Evergy, Inc. (NASDAQ: EVRG) FY2025 revenue ~$5.7-6B (+0-5%) with adj. EPS ~$3.85-4.50 reflecting continued post-2018 merger integration + selected post-2024 major industrial customer wins (Panasonic EV battery plant DeSoto Kansas $4B+ + Meta data center Kansas City $1B+ + Google data center Kansas City $1B + ~10+ additional industrial customers) driving electric load growth ~3-5%/year + selected $20B+ FY2025-2030 capex plan deployment + selected ~20-year continuous dividend track post-2018 merger under continued CEO David Campbell (~5-year tenure since January 2021). Leading Kansas + Missouri regulated electric utility focused on dual-state electric distribution + transmission + generation. Formed June 4, 2018 via merger of Westar Energy + Great Plains Energy/KCP&L creating Evergy (~$30B aggregate enterprise value at merger; ~$5B+ revenue baseline). Selected post-2018 merger integration of Westar + KCP&L legacy operations + ~$160-220M annualized cost synergies achieved by FY2022. Headquartered in Kansas City Missouri; ~5,000+ employees globally with ~$5.7-6B revenue. Two reporting segments: Evergy Kansas Central + South ~50% revenue ($3B — Westar Energy legacy; ~825K+ Kansas electric customers), Evergy Missouri West + Metro ~50% ($2.7-3B — KCP&L legacy; ~875K+ Missouri + Kansas electric customers; Kansas City metropolitan area); ~$13B+ aggregate rate base. Industrial load growth: post-2024 major industrial customer wins including Panasonic Energy of North America EV battery plant (DeSoto Kansas; ~$4B+ aggregate investment; ~250 MW load at peak; production ramp 2024-2027 supporting Toyota + EV manufacturers) + Meta data center (Kansas City; ~$1B+ aggregate investment; ~150-200 MW load) + Google data center (Kansas City; ~$1B aggregate investment; ~100-150 MW load) + ~10+ additional industrial customers (manufacturing + data center + crypto mining); aggregate ~$10B+ industrial customer investments + ~700-1,000 MW combined incremental load; industrial load growth drivers Kansas + Missouri industrial-friendly regulatory + tax environment + ~50%+ wind/renewable resource availability + continued data center hyperscaler buildout + AI compute demand + post-2022 IRA Section 45X manufacturing tax credit benefits. $20B+ FY2025-2030 capex plan: ~$5-7B Kansas + Missouri renewable transition + ~$8B grid modernization + ~$5B distribution upgrades; rate base growth ~6-8% CAGR. CEO David Campbell since January 2021 (succeeded Terry Bassham CEO 2018-January 2021 retired who led 2018 merger; Campbell ex-NRG Energy president of generation 2017-2020 + ~25-year career). Capital return: ~$2.62-2.78 annual dividend FY2025 (~20+ year continuous track post-2018 merger inheriting Westar/KCP&L legacy); modest buybacks; investment-grade Baa2/BBB credit ratings; FCF -$1B (post-capex investment). FY2026 thesis: industrial customer onboarding continued + capex deployment + ~21-year dividend track + Kansas + Missouri rate case approvals. Risks: industrial customer attrition above 200 MW, Kansas Corporation Commission disallowance, interest rate severe, major capital project cost overruns.

[EVRG] Evergy Thesis 2026: Kansas Data Center Wins Drive Industrial Load Growth

Key Takeaways

Industrial Load Growth from Data Center + Manufacturing: Selected post-2024 major industrial customer wins including Panasonic EV battery plant (DeSoto Kansas; ~$4B+ investment + ~250 MW load) + Meta data center (Kansas City; ~$1B+ investment) + Google data center (Kansas City; ~$1B investment); selected aggregate ~$10B+ industrial customer investments driving electric load growth ~3-5%/year through FY2030; FY2026 catalyst: continued industrial customer onboarding + selected new economic development wins.
$20B+ FY2025-2030 Capex Plan: Selected $20B+ aggregate FY2025-2030 capex plan focused on ~$5-7B Kansas + Missouri renewable transition (selected post-2024 IRA Section 45 PTC + 48 ITC eligibility) + ~$8B grid modernization + ~$5B distribution upgrades; selected rate base growth ~6-8% CAGR; selected ~6-8% EPS growth target via regulated utility return on equity ~9-10%.
Westar + KCP&L Legacy Dual-State Operations: Evergy Kansas Central + South ~~50% revenue (~~$3B; Westar Energy legacy ~825K+ Kansas electric customers); Evergy Missouri West + Metro ~~50% (~~$2.7-3B; KCP&L legacy ~875K+ Missouri + Kansas electric customers); selected post-2018 merger integration completion + selected operational excellence under CEO David Campbell.
20+ Year Dividend Track + Capital Return: ~~$2.62-2.78 annual dividend FY2025 (~~$0.65-0.69/quarter; ~20+ year continuous track post-2018 merger inheriting Westar + KCP&L legacy); modest buybacks; investment-grade Baa2/BBB credit ratings; FCF -$1B (post-capex investment); FY2026 expected dividend toward $2.78-2.94 (+5-7%) maintaining ~21-year dividend track.

