On this page of StockholderLetter.com we present the latest annual shareholder letter from Evergy, Inc. — ticker symbol EVRG. Reading current and past EVRG letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report Evergy | 2025 Annual Report Turning Opportunity Into Growth
Evergy, Inc. (NASDAQ: EVRG), through its operating subsidiaries Evergy Kansas Central, Evergy Metro, and Evergy Missouri West, provides clean, safe and reliable energy to 1.7 million customers in Kansas and Missouri. Contents 1 CEO s Message 4 Our Core Strategy 6 The Opportunity 8 The Power 10 Working Together 13 Directors & Officers David A. Campbell Chairman and Chief Executive Officer
CEO s Message We re Turning Opportunity Into Growth by Working Smart and Being Prepared Dear fellow shareholders, In turning our region s unprecedented economic development opportunity into growth, affordability remains at the forefront. Driving affordability is one of our key strategic objectives along with reliability and sustainability as we work to empower a better future for our customers, the communities we serve, and all our stakeholders. With that in mind, the Evergy story in 2025 was one of opportunity and growth for our company and for our region. Our cross-functional, systematic approach to evaluating new large customer requests further matured as we identified a Tier One 4-to-6 gigawatt growth opportunity in the context of our broader economic development backlog, which grew to over 15 gigawatts. Previously announced projects, including Panasonic s electric vehicle battery manufacturing plant in Kansas which the company has described as the largest in the world and Meta s data center in Missouri, held grand openings and commenced operations. Perhaps most critically, we proposed new large load power service (LLPS) tariffs in Kansas and Missouri, both of which were approved by our state commissions in November. The LLPS tariffs were specifically designed to ensure that new large customers will pay their fair share, without jeopardizing affordability for our existing customers. In addition, we received approvals to construct three new natural gas plants and three solar farms, consistent with our all-of-the-above generation strategy that will allow us to reliably serve our growing customer base. Operational performance was strong in 2025. Safety is at the core of what we do and our employees achieved a significant reduction in injuries in 2025. In terms of reliability, plant operational availability improved and we delivered the strongest results in Evergy s history for average customer outage duration (SAIDI). Overall, we demonstrated in 2025 that we can turn opportunity into growth in our region while ensuring that the appropriate policies and frameworks exist for all to prosper. Exciting opportunities, and related challenges, lie ahead as we invest to meet growing energy demand and support economic growth while providing sound operational execution and advancing our strategic objectives of affordability, reliability and sustainability. Financial Results Our financial results in 2025 were below the expectations we set out at the beginning of the year, reflecting significant weather headwinds and some industrial demand challenges. Our team effectively managed costs and factors that were more directly within our control, but we were unable to offset the full magnitude of the weather and load impacts in what was otherwise a strong year of operational and regulatory execution. We reported adjusted earnings per share (EPS) of $3.83, below our original midpoint of $4.02. While our 2025 financial results were below expectations, I am proud of our team s response and our shared commitment to accountability and performance. We increased our dividend by 4 percent to an annual rate of $2.78 per share, and with the comprehensive update to our growth outlook that we provided in February 2026, we adjusted our earnings per share growth target to 6 to 8 percent plus. Evergy 2025 Annual Report 1
CEO s Message (continued) Since 2017, Evergy total rates rose 4.9% while regional rates rose on average 18.9% and inflation was 29% Our Strategic Objectives Our work to turn opportunity into growth is driven by our strategic objectives to advance affordability, reliability and sustainability. It starts with our privilege and responsibility to serve and empower a better future for our 1.7 million customers and the communities in which we live and do business. They are the foundation on which our success is built today and in the future, as we mobilize the company to take advantage of historic economic development growth opportunities and advance the prosperity for our region. Since the merger that created Evergy in 2018, we ve advanced affordability with retail rate trajectories in both our Kansas and Missouri service territories well below cumulative inflation and regional peer rate increases, significantly improving our regional rate competitiveness. We achieved this result through effective execution and cost management, and our focus going forward remains on improving productivity and managing costs. Over the long-term, we aim to keep the retail rate trajectory near inflation. Our affordability progress has directly contributed to economic development wins which will in turn contribute to affordability going forward. We re making sure that new large customers pay their appropriate share through newly approved tariffs in both Kansas and Missouri. Critically, large load customers allow system costs to be spread over a broader base, supporting our residential customers and competitive rates over the long-term. In 2025, we outperformed targets and achieved significant improvements in safety, reliability and the generation forced outage rate. When operating a set of companies that in one form or another have been in our communities for more than 125 years, sustainability is in our DNA, and we must be forward-thinking in our approach to continue that success. We must be good stewards of the resources we consume, the environment that we impact, and the energy that we produce. About half of our generation comes from non-carbon emitting resources, and since 2005, while