Slide 1: Leading the Clean Energy Transformation: 2025 Second Quarter Results & Outlook
LEADING THE CLEAN ENERGY TRANSFORMATION 2025 Second Quarter Results & Outlook July 31, 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 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: Expansive Economic Development Efforts
Expansive Economic Development Efforts . . . Economic Development Electric 2022 New Load Gas Combined 2023 New Load 2024 New Load (MW) ~9,000 additional Cities on the Rise: U.S. State Ranking: opportunity #1 Grand Rapids, MI #6 for doing business Other – as ranked by Linkedin – as ranked by CNBC 202
Slide 5: Key Affordability Drivers
Key Affordability Drivers. . . Key Affordability Drivers Long-Term Customer Investment Not in Plan ✓ Economic development • Electric Reliability Roadmap • 2% to 3% long-term annual sales • Up to 400 miles/yr growth with upward pressure from undergrounding $10B growing demand • 20K/yr poles replaced
Slide 6: CMS Energy is Well-Positioned
CMS Energy is Well-Positioned . . . Federal Actions Considerations CMS Energy Response One Big Beautiful Bill Act • Safe harbor pipeline ✓ Expect safe harbora through 2029 Utility ✓ Utility PPAs with FCM adder – and continued interest from developers to pull projects forward for potential BTA • Affo
Slide 7: Michigan's Strong Regulatory Environment
Michigan’s Strong Regulatory Environment . . . Supportive Energy Policy 2025 Highlights • Timely recovery of investments Electric ✓ Forward-looking test years/earn authorized ROEs ✓Storm expense ✓ 10-month rate cases ✓Mar. 21 : Order st Jun. 2nd: Filed deferral approved ✓ Monthly fuel adjustment $17
Slide 8: Financial Results & Outlook
Financial Results & Outlook . . . YTD 2025 Results Amount Commentary Adjusted EPS $1.73 Well-positioned to deliver 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%
Slide 9: 2025 Adjusted EPS
2025 Adjusted EPS . . . First Half Six Months To-Go 10¢ 10¢ – 16¢ 32¢ 9¢ 18¢ 1¢ 11¢ $3.54 – $3.60 $3.34 (4)¢ (27)¢ (14)¢ – (20)¢ First Half EPS Results 2024 2025 Reported EPS $1.61 $1.67 Adjustmentsa 0.02 0.06 Adjusted EPSa $1.63 $1.73 First First Half Half $1.63 $1.73 2024 Weather Rates, Reliabilit
Slide 10: Strong Balance Sheet
Strong Balance Sheet . . . Consumers Energy S&P Moody’s Fitch Key Strengths Senior Secured A A1 A+ ✓ Forward-looking recovery ✓ Constructive rate construct Commercial Paper A-2 P-2 F-2 ✓ Strong operating cash flow Outlook Stable Stable Stable generation CMS Energy Senior Unsecured BBB Baa2 BBB ✓ 100
Slide 11: 2025 Planned Financings
2025 Planned Financings . . . Financings Existing Facilities Plan YTD a ($M) ($M) ~$2.7B of net liquidity Consumers Energy: $250M First Mortgage Bonds $1,125 $1,125 ✓ (Nov-2025) CMS Energy: New Debt Issuances $1,270 $1,000 ~$350M priced Planned Equity Up to $500 -- favorably to $1,100M Plan (Dec-202
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!
Q&A Thank You! 1313
Slide 14: Appendix
Appendix 1414
Slide 15: 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 16: Endnotes
Endnotes “cus evens?
Slide 17: Presentation Endnotes
Presentation Endnotes Slide 3: aUBS Research, 2025 state rankings and D.C. Slide 5: a$5B estimate reflects preliminary estimate Slide 6: aAssumptions are based on pre-existing safe harbor provisions Slide 7: a$176M order includes a $22M surcharge related to distribution investments made in 2023 abov
Slide 18: 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 19: 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 Six Months Ended 6/30/25 6/30/24 6/30/25 6/30/24 Net Income Available to Common Stockholders $ 198 $ 195 $ 500 $ 480 Reconciling items: Other
Slide 20: 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 1Q 2Q 3Q 4Q Net Income Available to Common Stockholders $ 302 $ 198 $ 285 $ 195 $ 251 $ 262 Reconciling items: Electric utility and ga