Good morning, and welcome to Evergy's third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star-11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star-11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Peter Flynn, Senior Director of Investor Relations and Insurance. Please go ahead.

Peter Flynn Thank you, Haley, and good morning, everyone. Welcome to Evergy's third quarter 2025 earnings conference call. Our webcast slides and supplemental financial information are available on our Investor Relations website at investors.evergy.com. Today's discussion will include forward-looking information. Slide 2 and the disclosures in our SEC filings contain a list of some of the factors that could cause future results to differ materially from our expectations. They also include additional information on our non-GAAP financial measures. Joining us on today's call are David Campbell, Chairman and Chief Executive Officer, and Brian Buckler, Executive Vice President and Chief Financial Officer. Today we'll cover third quarter highlights and provide updates on economic development activities and a regulatory agenda. Brian will cover our third quarter results, retail sales trends, and our financial outlook. Other members and management are with us and will be available during the Q&A portion of I'll now turn the call over to David.

Thanks, Pete, and good morning, everyone. I will begin on slide five. This morning, we reported third quarter adjusted earnings of $2.03 per share compared to $2.02 per share a year ago. The increase over last year was driven by a recovery of regulated investments and growth and weather normalized demand partially offset by higher interest and depreciation expense and dilution from convertible debt. Our year-to-date adjusted earnings are $341 per share compared to $346 per share a year ago. With these results year-to-date, we are narrowing our 2025 adjusted EPS guidance range, which is $392 to $402 per share, from our original 2025 adjusted EPS guidance range of $392 to $412 per share. The lower midpoint is primarily due to weather headwinds from below normal cooling degree days in the second and third quarters, which negatively impacted our results by 13 cents per share. I would like to compliment the team for implementing mitigating actions across the business, offsetting more than half of the weather headwinds. However, we have not been able to offset to full magnitude in what has otherwise been a strong year of regulatory and operational execution while advancing our strategic objectives. Our fundamental long-term outlook remains very strong, bolstered by tailwinds from a generational economic development opportunity and the investment needed to enable it. Brian will discuss the quarterly drivers and our earnings outlook in more detail in his remarks. We've achieved strong operational and reliability performance through September. Year-to-date, our generation availability, as measured by the force added rate, as well as our overall grid reliability, as measured by SAGE, are both favorable to target. These results demonstrate the benefits of our continued infrastructure investments and the hard work of our operations teams. Wolf Creek has the nearest completion of our 27th refueling outage with strong safety and overall performance. Wolf Creek generates around 1,200 megawatts of non-carbon-emitting energy, enough to power more than 800,000 homes. I'd like to thank everyone on our nuclear team for their hard work and focus on sustaining the excellent operational performance of the plant. I'm happy to announce a 4% increase in our quarterly dividend or $2.78 per share on an annualized basis. This increase is consistent with our updated growth outlook and working toward the midpoint of our 60% to 70% target payout ratio. Looking ahead, we will provide a comprehensive financial outlook update on our year-end call in February. We will include refreshed views on our load forecast based on large customer impacts, our five-year capital investment plan, the related financing plan, and our long-term adjusted EPS growth outlook. The five-year capital plan will incorporate expected generation investments to serve load and meet SBP's increasing reserve margin requirements, as well as transmission and distribution projects to support reliability. As Brian will discuss, with respect to the long-term update, we believe there are noteworthy tailwinds to our earnings power as we advance our plans to support growth and economic development that will benefit our Kansas and Missouri customers and communities. Slide 6 outlines our economic development pipeline, an opportunity of over 15 gigawatts, which, relative to our size, represents one of the most robust backlogs in the country. Reflecting the geographic advantages of our region, the overall pipeline is strong in both Kansas and Missouri, and we are well positioned to continue to attract new businesses. Large customer interest in the energy service territory remains very strong. focusing on the top three categories of the pipeline, we outline a four to six gigawatt opportunity, large new customer load, that represents the most active part of our queue. This tier one demand represents a transformative 10-year growth opportunity for averaging. When executed, we expect these products will deliver significant regional benefits, supporting a leading-edge digital economy, creating jobs, and expanding the tax base, while enabling us to spread system costs over more megawatt hours, helping to maintain affordability for all customers. We continue to work closely with Tier 1 Large Load to develop and implement transmission and distribution solutions to serve their expected ramp rates over the coming years. We are confident that we will be successful in winning and serving a large portion of this queue, which would in turn transform the size and growth of our company and enhance the economic prosperity of our region. The remaining pipeline, totaling well over 10 additional gigawatts, highlights the robust activity and sustained interest in Kansas and Missouri. Many customers have already secured land or land rights, finalized site plans, and are actively participating in capacity studies. While not all of this load will ultimately be addressable, the ongoing dialogue underscores the depth of engagement and the readiness of customers to step in should others exit the queue. Flight 7 expands upon the 4 to 6 gigawatt Tier 1 large customer load opportunity. Beginning with the actively building category, I'm happy to report that last week, Lambda announced its plan to transform an unoccupied data center located in Kansas City, Missouri, into a state-of-the-art AI factory and data center. Their facility is expected to launch in early 2026 with 24 megawatts of capacity and has a potential to scale up to more than 100 megawatts in the future. This project is a great example of a data center leveraging existing infrastructure with an ability to ramp load relatively quickly with minimal grid investment required and exemplifies why Missouri is an attractive destination for projects. For the balance of our actively building customers, Panasonic and Meta are up and running, and our third large customer is making