growing our business we ve reduced total carbon 2 Evergy 2025 Annual Report dioxide emissions by 47 percent, sulfur dioxide emissions by 98 percent, and nitrogen oxide emissions by 89 percent. The Opportunity Alongside the advantages of a central U.S. location and strong renewables footprint, pro-growth business and tax policies have further established Kansas and Missouri as attractive destinations for advanced manufacturing and data center customers. Looking beyond significant projects to-date Panasonic, Meta and Google our economic development pipeline represents more than 15 gigawatts of demand. This compares to Evergy s existing peak load forecast of about 11 gigawatts. While all of this load may not ultimately be addressable, the significant large customer interest demonstrates the vitality of our region. Our priority focus is a 4-to-6 gigawatt subset of these projects, each at various stages of development, which could drive significant growth into the next decade. Ongoing work with these customers outlining financial commitments, conducting transmission and generation studies, seeking interconnection approvals has given us confidence in our ability to serve this Tier 1 pipeline in the coming years. Converting these opportunities into executed electric service agreements would contribute significantly to the prosperity of Kansas and Missouri, providing local benefits including massive new infrastructure investments, a leading-edge regional digital economy, job growth and a significantly expanded tax base. In short, this would represent transformative growth for Evergy and our communities, and we re taking a proactive approach to capitalizing on the historic opportunity as part of advancing our strategic goals of affordability, reliability and sustainability. Our All-of-the-Above Generation Strategy Our all-of-the-above strategy for our generation fleet will allow Evergy to take advantage of best-in-class efficiency of new resources and ensure a balanced generation portfolio for current and future Kansas and Missouri customers. Investments in new
generation are critical to ensuring we can affordably and reliably meet our obligation to serve and support growth in our region. Having a balanced energy mix will support affordability in both the short- and long-term. In 2025, we made substantial progress in our all-of-the-above strategy and received commission authorization to construct three new natural gas plants and three new solar farms; historically, both of these energy sources have been relatively small in our generation portfolio. Natural gas is particularly advantaged now because it s the most cost-effective, efficient, reliable generation that can be dispatched as needed. Solar is a complementary addition to our mix because it s most efficient during times of our highest demand the hot summer days with soaring temperatures that are common to our region. We also reached a major milestone in 2025 as Wolf Creek celebrated its 40th anniversary of generating baseload, reliable, non-carbon emitting energy for our customers. Nuclear will continue to play an important role in our portfolio going forward, and we ll continue to evaluate newer technologies as they become more economic and commercially viable. Working Together With All Our Stakeholders Similar to 2024, we had another productive year in 2025 working collaboratively with stakeholders to position Kansas, Missouri and Evergy for success in supporting growth, enabling beneficial infrastructure investment, and supporting customer affordability. With actions taken over the last two years, Kansas and Missouri are well-positioned to advance economic development. Constructive legislation in the 2024 and 2025 sessions mitigate regulatory lag, enable infrastructure investment in distribution, transmission, and generation, and promote economic prosperity for our customers and communities, while also solidifying our region as a premier destination for advanced manufacturing and data center customers. Of note, the large load tariffs approved by both states are critical in providing certainty to large customers while helping advance our affordability strategic objective by sharing costs appropriately. Given the nature of our business, our company s prosperity is tied to our region s prosperity. We are heavily involved in our local communities, making significant investments of resources, time and talent in the places where we live and work, and where our employees contribute, volunteer and engage. Compelling Investment Outlook Our successes as a company are owed to the dedication, skills and teamwork of our employees from the tireless efforts of our distribution lineman, transmission and customer service teams in restoration, to the generation employees responsible for keeping our assets online and producing the energy needed by our customers, to our company-wide effort to drive safety performance. So much of what we do involves day-to-day, aroundthe-clock effort to ensure safe, affordable and reliable electric power that is essential to our customers everyday lives, and I would like to recognize and applaud our employees for their dedication to service. Evergy continues to provide a compelling opportunity with an attractive growth pipeline that stands out relative to our current size. We have worked tirelessly to achieve alignment across our Kansas and Missouri stakeholders on policy and regulatory frameworks that support the infrastructure investments needed to attract and serve new customers. We are well on the way to converting that pipeline into growth, which will in turn drive prosperity for our company and the communities we serve. Thank you for your continued confidence in our company. David A. Campbell Chairman and Chief Executive Officer Evergy 2025 Annual Report 3
 • shareholder letter icon 3/26/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/22/2023 EVRG Stockholder Letter
 • stockholder letter icon 3/28/2024 EVRG Stockholder Letter
 • stockholder letter icon 3/27/2025 EVRG Stockholder Letter
 • stockholder letter icon More "Electric Utilities" Category Stockholder Letters
 • Benford's Law Stocks icon EVRG Benford's Law Stock Score = 92


