Cms Energy Corporation · NYSE:CMS
Cms Energy — Investor Presentation (September 2026)
31 slides from Cms Energy's investor presentation, Sep 3, 2026
Slide 1: Investor Meetings September 2026
Investor Meetings September 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: Business Update
Business Update
Slide 4: Top of Mind
Top of Mind • Integrated Resource Plan • Business mix & capital allocation • Economic growth & affordability • Regulatory update • Gubernatorial race 4
Slide 5: 2026 Integrated Resource Plan (IRP)
2026 Integrated Resource Plan (IRP) . . . Key Outcomes Ensures resiliency, reliability and customer affordability (+1.4 GW of gas simple cycle by 2031 & +4.1 GW of battery storage by 2040) Achieves Michigan Energy Law targets (~60% RPS by 2035 and 100% Clean Energy by 2040) Increases clean energy re
Slide 6: Proposed IRP Actions
Proposed IRP Actions . . . Current 2026 Key Objectives Resource Plan IRP Filing • Achieves Michigan Energy Law Targets by 2040 Already a approved a Clean Energy Resources +10.8 GW in REP +15.8 GW (solar, wind & other clean resources) a a Battery +850 MW +4.1 GW a +1.4 GW gas • Ensures Reliability, R
Slide 7: Significant Long-Term Investment
Significant Long-Term Investment . . . Current Customer Investment Plan Long-Term Investmentsa (2026-2030) (2026 – 2040) • Clean Energy Resources ~$4B • Clean Energy Resources ~$13B (solar, wind & other clean resources) (solar, wind & other clean resources) • Battery Storage ~$75M • Battery Storage
Slide 8: Key Components by 2040
Key Components by 2040 . . . Delivering Across the Incremental Generation (2026-2040) Triple Bottom Line Renewables & Storage Clean Energy Resources ~15.8 GW ✓ Capital investment & FCM (solar, wind & other clean resources) opportunity beyond 5-year Battery ~4.1 GW Plan Customer Programs ✓ Achieves M
Slide 9: CMS Energy Overview
CMS Energy Overview Corporate Structure Key Information CMS Energy 2025 Financial Statistics (NYSE: CMS) Based in Jackson, MI >8,300 Employees (44% unionized)a Consumers Energy NorthStar Clean Energy $8.5B Revenue b 2025 $1.1B Adjusted net income ~95% regulated Avg. Rate Base 23 years Industry-leadi
Slide 10: 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 11: 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 $24B upside 28% for Energy 36% Efficiency i
Slide 12: NorthStar Clean Energy
NorthStar Clean Energy Renewable Platform • 318 MW of wind (OH, TX) • 64 MW of biomass (MI, NC) • 267 MW of solar (AR, MI, OH, WI) Dearborn Industrial Generation (DIG) & Other • >1,000 MW in MI (including DIG & Peakers) • Upside: tightening capacity markets with future retirements Presentation endno
Slide 13: Expansive Economic Development Efforts
Expansive Economic Development Efforts . . . Electric Gas Combined Sales Growth 2023 New Load 2024 New Load 2025 New Load (2% – 3%/yr ) a Includes: MI Potash & Salt Co. U.S. State Ranking: • High-grade producer U.S. State Ranking: Top 5 for Workforce of potash for fertilizer #3 for Manufacturing & D
Slide 14: Affordable Customer Bills
Affordable Customer Bills . . . Annual Electric a Annual Electric & Gas Combined Residential Bill Growth Residential Bill Growthb 2021 – 2025 (CAGR) (CAGR) 5½% ~5% ~4½% ~3½% ~3% ~3% ~2½% ~2½% ~1% ~1% CMS CPI 5-yr Plan CPI Energy Bills Avg. Energy Bills CMS (Historic) (2026-2030) (Current) Consumers
Slide 15: Michigan's Strong Regulatory Environment
Michigan’s Strong Regulatory Environment . . . Supportive Energy Policy 2026 Highlights • Timely recovery of investments ✓ Forward-looking test Electric ✓Electric Ordera years/earn authorized ROEs Constructive Mar. 27th: Jun. 2nd : outcome with ✓ 10-month rate cases Order Filed Rate Case support for
Slide 16: Rate Case Outcomes
Rate Case Outcomes . . . % Electric Approveda % Gas Approveda ($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 $63 ~66% ~60% v ~54% ~52% ~54% ~56% 2023 2024 2025 2026 2022 2023 2024
Slide 17: Michigan's Gubernatorial Candidates
Michigan’s Gubernatorial Candidates . . . Leading Candidates Gubernatorial Race Focus • Economic Development Jocelyn Benson (D) • Affordability: groceries, healthcare, insurance, Secretary of State energy costs, housing & childcare “…create more well-paying union • Education Policy jobs in Michigan'
Slide 18: 2026 Planned Financings
2026 Planned Financings . . . Financings Existing Facilities Plan Actual a ($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 19: 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 20: +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 21: Appendix
Appendix 21
Slide 22: DIG (750 MW) & Peakers (200 MW)
DIG (750 MW) & Peakers (200 MW) . . . Pre-Tax Income Opportunities (M) $100 ~$80 80 ~$75 ~$70 ~$60 60 Major $43 outage 40 ~$30 $23 20 0 Historic 2024 2025 2026E 2026 -2030 Avg. 2026+ 2026+ Capacity Price ($kw-mon) ~$3.00 ~$3.25 ~$4.00 ~$4.50 ~$5.25 ~$7.50 ~$10.00 Capacity Available 0% 0% 0% ~5% ~20%
Slide 23: 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 24: Near- and Long-Term Objectives
Near- and Long-Term Objectives . . . 2026 Long-Term Plan Adjusted EPS guidance $3.83 – $3.90 +6% to +8% Toward the high end Toward the high end Dividend Payout Ratio ~60% ~55% over time Target credit ratings Solid Solid investment grade investment grade FFO/Debt target: Mid-teensa FFO/Debt target: M
Slide 25: Utility Customer Investment Plan
Utility Customer Investment Plan 5-Year Plan ($B) 2026 2027 2028 2029 2030 Total Electric Generation $1.4 $2.2 $2.3 $1.9 $1.0 $8.8 Electric Distribution & Other 1.6 1.9 2.1 1.6 1.4 8.6 Gas Utility 1.1 1.3 1.3 1.5 1.5 6.7 Total $4.1 $5.4 $5.7 $5.0 $3.9 $24.1 Depreciation & Amortizationa $1.4 $1.5 $1.
Slide 26: Endnotes
Endnotes 26
Slide 27: Presentation Endnotes
Presentation Endnotes Slide 6: aIncremental to 2025 existing capacity portfolio through 2040. bAssumes 50% ownership for solar, wind and battery Slide 7:aAssumes 50% ownership for solar, wind and battery Slide 9: aExcludes seasonal and contract workers bAdjusted, (non-GAAP) cDividend Policy: Payout
Slide 28: Presentation Endnotes
Presentation Endnotes Slide 23: a$24B utility capital investment plan (2026-2030), bAssumes $28.4B rate base in 2025, $46.8B in 2030, CAGR Slide 24: aMid-teens, as calculated by rating agencies Slide 25: aIncludes securitization amortization of ~$110M/yr and regulatory asset amortization of ~$170M/y
Slide 29: 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 30: 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 31: 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 Twelve Months Ended 12/31/25 12/31/24 12/31/25 12/31/24 Net Income Available to Common Stockholders $ 286 $ 262 $ 1,061 $ 993 Reconciling item