good progress through its heavy construction phase. Inclusive of Lambda, we now anticipate peak demand of 1.2 gigawatts from these customers with over 500 megawatts online by 2029, supporting our demand growth forecast of 2% to 3%. Moving to the finalizing agreements category, we remain in the final stages of negotiation with large customers for two data center projects. Subject to final agreements and project announcements, we expect to see an impact on our demand growth from these customers in 2027 and 2028 and into the next decade, which would raise the overall company demand forecast to 4% to 5% load growth through 2029. Approval of the LLPS tariffs in both states is a key next step for finalizing these negotiations. Additionally, we recently added a third data center to this category, reflecting significant progress and initial executed agreements. This project was previously in our advanced discussions category and demonstrates the high interest for large customers in advancing their projects. We also remain in advanced discussions with multiple customers whose load would represent approximately two to three additional gigawatts of peak demand. These customers have secured land or land rights, shared site plans, and in some cases reached letters of agreement and provided financial commitments to move the evaluations forward. Load from these customers is not contemplated in our upside view of 4% to 5% annual load While we continue to see an incredible level of interest in our service territories, and we're making progress with potential new large customers, each category reflects potential new entrants that will empower growth, investment, and drive prosperity for our region. Now, moving to slide eight, I'll touch on our latest regulatory developments. 2025, as you know, has been a busy year for our regulatory team, and we've demonstrated considerable progress in advancing our strategic objectives. The team's results this year reflect the constructive policy framework and economic development opportunities in both states, as well as our ability to find alignment with broad groups of stakeholders and achieve constructive settlement agreements. Beginning with Kansas, we filed for and received approval of predetermination to own partial shares of two new combined cycle natural gas units and a solar farm, both are all at Kansas Central. These projects were identified in our IRP preferred plan and reflect our all of the above approach to meeting growing customer demand and higher capacity margin requirements in the SVP. The Kansas Corporation Commission issued an order approving a unanimous settlement agreement for Kansas Central rate case on September 25th. The settlement achieved a balanced outcome for all parties, including adequate recovery for the investments needed to provide reliable and affordable electric services. A key open agenda item in Kansas is the unanimous settlement agreement we filed on our large load power service tariff docket on August 18th. The proposed tariff applies to customers with demand exceeding 75 megawatts and establishes a rate structure with a focus on large customers paying their fair share and being subject to additional protections that I'll describe later in my remarks. We believe the LPS establishes a competitive rate at positions ever due to attract and serve large new loads, enabling growth and prosperity for our communities. We anticipate an order from the KCC on the settlement agreement as part of the Commission's business meeting later today. Pivoting to Missouri, we've successfully advanced plans to construct new generating resources. The MPSC approved settlement agreements in our CCN applications for two solar farms, partial ownership in two combined cycle natural gas units, and full ownership of a simple cycle natural gas plant. We believe these projects form a cost-effective package of reliable energy solutions for our customers, and this outcome demonstrates alignment with the Public Service Commission's interest in securing additional generation resources for our Missouri utilities. Similar to Kansas, the large load power service tariff proceeding continues to advance in Missouri. Parties filed a non-unanimous settlement agreement earlier this fall with terms similar to those filed in Kansas, including contractual protections, provisions to ensure that large customers pay their fair share of system costs, and a competitive rate that supports it. We anticipate an order from the NPSC by the end of the year. Last, the planning process for our upcoming Missouri Metro rate case is underway, and we expect to file the case in February 2026. Slide 9 highlights legislation and regulatory mechanisms that support growth in our region and help to position Kansas and Missouri as premier destinations for infrastructure investment to assure reliability and new advanced manufacturing facilities data centers. These mechanisms are the product of broad-based alignment between Evergy, the governor's office, state legislators, our regulatory commissions, and key stakeholders, as well as our shared commitment to seize on the growth opportunities ahead of us for our customers and communities. Constructive regulatory frameworks that enable timely infrastructure investment to meet the needs of both existing and new customers are critical to our success, and the bills passed over the past two years in both states advance these priorities. This supportive landscape reinforces our region's position as a top destination for growth. Evergy is committed to delivering safe, affordable, and reliable service to our 1.7 million customers. As large new customers join our system, all stakeholders benefit from broader cost sharing and unprecedented economic development. I'll conclude my remarks with slide 10, which highlight the core tenets of our strategy. I'll focus specifically on affordability. Since the merger that created Evergy, we have achieved tremendous progress on affordability and regional rate competitiveness, driven by significant reductions for our cost structure and investing at a slower pace than pure utilities. Over that time, our rate trajectory has remained well below regional peers and far below inflation. This required hard decisions and the full focus and dedication of everyone in our company. I'm very proud of the results that these activities enable us to deliver for all of our customers. It is critical that we sustain this momentum as we enter a new era of growth and demand and economic development. This new era will require the same level of dedication and focus from our company, and that's exactly what we intend to deliver. As part of that focus, we will continue to invest in infrastructure and operate our business in a way that maintains reliability and benefits all of our communities. Higher levels of investment to serve new large customers must be fairly borne by those customers, and we designed our large load power service tariffs under the proposed LLPS tariff, new large customers, and that paid by our existing. As a result, the revenues from new customers will directly mitigate future rate increases for our existing customers, as we are able to spread the fixed costs of our system over a broader base.