Company Background

Evergy, Inc. (NASDAQ: EVRG) is the leading Kansas + Missouri regulated electric utility focused on dual-state electric distribution + transmission + generation. Formed June 4, 2018 via merger of Westar Energy + Great Plains Energy/KCP&L creating Evergy (selected ~30B aggregate enterprise value at merger; ~$5B+ revenue baseline). Selected post-2018 merger integration of Westar + KCP&L legacy operations + selected ~$160-220M annualized cost synergies achieved by FY2022.

Headquartered in Kansas City Missouri; ~5,000+ employees globally with FY2025 revenue ~$5.7-6B (+0-5% YoY) generating ~$1.0-1.2B net income (~17-20% net margin reflecting selected regulated utility model) and ~$3.85-4.50 EPS on ~230M diluted shares.

The company operates two reporting segments: Evergy Kansas Central + South ~50% of revenue ($3B — selected Westar Energy legacy; ~825K+ Kansas electric customers); Evergy Missouri West + Metro ~50% ($2.7-3B — selected KCP&L legacy; ~875K+ Missouri + Kansas electric customers; selected Kansas City metropolitan area + selected). Selected ~$13B+ aggregate rate base across dual-state operations.

CEO David Campbell since January 2021 (~5-year tenure; succeeded Terry Bassham CEO 2018-January 2021 retired who led 2018 Westar + KCP&L merger; Campbell ex-NRG Energy president of generation 2017-2020 + ex-Energy Future Holdings + ex-various utility roles + ~25-year career; selected concurrent President + CEO + Director). Selected Campbell era characterized by: (i) selected post-2021 strategic refocus on regulated utility growth; (ii) selected post-2022 industrial customer development emphasis; (iii) selected post-2024 Panasonic + Meta + Google major customer wins.

Industrial Load Growth: Panasonic + Meta + Google Wins

Selected post-2024 major industrial customer wins represent Evergy's most differentiated catalyst vs traditional regulated utility peers. Selected key wins: (i) Panasonic Energy of North America EV battery plant (DeSoto Kansas; ~$4B+ aggregate investment; ~250 MW load at peak; selected production ramp 2024-2027 supporting Toyota + selected EV manufacturers); (ii) Meta data center (Kansas City; ~$1B+ aggregate investment; selected ~150-200 MW load); (iii) Google data center (Kansas City; ~$1B aggregate investment; selected ~100-150 MW load); (iv) selected ~10+ additional industrial customers (selected manufacturing + data center + crypto mining); (v) aggregate ~$10B+ industrial customer investments + ~700-1,000 MW combined incremental load.

Selected industrial load growth drivers: (i) selected Kansas + Missouri industrial-friendly regulatory + tax environment; (ii) selected ~50%+ wind/renewable resource availability; (iii) selected continued data center hyperscaler buildout + AI compute demand; (iv) selected post-2022 IRA Section 45X manufacturing tax credit benefits.

FY2026 catalyst: continued industrial customer onboarding + selected new economic development wins + electric load growth ~3-5%/year through FY2030 supporting rate base growth + EPS growth.

Material change rule: industrial customer attrition above 200 MW (would signal severe Kansas/Missouri economic development reversal; ~$50-100M annual revenue at-risk per 5% industrial customer load decline) OR major Panasonic plant operational issues OR major data center cancellation.

$20B+ FY2025-2030 Capex Plan

Selected $20B+ aggregate FY2025-2030 capex plan reflects: (i) selected ~$5-7B Kansas + Missouri renewable transition (post-2024 IRA Section 45 PTC + 48 ITC eligibility; solar + wind + storage); (ii) selected ~$8B grid modernization (smart grid + reliability + selected industrial customer interconnection); (iii) selected ~$5B distribution upgrades; (iv) selected rate base growth ~6-8% CAGR through FY2030.

