Evergy Announces First Quarter 2025 Results, Declares Quarterly Dividend and Reaffirms 2025 Guidance

   -- First Quarter 2025 GAAP EPS of $0.54, compared to $0.53 in 2024 
 
   -- First Quarter 2025 Adjusted EPS (non-GAAP) of $0.54, compared to $0.54 in 
      2024 
 
   -- Declares quarterly dividend of $0.6675 per share 
 
   -- Reaffirms 2025 GAAP and Adjusted (non-GAAP) EPS guidance of $3.92 to 
      $4.12 
KANSAS CITY, Mo.--(BUSINESS WIRE)--May 08, 2025-- 

Evergy, Inc. $(EVRG)$ today announced first quarter 2025 GAAP earnings of $125.0 million, or $0.54 per share, compared to GAAP earnings of $122.7 million, or $0.53 per share, for the first quarter 2024.

Evergy's first quarter 2025 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $125.0 million, or $0.54 per share, compared to $124.7 million, or $0.54 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.

Relative to the same period in 2024, first quarter 2025 adjusted earnings (non-GAAP) per share were driven by recovery of regulated investments, partially offset by lower demand resulting from an unplanned customer maintenance shutdown and the impact of leap year during the same period last year, higher interest expense and higher depreciation and amortization expense.

"The first quarter marked several important steps forward in advancing constructive policies that will enable and support economic prosperity in our region. On April 9th, Governor Mike Kehoe signed into law Missouri Senate Bill 4, a transformative piece of legislation that will support infrastructure investment, resource adequacy, reliability and growth. In Kansas, the passage of Senate Bill 98 further enhances the state's competitive positioning to attract large data center customers, while House Bill 2107 recognizes the need for continued critical infrastructure investment that mitigates wildfire risk while de-risking our operations," said David Campbell, chairman and chief executive officer. "We also made progress in seeking approval for new generation projects in Kansas, having filed settlements for our modern, high-efficiency natural gas plants and a solar farm."

"We are reaffirming our 2025 adjusted EPS guidance range and remain laser-focused on delivering against our financial targets while delivering affordable and reliable electric service to our 1.7 million customers," Campbell continued. "Our long-term outlook remains bright - relative to our size, the backlog for large customers evaluating Kansas and Missouri is one of the most robust in the country, and we look forward to announcements later in the year."

Earnings Guidance

The Company reaffirmed its 2025 GAAP EPS and adjusted EPS (non-GAAP) guidance range of $3.92 to $4.12. Additionally, the Company reaffirmed its long-term adjusted EPS (non-GAAP) annual growth target of 4% to 6% through 2029 based on the 2025 adjusted EPS (non-GAAP) guidance midpoint of $4.02. The Company expects adjusted EPS growth in the upper half of the 4% to 6% range beginning in 2026. Adjusted EPS (non-GAAP) guidance is reconciled to GAAP EPS guidance in the financial table included in this release.

Dividend Declaration

The Board of Directors declared a dividend on the Company's common stock of $0.6675 per share payable on June 20, 2025. The dividends are payable to shareholders of record as of May 23, 2025.

Earnings Conference Call

Evergy management will host a conference call Thursday, May 8, 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 first quarter financial information, the Company's quarterly report on Form 10-Q for the period ended March 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 the three months ended March 31, 2025 were $125.0 million or $0.54 per share. For the three months ended March 31, 2024, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $124.7 million or $0.54 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 mark-to-market impacts of economic hedges related to Evergy Kansas 
      Central's 8% ownership share of JEC; 

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)                   (Loss) 
                                        per                      per 
                        Earnings      Diluted     Earnings     Diluted 
                         (Loss)        Share       (Loss)       Share 
--------------------  ------------  -----------  ----------  ----------- 
Three Months Ended 
March 31                        2025                      2024 
--------------------  -------------------------  ----------------------- 
                             (millions, except per share amounts) 
Net income 
 attributable to 
 Evergy, Inc.          $   125.0     $   0.54     $  122.7    $   0.53 
Non-GAAP reconciling 
items: 
     Mark-to-market 
      impact of JEC 
      economic 
      hedges, 
      pre-tax(a)             --           --          2.6         0.01 
     Income tax 
     benefit (b)             --           --         (0.6)         -- 
--------------------      --------      -------      ------      ------- 
     Adjusted 
      earnings 
      (non-GAAP)       $   125.0     $   0.54     $  124.7    $   0.54 
--------------------      --------      -------      ------      ------- 
(a) Reflects mark-to-market gains or losses related to forward contracts 
for natural gas and electricity entered into as economic hedges against 
fuel price volatility related to Evergy Kansas Central's 8% ownership 
share of JEC that are included in operating revenues on the consolidated 
statements of comprehensive income. 
(b) Reflects an income tax effect calculated at a statutory rate of 
approximately 22%. 
 

GAAP to Non-GAAP Earnings Guidance

 
                                              2024            2025 
                                          Earnings per    Earnings per 
                                          Diluted Share   Diluted Share 
                                            Guidance        Guidance 
---------------------------------------  --------------  -------------- 
Net income attributable to Evergy, Inc.  $3.73 -- $3.93  $3.92 -- $4.12 
---------------------------------------  --------------  -------------- 
Non-GAAP reconciling items: 
                   -                           -               - 
---------------------------------------  --------------  -------------- 
Adjusted earnings (non-GAAP)             $3.73 -- $3.93  $3.92 -- $4.12 
---------------------------------------  --------------  -------------- 
 

About Evergy

Evergy, Inc. (NASDAQ: EVRG) serves 1.7 million customers in Kansas and Missouri. Evergy's mission is to empower a better future. Our focus remains on producing, transmitting and delivering reliable, affordable, and sustainable energy for the benefit of our stakeholders. Today, about half of Evergy's power comes from carbon-free sources, creating more reliable energy with less impact to the environment. We value innovation and adaptability to give our customers better ways to manage their energy use, to create a safe workplace and to add value for our investors. Headquartered in Kansas City, our employees are active members of the communities we serve.

For more information about Evergy, visit us at http://investors.evergy.com.

Forward Looking Statements

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