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.

In July 2025, Evergy Kansas Central, the KCC staff and other intervenors in the case reached a unanimous settlement agreement to settle all outstanding issues in the case. 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. The unanimous settlement agreement is subject to the approval of the KCC. If approved, new rates are expected to be effective on September 29, 2025. See Note 4 to the consolidated financial statements for additional information.

Federal Tax Reform

In July 2025, the One Big Beautiful Bill Act (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. The OBBBA was signed into law after the close of the second quarter and therefore, the impacts of this legislation are not included in the Evergy Companies' operating results for the three months ended or year to date June 30, 2025. The Evergy Companies are evaluating the impact of the legislation on their operations and consolidated financial results but do not anticipate a material impact.

Missouri Legislation

In April 2025, Missouri SB 4 was signed into law by the Governor of Missouri. Most notably, SB 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 House Bill (HB) 2107 was signed into law by the Governor of Kansas. 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.

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 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. 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 July 2025, the KCC approved a unanimous partial settlement agreement for 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. In July 2025, the MPSC approved a unanimous stipulation and agreement regarding Evergy Missouri West's planned investments in the solar generation facilities. 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 these renewable generating plants.

Regulatory Proceedings

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

Wolf Creek Refueling Outage

Wolf Creek's most recent refueling outage began in 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 June 30																		Year to Date June 30
			2025						Change						2024						2025						Change						2024
			(millions, except per share amounts)
Net income attributable to Evergy, Inc.			$	171.3					$	(35.7)					$	207.0					$	296.3					$	(33.4)					$	329.7
Earnings per common share, diluted			0.74						(0.16)						0.90						1.28						(0.15)						1.43

Net income attributable to Evergy, Inc. decreased for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to lower retail sales in the second quarter of 2025 driven by unfavorable weather, higher operating and maintenance, depreciation and interest expenses and losses from investments in early-stage clean energy and energy solution companies; partially offset by new Evergy Missouri West retail rates effective in January 2025 and income from the sale of a commercial solar generation project.

Diluted EPS decreased for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to the decrease in net income attributable to Evergy, Inc. discussed above.

Net income attributable to Evergy, Inc. decreased year to date June 30, 2025, compared to the same period in 2024, primarily due to lower retail sales in 2025 driven by unfavorable weather, higher operating and maintenance, depreciation and interest expenses and losses from investments in early-stage clean energy and energy solution companies; partially offset by new Evergy Missouri West retail rates effective in January 2025, higher transmission revenues and income from the sale of a commercial solar generation project.

Diluted EPS decreased year to date June 30, 2025, compared to the same period in 2024, primarily due to the decrease 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, assist in the comparability of results and are consistent with how management reviews performance.

Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended and year to date June 30, 2025 were $191.1 million or $0.82 per share and $318.9 million or $1.37 per share, respectively. For the three months ended and year to date June 30, 2024, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $207.0 million or $0.90 per share and $331.7 million or $1.44 per share, respectively.

In addition to net income attributable to Evergy, Inc. and diluted EPS, Evergy's management uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without:

i.the mark-to-market impacts of economic hedges related to Evergy Kansas Central's 8% ownership share of JEC; and

ii.the unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies.

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 tables provide 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 June 30			2025												2024
			(millions, except per share amounts)
Net income attributable to Evergy, Inc.			$	171.3					$	0.74					$	207.0					$	0.90
Non-GAAP reconciling items:
Losses from investments in early-stage clean energy and energy solution companies, pre-tax(b)			25.4						0.10						—						—
Income tax benefit(c)			(5.6)						(0.02)						—						—
Adjusted earnings (non-GAAP)			$	191.1					$	0.82					$	207.0					$	0.90

			Earnings (Loss)						Earnings (Loss) per Diluted Share						Earnings (Loss)						Earnings (Loss) per Diluted Share
Year to Date June 30			2025												2024
			(millions, except per share amounts)
Net income attributable to Evergy, Inc.			$	296.3					$	1.28					$	329.7					$	1.43
Non-GAAP reconciling items:
Mark-to-market impact of JEC economic hedges, pre-tax(a)			—						—						2.6						0.01
Losses from investments in early-stage clean energy and energy solution companies, pre-tax(b)			29.0						0.12						—						—
Income tax benefit(c)			(6.4)						(0.03)						(0.6)						—
Adjusted earnings (non-GAAP)			$	318.9					$	1.37					$	331.7					$	1.44

(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 unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies that are included in investment earnings (loss) on the consolidated statements of comprehensive income. Evergy has initiated a process to dispose of these investments.

