Evergy, Inc. Q3 FY2025 earnings call

• David Campbell noted third quarter adjusted earnings of $2.03 per share vs $2.02 per share last year, with year-to-date adjusted earnings at $3.41 per share. Narrowed 2025 adjusted EPS guidance to $3.92-$4.02 from $3.92-$4.12 due to weather headwinds but offset by mitigation actions. Announced a 4% increase in quarterly dividend. Highlighted strong operational and reliability performance, including Wolf Creek's refueling outage. Discussed economic development pipeline with over 15 gigawatts, including Tier 1 large customer load opportunities like Lambda's data center plan. Outlined regulatory developments in Kansas and Missouri, including settlement agreements for rate cases and large load power service tariffs. - Bryan Buckler reviewed third quarter results, sales trends with 2% weather-normalized demand increase, and updated guidance. Talked about capital expenditure and rate base growth forecast, emphasizing tailwinds from economic development and infrastructure investment.

No specific product segment breakdown mentioned in the transcript.

• Narrowed 2025 adjusted EPS guidance range to $3.92 to $4.02 per share from $3.92 to $4.12 per share due to weather headwinds offset by $0.10 EPS benefit from mitigation. - Anticipate incremental $0.02 dilution from convertible notes due to strong stock performance. - Expect to be in the top half of 4% to 6% growth in EPS in 2026 off the midpoint of 2025 original guidance range.

• Weather headwinds negatively impacted results by $0.13 per share in 2025. - Regulatory lag and potential challenges in rate case proceedings. - External factors affecting generation investments, such as changes in federal and local policies impacting renewables.

Q: About 2026 Missouri legislative session priorities and rate case cadence A: David Campbell said much of 2026 will be around implementing SB4 rulemakings, with a lighter calendar but important steps on constructive mechanisms Q: On $17.5 billion CapEx and rate case filing A: David Campbell explained that new generation is about 1/3 of the capital plan, 2/3 is traditional categories like grid modernization; CWIP mechanisms in Kansas and Missouri help mitigate lag Q: On third data center and sales growth impact A: David Campbell said the third data center in the finalizing agreements category is additive to 4%-5% sales growth potential, post-2029 but not quantified yet Q: On LLPS tariff discussions A: David Campbell said Kansas has a unanimous settlement agreement expected to be decided later today; Missouri has a partial settlement with a decision expected by end of year; LLPS is key for enabling customer projects Q: On financing plan and cash from new agreements A: Bryan Buckler said current $17.5 billion capital plan will be funded in part by equity; cash from new agreements could reduce equity needs; upside bias in capital needs exists Q: On weather swings and plan conservatism A: David Campbell said they consider weather as an external factor, focus on controllable factors, and will address in year-end update Q: On rate base growth and earnings CAGR spread A: David Campbell said year-end update will address the relationship between rate base growth, load growth, and earnings growth Q: On regulatory lag estimate A: Bryan Buckler said PISA, CWIP, and loan growth help bridge regulatory lag, details to be shared in February