Evergy forecasts 2026 profit below estimates, launches new five-year capex plan

Feb 19 (Reuters) - Evergy EVRG.O forecast current-year profit below Wall Street estimates on Thursday and introduced a new five-year capital spending plan of $21.6 billion as the Midwest utility moves to meet accelerating electricity demand from large commercial and industrial customers.

Evergy's plan and new large-load agreements reflect a broader shift among regulated utilities positioning for sustained demand growth tied to economic development and data center expansion.

The utility had previously announced a capital expenditure plan of $17.5 billion for the 2025–2029.

The company said it signed electric service agreements for four large customer projects, including two new customers and expansion of two existing projects, under newly approved large load power service tariffs in Kansas and Missouri.

The tariffs require new large customers to pay premium rates and cover both existing and incremental system costs.

"This in turn will drive affordability benefits for existing customers and enhance economic growth in Kansas and Missouri," said CEO David Campbell.

The utilities have been seeking to raise customer power bills in 2026 to fund infrastructure upgrades, as the country's electrical grids face extreme weather and growing demand from industry electrification and data-center expansions.

Evergy expects adjusted profit growth to exceed 8% beginning in 2028 and through 2030.

On an adjusted basis, it reported a profit of 42 cents per share, missing analysts' estimates of 57 cents per share, according to data compiled by LSEG.

The company forecast 2026 adjusted profit of $4.14 to $4.34 per share, with a midpoint of $4.24, which is below analysts' average estimate of $4.28 per share.

Evergy provides power to 1.7 million customers in Kansas and Missouri through its operating subsidiaries Evergy Kansas Central, Evergy Metro and Evergy Missouri West.