | | | | | Evergy | | |

| [removed: 4.15] [added: 4.16] | | | * | | | [General Mortgage and Deed of Trust, dated December 1, 1986, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.12 to Evergy Metro's Form 10-K for the year ended December 31, 2017).](http://www.sec.gov/Archives/edgar/data/54476/000114306818000015/kcplgeneralmortgageinden.htm) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.16] [added: 4.17] | | | * | | | [Fifth Supplemental Indenture, dated September 1, 1992, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.13 to Evergy Metro's Form 10-K for the year ended December 31, 2017).](http://www.sec.gov/Archives/edgar/data/54476/000114306818000015/fifthsupplementalinde660.htm) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.17] [added: 4.18] | | | * | | | [Seventh Supplemental Indenture, dated October 1, 1993, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.14 to Evergy Metro's Form 10-K for the year ended December 31, 2017).](http://www.sec.gov/Archives/edgar/data/54476/000114306818000015/seventhsupplementalinden.htm) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.18] [added: 4.19] | | | * | | | [Eighth Supplemental Indenture, dated December 1, 1993, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.15 to Evergy Metro's Form 10-K for the year ended December 31, 2017).](http://www.sec.gov/Archives/edgar/data/54476/000114306818000015/eighthsupplementalindent.htm) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.19] [added: 4.20] | | | * | | | [Eleventh Supplemental Indenture, dated August 15, 2005, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.2 to Evergy Metro's Form 10-Q for the quarter ended September 30, 2005).](http://www.sec.gov/Archives/edgar/data/54476/000114306805000252/ex4_2.htm) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.20] [added: 4.21] | | | * | | | [Thirteenth Supplemental Indenture, dated March 1, 2009, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.3 to Evergy Metro's Form 8-K filed on March 24, 2009).](http://www.sec.gov/Archives/edgar/data/54476/000095013709002178/c50194exv4w3.htm) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.21] [added: 4.22] | | | * | | | [Fourteenth Supplemental Indenture, dated March 1, 2009, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.4 to Evergy Metro's Form 8-K filed on March 24, 2009).](http://www.sec.gov/Archives/edgar/data/54476/000095013709002178/c50194exv4w4.htm) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.22] [added: 4.23] | | | * | | | [Fifteenth Supplemental Indenture, dated June 30, 2011, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Evergy Metro's Form 10-Q for the quarter ended June 30, 2011).](http://www.sec.gov/Archives/edgar/data/54476/000114306811000070/ex4-1.htm) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.23] [added: 4.24] | | | * | | | [Sixteenth Supplemental Indenture, March 1, 2019, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) UMB Bank N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.3 to Evergy's Form 8-K filed on March 14, 2019).](http://www.sec.gov/Archives/edgar/data/54476/000119312519075021/d649756dex43.htm) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.24] [added: 4.25] | | | * | | | [Seventeenth Supplemental Indenture, dated March 27, 2019, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on March 27, 2019).](http://www.sec.gov/Archives/edgar/data/54476/000119312519088595/d715758dex41.htm) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.25] [added: 4.26] | | | * | | | [Eighteenth Supplemental Indenture, dated as of May 26, 2020, between Evergy Metro and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on May 26, 2020).](http://www.sec.gov/Archives/edgar/data/54476/000119312520151533/d902388dex41.htm) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.26] [added: 4.27] | | | * | | | [Indenture, dated December 1, 2000, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York, as trustee (Exhibit 4(a) to Evergy Metro's Form 8-K filed on December 18, 2000).](http://www.sec.gov/Archives/edgar/data/54476/000005447600000033/0000054476-00-000033-0002.txt) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.27] [added: 4.28] | | | * | | | [Indenture, dated March 1, 2002, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York, as trustee (Exhibit 4.1.b. to Evergy Metro's Form 10-Q for the quarter ended March 31, 2002).](http://www.sec.gov/Archives/edgar/data/54476/000114306802000041/ex4-1b.txt) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.28] [added: 4.29] | | | * | | | [Supplemental Indenture No. 1, dated November 15, 2005, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York, as trustee (Exhibit 4.2.j to Evergy Metro's Form 10-K for the year ended December 31, 2005).](http://www.sec.gov/Archives/edgar/data/54476/000114306806000082/ex4_2j.htm) | | | | | | Evergy Evergy Metro | | |

| [removed: 4.29] [added: 4.30] | | | * | | | [Supplemental Indenture No. 2, dated March 1, 2019, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York Mellon, as trustee (Exhibit 4.2 to Evergy's Form 8-K filed on March 14, 2019).](http://www.sec.gov/Archives/edgar/data/54476/000119312519075021/d649756dex42.htm) | | | | | | Evergy Evergy Metro | | |