In short, new large customers will pay a reasonable premium to the cost to serve them, while also

maintaining a competitive rate. And all customers will benefit from a modernized grid and new, highly efficient generation resources. The tariffs are also designed with key safeguards in place. These include, among others, customer commitments of 12- to 17-year terms, an 80% minimum monthly bill requirement, exit fees upon early termination, and collateral posting. It's important to note this tariff structure is consistent with the intent of our large new customers to be good stewards as part of our Kansas and Missouri communities. In the LLPS dockets, there were active participants throughout the process and along with many other stakeholders, contributed to, and signed on to the settlement grant. As I noted earlier, these agreements are currently pending approval by the Kansas Corporation Commission and Missouri Public Service Commission with the KCC's decision expected later today. Collaboration with large customers does not stop at paying their fair share. Their projects will create construction jobs, permanent jobs, and expanded property tax base and community development benefits. As an example, one of our customers announced it will bring its Skilled Trades and Readiness, or STAR, program to the Kansas City area. The company is collaborating with Missouri Works Initiative and the Urban League to help increase the entry-level pipeline in the skilled trades, with a focus on underrepresented communities. All STAR pre-employment programs are paid training programs and offer networking opportunities to help participants move directly into employment on local construction. We hope and expect that this example will be just one of many. The vitality of our region has made it an attractive destination for advanced manufacturing and data center customers, and their investments in turn have tremendous potential to drive a virtuous cycle of growth and prosperity in Kansas and Missouri for years to come. I will now turn the call over to Brian.

Thank you, David. Thank you, Pete. And good morning, everyone. Let's begin on slide 12 with a review of our results for the quarter. For the third quarter of 2025, Evergy delivered adjusted earnings of $475 million, or $2.03 per share, compared to $465 million, or $2.02 per share, in the third quarter of 2024. As shown on the slide from left to right, the year-over-year drivers are as follows. First, a 2% increase in weather-normalized demand growth drove the majority of the increase of $0.06 per share in the margin shown on the slide. and recovery of and return on regulated investments contributed an additional $0.11 of EPS. Offsetting these favorable drivers are higher depreciation and interest expense related to our infrastructure investments, leading to a $0.07 decrease in EPS, and dilution from our convertible notes led to a $0.03 decrease for the quarter. Turning to slide 13, I'll provide more detail on our sales trends. On the left-hand side of the page, you'll see weather normalized demand increased by 2% in the third quarter, as compared to last year, following the 1.4% year-over-year increase we experienced in the second quarter. This continued strong momentum was driven by increases in both residential and commercial usage, including loads from the meta data center in Missouri that is reflected in our commercial customer class. At a macro level, the continued robust customer demand in our service areas is supported by a strong labor market as the Missouri, Kansas, and Kansas City metro area unemployment rates remain below the national average of 4.3%. Moving to slide 14, I'll provide some further detail on our expectations for full year 2025 results. As David mentioned, we are narrowing our guidance range to $3.92 to $4.02 as compared to the original guidance range of $3.92 to $4.12. Our mitigation efforts of approximately 10 cents of EPS benefit are expected to offset a substantial portion of the 13 cents of headwinds experienced by below normal cooling degree days in the second and third quarters. In addition, we now anticipate an incremental two cents of dilution related to our convertible notes given our recent strong stock performance. We have forecasted incremental dilution from the convertible notes in our 2026 EPS modeling and continue to expect to achieve the top half of four to six percent growth in EPS in 2026 off of the midpoint of our 2025 original guidance range. As I'll discuss shortly, Evergy's fundamental long-term outlook remains stronger than it has been in decades, bolstered by tailwinds from a generational economic development opportunity and the investment needed to enable it, which will benefit all future years in our financial plan. Slide 15 outlines a recap of our long-term financial expectations and considerations for our comprehensive growth update we will share with you during our fourth quarter call in February. First, we highlight our Tier 1 customer opportunity of 4 to 6 gigawatts of peak load. As a reminder, our current five-year plan incorporates load growth of 2 to 3 percent annually through 2029, reflecting solid growth in our current customer base, and buoyed by the Panasonic, Meta, and Google projects. This load growth expectation is further bolstered by rapid development data centers, such as the Lambda facility discussed by David earlier, which is able to scale more quickly than the mega data centers via their use of existing buildings and existing electric infrastructure. Also, we are nearing final agreements with two data center customers that could drive an incremental 600 megawatts by 2029, which would raise our load growth forecast substantially to 4% to 5% on a CAGR basis through 2029. We've also made great progress with customers in the advanced discussions category. which represents a two to three gigawatt opportunity, driving even more low growth toward the back half of our five-year plan. We certainly believe we have one of the most compelling customer growth opportunities in the entire industry that we expect will drive robust growth not just in our five-year forecast, but into the next decade for Evergy and for the communities we serve. Next, I'll discuss our capital expenditure and rate-based growth forecast. the foundational earnings power of the company will be fortified by our capital investment program. Our levels of infrastructure investment are needed for grid modernization and incremental generation capacity to support the expansion of our existing customer base and new large-load customers. These are tailwinds to our current $17.5 billion capital plan and corresponding to 8.5% rate-based growth through 2029. On the regulatory front, to maintain the credit profile of our utilities and to incorporate the affordability benefits of large loads, which allow us to spread system costs over a broader base, we plan to be on a somewhat regular cadence of rate case proceedings. With a large infrastructure plan comes regulatory lag, and over the past couple years, the states in which we operate have taken proactive steps to help utilities better manage elevated depreciation and interest expense through the use of plant and service accounting mechanisms. We also utilize natural gas sealant provisions in both Kansas and Missouri. These constructive mechanisms help to reinforce our solid credit profile.

