Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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

EVERGY, INC.

EXECUTIVE SUMMARY

Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy operates primarily through the following wholly-owned direct subsidiaries listed below.

• Evergy Kansas Central is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South.

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

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

• Evergy Transmission Company owns 13.5% of Transource with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of AEP. Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method.

Evergy Kansas Central also owns a 50% interest in Prairie Wind, which is a joint venture between Evergy Kansas Central and subsidiaries of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kV double-circuit transmission line that provides transmission service in the SPP. Evergy Kansas Central accounts for its investment in Prairie Wind under the equity method.

Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West conduct business in their respective service territories using the name Evergy. Collectively, the Evergy Companies have approximately 15,800 MWs of owned generating capacity and renewable power purchase agreements and engage in the generation, transmission, distribution and sale of electricity to approximately 1.7 million customers in the states of Kansas and Missouri. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment).

Evergy Kansas Central's 2025 Rate Case Proceeding

In January 2025, Evergy Kansas Central filed an application with the KCC to request an increase to its retail revenues of approximately $196 million. Evergy Kansas Central's request reflected a return on equity of 10.5% (with a capital structure composed of 52% equity) and increases related to the recovery of infrastructure investments made to improve reliability and enhance customer service and the update of expenses to current levels of spend. An evidentiary hearing in the case is scheduled to occur in July 2025 and new rates are expected to be effective in September 2025.

Missouri Legislation

In April 2025, Missouri S.B. 4 was signed into law by the Governor of Missouri. Most notably, S.B. 4 establishes new mechanisms for Missouri electric utilities to recover the costs associated with the construction of new natural gas-fired generating units. The utilities will be able to include certain costs of CWIP in rate base. The inclusion of CWIP will be in lieu of AFUDC applicable to the construction of the new natural gas-fired generating units. The MPSC will determine the amount of CWIP that may be included in rate base. Additionally, amounts collected arising from the inclusion of CWIP in rate base are subject to refund under certain circumstances. These provisions are scheduled to expire at the end of 2035.

Additionally, the law extends Missouri's existing PISA provisions to include certain natural gas-fired generating units as qualifying electric plant and extends the sunset date of these provisions through the end of 2035. These provisions allow electric utilities to defer to a regulatory asset for recovery in a subsequent general rate case 85% of depreciation expense and the associated return on investment for qualifying electric plant rate base additions for assets placed in-service between general rate cases.

Kansas Legislation

In April 2025, Kansas H.B. 2107 was signed into law by the Governor of Kansas. Most notably, H.B. 2107 establishes a two-year statute of limitations for wildfire-related claims against a Kansas electric public utility and a $5.0 million limit for punitive damages awarded under a fire claim. The law also requires the plaintiff to establish the burden of proof for fire claims by a preponderance of evidence.

Natural Gas Plant Investments

The Evergy Companies use a triennial IRP, a detailed analysis that estimates factors that influence the future supply and demand for electricity, to inform the manner in which they supply electricity. The most recent IRPs incorporate the latest SPP resource adequacy requirements and anticipated load growth. Based on these and other factors, the IRP indicated the addition of new supply side resources, including combined and simple cycle natural gas plants, would be needed.

In October 2024, Evergy announced its plan to construct two combined-cycle natural gas plants located in Kansas. Evergy Kansas Central and Evergy Missouri West will jointly-own each plant and expect each plant to have an initial generating capacity of approximately 705 MW. The first plant is expected to begin operations by summer of 2029 and the second plant is expected to begin operations by summer of 2030.

Additionally, Evergy Missouri West plans to construct a 440 MW simple-cycle natural gas plant located in Missouri. The plant is expected to begin operations in 2030.

