CMS Energy (NYSE: CMS) posts Q1 2026 results, backs EPS outlook
Rhea-AI Filing Summary
CMS Energy Corporation reported solid first quarter 2026 results and reaffirmed its full-year outlook. Diluted earnings per share were $1.10, up from $1.01 in 2025, while adjusted earnings per share were $1.13 versus $1.02 a year earlier.
Operating revenue for the quarter was $2,730 million, compared with $2,447 million in the prior-year quarter. Net income available to common stockholders rose to $338 million from $302 million, and adjusted net income reached $346 million versus $304 million.
The company reaffirmed its 2026 adjusted earnings guidance of $3.83 to $3.90 per share and its long-term adjusted EPS growth target of 6 to 8 percent. Management emphasizes adjusted earnings, which exclude items such as asset sales, impairments, restructuring costs and certain mark-to-market changes, as a key measure of ongoing performance.
Positive
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Negative
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Insights
Q1 adjusted EPS and revenue grew, with full-year guidance reaffirmed.
CMS Energy posted Q1 2026 adjusted EPS of $1.13, up from $1.02, on operating revenue of $2,730M versus $2,447M a year earlier. Net income available to common stockholders increased to $338M, while adjusted net income reached $346M.
The company reaffirmed full-year 2026 adjusted EPS guidance of $3.83–$3.90 per share and a long-term adjusted EPS growth objective of 6–8%. Management highlights adjusted earnings, which exclude specified non-recurring or non-operational items, as its primary performance metric for communications and internal assessment.
The filing also shows a large planned utility capital program of $24B for 2026–2030 and projected rate base expansion from $28.4B in 2025 to $46.8B in 2030. Subsequent company filings may provide more detail on how execution of this plan tracks against these financial targets.
8-K Event Classification
Key Figures
Key Terms
non-GAAP financial measures financial
adjusted earnings financial
forward-looking statements regulatory
securitization debt financial
rate base financial
Earnings Snapshot
Adjusted EPS guidance for full-year 2026 reaffirmed at $3.83–$3.90 per share, with long-term adjusted EPS growth targeted at 6–8 percent.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
| Commission | Registrant; State of Incorporation; | IRS Employer | ||
| File Number | Address; and Telephone Number | Identification No. | ||
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(A |
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(A
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| , each representing a 1/1,000th interest in a share of 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C | ||||
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth
company: CMS Energy Corporation
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. CMS Energy Corporation ¨ Consumers Energy Company ¨
Item 2.02. Results of Operations and Financial Condition.
On April 28, 2026, CMS Energy Corporation (“CMS Energy”) issued a News Release, in which it announced its 2026 first quarter results. Attached as Exhibit 99.1 to this report and incorporated herein by reference is a copy of the CMS Energy News Release, furnished as a part of this report.
Exhibit 99.1 contains certain financial measures that are considered “non-GAAP financial measures” as defined in Securities and Exchange Commission rules. Other than forward-looking earnings guidance, Exhibit 99.1 contains a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. Management views adjusted earnings as a key measure of CMS Energy’s present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, CMS Energy uses adjusted earnings to measure and assess performance. Because CMS Energy is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, reported earnings in future periods, Exhibit 99.1 does not contain reported earnings guidance nor a reconciliation for the comparable future period earnings. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis.
Item 7.01. Regulation FD Disclosure.
The information set forth in the CMS Energy News Release dated April 28, 2026, attached as Exhibit 99.1, is incorporated by reference in response to this Item 7.01.
CMS Energy will hold a webcast to discuss its 2026 first quarter results and provide a business and financial outlook on April 28 at 10:00 a.m. (ET). A copy of the CMS Energy presentation is furnished as Exhibit 99.2 to this report. A webcast of the presentation will be available on the CMS Energy website, www.cmsenergy.com.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Index | |
| 99.1 | CMS Energy News Release dated April 28, 2026 |
| 99.2 | CMS Energy presentation dated April 28, 2026 |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| CMS ENERGY CORPORATION | ||
| Dated: April 28, 2026 | By: | /s/ Rejji P. Hayes |
| Rejji P. Hayes | ||
| Executive Vice President and Chief Financial Officer | ||
| CONSUMERS ENERGY COMPANY | ||
| Dated: April 28, 2026 | By: | /s/ Rejji P. Hayes |
| Rejji P. Hayes | ||
| Executive Vice President and Chief Financial Officer |
Exhibit 99.1
CMS Energy Announces First Quarter Results for 2026, Reaffirms 2026 Adjusted EPS Guidance
JACKSON, Mich., April 28, 2026 – CMS Energy announced today reported earnings per share of $1.10 for the first quarter of 2026, compared to $1.01 per share for 2025. The company’s adjusted earnings per share for the first quarter were $1.13, compared to $1.02 per share for 2025.