During this phase of significant infrastructure build-out, we will utilize equity and equity

content financing options to fund a portion of our capital requirements and to support our strong investment-grade credit rating and FFO to debt threshold of 14%. It is important for you all to know that we will continually evaluate the overall level of equity funding needs, recognizing that large-vote customers in our pipeline could significantly improve our cash flows from operations, beginning in 2026 and accelerating throughout the next several years. Thus, there is a real opportunity to moderate our equity needs for the current $17.5 billion capital investment plan. Now, our company can only be successful when our communities thrive and we maintain affordability for our customers. We are committed to staying laser focused throughout the years ahead on affordability for our current customers, and we believe our long-term plan will be successful in doing so. As we look to rolling out our updated five-year plan in February, I'll mention again the many tailwinds to our current adjusted EPS growth outlook and the transformational opportunity for us here at Evergy. We're excited for what's to come and look forward to sharing details with you on our year-end call. And with that, we will open up the call for your questions.

Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced. withdraw your question, please press star 1-1 again. Please stand by while we compile the Q&A roster. First question comes from the line of Paul Dombardo from Jefferies. Your line is now open.

Hi, good morning, team. Thank you very much. Morning. Morning, Paul. You know, thank you for the time. The first one I wanted to touch on, just as we think about 2026 and Missouri legislative session. Obviously, there's been a lot of progress in recent years for all the different flavors of utilities. Do you have any priorities or anticipate efforts for 2026, and could this influence the rate case cadence?

You know, Paul, we were pleased to work closely with many stakeholders last year in Missouri. It had a list, obviously, the commission, Chair Hahn, the governor's office, legislative leadership of utility for key stakeholders so there's a lot of progress made in sb4 a lot of next year will be around implementing and following through on the elements of sb4 related uh rule makings so i don't anticipate there's you know i always talk with the team we always talk with the team about ways that we continue to advance constructive mechanisms but after such a busy year and such consequential legislation last year i think it might be a little lighter calendar in 2026 but important steps, excuse me, to undertake to advance forward on the constructive mechanisms

on SB4. Okay. Understood. Thank you very much. And then, obviously, you've got the big refresh coming ahead. Just maybe a little bit of a sneak peek, not so much on the numbers, but even just the cadence. In the current plan, it's slower up front and then accelerates with whatever, to the extent you do change the growth rate. Should we think about that as kind of a linear profile or also accelerating as you move towards the end of the decade?

It's hard to answer that question without getting into what will be in our year-end update. So, you know, I think that Brian did a nice job of describing the multiple tailwinds that make us so excited about the prospects for growth in our region and all that's going to bring for our customers and communities, and that's both the load growth element and the investments needed to make sure that we conserve that load and meet SPP's higher reserve market requirements and the beneficial impacts it can have in the financing plan. So the, you know, our prior capital plan, you know, we lay that out by year. We'll lay it out by year in our upcoming capital plan. There's obviously a significant amount of investment. You can see what that is by year, but there's also low growth that helps to mitigate any regulatory lag. So, you know, we're really excited about the tailwinds around it, and I won't get ahead around the profile. I think Brian did describe for 2026 itself, we got reaffirming our confidence being the top half of the range of 26, and then we'll be talking about how those tailwinds manifest themselves and an updated set of, an updated financial plan that

we'll outline here and call. Okay, I understand. Thank you. I had to try.

