Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy operates primarily through the following wholly-owned direct subsidiaries listed below.

•Evergy Kansas Central, Inc. (Evergy Kansas Central) is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, Inc. (Evergy Kansas South).

•Evergy Transmission Company, LLC (Evergy Transmission Company) owns 13.5% of Transource Energy, LLC (Transource) with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of American Electric Power Company, Inc. (AEP). Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method.

Evergy Kansas Central also owns a 50% interest in Prairie Wind Transmission, LLC (Prairie Wind), which is a joint venture between Evergy Kansas Central and subsidiaries of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kilovolt (kV) double-circuit transmission line that provides transmission service in the Southwest Power Pool, Inc. (SPP). Evergy Kansas Central accounts for its investment in Prairie Wind under the equity method.

Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West conduct business in their respective service territories using the name Evergy. Collectively, the Evergy Companies have approximately 15,800 megawatts (MWs) of owned generating capacity and renewable power purchase agreements and engage in the generation, transmission, distribution and sale of electricity to approximately 1.7 million customers in the states of Kansas and Missouri.

These unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements in the Evergy Companies' combined 2023 Form 10-K.

These unaudited consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary to fairly present the unaudited consolidated financial statements for each of the Evergy Companies for these interim periods. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

Each of Evergy's, Evergy Kansas Central's and Evergy Metro's unaudited consolidated financial statements includes the accounts of their subsidiaries and the variable interest entities (VIE) of which Evergy and Evergy Kansas Central are the primary beneficiaries. Undivided interests in jointly-owned generation facilities are included on a proportionate basis. Intercompany transactions have been eliminated. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment).

Cash equivalents consists of highly liquid investments with original maturities of three months or less at acquisition. Evergy has restricted cash included in Other within Other Assets on Evergy's consolidated balance sheets to facilitate servicing of Evergy Missouri West Storm Funding I, LLC's (Evergy Missouri West Storm Funding) debt. See Note 12 for additional information on the VIE. The following table summarizes the cash, cash equivalents and restricted cash included on Evergy's consolidated balance sheets.


	March 31 2024		December 31 2023
Evergy	(millions)
Current assets
Cash and cash equivalents	$	63.7	$	27.7

Other assets
Other	1.7		—
Total cash, cash equivalents and restricted cash	$	65.4	$	27.7


	March 31 2024		December 31 2023
Evergy	(millions)
Fuel inventory	$	263.8	$	257.3
Supplies	536.9		518.9
Fuel inventory and supplies	$	800.7	$	776.2
Evergy Kansas Central
Fuel inventory	$	142.1	$	138.6
Supplies	280.3		273.3
Fuel inventory and supplies	$	422.4	$	411.9
Evergy Metro
Fuel inventory	$	84.2	$	81.5
Supplies	191.8		183.1
Fuel inventory and supplies	$	276.0	$	264.6


March 31, 2024	Evergy			Evergy Kansas Central			Evergy Metro
		(millions)
Electric plant in service		$	34,923.8		$	17,049.7		$	13,098.8
Electric plant acquisition adjustment		724.9			724.9			—
Accumulated depreciation		(13,493.2)			(6,581.6)			(5,494.3)
Plant in service, net		22,155.5			11,193.0			7,604.5
Construction work in progress		1,598.9			956.2			468.4
Nuclear fuel, net		190.5			94.9			95.6
Plant to be retired, net(b)		0.8			0.8			—
Property, plant and equipment, net		$	23,945.7		$	12,244.9		$	8,168.5

December 31, 2023	Evergy			Evergy Kansas Central			Evergy Metro
		(millions)
Electric plant in service(a)		$	34,558.1		$	16,858.7		$	13,005.5
Electric plant acquisition adjustment		724.9			724.9			—
Accumulated depreciation(a)		(13,301.6)			(6,502.7)			(5,404.9)
Plant in service, net(a)		21,981.4			11,080.9			7,600.6
Construction work in progress		1,543.5			939.1			428.7
Nuclear fuel, net		203.0			101.1			101.9
Plant to be retired, net(b)		0.8			0.8			—
Property, plant and equipment, net(a)		$	23,728.7		$	12,121.9		$	8,131.2

(a) As of March 31, 2024, Evergy and Evergy Kansas Central classified Property, Plant and Equipment of VIE, net as Property, Plant and Equipment, net. To conform with the current period presentation, amounts previously reported as Property, Plant and Equipment of VIE, net as of December 31, 2023, have been reclassified to Property, Plant and Equipment, net.