| 4.13 | | | * | | | [Supplemental Indenture No. 4, dated as of December 5, 2024, by and between Evergy, Inc. (as successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on December 5, 2024).](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001711269/000119312524271577/d899134dex41.htm) | | | | | | Evergy | | |

| 4.73 | | | * | | | [Twentieth Supplemental Indenture, dated as of December 1, 2023, between Evergy Metro, Inc. and UMB Bank, N.A. (formerly United M](https://www.sec.gov/Archives/edgar/data/1711269/000119312524202155/d879371dex43.htm)[i](https://www.sec.gov/Archives/edgar/data/1711269/000119312524202155/d879371dex43.htm)[ssouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.3.13 to Evergy Metro's Form S-3 filed on August 16, 2024 (No. 333-281614-01).](https://www.sec.gov/Archives/edgar/data/1711269/000119312524202155/d879371dex43.htm) | | | | | | Evergy Evergy Metro | | |

| 4.74 | | | * | | | [Twenty-First Supplemental Indenture, dated as of April 5, 2024, by and between Evergy Metro and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on April 5, 2024).](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001711269/000119312524088500/d780883dex41.htm) | | | | | | Evergy Evergy Metro | | |

| 4.75 | | | * | | | [Supplemental Indenture No. 4, dated as of December 5, 2024, by and among Great Plains Energy Incorporated, Evergy, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on December 5, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001711269/000119312524271577/d899134dex41.htm) | | | | | | Evergy | | |

| 10.13 | | | *+ | | | [Form of Evergy, Inc. 2024 Performance-Based Restricted Stock Unit Agreement (Exhibit 10.13 to Evergy's Form 10-K for the fiscal year ended December 31, 2023).](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001711269/000171126924000007/evrg-12312023xex1013perfor.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.14 | | | *+ | | | [Evergy, Inc. 2024 Annual Incentive Plan (Exhibit 10.14 to Evergy's Form 10-K for the fiscal year ended December 31, 2023).](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001711269/000171126924000007/evrg-12312023xex1014execut.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.15 | | | + | | | [Form of Evergy, Inc. 2025 Time-Based Restricted Stock Unit Agreement (Cliff Vesting)](https://www.sec.gov/Archives/edgar/data/1711269/000171126925000004/evrg-12312024xex1015timexb.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 19.1 | | | | | | [Evergy](https://www.sec.gov/Archives/edgar/data/1711269/000171126925000004/evrg-12312024xex191.htm)[, Inc. and Subsidiar](https://www.sec.gov/Archives/edgar/data/1711269/000171126925000004/evrg-12312024xex191.htm)[ies Securities](https://www.sec.gov/Archives/edgar/data/1711269/000171126925000004/evrg-12312024xex191.htm) [Trading](https://www.sec.gov/Archives/edgar/data/1711269/000171126925000004/evrg-12312024xex191.htm) [Policy](https://www.sec.gov/Archives/edgar/data/1711269/000171126925000004/evrg-12312024xex191.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

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| | | | 2024 | | | 2023 | | | | | |

| Commercial paper | | | 75.4 | | | | | | — | | |

| Net income | | | $ | 871.6 | | | | | $ | 729.4 | | | | | $ | 748.6 | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

Evergy, Inc. is a public holding company incorporated in 2017 and headquartered in Kansas City, Missouri.

- Evergy Kansas Central, Inc. (Evergy Kansas Central) is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas.

Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, Inc. (Evergy Kansas South).

- Evergy Metro, Inc. (Evergy Metro) is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.

- Evergy Missouri West, Inc. (Evergy Missouri West) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.

| Year Ended December 31, 2024 | | | (millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 24.2 | | | | | | | | $ | 11.7 | | | | | | | | $ | 12.3 | | (a) | | | | | | $ | 32.5 | | (b) | | | | | | $ | 15.7 | | | | |

| Tax valuation allowance | | | | | | 14.8 | | | | | | | | | 0.6 | | | | | | | | | — | | | | | | | | | 8.5 | | | (c) | | | | | | 6.9 | | | | | |

| Years Ended December 31, 2024, 2023 and 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Year Ended December 31, 2024 | | | (millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 11.6 | | | | | | | | $ | 6.6 | | | | | | | | $ | 5.2 | | (a) | | | | | | $ | 15.6 | | (b) | | | | | | $ | 7.8 | | | | |

| Years Ended December 31, 2024, 2023 and 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Year Ended December 31, 2024 | | | (millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 7.9 | | | | | | | | $ | 4.5 | | | | | | | | $ | 5.0 | | (a) | | | | | | $ | 11.6 | | (b) | | | | | | $ | 5.8 | | | | |

| Year Ended December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| /s/ Matt Gummig | | | Interim Controller and Chief Accounting Officer | | | ) | | | | | |

| Dean A. Newton* | | | Director | | | ) | | | | | |

| | | | | | | | | | | | |

| | | | | | | | | | | | |

| Jonathan D. Roth* | | | Director | | | ) | | | | | |

| | | | | | | | | | | | |

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| | | | | | | | | | | | |

*By /s/ David A.