In 2024, Evergy Kansas Central and Evergy Missouri West requested predetermination from the KCC and a CCN from the MPSC, respectively, for their planned natural gas investments. In April 2025, Evergy Kansas Central and intervenors in the case reached a non-unanimous partial settlement agreement regarding its investments in its planned natural gas plants. See "Applications for Predetermination" and "Requests for Certificate of Convenience and Necessity" in Note 4 to the consolidated financial statements for information regarding Evergy Kansas Central's and Evergy Missouri West's applications for predetermination and CCN for their investments in these natural gas plants.

Renewable Plant Investments

Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation facility to be located in Kansas and called Kansas Sky. The solar generation facility is expected to begin operations by summer of 2027. The construction of Kansas Sky is subject to the granting by the KCC of predetermination with reasonably acceptable terms and other closing conditions. In April 2025, Evergy Kansas Central and intervenors in the case reached a unanimous partial settlement agreement regarding the Kansas Sky solar investment. See "Applications for Predetermination" in Note 4 to the consolidated financial statements for additional information regarding Evergy Kansas Central's application for predetermination for its investment in this renewable generating plant.

In 2024, Evergy Missouri West entered into agreements to own two solar generation facilities currently under development. The first facility, to be called Sunflower Sky, is a solar generation facility to be located in Kansas with an expected generating capacity of approximately 65 MW. The second facility, to be called Foxtrot, is a solar generation facility to be located in Missouri with an expected generating capacity of approximately 100 MW. The solar generation facilities are expected to begin operations by summer of 2027. The agreements are subject to regulatory approvals and closing conditions, including the granting by the MPSC of a CCN with reasonably acceptable terms. See "Requests for Certificate of Convenience and Necessity" in Note 4 to the consolidated financial statements for information regarding Evergy Missouri West's application for a CCN for its investment in this renewable generating plant.

Regulatory Proceedings

See Note 4 to the consolidated financial statements for information regarding other regulatory proceedings.

Wolf Creek Refueling Outage and Fuel Supply

Wolf Creek's most recent refueling outage began in March 2024 and the unit returned to service in May 2024. Wolf Creek's next refueling outage is planned to begin in the fourth quarter of 2025.

Earnings Overview

The following table summarizes Evergy's net income and diluted EPS.

Three Months Ended March 31																					2025						Change						2024
																					(millions, except per share amounts)
Net income attributable to Evergy, Inc.																					$	125.0					$	2.3					$	122.7
Earnings per common share, diluted																					0.54						0.01						0.53

Net income attributable to Evergy, Inc. increased for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to new Evergy Missouri West retail rates effective in January 2025, higher transmission revenues and retail sales driven by favorable weather; partially offset by higher interest and depreciation expense and lower investment earnings.

Diluted EPS increased for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to the increase in net income attributable to Evergy, Inc. discussed above.

For additional information regarding the change in net income, refer to the Evergy Results of Operations section within this MD&A.

Non-GAAP Measures

Evergy Utility Gross Margin (non-GAAP)

Utility gross margin (non-GAAP) is a financial measure that is not calculated in accordance with GAAP. Utility gross margin (non-GAAP), as used by the Evergy Companies, is defined as operating revenues less fuel and purchased power costs and amounts billed by the SPP for network transmission costs. Expenses for fuel and purchased power costs, offset by wholesale sales margin, are subject to recovery through cost adjustment mechanisms. As a result, changes in fuel and purchased power costs are offset in operating revenues with minimal impact on net income. In addition, SPP network transmission costs fluctuate primarily due to investments by SPP members for upgrades to the transmission grid within the SPP RTO. As with fuel and purchased power costs, changes in SPP network transmission costs are mostly reflected in the prices charged to customers with minimal impact on net income. The Evergy Companies' definition of utility gross margin (non-GAAP) may differ from similar terms used by other companies.