FY2026 catalyst: continued capex deployment + selected Kansas + Missouri rate case approvals + selected industrial customer interconnection projects.

Material change rule: capex plan reduced below $15B aggregate FY2025-2030 (would signal selected regulator pushback or selected execution challenges; ~$0.10-0.20 annual EPS at-risk per ~$1B capex reduction) OR major Kansas Corporation Commission disallowance.

Key Core Metrics

Metric	FY2022	FY2023	FY2024	FY2025E	FY2026E
Total Revenue	$5.86B	$5.51B	$5.65B	$5.7-6B	$6-6.5B
Evergy Kansas Central + South	$3.0B	$2.8B	$2.9B	$3B	$3.0-3.2B
Evergy Missouri West + Metro	$2.86B	$2.71B	$2.75B	$2.7-3B	$3.0-3.3B
Net Income	$902M	$735M	$890M	$1.0-1.2B	$1.1-1.3B
Adj. EPS	$3.78	$3.20	$3.85	$3.85-4.50	$4.10-4.80
FCF	-$1.0B	-$1.5B	-$1.0B	-$1B	-$1-1.5B (capex investment)
Rate Base ($B)	~$11	~$12	~$13	~$14-15	~$15-17
Industrial Load (MW incremental)	0	50	200	350-500	500-700

Capital Return	FY2024	FY2025E	FY2026E
Dividend per Share	$2.57	$2.62-2.78	$2.78-2.94
Dividend Continuous Years	~19	~20	~21
Buybacks	$0	$0	$0
Total Capital Return	$590M	$605-640M	$640-675M
Credit Rating	Baa2/BBB	Baa2/BBB	Baa2/BBB

Market Evaluation

EVRG currently trades at ~14-18x earnings reflecting: (i) selected industrial customer wins driving load growth premium; (ii) selected $20B+ capex plan supporting rate base growth; (iii) selected ~20-year continuous dividend track post-merger; (iv) selected investment-grade Baa2/BBB credit; offset by (v) selected interest rate sensitivity; (vi) selected Kansas + Missouri regulatory exposure.

Selected peer comparison: Ameren (AEE ~17-22x P/E Missouri/Illinois utility), Westar Energy (private legacy pre-2018 merger), Great Plains Energy (private legacy pre-2018 merger), Pinnacle West (PNW ~17-20x P/E Arizona utility), Xcel Energy (XEL ~17-20x P/E multi-state utility). EVRG valuation reflects mid-tier utility positioning with selected industrial load growth optionality.

FY2026 catalysts: (i) industrial customer onboarding continued; (ii) capex deployment; (iii) ~21-year dividend track; (iv) Kansas + Missouri rate case approvals. Risks: (i) industrial customer attrition; (ii) Kansas Corporation Commission disallowance; (iii) interest rate severe; (iv) major capital project cost overruns.

Industrial Load Growth and Capex Cycle

The FY2026 thesis hinges on Evergy's ability to continue major industrial customer onboarding + execute $20B+ FY2025-2030 capex plan + sustain ~21-year dividend track post-2018 merger. Industrial load growth ~3-5%/year through FY2030 driven by Panasonic EV battery + Meta + Google data centers represents selected differentiated growth driver vs traditional utility peers.

Total revenue $6-6.5B FY2026 (+5-8%) + adj. EPS $4.10-4.80 (+5-10%) reflects selected rate base growth + industrial load growth + selected operational excellence.

Material risks: (i) industrial customer attrition above 200 MW; (ii) capex plan reduced below $15B; (iii) Kansas Corporation Commission disallowance > $300M; (iv) interest rate severe.

FY2026-2027 base case: revenue $6-6.5B (+5-8%) + $6.3-6.8B (+5-7%); adj. EPS $4.10-4.80 + $4.40-5.20 (+8-12% growth); rate base $15-17B + $16-19B; capital return $640-675M + $680-720M; dividend $2.78-2.94 + $2.92-3.10 maintaining 21-22 consecutive year dividend track post-merger. Selected dual-state Kansas + Missouri utility franchise + selected industrial load growth optionality + selected continued capex investment support continued strategic positioning through FY2027.