Kansas is the Place To Be: Reiterate Buy. NDR Takeaways

Research evidence excerpt

Kansas is the Place To Be: Reiterate Buy. NDR Takeaways

USA | Power & Utilities

Evergy EquityJulyResearch13, 2026

TARGET | ESTIMATE CHANGEKansas is the Place To Be: Reiterate Buy. NDR

RATING BUYTakeaways

PRICE $85.71^

Reiterate Buy post NDR with further capex and rate base growth upside: now

see 12.8% RB and ~9% EPS CAGR. Expect EPS CAGR increase with 4Q26 PRICE TARGET | % TO PT $103.00 ($94.00) | +20%

update. Kansas and Missouri are differentiated with visibility for continued 52W HIGH-LOW $88.62 - $67.30

data center development support, but plan has non-AI tailwinds for future FLOAT (%) | ADV MM (USD) 97.3% | 185.61

generation-related capex. Equity issuance are substantial but manageable at MARKET CAP $20.0B

2-3% of ADV. Block vs. ATM the discussion point for investors but mgmt has TICKER EVRG ^Prior trading day's closing price unless otherwise

no plans for a block. noted.

We reiterate Buy on shares after our Boston/New York CEO/CFO non-deal roadshow. Evergy FY (Dec) CHANGE TO JEFe JEF vs CONS

offers one of the five fastest large cap EPS growth rates at ~9% while trading at a below-average 2026 2027 2026 2027

valuation. Equally important, we see a diversified set of long-term rate base and earnings growth EPS +2% +1% NM +1%

drivers including ~5GW of coal generation and ~4GW of expiring wind PPA. The premium profile

EPS +2% +1% NM +1%

should increasingly resonate with investors as the growth outlook is not all data center driven beyond

2030. As the regulatory, political, and data center outlook get more complex in other states, Missouri and

2026 ($) Q1A Q2 Q3 Q4 FY

Kansas stand out as favorable areas.

EPS 0.69 0.79 2.21 0.57 4.27

At least one more large load customer is likely: Kansas and Missouri remain more receptive PREV 4.20

to data centers.