Utility gross margin (non-GAAP) is intended to aid an investor's overall understanding of results. Management believes that utility gross margin (non-GAAP) provides a meaningful basis for evaluating the Evergy Companies' operations across periods because utility gross margin (non-GAAP) excludes the revenue effect of fluctuations in fuel and purchased power costs and SPP network transmission costs. Utility gross margin (non-GAAP) is used internally to measure performance against budget and in reports for management and the Evergy Board. Utility gross margin (non-GAAP) should be viewed as a supplement to, and not a substitute for, gross margin, which is the most directly comparable financial measure prepared in accordance with GAAP. Gross margin under GAAP is defined as the excess of sales over cost of goods sold.

Utility gross margin (non-GAAP) differs from the GAAP definition of gross margin due to the exclusion of operating and maintenance expenses determined to be directly attributable to revenue-producing activities, depreciation and amortization and taxes other than income tax. See the Evergy Companies' Results of Operations for a reconciliation of utility gross margin (non-GAAP) to gross margin, the most comparable GAAP measure.

Adjusted Earnings (non-GAAP) and Adjusted EPS (non-GAAP)

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

Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended March 31, 2025 were $125.0 million or $0.54 per share. For the three months ended March 31, 2024, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $124.7 million or $0.54 per share.

In addition to net income attributable to Evergy, Inc. and diluted EPS, Evergy's management uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without the mark-to-market impacts of economic hedges related to Evergy Kansas Central's 8% ownership share of JEC.

Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are intended to aid an investor's overall understanding of results. Management believes that adjusted earnings (non-GAAP) provides a meaningful basis for evaluating Evergy's operations across periods because it excludes certain items that management does not believe are indicative of Evergy's ongoing performance or that can create period to period earnings volatility.

Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board. Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies' presentations or more useful than the GAAP information provided elsewhere in this report.

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

			Earnings (Loss)						Earnings (Loss) per Diluted Share						Earnings (Loss)						Earnings (Loss) per Diluted Share
Three Months Ended March 31			2025												2024
			(millions, except per share amounts)
Net income attributable to Evergy, Inc.			$	125.0					$	0.54					$	122.7					$	0.53
Non-GAAP reconciling items:
Mark-to-market impact of JEC economic hedges, pre-tax(a)			—						—						2.6						0.01
Income tax benefit(b)			—						—						(0.6)						—
Adjusted earnings (non-GAAP)			$	125.0					$	0.54					$	124.7					$	0.54

(a)Reflects mark-to-market gains or losses related to forward contracts for natural gas and electricity entered into as economic hedges against fuel price volatility related to Evergy Kansas Central's 8% ownership share of JEC that are included in operating revenues on the consolidated statements of comprehensive income.

(b)Reflects an income tax effect calculated at a statutory rate of approximately 22%.

ENVIRONMENTAL MATTERS

See Note 10 to the consolidated financial statements for information regarding environmental matters.

RELATED PARTY TRANSACTIONS

See Note 11 to the consolidated financial statements for information regarding related party transactions.

EVERGY RESULTS OF OPERATIONS

The following table summarizes Evergy's comparative results of operations.

Three Months Ended March 31																					2025						Change						2024
																		(millions)
Operating revenues																					$	1,374.5					$	43.5					$	1,331.0
Fuel and purchased power																					355.3						(21.1)						376.4
SPP network transmission costs																					96.4						23.7						72.7
Operating and maintenance																					232.0						0.5						231.5
Depreciation and amortization																					288.1						12.0						276.1
Taxes other than income tax																					111.1						(3.0)						114.1
Income from operations																					291.6						31.4						260.2
Other income (expense), net																					(3.0)						(7.3)						4.3
Interest expense																					152.5						19.3						133.2
Income tax expense																					9.6						2.3						7.3
Equity in earnings of equity method investees, net of income taxes																					1.6						(0.2)						1.8
Net income																					128.1						2.3						125.8
Less: Net income attributable to noncontrolling interests																					3.1						—						3.1
Net income attributable to Evergy, Inc.																					$	125.0					$	2.3					$	122.7

Gross Margin (GAAP) and Utility Gross Margin (non-GAAP)

