CMS Energy (NYSE: CMS) posts Q2 2026 EPS, reshapes NorthStar business
Rhea-AI Filing Summary
CMS Energy Corporation reported second quarter 2026 diluted earnings per share of $0.37, down from $0.66 a year earlier, with adjusted EPS of $0.37 versus $0.71. Net income available to common stockholders was $117 million on operating revenue of $1,829 million, compared with $198 million on $1,838 million in 2025. For the first six months, diluted EPS was $1.47 and adjusted EPS $1.50, versus $1.67 and $1.73, respectively.
Management completed a strategic review of NorthStar Clean Energy and, with board approval, will exit non-utility renewables development while retaining Michigan-based assets, including Dearborn Industrial Generation, gas peakers and four solar projects (~0.5 GW). The company targets completing the restructuring by year-end 2026, plans for nearly 100% utility-based earnings after 2027 and states this shift reduces Parent funding needs, including debt and equity, by $500M+ within the current plan through 2030.
CMS Energy reaffirmed 2026 adjusted EPS guidance of $3.83–$3.90, maintained a long-term adjusted EPS growth target of 6–8 percent and introduced 2027 adjusted EPS guidance of $4.08–$4.17. A $24 billion 2026–2030 utility capital plan is described as supporting 10½ percent annual rate base growth.
Positive
- Reaffirmed 2026 adjusted EPS guidance of $3.83–$3.90 and issued 2027 outlook.
- NorthStar exit cuts Parent funding needs by $500M+ through 2030.
- Plans $24B 2026–2030 utility capital program, supporting 10½% rate base growth.
Negative
- Q2 diluted EPS fell to $0.37 from $0.66 a year earlier.
- Year-to-date diluted EPS declined to $1.47 versus $1.67 in 2025.
8-K Event Classification
Key Figures
Key Terms
non-GAAP financial measures financial
adjusted earnings financial
securitization debt financial
Integrated Resource Plan (IRP) regulatory
rate base financial
forward-looking statements regulatory
Earnings Snapshot
CMS Energy reaffirmed 2026 adjusted EPS guidance of $3.83–$3.90, introduced 2027 adjusted EPS guidance of $4.08–$4.17, and reiterated a long-term adjusted EPS growth target of 6–8 percent with continued confidence toward the high end.
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FAQ
How did CMS (CMS) year-to-date 2026 results compare with 2025?
What earnings guidance did CMS (CMS) provide for 2026 and 2027?
What strategic decision did CMS (CMS) announce for NorthStar Clean Energy?
How large is CMS (CMS) planned utility investment and expected rate base growth?
What do CMS (CMS) non-GAAP adjusted earnings exclude?
When will CMS (CMS) discuss these results with investors?
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 July 28, 2026, CMS Energy Corporation (“CMS Energy”) issued a News Release, in which it announced its 2026 second 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 July 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 second quarter results and provide a business and financial outlook on July 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 July 28, 2026 |
| 99.2 | CMS Energy presentation dated July 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: July 28, 2026 | By: | /s/ Srikanth Maddipati |
| Srikanth Maddipati | ||
| Executive Vice President and Chief Financial Officer | ||
| CONSUMERS ENERGY COMPANY | ||
| Dated: July 28, 2026 | By: | /s/ Srikanth Maddipati |
| Srikanth Maddipati | ||
| Executive Vice President and Chief Financial Officer |
Exhibit 99.1
CMS Energy Announces Second Quarter Results, Strategic Decision on NorthStar Clean Energy Services, Introduces Guidance for 2027
JACKSON, Mich., July 28, 2026 – CMS Energy announced today reported earnings per share of $0.37 for the second quarter of 2026, compared to $0.66 per share for 2025. The company’s adjusted earnings per share for the second quarter were $0.37, compared to $0.71 per share for 2025. For the first six months of the year, the company reported $1.47 per share compared to $1.67 per share for the same timeframe in 2025. On an adjusted earnings per share basis year to date, the company reported $1.50 per share in 2026 compared to $1.73 per share in 2025.
CMS Energy also announced the completion of a strategic review at NorthStar Clean Energy, and with Board approval, the company is exiting non-utility renewables development and retaining Michigan-based assets, including Dearborn Industrial Generation (or DIG). This will simplify the business, reduce financing needs, and allow the company to focus more fully on providing regulated energy services.
