Cms Energy Corporation · NYSE:CMS
Cms Energy — Q1 2025 Earnings Presentation
20 slides from Cms Energy's earnings presentation, Apr 24, 2025
Slide 1: Leading the Clean Energy Transformation
LEADING THE CLEAN ENERGY TRANSFORMATION 2025 First Quarter Results & Outlook April 24, 2025
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 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 &
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 (
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
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
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
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 $1.02 2024 Weather
Slide 9: Strong Balance Sheet
Strong Balance Sheet . . . Consumers Energy S&P Moody’s Fitch Key Strengths Senior Secured A A1 A+ ✓ Forward-looking recovery ✓ Constructive rate construct Commercial Paper A-2 P-2 F-2 ✓ Strong operating cash flow Outlook Stable Stable Stable generation CMS Energy Senior Unsecured BBB Baa2 BBB ✓ 100
Slide 10: 2025 Planned Financings
2025 Planned Financings . . . Financings Existing Facilities Plan YTD a ($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
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
Slide 12: Q&A Thank You!
Q&A Thank You! 1212
Slide 13: Appendix
Appendix 1313
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 $20B 32% Efficiency incentive 42% ✓ N
Slide 15: Electric Sales Offering Favorable Mix
Electric Sales Offering Favorable Mix . . . Weather-Normalized Electric Deliveries (Q1 2025 vs. Q1 2024) a (Excluding Leap Day & Energy Efficiency Impacts) 3.8% 2.3% 1.6% (2.3)% Residential Commercial Industrial Total Residential Customer Growth (5-Yr Avg. Customer Count) 2025 Adj. EPS Sensitivities
Slide 16: 2025 Sensitivities
2025 Sensitivities . . . Full-Year Impact Sensitivity Adj. EPS OCF 2025 Adj. EPS Sensitivities (1% Full Year in Volume) Salesa (¢) ($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
Slide 17: Endnotes
Endnotes “cus evens?
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
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
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