Cms Energy Corporation · NYSE:CMS
Cms Energy — Q3 2026 Earnings Presentation
19 slides from Cms Energy's earnings presentation, Oct 27, 2026
Slide 1: 2026 Third Quarter Results & Outlook
2026 Third Quarter Results & Outlook October 27, 2026
Slide 2: Forward-Looking Statements and Non-GAAP Measures
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 . . . Sale Process Key Outcomes • >35% of the assets at signed agreement • Nearly100% utility-based earnings after 2027 (or closed) • Reallocate capital to the Parent with future • Majority of remaining assets in exclusivity redeployment into the Utility period with buy
Slide 5: 2026 Integrated Resource Plan (IRP)
2026 Integrated Resource Plan (IRP) . . . Key Outcomes FCM Progress Ensures resiliency, reliability and customer affordability (% of total GWs) (+1.4 GW of gas simple cycle by 2031 & +4.1 GW of battery storage by 2040) Remaining Signed PPAs ~$125M Achieves Michigan Energy Law targets (~60% RPS by 20
Slide 6: 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: ~$4½B U.S. State Ranking: U.S. State Ranking: Top 5 for Workforce Michigan #3 for Manufacturing & Development investment Semiconductor Jobs – as ranked
Slide 7: Michigan's Strong Regulatory Environment
Michigan’s Strong Regulatory Environment . . . Supportive Energy Policy 2026 2027 Highlights • Timely recovery of investments ✓ Forward-looking test Electric ✓Storm$57M Deferral years/earn authorized ROEs ✓ 10-month rate cases ✓Oct. 23 : rd By Apr. 2nd : storm deferral Revised position Expected appr
Slide 8: Financial Results & Outlook
Financial Results & Outlook . . . YTD 2026 Results Amount Commentary Adjusted EPS $2.95 Opportunities for reinvestment are underway 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
Slide 9: 2026 Adjusted EPS
2026 Adjusted EPS . . . First Nine Months Three Months To-Go 29¢ 0 – (7)¢ 34¢ 16¢ 8¢✓ 10¢ $3.83 – $3.90 $3.61 (9)-(16)¢ (16)¢ (9)¢ (5)¢ YTD EPS Results 2025 2026 YTD Reported EPS $2.59 $1.86 YTD $2.66 Adjustments a 0.07 1.09 $2.95 Adjusted EPSa $2.66 $2.95 2025 Weather Rates, Reliability, Parent Nor
Slide 10: 2026 Planned Financings
2026 Planned Financings . . . Financings Existing Facilities Plan Actual a ($M) ($M) ~$2.6B of net liquidity Consumers Energy: First Mortgage Bonds $1,735 $1,750 ✓ $300M (Nov-2028) CMS Energy: Nov. 2025 Convert @ 3.125% Planned Equity $1,000 ~$700 $1,000 ~$495 ✓ ~$76/ $1,100M share (Nov-2030) $750M
Slide 11: Industry-Leading Financial Performance: +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 12: Q&A Thank You!
Q&A Thank You! See you at EEI! 1212
Slide 13: Appendix
Appendix 1313
Slide 14: 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 15: Endnotes
Endnotes “cus evens?
Slide 16: Presentation Endnotes
Presentation Endnotes Slide 3: aBofA Research, 2026 state rankings and D.C. Slide 5: aAssumes 50% ownership for solar, wind and battery Slide 6: aAnnual sales growth over 5-year plan through 2030, CAGR bAnticipated load at full ramp up Slide 7: aExcludes $25M deferral surcharge bRepresents company r
Slide 17: 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 18: 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 Nine Months Ended 9/30/26 9/30/25 9/30/26 9/30/25 Net Income Available to Common Stockholders $ 121 $ 275 $ 576 $ 775 Reconciling items: Other
Slide 19: 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 3Q 1Q 2Q 3Q 4Q Net Income Available to Common Stockholders $ 338 $ 117 $ 121 $ 302 $ 198 $ 275 $ 286 Reconciling items: Electric utili