Evergy (EVRG) 10-K risk factor changes: FY2025 vs FY2024

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 [added: new generation and] 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.

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

[added: of tariffs and trade policy, other utility costs and expenses due to regulatory disallowances, regulatory lag or other factors could] lead to 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 response to competitive, economic, political, legislative, public [removed: perception] [added: perception, customer affordability] and regulatory pressures, Evergy's utility subsidiaries may be subject to rate moratoriums, rate refunds, limits on rate increases, lower allowed returns on investments or rate reductions, including phase-in plans designed to spread the impact of rate increases over an extended period for the benefit of customers.

In general, over time these laws and regulations have become [removed: and continue to become] increasingly stringent and compliance with these laws and regulations require an increasing share of capital and operating resources, which may reduce the resources available for other business objectives, including capital investments.

The EPA has begun issuing [removed: CCR] [added: coal combustion residual (CCR)] Part A and Part B rule extension application determinations for companies that applied for approval to operate unlined or clay-lined impoundments beyond April 2021.

[added: The Evergy Companies did] not apply for an [removed: extension,] [added: 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.

The new interpretations could require modified compliance plans such as different methods of CCR [removed: unit closure.]

The Evergy Companies plan to continue to make significant capital investments in [removed: renewable and] natural gas [added: and renewable] generation and [added: other forms of capacity 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, debt] [added: operations] and [removed: equity.][added: issuances of debt, equity and hybrid securities.]

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

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

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 [added: outstanding] junior subordinated [removed: notes that were issued in December 2024.][added: notes.]

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: turmoil.][added: uncertainty.]

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

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 equipment and impact the strategy to [removed: transition] [added: modernize] its generation [added: fleet.]

[removed: Although the Evergy Companies generally have regulatory mechanisms that allow them to recover the cost of fuel and purchased power] necessary to satisfy these requirements, regulatory or legislative actions could limit, eliminate or delay recovery of these expenses after the expenses have been incurred.

[removed: Additionally, changes] [added: Changes] in corporate tax rates or policy changes, as well as any inability to generate enough taxable income in the future to utilize all tax benefits before they expire, could have an adverse impact on the results of operations, financial position and liquidity of the Evergy Companies.

[removed: The] [added: Furthermore, the] amount of tax credits is dependent on several factors, including the amount of electricity produced and the applicable tax credit rate.

A variety of factors, including transmission constraints, IRS interpretation on [added: eligibility as well as] the 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 includes maintaining rigorous cost management and planned increases in capital investment levels to meet expected [removed: load] [added: electricity demand] growth and economic development in their service territory.

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

If regulators determine that the [added: modernization and expansion of the generation fleet or the] retirement or conversion of coal generation facilities [removed: was] [added: were] 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.

In addition, the Evergy Companies may in the future utilize legislative mechanisms known as securitization to facilitate the retirement of coal-fired generation, which will eliminate future returns on the investment that was originally made by the Evergy Companies in those coal-fired generating facilities and reduce the Evergy's [removed: Companies] [added: Companies'] results of operations and financial position.

No assurance can be given that the expected [removed: load] [added: electricity demand] growth and economic development in the Evergy 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 regulators including authorized return on equity and equity capital structure levels that could impact the ability to attract capital; [added: anticipated demand for electricity from large load customers not occurring as projected or not sustained as projected;] and statements in the press or investment community about the Evergy Companies' strategy, earnings per share or growth prospects, [removed: financial position or] results of [removed: operations.][added: operations or financial position.]

[removed: 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.

While the Evergy Companies proactively take steps to mitigate wildfire risk in the areas of its electrical [added: assets, wildfire risk is always present.]

[removed: The] [added: Despite these statutory limitations, the] Evergy Companies could [added: still] 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.

Wildfires could also lead to significant financial distress, credit rating [removed: downgrades] [added: downgrades, limits on the ability to access capital markets] 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' [removed: financial condition,] results of [removed: operations] [added: operations, financial position] 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 [removed: financial condition,] results of [removed: operations] [added: operations, financial position] and cash flows.

If the Evergy Companies are unable to adjust to reduced electricity demand and increased self-generation and net energy metering, their [added: results of operations,] financial position and [removed: results of operations] [added: cash flows] could be adversely affected.

[removed: Additionally, because many of the Evergy] Companies' generating stations utilize water for cooling, low water and flow levels can increase maintenance costs at these stations, result in limited power production and require modifications to plant operations.

[added: An increase in the frequency or severity of extreme weather events or a deterioration in the economic health of the] Evergy Companies' service territories 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 [removed: 2045] [added: 2050] through the responsible transition of the Evergy Companies' generation fleet.

The trajectory and timing of achieving emissions reductions and the [removed: 2045] [added: 2050] goal are expected to be dependent on the evolution of Evergy's IRPs and many external factors, including enabling technology developments, trends in [added: the] total demand for electricity, the reliability of the power grid, availability of transmission capacity, supportive energy policies and regulations, and other factors.

[removed: In addition, any] [added: Any] of the foregoing could adversely affect the results of operations, financial position and cash flows of the Evergy Companies and the market prices of Evergy's common stock.

If a long-term outage occurred, the state regulatory commissions could [added: reduce rates by excluding the Wolf Creek investment from rate base.]

The Evergy Companies rely upon technology networks and systems to process, transmit and store electronic information, and to manage or support a variety of business processes and activities, including the generation, [added: transmission and distribution of electricity, supply chain functions and the invoicing and collection of payments from customers.]

The Evergy Companies also use technology networks and systems to record, process and summarize financial information and results of operations for internal reporting purposes and to comply with [removed: financial reporting, legal and tax requirements.]

Furthermore, there remains uncertainty in the near-term outlook as to whether inflation will remain elevated compared to pre-pandemic inflation rates.

The Evergy Companies' business and capital investment plan calls for significant investment in capital improvements and additions, including the construction or acquisition of additional generation and transmission facilities, interconnection with data centers and modernizing existing infrastructure.

unit closure.

Evergy’s business and capital investment plans depend, in part, on the viability of data centers and large load customers interconnecting with Evergy’s utility subsidiaries.

The Evergy Companies are experiencing current and projected load demands that exceed recent experience, creating a business need for new power generating resources and transmission facilities.

Much of this demand is driven by interconnecting with and providing power to data centers and large load customers to serve an increasingly digital economy and to support artificial intelligence.

The business and capital investment plans of the Evergy Companies are focused on meeting these current and projected needs.

If these increased demands for electricity do not occur as projected or are not sustained as projected, for any reason, it could have a material adverse effect on the Evergy Companies' financial results.

While the Evergy Companies currently expect sufficient available debt and equity capital from public and private funding sources, there is no guarantee such sources will be available in the future.

Further, Evergy Kansas Central and

Although the Evergy Companies generally have regulatory mechanisms that allow them to recover the cost of fuel and purchased power

The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025.

The OBBBA, among other things, changed most of the federal renewable energy initiatives.

The Evergy Companies' strategy is expected to result in the modernization and expansion of the generation fleet to support economic expansion in Kansas and Missouri and, as reflected in their IRPs, is expected in the future to be accompanied by the retirement of older coal-fired generation units and/or conversion of coal-fired generation resources to natural gas.

The

Kansas has enacted legislation that partially mitigates wildfire-related liability exposure for Kansas public utilities by establishing a two-year statute of limitations for wildfire-related claims and imposing a cap on punitive damages awarded under a fire-related claim.

The law also requires plaintiffs to prove fire-related claims by a preponderance of the evidence.

Additionally, because many of the Evergy

This time frame is consistent with the majority of industry peers with stated net-zero emissions goals.

financial reporting, legal and tax requirements.

such insurance may not be adequate to cover any associated losses.

The Evergy Companies currently have labor agreements that expire at varying times from 2026 through 2028.

The SPP's rules are primarily designed to provide for maximum cost-effectiveness.

The liability that the Evergy Companies may incur

Furthermore, the United States' economy experienced a significant rise in the inflation rate in the 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 uncertainty in the near-term outlook as to whether inflation will remain elevated.

For example, Evergy Kansas Central decommissioned the Tecumseh Energy Center 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.

As a result, Evergy Kansas Central has entered a consent order with the EPA and additional groundwater monitoring activities have been initiated at the site.

The Evergy Companies did

In January 2022, the EPA announced changes to address environmental justice issues in communities that are marginalized, underserved and overburdened by pollution.

These changes 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.

The EPA's announcement focused on industries in Louisiana, Mississippi and Texas but included similar agency-wide action in parallel.

In September 2022, the EPA and the Missouri Department of Natural Resources conducted a CAA environmental justice inspection of the Evergy Companies' Hawthorn Generating Station.

No CAA noncompliance issues were found.

The Evergy Companies have multiple power plants located in communities that could be considered a higher priority by the EPA based on existing demographics, and these facilities may be subject to additional monitoring and unannounced inspections in the future.

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

fleet.

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

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

assets, wildfire risk is always present.

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

Climate disclosure rules issued by the SEC may increase the Evergy Companies' costs of compliance and adversely impact their business.

In 2024, the SEC issued new rules relating to the disclosure of a range of climate-related risks.

The Evergy Companies are currently assessing the rule, but at this time they cannot predict the costs of implementation or any potential adverse impacts resulting from the rule.

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

The Evergy Companies could incur increased costs relating to the assessment and disclosure of climate-related risks.

The Evergy Companies may also face increased litigation risks related to disclosures made pursuant to the rule.

In addition, enhanced climate disclosure requirements could accelerate the trend of certain stakeholders and lenders restricting or seeking more stringent conditions with respect to their investments in certain carbon-intensive sectors.

reduce rates by excluding the Wolf Creek investment from rate base.

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

information systems or to the electrical grid in general, reduced sales and could increase the cost of insurance coverage.

The Evergy Companies currently have labor agreements with four unions that expire at varying times in 2025 through 2027 and one labor agreement is operating under an extension while a long-term agreement is being negotiated.

The SPP's rules are primarily designed to provide for maximum cost-effectiveness, but in certain respects the rules also provide preferential treatment for certain resources based on public policy initiatives, such as increasing the deployment of renewable generation.

The following MD&A generally discusses [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] items and year-to-year comparisons between [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Discussions of [removed: 2022] [added: 2023] items and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] 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: 2023] [added: 2024] and are incorporated herein by reference.

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 [added: existing and future] customer [removed: electric] [added: electricity] 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 [removed: 60% - 70%] [added: 50%-60%] dividend payout ratio.

- Affordability – maintaining affordable rates while investing in infrastructure and technology to [removed: meet customer demand;][added: support growth and prosperity;]

- targeting approximately [removed: $17.5] [added: $21.6] billion of expected [removed: base] capital investments through [removed: 2029] [added: 2030] including new generation of approximately [removed: $6.2] [added: $9.3] billion which is expected to be primarily [removed: renewable and] natural [removed: gas] [added: gas, renewable] generation [removed: that will help enable] [added: and battery storage capacity in support of] historic economic development opportunities in Kansas and Missouri.

[added: See] "Liquidity and Capital Resources - Capital Expenditures," for further information regarding Evergy's projected capital expenditures through [removed: 2029;][added: 2030;]

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 [removed: total] demand for electricity, the reliability of the power grid, availability of transmission capacity and supportive energy policies and regulations, among other external factors.

See [removed: "Transitioning] [added: "Modernizing and Expanding] Evergy's Generation Fleet" in Part I, Item 1.

New rates are expected to be effective in [removed: September 2025.][added: January 2027.]

Evergy [removed: Missouri West 2024] [added: Metro's 2026] Rate Case Proceeding

In February [removed: 2024,] [added: 2026,] Evergy [removed: Missouri West] [added: Metro] filed an application with the MPSC to request an increase to its retail revenues of approximately [removed: $104] [added: $140] million.

Evergy [removed: Missouri West's] [added: Metro's] request reflected a return on equity of 10.5% (with a capital structure composed of 52% equity) and increases related to the recovery of infrastructure investments made to improve reliability and enhance customer service and the [removed: inclusion] [added: update] of [removed: certain costs related] [added: expenses] to [removed: Dogwood Energy Center (Dogwood) and Crossroads Energy Center (Crossroads), two natural gas plants.][added: current levels of spend.]

In [removed: October 2024,] [added: July 2025,] Evergy [removed: Missouri West,] [added: Kansas Central,] the [removed: MPSC] [added: KCC] staff and other intervenors in the case reached a unanimous [removed: partial stipulation and] [added: settlement] agreement to settle [removed: certain] [added: all outstanding] issues in the case.

In April [removed: 2024,] [added: 2025,] Kansas [removed: H.B. 2527] [added: House Bill (HB) 2107] was signed into law by the Governor of Kansas.

[removed: Additionally, the law] [added: Most notably, SB 4] establishes new mechanisms for [added: Missouri electric utilities to recover] the [removed: recovery of] costs associated with [added: the construction of] new [added: natural] gas-fired generating units.

In April [removed: 2024, Kansas S.B. 410] [added: 2025, Missouri Senate Bill (SB) 4] was signed into law by the Governor of [removed: Kansas.][added: Missouri.]

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

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

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 [removed: MW.][added: MWs.]

The first [removed: plant] [added: plant, a combined cycle gas turbine (CCGT) facility located in Sumner County,] is expected to begin operations by [removed: summer] [added: spring] of 2029 and the second [removed: plant] [added: plant, a CCGT facility located in Reno County,] is expected to begin operations by [removed: summer] [added: spring] of 2030.

