--  2025 GAAP EPS of $3.66, compared to $3.79 in 2024 
 
   --  2025 Adjusted EPS (non-GAAP) of $3.83, compared to $3.81 in 2024 
 
   --  Declares quarterly dividend of $0.6950 per share 
 
   --  Announces signing of electric service agreements for four large 
      customer projects 
 
   --  Introduces 2026E-2030E capital investment plan of $21.6 billion 
 
   --  Establishes 2026 Adjusted (non-GAAP) EPS guidance of $4.14-$4.34 and 
      long-term Adjusted EPS (non-GAAP) growth target of 6-8%+ through 2030 
KANSAS CITY, Mo.--(BUSINESS WIRE)--February 19, 2026-- 

Evergy, Inc. $(EVRG)$ today announced full year 2025 GAAP earnings of $855.6 million, or $3.66 per share, compared to GAAP earnings of $873.5 million, or $3.79 per share, for the full year 2024. Fourth quarter 2025 GAAP earnings were $84.3 million, or $0.36 per share, compared to earnings of $78.2 million, or $0.34 per share, for the fourth quarter of 2024.

Evergy's full year 2025 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $893.8 million, or $3.83 per share, compared to $877.9 million, or $3.81 in 2024. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are reconciled to GAAP earnings in the financial table included in this release.

Fourth quarter 2025 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $99.8 million and $0.42 per share, respectively, compared to $80.6 million and $0.35, respectively, in fourth quarter 2024. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are reconciled to GAAP earnings in the financial table included in this release.

Full year 2025 adjusted earnings (non-GAAP) per share benefited from recovery of regulated investments and growth in weather-normalized demand. These favorable results were partially offset by higher depreciation and amortization expense, as well as higher operations and maintenance and interest expense. Weather in 2025 was also milder compared to normal.

"We made significant progress in 2025 in achieving our strongest reliability year since the formation of Evergy, advancing constructive regulatory outcomes, and capitalizing on historic economic development opportunities that will provide growth and affordability benefits for our customers," said David Campbell, chairman and chief executive officer. "Critically, in the fourth quarter we received approval of new large load power service (LLPS) tariffs in both Kansas and Missouri. These tariffs establish the framework under which new large customers will pay a premium rate to locate in our service territories while paying their fair share of existing and new system costs. This in turn will drive affordability benefits for existing customers and enhance economic growth in Kansas and Missouri.

"While I'd like to thank our entire employee base for cost and mitigation actions, we were unable to offset the impact of weather and demand headwinds that negatively impacted our full-year 2025 results. As we look ahead, our fundamental long-term outlook is very strong, bolstered by the recent signing of electric service agreements with two new large customer projects, and the expansion of two existing projects, all under the LLPS framework. We are initiating 2026 adjusted EPS guidance of $4.14 to $4.34 and establishing a long-term growth target of 6% to 8%+. Beginning in 2028, we expect adjusted EPS growth to exceed 8%."

Earnings Guidance

The Company issued its 2026 adjusted EPS (non-GAAP) guidance range of $4.14 to $4.34. Additionally, the Company established its long-term adjusted EPS (non-GAAP) annual growth target of 6% to 8%+ through 2030 based on the 2026 adjusted EPS (non-GAAP) guidance midpoint of $4.24. The Company expects adjusted EPS growth to exceed 8% beginning in 2028 and through 2030. Adjusted EPS (non-GAAP) could differ from GAAP EPS for items such as impairments, divestitures, mark-to-market impacts, the impact of regulatory orders, or changes in accounting principles. Evergy management is not able to forecast if any of these items will occur or any amounts that may be reported for future periods. Therefore, Evergy is not able to provide a corresponding GAAP equivalent for 2026 or future years' adjusted EPS (non-GAAP) guidance.

Dividend Declaration

The Board of Directors declared a dividend on the Company's common stock of $0.6950 per share payable on March 20, 2026. The dividends are payable to shareholders of record as of March 10, 2026.

