Slide 1: AGA Financial Forum May 2026
AGA Financial Forum May 2026
Slide 2: Forward-looking statements
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: 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 4: Consumers Energy Positioned Well
Consumers Energy Positioned Well . . . Service Territory Electric Gas Combined • Electric Utility 1.9M electric customers 9,190 MW of capacity • Gas Utility 1.8M gas customers >1,560 300 Bcf gas storage • Serving 6.8M Michigan residents MW a cumulative Planet Goals contracted load since • Exit coalb
Slide 5: NorthStar Clean Energy Provides Flexible Solutions
a NorthStar Clean Energy Provides Flexible Solutions . . . 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 f
Slide 6: 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 7: 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 8: Updated Customer Investment Plan
Updated Customer Investment Plan . . . New Utility Investment Plan Rate Base Growth Non-Rate Base Earningsb Up $4B from $46.8B prior plan a ✓ ~$50M pre-tax for 36% 10½%/yr FCM by 2030 with 72% Electric utility additional upside investment $28.4B ’26 – ’30 ✓ ~$65M/yr pre-tax $24B 28% for Energy 36% E
Slide 9: Michigan's Strong Regulatory Environment
Michigan’s Strong Regulatory Environment . . . Supportive Energy Policy 2026 Highlights • Timely recovery of investments ✓ Forward-looking test Electric ✓Electric Ordera years/earn authorized ROEs Constructive Mar. 27th: Q2: outcome with ✓ 10-month rate cases Order File New support for ~66% of a ✓ M
Slide 10: Rate Case Outcomes
Rate Case Outcomes . . . % Electric Approveda % Gas Approveda ($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 11: 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% ~5% ~3½% ~3% ~3% ~2½% ~2½% ~1% ~1% CMS CPI 5-yr Plan CPI Energy Bills Avg. Energy Bills CMS (Historic) (2026-2030) (Current) Consumers G
Slide 12: 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 13: Economic Development Pipeline
Economic Development Pipeline . . . ~9 GW Pipeline Qualified 1½ – 2 GW Advanced 4 – 5 GW Large Load Sensitivities: • +1 GW of new load reduces Final Stages Progress Made: the average customer 5-yr ✓ Commercial agreement on EFA terms rate CAGR by ~2% ~1 – 2 GW Announced ✓ Commercial agreement on rate
Slide 14: Financial Results & Outlook
Financial Results & Outlook . . . Q1 2026 Results Amount Commentary Adjusted EPS $1.13 Executing on Plan 2026 Full-Year Outlook Adjusted EPS Guidance $3.06 $3.83 – $3.12 $3.90 Toward the high end Annual Dividend Per Share (DPS) $2.28 Up 11¢ Long-Term Outlook Adjusted EPS Growth 6% 6%to to8%+ 8% Towa
Slide 15: 2026 Adjusted EPS
2026 Adjusted EPS . . . First Three Months Nine Months To-Go 11¢ 11¢ – 18¢ 4¢ 6¢ – 13¢ $3.83 – $3.90 11¢ 4¢ 24¢ $3.61 1¢ (5)¢ (23)¢ First Quarter EPS Results 2025 2026 Reported EPS $1.01 $1.10 Adjustmentsa 0.01 0.03 Adjusted EPSa $1.02 $1.13 First First Quarter Quarter $1.02 $1.13 2025 Weather Rates
Slide 16: 2026 Planned Financings
2026 Planned Financings . . . Financings Existing Facilities Plan Actual a ($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 $142 ✓ $1,100M ~$495M (incl. (Nov-2030) $142M) pr
Slide 17: Strong Balance Sheet
Strong Balance Sheet . . . Consumers Energy S&P Moody’s Fitch Key Strengths Senior Secured A A1 A+ ✓ Forward-looking recovery ✓ Constructive rate construct Commercial Paper A-2 P-2 F-2 ✓ Strong operating cash flow Outlook Stable Negative Stable generation CMS Energy Senior Unsecured BBB Baa2 BBB ✓ 1
Slide 18: Industry-Leading Financial Performance
Industry-Leading Financial Performance . . . +6% to +8% Adjusted EPS Growth Adjusted EPS Low double-digit TSR Dividend Weather Recession Recession Help Recession/ Hurt Pandemic 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+ Co
Slide 19: Appendix
Appendix 19
Slide 20: Michigan's Gubernatorial Candidates
Michigan’s Gubernatorial Candidates . . . Gubernatorial Race Focus John • Economic Development James (R) U.S. Representative • Affordability: groceries, healthcare, insurance, (District 10) energy costs, housing & childcare • Education Policy • Public Safety Mike Duggan (I) Company Solutions Former
Slide 21: Recent Electric Rate Order
Recent Electric Rate Order . . . % Electric Approveda Customer Benefits: ($M) Approved Requested • Enhanced reliability Settled • Accelerated vegetation management $287 $160 $255 $328 b (from 7-yr to 5-yr cycle) • Distribution system updates & grid hardening • Maintained affordability b $217 $154 $1
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 ~$10.00 Capacity Available 0% 0% 0% ~5% ~20%
Slide 23: Utility Customer Investment Plan
Utility Customer Investment Plan 5-Year Plan ($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 24: Endnotes
Endnotes 24
Slide 25: Presentation Endnotes
Presentation Endnotes Slide 3: aExcludes seasonal and contract workers bAdjusted, (non-GAAP) cDividend Policy: Payout Ratio of ~55% over time a Slide 4: Net zero methane emissions for our gas delivery system, net zero GHG emissions for our entire business – incorporates greenhouse gas emissions from
Slide 26: 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 27: 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 3/31/26 3/31/25 Net Income Available to Common Stockholders $ 338 $ 302 Reconciling items: Other exclusions from adjusted earnings** 11 3 Tax
Slide 28: 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