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. CMS Energy is introducing 2027 earnings guidance of $4.08 to $4.17.
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 second quarter results and provide a business and financial outlook on Tuesday, July 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 | Six Months Ended | |||||||||||||||
| 6/30/26 | 6/30/25 | 6/30/26 | 6/30/25 | |||||||||||||
| Operating revenue | $ | 1,829 | $ | 1,838 | $ | 4,559 | $ | 4,285 | ||||||||
| Operating expenses | 1,565 | 1,521 | 3,805 | 3,474 | ||||||||||||
| Operating Income | 264 | 317 | 754 | 811 | ||||||||||||
| Other income | 75 | 137 | 150 | 187 | ||||||||||||
| Interest charges | 210 | 199 | 413 | 385 | ||||||||||||
| Income Before Income Taxes | 129 | 255 | 491 | 613 | ||||||||||||
| Income tax expense | 33 | 62 | 118 | 125 | ||||||||||||
| Net Income | 96 | 193 | 373 | 488 | ||||||||||||
| Loss attributable to noncontrolling interests | (24 | ) | (8 | ) | (87 | ) | (17 | ) | ||||||||
| Net Income Attributable to CMS Energy | 120 | 201 | 460 | 505 | ||||||||||||
| Preferred stock dividends | 3 | 3 | 5 | 5 | ||||||||||||
| Net Income Available to Common Stockholders | $ | 117 | $ | 198 | $ | 455 | $ | 500 | ||||||||
| Diluted Earnings Per Average Common Share | $ | 0.37 | $ | 0.66 | $ | 1.47 | $ | 1.67 | ||||||||
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CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)
| In Millions | ||||||||
| As of | ||||||||
| 6/30/26 | 12/31/25 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 241 | $ | 509 | ||||
| Restricted cash and cash equivalents | 104 | 106 | ||||||
| Other current assets | 2,521 | 2,857 | ||||||
| Total current assets | 2,866 | 3,472 | ||||||
| Non-current assets | ||||||||
| Plant, property, and equipment | 32,329 | 30,680 | ||||||
| Other non-current assets | 5,710 | 5,789 | ||||||
| Total Assets | $ | 40,905 | $ | 39,941 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities (1) | $ | 2,193 | $ | 2,592 | ||||
| Non-current liabilities (1) | 9,012 | 8,740 | ||||||
| Capitalization | ||||||||
| Debt and finance leases (excluding securitization debt) (2) | 18,776 | 18,313 | ||||||
| Preferred stock and securities | 224 | 224 | ||||||
| Noncontrolling interests | 625 | 567 | ||||||
| Common stockholders' equity | 9,550 | 8,920 | ||||||
| Total capitalization (excluding securitization debt) | 29,175 | 28,024 | ||||||
| Securitization debt (2) | 525 | 585 | ||||||
| Total Liabilities and Equity | $ | 40,905 | $ | 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 | ||||||||
| Six Months Ended | ||||||||
| 6/30/26 | 6/30/25 | |||||||
| Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts | $ | 615 | $ | 178 | ||||
| Net cash provided by operating activities | 1,327 | 1,414 | ||||||
| Net cash used in investing activities | (2,093 | ) | (1,880 | ) | ||||
| Cash flows from operating and investing activities | (766 | ) | (466 | ) | ||||
| Net cash provided by financing activities | 496 | 1,213 | ||||||
| Total Cash Flows | $ | (270 | ) | $ | 747 | |||
| End of Period Cash and Cash Equivalents, Including Restricted Amounts | $ | 345 | $ | 925 | ||||
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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 | Six Months Ended | |||||||||||||||
| 6/30/26 | 6/30/25 | 6/30/26 | 6/30/25 | |||||||||||||
| Net Income Available to Common Stockholders | $ | 117 | $ | 198 | $ | 455 | $ | 500 | ||||||||
| Reconciling items: | ||||||||||||||||
| Other exclusions from adjusted earnings** | 2 | 5 | 13 | 8 | ||||||||||||
| Tax impact | (1 | ) | (1 | ) | (4 | ) | (2 | ) | ||||||||
| State tax policy change | - | 12 | - | 12 | ||||||||||||
| Adjusted net income – non-GAAP | $ | 118 | $ | 214 | $ | 464 | $ | 518 | ||||||||
| Average Common Shares Outstanding - Diluted | 310.8 | 299.1 | 308.9 | 299.0 | ||||||||||||
| Diluted Earnings Per Average Common Share | ||||||||||||||||
| Reported net income per share | $ | 0.37 | $ | 0.66 | $ | 1.47 | $ | 1.67 | ||||||||
| Reconciling items: | ||||||||||||||||
| Other exclusions from adjusted earnings** | * | 0.01 | 0.04 | 0.02 | ||||||||||||
| Tax impact | (* | ) | (* | ) | (0.01 | ) | (* | ) | ||||||||
