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

The following combined Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the consolidated financial statements and accompanying notes in this combined Quarterly Report on Form 10-Q and the Evergy Companies' combined 2025 Form 10-K. None of the registrants make any representation as to information related solely to Evergy, Evergy Kansas Central or Evergy Metro other than itself.

EVERGY, INC.

EXECUTIVE SUMMARY

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

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

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

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

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

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

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

Evergy Metro's 2026 Rate Case Proceeding

In February 2026, Evergy Metro filed an application with the MPSC to request an increase to its retail revenues of approximately $140 million. Evergy Metro's request reflected a return on equity of 10.5% (with a capital structure composed of 52% equity) and increases related to the recovery of infrastructure investments made to improve reliability and enhance customer service and the update of expenses to current levels of spend. An evidentiary hearing in the case is scheduled to occur in October 2026 and new rates are expected to be effective in January 2027.

Large Load Customers

In the first quarter of 2026, the Evergy Companies signed ESAs with multiple large load customers to serve data centers with a projected peak steady state load of approximately 2,500 MWs. The ESAs relate to three new projects and the expansion of two separate projects previously announced. The ESAs' terms reflect the applicable provisions of the Evergy Companies’ LLPS rate plans. The service of these large load customers, inclusive of an optional transitional load period not to exceed five years, has commenced or is expected to commence at dates ranging from 2026 to 2028.

Convertible Note Repurchases

In January and February 2026, Evergy, Inc. repurchased $244.1 million aggregate principal amount of its $1.4 billion aggregate principal amount of Convertible Notes, under separate, privately negotiated repurchase agreements with certain holders of its Convertible Notes, for a total repurchase cost (including fees and excluding accrued and unpaid interest) of $309.5 million. After these January and February 2026 repurchases, $1,155.9 million aggregate principal amount of Convertible Notes remain outstanding as of March 31, 2026. See "Convertible Notes" in Note 7 to the consolidated financial statements for additional information regarding Evergy, Inc.'s repurchase of Convertible Notes.

Regulatory Proceedings

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

Wolf Creek Refueling Outage

Wolf Creek's most recent refueling outage began in October 2025 and the unit returned to service in November 2025. Wolf Creek's next refueling outage is planned to begin in the spring of 2027.

Earnings Overview

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

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

Net income attributable to Evergy, Inc. increased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to new Evergy Kansas Central retail rates effective in October 2025, higher non-regulated energy marketing revenue, higher equity AFUDC and corporate-owned life insurance (COLI) proceeds and lower income tax expense; partially offset by higher depreciation, interest and operating and maintenance expense.

Diluted EPS increased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to the increase in net income attributable to Evergy, Inc. discussed above.

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

Non-GAAP Measures

Evergy Utility Gross Margin (non-GAAP)

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

Utility gross margin (non-GAAP) is intended to aid an investor's overall understanding of results. Management believes that utility gross margin (non-GAAP) provides a meaningful basis for evaluating the Evergy Companies' operations across periods because utility gross margin (non-GAAP) excludes the revenue effect of fluctuations in fuel and purchased power costs and SPP network transmission costs. Utility gross margin (non-GAAP) is used internally to measure performance against budget and in reports for management and the Evergy Board. Utility

gross margin (non-GAAP) should be viewed as a supplement to, and not a substitute for, gross margin, which is the most directly comparable financial measure prepared in accordance with GAAP. Gross margin under GAAP is defined as the excess of sales over cost of goods sold.

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

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

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

Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended March 31, 2026, were $161.8 million or $0.69 per share. For the three months ended March 31, 2025, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were recast to conform to the current year calculation of adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP), resulting in adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) of $127.8 million or $0.55 per share.

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

i.losses from the repurchase of a portion of Evergy's Convertible Notes; and

ii.unrealized gains and losses from non-regulated investments in early-stage clean energy and energy solution companies and costs related to the disposal of these investments.

Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are intended to aid an investor's overall understanding of results. Management believes that adjusted earnings (non-GAAP) provides a meaningful basis for evaluating Evergy's operations across periods because it excludes certain items that management does not believe are indicative of Evergy's ongoing 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 per Diluted Share						Earnings (Loss)						Earnings per Diluted Share
Three Months Ended March 31			2026												2025
			(millions, except per share amounts)
Net income attributable to Evergy, Inc.			$	151.5					$	0.64					$	125.0					$	0.54
Non-GAAP reconciling items:
Losses from the repurchase of convertible notes, pre-tax(a)			10.3						0.05						—						—
Losses from investments in early-stage clean energy and energy solution companies, pre-tax(b)			0.4						—						3.6						0.01
Income tax benefit(c)			(0.4)						—						(0.8)						—
Adjusted earnings (non-GAAP)			$	161.8					$	0.69					$	127.8					$	0.55

(a)Reflects losses and fees of $10.3 million related to Evergy's repurchase of $244.1 million aggregate principal amount of its Convertible Notes in the first quarter 2026 that are included in interest expense on the consolidated statements of comprehensive income.

(b)Reflects unrealized gains of $0.2 million and unrealized losses of $3.6 million for the three months ended March 31, 2026 and 2025, respectively, from non-regulated investments in early-stage clean energy and energy solution companies that are included in investment earnings on the consolidated statements of comprehensive income and $0.6 million for the three months ended March 31, 2026, of costs related to the disposal of these investments that are included in operating and maintenance expense on the consolidated statements of comprehensive income. Adjustments for the three months ended March 31, 2025, have been recast to conform to the current year calculation of adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) that exclude these amounts. Evergy is in the process of disposing these investments.

(c)Reflects an income tax effect calculated at a statutory rate of approximately 22%, with the exception of certain non-deductible items.

ENVIRONMENTAL MATTERS

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

RELATED PARTY TRANSACTIONS

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

EVERGY RESULTS OF OPERATIONS

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

Three Months Ended March 31																					2026						Change						2025
																					(millions)
Operating revenues																					$	1,443.7					$	69.2					$	1,374.5
Fuel and purchased power																					360.0						4.7						355.3
SPP network transmission costs																					109.6						13.2						96.4
Operating and maintenance																					243.2						11.2						232.0
Depreciation and amortization																					305.3						17.2						288.1
Taxes other than income tax																					107.2						(3.9)						111.1
Income from operations																					318.4						26.8						291.6
Other income (expense), net																					11.7						14.7						(3.0)
Interest expense																					174.5						22.0						152.5
Income tax expense																					3.4						(6.2)						9.6
Equity in earnings of equity method investees, net of income taxes																					2.4						0.8						1.6
Net income																					154.6						26.5						128.1
Less: Net income attributable to noncontrolling interests																					3.1						—						3.1
Net income attributable to Evergy, Inc.																					$	151.5					$	26.5					$	125.0

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

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

			Revenues and Expenses																		MWhs Sold
Three Months Ended March 31			2026						Change						2025						2026						Change						2025
Retail revenues			(millions)																		(thousands)
Residential			$	482.7					$	(27.2)					$	509.9					3,821						(234)						4,055
Commercial			440.1						3.6						436.5						4,507						82						4,425
Industrial			160.3						15.3						145.0						2,073						195						1,878
Other retail revenues			11.4						1.3						10.1						20						(4)						24
Total electric retail			1,094.5						(7.0)						1,101.5						10,421						39						10,382
Wholesale revenues			107.1						58.5						48.6						3,163						(432)						3,595
Transmission revenues			133.6						(0.4)						134.0						N/A						N/A						N/A
Other revenues			108.5						18.1						90.4						N/A						N/A						N/A
Operating revenues			1,443.7						69.2						1,374.5						13,584						(393)						13,977
Fuel and purchased power			(360.0)						(4.7)						(355.3)
SPP network transmission costs			(109.6)						(13.2)						(96.4)
Operating and maintenance(a)			(132.6)						(3.5)						(129.1)
Depreciation and amortization			(305.3)						(17.2)						(288.1)
Taxes other than income tax			(107.2)						3.9						(111.1)
Gross margin (GAAP)			429.0						34.5						394.5
Operating and maintenance(a)			132.6						3.5						129.1
Depreciation and amortization			305.3						17.2						288.1
Taxes other than income tax			107.2						(3.9)						111.1
Utility gross margin (non-GAAP)			$	974.1					$	51.3					$	922.8
(a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP. These amounts exclude general and administrative expenses not directly attributable to revenue-producing activities of $110.6 million and $102.9 million for the three months ended March 31, 2026 and 2025, respectively.