See [added: "Applications for Predetermination" and "Requests for Certificate of Convenience and Necessity" in] Note 4 to the consolidated financial statements for [added: additional] information regarding Evergy Kansas Central's and Evergy Missouri West's applications for predetermination and [removed: Certificate of Convenience and Necessity (CCN)] [added: a CCN] for their investments in these natural gas plants.

Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation [removed: facility] [added: facility,] to be located in [removed: Kansas and] [added: Douglas County Kansas,] called Kansas Sky.

In [removed: the third quarter of] 2024, Evergy Missouri West entered into agreements to own two solar generation facilities currently under development.

The first facility, to be called Sunflower Sky, is a solar generation facility to be located in Kansas with an expected generating capacity of approximately 65 [removed: MW.][added: MWs.]

The second facility, to be called Foxtrot, is a solar generation facility to be located in Missouri with an expected generating capacity of approximately 100 [removed: MW.][added: MWs.]

See [added: "Requests for Certificate of Convenience and Necessity" in] Note 4 to the consolidated financial statements for information regarding Evergy [removed: Kansas Central's and Evergy] Missouri West's [removed: applications] [added: application] for [removed: predetermination and CCN, respectively,] [added: a CCN] for [removed: their investments] [added: its investment] in these renewable generating plants.

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

Wolf Creek's most recent refueling outage began in [removed: March 2024] [added: October 2025] and the unit returned to service in [removed: May 2024.][added: November 2025.]

Wolf Creek's next refueling outage is planned to begin in the [removed: fourth quarter] [added: spring] of [removed: 2025.][added: 2027.]

The Evergy Companies do not expect a material impact to their [removed: supply chain or] [added: operations and consolidated] financial results.

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

| | | | | | | | | | | | | | | | | | | | | | [removed: 2024] [added: 2025] | | | | | | Change | | | | | | [removed: 2023] [added: 2024] | | |

| Net income attributable to Evergy, Inc. | | | | | | | | | | | | | | | | | | | | | $ | [removed: 873.5] [added: 855.6] | | | | | $ | [removed: 142.2] [added: (17.9)] | | | | | $ | [removed: 731.3] [added: 873.5] | |

| Earnings per common share, diluted | | | | | | | | | | | | | | | | | | | | | [removed: 3.79] [added: 3.66] | | | | | | [removed: 0.62] [added: (0.13)] | | | | | | [removed: 3.17] [added: 3.79] | | |

Diluted EPS [removed: increased] [added: decreased] in [removed: 2024,] [added: 2025,] compared to the same period in [removed: 2023,] [added: 2024,] primarily due to the [removed: increase] [added: decrease] in net income attributable to Evergy, Inc. discussed [removed: above.][added: above in addition to a $0.05 per share decrease primarily due to dilution from Evergy's convertible notes.]

Management believes that utility gross margin (non-GAAP) provides a meaningful basis for evaluating the Evergy Companies' [added: 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.]

Management believes that adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are representative measures of Evergy's recurring earnings, [removed: assists] [added: assist] in the comparability of results and [removed: is] [added: are] consistent with how management reviews performance.

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

[removed: For 2023,] Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) [added: for 2025,] were [removed: $815.6] [added: $893.8] million or [removed: $3.54] [added: $3.83] per share.

- Sustainability – advancing an "all-of-the-above" generation portfolio.

- across the board, maintaining excellence in day-to-day operations.

Safety-first, cost efficiency, infrastructure investment, new technology deployment and process improvement are crucial components of Evergy's vision and enable improvement in the important metrics of reliability, customer satisfaction and cost performance to the sustainable benefit of customers;

- fostering economic development in Kansas and Missouri by supporting the attraction of new businesses and large load customers while ensuring protections for existing customers through key safeguards included in the LLPS rate plans;

- adding new highly-efficient natural gas generation resources, renewable generation and storage to support economic growth in the region and to enable the ongoing modernization of Evergy's generation fleet, consistent with Evergy's "all-of-the-above" strategy to leverage a diverse set of fuel sources.

The unanimous settlement provides for an increase to retail revenues of $128.0 million after rebasing property tax expense and not including costs recoverable through KCC-approved riders for Evergy Kansas Central.

In September 2025, the KCC approved the unanimous settlement agreement and new rates took effect in October 2025.

Large Load Power Service Rate Plans and Executed Large Customer Agreements

In February 2025, Evergy Kansas Central and Evergy Metro filed an application with the KCC and Evergy Metro and Evergy Missouri West filed an application with the MPSC seeking expedited approval of new comprehensive LLPS rate plans.

In August 2025, Evergy Kansas Central, Evergy Metro, the KCC staff and other intervenors reached a unanimous settlement agreement for the LLPS rate plan which the KCC approved in November 2025.

In September 2025, Evergy Metro, Evergy Missouri West and other intervenors agreed to a non-unanimous global stipulation and agreement for the LLPS rate plan which the MPSC approved in November 2025.

The LLPS rate plans are designed to establish a tariff framework for large load customers while including safeguards for existing customers to ensure that new large customers pay their cost of service and help defray costs that might be experienced by other customers.

The provisions in the LLPS rate plans in both Kansas and Missouri apply to new or existing customers adding load in excess of 75 MWs.

These plans have a term length of 12 years after a period of up to 5-years of transitional load.

The minimum monthly bill requirement is set based on 80% of the customers' expected capacity demand and is applied to all demand-related bill elements and riders.

Termination fees will be calculated as the minimum monthly bill requirement multiplied by the remaining months in the contract.

New large load customers will also be required to post collateral equal to two years of minimum monthly bills at the time of signing the agreement, subject to established discounts based on creditworthiness.

The Evergy Companies, at their discretion, may require additional collateral based on assessment of the overall creditworthiness of the counterparty.

In February 2026, the Evergy Companies signed electric service agreements (ESAs) with multiple large load customers to serve data centers with a projected peak steady state load of approximately 1,900 MWs.

The ESAs relate to two new projects and the expansion of two separate projects previously announced.

The ESAs' terms reflect the applicable provisions of the Evergy Companies’ LLPS rate plans and the service of these large load customers, inclusive of a 5-year transitional load period, is expected to begin at dates ranging from 2026 to 2028.

Federal Tax Reform

In July 2025, the OBBBA was signed into law by President Trump.

The OBBBA contains a wide variety of tax reforms affecting businesses, including changes to clean energy production tax credits, which could impact the Evergy Companies' long-term generation resource planning.

Missouri Legislation

The utilities will be able to include certain costs of construction work in progress (CWIP) in rate base.

The inclusion of CWIP will be in lieu of allowance for funds used during construction (AFUDC) applicable to the construction of the new natural gas-fired generating units.

The MPSC will determine the amount of CWIP that may be included in rate base.

Additionally, amounts collected arising from the inclusion of CWIP in rate base are subject to refund under certain circumstances.

These provisions are scheduled to expire at the end of 2035.

Additionally, the law extends Missouri's existing PISA provisions to include certain natural gas-fired generating units as qualifying electric plant and extends the sunset date of these provisions through the end of 2035.

These provisions allow electric utilities to defer to a regulatory asset for recovery in a subsequent general rate case 85% of depreciation expense and the associated return on investment for qualifying electric plant rate base additions for assets placed in-service between general rate cases.

Most notably, HB 2107 establishes a two-year statute of limitations for wildfire-related claims against a Kansas electric public utility and a $5.0 million limit for punitive damages awarded under a fire claim.

The law also requires the plaintiff to establish the burden of proof for fire claims by a preponderance of evidence.

In 2024, Evergy Kansas Central and Evergy Missouri West requested predetermination from the KCC and a Certificate of Convenience and Necessity (CCN) from the MPSC, respectively, for their planned natural gas investments.

In July 2025, the KCC approved a non-unanimous partial settlement agreement regarding Evergy Kansas Central's investments in its planned natural gas plants.

In July 2025, the MPSC approved a non-unanimous stipulation and agreement regarding Evergy Missouri West's investments in its planned natural gas plants.

In July 2024, a lawsuit was filed in the District Court of Douglas County, *Grant Township, et al.

v.

Board of County Commissioners*, requesting the court to overturn Douglas County's approval of the application to construct the solar generation facility.

- 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 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.

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.

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.

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.

In April 2024, Evergy Missouri West purchased a 22% ownership interest representing approximately 145 MW in Dogwood, an operational combined-cycle natural gas facility located in Missouri, for approximately $60 million.

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

The purchase was subject to terms and conditions listed in a stipulation and agreement approved by the MPSC allowing Evergy Missouri West to recover in rates a return of and return on the original cost, net of accumulated depreciation, of Dogwood.

Evergy Missouri West shall also be allowed to recover in rates over two years a return of, but not a return on, the amount of the purchase price paid in excess of the original cost, net of accumulated depreciation, of Dogwood.

In addition, net revenues generated from Evergy Missouri West's ownership of Dogwood from the date of closing to the date new rates become effective in Evergy Missouri West's current rate case shall not impact rates and shall be retained by Evergy Missouri West and reduce the amount of the purchase price paid in excess of the original cost, net of accumulated depreciation, of Dogwood to be recovered from customers.

The solar generation facility is expected to begin operations by summer of 2027.

The construction of Kansas Sky is subject to the granting by the KCC of predetermination with reasonably acceptable terms and other closing conditions.

The agreements are subject to regulatory approvals and closing conditions, including the granting by the MPSC of a CCN with reasonably acceptable terms.

In May 2024, President Biden signed into law the Prohibiting Russian Uranium Imports Act, which limits the importation of uranium from the Russian Federation.

The Evergy Companies have a Russian-sourced contract beginning in 2025 to obtain nuclear fuel and have taken mitigating measures to minimize the impact of the Prohibiting Russian Uranium Imports Act to their supply chain.

See Part I, Item 1, Business - Fuel - Nuclear Fuel for additional information regarding Evergy's purchases of nuclear fuel.

Net income attributable to Evergy, Inc. increased in 2024, compared to the same period in 2023, primarily due to new Evergy Kansas Central retail rates effective in December 2023, the recognition of a $96.5 million regulatory liability in the third quarter of 2023 for future refund of amounts of revenues previously collected from customers related to COLI rate credits, higher transmission revenues and lower pension non-service costs; partially offset by higher taxes other than income tax, depreciation, interest, income tax and operating and maintenance expense and lower investment earnings in 2024.

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.

ii.the costs resulting from non-regulated energy marketing margins from the February 2021 winter weather event;

iii.the second quarter 2023 recognition of a regulatory liability for the refund to customers of revenues 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;

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

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

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

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

| Electric subdivision rebate program costs refund, pre-tax(c) | | | — | | | | | | — | | | | | | 2.6 | | | | | | 0.01 | | |

| Customer refunds related to COLI rate credits, pre-tax(d) | | | — | | | | | | — | | | | | | 96.5 | | | | | | 0.42 | | |

(c)Reflects the second quarter 2023 recognition of a regulatory liability for the refund to customers of revenues 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 that are included in operating revenues on the consolidated statements of comprehensive income.

Derivative instruments, such as futures, forward contracts, swaps or options, derive their value from underlying [removed: assets, indices, reference rates or a combination of these factors.]

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

The VaR is calculated using historical [removed: 30 day] [added: 30-day] exponentially weighted volatilities and correlations and assumes a 95% confidence level and a one-day holding period.

Based on this VaR analysis, as of December 31, [removed: 2024,] [added: 2025,] a near term typical change in commodity prices is not expected to materially impact net income, cash flows or financial position.

| December 31, [removed: 2024] [added: 2025] | | | | | | | | | | | | | | | | | | | | | | | | December 31, [removed: 2023] [added: 2024] | | | | | | | | | | | | | | | | | | | | |

| $ | [removed: 1.1] [added: 0.7] | | | | | $ | [removed: 3.6] [added: 2.8] | | | | | $ | [removed: 0.7] [added: 0.9] | | | | | $ | 0.1 | | | | | $ | [removed: 0.6] [added: 1.1] | | | | | $ | [removed: 2.6] [added: 3.6] | | | | | $ | [removed: 0.5] [added: 0.7] | | | | | $ | [removed: —] [added: 0.1] | |

Evergy manages interest rate risk and [removed: short-] [added: short] and long-term liquidity by limiting its exposure to variable interest rate debt and debt-like financial instruments to a percentage of total debt, diversifying maturity dates and, from time to time, entering into interest rate hedging transactions.

As of December 31, [removed: 2024, 9.8%] [added: 2025, 10.0%] 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.

[removed: Evergy computes and presents information regarding the sensitivity to changes in] interest rates for variable rate debt, short-term borrowings and current maturities of fixed rate debt by assuming a 100-basis-point change in the current interest rates applicable to such debt over the remaining time the debt is outstanding.

As of December 31, [removed: 2024,] [added: 2025,] Evergy had [removed: $1,380.8] [added: $1,524.6] 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 basis by approximately [removed: $9.1] [added: $13.2] 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: 2024.][added: 2025.]

As of December 31, [removed: 2024,] [added: 2025,] these funds were primarily invested in a diversified mix of equity and debt securities and reflected at fair value on Evergy's balance sheet.

In addition to Evergy's investments in debt and equity securities in its nuclear decommissioning and pension trusts, Evergy [added: has] also [removed: makes] [added: historically made] limited [added: non-regulated] equity [added: and debt] investments in early-stage energy solution companies.

These limited [removed: equity] investments are often in privately-owned companies that do not have [removed: reasonably] [added: readily] determinable fair values.

However, from time to time, these investments could have changes in fair value as a result of [added: bankruptcies,] acquisitions, mergers, initial public offerings, or observable market transactions for similar investments.

assets, indices, reference rates or a combination of these factors.

Evergy computes and presents information regarding the sensitivity to changes in

The credit risk associated with new large load customers is partially mitigated by the requirement that new large load customers post collateral equal to two years of minimum monthly bills at the time of signing the agreement, subject to established discounts based on creditworthiness.

The Evergy Companies, at their discretion, may require additional collateral based on assessment of the overall creditworthiness of the counterparty.

In 2025, Evergy initiated a process to dispose of these investments and could experience changes in their value upon their ultimate liquidation.

See Note 1 to the consolidated financial statements for more information on these investments as of and for the year ended December 31, 2025.

activities are marked-to-market each period, with changes in the fair value of the derivative instruments reflected in earnings.

Evergy typically seeks to liquidate its position in these companies as soon as practicable following the occurrence of an exit event such as an acquisition or initial public offering (including after the expiration of any related lock-up provisions), which serves to largely mitigate any ongoing market risk related to the investments.

Customers include approximately 1.5 million residences, 0.2 million commercial firms and [removed: 7,500] [added: 7,400] industrials, municipalities and other electric utilities.

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 [added: existing and future] customer [removed: electric] [added: electricity] 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 [added: sustainability objectives and delivering competitive long-term returns to shareholders,]

[removed: sustainability objectives and delivering competitive long-term returns to shareholders,] including growth in earnings per share and targeting a [removed: 60%-70%] [added: 50%-60%] dividend payout ratio.

- Affordability – maintaining affordable rates while investing in infrastructure and technology to [removed: meet customer demand;][added: support growth and prosperity;]

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

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

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

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

| Transmission | | | [removed: 8%] [added: 9%] | | | | | | [removed: 7%] [added: 8%] | | | | | | [removed: 6%] [added: 7%] | | |

| Other | | | [removed: 4%] [added: 5%] | | | | | | 4% | | | | | | 4% | | |

The table below summarizes the percentage of Evergy's retail electricity sales [added: volumes] by customer class.

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

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

| Commercial | | | [removed: 43%] [added: 44%] | | | | | | 43% | | | | | | [removed: 42%] [added: 43%] | | |

| Industrial | | | [removed: 20%] [added: 19%] | | | | | | 20% | | | | | | 20% | | |

Evergy Kansas [removed: Central's] [added: Central] and Evergy Metro's Kansas operations are regulated by the State Corporation Commission of the State of Kansas (KCC) and Evergy Metro's Missouri operations and Evergy Missouri West are regulated by the Public Service Commission of the State of Missouri (MPSC), in each case with respect to retail rates, certain accounting matters, standards of service and, in certain cases, the issuance of securities, certification of facilities and service territories.

| Evergy Kansas [removed: Central (a)] [added: Central(a)] | | | KCC | | | [removed: 9.4%] [added: 9.7%] (b) | | | | | | | | | [removed: December 2023] [added: October 2025] | | |

Evergy expects its [removed: 2025] [added: 2026] 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: Southwest Power Pool, Inc. (SPP)] [added: SPP] Integrated Marketplace, in which Evergy Kansas Central, Evergy Metro and Evergy Missouri West are participants.

| Fuel Type | | | Estimated [removed: 2025] [added: 2026] MW Capacity | | | Percent of Total Capacity | | | | | |

| [removed: Wind (a)] [added: Wind(a)] | | | 4,525 | | | 29 | | | | | |

| Natural gas and oil | | | [removed: 4,210] [added: 4,229] | | | 27 | | | | | |

| Total capacity | | | [removed: 15,790] [added: 15,812] | | | 100 | | | % | | |

Evergy's projected peak summer demand for [removed: 2025] [added: 2026] is approximately [removed: 10,600] [added: 11,200] MWs.

Evergy expects to meet its projected capacity requirements for [removed: 2025] [added: 2026] with its existing generation assets and power purchases.

See [removed: "Transitioning] [added: "Modernizing and Expanding] Evergy's Generation Fleet" below for further information regarding Evergy's long-term strategy with regard to its generating assets and power purchases.

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

[removed: Transitioning] [added: Modernizing and Expanding] Evergy's Generation Fleet

This generation [removed: portfolio transition] [added: modernization] is expected to have a corresponding impact on CO2 emissions, continuing a long-term [added: downward] trend.

In [removed: 2024,] [added: 2025,] Evergy's total CO2 emissions from owned generation units were [removed: more than] [added: nearly] 50% lower than 2005 levels.

Through the [removed: responsible transition] [added: ongoing modernization] of its generation fleet, Evergy has a long-term goal to achieve net-zero carbon dioxide equivalent (CO2e) emissions, for scope 1 and scope 2 emissions, by [removed: 2045.][added: 2050, a time frame that is consistent with the majority of industry peers with stated net-zero emissions goals.]

The trajectory and timing of achieving [removed: emissions reductions relative to 2005 levels and] Evergy's long-term emissions reduction goal [removed: are] [added: is] expected to be dependent on the evolution of Evergy's [removed: integrated resource plans (IRP)] [added: IRPs] and many external factors, including enabling technology developments, trends in total demand for electricity, [added: the reliability of the power grid, availability of transmission capacity and supportive energy policies and regulations, among other external factors.]

For example, because renewable generation can be intermittent, [removed: diversity of] [added: a portfolio with dispatchable] baseload generation [removed: fuel,] [added: that relies on varying fuel types,] including a mix of uranium, coal and natural gas, has helped to maintain [removed: a consistent availability of power.]

The Evergy Companies use [removed: a triennial IRP,] [added: an integrated resource plan (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 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 [removed: initiatives.][added: initiatives, among other factors.]

The [removed: transition] [added: modernization] of Evergy's generation fleet over time is expected to result in ongoing reductions in emissions.

Strategies that the Evergy Companies are pursuing to [removed: advance a responsible portfolio transition] [added: modernize and expand the generation fleet] include:

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

Since 2005, the Evergy Companies have added over [removed: 4,600] [added: 4,500] MWs of renewable [removed: generation,] [added: generation capacity,] while retiring more than 2,400 MWs of fossil generation.

- Sustainability – advancing an "all-of-the-above" generation portfolio.

| Coal | | | 5,930 | | | 37 | | | % | | |

Evergy has also entered into multiple firm capacity agreements with effective dates beginning between 2025 and 2028 to help it meet its projected load capacity requirements.

These agreements total approximately 600 MWs and contain various expiration dates ranging between 2029 and 2033.

Evergy is committed to a long-term strategy focused on affordability, reliability and sustainability, including fostering economic development in Kansas and Missouri by supporting the attraction of new businesses and large load customers while ensuring protections for existing customers through key safeguards included in the Large Load Power Service (LLPS) rate plans.

Evergy’s generation portfolio balances various fuel types which have historically provided cost and reliability benefits.

a consistent availability of power.

- exploring opportunities to add battery energy storage systems and nuclear generation;

The fleet modernization steps outlined above will allow Evergy to support economic expansion in Kansas and Missouri and, as reflected in Evergy's IRPs, are expected in the future to be accompanied by the retirement of older coal-fired generation units and/or the conversion of coal-fired generation resources to natural gas.

| Fuel | | | 2025 | | | | | | | | | 2025 | | | | | | | | | | | |

| Coal | | | 47 | | | % | | | | | | 2.27¢ | | | | | | | | | | | |

| Uranium | | | 18 | | | | | | | | | 0.64 | | | | | | | | | | | |

Evergy Kansas Central, Evergy Metro and Evergy Missouri West maintain various natural gas transportation arrangements.

These agreements expire based on the generating unit being served with expiration dates from 2026 to 2031.

The Evergy Companies' labor agreements expire at varying times from 2026 through 2028.

| John T. Bridson (d) | | | 56 | | | Senior Vice President, Generation and Operations Support | | | 2025 | | |

| Cleveland O. Reasoner (h) | | | 60 | | | Senior Vice President and Chief Nuclear Officer | | | 2025 | | |

| Matthew B. Gummig (i) | | | 40 | | | Vice President and Chief Accounting Officer | | | 2025 | | |

(d)Mr. Bridson was appointed Senior Vice President, Generation and Operations Support of Evergy, Inc., effective October 2025.

Mr. Bridson previously served as Vice President, Generation of Evergy, Inc. (2019-2025).

He previously served as Senior Vice President, Generation and Marketing of Evergy Kansas Central (2015-2018).

He joined Evergy Kansas Central in 1993 and held several positions with the company, including Vice President of Generation, Executive Director of Generation, Executive Director of Lawrence Energy Center, Executive Director of Gas-fired Power Plants, Director of Operations and Plant Engineer at Jeffrey Energy Center.

(h)Mr. Reasoner was appointed Senior Vice President and Chief Nuclear Officer of Evergy, Inc., effective October 2025.

Mr. Reasoner previously served as Vice President and Chief Nuclear Officer of Evergy, Inc (2019-2025).

Mr. Reasoner also serves as President and Chief Executive Officer, Board of Directors Member, Chief Nuclear Officer and Treasurer of Wolf Creek Nuclear Operating Corporation (2019-present).

He previously served as Senior Vice President, Chief Nuclear Officer of Wolf Creek Nuclear Operating Corporation (2018-2019) and Site Vice President of Wolf Creek Nuclear Operating Corporation (2014-2018).

Prior to joining Wolf Creek Nuclear Operating Corporation, Mr. Reasoner served as Vice President of Engineering at Ameren Corporation's Callaway nuclear power plant and Site Vice President (2009-2014).

Before joining Ameren's Callaway plant, Mr. Reasoner started his nuclear career at Arkansas Nuclear One and served in a variety of engineering roles.

(i)Mr. Gummig was appointed Vice President and Chief Accounting Officer of Evergy, Inc., effective April 2025.

Mr. Gummig previously served as Director of External Reporting, Policy and Property Accounting of Evergy, Inc. (2023-2025).

Prior to that, he held the position of Senior Manager of External Reporting and various other roles of increasing responsibility within Evergy, Inc.'s accounting organization (2012-2023).

Mr. Gummig also served in various roles within the assurance practice of Ernst & Young (2009-2011).

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

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

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.

the reliability of the power grid, availability of transmission capacity, supportive energy policies and regulations, among other external factors.

Diversity of fuel supply has historically provided cost and reliability benefits.

- 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.

Evergy Kansas Central, Evergy Metro and Evergy Missouri West maintain natural gas transportation arrangements with Southern Star Central Gas Pipeline, Inc. The Southern Star Central Gas Pipeline, Inc. arrangement expires based on the generating unit being served with expiration dates from 2025 to 2030.

The Evergy Companies currently have labor agreements with four unions that expire at varying times in 2025 through 2027 and one labor agreement that is operating under an

extension while a long-term agreement is being negotiated.

Ms. Elwell previously served as

For the fiscal year ended December 31, [removed: 2024][added: 2025]

[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: 2024)] [added: 2025)] was approximately [removed: $12,025,571,828.][added: $15,667,375,144.]

On February [removed: 19, 2025,] [added: 11, 2026,] Evergy, Inc. had [removed: 230,009,344] [added: 230,281,586] shares of common stock outstanding.

On February [removed: 19, 2025,] [added: 11, 2026,] 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: 2025] [added: 2026] 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](#id31b3da7e7a1477f9b77b81016bf9b82_16)] [added: Information](#i8a6138614d3d4303820472aabbd734cb_16)] | | | [removed: [3](#id31b3da7e7a1477f9b77b81016bf9b82_16)] [added: [3](#i8a6138614d3d4303820472aabbd734cb_16)] | | |

| | | | [Glossary of [removed: Terms](#id31b3da7e7a1477f9b77b81016bf9b82_19)] [added: Terms](#i8a6138614d3d4303820472aabbd734cb_19)] | | | [removed: [5](#id31b3da7e7a1477f9b77b81016bf9b82_19)] [added: [5](#i8a6138614d3d4303820472aabbd734cb_19)] | | |

| Item 1. | | | [removed: [Business](#id31b3da7e7a1477f9b77b81016bf9b82_25)] [added: [Business](#i8a6138614d3d4303820472aabbd734cb_25)] | | | [removed: [8](#id31b3da7e7a1477f9b77b81016bf9b82_25)] [added: [8](#i8a6138614d3d4303820472aabbd734cb_25)] | | |

| Item 1A. | | | [Risk [removed: Factors](#id31b3da7e7a1477f9b77b81016bf9b82_28)] [added: Factors](#i8a6138614d3d4303820472aabbd734cb_28)] | | | [removed: [16](#id31b3da7e7a1477f9b77b81016bf9b82_28)] [added: [17](#i8a6138614d3d4303820472aabbd734cb_28)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#id31b3da7e7a1477f9b77b81016bf9b82_31)] [added: Comments](#i8a6138614d3d4303820472aabbd734cb_31)] | | | [removed: [29](#id31b3da7e7a1477f9b77b81016bf9b82_31)] [added: [30](#i8a6138614d3d4303820472aabbd734cb_31)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#id31b3da7e7a1477f9b77b81016bf9b82_34)] [added: [Cybersecurity](#i8a6138614d3d4303820472aabbd734cb_34)] | | | [removed: [29](#id31b3da7e7a1477f9b77b81016bf9b82_34)] [added: [30](#i8a6138614d3d4303820472aabbd734cb_34)] | | |

| Item 2. | | | [removed: [Properties](#id31b3da7e7a1477f9b77b81016bf9b82_37)] [added: [Properties](#i8a6138614d3d4303820472aabbd734cb_37)] | | | [removed: [32](#id31b3da7e7a1477f9b77b81016bf9b82_37)] [added: [33](#i8a6138614d3d4303820472aabbd734cb_37)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#id31b3da7e7a1477f9b77b81016bf9b82_40)] [added: Proceedings](#i8a6138614d3d4303820472aabbd734cb_40)] | | | [removed: [35](#id31b3da7e7a1477f9b77b81016bf9b82_40)] [added: [36](#i8a6138614d3d4303820472aabbd734cb_40)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#id31b3da7e7a1477f9b77b81016bf9b82_43)] [added: Disclosures](#i8a6138614d3d4303820472aabbd734cb_43)] | | | [removed: [35](#id31b3da7e7a1477f9b77b81016bf9b82_43)] [added: [36](#i8a6138614d3d4303820472aabbd734cb_43)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#id31b3da7e7a1477f9b77b81016bf9b82_49)] [added: Securities](#i8a6138614d3d4303820472aabbd734cb_49)] | | | [removed: [36](#id31b3da7e7a1477f9b77b81016bf9b82_49)] [added: [37](#i8a6138614d3d4303820472aabbd734cb_49)] | | |

| Item 6. | | | [removed: [Reserved](#id31b3da7e7a1477f9b77b81016bf9b82_52)] [added: [Reserved](#i8a6138614d3d4303820472aabbd734cb_52)] | | | [removed: [36](#id31b3da7e7a1477f9b77b81016bf9b82_52)] [added: [37](#i8a6138614d3d4303820472aabbd734cb_52)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#id31b3da7e7a1477f9b77b81016bf9b82_229)] [added: Operations](#i8a6138614d3d4303820472aabbd734cb_232)] | | | [removed: [36](#id31b3da7e7a1477f9b77b81016bf9b82_229)] [added: [37](#i8a6138614d3d4303820472aabbd734cb_232)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#id31b3da7e7a1477f9b77b81016bf9b82_55)] [added: Risk](#i8a6138614d3d4303820472aabbd734cb_55)] | | | [removed: [64](#id31b3da7e7a1477f9b77b81016bf9b82_55)] [added: [63](#i8a6138614d3d4303820472aabbd734cb_55)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#id31b3da7e7a1477f9b77b81016bf9b82_58)] [added: Data](#i8a6138614d3d4303820472aabbd734cb_58)] | | | [removed: [67](#id31b3da7e7a1477f9b77b81016bf9b82_58)] [added: [66](#i8a6138614d3d4303820472aabbd734cb_58)] | | |

| Item 9. | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#id31b3da7e7a1477f9b77b81016bf9b82_301)] [added: Disclosure](#i8a6138614d3d4303820472aabbd734cb_304)] | | | [removed: [160](#id31b3da7e7a1477f9b77b81016bf9b82_301)] [added: [165](#i8a6138614d3d4303820472aabbd734cb_304)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#id31b3da7e7a1477f9b77b81016bf9b82_304)] [added: Procedures](#i8a6138614d3d4303820472aabbd734cb_307)] | | | [removed: [160](#id31b3da7e7a1477f9b77b81016bf9b82_304)] [added: [165](#i8a6138614d3d4303820472aabbd734cb_307)] | | |

| Item 9B. | | | [Other [removed: Information](#id31b3da7e7a1477f9b77b81016bf9b82_325)] [added: Information](#i8a6138614d3d4303820472aabbd734cb_328)] | | | [removed: [164](#id31b3da7e7a1477f9b77b81016bf9b82_325)] [added: [169](#i8a6138614d3d4303820472aabbd734cb_328)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#id31b3da7e7a1477f9b77b81016bf9b82_328)] [added: Inspections](#i8a6138614d3d4303820472aabbd734cb_331)] | | | [removed: [164](#id31b3da7e7a1477f9b77b81016bf9b82_328)] [added: [169](#i8a6138614d3d4303820472aabbd734cb_331)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#id31b3da7e7a1477f9b77b81016bf9b82_358)] [added: Governance](#i8a6138614d3d4303820472aabbd734cb_361)] | | | [removed: [164](#id31b3da7e7a1477f9b77b81016bf9b82_358)] [added: [169](#i8a6138614d3d4303820472aabbd734cb_361)] | | |

| Item 11. | | | [Executive [removed: Compensation](#id31b3da7e7a1477f9b77b81016bf9b82_361)] [added: Compensation](#i8a6138614d3d4303820472aabbd734cb_364)] | | | [removed: [165](#id31b3da7e7a1477f9b77b81016bf9b82_361)] [added: [170](#i8a6138614d3d4303820472aabbd734cb_364)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#id31b3da7e7a1477f9b77b81016bf9b82_364)] [added: Matters](#i8a6138614d3d4303820472aabbd734cb_367)] | | | [removed: [165](#id31b3da7e7a1477f9b77b81016bf9b82_364)] [added: [170](#i8a6138614d3d4303820472aabbd734cb_367)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#id31b3da7e7a1477f9b77b81016bf9b82_367)] [added: Independence](#i8a6138614d3d4303820472aabbd734cb_370)] | | | [removed: [166](#id31b3da7e7a1477f9b77b81016bf9b82_367)] [added: [171](#i8a6138614d3d4303820472aabbd734cb_370)] | | |

| Item 14. | | | [Principal Accounting Fees and [removed: Services](#id31b3da7e7a1477f9b77b81016bf9b82_370)] [added: Services](#i8a6138614d3d4303820472aabbd734cb_373)] | | | [removed: [166](#id31b3da7e7a1477f9b77b81016bf9b82_370)] [added: [171](#i8a6138614d3d4303820472aabbd734cb_373)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#id31b3da7e7a1477f9b77b81016bf9b82_376)] [added: Schedules](#i8a6138614d3d4303820472aabbd734cb_379)] | | | [removed: [168](#id31b3da7e7a1477f9b77b81016bf9b82_376)] [added: [173](#i8a6138614d3d4303820472aabbd734cb_379)] | | |

Forward-looking statements are often accompanied by forward-looking words such as "anticipates," "believes," "expects," "estimates," "forecasts," "guidance," "should," "could," "may," "seeks," "intends," "predict," "potential," "opportunities," "proposed," "projects," "planned," "target," [added: "budget,"] "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; significant changes in the demand for [removed: electricity;] [added: electricity, including demand from data centers and other large load customers;] changes in business strategy or operations, including with respect to the Evergy Companies' strategy to meet demand requirements of existing and future customers; [added: uncertainties related to projected rapid growth in electricity demand driven primarily by data centers and other large load customers and] the [added: related requirement for new generation and transmission investments, creating capital access, revenue recovery and customer affordability risks; the] impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; [added: prolonged or recurring U.S. federal government shutdowns; changes in U.S. trade policies (including tariffs and other trade measures) and responses from other countries;] the ability to build or acquire [removed: generation] [added: generation, battery storage] 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, [added: battery storage,] transmission, distribution or other projects due to challenges, which include, but are not limited to, changes in labor costs, availability and productivity, challenges with the management of contractors or vendors, subcontractor performance, shortages, delays, increased costs or inconsistent quality of equipment, materials and labor and increased financing costs as a result of changes in interest rates or as a result of project delays; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; development, adoption and use of artificial intelligence by the Evergy Companies and its third-party vendors; the impact of climate change, including increased frequency and severity of significant weather events; risks relating to potential wildfires, including costs of litigation, potential regulatory penalties and damages in excess of insurance liability coverage; the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity and natural gas in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of future pandemic health events on, among other things, sales, results of operations, financial position, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies' employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, disruptions in the banking industry, including volatility in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and [removed: hedges,] [added: hedges and ability to obtain capital to finance large construction projects,] nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their [removed: 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 market, including the ability to contract for non-Russian sourced uranium; ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; impacts of tariffs;]

[added: contractual commitments including new large data center customers; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, acts of war and other disruptions to the Evergy Companies' facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; impact of geopolitical conflicts on the global energy market, including the] ability to [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; 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, [removed: acquisitions] [added: acquisitions, joint ventures] and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, contractors, regulators or suppliers; the outcome of litigation involving the Evergy Companies; and other risks and uncertainties.

| [PART I](#i8a6138614d3d4303820472aabbd734cb_22) | | | | | | | | |

| [PART II](#i8a6138614d3d4303820472aabbd734cb_46) | | | | | | | | |

| [PART III](#i8a6138614d3d4303820472aabbd734cb_358) | | | | | | | | |

| [PART IV](#i8a6138614d3d4303820472aabbd734cb_376) | | | | | | | | |

| | | | [Signatures](#i8a6138614d3d4303820472aabbd734cb_409) | | | [196](#i8a6138614d3d4303820472aabbd734cb_409) | | |

| ACE | | | | | | Affordable Clean Energy | | |

| ASC | | | | | | Accounting Standards Codification | | |

| ATM Program | | | | | | At-the-Market Program | | |

| ATRR | | | | | | Annual Transmission Revenue Requirement | | |

| CCGT | | | | | | Combined cycle gas turbine | | |

| CT | | | | | | Combustion turbine | | |

| CWIP | | | | | | Construction work in progress | | |

| ESA | | | | | | Electric service agreement | | |

| Evergy Kansas Central Mortgage Indenture | | | | | | Evergy Kansas Central Mortgage Indenture and Deed of Trust dated as of July 1, 1939, as amended and supplemented | | |

| Evergy Kansas South Mortgage Indenture | | | | | | Evergy Kansas South Mortgage Indenture and Deed of Trust dated as of April 1, 1940, as amended and supplemented | | |

| Evergy Metro Mortgage Indenture | | | | | | Evergy Metro General Mortgage Indenture and Deed of Trust dated as of December 1, 1986, as amended and supplemented | | |

| Evergy Missouri West Mortgage Indenture | | | | | | Evergy Missouri West First Mortgage Indenture and Deed of Trust, dated as of March 1, 2022, as supplemented | | |

| FASB | | | | | | Financial Accounting Standards Board | | |

| FER | | | | | | Facility Evaluation Report | | |

| HB | | | | | | House Bill | | |

| LLPS | | | | | | Large Load Power Service | | |

| OBBBA | | | | | | One Big Beautiful Bill Act | | |

| 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 | | |

| SB | | | | | | Senate Bill | | |

| SCGT | | | | | | Simple cycle gas turbine | | |

| | | | | | | | | |

| | | | | | | | | |

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

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

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

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

| | | | | | | | | |

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

| | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| ERSP | | | | | | Earnings Review and Sharing Plan | | |

| February 2021 winter weather event | | | | | | Significant winter weather event in February 2021 that resulted in extremely cold temperatures over a multi-day period across much of the central and southern United States | | |

| Persimmon Creek | | | | | | Persimmon Creek Wind Farm 1, LLC | | |

Evergy's Board [removed: of Directors (Evergy Board)] has assigned primary oversight of enterprise risk management practices to the Audit Committee of the Evergy Board.

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

See Part I, Item 1, Business – Information about Evergy’s Executive Officers for a description of the CTO's [added: and CNO's] experience.

At each Operations Committee meeting, the CTO [removed: discusses] [added: presents] 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.

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

Among other measures, certain third parties are required to have processes in place to mitigate risk that data would be compromised, to become aware of cybersecurity incidents [removed: and/or] [added: and] to promptly notify the Evergy Companies of any cybersecurity incidents.

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

The CNO has management responsibility of Wolf Creek where he has served in executive capacities since joining Wolf Creek in 2014.

Prior to joining Wolf Creek, he served as vice president of engineering and site vice president of another nuclear power plant from 2009 until 2014.

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

| Steam Turbines | | | 4 & 5 | | | | | | | | | 1960, 1971 | | | Coal | | | [removed: 485] [added: 488] | | | — | | | — | | | [removed: 485] [added: 488] | | | — | | | | | | [removed: 485] [added: 488] | | |

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

| Combustion Turbines | | | 1 - 3 | | | | | | | | | 1974 | | | Natural Gas | | | [removed: 169] [added: 167] | | | — | | | — | | | [removed: 169] [added: 167] | | | — | | | | | | [removed: 169] [added: 167] | | |

| Combustion Turbines | | | 1 - 4 | | | | | | | | | 2001 | | | Natural Gas | | | [removed: 288] [added: 294] | | | — | | | — | | | [removed: 288] [added: 294] | | | — | | | | | | [removed: 288] [added: 294] | | |

| Combined Cycle | | | 1 - 3 | | | (h) | | | | | | 2001 | | | Natural Gas | | | [removed: 209] [added: 211] | | | — | | | — | | | [removed: 209] [added: 211] | | | — | | | | | | [removed: 209] [added: 211] | | |

| Combustion Turbines | | | 3 | | | | | | | | | 1981 | | | Natural Gas | | | — | | | — | | | [removed: 69] [added: 66] | | | [removed: 69] [added: 66] | | | — | | | | | | [removed: 69] [added: 66] | | |

| | | | 5 - 7 | | | | | | | | | 1974, 1989 & 1990 | | | Oil | | | — | | | — | | | [removed: 88] [added: 106] | | | [removed: 88] [added: 106] | | | — | | | | | | [removed: 88] [added: 106] | | |

| Combustion Turbines | | | 1 - 4 | | | | | | | | | 2002 | | | Natural Gas | | | — | | | — | | | [removed: 302] [added: 300] | | | [removed: 302] [added: 300] | | | — | | | | | | [removed: 302] [added: 300] | | |

| Total Gas and Oil | | | | | | | | | | | | | | | | | | [removed: 1,690] [added: 1,696] | | | 1,185 | | | [removed: 1,335] [added: 1,348] | | | [removed: 4,210] [added: 4,229] | | | — | | | | | | [removed: 4,210] [added: 4,229] | | |

(a) Capability (except for wind generating facilities) represents estimated [removed: 2025] [added: 2026] net generating capacity.

Due to the intermittent nature of wind generation, these facilities are associated with a total of [removed: 1,529 MW] [added: 1,515 MWs] of accredited generating capacity pursuant to SPP reliability standards.

Evergy has approximately [removed: 10,100] [added: 10,200] circuit miles of transmission lines, 44,600 circuit miles of overhead distribution lines and [removed: 16,300] [added: 16,700] circuit miles of underground distribution lines in Missouri and Kansas.

| Total | | | | | | | | | | | | | | | | | | 6,087 | | | 4,152 | | | 1,819 | | | 12,058 | | | 3,754 | | | | | | 15,812 | | |

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

Evergy's common stock is listed on the Nasdaq Stock Market LLC under the symbol "EVRG." At February [removed: 19, 2025,] [added: 11, 2026,] Evergy's common stock was held by [removed: 15,388] [added: 14,484] 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: 2024.][added: 2025.]

| October 1 - 31 | | | 6,291 | | | $76.35 | | | — | | | — | | |

| December 1 - 31 | | | 2,520 | | | $75.41 | | | — | | | — | | |

| Total | | | 8,811 | | | $76.08 | | | — | | | — | | |

| October 1 - 31 | | | 42 | | | $61.64 | | | — | | | — | | |

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

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

| [Evergy, [removed: Inc.](#id31b3da7e7a1477f9b77b81016bf9b82_64)] [added: Inc.](#i8a6138614d3d4303820472aabbd734cb_64)] | | | | | | [removed: [68](#id31b3da7e7a1477f9b77b81016bf9b82_64)] [added: [67](#i8a6138614d3d4303820472aabbd734cb_64)] | | |

| [Evergy Kansas Central, [removed: Inc.](#id31b3da7e7a1477f9b77b81016bf9b82_67)] [added: Inc.](#i8a6138614d3d4303820472aabbd734cb_67)] | | | | | | [removed: [70](#id31b3da7e7a1477f9b77b81016bf9b82_67)] [added: [69](#i8a6138614d3d4303820472aabbd734cb_67)] | | |

| [Evergy Metro, [removed: Inc.](#id31b3da7e7a1477f9b77b81016bf9b82_70)] [added: Inc.](#i8a6138614d3d4303820472aabbd734cb_70)] | | | | | | [removed: [72](#id31b3da7e7a1477f9b77b81016bf9b82_70)] [added: [71](#i8a6138614d3d4303820472aabbd734cb_70)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#id31b3da7e7a1477f9b77b81016bf9b82_76)] [added: Income](#i8a6138614d3d4303820472aabbd734cb_76)] | | | | | | [removed: [74](#id31b3da7e7a1477f9b77b81016bf9b82_76)] [added: [73](#i8a6138614d3d4303820472aabbd734cb_76)] | | |

| [Consolidated Balance [removed: Sheets](#id31b3da7e7a1477f9b77b81016bf9b82_73)] [added: Sheets](#i8a6138614d3d4303820472aabbd734cb_73)] | | | | | | [removed: [75](#id31b3da7e7a1477f9b77b81016bf9b82_73)] [added: [74](#i8a6138614d3d4303820472aabbd734cb_73)] | | |

| [Consolidated Statements of Cash [removed: Flows](#id31b3da7e7a1477f9b77b81016bf9b82_79)] [added: Flows](#i8a6138614d3d4303820472aabbd734cb_79)] | | | | | | [removed: [77](#id31b3da7e7a1477f9b77b81016bf9b82_79)] [added: [76](#i8a6138614d3d4303820472aabbd734cb_79)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#id31b3da7e7a1477f9b77b81016bf9b82_85)] [added: Equity](#i8a6138614d3d4303820472aabbd734cb_85)] | | | | | | [removed: [78](#id31b3da7e7a1477f9b77b81016bf9b82_85)] [added: [77](#i8a6138614d3d4303820472aabbd734cb_85)] | | |

| [Consolidated Statements of [removed: Income](#id31b3da7e7a1477f9b77b81016bf9b82_91)] [added: Income](#i8a6138614d3d4303820472aabbd734cb_91)] | | | | | | [removed: [79](#id31b3da7e7a1477f9b77b81016bf9b82_91)] [added: [78](#i8a6138614d3d4303820472aabbd734cb_91)] | | |

| [Consolidated Balance [removed: Sheets](#id31b3da7e7a1477f9b77b81016bf9b82_88)] [added: Sheets](#i8a6138614d3d4303820472aabbd734cb_88)] | | | | | | [removed: [80](#id31b3da7e7a1477f9b77b81016bf9b82_88)] [added: [79](#i8a6138614d3d4303820472aabbd734cb_88)] | | |

| [Consolidated Statements of Cash [removed: Flows](#id31b3da7e7a1477f9b77b81016bf9b82_94)] [added: Flows](#i8a6138614d3d4303820472aabbd734cb_94)] | | | | | | [removed: [82](#id31b3da7e7a1477f9b77b81016bf9b82_94)] [added: [81](#i8a6138614d3d4303820472aabbd734cb_94)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#id31b3da7e7a1477f9b77b81016bf9b82_100)] [added: Equity](#i8a6138614d3d4303820472aabbd734cb_100)] | | | | | | [removed: [83](#id31b3da7e7a1477f9b77b81016bf9b82_100)] [added: [82](#i8a6138614d3d4303820472aabbd734cb_100)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#id31b3da7e7a1477f9b77b81016bf9b82_106)] [added: Income](#i8a6138614d3d4303820472aabbd734cb_106)] | | | | | | [removed: [84](#id31b3da7e7a1477f9b77b81016bf9b82_106)] [added: [83](#i8a6138614d3d4303820472aabbd734cb_106)] | | |

| [Consolidated Balance [removed: Sheets](#id31b3da7e7a1477f9b77b81016bf9b82_103)] [added: Sheets](#i8a6138614d3d4303820472aabbd734cb_103)] | | | | | | [removed: [85](#id31b3da7e7a1477f9b77b81016bf9b82_103)] [added: [84](#i8a6138614d3d4303820472aabbd734cb_103)] | | |

| [Consolidated Statements of Cash [removed: Flows](#id31b3da7e7a1477f9b77b81016bf9b82_109)] [added: Flows](#i8a6138614d3d4303820472aabbd734cb_109)] | | | | | | [removed: [87](#id31b3da7e7a1477f9b77b81016bf9b82_109)] [added: [86](#i8a6138614d3d4303820472aabbd734cb_109)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#id31b3da7e7a1477f9b77b81016bf9b82_115)] [added: Equity](#i8a6138614d3d4303820472aabbd734cb_115)] | | | | | | [removed: [88](#id31b3da7e7a1477f9b77b81016bf9b82_115)] [added: [87](#i8a6138614d3d4303820472aabbd734cb_115)] | | |

| [Combined Notes to Consolidated Financial [removed: Statements](#id31b3da7e7a1477f9b77b81016bf9b82_118)] [added: Statements](#i8a6138614d3d4303820472aabbd734cb_118)] | | | | | | | | |

| Note 1: | | | [Summary of Significant Accounting [removed: Policies](#id31b3da7e7a1477f9b77b81016bf9b82_124)] [added: Policies](#i8a6138614d3d4303820472aabbd734cb_124)] | | | [removed: [89](#id31b3da7e7a1477f9b77b81016bf9b82_124)] [added: [88](#i8a6138614d3d4303820472aabbd734cb_124)] | | |

| Note 2: | | | [removed: [Revenue](#id31b3da7e7a1477f9b77b81016bf9b82_127)] [added: [Revenue](#i8a6138614d3d4303820472aabbd734cb_127)] | | | [removed: [98](#id31b3da7e7a1477f9b77b81016bf9b82_127)] [added: [98](#i8a6138614d3d4303820472aabbd734cb_127)] | | |

| Note 3: | | | [removed: [Receivables](#id31b3da7e7a1477f9b77b81016bf9b82_133)] [added: [Receivables](#i8a6138614d3d4303820472aabbd734cb_133)] | | | [removed: [101](#id31b3da7e7a1477f9b77b81016bf9b82_133)] [added: [101](#i8a6138614d3d4303820472aabbd734cb_133)] | | |

| Note 4: | | | [Rate Matters and [removed: Regulation](#id31b3da7e7a1477f9b77b81016bf9b82_136)] [added: Regulation](#i8a6138614d3d4303820472aabbd734cb_136)] | | | [removed: [103](#id31b3da7e7a1477f9b77b81016bf9b82_136)] [added: [103](#i8a6138614d3d4303820472aabbd734cb_136)] | | |

| Note 5: | | | [removed: [Goodwill](#id31b3da7e7a1477f9b77b81016bf9b82_142)] [added: [Goodwill](#i8a6138614d3d4303820472aabbd734cb_142)] | | | [removed: [110](#id31b3da7e7a1477f9b77b81016bf9b82_142)] [added: [110](#i8a6138614d3d4303820472aabbd734cb_142)] | | |

| Note 6: | | | [Asset Retirement [removed: Obligations](#id31b3da7e7a1477f9b77b81016bf9b82_145)] [added: Obligations](#i8a6138614d3d4303820472aabbd734cb_214)] | | | [removed: [110](#id31b3da7e7a1477f9b77b81016bf9b82_145)] [added: [110](#i8a6138614d3d4303820472aabbd734cb_214)] | | |

| Note 7: | | | [Property, Plant & [removed: Equipment](#id31b3da7e7a1477f9b77b81016bf9b82_208)] [added: Equipment](#i8a6138614d3d4303820472aabbd734cb_220)] | | | [removed: [112](#id31b3da7e7a1477f9b77b81016bf9b82_208)] [added: [111](#i8a6138614d3d4303820472aabbd734cb_220)] | | |

| Note 8: | | | [Jointly-Owned Electric Utility [removed: Plants](#id31b3da7e7a1477f9b77b81016bf9b82_211)] [added: Plants](#i8a6138614d3d4303820472aabbd734cb_208)] | | | [removed: [113](#id31b3da7e7a1477f9b77b81016bf9b82_211)] [added: [112](#i8a6138614d3d4303820472aabbd734cb_208)] | | |

| Note 9: | | | [Pension Plans and Post-Retirement [removed: Benefits](#id31b3da7e7a1477f9b77b81016bf9b82_163)] [added: Benefits](#i8a6138614d3d4303820472aabbd734cb_160)] | | | [removed: [114](#id31b3da7e7a1477f9b77b81016bf9b82_163)] [added: [113](#i8a6138614d3d4303820472aabbd734cb_160)] | | |

| Note 11: | | | [Short-Term Borrowings and Short-Term Bank Lines of [removed: Credit](#id31b3da7e7a1477f9b77b81016bf9b82_166)] [added: Credit](#i8a6138614d3d4303820472aabbd734cb_163)] | | | [removed: [127](#id31b3da7e7a1477f9b77b81016bf9b82_166)] [added: [129](#i8a6138614d3d4303820472aabbd734cb_163)] | | |

| Note 12: | | | [Long-Term [removed: Debt](#id31b3da7e7a1477f9b77b81016bf9b82_172)] [added: Debt](#i8a6138614d3d4303820472aabbd734cb_169)] | | | [removed: [129](#id31b3da7e7a1477f9b77b81016bf9b82_172)] [added: [130](#i8a6138614d3d4303820472aabbd734cb_169)] | | |

| Note 14: | | | [Fair Value [removed: Measurements](#id31b3da7e7a1477f9b77b81016bf9b82_181)] [added: Measurements](#i8a6138614d3d4303820472aabbd734cb_178)] | | | [removed: [137](#id31b3da7e7a1477f9b77b81016bf9b82_181)] [added: [139](#i8a6138614d3d4303820472aabbd734cb_178)] | | |

| Note 15: | | | [Commitments and [removed: Contingencies](#id31b3da7e7a1477f9b77b81016bf9b82_184)] [added: Contingencies](#i8a6138614d3d4303820472aabbd734cb_181)] | | | [removed: [142](#id31b3da7e7a1477f9b77b81016bf9b82_184)] [added: [144](#i8a6138614d3d4303820472aabbd734cb_181)] | | |

| Note 17: | | | [Related Party Transactions and [removed: Relationships](#id31b3da7e7a1477f9b77b81016bf9b82_190)] [added: Relationships](#i8a6138614d3d4303820472aabbd734cb_187)] | | | [removed: [148](#id31b3da7e7a1477f9b77b81016bf9b82_190)] [added: [150](#i8a6138614d3d4303820472aabbd734cb_187)] | | |

We have audited the accompanying consolidated balance sheets of [removed: Evergy,] [added: Evergy Metro,] Inc. and subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of comprehensive income, changes in equity, and cash [removed: flows,] [added: flows] for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and the financial statement 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 26, 2025,] [added: 18, 2026,] expressed an unqualified opinion on the Company's internal control over financial reporting.

While the Company has indicated it expects to recover costs from customers through regulated rates, there is a risk that the Commissions will not [removed: approve] [added: 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 evaluated management's analysis, [removed: 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.

We have audited the accompanying consolidated balance sheets of Evergy Kansas Central, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] 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: 2024,] [added: 2025,] and the related notes and the financial statement 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

Management has determined it meets the requirements under accounting principles generally accepted in the United States of America to prepare its financial statements applying the specialized rules [removed: to account for the effects of cost-based rate regulation.]

Accounting for the economics of rate regulation impacts multiple financial statement line items and [removed: disclosures, such as property, plant, and equipment,][added: disclosures.]

While the Company has indicated it expects to recover costs from customers through regulated rates, there is a risk that the Commission will not [removed: approve] [added: 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.

| Note 10: | | | [Equity Compensation](#i8a6138614d3d4303820472aabbd734cb_211) | | | [127](#i8a6138614d3d4303820472aabbd734cb_211) | | |

| Note 13: | | | [Derivative Instruments](#i8a6138614d3d4303820472aabbd734cb_175) | | | [134](#i8a6138614d3d4303820472aabbd734cb_175) | | |

| Note 16: | | | [Guarantees](#i8a6138614d3d4303820472aabbd734cb_223) | | | [150](#i8a6138614d3d4303820472aabbd734cb_223) | | |

| Note 18: | | | [Shareholders' Equity](#i8a6138614d3d4303820472aabbd734cb_217) | | | [152](#i8a6138614d3d4303820472aabbd734cb_217) | | |

| Note 19: | | | [Variable Interest Entities](#i8a6138614d3d4303820472aabbd734cb_193) | | | [153](#i8a6138614d3d4303820472aabbd734cb_190) | | |

| Note 20: | | | [Taxes](#i8a6138614d3d4303820472aabbd734cb_199) | | | [155](#i8a6138614d3d4303820472aabbd734cb_199) | | |

| Note 21: | | | [Leases](#i8a6138614d3d4303820472aabbd734cb_226) | | | [160](#i8a6138614d3d4303820472aabbd734cb_226) | | |

| Note 22: | | | [Segment Information](#i8a6138614d3d4303820472aabbd734cb_205) | | | [165](#i8a6138614d3d4303820472aabbd734cb_205) | | |

February 18, 2026

February 18, 2026

to account for the effects of cost-based rate regulation.

February 18, 2026

| Gain on derivative hedging instruments | | | | | | | | | | | | | | | | | | 0.6 | | | | | | — | | | | | | — | | |

| Income tax expense | | | | | | | | | | | | | | | | | | (0.1) | | | | | | — | | | | | | — | | |

| Net gain on derivative hedging instruments | | | | | | | | | | | | | | | | | | 0.5 | | | | | | — | | | | | | — | | |

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |

| Other | | | | | | 375.1 | | | | | | | | | | | | 290.4 | | | | | |

| (Gains) losses from investments in early-stage clean energy and energy solution companies | | | 48.7 | | | | | | — | | | | | | — | | | | | |

| Proceeds from nonrefundable contributions in aid of construction | | | 170.0 | | | | | | — | | | | | | — | | | | | |

| Issuance of common stock | | | 1.1 | | | | | | — | | | | | | — | | | | | |

| Proceeds from refundable advances for construction | | | 27.0 | | | | | | — | | | | | | — | | | | | |

| Issuance of stock, net of issuance costs | | | 127,295 | | | 8.9 | | | — | | | — | | | — | | | 8.9 | | |

| Other | | | — | | | 0.7 | | | — | | | — | | | — | | | 0.7 | | |

| Balance as of December 31, 2025 | | | 230,262,674 | | | $ | 7,273.1 | | $ | 2,966.2 | | $ | (18.0) | | $ | 46.5 | | $ | 10,267.8 | |

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |

| Other | | | | | | 199.2 | | | | | | | | | | | | 165.6 | | | | | |

| Proceeds from nonrefundable contributions in aid of construction | | | 88.4 | | | | | | — | | | | | | — | | |

| Balance as of December 31, 2025 | | | 1 | | | $ | 2,737.6 | | $ | 3,054.1 | | $ | 46.5 | | $ | 5,838.2 | |

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |

| Customer advances for construction | | | | | | 75.9 | | | | | | | | | | | | 42.4 | | | | | |

| Proceeds from nonrefundable contributions in aid of construction | | | 50.7 | | | | | | — | | | | | | — | | |

| Net income | | | — | | | — | | | 320.5 | | | — | | | 320.5 | | |

| Balance as of December 31, 2025 | | | 1 | | | $ | 1,563.1 | | $ | 1,890.2 | | $ | 3.1 | | $ | 3,456.4 | |

| | | | | | | 2025 | | | | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

| | | | | | | 2025 | | | | | | 2024 | | |

| AFUDC equity | | | | | | | | | | | | | | | $ | 22.9 | | | | | $ | 19.6 | | | | | $ | 10.8 | |

| Corporate-owned life insurance policy benefit | | | | | | | | | | | | | | | 7.9 | | | | | | 15.7 | | | | | | 26.8 | | |

| 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 20: | | | [Taxes](#id31b3da7e7a1477f9b77b81016bf9b82_202) | | | [152](#id31b3da7e7a1477f9b77b81016bf9b82_202) | | |

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

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

February 26, 2025

including asset retirements and abandonments; regulatory assets and liabilities; operating revenues; operating and maintenance expense; and depreciation expense.

February 26, 2025

multiple financial statement line items and disclosures, such as property, plant, and equipment, including asset retirements and abandonments; regulatory assets and liabilities; operating revenues; operating and maintenance expense; and depreciation expense.

February 26, 2025

| Sibley Unit 3 impairment loss and other regulatory disallowances | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | 34.9 | | |

| Accrued compensation and benefits | | | | | | 73.0 | | | | | | | | | | | | 74.5 | | | | | |

| Other | | | | | | 217.4 | | | | | | | | | | | | 213.2 | | | | | |

| Sibley Unit 3 impairment loss and other regulatory disallowances | | | — | | | | | | — | | | | | | 34.9 | | | | | |

| Repayment of term loan facility | | | — | | | | | | (500.0) | | | | | | — | | | | | |

| Balance as of December 31, 2021 | | | 229,299,900 | | | $ | 7,205.5 | | $ | 2,082.9 | | $ | (44.0) | | $ | (2.7) | | $ | 9,241.7 | |

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

| Compensation expense recognized | | | — | | | 0.7 | | | — | | | — | | | — | | | 0.7 | | |

| Accrued compensation and benefits | | | | | | 35.4 | | | | | | | | | | | | 37.6 | | | | | |

| Other | | | | | | 130.2 | | | | | | | | | | | | 142.4 | | | | | |

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

| Balance as of December 31, 2021 | | | 1 | | | $ | 2,737.6 | | $ | 1,806.6 | | $ | (2.7) | | $ | 4,541.5 | |

| Other regulatory disallowances | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | 5.5 | | |

| Accrued compensation and benefits | | | | | | 37.6 | | | | | | | | | | | | 36.9 | | | | | |

| Other regulatory disallowances | | | — | | | | | | — | | | | | | 5.5 | | |

| Balance as of December 31, 2021 | | | 1 | | | $ | 1,563.1 | | $ | 1,453.8 | | $ | 4.3 | | $ | 3,021.2 | |

| Net income | | | — | | | — | | | 355.4 | | | — | | | 355.4 | | |

Evergy Missouri West retired its Sibley Station in 2018 and the retirement of Sibley Unit 3 met the criteria to be considered an abandonment.

Evergy had classified the remaining net book value of Sibley Unit 3 as retired generation facilities within regulatory assets on its consolidated balance sheet.

In 2022, the MPSC issued an amended final rate order determining that Evergy Missouri West be allowed to collect its existing investment in Sibley Unit 3 from customers over eight years but will not be allowed to collect the return on its unrecovered investment in Sibley Unit 3.

As a result of the order, Evergy Missouri West recorded a $26.7 million impairment loss on Sibley Unit 3 in 2022.

The Evergy Companies' other income includes income from AFUDC equity funds.

See "Property, Plant and Equipment" within this Note 1 for these amounts for 2024, 2023 and 2022.

In 2022, Evergy's investment earnings included a realized loss of $16.3 million related to Evergy's equity investment in an early-stage energy solutions company.

| Other | | | (0.6) | | | | | | (0.5) | | | | | | (0.6) | | |

Anti-dilutive securities excluded from the computation of diluted EPS for 2023 and 2022 were 3,950,000 common shares issuable pursuant to a warrant.

Non-cash property, plant and equipment additions in 2022 for Evergy, Evergy Kansas Central and Evergy Metro include a non-cash addition related to the revision in estimate of various ARO liabilities in 2022.

This evaluation was conducted under the supervision, and with the [added: participation, of Evergy's management, including the chief executive officer and chief financial officer, and]

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: 2024,] [added: 2025,] 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: 2024.][added: 2025.]

Management has concluded that, as of December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements and financial statement schedules as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 26, 2025,] [added: 18, 2026,] expressed an unqualified opinion on those financial statements.

[removed: /s/DELOITTE] [added: /s/ DELOITTE] & TOUCHE LLP

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: 2024,] [added: 2025,] 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: 2024.][added: 2025.]

Management has concluded that, as of December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024.][added: 2025.]

Management has concluded that, as of December 31, [removed: 2024,] [added: 2025,] Evergy Metro’s internal control over financial reporting is effective based on the criteria set forth in the COSO framework.

Evergy's disclosure committee.

February 18, 2026

participation, of Evergy's management, including the chief executive officer and chief financial officer, and Evergy's disclosure committee.

February 26, 2025

For the three months ended December 31, [removed: 2024,] [added: 2025,] no director or officer has adopted, terminated or modified a Rule 10b5-1 plan or non-rule 10b5-1 trading arrangement required to be disclosed under Item 408(a) of Regulation S-K.

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: 2025] [added: 2026] Annual Meeting of Shareholders (Proxy Statement) on or before April [removed: XX, 2025.][added: 30, 2026.]

The following table provides information, as of December 31, [removed: 2024,] [added: 2025,] regarding the number of common shares to be issued upon exercise of outstanding options, warrants and rights, their weighted average exercise price, and the number of shares of common stock remaining available for future issuance.

(1)Includes [removed: 306,655] [added: 360,016] RSUs with time-based requirements, [removed: 630,687] [added: 627,821] RSUs with performance measures at target performance levels and director deferred share units for [removed: 178,323] [added: 184,079] shares of Evergy common stock outstanding at December 31, [removed: 2024.][added: 2025.]

(3) As of December 31, [removed: 2024,] [added: 2025,] there were approximately [removed: 172,690] [added: 149,642] units outstanding that were deferred pursuant to the Evergy Kansas Central, Inc. non-employee deferred compensation program.

| Evergy Long-Term Incentive Plan | | | | | | 1,171,916 | | | (1) | | | | | | | | | $ | — | | (2) | | | | | | | | | 5,660,460 | | | | | |

| Total | | | | | | 1,171,916 | | | (1) | | | | | | | | | $ | — | | (2) | | | | | | | | | 5,660,460 | | | | | |

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

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

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: 2024] [added: 2025] and [removed: 2023] [added: 2024] and for other services rendered during [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] on behalf of Evergy Kansas Central and Evergy Metro, as well as all out-of-pocket costs incurred in connection with these services:

| Evergy Kansas Central | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | |

| Audit Fees | | | $ | [removed: 1,891,984] [added: 2,263,457] | | $ | [removed: 1,940,500] [added: 1,891,984] | |

| Audit-Related Fees | | | [removed: 27,000] [added: 28,333] | | | [removed: 25,000] [added: 27,000] | | |

| Tax Fees | | | [removed: 16,380] [added: 14,541] | | | [removed: 8,222] [added: 16,380] | | |

| Total Fees | | | $ | [removed: 1,935,364] [added: 2,306,331] | | $ | [removed: 1,973,722] [added: 1,935,364] | |

| Evergy Metro | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | |

| Audit Fees | | | $ | [removed: 1,393,290] [added: 1,550,558] | | $ | [removed: 1,407,100] [added: 1,393,290] | |

| Audit-Related Fees | | | [removed: 27,000] [added: 28,333] | | | [removed: 25,000] [added: 27,000] | | |

| Tax Fees | | | [removed: 11,171] [added: 9,117] | | | [removed: 16,138] [added: 11,171] | | |

| Total Fees | | | $ | [removed: 1,431,461] [added: 1,588,008] | | $ | [removed: 1,448,238] [added: 1,431,461] | |

| a. | | | [Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_76)[4](#id31b3da7e7a1477f9b77b81016bf9b82_76)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_76)[3](#id31b3da7e7a1477f9b77b81016bf9b82_76)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_76)[5](#i8a6138614d3d4303820472aabbd734cb_76)[, 202](#i8a6138614d3d4303820472aabbd734cb_76)[4](#i8a6138614d3d4303820472aabbd734cb_76)] [and [removed: 20](#id31b3da7e7a1477f9b77b81016bf9b82_76)[2](#id31b3da7e7a1477f9b77b81016bf9b82_76)[2](#id31b3da7e7a1477f9b77b81016bf9b82_76)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_76)[3](#i8a6138614d3d4303820472aabbd734cb_76)] | | | [removed: [74](#id31b3da7e7a1477f9b77b81016bf9b82_76)] [added: [73](#i8a6138614d3d4303820472aabbd734cb_76)] | | |

| b. | | | [Consolidated Balance Sheets - December 31, [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_73)[4](#id31b3da7e7a1477f9b77b81016bf9b82_73)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_73)[5](#i8a6138614d3d4303820472aabbd734cb_73)] [and [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_73)[3](#id31b3da7e7a1477f9b77b81016bf9b82_73)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_73)[4](#i8a6138614d3d4303820472aabbd734cb_73)] | | | [removed: [75](#id31b3da7e7a1477f9b77b81016bf9b82_73)] [added: [74](#i8a6138614d3d4303820472aabbd734cb_73)] | | |

| c. | | | [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_79)[4](#id31b3da7e7a1477f9b77b81016bf9b82_79)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_79)[3](#id31b3da7e7a1477f9b77b81016bf9b82_79)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_79)[5](#i8a6138614d3d4303820472aabbd734cb_79)[, 202](#i8a6138614d3d4303820472aabbd734cb_79)[4](#i8a6138614d3d4303820472aabbd734cb_79)] [and [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_79)[2](#id31b3da7e7a1477f9b77b81016bf9b82_79)] [added: 20](#i8a6138614d3d4303820472aabbd734cb_79)[23](#i8a6138614d3d4303820472aabbd734cb_79)] | | | [removed: [77](#id31b3da7e7a1477f9b77b81016bf9b82_79)] [added: [76](#i8a6138614d3d4303820472aabbd734cb_79)] | | |

| d. | | | [Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_85)[4](#id31b3da7e7a1477f9b77b81016bf9b82_85)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_85)[3](#id31b3da7e7a1477f9b77b81016bf9b82_85)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_85)[5](#i8a6138614d3d4303820472aabbd734cb_85)[, 202](#i8a6138614d3d4303820472aabbd734cb_85)[4](#i8a6138614d3d4303820472aabbd734cb_85)] [and [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_85)[2](#id31b3da7e7a1477f9b77b81016bf9b82_85)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_85)[3](#i8a6138614d3d4303820472aabbd734cb_85)] | | | [removed: [78](#id31b3da7e7a1477f9b77b81016bf9b82_85)] [added: [77](#i8a6138614d3d4303820472aabbd734cb_85)] | | |

| e. | | | [Notes to Consolidated Financial [removed: Statements](#id31b3da7e7a1477f9b77b81016bf9b82_118)] [added: Statements](#i8a6138614d3d4303820472aabbd734cb_118)] | | | [removed: [89](#id31b3da7e7a1477f9b77b81016bf9b82_118)] [added: [88](#i8a6138614d3d4303820472aabbd734cb_118)] | | |

| f. | | | [Report of Independent Registered Public Accounting [removed: Firm](#id31b3da7e7a1477f9b77b81016bf9b82_64)] [added: Firm](#i8a6138614d3d4303820472aabbd734cb_64)] | | | [removed: [68](#id31b3da7e7a1477f9b77b81016bf9b82_64)] [added: [67](#i8a6138614d3d4303820472aabbd734cb_64)] | | |

| g. | | | [Consolidated Statements of Income for the years ended December 31, [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_91)[4](#id31b3da7e7a1477f9b77b81016bf9b82_91)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_91)[3](#id31b3da7e7a1477f9b77b81016bf9b82_91)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_91)[5](#i8a6138614d3d4303820472aabbd734cb_91)[,](#i8a6138614d3d4303820472aabbd734cb_91) [2024](#i8a6138614d3d4303820472aabbd734cb_91)] [and [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_91)[2](#id31b3da7e7a1477f9b77b81016bf9b82_91)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_91)[3](#i8a6138614d3d4303820472aabbd734cb_91)] | | | [removed: [79](#id31b3da7e7a1477f9b77b81016bf9b82_91)] [added: [78](#i8a6138614d3d4303820472aabbd734cb_91)] | | |

| h. | | | [Consolidated Balance Sheets - December 31, [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_88)[4](#id31b3da7e7a1477f9b77b81016bf9b82_88)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_88)[5](#i8a6138614d3d4303820472aabbd734cb_88)] [and [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_88)[3](#id31b3da7e7a1477f9b77b81016bf9b82_88)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_88)[4](#i8a6138614d3d4303820472aabbd734cb_88)] | | | [removed: [80](#id31b3da7e7a1477f9b77b81016bf9b82_88)] [added: [79](#i8a6138614d3d4303820472aabbd734cb_88)] | | |

| i. | | | [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_94)[4](#id31b3da7e7a1477f9b77b81016bf9b82_94)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_94)[3](#id31b3da7e7a1477f9b77b81016bf9b82_94)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_94)[5](#i8a6138614d3d4303820472aabbd734cb_94)[, 202](#i8a6138614d3d4303820472aabbd734cb_94)[4](#i8a6138614d3d4303820472aabbd734cb_94)] [and [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_94)[2](#id31b3da7e7a1477f9b77b81016bf9b82_94)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_94)[3](#i8a6138614d3d4303820472aabbd734cb_94)] | | | [removed: [82](#id31b3da7e7a1477f9b77b81016bf9b82_94)] [added: [81](#i8a6138614d3d4303820472aabbd734cb_94)] | | |

| j. | | | [Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_100)[4](#id31b3da7e7a1477f9b77b81016bf9b82_100)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_100)[3](#id31b3da7e7a1477f9b77b81016bf9b82_100)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_100)[5](#i8a6138614d3d4303820472aabbd734cb_100)[, 202](#i8a6138614d3d4303820472aabbd734cb_100)[4](#i8a6138614d3d4303820472aabbd734cb_100)] [and [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_100)[2](#id31b3da7e7a1477f9b77b81016bf9b82_100)] [added: 20](#i8a6138614d3d4303820472aabbd734cb_100)[23](#i8a6138614d3d4303820472aabbd734cb_100)] | | | [removed: [83](#id31b3da7e7a1477f9b77b81016bf9b82_100)] [added: [82](#i8a6138614d3d4303820472aabbd734cb_100)] | | |

| k. | | | [Notes to Consolidated Financial [removed: Statements](#id31b3da7e7a1477f9b77b81016bf9b82_118)] [added: Statements](#i8a6138614d3d4303820472aabbd734cb_118)] | | | [removed: [89](#id31b3da7e7a1477f9b77b81016bf9b82_118)] [added: [88](#i8a6138614d3d4303820472aabbd734cb_118)] | | |

| l. | | | [Report of Independent Registered Public Accounting [removed: Firm](#id31b3da7e7a1477f9b77b81016bf9b82_67)] [added: Firm](#i8a6138614d3d4303820472aabbd734cb_67)] | | | [removed: [70](#id31b3da7e7a1477f9b77b81016bf9b82_67)] [added: [69](#i8a6138614d3d4303820472aabbd734cb_67)] | | |

| m. | | | [Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_106)[4](#id31b3da7e7a1477f9b77b81016bf9b82_106)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_106)[3](#id31b3da7e7a1477f9b77b81016bf9b82_106)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_106)[5](#i8a6138614d3d4303820472aabbd734cb_106)[, 202](#i8a6138614d3d4303820472aabbd734cb_106)[4](#i8a6138614d3d4303820472aabbd734cb_106)] [and [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_106)[2](#id31b3da7e7a1477f9b77b81016bf9b82_106)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_106)[3](#i8a6138614d3d4303820472aabbd734cb_106)] | | | [removed: [84](#id31b3da7e7a1477f9b77b81016bf9b82_106)] [added: [83](#i8a6138614d3d4303820472aabbd734cb_106)] | | |

| n. | | | [Consolidated Balance Sheets - December 31, [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_103)[4](#id31b3da7e7a1477f9b77b81016bf9b82_103) [and 202](#id31b3da7e7a1477f9b77b81016bf9b82_103)[3](#id31b3da7e7a1477f9b77b81016bf9b82_103)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_103)[5](#i8a6138614d3d4303820472aabbd734cb_103) [](#i8a6138614d3d4303820472aabbd734cb_103)[and 20](#i8a6138614d3d4303820472aabbd734cb_103)[24](#i8a6138614d3d4303820472aabbd734cb_103)] | | | [removed: [85](#id31b3da7e7a1477f9b77b81016bf9b82_103)] [added: [84](#i8a6138614d3d4303820472aabbd734cb_103)] | | |

| o. | | | [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_109)[4](#id31b3da7e7a1477f9b77b81016bf9b82_109)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_109)[3](#id31b3da7e7a1477f9b77b81016bf9b82_109)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_109)[5](#i8a6138614d3d4303820472aabbd734cb_109)[, 202](#i8a6138614d3d4303820472aabbd734cb_109)[4](#i8a6138614d3d4303820472aabbd734cb_109)] [and [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_109)[2](#id31b3da7e7a1477f9b77b81016bf9b82_109)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_109)[3](#i8a6138614d3d4303820472aabbd734cb_109)] | | | [removed: [87](#id31b3da7e7a1477f9b77b81016bf9b82_109)] [added: [86](#i8a6138614d3d4303820472aabbd734cb_109)] | | |

| p. | | | [Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_115)[4](#id31b3da7e7a1477f9b77b81016bf9b82_115)[, 202](#id31b3da7e7a1477f9b77b81016bf9b82_115)[3](#id31b3da7e7a1477f9b77b81016bf9b82_115)] [added: 202](#i8a6138614d3d4303820472aabbd734cb_115)[5](#i8a6138614d3d4303820472aabbd734cb_115)[, 202](#i8a6138614d3d4303820472aabbd734cb_115)[4](#i8a6138614d3d4303820472aabbd734cb_115)] [and [removed: 202](#id31b3da7e7a1477f9b77b81016bf9b82_115)[2](#id31b3da7e7a1477f9b77b81016bf9b82_115)] [added: 20](#i8a6138614d3d4303820472aabbd734cb_115)[23](#i8a6138614d3d4303820472aabbd734cb_115)] | | | [removed: [88](#id31b3da7e7a1477f9b77b81016bf9b82_115)] [added: [87](#i8a6138614d3d4303820472aabbd734cb_115)] | | |

| q. | | | [Notes to Consolidated Financial [removed: Statements](#id31b3da7e7a1477f9b77b81016bf9b82_118)] [added: Statements](#i8a6138614d3d4303820472aabbd734cb_118)] | | | [removed: [89](#id31b3da7e7a1477f9b77b81016bf9b82_118)] [added: [88](#i8a6138614d3d4303820472aabbd734cb_118)] | | |

| r. | | | [Report of Independent Registered Public Accounting [removed: Firm](#id31b3da7e7a1477f9b77b81016bf9b82_70)] [added: Firm](#i8a6138614d3d4303820472aabbd734cb_70)] | | | [removed: [72](#id31b3da7e7a1477f9b77b81016bf9b82_70)] [added: [71](#i8a6138614d3d4303820472aabbd734cb_70)] | | |

| a. | | | [Schedule I - Parent Company Financial [removed: Statements](#id31b3da7e7a1477f9b77b81016bf9b82_379)] [added: Statements](#i8a6138614d3d4303820472aabbd734cb_382)] | | | [removed: [184](#id31b3da7e7a1477f9b77b81016bf9b82_379)] [added: [190](#i8a6138614d3d4303820472aabbd734cb_382)] | | |

| b. | | | [Schedule II - Valuation and Qualifying Accounts and [removed: Reserves](#id31b3da7e7a1477f9b77b81016bf9b82_397)] [added: Reserves](#i8a6138614d3d4303820472aabbd734cb_400)] | | | [removed: [188](#id31b3da7e7a1477f9b77b81016bf9b82_397)] [added: [194](#i8a6138614d3d4303820472aabbd734cb_400)] | | |

| c. | | | [Schedule II - Valuation and Qualifying Accounts and [removed: Reserves](#id31b3da7e7a1477f9b77b81016bf9b82_400)] [added: Reserves](#i8a6138614d3d4303820472aabbd734cb_403)] | | | [removed: [188](#id31b3da7e7a1477f9b77b81016bf9b82_400)] [added: [194](#i8a6138614d3d4303820472aabbd734cb_403)] | | |

| d. | | | [Schedule II - Valuation and Qualifying Accounts and [removed: Reserves](#id31b3da7e7a1477f9b77b81016bf9b82_403)] [added: Reserves](#i8a6138614d3d4303820472aabbd734cb_406)] | | | [removed: [189](#id31b3da7e7a1477f9b77b81016bf9b82_403)] [added: [195](#i8a6138614d3d4303820472aabbd734cb_406)] | | |

| 2.1 | | | * | | | [Agreement and Plan of Merger, dated May 29, 2016, by and among Evergy Kansas Central, Inc. (formerly Westar Energy Inc.), Great Plains Energy Incorporated and, from and after its accession thereto, Merger Sub (as defined therein) (Exhibit 2.1 to Great Plains Energy's Form 8-K filed on May 31, [removed: 2016).](http://www.sec.gov/Archives/edgar/data/54476/000119312516607124/d202214dex21.htm)] [added: 2016).](https://www.sec.gov/Archives/edgar/data/54476/000119312516607124/d202214dex21.htm)] | | | | | | Evergy Evergy Kansas Central | | |

| 2.2 | | | * | | | [Amended and Restated Merger Agreement, dated July 9, 2017, by and among Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.), Great Plains Energy Incorporated, Monarch Energy Holding, Inc., King Energy, Inc. and, solely for the purposes set forth therein, GP Star, Inc. (Exhibit 2.1 to Great Plains Energy's Form 8-K filed on July 10, [removed: 2017).](http://www.sec.gov/Archives/edgar/data/1143068/000119312517224721/d421613dex21.htm)] [added: 2017).](https://www.sec.gov/Archives/edgar/data/1143068/000119312517224721/d421613dex21.htm)] | | | | | | Evergy Evergy Kansas Central | | |

| 3.1 | | | * | | | [Amended and Restated Articles of Incorporation of Evergy, Inc., effective June 4, 2018 (Exhibit 3.1 to Form 8-K filed on June 4, [removed: 2018).](http://www.sec.gov/Archives/edgar/data/1711269/000119312518182964/d598560dex31.htm)] [added: 2018).](https://www.sec.gov/Archives/edgar/data/1711269/000119312518182964/d598560dex31.htm)] | | | | | | Evergy | | |

