Cms Energy Corporation · NYSE:CMS

Cms Energy — Q1 2025 Earnings Presentation

20 slides from Cms Energy's earnings presentation, Apr 24, 2025

  1. Slide 1: Leading the Clean Energy Transformation

    LEADING THE CLEAN ENERGY TRANSFORMATION 2025 First Quarter Results & Outlook April 24, 2025

  2. 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

  3. Slide 3: Investment Thesis

    Investment Thesis . . . Clean Energy Industry-leading clean energy commitments Leader s Co or Strong Infrastructure Cash Flow & Renewal st -w Balance Sheet Inve orkers Excellence through the Cu Customers sto m ers Top-tier regulatory jurisdictiona Attractive & Constructive Diversified Legislation &

  4. Slide 4: Michigan's Strong Regulatory Environment

    Michigan’s Strong Regulatory Environment . . . 2024 2025 Supportive Energy Policy Electric • Timely recovery of investments ✓ Forward-looking test years/earn authorized ✓Mar. 21 : Order st Q2: File New ROEs $176Ma, 9.9% ROE Rate Case U-21585 ✓ 10-month rate cases ✓ Monthly fuel adjustment trackers (

  5. Slide 5: CMS Energy is Well-Positioned

    CMS Energy is Well-Positioned . . . Sector Top of Mind Risk Mitigants Tariff Impacts ✓ ~90% of supply chain domestically sourced with broad vendor redundancy ✓ Manageable inflationary impacts skewed toward capital ✓ ~95% –100% of gas supply domestically sourced ✓ No imported electricity from Canada

  6. Slide 6: Expansive Economic Development Efforts

    Expansive Economic Development Efforts . . . Economic Development (MW) Electric Gas Combined 2022 New Load 2023 New Load 2024 New Load ~9,000 additional opportunity Benteler Automotive Corning Inc. Battery component production Solar production $105M investment facility Manufacturing $900M investment

  7. Slide 7: Financial Results & Outlook

    Financial Results & Outlook . . . Q1 2025 Results Amount Commentary Adjusted EPS $1.02 Executing on Plan 2025 Full-Year Outlook Adjusted EPS Guidance $3.06 $3.54 – $3.12 $3.60 Toward the high end Annual Dividend Per Share (DPS) $2.17 Up 11¢ Long-Term Outlook Adjusted EPS Growth +6% to +8% Toward the

  8. Slide 8: 2025 Adjusted EPS

    2025 Adjusted EPS . . . First Three Months Nine Months To-Go 5¢ 15¢ – 21¢ 26¢ 7¢ 16¢ $3.54 – $3.60 12¢ $3.34 (5)¢ (4)¢ (3)¢ – (9)¢ (23)¢ First Quarter EPS Results 2024 2025 Reported EPS $0.96 $1.01 Adjustmentsa 0.01 0.01 Adjusted EPSa $0.97 $1.02 First First Quarter Quarter $0.97 $1.02 2024 Weather

  9. Slide 9: 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 Stable Stable generation CMS Energy Senior Unsecured BBB Baa2 BBB ✓ 100

  10. Slide 10: 2025 Planned Financings

    2025 Planned Financings . . . Financings Existing Facilities Plan YTD a ($M) ($M) ~$2.2B of net liquidity Consumers Energy: $250M First Mortgage Bonds $1,125 -- (Nov-2025) CMS Energy: New Debt Issuances $1,270 $1,000 $1B, 6.5% 30-yr Jr. Sub. Notes Planned Equity Up to $500 -- provides downward $1,10

  11. Slide 11: Industry-Leading Financial Performance

    Industry-Leading Financial Performance . . . Adjusted EPS +6% to +8% Dividend Weather Help Recession Recession 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+ Cold Mild Hot Warm Mild Cold Summer- Hot Hot Wa

  12. Slide 12: Q&A Thank You!

    Q&A Thank You! 1212

  13. Slide 13: Appendix

    Appendix 1313

  14. Slide 14: Updated Customer Investment Plan

    Updated Customer Investment Plan . . . New Utility Investment Plan Rate Base Growth Non-Rate Base Earningsb Up $3B from prior plan ✓ ~$20M pre-tax for ~8½%/yr a $39.4B FCM by 2029 68% 26% Electric utility investment $26.2B ✓ ~$60M/yr pre-tax ’25 – ’29 for Energy $20B 32% Efficiency incentive 42% ✓ N

  15. Slide 15: Electric Sales Offering Favorable Mix

    Electric Sales Offering Favorable Mix . . . Weather-Normalized Electric Deliveries (Q1 2025 vs. Q1 2024) a (Excluding Leap Day & Energy Efficiency Impacts) 3.8% 2.3% 1.6% (2.3)% Residential Commercial Industrial Total Residential Customer Growth (5-Yr Avg. Customer Count) 2025 Adj. EPS Sensitivities

  16. Slide 16: 2025 Sensitivities

    2025 Sensitivities . . . Full-Year Impact Sensitivity Adj. EPS OCF 2025 Adj. EPS Sensitivities (1% Full Year  in Volume) Salesa (¢) ($M) Electric Gas Electric (~37,000 GWh) + 1% + 7 + 27 Residential 4¢ 3¢ Gas (~308 Bcf) + 1 + 4 + 17 Commercial 2½ ~½ Industrial ½ ~½ Gas Prices + 50¢ + 0 + 60 Utility

  17. Slide 17: Endnotes

    Endnotes “cus evens?

  18. Slide 18: Presentation Endnotes

    Presentation Endnotes Slide 3: aUBS Research, 2024 state rankings and D.C. Slide 4: a$176M order includes a $22M surcharge related to distribution investments made in 2023 above prior approved levels Slide 7: a$20B utility capital investment plan (2025-2029), up $3B from prior plan (2024-2028) Slide

  19. Slide 19: 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

  20. Slide 20: 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 3/31/25 3/31/24 Net Income Available to Common Stockholders $ 302 $ 285 Reconciling items: Other exclusions from adjusted earnings** 3 4 Tax i

CMS Energy — Q1 2025 Earnings Presentation on 6ix