CMS Energy reaffirmed its 2026 adjusted earnings guidance of $3.83 to $3.90 per share (*See below for important information about non-GAAP measures) and long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end.
“Strong execution in the first quarter has positioned us well for the year ahead,” said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy. “We’re building momentum across our triple bottom line in support of customers, communities and investors.”
CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.
# # #
CMS Energy will hold a webcast to discuss its 2026 first quarter results and provide a business and financial outlook on Tuesday, April 28 at 10:00 a.m. (EDT). To participate in the webcast, go to CMS Energy’s homepage (cmsenergy.com) and select “Events and Presentations.”
Important information for investors about non-GAAP measures and other disclosures.
This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company's adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings.
This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.
Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.
Media Contacts: Katie Carey, 517/740-1739
Investment Analyst Contact: Travis Uphaus, 517/817-9241
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CMS ENERGY CORPORATION
Consolidated Statements of Income
(Unaudited)
| In Millions, Except Per Share Amounts | ||||||||
| Three Months Ended | ||||||||
| 3/31/26 | 3/31/25 | |||||||
| Operating revenue | $ | 2,730 | $ | 2,447 | ||||
| Operating expenses | 2,240 | 1,953 | ||||||
| Operating Income | 490 | 494 | ||||||
| Other income | 75 | 50 | ||||||
| Interest charges | 203 | 186 | ||||||
| Income Before Income Taxes | 362 | 358 | ||||||
| Income tax expense | 85 | 63 | ||||||
| Net Income | 277 | 295 | ||||||
| Loss attributable to noncontrolling interests | (63 | ) | (9 | ) | ||||
| Net Income Attributable to CMS Energy | 340 | 304 | ||||||
| Preferred stock dividends | 2 | 2 | ||||||
| Net Income Available to Common Stockholders | $ | 338 | $ | 302 | ||||
| Diluted Earnings Per Average Common Share | $ | 1.10 | $ | 1.01 | ||||
Page 2 of 3
CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)
| In Millions | ||||||||
| As of | ||||||||
| 3/31/26 | 12/31/25 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 175 | $ | 509 | ||||
| Restricted cash and cash equivalents | 88 | 106 | ||||||
| Other current assets | 2,762 | 2,857 | ||||||
| Total current assets | 3,025 | 3,472 | ||||||
| Non-current assets | ||||||||
| Plant, property, and equipment | 31,533 | 30,680 | ||||||
| Other non-current assets | 5,727 | 5,789 | ||||||
| Total Assets | $ | 40,285 | $ | 39,941 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities (1) | $ | 2,232 | $ | 2,592 | ||||
| Non-current liabilities (1) | 8,924 | 8,740 | ||||||
| Capitalization | ||||||||
| Debt and finance leases (excluding securitization debt) (2) | 18,538 | 18,313 | ||||||
| Preferred stock and securities | 224 | 224 | ||||||
| Noncontrolling interests | 585 | 567 | ||||||
| Common stockholders' equity | 9,242 | 8,920 | ||||||
| Total capitalization (excluding securitization debt) | 28,589 | 28,024 | ||||||
| Securitization debt (2) | 540 | 585 | ||||||
| Total Liabilities and Equity | $ | 40,285 | $ | 39,941 | ||||
| (1) | Excludes debt and finance leases. |
| (2) | Includes current and non-current portions. |
CMS ENERGY CORPORATION
Summarized Consolidated Statements of Cash Flows
(Unaudited)
| In Millions | ||||||||
| Three Months Ended | ||||||||
| 3/31/26 | 3/31/25 | |||||||
| Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts | $ | 615 | $ | 178 | ||||
| Net cash provided by operating activities | 705 | 1,000 | ||||||
| Net cash used in investing activities | (1,073 | ) | (918 | ) | ||||