We're excited, Paul, as you know. We're excited because of the benefit that's going to bring to our region, our customers and communities, and it's, you know, the comprehensive set of factors

that are driving that except absolutely thank you team thank you thank you our

next question comes the line of Travis Miller from Morningstar and is now open

good morning thank you morning it seems like Kansas and Missouri have been working pretty well together here over the last few years wondering within your service territory how much competition is there at the local level in terms of attracting some of these large loads I got to think just the way all states work that there might be some competition here either legislatively politically vocal to try to get some of this economic development is that

happening all right that's a great question it's in as a person I'm now nearly five years in this region and I've been very impressed and of course our service territory expands over to central Kansas and Wichita so we're it's It's much broader than just Kansas City area, and there are parts of the states that are more distant from the state line. But to ask the question narrowly about our region, I'm vice chair of a group called the Kansas City Area Development Council. It represents counties on both sides of the state line, extending all the way from Topeka to Kansas City and eastward and northward and southward. And it's a collaborative approach. There's actually been legislative truces in the past to mitigate potential poaching that might go on across state lines. And so they really do a nice job of collaborating. In the great state of Texas, I lived 250 miles from any state lines, and I was reasonably close to them. Here, I'm a quarter mile from the state line, and it's the collaboration that happens when you've got that kind of seamless integration I've been very impressed to see. I've got an older brother. There are times when, within a family, you might have dynamics, and that can happen. But in general, the teamwork is strong and the collaboration's high.

Okay, okay. We'll hear more family stories later on. Indeed. They often involve sports. Other question. In terms of that $17.5 billion CapEx, assuming that you get the large load tariff there, you'll have that, you'll have the PISA, the Quip. how much of that 17 and a half would actually be subject to a typical rate case filing right and suddenly how much of that can you recover without going through a regular rate case as you call the cadence of base rate cases yeah so

there's ultimately all of our investments are subject to reviews of to make sure they're prudent and reasonable there's a set of different mechanisms that help to mitigate the cash regulatory lag. You know, with PISA, in both states, that mitigates the earnings lag, but, you know, we've got riders in place in both states. They just go all the way for property taxes to pension to other elements, and the CWIP will help with our new natural gas plants. We lay out the different parts of our capital plan in the appendix, so the new generation component is shown, I think it's on slide 21, So that could give you a good measure for which pieces of the capital plan are in the more traditional category versus what's in the new generation category. The CWIP mechanism is slightly different between Kansas and Missouri. But in both states, we were pleased to get those provisions introduced. It was in Kansas in 24 and Missouri in 25, reflecting the support in both states for building new natural gas generation and recognizing that, hey, with the investment programs of that size is important to have submitted against the lag so this out of our total capital plan you'll see that new generation is about a third and two-thirds is in the traditional categories grid modernization ensuring reliability keeping the lights on and providing great service to our

customer okay that makes sense so then the other one transmission be obviously forks so they pull that out so it'd be that the three buckets of potential base rate would be legacy generation distribution in general. Yeah, and most of our transmission

on the Kansas side, you've got that right. Yep. Okay. Very good.

That's all I had. Thanks. Thank you. Thank you. Our next question comes from the line of Nicholas Capanella from Barclays.

Your line is now open. Hey, everybody. It's actually Nathan Richardson on for

Nick. Good morning, Nathan.

Good morning. I just have a quick one for you. So, I was wondering if you could talk a little bit about third data center you mentioned and and given the 45% sales growth guidance I was wondering how impactful that third data center specifically could be in moving the needle for the sales growth you

know Nathan that's a great question and I'm glad you asked it so that as you know we've included our financial plan that we provided last year a two to three percent annual growth but we have quantified that the two customers in the actively building category has the potential to raise that annual load growth to four to five percent. The addition of the third, I'm sorry, the addition of the third customer, and this is in the finalizing agreements category, I'm not mixing up the categories, so that two to three percent load growth is from the actively building category. The potential to go to four to five percent is from the first two customers in the finalizing agreements category. You're absolutely right, that third data setter customer we've now added to the finalizing agreements category would be additive to the four to five percent as with the customers in the advanced discussions category so

thank you for that clarification um is there any any quantification there or just that it's

incremental no um you know the bulk of that we expect would be you know post 2029 but we've not quantified it but that will be part of our obviously updated year-end call with the overall viewers on low growth tailwinds we added it uh to the category of finalizing given just the sheer sheer amount of progress we've made with that customer in terms of advancing discussions, advancing agreements, advancing agreements related to those. So, it makes sense to include it in that category. We've not quantified the incremental amount. We've just noted that it's those additional customers beyond the two that are in the finalizing agreements category would actually be added to the 4% to 5%. Okay, got it. Thank you. Thank you. Thank you.

So our next question comes from a line of Steve D'Ambrisi from RBC Capital Markets. Your line is now open.