Campbell

| 10.34 | | | * | | | [Guaranty, dated July 15, 2008, issued by Evergy, Inc. (successor to Great Plains Energy Incorporated) in favor of Union Bank of California, N.A., as successor trustee, and the holders of the Evergy Missouri West, Inc. (formerly Aquila, Inc.), 8.27% Senior Notes due November 15, 2021 (Exhibit 10.6 to Great Plains Energy's Form 8-K filed on July 18, 2008).](http://www.sec.gov/Archives/edgar/data/54476/000114306808000054/ex10-6.htm) | | | | | | Evergy | | |

| 10.37 | | | * | | | [Guaranty Agreement, dated April 20, 2021, issued by Evergy, Inc. in favor of the holders of Evergy Missouri West, Inc.'s 3.75% Senior Notes due 2022 (Exhibit 10.3 to Evergy's Form 8-K filed on April 20, 2021).](http://www.sec.gov/Archives/edgar/data/1711269/000119312521122905/d151728dex103.htm) | | | | | | Evergy | | |

| 10.39 | | | * | | | [Amendment, dated March 25, 2020 among Evergy, Inc., Elliott Investment Management L.P., Elliott Associates, L.P. and Elliott International, L.P. (Exhibit 10.1 to Evergy's Form 8-K filed on March 26, 2020).](http://www.sec.gov/Archives/edgar/data/1711269/000171126920000016/exhibit101amendmenttoa.htm) | | | | | | Evergy | | |

| 10.42 | | | * | | | [Registration Rights Agreement, dated April 14, 2021, by and between Evergy, Inc. and BEP Special Situations V LLC. (Exhibit 10.1 to Evergy's Form 8-K filed on April 14, 2021.](http://www.sec.gov/Archives/edgar/data/54476/000171126921000032/ex101registrationrightsagr.htm) | | | | | | Evergy | | |

| 10.43 | | | * | | | [Warrant No. 1 issued by Evergy, Inc. on April 14, 2021 (Exhibit 10.2 to Evergy's Form 8-K filed on April 14, 2021).](http://www.sec.gov/Archives/edgar/data/54476/000171126921000032/ex102warrantno1issued41420.htm) | | | | | | Evergy | | |

| | | | 2023 | | | | | | 2022 | | | | | | 2021 | | | | | | | | |

| Issuance of common stock | | | — | | | | | | — | | | | | | 112.5 | | | | | | | | |

Evergy, Inc. was incorporated in 2017 as Monarch Energy, a wholly-owned subsidiary of Great Plains Energy.

Prior to the closing of the merger transactions, Monarch Energy changed its name to Evergy, Inc. and did not conduct any business activities other than those required for its formation and matters contemplated by the Amended Merger Agreement.

On June 4, 2018, in accordance with the Amended Merger Agreement, Great Plains Energy merged into Evergy, Inc., with Evergy, Inc. surviving the merger and King Energy merged into Evergy Kansas Central, with Evergy Kansas Central surviving the merger.

These merger transactions resulted in Evergy, Inc. becoming the parent entity of Evergy Kansas Central and the direct subsidiaries of Great Plains Energy, including Evergy Metro and Evergy Missouri West.

| Allowance for uncollectible accounts | | | | | | $ | 19.3 | | | | | | | | $ | 28.0 | | | | | | | | $ | 12.0 | | (a) | | | | | | $ | 26.4 | | (b) | | | | | | $ | 32.9 | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 7.5 | | | | | | | | $ | 12.0 | | | | | | | | $ | 4.5 | | (a) | | | | | | $ | 11.0 | | (b) | | | | | | $ | 13.0 | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 8.1 | | | | | | | | $ | 10.5 | | | | | | | | $ | 5.3 | | (a) | | | | | | $ | 10.6 | | (b) | | | | | | $ | 13.3 | | | | |

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| Mark A. Ruelle* | | | Chair of the Board of Directors | | | ) | | | | | |

| Thomas D. Hyde* | | | Director | | | ) | | | | | |