Evergy Inc

Strong earnings beat + raised 2026 guidance (good): Q3 2026 adjusted EPS was $2.58 vs $2.03 a year ago (+27% YoY), driven by warmer weather / higher cooling degree days (+31% vs prior year), ~4.5% weather-normalized demand growth, and higher large-customer revenues; partially offset by higher O&M and depreciation/interest. Full-year 2026 adjusted EPS raised to $4.35–$4.50 (from $4.14–$4.34), with the raise attributed primarily to favorable Q3 weather.

Growth outlook supported by large-customer strategy (good/opportunity): Management reaffirmed a 6%–8%+ long-term adjusted EPS growth target through 2030 (measured from the original 2026 midpoint of $4.24). They expect EPS growth to exceed 8% starting in 2028 through 2030. Retail demand expectations: with executed large-load agreements, 7%–8% annual retail load growth through 2030, with “major” acceleration expected beginning around 2028.

Major new/expanded customer agreements (surprising positive magnitude): - Announced three amendments expected to increase peak load by ~250 MW across existing large load electric service agreements, adding incremental load across 2027–2030 and beyond. - Signed a letter of intent (LOI) with Digital Realty for a 1.4 GW expansion adjacent to its existing 600 MW Kansas project; ESA expected to be executed in H1 2027. Management said this could be capital-intensive (they referenced ~$4B of generation-related investment potential for this project, with timing mostly 2030s). - They stated the overall large-load framework is under LLPS (Large Load Power Service tariff) and now reflects ~2.6 GW steady-state peak load from executed ESAs and ~3.1 GW peak when including non-LLPS large customers (with ~110 MW added from today’s amendments).