• Third quarter 2021 GAAP EPS of $1.95; Adjusted EPS (Non-GAAP) of $1.98
• Increasing quarterly dividend 7%, to $0.5725 per share, annualized to $2.29
• Raising and narrowing 2021 GAAP EPS Guidance to $3.71 to $3.81; Adjusted EPS Guidance to $3.50 to $3.60

Kansas City, Mo., November 3, 2021 – Evergy, Inc. (NYSE: EVRG) today announced third quarter 2021 earnings of $449 million, or $1.95 per share, compared with earnings of $365 million, or $1.60 per share, for the third quarter of 2020.

Evergy’s adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were

$455 million and $1.98 per share, respectively, in the third quarter of 2021 compared with $393 million and $1.73 per share, respectively, in the third quarter of 2020. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are reconciled to GAAP earnings in the financial table included in this release.

Third quarter earnings per share were driven higher primarily by higher retail sales from warmer weather, increased transmission margin, higher other income, and lower income tax expense, partially offset by a decrease in weather-normalized demand.

“We continue to execute on all elements of our strategy, including investment in energy infrastructure and disciplined cost management.  This execution and favorable sales in the third quarter, driven primarily by warm weather, have allowed us to raise and narrow our 2021 adjusted earnings guidance range to $3.50 to $3.60 per share from $3.20 to $3.40.  We are also increasing our fourth quarter dividend by seven percent, reflecting confidence in the outlook of our business.” said David Campbell, Evergy president and chief executive officer. “As we look ahead, we will remain focused on executing our strategy and delivering benefits to all of our stakeholders.”

Earnings Guidance

The Company raised and narrowed its 2021 adjusted EPS guidance range to $3.50 to $3.60 from its original guidance range of $3.20 to $3.40.   The Company affirmed its 2022 adjusted EPS guidance range of $3.43 to $3.63, as well as its long-term adjusted EPS annual growth target of 6% to 8% through 2025 from the $3.30 midpoint of the original 2021 adjusted EPS guidance range.

Dividend Declaration

The Board of Directors declared a dividend on the Company’s common stock of $0.5725 per share

payable on December 20, 2021. The dividends are payable to shareholders of record as of November 19, 2021.

Earnings Conference Call

Evergy management will host a conference call Wednesday, November 3, with the investment community at 9:00 a.m. ET (8:00 a.m. CT). Investors, media and the public may listen to the conference call by dialing (888) 353-7071, conference ID 3955549. A webcast of the live conference call will be available at http://investors.evergy.com.

Members of the media are invited to listen to the conference call and then contact Gina Penzig with

any follow-up questions.

This earnings announcement, a package of detailed third-quarter financial information, the

Company’s quarterly report on Form 10-Q for the period ended September 30, 2021, 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)

Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) exclude the income or costs resulting from non-regulated energy marketing margins from the February 2021 winter weather event, and costs resulting from executive transition, severance, advisor expenses and the revaluation of deferred tax assets and liabilities from the Kansas corporate income tax rate change. This information is intended to enhance an investor’s overall understanding of results.  Management believes that adjusted earnings (non-GAAP) provide 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. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board of Directors. Adjusted earnings (non-GAAP) and adjusted earnings per share (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.

The following tables provide a reconciliation between net income attributable to Evergy, Inc. and diluted earnings per common share as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP).

Evergy, Inc

Consolidated Earnings and Diluted Earnings Per Share

(Unaudited)