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

			Revenues and Expenses																		MWhs Sold
Three Months Ended March 31			2025						Change						2024						2025						Change						2024
Retail revenues			(millions)																		(thousands)
Residential			$	509.9					$	30.9					$	479.0					4,055						313						3,742
Commercial			436.5						3.8						432.7						4,425						135						4,290
Industrial			145.0						(15.4)						160.4						1,878						(169)						2,047
Other retail revenues			10.1						(1.8)						11.9						24						(3)						27
Total electric retail			1,101.5						17.5						1,084.0						10,382						276						10,106
Wholesale revenues			48.6						(22.4)						71.0						3,595						301						3,294
Transmission revenues			134.0						18.6						115.4						N/A						N/A						N/A
Other revenues			90.4						29.8						60.6						N/A						N/A						N/A
Operating revenues			1,374.5						43.5						1,331.0						13,977						577						13,400
Fuel and purchased power			(355.3)						21.1						(376.4)
SPP network transmission costs			(96.4)						(23.7)						(72.7)
Operating and maintenance(a)			(129.1)						6.8						(135.9)
Depreciation and amortization			(288.1)						(12.0)						(276.1)
Taxes other than income tax			(111.1)						3.0						(114.1)
Gross margin (GAAP)			394.5						38.7						355.8
Operating and maintenance(a)			129.1						(6.8)						135.9
Depreciation and amortization			288.1						12.0						276.1
Taxes other than income tax			111.1						(3.0)						114.1
Utility gross margin (non-GAAP)			$	922.8					$	40.9					$	881.9
(a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP. These amounts exclude general and administrative expenses not directly attributable to revenue-producing activities of $102.9 million and $95.6 million for the three months ended March 31, 2025 and 2024, respectively.

Evergy's gross margin (GAAP) increased $38.7 million for the three months ended March 31, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $40.9 million for the three months ended March 31, 2025, compared to the same period in 2024, both measures were driven by:

• a $23.5 million increase from new Evergy Missouri West retail rates effective in January 2025;

• an $18.6 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2025; and

• a $3.7 million increase primarily due to higher retail sales driven by favorable weather (heating degree days increased by 18%), partially offset by lower demand and retail pricing; partially offset by

• a $4.9 million decrease related to Evergy Kansas Central's TDC rider.

Additionally, the increase in Evergy's gross margin (GAAP) was also impacted by:

• a $12.0 million increase in depreciation and amortization as further described below;

• a $6.8 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $4.3 million decrease in operating and maintenance expense at generating facilities and a $2.5 million decrease in transmission and distribution operating and maintenance expenses; and

• a $3.0 million decrease in taxes other than income tax.

Depreciation and Amortization

Evergy's depreciation and amortization expense increased $12.0 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to capital additions.

Other Income (Expense), Net

Evergy's other income, net for the three months ended March 31, 2024 became other expense, net for the three months ended March 31, 2025 as a result of a $7.3 million increase in net other expense items, primarily driven by:

• a $5.2 million decrease due to recording lower Evergy Kansas Central corporate-owned life insurance (COLI) benefits in 2025; and

• a $3.2 million decrease in investment earnings primarily driven by a $3.9 million decrease due to unrealized losses from various equity investments.

Interest Expense

Evergy's interest expense increased $19.3 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily driven by:

• a $20.4 million increase due to issuances of long-term debt; and

• a $3.9 million increase due to lower debt AFUDC primarily due to lower short-term debt balances in 2025; partially offset by

• a $4.9 million decrease due to the repayment of long-term debt.

LIQUIDITY AND CAPITAL RESOURCES

Evergy relies primarily upon cash from operations, short-term borrowings, long-term debt and equity and equity-like issuances and its existing cash and cash equivalents to fund its capital requirements. Evergy's capital requirements primarily consist of capital expenditures, payment of contractual obligations and other commitments, and the payment of dividends to shareholders. In addition, tax legislation and regulation could result in significant impacts to cash flow. Evergy expects cash flows to be sufficient to meet existing short-term capital requirements. See the Evergy Companies' combined 2024 Form 10-K for more information on Evergy's sources and uses of cash.

