Slide 1: Leading the Clean Energy Transformation
LEADING THE CLEAN ENERGY TRANSFORMATION Investor Meetings June 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: CMS Energy Overview
CMS Energy Overview Corporate Structure Key Information CMS Energy 2024 Financial Statistics (NYSE: CMS) Based in Jackson, MI >8,300 Employees (44% unionized)a Consumers Energy NorthStar Clean Energy $7.5B Revenue 2024 $998M Adjusted net incomeb >95% regulated Avg. Rate Base 22 years Industry-leadin
Slide 4: Consumers Energy Positioned Well
Consumers Energy Positioned Well . . . Service Territory Electric Gas Combined • Electric Utility 1.9M electric customers 9,853 MW of capacity • Gas Utility 1.8M gas customers >1,300 309 Bcf gas storage • Serving 6.8M Michigan residents MW a cumulative Planet Goals contracted load since • Plan to ex
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) • 195 MW of solar (AR, MI) Dearborn Industrial Generation (DIG) & Other • >1,000 MW in MI (including DIG & Peakers) • Upside: tightening capacity markets with future re
Slide 6: Near- and Long-Term Financial Objectives
Near- and Long-Term Financial Objectives . . . 2025 Long-Term Plan Adjusted EPS guidance $3.54 – $3.60 +6% to +8% Toward the high end Toward the high end Dividend Payout Ratio ~60% ~60% over time Target credit ratings Solid Solid investment grade investment grade FFO/Debt target: Mid-teensa FFO/Debt
Slide 7: 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 8: 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 9: Investment Thesis
INVESTMENT THESIS
Slide 10: 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 11: Infrastructure Renewal is Necessary
Infrastructure Renewal is Necessary . . . 10-yr Electric Reliability Roadmap New Energy Legislation Includes up to 400 miles of Provides capital opportunity to meet 60% undergrounding and Renewable Portfolio Standard by 2035 and 20k pole 100% Clean Energy Standard by 2040 replacements per year 25 ye
Slide 12: 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 13: Long-Term Opportunities
Long-Term Opportunities . . . Electric Distribution Electric Supply Long-term Plan/ Reliability Roadmap Renewable Energy Plan (REP) Integrated Resource Plan (IRP) Reference Filing 2025 – 2035 2025 – 2045 2027 – 2045+ Key • 20K poles replaced each year • 9,000 MW solar • >850 MW of battery storage In
Slide 14: 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 June 2nd: Filed a ROEs $176M , 9.9% ROE $460M, 10.25% ROE U-21585 U-21870 ✓ 10-month rate cases ✓ Monthly fuel
Slide 15: Needed Customer Investments
Needed Customer Investments . . . Customer Investments Key Affordability Drivers Clean Energy Transformation ✓ CE Way cost savings (REP & IRP)a • ~$50M/yr savings through the CE Way • ~$350M since 2020 ✓ Large episodic savings (PPAs/coal exit) • >$200M savings through 2025 ✓ Energy Waste Reduction p
Slide 16: 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 $900M investment
Slide 17: Strong Balance Sheet
Strong Balance Sheet . . . Consumers Energy S&P Moody’s Fitch Key Strengths Senior Secured A A1 A+ ✓ Forward-looking recovery ✓ Constructive rate construct Commercial Paper A-2 P-2 F-2 ✓ Strong operating cash flow Outlook Stable Stable Stable generation CMS Energy Senior Unsecured BBB Baa2 BBB ✓ 100
Slide 18: 2025 Planned Financings
2025 Planned Financings . . . Financings Existing Facilities Plan YTD a ($M) ($M) ~$2.2B of net liquidity Consumers Energy: $250M First Mortgage Bonds $1,125 $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 -- offers significan
Slide 19: Emissions Reduction
Emissions Reduction . . . 100% Clean Energy by 2040 Net Zero by 2030 a b (Carbon Emissions Reduction ) (Methane Emissions Reduction ) 2015 2024 2025 2040 2015 2024 2028 2030 Retire Fully ~(15)% Karn exit 3&4 coal ~(22)% ~(30)% ~(30)% Emissions Reduction RNG • Exceeds scientific targets/policy goals
Slide 20: ESG Disclosures are Transparent
ESG Disclosures are Transparent . . . • CMS Energy & • SASB Index (Gas Utilities & Consumers Energy Websites Distributors) • SEC Filings (10-K & Proxy) • TCFD Index • CDP Corporate Questionnaire • Global Reporting Initiative (GRI) Index • Biodiversity Report • Global Reporting Initiative • Sustainab
Slide 21: Appendix
APPENDIX 21 21
Slide 22: 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 23: DIG (750 MW) & Peakers (200 MW)
DIG (750 MW) & Peakers (200 MW) . . . Pre-Tax Income Opportunities (M) $80 ~$75 70 ~$65 ~$60 60 50 $43 40 ~$30 30 20 10 0 Historic 2024 2026 -2029 Avg. 2026+ 2026+ Capacity Price ($kw-mon) ~$3.00 ~$3.25 ~$4.50 ~$7.50 ~$10.00 Capacity Available 0% 0% ~25% ~25% ~25% . . . supports the Plan with future
Slide 24: 2024 Asset Mix
2024 Asset Mix . . . Total PP&E ($M) (%) Electric Generation $4,659 17% Coal 208 ~1% Wind, solar, hydro 2,883 10 Gas & other 1,568 6 Distribution 9,610 35 Other 753 3 Total electric $15,022 ~55% Gas Distribution $6,453 23% Transmission 2,715 10 Underground storage facilities 1,267 5 Other 407 1 Tota
Slide 25: Michigan Energy Law
Michigan Energy Law . . . Key Items Notable Changes Benefits • Renewable Portfolio Standard 60% by 2035 ✓Ability to own AND contract throughout MISO • Next Renewable Energy Plan (REP) filing (50% by 2030) (Nov. 2024) • Clean Energy Standard (incl. renewables, gas w/ CCS, or nuclear) 100% by 2040 ✓En
Slide 26: Endnotes
ENDNOTES 26 26
Slide 27: Presentation Endnotes
Presentation Endnotes Slide 3: aExcludes seasonal and contract workers bAdjusted, (non-GAAP) cDividend Policy: Payout Ratio of ~60% over time dLeadership Team represents reorganization announced on May 15, 2025 Slide 4: aNet zero methane emissions for our gas delivery system, net zero GHG emissions
Slide 28: 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 29: 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
Slide 30: 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 12/31/24 12/31/23 12/31/24 12/31/23 Net Income Available to Common Stockholders $ 262 $ 306 $ 993 $ 877 Reconciling items: