Cms Energy Corporation · NYSE:CMS
Cms Energy — Q1 2026 Earnings Presentation
23 slides from Cms Energy's earnings presentation, Apr 28, 2026
Slide 1: 2026 First Quarter Results & Outlook
2026 First Quarter Results & Outlook April 28, 2026
Slide 2: Forward-looking statements and non-GAAP disclaimer
This presentation is made as of the date hereof and contains “forward-looking statements” as defined in Rule 3b-6 of the Securities 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 f
Slide 3: Investment Thesis
Investment Thesis . . . Clean Energy Leader s C Strong Cash Flow & or Long Capital Long Capital RunwayRunway st o- Balance Sheet Inve wor s ker Cu s r st o m ers Custome Attractive & Top-Tier Top-Tier Regulatory Diversified Growth Regulatory Jurisdictiona Jurisdiction Affordability driven by the Pre
Slide 4: Recent Electric Rate Order
Recent Electric Rate Order . . . % Electric Approveda Customer Benefits: ($M) Approved Requested • Enhanced reliability Settled • Accelerated vegetation management $287 $160 $255 $328 b (from 7-yr to 5-yr cycle) • Distribution system updates & grid hardening • Maintained affordability b $217 $154 $1
Slide 5: Michigan’s Strong Regulatory Environment
Michigan’s Strong Regulatory Environment . . . Supportive Energy Policy 2026 Highlights • Timely recovery of investments ✓ Forward-looking test Electric ✓Electric Order a years/earn authorized ROEs Constructive Mar. 27th: Q2: outcome with ✓ 10-month rate cases Order File New support for ~66% of a ✓
Slide 6: Affordable Customer Bills
Affordable Customer Bills . . . Annual Electric a Annual Electric & Gas Combined Residential Bill Growth Residential Bill Growthb 2021 – 2025 (CAGR) (CAGR) 5½% ~5% ~5% ~3½% ~3% ~3% ~2½% ~2½% ~1% ~1% CMS CPI 5-yr Plan CPI Energy Bills Avg. Energy Bills CMS (Historic) (2026-2030) (Current) Consumers G
Slide 7: Expansive Economic Development Efforts
Expansive Economic Development Efforts . . . Electric Gas Combined Sales Growth 2023 New Load 2024 New Load 2025 New Load (2% – 3%/yr ) a Includes: MI Potash & Salt Co. U.S. State Ranking: • High-grade producer U.S. State Ranking: Top 5 for Workforce of potash for fertilizer #3 for Manufacturing & D
Slide 8: Economic Development Pipeline
Economic Development Pipeline . . . ~9 GW Pipeline Qualified 1½ – 2 GW Advanced 4 – 5 GW Large Load Sensitivities: • +1 GW of new load reduces Final Stages Progress Made: the average customer 5-yr ✓ Commercial agreement on EFA terms rate CAGR by ~2% ~1 – 2 GW Announced ✓ Commercial agreement on rate
Slide 9: Financial Results & Outlook
Financial Results & Outlook . . . Q1 2026 Results Amount Commentary Adjusted EPS $1.13 Executing on Plan 2026 Full-Year Outlook Adjusted EPS Guidance $3.06 $3.83 – $3.12 $3.90 Toward the high end Annual Dividend Per Share (DPS) $2.28 Up 11¢ Long-Term Outlook Adjusted EPS Growth 6% 6%to to8%+ 8% Towa
Slide 10: 2026 Adjusted EPS
2026 Adjusted EPS . . . First Three Months Nine Months To-Go 11¢ 11¢ – 18¢ 4¢ 6¢ – 13¢ $3.83 – $3.90 11¢ 4¢ 24¢ $3.61 1¢ (5)¢ (23)¢ First Quarter EPS Results 2025 2026 Reported EPS $1.01 $1.10 Adjustmentsa 0.01 0.03 Adjusted EPSa $1.02 $1.13 First First Quarter Quarter $1.02 $1.13 2025 Weather Rates