Short-Term Borrowings

As of March 31, 2025, Evergy had $1,502.7 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $112.0 million for Evergy, Inc., $755.5 million for Evergy Kansas Central, $346.2 million for Evergy Metro and $289.0 million for Evergy Missouri West. The Evergy Companies' borrowing capacity under the master credit facility also supports their issuance of commercial paper. See Note 6 to the consolidated financial statements for more information regarding the master credit facility.

Along with cash flows from operations and receivable sales facilities, Evergy generally uses borrowings under its master credit facility and the issuance of commercial paper to meet its day-to-day cash flow requirements. Evergy may also utilize these short-term borrowings to repay maturing long-term debt until the long-term debt is able to be refinanced.

Significant Debt Issuances

See Note 7 to the consolidated financial statements for information regarding significant debt issuances.

Credit Ratings

In April 2025, Moody's Investor Service changed Evergy Missouri West's outlook from Negative to Stable and lowered credit ratings as detailed in the following table.

			Moody's
			Investors Service**(a)**
Evergy Missouri West
Corporate Credit Rating						Baa3
Senior Secured Debt						Baa1
Commercial Paper						P-3

(a)A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency.

Pensions

See Note 5 to the consolidated financial statements for information regarding Evergy's pension and post-retirement plan contributions.

Debt Covenants

As of March 31, 2025, Evergy was in compliance with all debt covenants under the master credit facility and certain debt instruments that contain restrictions that require the maintenance of certain capitalization and leverage ratios. See Note 6 to the consolidated financial statements for more information.

Cash Flows

The following table presents Evergy's cash flows from operating, investing and financing activities.

Three Months Ended March 31			2025			2024
			(millions)
Cash Flows from Operating Activities			$	449.6		$	317.3
Cash Flows used in Investing Activities			(598.9)			(583.2)
Cash Flows from Financing Activities			171.6			303.6

Cash Flows from Operating Activities

Evergy's cash flows from operating activities increased $132.3 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily driven by an increase in cash receipts for retail electric sales in 2025 including higher retail rates at Evergy Missouri West and an increase in fuel recovery mechanism net collections, primarily at Evergy Kansas Central.

Cash Flows used in Investing Activities

Evergy's cash flows used in investing activities increased $15.7 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily driven by:

• a $40.8 million decrease in proceeds from COLI investments, primarily from Evergy Kansas Central due to a lower number of policy settlements in 2025; partially offset by

• a $25.8 million decrease in additions to property, plant and equipment, primarily due to higher spending in 2024 for a variety of capital projects including transmission and distribution projects related to grid resiliency and other infrastructure improvements.

Cash Flows from Financing Activities

Evergy's cash flows from financing activities decreased $132.0 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily driven by:

• a $403.7 million decrease in short-term borrowings primarily due to the repayment of commercial paper borrowings with proceeds from long-term debt issuances; partially offset by

• a $268.1 million increase in proceeds from long-term debt, net, due to the issuance of $594.2 million of long-term debt for the three months ended March 31, 2025, compared to the issuance of $326.1 million of long-term debt in the same period in 2024.

EVERGY KANSAS CENTRAL, INC.

MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS

The below results of operations and related discussion for Evergy Kansas Central is presented in a reduced disclosure format in accordance with General Instruction (H)(2)(a) to Form 10-Q.

The following table summarizes Evergy Kansas Central's comparative results of operations.