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

ENVIRONMENTAL MATTERS

See Note 11 to the consolidated financial statements for information regarding environmental matters.

RELATED PARTY TRANSACTIONS

See Note 12 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 June 30																		Year to Date June 30
			2025						Change						2024						2025						Change						2024
			(millions)
Operating revenues			$	1,437.0					$	(10.5)					$	1,447.5					$	2,811.5					$	33.0					$	2,778.5
Fuel and purchased power			330.4						(28.6)						359.0						685.7						(49.7)						735.4
SPP network transmission costs			114.9						14.9						100.0						211.3						38.6						172.7
Operating and maintenance			255.1						17.4						237.7						487.1						17.9						469.2
Depreciation and amortization			288.4						8.3						280.1						576.5						20.3						556.2
Taxes other than income tax			104.4						(8.2)						112.6						215.5						(11.2)						226.7
Income from operations			343.8						(14.3)						358.1						635.4						17.1						618.3
Other income (expense), net			(7.4)						(8.4)						1.0						(10.4)						(15.7)						5.3
Interest expense			153.8						10.2						143.6						306.3						29.5						276.8
Income tax expense			10.0						2.6						7.4						19.6						4.9						14.7
Equity in earnings of equity method investees, net of income taxes			1.8						(0.2)						2.0						3.4						(0.4)						3.8
Net income			174.4						(35.7)						210.1						302.5						(33.4)						335.9
Less: Net income attributable to noncontrolling interests			3.1						—						3.1						6.2						—						6.2
Net income attributable to Evergy, Inc.			$	171.3					$	(35.7)					$	207.0					$	296.3					$	(33.4)					$	329.7

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

The following tables summarize 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 June 30			2025						Change						2024						2025						Change						2024
Retail revenues			(millions)																		(thousands)
Residential			$	491.9					$	(44.8)					$	536.7					3,548						(276)						3,824
Commercial			467.6						(18.2)						485.8						4,501						(58)						4,559
Industrial			160.5						(14.2)						174.7						2,077						(47)						2,124
Other retail revenues			10.7						0.5						10.2						23						(2)						25
Total electric retail			1,130.7						(76.7)						1,207.4						10,149						(383)						10,532
Wholesale revenues			91.2						17.9						73.3						3,976						634						3,342
Transmission revenues			128.3						5.9						122.4						N/A						N/A						N/A
Other revenues			86.8						42.4						44.4						N/A						N/A						N/A
Operating revenues			1,437.0						(10.5)						1,447.5						14,125						251						13,874
Fuel and purchased power			(330.4)						28.6						(359.0)
SPP network transmission costs			(114.9)						(14.9)						(100.0)
Operating and maintenance(a)			(136.8)						0.4						(137.2)
Depreciation and amortization			(288.4)						(8.3)						(280.1)
Taxes other than income tax			(104.4)						8.2						(112.6)
Gross margin (GAAP)			462.1						3.5						458.6
Operating and maintenance(a)			136.8						(0.4)						137.2
Depreciation and amortization			288.4						8.3						280.1
Taxes other than income tax			104.4						(8.2)						112.6
Utility gross margin (non-GAAP)			$	991.7					$	3.2					$	988.5
(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 $118.3 million and $100.5 million for the three months ended June 30, 2025 and 2024, respectively.