Evergy's gross margin (GAAP) increased $34.5 million for the three months ended March 31, 2026, compared to the same period in 2025 and Evergy's utility gross margin (non-GAAP) increased $51.3 million for the three months ended March 31, 2026, compared to the same period in 2025, both measures were driven by:

• a $40.0 million increase from new Evergy Kansas Central retail rates effective in October 2025; and

• a $16.6 million increase in revenue related to non-regulated energy marketing activity at Evergy Kansas Central; partially offset by

• a $5.3 million decrease primarily due to unfavorable weather (heating degree days decreased by 20%); partially offset by higher weather-normalized demand.

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

• a $17.2 million increase in depreciation and amortization as further described below; and

• a $3.5 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $2.4 million increase in transmission and distribution operating and maintenance expense as further described below; partially offset by

• a $3.9 million decrease in taxes other than income tax as further described below.

Operating and Maintenance

Evergy's operating and maintenance expense increased $11.2 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:

• a $6.7 million increase in general and administrative labor and employee benefits expense, primarily due to higher medical claims; and

• a $2.4 million increase in transmission and distribution operating and maintenance expenses primarily at Evergy Kansas Central primarily due to a $3.1 million increase in non-labor expense including higher contractor costs.

Depreciation and Amortization

Evergy's depreciation and amortization expense increased $17.2 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to capital additions.

Taxes Other Than Income Tax

Evergy's taxes other than income tax decreased $3.9 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by a decrease in Evergy Kansas Central's 2026 amortization of the Kansas property tax rider.

Other Income (Expense), Net

Evergy's other expense, net for the three months ended March 31, 2025, became other income, net for the three months ended March 31, 2026, as a result of a $14.7 million increase in net other income items, primarily driven by:

• a $7.9 million increase in equity AFUDC primarily at Evergy Kansas Central and Evergy Missouri West primarily due to higher average construction work in progress (CWIP) balances in 2026; and

• a $6.4 million increase due to higher Evergy Kansas Central COLI benefits in 2026.

Interest Expense

Evergy's interest expense increased $22.0 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:

• an $18.9 million increase due to issuances of long-term debt;

• a $10.3 million increase related to Evergy's repurchase of a portion of its Convertible Notes in 2026; and

• a $2.8 million increase in interest expense on short-term borrowings primarily due to higher short-term debt balances in 2026; partially offset by

• a $6.9 million decrease due to the repayment of long-term debt;

• a $5.0 million decrease due to higher debt AFUDC primarily at Evergy Missouri West driven by higher average CWIP balances in 2026.

Income Tax Expense

Evergy's income tax expense decreased $6.2 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by a $4.0 million decrease related to higher energy production and other income tax credits in 2026.

LIQUIDITY AND CAPITAL RESOURCES

Evergy relies primarily upon cash from operations, short-term borrowings, debt, equity and hybrid security issuances and its existing cash and cash equivalents to fund its capital requirements. Evergy's capital requirements primarily consist of capital expenditures, payment of contractual obligations and other commitments, and the payment of dividends to shareholders. Evergy expects cash flows to be sufficient to meet existing short-term capital requirements. See the Evergy Companies' combined 2025 Form 10-K for more information on Evergy's sources and uses of cash.

Short-Term Borrowings

As of March 31, 2026, Evergy had $968.8 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $393.9 million for Evergy, Inc., $308.0 million for Evergy Kansas Central, $199.2 million for Evergy Metro and $67.7 million for Evergy Missouri West. The Evergy Companies' borrowing capacity under the master credit facility also supports their issuance of commercial paper. See Note 6 to the consolidated financial statements for more information regarding the master credit facility.