Three Months Ended March 31	2024		2023
Evergy	(millions)
Non-service cost component of net benefit cost	$	(4.6)	$	(14.8)
Other	(4.9)		(6.5)
Other expense	$	(9.5)	$	(21.3)
Evergy Kansas Central
Non-service cost component of net benefit cost	$	0.5	$	(4.0)
Other	(4.2)		(5.9)
Other expense	$	(3.7)	$	(9.9)
Evergy Metro
Non-service cost component of net benefit cost	$	(3.0)	$	(8.7)
Other	(0.6)		(0.3)
Other expense	$	(3.6)	$	(9.0)

To compute basic earnings per common share (EPS), Evergy divides net income attributable to Evergy, Inc. by the weighted average number of common shares outstanding. Diluted EPS includes the effect of issuable common shares resulting from restricted share units (RSUs), restricted stock, convertible notes and a warrant. Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock method, the contingently issuable share method or the if-converted method, as applicable.



Three Months Ended March 31	2024		2023
Income	(millions, except per share amounts)
Net income	$	125.8	$	145.7
Less: net income attributable to noncontrolling interests	3.1		3.1
Net income attributable to Evergy, Inc.	$	122.7	$	142.6
Common Shares Outstanding
Weighted average number of common shares outstanding - basic	230.2		230.0
Add: effect of dilutive securities	0.2		0.3
Diluted average number of common shares outstanding	230.4		230.3
Basic and Diluted EPS	$	0.53	$	0.62

Anti-dilutive securities excluded from the computation of diluted EPS for the three months ended March 31, 2024 and 2023 were 3,950,000 common shares issuable pursuant to a warrant. Also, there was no dilution resulting from Evergy's convertible notes for the three months ended March 31, 2024 and 2023.

In May 2024, Evergy's Board of Directors (Evergy Board) declared a quarterly dividend of $0.6425 per share on Evergy's common stock. The common dividend is payable on June 20, 2024, to shareholders of record as of May 20, 2024.


Evergy
Three Months Ended March 31	2024		2023
Cash paid for (received from):	(millions)
Interest, net of amount capitalized	$	105.3	$	133.0

Income taxes, net of refunds	(0.2)		(0.5)
Right-of-use assets obtained in exchange for new operating lease liabilities	1.9		6.2
Right-of-use assets obtained in exchange for new finance lease liabilities	5.1		—
Non-cash investing transactions:
Property, plant and equipment additions	105.1		112.1


Evergy Kansas Central
Three Months Ended March 31	2024		2023
Cash paid for (received from):	(millions)
Interest, net of amount capitalized	$	48.8	$	56.3

Income taxes, net of refunds	(0.2)		(0.2)
Right-of-use assets obtained in exchange for new operating lease liabilities	0.7		2.7
Right-of-use assets obtained in exchange for new finance lease liabilities	1.3		—
Non-cash investing transactions:
Property, plant and equipment additions	47.6		54.8


Evergy Metro
Three Months Ended March 31	2024		2023
Cash paid for (received from):	(millions)
Interest, net of amount capitalized	$	21.3	$	31.1

Right-of-use assets obtained in exchange for new operating lease liabilities	1.0		3.5
Right-of-use assets obtained in exchange for new finance lease liabilities	3.5		—
Non-cash investing transactions:
Property, plant and equipment additions	39.9		41.0