			Revenues and Expenses																		MWhs Sold
Year to Date June 30			2025						Change						2024						2025						Change						2024
Retail revenues			(millions)																		(thousands)
Residential			$	1,001.8					$	(13.9)					$	1,015.7					7,603						37						7,566
Commercial			904.1						(14.4)						918.5						8,926						77						8,849
Industrial			305.5						(29.6)						335.1						3,955						(216)						4,171
Other retail revenues			20.8						(1.3)						22.1						47						(5)						52
Total electric retail			2,232.2						(59.2)						2,291.4						20,531						(107)						20,638
Wholesale revenues			139.8						(4.5)						144.3						7,571						935						6,636
Transmission revenues			262.3						24.5						237.8						N/A						N/A						N/A
Other revenues			177.2						72.2						105.0						N/A						N/A						N/A
Operating revenues			2,811.5						33.0						2,778.5						28,102						828						27,274
Fuel and purchased power			(685.7)						49.7						(735.4)
SPP network transmission costs			(211.3)						(38.6)						(172.7)
Operating and maintenance(a)			(265.9)						7.2						(273.1)
Depreciation and amortization			(576.5)						(20.3)						(556.2)
Taxes other than income tax			(215.5)						11.2						(226.7)
Gross margin (GAAP)			856.6						42.2						814.4
Operating and maintenance(a)			265.9						(7.2)						273.1
Depreciation and amortization			576.5						20.3						556.2
Taxes other than income tax			215.5						(11.2)						226.7
Utility gross margin (non-GAAP)			$	1,914.5					$	44.1					$	1,870.4
(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 $221.2 million and $196.1 million year to date June 30, 2025 and 2024, respectively.

Evergy's gross margin (GAAP) increased $3.5 million for the three months ended June 30, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $3.2 million for the three months ended June 30, 2025, compared to the same period in 2024, both measures were driven by:

• a $25.3 million increase from new Evergy Missouri West retail rates effective in January 2025; partially offset by

• an $11.4 million decrease primarily due to lower retail sales driven by unfavorable weather (cooling degree days decreased by 26%), partially offset by higher weather-normalized residential and commercial demand; and

• a $10.7 million decrease in revenue from the Kansas property tax rider, which is offset in taxes other than income taxes.

Evergy's gross margin (GAAP) increased $42.2 million year to date June 30, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $44.1 million year to date June 30, 2025, compared to the same period in 2024, both measures were driven by:

• a $48.8 million increase from new Evergy Missouri West retail rates effective in January 2025; and

• a $24.5 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 $15.6 million decrease in revenue from the Kansas property tax rider, which is offset in taxes other than income taxes; and

• a $13.6 million decrease primarily due to lower retail sales driven by unfavorable weather (cooling degree days decreased by 25%, partially offset by a 20% increase in heating degree days) and lower weather-normalized residential and industrial demand.

Operating and Maintenance

Evergy's operating and maintenance expense increased $17.4 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily driven by:

• a $9.3 million increase in general and administrative labor and employee benefits expense; and

• a $1.7 million increase in credit loss expense primarily at Evergy Missouri West.

Evergy's operating and maintenance expense increased $17.9 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:

• an $11.4 million increase in general and administrative labor and employee benefits expense; and

• a $3.1 million increase in credit loss expense primarily at Evergy Missouri West.

Depreciation and Amortization

Evergy's depreciation and amortization increased $8.3 million for the three months ended June 30, 2025 and $20.3 million year to date June 30, 2025, compared to the same periods in 2024, primarily due to capital additions.

Taxes Other than Income Tax

Evergy's taxes other than income tax decreased $8.2 million for the three months ended June 30, 2025 and $11.2 million year to date June 30, 2025, compared to the same periods in 2024, primarily driven by amortization of a refund to customers for the Kansas property tax rider, which is offset in utility gross margin; partially offset by higher assessed property tax values.

Other Income (Expense), Net

Evergy's other income, net for the three months ended June 30, 2024, became other expense, net for the three months ended June 30, 2025, as a result of an $8.4 million increase in net other expense items, primarily driven by:

• $25.4 million of unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies; partially offset by

• $11.6 million of income related to the sale of a commercial solar generation project completed in the second quarter of 2025; and

• a $2.9 million decrease primarily due to recording higher Evergy Kansas Central corporate-owned life insurance (COLI) benefits in the second quarter of 2025.

Evergy's other income, net year to date June 30, 2024, became other expense, net year to date June 30, 2025, as a result of a $15.7 million increase in net other expense items, primarily driven by:

• $29.0 million of unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies; partially offset by

• $11.6 million of income related to the sale of a commercial solar generation project completed in 2025.