| Cash flows from operating and investing activities | (368 | ) | 82 | |||||
| Net cash provided by financing activities | 16 | 266 | ||||||
| Total Cash Flows | $ | (352 | ) | $ | 348 | |||
| End of Period Cash and Cash Equivalents, Including Restricted Amounts | $ | 263 | $ | 526 | ||||
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CMS ENERGY CORPORATION
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
(Unaudited)
| In Millions, Except Per Share Amounts | ||||||||
| Three Months Ended | ||||||||
| 3/31/26 | 3/31/25 | |||||||
| Net Income Available to Common Stockholders | $ | 338 | $ | 302 | ||||
| Reconciling items: | ||||||||
| Other exclusions from adjusted earnings** | 11 | 3 | ||||||
| Tax impact | (3 | ) | (1 | ) | ||||
| Adjusted net income – non-GAAP | $ | 346 | $ | 304 | ||||
| Average Common Shares Outstanding - Diluted | 307.1 | 299.1 | ||||||
| Diluted Earnings Per Average Common Share | ||||||||
| Reported net income per share | $ | 1.10 | $ | 1.01 | ||||
| Reconciling items: | ||||||||
| Other exclusions from adjusted earnings** | 0.04 | 0.01 | ||||||
| Tax impact | (0.01 | ) | (*) | |||||
| Adjusted net income per share – non-GAAP | $ | 1.13 | $ | 1.02 | ||||
| * | Less than $0.5 million or $0.01 per share. |
| ** | Includes major enterprise resource planning software implementations and unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense. |
Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.
Exhibit 99.2
2026 First Quarter Results & Outlook April 28 , 2026
2 Enter “so what” if necessary – Century Gothic, Bold, Size 18 or smaller This presentation is made as of the date hereof and contains “forward - looking statements” as defined in Rule 3b - 6 of the Securit ies Exchange Act of 1934, Rule 175 of the Securities Act of 1933, and relevant legal decisions. The forward - looking statements are subject to risks and uncertainties. All forward - lo oking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy’s and Consumers Energy’s Securities and Exchange Commissi on filings. Forward - looking statements should be read in conjunction with “FORWARD - LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections of CMS Energy’s and Consumers Energy’s most recent Form 10 - K and as updated in reports CMS Energy and Consumers Energy file with the Securities and Exchange Commission. CMS Energy’s and Cons ume rs Energy’s “FORWARD - LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections are incorporated herein by reference and discuss important factors th at could cause CMS Energy’s and Consumers Energy’s results to differ materially from those anticipated in such statements. CMS Energy and Consumers Energy undertake no ob ligation to update any of the information presented herein to reflect facts, events or circumstances after the date hereof. The presentation also includes non - GAAP measures when describing CMS Energy’s results of operations and financial performance. A reconciliation of each of these measures to the most directly comparable GAAP measure is included in the appendix and posted on our website at www.cmsenergy.com . Investors and others should note that CMS Energy routinely posts important information on its website and considers the Inves tor Relations section, www.cmsenergy.com/investor - relations , a channel of distribution. Presentation endnotes are included after the appendix. 2
3 Investment Thesis . . . . . . o ver two decades of industry - leading financial performance. Strong Cash Flow & Balance Sheet Attractive & Diversified Growth Long Capital Runway Top - Tier Regulatory Jurisdiction Affordability driven by the CE Way + Digital Long Capital Runway Top - Tier Regulatory Jurisdiction a Clean Energy Leader Presentation endnotes are included at the end of the presentation.