| State tax policy change | - | 0.04 | - | 0.04 | ||||||||||||
| Adjusted net income per share – non-GAAP | $ | 0.37 | $ | 0.71 | $ | 1.50 | $ | 1.73 | ||||||||
* 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 Second Quarter Results & Outlook July 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 NorthStar Clean Energy Update . . . . . . i mproves financing and strengthens overall business strategy. • Simplifies overall CMS Energy strategy and focuses on utility investment • R eallocates capital to the Parent with future redeployment into the Utility • Provides high quality earnings and retains attractive operating assets in Michigan that generate cash flow • Retaining Dearborn Industrial Generation (DIG) and gas peakers • Retaining four MI - based solar projects (4 projects, ~0.5 GW) • Exiting non - utility renewables development at NorthStar Clean Energy • Targeting to complete restructuring by year - end 2026 • Nearly100% utility - based earnings after 2027 • Shift of capital reduces P arent funding needs, including debt and equity • $500M+ of funding needs reduced within the current plan (through 2030) • Cost efficiencies enhance business profile • Supports high - quality growth Strategic Review Complete Key Outcomes
5 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 Large Load Sensitivities: ~20 - yr agreement under the Large Load Tariff • Zoning – customer is pursuing multiple sites • Incorporate into Integrated Resource Plan (IRP) to be filed in Sep. 2026 • Future capital update with incremental resources needed Next Steps: x Previously announced data center
6 Jun. 2 nd : Filed Rate Case $456M b , 10.25% ROE U - 22070 By Oct. 16 th : 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 Sep.: 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 at ~72% of the revised ask ($168M Staff vs $232M c ) x REP Order Approval of an additional 8 GW of solar and 2.8 GW of wind x Jun. 18 th : Revised Ask $232M c , 10.25% ROE U - 21981
7 . . . on track to deliver in 2026 and beyond. Commentary Amount Financial Results & Outlook . . . YTD 2026 Results ` Long - Term Outlook 2026 Full - Year Outlook 2027 Full - Year Outlook Adjusted EPS $1 .50 Executing on plan Adjusted EPS Guidance Annual Dividend Per Share $3.83 – $3.90 $2.28 Toward the high end Up 11¢ Adjusted EPS Guidance $ 4.08 – $4 .17 Continued growth Adjusted EPS Growth Dividend Payout Ratio Utility Capital Plan ($B) a +6% to +8% ~55% payout over time $ 24 Toward the high end Consistent DPS growth Supports 10½% rate base growth b Presentation endnotes are included at the end of the presentation.
8 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 Half (23) ¢ Six Months To - Go 45 ¢ – 52 ¢ Presentation endnotes are included after the appendix. $3.83 – $3.90 (8) ¢ $3.61 20¢ ( 16 )¢ (18) ¢ 22 ¢ 16¢ – 23 ¢ (19)¢ 25 ¢ First Half $ 1.50 First Half $ 1.73 2026 2025 $1.47 $1.67 Reported EPS 0.03 0.06 Adjustments a $ 1.50 $ 1.73 Adjusted EPS a First Half EPS Results
9 36% 36% 28% Utility Investment Plan with Upside . . . . . . delivers benefits for customers and investors. 5 - Year Investment Plan Rate Base Growth Presentation endnotes are included after the appendix. E lectric Generation Electric Distribution & Other Gas Utility $24B ’26 – ’30 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 $46.8B 10½%/ yr a ~$ 2 B of REP upside ~$ 1 B of reliability upside
10 Actual Plan ($M) ($M) Consumers Energy: $850 $1,735 First Mortgage Bonds CMS Energy: $1,000 $1,000 Nov. 2025 Convert @ 3.125% ~$495 ~$700 Planned Equity Retirements (incl. term loans): $115 $115 b Consumers Energy $300 $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
11 A Proven and Durable Business Model . . . . . . t hat delivers benefits for customers and investors. Utility Rate Base Growth Power Costs & Fuel CE Way +Digital Financing and Other Sales & Energy Efficiency Annual Customer Bills ~10½% (2)% – (3)% (1)% – (2)% (1)% (2)% – (4)% Additional Cost Saving Opportunities • Economic development • Tax reform • Regulatory mechanisms • State policy reform Additional (2) + %/yr reduction ~3%
12 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
13 13 Q&A Thank You!