Interest Expense

Evergy's interest expense increased $10.2 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily driven by:

• an $18.6 million increase due to issuances of long-term debt; partially offset by

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

Evergy's interest expense increased $29.5 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:

• a $39.0 million increase due to issuances of long-term debt; and

• a $4.9 million increase due to lower debt AFUDC primarily driven by lower CWIP balances and lower short-term interest rates in 2025; partially offset by

• a $9.8 million decrease due to the repayment of long-term debt; and

• an $8.8 million decrease due to increases in carrying costs deferred to a regulatory asset in accordance with PISA due to Evergy Kansas Central and Evergy Metro electing into Kansas PISA beginning July 2024.

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. 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 June 30, 2025, Evergy had $1,074.0 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $157.8 million for Evergy, Inc., $396.8 million for Evergy Kansas Central, $293.0 million for Evergy Metro and $226.4 million for Evergy Missouri West. The Evergy Companies' borrowing capacity under the master credit facility also supports their issuance of commercial paper. See Note 7 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 8 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 6 to the consolidated financial statements for information regarding Evergy's pension and post-retirement plan contributions.

At-the-Market (ATM) Program

In May 2025, Evergy entered into an equity distribution agreement, pursuant to which Evergy may sell, from time to time, up to an aggregate of $1.2 billion of its common stock through an ATM Program, which may utilize an optional forward sales component. As of June 30, 2025, Evergy did not enter into any sales under its ATM Program.

Debt Covenants

As of June 30, 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 7 to the consolidated financial statements for more information.

Cash Flows

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

Year to Date June 30			2025			2024
			(millions)
Cash Flows from Operating Activities			$	773.5		$	634.8
Cash Flows used in Investing Activities			(1,235.4)			(1,270.1)
Cash Flows from Financing Activities			467.0			643.1

Cash Flows from Operating Activities

Evergy's cash flows from operating activities increased $138.7 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by an increase in cash receipts for retail electric sales in 2025 and a decrease in payments made for a Wolf Creek refueling outage in 2024.

Cash Flows used in Investing Activities

Evergy's cash flows used in investing activities decreased $34.7 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:

• a $76.0 million decrease in additions to property, plant and equipment, primarily due to Evergy Missouri West's purchase of a joint ownership interest in Dogwood Energy Center for approximately $60 million in April 2024; partially offset by

• a $38.9 million decrease in proceeds from COLI investments, primarily from Evergy Kansas Central due to a lower number of policy settlements in 2025.

Cash Flows from Financing Activities

Evergy's cash flows from financing activities decreased $176.1 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:

• a $327.3 million decrease in proceeds from long-term debt, net due to the issuance of $920.7 million of long-term debt in 2024, compared to the issuance of $593.4 million of long-term debt in 2025; partially offset by

• a $197.7 million increase in short-term debt borrowings driven by:

◦higher borrowings of $306.2 million at Evergy Metro, $285.7 million at Evergy Missouri West and $266.1 million at Evergy, Inc. for general corporate purposes; partially offset by

◦a $660.3 million decrease in short-term borrowings at Evergy Kansas Central, primarily due to the repayment of commercial paper borrowings with proceeds from long-term debt issuances.

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.

Year to Date June 30			2025						Change						2024
			(millions)
Operating revenues			$	1,442.6					$	22.1					$	1,420.5
Fuel and purchased power			244.0						(18.6)						262.6
SPP network transmission costs			211.3						38.6						172.7
Operating and maintenance			229.2						(4.4)						233.6
Depreciation and amortization			286.3						6.6						279.7
Taxes other than income tax			116.8						(9.1)						125.9
Income from operations			355.0						9.0						346.0
Other income, net			9.0						1.5						7.5
Interest expense			120.4						6.4						114.0
Income tax expense			10.9						5.9						5.0
Equity in earnings of equity method investees, net of income taxes			1.7						0.1						1.6
Net income			234.4						(1.7)						236.1
Less: Net income attributable to noncontrolling interests			6.2						—						6.2
Net income attributable to Evergy Kansas Central, Inc.			$	228.2					$	(1.7)					$	229.9

