Evergy (EVRG) investor relations material

Executive summary

• Raised long-term adjusted EPS growth target to 6%-8%+ through 2030, expecting to exceed 8% annually from 2028, based on a 2026 guidance midpoint of $4.24 per share.

• Achieved 2025 adjusted EPS of $3.83, with GAAP EPS at $3.66, and declared a quarterly dividend of $0.6950 per share, annualized at $2.78.

• Secured electric service agreements for four major data center projects (~1.9 GW peak demand), with at least one more ESA expected in 2026.

• Approved new large load power service tariffs in Kansas and Missouri, ensuring premium rates for large customers and supporting system costs.

• Advanced economic development pipeline to over 15 GW, with robust interest from global technology leaders.

Financial highlights

• 2025 adjusted earnings were $893.8 million ($3.83/share), up from $877.9 million ($3.81/share) in 2024; GAAP EPS was $3.66, down from $3.79.

• 2025 results were negatively impacted by weather and weak industrial demand, partially offset by cost mitigation and commercial demand growth.

• 2026 adjusted EPS guidance midpoint set at $4.24, with a range of $4.14–$4.34, driven by normalization of weather, strong demand growth, and new rates.

• Rate base expected to grow from $20.7B in 2025 to ~$36B in 2030, an 11.5% CAGR.

• Dividend payout ratio targeted to decline to 50%-60% over time, from recent 65%-70%.

Outlook and guidance

• Forecasts 6% consolidated retail load growth CAGR through 2030, driven by data center and advanced manufacturing ESAs.

• Capital investment plan of $21.6 billion for 2026-2030, up 24% from prior plan, supporting 11.5% annualized rate base growth.

• Expects EPS growth in lower half of 6%-8% range in 2026-2027, accelerating to above 8% annually from 2028.

• Dividend growth expected, targeting a 50–60% payout ratio over time.

• Anticipates at least one more large ESA in 2026, with additional upside potential beyond current plan.