14 14 Appendix
15 Michigan’s Gubernatorial Candidates . . . . . . are engaged with CMS Energy on energy a ffordability solutions. John James (R) U.S. Representative (District 10) Jocelyn Benson (D) Secretary of State 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 Leading Candidates “…create more well - paying union jobs in Michigan's clean energy sector…opportunities created by building a modern and clean energy system.” “…expand opportunity for every community by fostering innovation, supporting small business and skilled careers…”
16 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
17 . 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
18 18 Endnotes
19 Presentation Endnotes Slide 3: a BofA Research, 2026 state rankings and D.C. Slide 6 : 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 Excludes $25M deferral surcharge c Represents company revised position of $232M Slide 7: a $24B utility capital investment plan (2026 - 2030), b Assumes $28.4B rate base in 2025, $46.8B in 2030, CAGR Slide 8: a Adjusted EPS; see GAAP reconciliation Slide 9: a Assumes $28.4B rate base in 2025, $46.8B in 2030, CAGR b Over plan period years 2026 - 2030 Slide 10 : a $2,225M in unreserved revolvers + $193M of unrestricted cash; excludes cash unavailable for debt retirement, such as cash hel d a t NorthStar Slide 16: 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 19
20 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. 20
CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non - GAAP Adjusted Net Income (Unaudited) 21 In Millions, Except Per Share Amounts Six Months Ended Three Months Ended 6/30/25 6/30/26 6/30/25 6/30/26 500 $ 455 $ 198 $ 117 $ Net Income Available to Common Stockholders Reconciling items: 8 13 5 2 Other exclusions from adjusted earnings** (2) (4) (1) (1) Tax impact 12 - 12 - State tax policy change 518 $ 464 $ 214 $ 118 $ Adjusted net income – non - GAAP 299.0 308.9 299.1 310.8 Average Common Shares Outstanding - Diluted Diluted Earnings Per Average Common Share 1.67 $ 1.47 $ 0.66 $ 0.37 $ Reported net income per share Reconciling items: 0.02 0.04 0.01 * Other exclusions from adjusted earnings** (*) (0.01) (*) (*) Tax impact 0.04 - 0.04 - State tax policy change 1.73 $ 1.50 $ 0.71 $ 0.37 $ 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. **
22 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non - GAAP Adjusted Net Income by Quarter (Unaudited) Net Income Available to Common Stockholders $ 338 $ 117 $ 302 $ 198 $ 275 $ 286 Reconciling items: Electric utility and gas utility 11 4 * 4 6 6 Tax impact (3) (1) (*) 11 (2) (1) NorthStar Clean Energy (*) (2) 3 1 * (1) Tax impact * * (1) (*) (*) (*) Corporate interest and other - - - - - - Tax impact - - - (*) - - Adjusted Net Income – Non-GAAP $ 346 $ 118 $ 304 $ 214 $ 279 $ 290 Average Common Shares Outstanding – Diluted 307.1 310.8 299.1 299.1 300.4 305.8 Diluted Earnings Per Average Common Share $ 1.10 $ 0.37 $ 1.01 $ 0.66 $ 0.92 $ 0.94 Reconciling items: Electric utility and gas utility 0.04 0.01 * 0.01 0.02 0.02 Tax impact (0.01) (*) (*) 0.04 (0.01) (*) NorthStar Clean Energy (*) (0.01) 0.01 * * (0.01) Tax impact * * (*) (*) (*) * Corporate interest and other - - - - - - Tax impact - - - (*) - - Adjusted Diluted Earnings Per Average Common Share – Non-GAAP $ 1.13 $ 0.37 $ 1.02 $ 0.71 $ 0.93 $ 0.95 * Less than $0.5 million or $0.01 per share. 1Q 2Q 1Q 2Q 2026 3Q 4Q 2025 In Millions, Except Per Share Amounts