Three Months Ended March 31			2025						Change						2024
			(millions)
Operating revenues			$	709.1					$	15.9					$	693.2
Fuel and purchased power			126.5						(12.1)						138.6
SPP network transmission costs			96.4						23.7						72.7
Operating and maintenance			109.5						(6.8)						116.3
Depreciation and amortization			142.1						3.0						139.1
Taxes other than income tax			60.8						(2.4)						63.2
Income from operations			173.8						10.5						163.3
Other income (expense), net			0.6						(4.8)						5.4
Interest expense			59.3						3.5						55.8
Income tax expense			4.9						2.8						2.1
Equity in earnings of equity method investees, net of income taxes			0.7						(0.1)						0.8
Net income			110.9						(0.7)						111.6
Less: Net income attributable to noncontrolling interests			3.1						—						3.1
Net income attributable to Evergy Kansas Central, Inc.			$	107.8					$	(0.7)					$	108.5

Evergy Kansas Central Gross Margin (GAAP) and Utility Gross Margin (non-GAAP)

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

			Revenues and Expenses																		MWhs Sold
Three Months Ended March 31			2025						Change						2024						2025						Change						2024
Retail revenues			(millions)																		(thousands)
Residential			$	223.7					$	9.4					$	214.3					1,607						106						1,501
Commercial			183.6						—						183.6						1,709						51						1,658
Industrial			96.1						(9.9)						106.0						1,180						(94)						1,274
Other retail revenues			6.1						—						6.1						10						—						10
Total electric retail			509.5						(0.5)						510.0						4,506						63						4,443
Wholesale revenues			72.5						4.4						68.1						2,161						(385)						2,546
Transmission revenues			123.2						14.3						108.9						N/A						N/A						N/A
Other revenues			3.9						(2.3)						6.2						N/A						N/A						N/A
Operating revenues			709.1						15.9						693.2						6,667						(322)						6,989
Fuel and purchased power			(126.5)						12.1						(138.6)
SPP network transmission costs			(96.4)						(23.7)						(72.7)
Operating and maintenance (a)			(56.7)						9.0						(65.7)
Depreciation and amortization			(142.1)						(3.0)						(139.1)
Taxes other than income tax			(60.8)						2.4						(63.2)
Gross margin (GAAP)			226.6						12.7						213.9
Operating and maintenance (a)			56.7						(9.0)						65.7
Depreciation and amortization			142.1						3.0						139.1
Taxes other than income tax			60.8						(2.4)						63.2
Utility gross margin (non-GAAP)			$	486.2					$	4.3					$	481.9
(a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP. These amounts exclude general and administrative expenses not directly attributable to revenue-producing activities of $52.8 million and $50.6 million for the three months ended March 31, 2025 and 2024, respectively.

Evergy Kansas Central's gross margin (GAAP) increased $12.7 million for the three months ended March 31, 2025, compared to the same period in 2024, and Evergy Kansas Central's utility gross margin (non-GAAP) increased $4.3 million for the three months ended March 31, 2025, compared to the same period in 2024, both measures were driven by:

• a $14.3 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2025; partially offset by

• a $5.8 million decrease primarily due to lower retail sales driven by lower weather-normalized residential and industrial demand and retail pricing, partially offset by favorable weather (heating degree days increased 21%); and

• a $4.2 million decrease related to Evergy Kansas Central's TDC rider.

Additionally, the increase in Evergy Kansas Central's gross margin (GAAP) was also impacted by:

• a $3.0 million increase in depreciation and amortization;

• a $9.0 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily due to a $5.3 million decrease in transmission and distribution operating and maintenance expense as described further below; and

• a $2.4 million decrease in taxes other than income tax.

Evergy Kansas Central Operating and Maintenance

Evergy Kansas Central's operating and maintenance expense decreased $6.8 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily driven by a $5.3 million decrease in transmission and distribution operating and maintenance expenses primarily due to a $4.9 million decrease in non-labor expense driven by net affiliate billings related to common use assets and lower contractor and storm costs.

Evergy Kansas Central Depreciation and Amortization

Evergy Kansas Central's depreciation and amortization expense increased $3.0 million for the three months ended March 31, 2025 compared to the same period in 2024, primarily due to capital additions.