Slide 11: 2026 Planned Financings
2026 Planned Financings . . . Financings Existing Facilities Plan Actual a ($M) ($M) ~$2.4B of net liquidity Consumers Energy: $300M First Mortgage Bonds $1,735 -- (Nov-2028) CMS Energy: Nov. 2025 Convert @ 3.125% Planned Equity $1,000 ~$700 $1,000 $142 ✓ $1,100M ~$495M (incl. (Nov-2030) $750M Retir
Slide 12: Strong Balance Sheet
Strong Balance Sheet . . . Consumers Energy S&P Moody’s Fitch Key Strengths Senior Secured A A1 A+ ✓ Forward-looking recovery ✓ Constructive rate construct Commercial Paper A-2 P-2 F-2 ✓ Strong operating cash flow Outlook Stable Negative Stable generation CMS Energy Senior Unsecured BBB Baa2 BBB ✓ 1
Slide 13: Industry-Leading Financial Performance
Industry-Leading Financial Performance . . . +6% to +8% Adjusted EPS Growth Adjusted EPS Low double-digit TSR Dividend Weather Recession Recession Help Recession/ Hurt Pandemic 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+ Co
Slide 14: Q&A Thank You!
Q&A Thank You! 1414
Slide 15: Appendix
Appendix 15
Slide 16: Michigan’s Gubernatorial Candidates
Michigan’s Gubernatorial Candidates . . . Gubernatorial Race Focus John • Economic Development James (R) U.S. Representative • Affordability: groceries, healthcare, insurance, (District 10) energy costs, housing & childcare • Education Policy • Public Safety Mike Duggan (I) Company Solutions Former
Slide 17: Rate Case Outcomes
Rate Case Outcomes . . . % Electric Approveda % Gas Approveda ($M) ($M) Approved Requested Approved Requested Settled Settled Settled Settled b $287 $160 $255 $328 $233 $175 $113 $208 $170 $157 b $217 $154 ~73% ~75% $155 $83 $95 $63 ~66% ~60% v ~54% ~52% ~54% ~56% 2023 2024 2025 2026 2022 2023 2024
Slide 18: Updated Customer Investment Plan
Updated Customer Investment Plan . . . New Utility Investment Plan Rate Base Growth Non-Rate Base Earningsb Up $4B from $46.8B prior plan a ✓ ~$50M pre-tax for 36% 10½%/yr FCM by 2030 with 72% Electric utility additional upside investment $28.4B ’26 – ’30 ✓ ~$65M/yr pre-tax $24B 28% for Energy 36% E
Slide 19: 2026 Sensitivities
2026 Sensitivities . . . Full-Year Impact Sensitivity Adj. EPS OCF 2025 Adj. EPS Sensitivities (1% Full Year in Volume) Salesa (¢) ($M) Electric Gas Electric (~38,000 GWh) + 1% + 8 + 33 Residential 5¢ 3¢ Gas (~311 Bcf) + 1 + 4 + 18 Commercial 2½ 1 Industrial ½ <½ Gas Prices ($/Bcf) + 50¢ + 0 + 60
Slide 20: Endnotes
Endnotes 20
Slide 21: Presentation Endnotes
Presentation Endnotes Slide 3: aUBS Research, 2025 state rankings and D.C. Slide 4: aAll amounts exclude deferrals including 2026 bRepresents 2026 company revised position of $387M and order of $277M excluding $24M deferral surcharge, ~$22M vegetation management and ~$15M S4HANA deferrals and ~$60M
Slide 22: GAAP Reconciliation
CMS Energy provides historical financial results on both a reported (GAAP) and adjusted (non-GAAP) basis and provides forward-looking guidance on an adjusted basis. During an oral presentation, references to “earnings” are on an adjusted basis. All references to net income refer to net income availa
Slide 23: Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
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