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
Year to Date June 30			2025						Change						2024						2025						Change						2024
Retail revenues			(millions)																		(thousands)
Residential			$	432.1					$	(15.9)					$	448.0					3,114						3						3,111
Commercial			376.4						(15.5)						391.9						3,558						15						3,543
Industrial			197.1						(23.1)						220.2						2,485						(145)						2,630
Other retail revenues			11.6						(0.5)						12.1						20						1						19
Total electric retail			1,017.2						(55.0)						1,072.2						9,177						(126)						9,303
Wholesale revenues			142.8						27.0						115.8						4,902						448						4,454
Transmission revenues			242.8						18.5						224.3						N/A						N/A						N/A
Other revenues			39.8						31.6						8.2						N/A						N/A						N/A
Operating revenues			1,442.6						22.1						1,420.5						14,079						322						13,757
Fuel and purchased power			(244.0)						18.6						(262.6)
SPP network transmission costs			(211.3)						(38.6)						(172.7)
Operating and maintenance (a)			(114.2)						17.7						(131.9)
Depreciation and amortization			(286.3)						(6.6)						(279.7)
Taxes other than income tax			(116.8)						9.1						(125.9)
Gross margin (GAAP)			470.0						22.3						447.7
Operating and maintenance (a)			114.2						(17.7)						131.9
Depreciation and amortization			286.3						6.6						279.7
Taxes other than income tax			116.8						(9.1)						125.9
Utility gross margin (non-GAAP)			$	987.3					$	2.1					$	985.2
(a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP. These amounts exclude general and administrative expenses not directly attributable to revenue-producing activities of $115.0 million and $101.7 million year to date June 30, 2025 and 2024, respectively.

Evergy Kansas Central's gross margin (GAAP) increased $22.3 million year to date June 30, 2025, compared to the same period in 2024, and Evergy Kansas Central's utility gross margin (non-GAAP) increased $2.1 million year to date June 30, 2025, compared to the same period in 2024, both measures were driven by:

• an $18.5 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 $13.3 million decrease in revenue from the Kansas property tax rider, which is offset in taxes other than income taxes; and

• a $3.1 million decrease primarily due to lower retail sales driven by unfavorable weather (cooling degree days decreased 29%, partially offset by a 24% increase in heating degree days) and lower weather-normalized residential and industrial demand.

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

• a $17.7 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities including an $8.2 million decrease in plant operating and maintenance expense at fossil-fuel generating facilities as described further below; and

• a $9.1 million decrease in taxes other than income tax as described further below; partially offset by

• a $6.6 million increase in depreciation and amortization as described further below.

Evergy Kansas Central Operating and Maintenance

Evergy Kansas Central's operating and maintenance expense decreased $4.4 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:

• an $8.2 million decrease in plant operating and maintenance expense at fossil-fuel generating facilities primarily due to a decrease at JEC driven by a major maintenance outage in 2024; partially offset by

• a $4.7 million increase in general and administrative labor and employee benefits expense.

Evergy Kansas Central Depreciation and Amortization

Evergy Kansas Central's depreciation and amortization expense increased $6.6 million year to date June 30, 2025, compared to the same period in 2024, primarily due to capital additions.

Evergy Kansas Central Taxes Other than Income Tax

Evergy Kansas Central's taxes other than income tax decreased $9.1 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by amortization of a refund to customers for the Kansas property tax rider, which is offset in utility gross margin; partially offset by higher assessed property tax values.

Evergy Kansas Central Interest Expense

Evergy Kansas Central's interest expense increased $6.4 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:

• an $8.9 million increase due to issuances of long-term debt;

• a $5.4 million increase in interest expense on short-term borrowings primarily due to higher short-term debt balances; and

• a $2.5 million increase due to lower debt AFUDC primarily driven by lower CWIP balances and short-term interest rates in 2025; partially offset by

• a $7.0 million decrease due to increases in carrying costs deferred to a regulatory asset in accordance with PISA due to Evergy Kansas Central electing into Kansas PISA beginning July 2024.

Evergy Kansas Central Income Tax Expense

Evergy Kansas Central's income tax expense increased $5.9 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:

• a $2.4 million increase due to lower recognition of amortization of excess deferred income taxes; and

• a $1.0 million increase due to lower recognition of wind income tax credits in 2025.

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.