Evergy Kansas Central Other Income Net

Evergy Kansas Central's other income, net decreased $4.8 million for the three months ended March 31, 2024 compared to the same period in 2025, primarily driven by a $5.2 million decrease due to recording lower Evergy Kansas Central COLI benefits in 2025.

Evergy Kansas Central Interest Expense

Evergy Kansas Central's interest expense increased $3.5 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily driven by a $2.6 million increase in interest expense on short-term borrowings, including borrowings under the money pool, primarily due to higher short-term debt balances.

EVERGY METRO, INC.

MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS

The below results of operations and related discussion for Evergy Metro is presented in a reduced disclosure format in accordance with General Instruction (H)(2)(a) to Form 10-Q.

The following table summarizes Evergy Metro's comparative results of operations.

Three Months Ended March 31			2025						Change						2024
			(millions)
Operating revenues			$	427.7					$	6.8					$	420.9
Fuel and purchased power			137.8						1.2						136.6
Operating and maintenance			70.5						2.6						67.9
Depreciation and amortization			103.8						3.3						100.5
Taxes other than income tax			36.7						(0.6)						37.3
Income from operations			78.9						0.3						78.6
Other income (expense), net			0.9						2.8						(1.9)
Interest expense			36.3						(1.3)						37.6
Income tax expense			6.6						0.2						6.4
Net income			$	36.9					$	4.2					$	32.7

Evergy Metro Gross Margin (GAAP) and Utility Gross Margin (non-GAAP)

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

			Revenues and Expenses																		MWhs Sold
Three Months Ended March 31			2025						Change						2024						2025						Change						2024
Retail revenues			(millions)																		(thousands)
Residential			$	166.9					$	10.9					$	156.0					1,433						122						1,311
Commercial			171.7						0.5						171.2						1,846						46						1,800
Industrial			28.3						(2.9)						31.2						393						(45)						438
Other retail revenues			2.3						(0.9)						3.2						10						(3)						13
Total electric retail			369.2						7.6						361.6						3,682						120						3,562
Wholesale revenues			(29.0)						(35.3)						6.3						1,299						556						743
Transmission revenues			7.4						2.5						4.9						N/A						N/A						N/A
Other revenues			80.1						32.0						48.1						N/A						N/A						N/A
Operating revenues			427.7						6.8						420.9						4,981						676						4,305
Fuel and purchased power			(137.8)						(1.2)						(136.6)
Operating and maintenance (a)			(51.3)						1.0						(52.3)
Depreciation and amortization			(103.8)						(3.3)						(100.5)
Taxes other than income tax			(36.7)						0.6						(37.3)
Gross margin (GAAP)			98.1						3.9						94.2
Operating and maintenance (a)			51.3						(1.0)						52.3
Depreciation and amortization			103.8						3.3						100.5
Taxes other than income tax			36.7						(0.6)						37.3
Utility gross margin (non-GAAP)			$	289.9					$	5.6					$	284.3
(a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP. These amounts exclude general and administrative expenses not directly attributable to revenue-producing activities of $19.2 million and $15.6 million for the three months ended March 31, 2025 and 2024, respectively.

Evergy Metro's gross margin (GAAP) increased $3.9 million for the three months ended March 31, 2025, compared to the same period in 2024, and Evergy Metro's utility gross margin (non-GAAP) increased $5.6 million for the three months ended March 31, 2025, compared to the same period in 2024, both measures were driven by:

• a $5.6 million increase primarily due to higher retail sales driven by favorable weather (heating degree days increased by 16%), partially offset by lower weather-normalized demand.

Additionally, the increase in Evergy Metro's gross margin (GAAP) was also impacted by:

• a $3.3 million increase in depreciation and amortization;

• a $1.0 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $1.8 million decrease in operating and maintenance expense at generating facilities; and

• a $0.6 million decrease in taxes other than income tax.