Hey, David. Thanks for taking my question. Good morning. Yeah, I just had a quick one on the LLPS tariff discussions. You know, given you guys have a settlement, I know it's not unanimous, but can you just talk about, like, effectively at a high level, what's left there, what the main sticking points are and what you think kind of the timeline for resolution around some of this stuff is. I'm pretty sure there's a settlement conferences coming up and then expected timeline is the end of February, but just want to hear about that and then how that works into kind of moving some of these finalizing agreement buckets into the actively building bucket or signing ESAs associated with it.

I'm glad you asked the question because I'll clarify because I think you may be thinking about the timeline that's occurring on a different side of the state. in missouri so for us we have two llps proceedings one is in kansas we have a unanimous settlement agreement that we sign in kansas um and there's already been briefing on that and it's actually we expect a decision on that by the kansas corporation commission later today it's on the docket for today um so given that they've already had a hearing on that unanimous settlement agreement we actually anticipate a decision in kansas later today and that was the unanimous settlement agreement covering all issues, including all parties. In our Missouri LPS proceeding, we did have a partial settlement. We have gone through a hearing. Not all parties were aligned on it. The structure of the settlement that included many parties, but not all, has terms that are very similar to the ones in Kansas. So it has protections. It has a rate that is higher for the LPS customers. And it's a structure that ultimately, as we saw in Kansas, was a result of robust dialogue and included the large customers. I think it's a competitive rate as well. We think it aligns with the governor's policy in the state and support for growth and development and with the commission's overall focus on that. But we'll have a decision on that we expect by the end of the year in our case. There are other proceedings in Missouri for other utilities that are a little behind ours. We filed ours first. So hopefully that makes sense in

respect to the different contexts in Kansas. That's helpful. And so basically the, you know, the comment on the slide that talks about announcements expected after LPS tariffs are finalized to the extent the facilities are in Kansas, you know, that could be freed up as early as tomorrow and then we'll see when Missouri gets done hopefully by the end of the year. Is that the, those are the kind of the gating items from a timeline perspective? I like your thinking. I've

got some team members in the room now, and I'll tell them they need to be – no, all kidding aside, yes, I think the LLPS being signed is a very important enabling step. So, that's – and we do hope, you know, Canvas has always been a little bit ahead schedule-wise, but they're not far behind. So, we think that the timeline sets us up well for what we know is going to be an important update of the year-end call. But it's important for these customers as well. The queue is a very active one. Why we have such a big queue is because we've got customers lined up for any reason, and we don't see those reasons happening. There's tremendous interest in the customers who are in our actively building and finalized agreements category, a lot of momentum, but we've got folks lined up behind them. So we believe that the LPS decisions being on the timeline they are should enable us to move on the timeline we're hoping to achieve.

Okay. That's all I had. Thanks very much for the time.

Appreciate it. You bet. Thank you. Thanks, Steve.

Thank you. Our next question comes from the line of Paul Patterson from Glenrock Associates. Your line is now open.

Hey, good morning. Morning. Just on the financing plan and the $2.8 billion, and I obviously have the forward and what have you, but I'm just wondering how we should think about this. I mean, you're also mentioning, obviously, the potential for what you guys mentioned earlier about the cash coming from these potential new agreements being finalized. How should we just sort of quantify, like, how that 2.8 and sort of, you know, the sort of timing or if you could just elaborate a little bit more on how we should think about the finalizing of those agreements and what have you.

Hey, Paul, it's Brian. Thanks for the question. And, you know, as a reminder for everyone, our current capital investment plan five years is $17.5 billion. In total, we believe that will be funded in part by up to $2.8 billion of equity and equity content capital market instruments, such as JSN's junior subordinated notes. I do think it's important for you to know that we'll continually evaluate the overall level of equity funding needed, recognizing that, as you say, that energy usage from customers in our pipeline could significantly improve our cash flows from operations, beginning in earnest in 2026 and then accelerating throughout the next several years. Thus, there's the real opportunity to bring that level of equity down by what I've said before, hundreds of millions of dollars. I should also mention that we continue to see upside bias in our capital investment needs to serve our existing and expected new customers in the year ahead, which will also necessitate a somewhat balanced approach to debt and equity financing. Does that help, Paul?

Yeah, that does. I mean, but just to sort of clarify, so that would be something that would obviously require more capital needs and therefore might be an offset to some of this cash flow that you'd be seeing as well. Is that how we should think about it?

Yeah, that's the way to think of it for modeling, for sure.

Okay, okay. And I guess we'll get more clarity, obviously, as time goes on. And then I guess I wanted to, on the 10 cents of mitigation measures that you guys had with respect to the earnings, how should we think about those mitigation measures going forward? Are those a timing issue and they'll show up next year, or are those things that you found that you think are more ongoing?