In January 2026, Evergy, Inc. entered into a $55.0 million unsecured Term Loan Credit Agreement with an expiration date in January 2027. In February 2026, Evergy, Inc. entered into a $500.0 million unsecured Term Loan Credit Agreement with an expiration date in February 2027. Evergy's borrowings under the $500.0 million unsecured Term Loan Credit Agreement were used for, among other things, the repayment in full of all borrowings under the $55.0 million Term Loan Credit Agreement and the partial repurchase of Evergy's Convertible Notes as further described in Note 7 to the consolidated financial statements.

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

Long-Term Debt

In May 2026, Evergy, Inc. entered into a Delayed Draw Term Loan Agreement in which lenders have committed to provide term loans in an aggregate principal amount of up to $1.0 billion, maturing in November 2027. If not fully utilized, the term loan commitments expire in August 2026. Evergy has not made any borrowings under the Delayed Draw Term Loan Agreement.

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

Pensions

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

ATM Program

See Note 12 to the consolidated financial statements for information regarding Evergy's ATM Program.

Debt Covenants

As of March 31, 2026, Evergy was in compliance with all debt covenants under the master credit facility and certain debt instruments that contain restrictions that require the maintenance of certain capitalization and leverage ratios. See Note 6 to the consolidated financial statements for more information.

Cash Flows

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

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

Cash Flows from Operating Activities

Evergy's cash flows from operating activities decreased $87.1 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by decreased collections from customers related to a February 2021 winter weather event and an increase in fuel inventory, primarily driven by coal purchases.

Cash Flows used in Investing Activities

Evergy's cash flows used in investing activities increased $157.7 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:

• a $259.1 million increase in additions to property, plant and equipment, due to increased spending for a variety of capital projects, including construction of new generating facilities; partially offset by

• a $48.9 million increase in proceeds from COLI investments, primarily at Evergy Kansas Central due to higher policy settlements in 2026.

Cash Flows from Financing Activities

Evergy's cash flows from financing activities increased $229.1 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:

• a $500.0 million increase due to proceeds from term loans, net of repayments, executed in 2026; and

• a $330.3 million increase in short-term debt primarily driven by higher repayment of short-term debt in 2025 with proceeds from long-term debt ; partially offset by

• a $246.2 million decrease in proceeds from long-term debt, net due to the issuance of $594.2 million of long-term debt for the three months ended March 31, 2025, compared to the issuance of $348.0 million of long-term debt for the same period in 2026; and

• a $309.5 million decrease due to retirements of long-term debt driven by Evergy's repurchase of $244.1 million aggregate principal amount of the Convertible Notes in 2026.

EVERGY KANSAS CENTRAL, INC.

MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS

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

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

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

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

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

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

Evergy Kansas Central's gross margin (GAAP) increased $35.1 million for the three months ended March 31, 2026, compared to the same period in 2025, and Evergy Kansas Central's utility gross margin (non-GAAP) increased $46.6 million for the three months ended March 31, 2026, compared to the same period in 2025, both measures were driven by:

• a $40.0 million increase from new Evergy Kansas Central retail rates effective in October 2025; and

• a $16.6 million increase in revenue related to non-regulated energy marketing activity; partially offset by

• a $10.0 million decrease primarily due to unfavorable weather (heating degree days decreased 22%); partially offset by higher weather-normalized demand.

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

• a $10.9 million increase in depreciation and amortization as further described below; and

• a $4.2 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities driven by an increase in transmission and distribution operating and maintenance expense as further described below; partially offset by

• a $3.6 million decrease in taxes other than income tax as further described below.

Evergy Kansas Central Operating and Maintenance

Evergy Kansas Central's operating and maintenance expense increased $11.4 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:

• a $3.9 million increase in general and administrative labor and employee benefits expense including higher medical claims; and

• a $4.2 million increase in transmission and distribution operating and maintenance expenses primarily driven by a $3.1 million increase in non-labor costs including higher contractor costs.

Evergy Kansas Central Depreciation and Amortization

Evergy Kansas Central's depreciation and amortization expense increased $10.9 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to capital additions.