4 v Recent Electric Rate Order . . . . . . u nderscores support for reliability investments. Presentation endnotes are included at the end of the presentation. 2023 2024 2025 2026 Approved Requested ~52% ~54% ~60% ~ 66 % % Electric Approved a ($M) $287 $155 $160 $83 $255 $154 $328 b $217 b Customer Benefits: • Enhanced reliability • Accelerated vegetation management (from 7 - yr to 5 - yr cycle ) • Distribution system updates & grid hardening • Maintained affordability Deliberate Process S upportive energy policy & l egislation Productive pre - filings, approvals and mechanisms (e.g. REP, IRP, 5 - yr electric reliability roadmap, IRM) Strong testimony and business cases x x x Yields constructive outcomes Settled
5 Q2: File New Rate Case By Oct. 16th: Expected Order U - 21981 Michigan’s Strong Regulatory Environment . . . . . . provides constructive outcomes and forward - looking visibility. Electric Gas Supportive Energy Policy • Timely recovery of investments x Forward - looking test years/earn authorized ROEs x 10 - month rate cases x Monthly fuel adjustment trackers (PSCR/GCR) x Constructive ROEs • Supportive incentives enhanced w/ 2023 Michigan Energy Law x Energy efficiency incentives x FCM adder on PPAs • Appointed commissioners x Staggered 6 - year terms Electric Supply 2026 June : File IRP Presentation endnotes are included at the end of the presentation. Mar. 27 th : Order $217M a , 9.90 % ROE U - 21870 Highlights Electric Order a Constructive outcome with support for ~ 66 % of final ask x Staff Position Supportive of ~76% of $240M ask b & ~94% c gas infrastructure x REP Order Approval of an additional 8 GW of solar and 2.8 GW of wind x
6 Affordable Customer Bills . . . . . . through the CE Way, episodic cost savings, and energy waste reduction. Presentation endnotes are included at the end of the presentation. ~1% ~ 3% ~3½% ~5% 2014-2025 Latest Update Annual Electric & Gas Combined Residential Bill Growth b (CAGR) CMS 5 - yr Plan Avg. (2026 - 2030) CPI Energy Bills (Current) CPI Energy Bills (Historic) CMS ~2½% 5½% ~5% Consumers Energy Great Lakes Avg. National Avg. Annual Electric Residential Bill Growth a 2021 – 2025 (CAGR) ~ 2½ % ~ 1 % ~3%
7 Expansive Economic Development Efforts . . . . . . drive diversified growth, including data centers, across Michigan. Electric Gas Combined 2023 New Load 2024 New Load 2025 New Load • Adding ~130 jobs & $1.3B investment in Michigan MI Potash & Salt Co. Hemlock Semi - conductor Switch Data Center Ford Blue Oval (2% – 3%/ yr a ) Corning Inc. ~660 MW b ~100 MW b signed in 2025 450 MW Online b ~110 MW b signed YTD Sales Growth Cities on the Rise : #1 Grand Rapids, MI – as ranked by Linkedin 2025 U.S. State Ranking: #6 for B usiness – as ranked by CNBC 2025 U.S. State Ranking: #4 for C ost of Doing B usiness – as ranked by CNBC 2025 U.S. State Ranking : Top 5 for Workforce Development – as ranked by Site Selection Magazine 2026 U.S. State Ranking : #3 for Manufacturing & Semiconductor Jobs – as ranked by Business Facilities 2026 • H igh - grade producer of potash for fertilizer & industrial use Includes: Presentation endnotes are included after the appendix.
8 Economic Development Pipeline . . . . . . drives numerous benefits. ~9 GW Pipeline Semi - conductor Advanced Final Stages 4 – 5 GW 1½ – 2 GW Qualified Data Centers Manufacturing ~1 – 2 GW • +1 GW of new load reduces the average customer 5 - yr rate CAGR by ~2% • +1 GW of new load provides $2B – $5B capital opportunity Progress Made: x Commercial agreement on EFA terms x Commercial agreement on rate contract x Continued community engagement Large Load Sensitivities: Announced on Q2 2025 Call
9 Commentary Amount Financial Results & Outlook . . . . . . reflect strong growth. Long - Term Outlook 2026 Full - Year Outlook Q1 2026 Results $1.13 Adjusted EPS Toward the high end Up 11¢ $3.06 – $3.12 $2.28 Adjusted EPS Guidance Annual Dividend Per Share (DPS) Toward the high end Consistent DPS growth Up $4 vs. prior plan 6% to 8%+ Adjusted EPS Growth Dividend Payout Ratio Utility Capital Plan ($B) a $24 $3.83 – $3.90 Executing on Plan ~55% payout over time Presentation endnotes are included after the appendix. 6% to 8%