Year to Date June 30			2025						Change						2024
			(millions)
Operating revenues			$	898.9					$	4.0					$	894.9
Fuel and purchased power			282.6						0.5						282.1
Operating and maintenance			149.1						13.6						135.5
Depreciation and amortization			204.0						1.6						202.4
Taxes other than income tax			71.2						(2.3)						73.5
Income from operations			192.0						(9.4)						201.4
Other income (expense), net			0.5						2.5						(2.0)
Interest expense			70.5						(5.5)						76.0
Income tax expense			16.3						0.2						16.1
Net income			$	105.7					$	(1.6)					$	107.3

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
Year to Date June 30			2025						Change						2024						2025						Change						2024
Retail revenues			(millions)																		(thousands)
Residential			$	342.0					$	1.1					$	340.9					2,690						9						2,681
Commercial			359.4						3.2						356.2						3,622						19						3,603
Industrial			63.1						(1.6)						64.7						821						(36)						857
Other retail revenues			5.4						(0.1)						5.5						21						(3)						24
Total electric retail			769.9						2.6						767.3						7,154						(11)						7,165
Wholesale revenues			(10.4)						(42.2)						31.8						2,410						219						2,191
Transmission revenues			13.3						3.5						9.8						N/A						N/A						N/A
Other revenues			126.1						40.1						86.0						N/A						N/A						N/A
Operating revenues			898.9						4.0						894.9						9,564						208						9,356
Fuel and purchased power			(282.6)						(0.5)						(282.1)
Operating and maintenance (a)			(107.0)						(5.3)						(101.7)
Depreciation and amortization			(204.0)						(1.6)						(202.4)
Taxes other than income tax			(71.2)						2.3						(73.5)
Gross margin (GAAP)			234.1						(1.1)						235.2
Operating and maintenance (a)			107.0						5.3						101.7
Depreciation and amortization			204.0						1.6						202.4
Taxes other than income tax			71.2						(2.3)						73.5
Utility gross margin (non-GAAP)			$	616.3					$	3.5					$	612.8
(a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP. These amounts exclude general and administrative expenses not directly attributable to revenue-producing activities of $42.1 million and $33.8 million year to date June 30, 2025 and 2024, respectively.

Evergy Metro's gross margin (GAAP) decreased $1.1 million year to date June 30, 2025, compared to the same period in 2024, and Evergy Metro's utility gross margin (non-GAAP) increased $3.5 million year to date June 30, 2025, compared to the same period in 2024, both measures were driven by:

• a $3.5 million increase primarily due to higher retail sales driven by higher retail pricing, partially offset by unfavorable weather (cooling degree days decreased by 21%, partially offset by a 17% increase in heating degree days) and lower weather-normalized residential and industrial demand.

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

• a $1.6 million increase in depreciation and amortization; and

• a $5.3 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $4.3 million increase in operating and maintenance expense at fossil-fuel generating facilities, as further described below; partially offset by

• a $2.3 million decrease in taxes other than income tax.

Evergy Metro Operating and Maintenance

Evergy Metro's operating and maintenance expense increased $13.6 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:

• a $7.1 million increase in general and administrative labor and employee benefits expense; and

• a $4.3 million increase in plant operating and maintenance expense at fossil-fuel generating facilities primarily due to a major maintenance outage at Iatan Station in 2025.

Evergy Metro Other Income (Expense), Net

Evergy Metro's other expense, net year to date June 30, 2024, became other income, net year to date June 30, 2025, as a result of a $2.5 million increase in net other income items, primarily driven by a $2.0 million decrease in pension non-service costs.

Evergy Metro Interest Expense

Evergy Metro's interest expense decreased $5.5 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:

• a $6.3 million decrease due to increases in carrying costs deferred to a regulatory asset in accordance with PISA due to a higher outstanding balance of qualified PISA additions and Evergy Metro electing into Kansas PISA beginning July 2024; and

• a $5.8 million decrease in interest expense on short-term borrowings primarily due to lower weighted-average interest rates; partially offset by

• a $4.3 million increase due to issuances of long-term debt; and

• a $1.9 million increase due to lower debt AFUDC primarily driven by lower CWIP balances and lower short-term interest rates.