Cms Energy Corporation · NYSE:CMS
Cms Energy — Investor Presentation (November 2025)
30 slides from Cms Energy's investor presentation, November 2025
Slide 1: Leading the Clean Energy Transformation
LEADING THE CLEAN ENERGY TRANSFORMATION Investor Meetings November 2025
Slide 2: Enter “so what” if necessary – Century Gothic, Bold, Size 18 or smaller 2
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: 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 7: Investment Thesis
INVESTMENT THESIS
Slide 8: 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 9: 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 10: 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 11: Michigan's Strong Regulatory Environment
Michigan’s Strong Regulatory Environment . . . Supportive Energy Policy 2025 2026 Highlights • Timely recovery of investments Electric ✓ Forward-looking test ✓ Staff Position Supportive of ~75% years/earn authorized ROEs ✓ 10-month rate cases ✓Mar. 21 : Order st Jun. 2nd: Revised of revised ask and
Slide 12: 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 5% TV & Phone 3% National Avg. Healthcare 8% Healthcare 8% 0% Food 13% ✓~$350M in cost savings through the Food 13% sinc
Slide 13: Expansive Economic Development Efforts
Expansive Economic Development Efforts . . . 900 MW 9 GW Pipeline (In Plan) Qualified 1½ – 2 GW 100 MW signed YTD Advanced 4 – 5 GW Switch Data Center Hemlock Semi-conductor ~450 MWa Final Stages 1 – 2 GW Online Ford Blue Oval Announced on Q2 Call Corning Inc. Data Centers 100 MW signed YTD Manufact
Slide 14: Strong Balance Sheet
Strong Balance Sheet . . . Consumers Energy S&P Moody’s Fitch Key Strengths Senior Secured A A1 A+ ✓ Forward-looking recovery ✓ Constructive rate construct Commercial Paper A-2 P-2 F-2 ✓ Strong operating cash flow Outlook Stable Stable Stable generation CMS Energy Senior Unsecured BBB Baa2 BBB ✓ 100
Slide 15: 2025 Planned Financings
2025 Planned Financings . . . Financings Existing Facilities Plan YTD a ($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 16: Financial Performance & Outlook
FINANCIAL PERFORMANCE & OUTLOOK
Slide 17: 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 18: 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 $2.66 Adjustmentsa 0.02 0.07 Adjusted EPSa $2.47 $2.66 2024 Weather Rates, Reliability, Parent Norm
Slide 19: Appendix
APPENDIX 19 19
Slide 20: Customer Investment Plan
Customer Investment Plan . . . 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% ✓ NorthStar – D
Slide 21: Expansive Economic Development Efforts
Expansive Economic Development Efforts . . . Economic Development Electric 2023 New Load Gas Combined 2024 New Load 2025 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 22: 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 ~$10.00 Capacity Available 0% 0% ~25% ~25% ~25% . . . supports the Plan with future
Slide 23: 2024 Asset Mix
2024 Asset Mix . . . Total PP&E ($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 24: 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 25: 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 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 Slide 4: aNet zero methane emissions for our gas delivery system, net zero GHG emissions for our entire business – incorporates greenhouse gas emissions from
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 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:
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 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