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

| 3.3 | | | * | | | [Amended and Restated Articles of Consolidation of Evergy Metro, Inc., as amended September 16, 2019 (Exhibit 3.1 to Evergy Metro's Form 10-Q for the quarter ended September 30, [removed: 2019).](http://www.sec.gov/Archives/edgar/data/54476/000171126919000063/evrg-9302019xexmetroar.htm)] [added: 2019).](https://www.sec.gov/Archives/edgar/data/54476/000171126919000063/evrg-9302019xexmetroar.htm)] | | | | | | Evergy Metro | | |

| 3.4 | | | * | | | [Amended and Restated By-laws of Evergy Metro, Inc., effective February 28, 2020 (Exhibit 3.3 to Evergy Metro's Form 8-K filed on March 2, [removed: 2020).](http://www.sec.gov/Archives/edgar/data/54476/000171126920000010/exhibit33metroby-laws1.htm)] [added: 2020).](https://www.sec.gov/Archives/edgar/data/54476/000171126920000010/exhibit33metroby-laws1.htm)] | | | | | | Evergy Metro | | |

| 3.5 | | | * | | | [Amended and Restated Articles of Incorporation of Evergy Kansas Central, Inc., as amended September 16, 2019 (Exhibit 3.3 to Evergy Kansas Central's Form 10-Q for the quarter ended September 30, [removed: 2019).](http://www.sec.gov/Archives/edgar/data/54476/000171126919000063/evrg-9302019xexkansasc.htm)] [added: 2019).](https://www.sec.gov/Archives/edgar/data/54476/000171126919000063/evrg-9302019xexkansasc.htm)] | | | | | | Evergy Kansas Central | | |

| 3.6 | | | * | | | [Amended and Restated By-laws of Evergy Kansas Central, Inc., effective February 28, 2020 (Exhibit 3.2 to Evergy Kansas Central's Form 8-K filed on March 2, [removed: 2020).](http://www.sec.gov/Archives/edgar/data/54476/000171126920000010/exhibit32kansascentral.htm)] [added: 2020).](https://www.sec.gov/Archives/edgar/data/54476/000171126920000010/exhibit32kansascentral.htm)] | | | | | | Evergy Kansas Central | | |

| 4.1 | | | * | | | [Indenture, dated June 1, 2004, between Evergy. Inc. (successor to Great Plains Energy Incorporated) and BNY Midwest Trust Company, as trustee (Exhibit 4.4 to Great Plains Energy's Form 8-A/A filed on June 14, [removed: 2004).](http://www.sec.gov/Archives/edgar/data/1143068/000114306804000193/ex4-4.htm)] [added: 2004).](https://www.sec.gov/Archives/edgar/data/1143068/000114306804000193/ex4-4.htm)] | | | | | | Evergy | | |

| 4.2 | | | * | | | [First Supplemental Indenture, dated June 14, 2004, between Evergy. Inc. (successor to Great Plains Energy Incorporated) and BNY Midwest Trust Company, as trustee (Exhibit 4.5 to Great Plains Energy's Form 8-A/A filed on June 14, [removed: 2004).](http://www.sec.gov/Archives/edgar/data/1143068/000114306804000193/ex4-5.htm)] [added: 2004).](https://www.sec.gov/Archives/edgar/data/1143068/000114306804000193/ex4-5.htm)] | | | | | | Evergy | | |

| 4.3 | | | * | | | [Second Supplemental Indenture, dated September 25, 2007, between Evergy, Inc. (successor to Great Plains Energy Incorporated) and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on September 26, [removed: 2007).](http://www.sec.gov/Archives/edgar/data/1143068/000095013707014656/c18880exv4w1.htm)] [added: 2007).](https://www.sec.gov/Archives/edgar/data/1143068/000095013707014656/c18880exv4w1.htm)] | | | | | | Evergy | | |

| 4.4 | | | * | | | [Third Supplemental Indenture, dated August 13, 2010, between Evergy, Inc. (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on August 13, [removed: 2010).](http://www.sec.gov/Archives/edgar/data/1143068/000095012310077213/c59769exv4w1.htm)] [added: 2010).](https://www.sec.gov/Archives/edgar/data/1143068/000095012310077213/c59769exv4w1.htm)] | | | | | | Evergy | | |

| 4.5 | | | * | | | [Fourth Supplemental Indenture, dated May 19, 2011, between Evergy, Inc. (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on May 19, [removed: 2011).](http://www.sec.gov/Archives/edgar/data/1143068/000095012311052125/c64783exv4w1.htm)] [added: 2011).](https://www.sec.gov/Archives/edgar/data/1143068/000095012311052125/c64783exv4w1.htm)] | | | | | | Evergy | | |

| 4.6 | | | * | | | [Fifth Supplemental Indenture, dated March 9, 2017, between Evergy, Inc. (successor to Great Plains Energy Incorporated) and The Bank of New York Trust Company, N.A. as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on March 9, [removed: 2017).](http://www.sec.gov/Archives/edgar/data/1143068/000119312517076146/d322293dex41.htm)] [added: 2017).](https://www.sec.gov/Archives/edgar/data/1143068/000119312517076146/d322293dex41.htm)] | | | | | | Evergy | | |

| 4.7 | | | * | | | [Sixth Supplemental Indenture, dated June 4, 2018, by and among Great Plains Energy Incorporated, Evergy, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on June 4, [removed: 2018).](http://www.sec.gov/Archives/edgar/data/1711269/000119312518182964/d598560dex41.htm)] [added: 2018).](https://www.sec.gov/Archives/edgar/data/1711269/000119312518182964/d598560dex41.htm)] | | | | | | Evergy | | |

| 4.8 | | | * | | | [Seventh Supplemental Indenture, dated as of September 9, 2019 between Evergy, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on September 9, [removed: 2019).](http://www.sec.gov/Archives/edgar/data/1711269/000119312519241023/d561986dex41.htm)] [added: 2019).](https://www.sec.gov/Archives/edgar/data/1711269/000119312519241023/d561986dex41.htm)] | | | | | | Evergy | | |

| 4.9 | | | * | | | [Subordinated Indenture, dated May 18, 2009, between Evergy, Inc. (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on May 18, [removed: 2009).](http://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w1.htm)] [added: 2009).](https://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w1.htm)] | | | | | | Evergy | | |

| 4.10 | | | * | | | [Supplemental Indenture No. 1, dated May 18, 2009, between Evergy, Inc. (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.2 to Great Plains Energy's Form 8-K filed on May 19, [removed: 2009).](http://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w2.htm)] [added: 2009).](https://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w2.htm)] | | | | | | Evergy | | |

| 4.14 | | | * | | | [Equity Distribution Agreement, dated May 8, 2025, between Evergy, Inc. and each of (a) Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, acting as managers, (b) Barclays Bank PLC, Bank of America, N.A., Citibank, N.A., Goldman Sachs & Co. LLC, JPMorgan Chase Bank, National Association, Morgan Stanley & Co. LLC, MUFG Securities EMEA plc, The Toronto-Dominion Bank, Truist Bank and Wells Fargo Bank, National Association, acting as forward purchasers, and (c) Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC acting as forward sellers (Exhibit 1.1 to Evergy's Form 8-K filed on May 9, 2025).](https://www.sec.gov/Archives/edgar/data/1711269/000119312525116187/d10508dex11.htm) | | | | | | Evergy | | |

| 4.77 | | | * | | | [Fifty-Third Supplemental Indenture, dated as of March 13, 2025, between Evergy Kansas Central, Inc. and The Bank of New York Mellon Trust company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on March 13, 2025).](https://www.sec.gov/Archives/edgar/data/1711269/000119312525053956/d892895dex41.htm) | | | | | | Evergy Evergy Kansas Central | | |

| 4.78 | | | * | | | [First Supplemental Indenture, dated as of March 13, 2025, between Evergy Kansas Central, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (as Successor to Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company)) (Exhibit 4.2 to Evergy's Form 8-K filed on March 13, 2025).](https://www.sec.gov/Archives/edgar/data/1711269/000119312525053956/d892895dex42.htm) | | | | | | Evergy Evergy Kansas Central | | |

| 4.79 | | | * | | | [Twenty-second Supplemental Indenture, dated as of August 15, 2025, between Evergy Metro and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on August 15, 2025).](https://www.sec.gov/Archives/edgar/data/1711269/000119312525181883/d119300dex41.htm) | | | | | | Evergy Evergy Metro | | |

| 4.80 | | | * | | | [Fifty-Fourth Supplemental Indenture, dated as of November 25, 2025, between Evergy Kansas Central, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on November 25, 2025).](https://www.sec.gov/Archives/edgar/data/1711269/000119312525297242/d876740dex41.htm) | | | | | | Evergy Evergy Kansas Central | | |

| 4.81 | | | * | | | [Fifty-Third Supplemental (Reopening) Indenture, dated as of December 5, 2025, between Evergy Kansas Central, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.2 to Evergy's Form 8-K filed on December 5, 2025).](https://www.sec.gov/Archives/edgar/data/1711269/000119312525309692/d14018dex42.htm) | | | | | | Evergy Evergy Kansas Central | | |

| 10.14 | | | + | | | [Form of Evergy, Inc. 2026 Time-Based Restricted Stock Unit Award Agreement (Alternate)](https://www.sec.gov/Archives/edgar/data/1711269/000171126926000017/evrg-12312025xex1014.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.36 | | | * | | | [Term Loan Credit Agreement, dated as of February 11, 2026, between Evergy, Inc. and Wells Fargo Bank, N.A., as administrative agent and the lenders party thereto (Exhibit 10.1 to Evergy's Form 8-K filed on February 11, 2026).](https://www.sec.gov/Archives/edgar/data/1711269/000119312526046696/d75633dex101.htm) | | | | | | Evergy | | |

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

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

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

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

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

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

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

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

| Gain on derivative hedging instruments | | | 0.6 | | | | | | — | | | | | | — | | |

| Income tax expense | | | (0.1) | | | | | | — | | | | | | — | | |

| Net gain on derivative hedging instruments | | | 0.5 | | | | | | — | | | | | | — | | |

| | | | 2025 | | | 2024 | | | | | |

| Proceeds from return of investments | | | 34.8 | | | | | | — | | | | | | — | | | | | | | | |

| Issuance of common stock | | | 1.1 | | | | | | — | | | | | | — | | | | | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 15.7 | | | | | | | | $ | 20.4 | | | | | | | | $ | 11.6 | | (a) | | | | | | $ | 32.4 | | (b) | | | | | | $ | 15.3 | | | | |

| Tax valuation allowance | | | | | | 6.9 | | | | | | | | | 1.0 | | | | | | | | | — | | | | | | | | | 0.7 | | | (c) | | | | | | 7.2 | | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 7.8 | | | | | | | | $ | 10.4 | | | | | | | | $ | 4.7 | | (a) | | | | | | $ | 15.6 | | (b) | | | | | | $ | 7.3 | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 5.8 | | | | | | | | $ | 6.8 | | | | | | | | $ | 4.9 | | (a) | | | | | | $ | 11.8 | | (b) | | | | | | $ | 5.7 | | | | |

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

| 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 | | |

| 97 | | | * | | | [Evergy, Inc. Compensation Recoupment (Mandatory Clawback) Policy effective as of October 31, 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001711269/000171126924000007/evrg-12312023xex97compensa.htm)[3 (Exhibit 97 to Evergy's Form 10-](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001711269/000171126924000007/evrg-12312023xex97compensa.htm)[K for the fiscal year ended December](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001711269/000171126924000007/evrg-12312023xex97compensa.htm) [31, 2023).](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001711269/000171126924000007/evrg-12312023xex97compensa.htm) | | | | | | Evergy | | |

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

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

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

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

| Repayment of term loan facility | | | — | | | | | | (500.0) | | | | | | — | | | | | | | | |

| Retirements of long-term debt | | | (800.0) | | | | | | — | | | | | | (287.5) | | | | | | | | |

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

| Allowance for uncollectible accounts | | | | | | $ | 32.9 | | | | | | | | $ | 16.1 | | | | | | | | $ | 11.2 | | (a) | | | | | | $ | 28.8 | | (b) | | | | | | $ | 31.4 | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 13.0 | | | | | | | | $ | 13.1 | | | | | | | | $ | 4.5 | | (a) | | | | | | $ | 13.7 | | (b) | | | | | | $ | 16.9 | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 13.3 | | | | | | | | $ | 1.7 | | | | | | | | $ | 4.5 | | (a) | | | | | | $ | 10.2 | | (b) | | | | | | $ | 9.3 | | | | |