10 2025 Weather Rates, Renewables & Investment Reliability, Storms incl. Productivity Parent Financing, Tax & Other Normal Weather Rates, Renewables & Investment Reliability, Storms incl. Productivity Parent Financing, Tax & Other 2026 2026 Adjusted EPS . . . . . . continued confidence toward the high end. First Three Months 11¢ Nine Months To - Go 11¢ – 18 ¢ Presentation endnotes are included after the appendix. $3.83 – $3.90 1¢ $3.61 11¢ 4 ¢ (23)¢ 24¢ 6 ¢ – 13 ¢ (5)¢ 4 ¢ First Quarter $1. 13 First Quarter $1.02 2026 2025 $1.10 $1.01 Reported EPS 0.03 0.01 Adjustments a $ 1.13 $ 1.02 Adjusted EPS a First Quarter EPS Results
11 Actual Plan ($M) ($M) Consumers Energy: -- $1,735 First Mortgage Bonds CMS Energy: $1,000 $1,000 Nov. 2025 Convert @ 3.125% $142 ~$700 Planned Equity Retirements (incl. term loans): -- $115 b Consumers Energy -- $300 CMS Energy Existing Facilities $1,100M (Nov - 2030) $750M (Nov - 2030) $300M (Nov - 2028) Consumers Energy CMS Energy Financings 2026 Planned Financings . . . . . . fund customer investments and provide ample liquidity. Presentation endnotes are included after the appendix. ~$ 2.4 B a of net liquidity x ~$495M (incl. $142M) priced favorably to Plan
12 . Strong Balance Sheet . . . . . . m aintains credit metrics and solid investment - grade ratings. Consumers Energy CMS Energy Senior Secured Commercial Paper Outlook Senior Unsecured Junior Subordinated Outlook Last Review A1 P - 2 Negative Baa2 Baa3 Stable Mar. 2026 A+ F - 2 Stable BBB BB+ Stable Mar. 2026 S&P Moody’s Fitch x Forward - looking recovery x Constructive rate construct x Strong operating cash flow generation x 100% fixed rate debt x Hybrid debt (w/ equity credit) x Limited near - term maturities Key Strengths A A - 2 Stable BBB BBB - Stable Dec . 2025
13 Recession Industry - Leading Financial Performance . . . . . . for over two decades, regardless of conditions. 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+ Recession Adjusted EPS Dividend Weather Help Hurt Cold winter Mild summer Warm winter Hot summer Mild summer Cold winter Polar vortex Mild summer Warm winter Hot summer Hot summer Summer - less Storms Hot summer Storms Hot summer Warm winter Warm winter Mild winter Governor (D) Governor (R) Governor (D) Commission (D) Commission (D) Commission (R) Commission (I) Commission (D) Dave Joos John Russell Patti Poppe Ken Whipple Recession/ Pandemic Garrick Rochow Mild w/ storms Hot summer Mild w/ storms Hot w/ s torms +6% to +8% Adjusted EPS Growth Low double - digit TSR
14 14 Q&A Thank You!
15 Appendix
16 Michigan’s Gubernatorial Candidates . . . . . . a re engaged with CMS Energy on energy a ffordability solutions. John James (R) U.S. Representative (District 10) Jocelyn Benson (D) Secretary of State Mike Duggan (I) Former Detroit Mayor Gubernatorial Race Focus • Growth enabler in the state • Energy ready sites • Large load tariff • Legislative reform • State personal property tax reform • Reducing regulatory burdens on businesses that drive costs • Expansion of bill assistance programs • Including energy efficiency programs and support for vulnerable customers Company Solutions • Economic Development • Affordability: groceries, healthcare, insurance, energy costs, housing & childcare • Education Policy • Public Safety
17 Rate Case Outcomes . . . . . . highlight consistent and constructive regulatory construct. Presentation endnotes are included at the end of the presentation. % Electric Approved a ($M) % Gas Approved a ($M) 2022 2023 2024 2025 Approved Requested ~56% ~54% ~75% $175 Settled $95 $113 $63 $208 $157 Settled v 2023 2024 2025 2026 Approved Requested ~52% ~54% ~60% ~66% $287 Settled $155 $160 $83 $255 $154 $328 b $217 b ~73% $233 $170 Settled
18 36% 36% 28% Updated Customer Investment Plan . . . . . . delivers benefits for customers and investors. New Utility Investment Plan Rate Base Growth Presentation endnotes are included after the appendix. E lectric Generation Electric Distribution & Other Gas Utility $24B ’26 – ’30 72% Electric utility investment x ~$50M pre - tax for FCM by 2030 with additional upside x ~$65M/yr pre - tax for Energy Efficiency incentive x NorthStar – DIG re - contracting opportunities Non - Rate Base Earnings b 2025 2030 $28.4B $ 46 .8B 10½%/ yr a Up $4B from prior plan