Evergy Kansas Central Taxes Other than Income Tax

Evergy Kansas Central's taxes other than income tax decreased $3.6 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by a decrease in the 2026 amortization of the Kansas property tax rider.

Evergy Kansas Central Other Income, Net

Evergy Kansas Central's other income, net increased $10.3 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:

• a $6.9 million increase due to recording higher COLI benefits in 2026; and

• a $5.2 million increase in equity AFUDC driven by higher average CWIP balances in 2026.

Evergy Kansas Central Interest Expense

Evergy Kansas Central's interest expense increased $4.9 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:

• a $9.9 million increase due to issuances of long-term debt; and

• a $2.3 million increase due to decreases in carrying costs deferred to a regulatory asset in accordance with plant-in-service accounting (PISA); partially offset by

• a $5.3 million decrease in interest expense on short-term borrowings primarily due to lower short-term debt balances in 2026; and

• a $2.0 million decrease due to the repayment of long-term debt.

EVERGY METRO, INC.

MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS

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

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

Three Months Ended March 31			2026						Change						2025
			(millions)
Operating revenues			$	445.4					$	17.7					$	427.7
Fuel and purchased power			152.7						14.9						137.8
Operating and maintenance			72.1						1.6						70.5
Depreciation and amortization			107.3						3.5						103.8
Taxes other than income tax			36.2						(0.5)						36.7
Income from operations			77.1						(1.8)						78.9
Other income (expense), net			(0.8)						(1.7)						0.9
Interest expense			37.3						1.0						36.3
Income tax expense			2.8						(3.8)						6.6
Net income			$	36.2					$	(0.7)					$	36.9

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

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

			Revenues and Expenses																		MWhs Sold
Three Months Ended March 31			2026						Change						2025						2026						Change						2025
Retail revenues			(millions)																		(thousands)
Residential			$	155.4					$	(11.5)					$	166.9					1,365						(68)						1,433
Commercial			169.4						(2.3)						171.7						1,820						(26)						1,846
Industrial			29.5						1.2						28.3						423						30						393
Other retail revenues			2.8						0.5						2.3						10						—						10
Total electric retail			357.1						(12.1)						369.2						3,618						(64)						3,682
Wholesale revenues			21.9						50.9						(29.0)						1,066						(233)						1,299
Transmission revenues			6.3						(1.1)						7.4						N/A						N/A						N/A
Other revenues			60.1						(20.0)						80.1						N/A						N/A						N/A
Operating revenues			445.4						17.7						427.7						4,684						(297)						4,981
Fuel and purchased power			(152.7)						(14.9)						(137.8)
Operating and maintenance (a)			(51.2)						0.1						(51.3)
Depreciation and amortization			(107.3)						(3.5)						(103.8)
Taxes other than income tax			(36.2)						0.5						(36.7)
Gross margin (GAAP)			98.0						(0.1)						98.1
Operating and maintenance (a)			51.2						(0.1)						51.3
Depreciation and amortization			107.3						3.5						103.8
Taxes other than income tax			36.2						(0.5)						36.7
Utility gross margin (non-GAAP)			$	292.7					$	2.8					$	289.9
(a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP. These amounts exclude general and administrative expenses not directly attributable to revenue-producing activities of $20.9 million and $19.2 million for the three months ended March 31, 2026 and 2025, respectively.

Evergy Metro's gross margin (GAAP) decreased $0.1 million for the three months ended March 31, 2026, compared to the same period in 2025, and Evergy Metro's utility gross margin (non-GAAP) increased $2.8 million for the three months ended March 31, 2026, compared to the same period in 2025, both measures were driven by:

• a $2.8 million increase primarily due to favorable weather-normalized demand and retail pricing; partially offset by unfavorable weather (heating degree days decreased 19%).

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

• a $3.5 million increase in depreciation and amortization as further described below; partially offset by

• a $0.5 million decrease in taxes other than income tax; and

• a $0.1 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities.

Evergy Metro Depreciation and Amortization

Evergy Metro's depreciation and amortization expense increased $3.5 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to capital additions.