Earnings Conference Call

Evergy management will host a conference call Thursday, February 19, 2026 with the investment community at 9:00 a.m. ET (8:00 a.m. CT). To view the webcast and presentation slides, please go to investors.evergy.com. To access via phone, investors and analysts will need to register using this link where they will be provided a phone number and access code.

This earnings announcement, a package of detailed fourth quarter financial information, the Company's annual report on Form 10-K for the year ended December 31, 2025, and other filings the Company has made with the Securities and Exchange Commission are available on the Company's website at http://investors.evergy.com.

Adjusted Earnings (non-GAAP) and Adjusted Earnings Per Share (non-GAAP)

Management believes that adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are representative measures of Evergy's recurring earnings, assist in the comparability of results and are consistent with how management reviews performance.

Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for 2025, were $893.8 million or $3.83 per share. For 2024, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $877.9 million or $3.81 per share.

In addition to net income attributable to Evergy, Inc. and diluted EPS, Evergy's management uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without:

   1.  the realized losses, unrealized losses and impairment losses from 
      non-regulated investments in early-stage clean energy and energy solution 
      companies and costs related to the disposal of these investments; 
 
   2.  the mark-to-market impacts of economic hedges related to Evergy Kansas 
      Central's 8% ownership share of Jeffrey Energy Center (JEC). 
 
   3.  the costs incurred in the fourth quarter 2024 resulting from the 
      realignment of the executive operations corporate structure. 

Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are intended to aid an investor's overall understanding of results. Management believes that adjusted earnings (non-GAAP) provides a meaningful basis for evaluating Evergy's operations across periods because it excludes certain items that management does not believe are indicative of Evergy's ongoing performance or that can create period to period earnings volatility.

Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board. Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies' presentations or more useful than the GAAP information provided elsewhere in this report.

 
                              Evergy, Inc 
          Consolidated Earnings and Diluted Earnings Per Share 
                               (Unaudited) 
 
                                 Earnings                    Earnings 
                                (Loss) per                  (Loss) per 
                    Earnings     Diluted       Earnings       Diluted 
                     (Loss)       Share         (Loss)         Share 
----------------   ----------  ------------  ------------  ------------- 
Three Months 
Ended December 
31                           2025                       2024 
----------------   ------------------------  --------------------------- 
                           (millions, except per share amounts) 
Net income 
 attributable to 
 Evergy, Inc.      $84.3       $ 0.36         $  78.2      $        0.34 
Non-GAAP 
reconciling 
items: 
   Losses from 
    investments 
    in 
    early-stage 
    clean energy 
    and energy 
    solutions 
    companies, 
    pre-tax(a)      19.9         0.08              --                 -- 
   Executive 
    operations 
    team 
    realignment, 
    pre-tax(c)        --           --             2.5               0.01 
   Income tax 
    benefit (d)     (4.4)       (0.02)           (0.1)                -- 
-----------------   ----        -----   ---      ----       ------------ 
   Adjusted 
    earnings 
    (non-GAAP)     $99.8       $ 0.42         $  80.6      $        0.35 
-----------------   ----  ---   -----  ----      ----       ------------ 
 
 
                                                           Earnings 
                                   Earnings                 (Loss) 
                                  (Loss) per                  per 
                      Earnings     Diluted      Earnings    Diluted 
                       (Loss)       Share        (Loss)      Share 
------------------   ----------  ------------  ----------  --------- 
                               2025                    2024 
------------------   ------------------------  --------------------- 
                          (millions, except per share amounts) 
Net income 
 attributable to 
 Evergy, Inc.        $855.6      $ 3.66        $873.5      $    3.79 
Non-GAAP 
reconciling 
items: 
   Losses from 
    investments in 
    early-stage 
    clean energy 
    and energy 
    solutions 
    companies, 
    pre-tax(a)         49.0        0.22            --             -- 
   Mark-to-market 
    impact of JEC 
    economic 
    hedges, 
    pre-tax(b)           --          --           2.6           0.01 
   Executive 
    operations team 
    realignment, 
    pre-tax(c)           --          --           2.5           0.01 
   Income tax 

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