EVRG Shareholder/Stockholder Letter Transcript:

2025 Annual Report
Evergy | 2025 Annual Report
Turning
Opportunity
Into
Growth

Evergy, Inc. (NASDAQ: EVRG), through its operating subsidiaries
Evergy Kansas Central, Evergy Metro, and Evergy Missouri West,
provides clean, safe and reliable energy to 1.7 million customers
in Kansas and Missouri.
Contents
1
CEO   s Message
4
Our Core Strategy
6
The Opportunity
8
The Power
10
Working Together
13
Directors & Officers
David A. Campbell
Chairman and
Chief Executive Officer

CEO   s Message
We   re Turning Opportunity Into Growth by
Working Smart and Being Prepared
Dear fellow shareholders,
In turning our region   s unprecedented economic development
opportunity into growth, affordability remains at the forefront.
Driving affordability is one of our key strategic objectives   
along with reliability and sustainability   as we work to empower
a better future for our customers, the communities we serve,
and all our stakeholders.
With that in mind, the Evergy story in 2025 was one of
opportunity and growth for our company and for our region.
Our cross-functional, systematic approach to evaluating new
large customer requests further matured as we identified a
   Tier One    4-to-6 gigawatt growth opportunity in the context of
our broader economic development backlog, which grew to
over 15 gigawatts. Previously announced projects, including
Panasonic   s electric vehicle battery manufacturing plant in
Kansas   which the company has described as the largest in the
world   and Meta   s data center in Missouri, held grand openings
and commenced operations.
Perhaps most critically, we proposed new large load power
service (LLPS) tariffs in Kansas and Missouri, both of which were
approved by our state commissions in November. The LLPS tariffs
were specifically designed to ensure that new large customers
will pay their fair share, without jeopardizing affordability for
our existing customers. In addition, we received approvals to
construct three new natural gas plants and three solar farms,
consistent with our    all-of-the-above    generation strategy that will
allow us to reliably serve our growing customer base.
Operational performance was strong in 2025. Safety is at the core
of what we do and our employees achieved a significant reduction
in injuries in 2025. In terms of reliability, plant operational
availability improved and we delivered the strongest results in
Evergy   s history for average customer outage duration (SAIDI).
Overall, we demonstrated in 2025 that we can turn opportunity
into growth in our region while ensuring that the appropriate
policies and frameworks exist for all to prosper. Exciting
opportunities, and related challenges, lie ahead as we invest
to meet growing energy demand and support economic
growth while providing sound operational execution and
advancing our strategic objectives of affordability, reliability
and sustainability.
Financial Results
Our financial results in 2025 were below the expectations we set
out at the beginning of the year, reflecting significant weather
headwinds and some industrial demand challenges. Our team
effectively managed costs and factors that were more directly
within our control, but we were unable to offset the full magnitude
of the weather and load impacts in what was otherwise a strong
year of operational and regulatory execution. We reported
adjusted earnings per share (EPS) of $3.83, below our original
midpoint of $4.02. While our 2025 financial results were below
expectations, I am proud of our team   s response and our shared
commitment to accountability and performance.
We increased our dividend by 4 percent to an annual rate of
$2.78 per share, and with the comprehensive update to our
growth outlook that we provided in February 2026, we adjusted
our earnings per share growth target to 6 to 8 percent plus.
Evergy 2025 Annual Report
1

