Slide 1: 2026 Second Quarter Results & Outlook
2026 Second Quarter Results & Outlook July 28, 2026
Slide 2: Enter “so what” if necessary – Century Gothic, Bold, Size 18 or smaller 2
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: NorthStar Clean Energy Update
NorthStar Clean Energy Update . . . Strategic Review Complete Key Outcomes • Simplifies overall CMS Energy strategy and focuses • Nearly100% utility-based earnings after 2027 on utility investment • Shift of capital reduces Parent funding needs, • Reallocates capital to the Parent with future includ
Slide 5: Economic Development Pipeline
Economic Development Pipeline . . . ~9 GW Pipeline Qualified 1½ – 2 GW Advanced 4 – 5 GW ✓~20-yr agreement under the Large Load Tariff Next Steps: • Zoning – customer is pursuing multiple sites Large Load Sensitivities: • Incorporate into Integrated Resource Plan (IRP) to be Final Stages filed in Se
Slide 6: Michigan's Strong Regulatory Environment
Michigan’s Strong Regulatory Environment . . . Supportive Energy Policy 2026 Highlights • Timely recovery of investments ✓ Forward-looking test Electric ✓Electric Ordera years/earn authorized ROEs Constructive Mar. 27th: Jun. 2nd : outcome with ✓ 10-month rate cases Order Filed Rate Case support for
Slide 7: Financial Results & Outlook
Financial Results & Outlook . . . YTD 2026 Results Amount Commentary Adjusted EPS $1.50 Executing on plan 2026 Full-Year Outlook Adjusted EPS Guidance $3.83 – $3.90 Toward the high end Annual Dividend Per Share $2.28 Up 11¢ 2027 Full-Year Outlook Adjusted EPS Guidance $4.08 – $4.17 Continued growth
Slide 8: 2026 Adjusted EPS
2026 Adjusted EPS . . . First Half Six Months To-Go (23)¢ 45¢ – 52¢ 16¢ – 23¢ $3.83 – $3.90 20¢ 25¢ $3.61 22¢ (8)¢ (19)¢ (16)¢ (18)¢ First Half EPS Results 2025 2026 Reported EPS $1.67 $1.47 Adjustmentsa 0.06 0.03 Adjusted EPSa $1.73 $1.50 First First Half Half $1.73 $1.50 2025 Weather Rates, Reliab
Slide 9: Utility Investment Plan with Upside
Utility Investment Plan with Upside . . . 5-Year Investment Plan Rate Base Growth Non-Rate Base Earningsb $46.8B ~$2B of REP a ✓ ~$50M pre-tax for upside 10½%/yr FCM by 2030 with 36% additional upside $28.4B ~$1B of reliability ’26 – ’30 ✓ ~$65M/yr pre-tax $24B upside 28% for Energy 36% Efficiency i
Slide 10: 2026 Planned Financings
2026 Planned Financings . . . Financings Existing Facilities Plan Actual a ($M) ($M) ~$2.4B of net liquidity Consumers Energy: $300M First Mortgage Bonds $1,735 $850 (Nov-2028) CMS Energy: Nov. 2025 Convert @ 3.125% Planned Equity $1,000 ~$700 $1,000 ~$495 ✓ $1,100M (Nov-2030) $750M Retirements (inc
Slide 11: A Proven and Durable Business Model
A Proven and Durable Business Model . . . ~10½% Additional Cost Saving Opportunities • Economic development (2)% – (3)% • Tax reform (1)% – (2)% (1)% • Regulatory mechanisms • State policy reform ~3% (2)% – (4)% Additional (2)+%/yr Utility Power Costs & CE Way Financing and Sales & Annual Rate Base
Slide 12: +6% to +8% Adjusted EPS Growth
Industry-Leading Financial Performance . . . +6% to +8% Adjusted EPS Growth Adjusted EPS Dividend Weather Recession Recession Help Recession/ Hurt Pandemic 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+ Cold Mild Hot Warm Mild
Slide 13: Q&A Thank You!
Q&A Thank You! 1313
Slide 14: Appendix
Appendix 1414
Slide 15: Michigan's Gubernatorial Candidates
Michigan’s Gubernatorial Candidates . . . Leading Candidates Gubernatorial Race Focus • Economic Development Jocelyn Benson (D) • Affordability: groceries, healthcare, insurance, Secretary of State energy costs, housing & childcare “…create more well-paying union • Education Policy jobs in Michigan'
Slide 16: Rate Case Outcomes
Rate Case Outcomes . . . % Electric Approveda % Gas Approveda ($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 17: 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 18: Endnotes
Endnotes “cus evens?
Slide 19: Presentation Endnotes
Presentation Endnotes Slide 3: aBofA Research, 2026 state rankings and D.C. Slide 6: aExcludes deferrals; 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 r
Slide 20: 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 21: 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 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
Slide 22: Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income by Quarter
CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income by Quarter (Unaudited) In Millions, Except Per Share Amounts 2026 2025 1Q 2Q 1Q 2Q 3Q 4Q Net Income Available to Common Stockholders $ 338 $ 117 $ 302 $ 198 $ 275 $ 286 Reconciling items: Electric utility and ga