Cms Energy Corporation · NYSE:CMS
Cms Energy — Q3 2025 Earnings Presentation
18 slides from Cms Energy's earnings presentation, Oct 30, 2025
Slide 1: Leading the Clean Energy Transformation: 2025 Third Quarter Results & Outlook
LEADING THE CLEAN ENERGY TRANSFORMATION 2025 Third Quarter Results & Outlook October 30, 2025
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 Industry-leading clean energy commitments Leader Strong Infrastructure Cash Flow & Renewal Balance Sheet Excellence through the a Top-tier regulatory jurisdiction Attractive & Constructive Diversified Legislation & with attractive growth Territory Regulation Affo
Slide 4: Michigan's Strong Regulatory Environment
Michigan’s Strong Regulatory Environment . . . Supportive Energy Policy 2025 2026 Highlights • Timely recovery of investments Electric Staff Position Forward-looking test Supportive of ~75% years/earn authorized ROEs 10-month rate cases Mar. 21 : Order st Jun. 2nd: Revised of revised ask and
Slide 5: Expansive Economic Development Efforts
Expansive Economic Development Efforts . . . 900 MW 9 GW Pipeline (In Plan) Qualified 1½ – 2 GW 100 MW signed YTD Advanced 4 – 5 GW Switch Data Center Hemlock Semi-conductor ~450 MWa Final Stages 1 – 2 GW Online Ford Blue Oval Announced on Q2 Call Corning Inc. Data Centers 100 MW signed YTD Manufact
Slide 6: Infrastructure Renewals and Supply Needs
Infrastructure Renewals and Supply Needs . . . Current Customer Investment Plan Customer Investment Opportunity (2025-2029) (through 2035) Not in Plan • Electric Distribution & Other • Electric Reliability Roadmap • Reliability and resiliency • Up to 400 miles/yr undergrounding $8.5B $10B • 20K/yr p
Slide 7: Managing Customer Bills
Managing Customer Bills . . . Residential Bills as % of Walleta CE Residential Bill vs. National Avg.b (Electric & Gas) (Electric) 5% Utility Bill ~4½% Utility Bill ~3% TV & Phone 2% TV & Phone 3% National Avg. Healthcare 8% Healthcare 8% 0% Food 13% ~$350M in cost savings through the Food 13% Tran
Slide 8: Financial Results & Outlook
Financial Results & Outlook . . . YTD 2025 Results Amount Commentary Up vs. 2024 with confidence in Adjusted EPS $2.66 the full year 2025 Full-Year Outlook Adjusted EPS Guidance $3.56 – $3.60 Toward the high end Annual Dividend Per Share $2.11 Up 11¢ 2026 Full-Year Outlook Adjusted EPS Guidance $3.8
Slide 9: 2025 Adjusted EPS
2025 Adjusted EPS . . . First Nine Months Three Months To-Go 19¢ 3¢ – 7¢ 28¢ 37¢ (4)¢ 15¢ 3¢ $3.56–$3.60 $3.34 (6)¢ (5)¢ – (9)¢ (42)¢ YTD EPS Results 2024 2025 YTD Reported EPS $2.45 $2.59 YTD $2.47 a $2.66 Adjustments 0.02 0.07 Adjusted EPSa $2.47 $2.66 2024 Weather Rates, Reliability, Parent Nor
Slide 10: Strong Balance Sheet
Strong Balance Sheet . . . Consumers Energy S&P Moody’s Fitch Key Strengths Senior Secured A A1 A+ Forward-looking recovery Constructive rate construct Commercial Paper A-2 P-2 F-2 Strong operating cash flow Outlook Stable Stable Stable generation CMS Energy Senior Unsecured BBB Baa2 BBB 100
Slide 11: 2025 Planned Financings
2025 Planned Financings . . . Financings Existing Facilities Plan YTD a ($M) ($M) ~$2.1B of net liquidity Consumers Energy: First Mortgage Bonds $1,125 $1,125 $250M (Nov-2025) CMS Energy: New Debt Issuances $1,270 $1,000 Planned Equity (Issued) Up to $500 $500 $1,100M (Dec-2027) Retirements (inc
Slide 12: 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 13: Q&A Thank You! See you at EEI!
Q&A Thank You! See you at EEI! 1313
Slide 14: Endnotes
CMS EVERGY Endnotes
Slide 15: Presentation Endnotes
Presentation Endnotes Slide 3: aUBS Research, 2025 state rankings and D.C. a b Slide 4: $154M order excludes a $22M surcharge related to distribution investments made in 2023 above prior approved levels $423M excludes a $24M surcharge related to certain distribution investments made for the twelve m
Slide 16: 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 17: 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 9/30/25 9/30/24 9/30/25 9/30/24 Net Income Available to Common Stockholders $ 275 $ 251 $ 775 $ 731 Reconciling items: Other
Slide 18: 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 2025 2024 1Q 2Q 3Q 1Q 2Q 3Q 4Q Net Income Available to Common Stockholders $ 302 $ 198 $ 275 $ 285 $ 195 $ 251 $ 262 Reconciling items: Electric utili