CEO   s Message (continued)
Since 2017, Evergy total rates rose 4.9% while regional
rates rose on average 18.9% and inflation was 29%
Our Strategic Objectives
Our work to turn opportunity into growth is driven by our strategic
objectives to advance affordability, reliability and sustainability.
It starts with our privilege and responsibility to serve and empower
a better future for our 1.7 million customers and the communities
in which we live and do business. They are the foundation on
which our success is built today and in the future, as we mobilize
the company to take advantage of historic economic development
growth opportunities and advance the prosperity for our region.
Since the merger that created Evergy in 2018, we   ve advanced
affordability with retail rate trajectories in both our Kansas and
Missouri service territories well below cumulative inflation and
regional peer rate increases, significantly improving our regional
rate competitiveness. We achieved this result through effective
execution and cost management, and our focus going forward
remains on improving productivity and managing costs. Over the
long-term, we aim to keep the retail rate trajectory near inflation.
Our affordability progress has directly contributed to economic
development wins which will in turn contribute to affordability
going forward. We   re making sure that new large customers
pay their appropriate share through newly approved tariffs in
both Kansas and Missouri. Critically, large load customers allow
system costs to be spread over a broader base, supporting our
residential customers and competitive rates over the long-term.
In 2025, we outperformed targets and achieved significant
improvements in safety, reliability and the generation forced
outage rate.
When operating a set of companies that   in one form or
another   have been in our communities for more than 125 years,
sustainability is in our DNA, and we must be forward-thinking
in our approach to continue that success. We must be good
stewards of the resources we consume, the environment that
we impact, and the energy that we produce. About half of our
generation comes from non-carbon emitting resources, and since
2005, while growing our business we   ve reduced total carbon
2
Evergy 2025 Annual Report
dioxide emissions by 47 percent, sulfur dioxide emissions by
98 percent, and nitrogen oxide emissions by 89 percent.
The Opportunity
Alongside the advantages of a central U.S. location and strong
renewables footprint, pro-growth business and tax policies have
further established Kansas and Missouri as attractive destinations
for advanced manufacturing and data center customers. Looking
beyond significant projects to-date   Panasonic, Meta and Google   
our economic development pipeline represents more than
15 gigawatts of demand. This compares to Evergy   s existing peak
load forecast of about 11 gigawatts. While all of this load may not
ultimately be addressable, the significant large customer interest
demonstrates the vitality of our region.
Our priority focus is a 4-to-6 gigawatt subset of these projects,
each at various stages of development, which could drive
significant growth into the next decade. Ongoing work with
these customers   outlining financial commitments, conducting
transmission and generation studies, seeking interconnection
approvals   has given us confidence in our ability to serve this
Tier 1 pipeline in the coming years. Converting these opportunities
into executed electric service agreements would contribute
significantly to the prosperity of Kansas and Missouri, providing
local benefits including massive new infrastructure investments,
a leading-edge regional digital economy, job growth and a
significantly expanded tax base.
In short, this would represent transformative growth for Evergy
and our communities, and we   re taking a proactive approach to
capitalizing on the historic opportunity as part of advancing our
strategic goals of affordability, reliability and sustainability.
Our All-of-the-Above Generation Strategy
Our all-of-the-above strategy for our generation fleet will allow
Evergy to take advantage of best-in-class efficiency of new
resources and ensure a balanced generation portfolio for current
and future Kansas and Missouri customers. Investments in new

generation are critical to ensuring we can affordably and reliably
meet our obligation to serve and support growth in our region.
Having a balanced energy mix will support affordability in both
the short- and long-term.
In 2025, we made substantial progress in our all-of-the-above
strategy and received commission authorization to construct
three new natural gas plants and three new solar farms;
historically, both of these energy sources have been relatively
small in our generation portfolio. Natural gas is particularly
advantaged now because it   s the most cost-effective, efficient,
reliable generation that can be dispatched as needed. Solar is a
complementary addition to our mix because it   s most efficient
during times of our highest demand   the hot summer days with
soaring temperatures that are common to our region.
We also reached a major milestone in 2025 as Wolf Creek
celebrated its 40th anniversary of generating baseload,
reliable, non-carbon emitting energy for our customers.
Nuclear will continue to play an important role in our portfolio
going forward, and we   ll continue to evaluate newer technologies
as they become more economic and commercially viable.
Working Together     With All Our Stakeholders
Similar to 2024, we had another productive year in 2025 working
collaboratively with stakeholders to position Kansas, Missouri
and Evergy for success in supporting growth, enabling beneficial
infrastructure investment, and supporting customer affordability.
With actions taken over the last two years, Kansas and Missouri are
well-positioned to advance economic development. Constructive
legislation in the 2024 and 2025 sessions mitigate regulatory lag,
enable infrastructure investment in distribution, transmission, and
generation, and promote economic prosperity for our customers
and communities, while also solidifying our region as a premier
destination for advanced manufacturing and data center customers.
Of note, the large load tariffs approved by both states are critical in
providing certainty to large customers while helping advance our
affordability strategic objective by sharing costs appropriately.
Given the nature of our business, our company   s prosperity is
tied to our region   s prosperity. We are heavily involved in our local
communities, making significant investments of resources, time
and talent in the places where we live and work, and where our
employees contribute, volunteer and engage.
Compelling Investment Outlook
Our successes as a company are owed to the dedication, skills
and teamwork of our employees   from the tireless efforts of
our distribution lineman, transmission and customer service
teams in restoration, to the generation employees responsible
for keeping our assets online and producing the energy needed
by our customers, to our company-wide effort to drive safety
performance. So much of what we do involves day-to-day, aroundthe-clock effort to ensure safe, affordable and reliable electric
power that is essential to our customers    everyday lives, and
I would like to recognize and applaud our employees for their
dedication to service.
Evergy continues to provide a compelling opportunity with
an attractive growth pipeline that stands out relative to our
current size. We have worked tirelessly to achieve alignment
across our Kansas and Missouri stakeholders on policy and
regulatory frameworks that support the infrastructure
investments needed to attract and serve new customers.
We are well on the way to converting that pipeline into growth,
which will in turn drive prosperity for our company and the
communities we serve.
Thank you for your continued confidence in our company.
David A. Campbell
Chairman and Chief Executive Officer
Evergy 2025 Annual Report
3


shareholder letter icon 3/26/2026 Letter Continued (Full PDF)
 

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