Paul, I'll describe those. Those are in-year mitigation measures. So, obviously, we are – the size of the weather headwinds and a little bit of incremental headwinds from the convert was – we would hope that we could offset all of it, but we would offset 10 cents of it. But that's really in-year mitigation measures. It doesn't impact our fundamental long-term outlook. I've now been – this is my fifth year at the company. There were two years where we had really warm weather and adjusted the range upwards, didn't change our long-term fundamentals. This is a year where we're at weather headwinds, so it's going to impact our performance of this year. But both the weather impacts and the mitigation measures are really within the context of this calendar year. The drivers for our fundamental plan, as Brian mentioned, are you on 2026, and then the drivers for our long-term plan remain intact and sort of unaffected by the vagaries of weather.

With respect to the Lambda deal, which seems sort of interesting here, I'm just wondering, would that – I guess, first of all, when would it go – what time frame would it go from 25 to the 100? I guess 25, it sounds like it would – the 25 megawatts would be beginning of next year, but then it goes to 100. I'm just wondering, how long does that ramp up take? I'm just curious. Or is it known?

As I described, it's in the 25 megawatt range starting next year. And it's probably in the next four to five years that it gets to that potential overall size. I'm really excited about that project. It's a neat company deploying advanced technology in their data center and AI factory, as they describe it. So we were pleased to see that announcement. It was tied well with economic development meetings here in town and reflects how attractive our region is. And I'm really impressed by how they leverage an existing building, an existing T&D infrastructure largely. And that's how they were able to ramp up to that level. Historically, a 25-megawatt customer would be considered very large now in the new era. It is a new era. But it's still obviously a creative approach, and we're pleased to have an advanced facility like that taking advantage of a building like that.

Right. That sounds kind of unique. I guess what I also wondered was, like, in terms of the context of these large load tariffs that you were describing, since it's under 75 megawatts and then going to 100 megawatts, would a scenario like that be subject to, obviously this hypothetical hasn't all been approved, but just wondering how in the context of these settlements that you've had with these large load tariffs, how would a customer like that be treated? Would that be a large load since it came in initially below the 75 megawatts? But what would go to 100 megawatts, do you follow what I'm saying, or would it be because its final number is 100, it would be a large load?

Does that make sense?

Typically, these customers are focused on what their ultimate load level is going to be because they want to make sure that they've got the infrastructure and capacity to get And this is an example. So the tariff addresses, as you ramp up, getting up to those higher levels. And, again, these customers, the ones that go into their large loads, definitely want to make sure they've got the capacity and ability to do this. And they know and are contemplating getting up to the LLPS. If ultimately stayed in the 25 megawatt range, you'd be at a different tariff level. But the ones that, you know, these customers are very interested in those higher levels of loads. And they know that as they get there, they get to that level.

that tariff rate. Right. So it's what they ultimately get to. It wouldn't be one of these, like, okay, I got you. I think I understand. Thanks so much. I really appreciate it. Okay. Thank you. Thanks, Paul.

Thank you. Our next question comes from the line of Anthony Crowdel from Azuho. Your line is now open. Hey, good

morning, team. If I could follow up, I think, on Steve's question earlier on slide seven. Is the actively building category, is that what's currently in the 4% to 6% EPS growth rate and the finalizing advanced discussion is what's not included in the current

growth rate? Yeah, the actively building, and that was probably my fault for how I answered it earlier. So if you look at slide seven, good place to go. The actively building, which is Panasonic and Meta and a third customers in the heavy nearing completion of construction, that's in the 2% to 3% load growth rate. And in the 4% to 6%, right? No, the four to six, you get to, if you include the two data center customers that are in the finalizing agreements category. This is the annual load growth rate. You're talking about, if you're talking about the earnings growth rate of four to six percent, sorry, the earnings growth rate of four to six percent that we said we're targeting the top half and that we're going to update in the year and call, that is reflected in the two that are in the actively building category.

Just the two, not the third. Great. And then I think when I look at your spread between your rate-based growth and your earnings CAGR, it's roughly about 250 basis points. Is that a good spread going forward or the adoption of the large load tariff or the additional load, if you expect that to change, where's a good place to think where that settles out?

Yeah, so we haven't given guidance on that specific range, but I think if you look at our $17.5 billion capital plan, going back in time, there were higher levels of capital in the out years in that plan. We know that we will be presenting as part of the year-end call an integrated financial plan that reflects the relationship between rate-based growth. Incremental load growth is obviously helping reducing regulatory lag and the relationship that you see between that rate-based growth and earnings growth. And there's a range that you see across different companies, and there's no reason why we would be outside that range, though obviously links as well to what the phasing is of both the load growth and the capital in the plant. So we know that that's a question that we'll be addressing as part of our year-end update and the load growth, and as we move into higher years in our capital plan, that will be reflected in the updates that we provide.

Then just lastly, you talked earlier, I think in your five years there, you've seen some big weather swings, I think for three to five years. This year, very mild weather, you ended up lowering 25. As you work on rolling out a new capital plan with a new load, does the very big swings in weather, will that cause you either to give a wider range or bake in more conservatism in your plan, given you've seen how much of a swing weather could be in your yearly performance?