19 2026 Sensitivities . . . . . . r eflect effective risk mitigation. Presentation endnotes are included after the appendix. Full - Year Impact OCF Adj. EPS Sensitivity ($M) 33 18 + + ( ¢) 8 4 + + 1% 1 + + Sales a Electric (~38,000 GWh) Gas (~311 Bcf) 60 + 0 + 50 ¢ + Gas Prices ($/Bcf) 9 7 + + 2 2 + + 10 bps 10 + + Utility Earned ROE Electric Gas 4 1 50 bps + Interest Rates 0 4 100 bps + Effective Tax Rate (21%) + + + + Electric Residential Commercial Industrial 5 ¢ 2 ½ 3¢ (1% Full Year in Volume) 2025 Adj. EPS Sensitivities Gas ½ 1 < ½
20 Endnotes
21 Presentation Endnotes Slide 3: a UBS Research, 2025 state rankings and D.C. Slide 4: a All amounts exclude deferrals including 2026 b Represents 2026 company revised position of $387M and order of $277M excluding $24M deferral surcharge, ~$22M vegetation management and ~$15M S4HANA deferrals and ~$60M demand response revenue revision Slide 5: a Excludes deferrals; Represents 2026 company revised position of $387M and order of $277M excluding $24M deferral surcharge, ~$22M vege ta tion management and ~$15M S4HANA deferrals and ~$60M demand response revenue revision b Represents MPSC Staff position of $183M vs. Company position of $240M c Represents MPSC Staff position on investment of $101M vs. Company position of $108M Slide 6: a Source : EIA form 861M; residential electric bill change; 12 - month average Jan - Dec 2025 vs 2021 b Source : Historical 2014 - 2025 CAGR, Bls.gov CPI energy bills; 12 - months ended as of October 2025; Source: Current: Bls.gov CPI energy bills; 2026 March vs. March 2025 Slide 7: a Annual sales growth over 5 - year plan through 2030, CAGR b Anticipated load at full ramp up Slide 9: a $24B utility capital investment plan (2026 - 2030), up $4B from prior plan (2025 - 2029) Slide 10: a Adjusted EPS Slide 11 : a $2,281M in unreserved revolvers + $75M of unrestricted cash; excludes cash unavailable for debt retirement, such as cash held at NorthStar b Excludes securitization debt retirements of $121M Slide 17: a Excludes deferrals b Electric represents 2026 company revised position of $387M and order of $277M excluding $24M deferral surcharge, ~$22M vegetation management and ~$15M S4HANA deferrals and ~$60M demand response revenue revision Slide 18: a Assumes $28.4B rate base in 2025, $46.8B in 2030, CAGR b Over plan period years 2026 - 2030 Slide 19: a Reflects 2026 sales forecast; weather - normalized 21
22 GAAP Reconciliation CMS Energy provides historical financial results on both a reported (GAAP) and adjusted (non - GAAP) basis and provides forward - lo oking guidance on an adjusted basis. During an oral presentation, references to “earnings” are on an adjusted basis. All references to net income ref er to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as disc ont inued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementatio ns, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or lo sses from mark - to - market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. Management views adj usted earnings as a key measure of the company’s present operating financial performance and uses adjusted earnings for external communications with ana lysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate th e impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future per iods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The adju ste d earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnin gs. 22
23 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non - GAAP Adjusted Net Income (Unaudited) In Millions, Except Per Share Amounts Three Months Ended 3/31/25 3/31/26 302 $ 338 $ Net Income Available to Common Stockholders Reconciling items: 3 11 Other exclusions from adjusted earnings** (1) (3) Tax impact 304 $ 346 $ Adjusted net income – non - GAAP 299.1 307.1 Average Common Shares Outstanding - Diluted Diluted Earnings Per Average Common Share 1.01 $ 1.10 $ Reported net income per share Reconciling items: 0.01 0.04 Other exclusions from adjusted earnings** (*) (0.01) Tax impact 1.02 $ 1.13 $ Adjusted net income per share – non - GAAP Less than $0.5 million or $0.01 per share. * Includes major enterprise resource planning software implementations and unrealized gains or losses from mark - to - market adjustme nts, recognized in net income related to NorthStar Clean Energy's interest expense. **