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Evergy (EVRG) investor relations material
Evergy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 adjusted EPS was $0.82, exceeding internal targets but down from $0.90 in 2024, with GAAP EPS at $0.74; strong reliability and constructive regulatory outcomes in Kansas and Missouri.
Economic development pipeline exceeds 15 GW, with 4–6 GW of large customer load in advanced stages, supporting robust demand growth forecasts.
Reaffirmed 2025 adjusted EPS guidance of $3.92–$4.12 and long-term EPS growth target of 4%–6% through 2029, aiming for the top half of the range from 2026 onward.
$17.5B capital investment planned for 2025–2029, supporting 8.5% annualized rate base growth.
Net income for Q2 2025 was $171.3M, down from $207.0M in Q2 2024, mainly due to lower retail sales, higher expenses, and investment losses, partially offset by new rates and solar project income.
Financial highlights
Q2 2025 adjusted earnings were $191M ($0.82/share) vs. $207M ($0.90/share) in Q2 2024; GAAP EPS was $0.74.
Weather-normalized demand grew 1.4% year-over-year in Q2, driven by residential and commercial usage; milder weather reduced overall demand.
Pricing and demand added $0.08/share, regulated investment recovery added $0.09/share, while higher O&M and depreciation/interest reduced EPS by $0.05 and $0.07, respectively.
Operating and maintenance expenses and interest expense increased year-over-year, impacting earnings.
Adjusted EPS excludes mark-to-market impacts and losses from early-stage clean energy investments, which are being divested.
Outlook and guidance
2025 adjusted EPS guidance reaffirmed at $3.92–$4.12, with expectations to reach the midpoint, assuming normal weather.
Long-term adjusted EPS growth target of 4%–6% through 2029, with expectations to be in the top half of the range from 2026 onward.
Load growth forecast of 2–3% CAGR through 2029, with potential for 4–5% if additional large customer agreements are finalized.
Year-end call in February 2026 will provide updated load forecast, capital plan, and earnings outlook.
New rates for Kansas Central expected to be effective September 29, 2025, pending regulatory approval.
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