Regulated Electric Utilities

credit / rates affecting interest expense

“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.”

EVRG 10-Q

demand / volume affecting orders

“We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management to support its assertions about impacted account balances and disclosures and the degree of subjectivity involved in assessing the impact of future regulatory orders on the financial statements.”

EVRG 10-K

demand / volume affecting expense

“Three Months Ended September 30 Year to Date September 30 2025 Change 2024 2025 Change 2024 (millions, except per share amounts) Net income attributable to Evergy, Inc. $ 475.0 $ 9.4 $ 465.6 $ 771.3 $ (24.0) $ 795.3 Earnings per common share, diluted 2.03 0.01 2.02 3.31 (0.14) 3.45 Net income attributable to Evergy, Inc. increased for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to new Evergy Missouri West retail rates effective in January 2025 and higher retail sales in the third quarter of 2025 driven by higher weather-normalized demand; partially offset by higher interest and depreciation expenses and lower proceeds from corporate-owned life insurance (COLI).”

EVRG 10-Q