I think it's a very insightful question. I think it's something, you know, I really like having Brian and Pete join the team. Brian's worked with a couple different utilities. I know in my background, I like being able to describe to investors, here are the factors that we can control, here are the factors that are clearly outside of our control and are readily quantifiable, but recognize that the number of our peer utilities, and there's a, you know, like the investors can like to see, hey, you can offset, even if it's something easily to easily track and identifiable like weather, and you find mechanisms in your plan or build in an approach in the plan that can offset that. So we'll continue to have that discussion internally because we recognize that feedback. We'll always be very transparent, plan on being very transparent with their web tax because they, as I mentioned, they didn't impact the fundamentals when they were positive. They aren't going to impact the fundamentals when it's a year when it's a little more mild. It's a very mild August in particular here. But it's something that we'll consider. And, you know, Brian will be a real helpful thought partner as we consider what the best approach is there. But, again, we're very excited about the long-term fundamentals. We're certainly not overreacting to what was demonstrably a very mild Q2 and Q3, recognizing that we needed to implement the offsets that we did. And we're certainly always going to strive to be within, you know, hitting our targets and hitting our ranges. So, it's a good question. We'll continue to think about it.

See you guys at EEI. I appreciate you taking my questions.

See you at EEI.

Thank you. Our final question comes from Paul Fremont from Leidenberg. Your line is now open.

Thank you very much. I guess my first question, I just want to get a sense of the type of data center developments that are in your service territory. When the largest of those sort of build out, how many megawatts is that in terms of demand for the largest of your customers right now?

You know, we haven't given the size by customer, though I suppose you can, if you go back to our last, well, we've said it's three customers in the finalizing agreements category are 1.5 to 2 gigawatts. So that gives you a pretty good sense of the average size. That's, you know, a good indicator for us if we haven't given more specificity in terms of size by customer. But that math will give you a pretty good roadmap for what the heat size typically is. There's some variability by customer, of course, but it's really large. It's three large customers making up that 1.5 to 2 gigs.

Okay, because, I mean, it does seem like the size is smaller than in some of the neighboring states. And I was just wondering, you know, is there some factor that is causing sort of the size of your facilities to be more modest?

You know, most of our customers want to expand past their regional peak once up. Some of these, you know, projects are similar customers involved. So I don't think there's a fundamental dynamic there. For most of the – we obviously track what the other customer announcements are, and there are a couple of very unique large ones out there. But it's an average size that is in the 600-700 megawatt range is still a very, very large. As I noted, the most want to expand past the original peak if we're able to accommodate it. But we like some diversification in customers and sites, which is reflected in having a robust queue that helps keep everyone motivated as well.

And then at what point would you need to build new generation in terms of, I guess, the three categories that you've outlined, actively building, finalizing, and advanced discussions?

So that's a great question, and as we noted, that's going to be one of the factors that's a driver for our plan update that we plan to give. Our integrated resource plan that we filed in 25, and we outlined in the appendix which projects in the integrated resource plan were in last year's capital plan, which were not. And as we develop that integrated resource plan, we included, because you can track this information, we had included the two customers that were in the finalizing agreements category. You will see in that IRP from last year a significant amount of incremental generation required to serve that load that was not yet included in the plan. So we have taken steps in terms of long-leaf time equipment, actions we need to take to be able to serve the customers that we've lined up. so we have some flexibility to do that but I also note that we're going to be for the next update to our capital plan and our integrated resource plan is going to factor in not only low growth expectations and the plans we need to serve those, SPPs reserve margin requirements but also changes in federal and local policies impacting renewables and if renewables are less economic or harder to build for example we'll look at market capacity options we'll look at potential retirement delays. We're going to look at the whole package to make sure that we are driving reliability and affordability for our customers. But at the end of the day, there's some incremental investments that we expect are going to need to be made. But we're going to look at that package of things in terms of what's that right mix of generation and how do we make sure we ensure reliability, take advantage of the growth opportunity, but also always keep an eye on

affordability. And last question for me, you know, taking into consideration all of the legislative and regulatory changes, what estimate would you have for regulatory lag on a go-forward basis in your jurisdictions?

Yeah, you know, Paul, this is Brian. You know, we haven't given, you know, an exact number for regulatory lag we expect, you know, compared to allowed or authorized ROEs in our states. You know, things we point to is that historically you've seen us earn, have some pretty low ROEs, but the PISA and CWIP legislation certainly help in that regard. We also have load growth that we haven't seen in many years, and we think it's going to be at a level that we haven't seen in many decades, which will help us kind of bridge that gap and get, we hope, very close to our authorized level of ROEs. So that's directionally what I would give you, and we'll share more details in February.

Great. Thank you very much.

thank you thank you thank you this concludes the question and answer session I would now like to turn it back over to David Campbell for closing

remarks okay and thanks everyone for joining the call today we look forward to seeing all of you at EEI this weekend and next week and that concludes today's

call thank you thank you for your participation in today's conference. This does conclude the program. You may now disconnect.