Cms Energy Corporation · NYSE:CMS
Cms Energy — Investor Presentation (September 2025)
31 slides from Cms Energy's investor presentation, Sep 2, 2025
Slide 1: Leading the Clean Energy Transformation
LEADING THE CLEAN ENERGY TRANSFORMATION Investor Meetings September 2025
Slide 2: Forward-looking statements and non-GAAP notice
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: 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 8: Investment Thesis
INVESTMENT THESIS
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 $10B growing demand • 20K/yr poles replaced
Slide 14: Expansive Economic Development Efforts
Expansive Economic Development Efforts . . . Economic Development Electric 2022 New Load Gas Combined 2023 New Load 2024 New Load (MW) ~9,000 additional Cities on the Rise: U.S. State Ranking: opportunity #1 Grand Rapids, MI #6 for doing business Other – as ranked by Linkedin – as ranked by CNBC 202
Slide 15: Strong Balance Sheet
Strong Balance Sheet . . . Consumers Energy S&P Moody’s Fitch Key Strengths Senior Secured A A1 A+ Forward-looking recovery Constructive rate construct Commercial Paper A-2 P-2 F-2 Strong operating cash flow Outlook Stable Stable Stable generation CMS Energy Senior Unsecured BBB Baa2 BBB 100
Slide 16: 2025 Planned Financings
2025 Planned Financings . . . Financings Existing Facilities Plan YTD a ($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 17: Emissions Reduction
Emissions Reduction . . . 100% Clean Energy by 2040 Net Zero by 2030 a,c b (Carbon Emissions Reduction ) (Methane Emissions Reduction ) 2015 2024 2025 2040 2015 2024 2028 2030 Retire Karn ~(15)% 3&4 ~(22)% ~(30)% ~(30)% Emissions Reduction RNG • Exceeds scientific targets/policy goals by 2040 (1.5º
Slide 18: Top of Mind
Top of Mind
Slide 19: 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 harbor through 2029 Utility Utility PPAs with FCM adder – and continued interest from developers to pull projects forward for potential BTA • Affor
Slide 20: Appendix
CMS EVERGY APPENDIX
Slide 21: 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 22: 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 a Adjustments 0.02 0.06 Adjusted EPSa $1.63 $1.73 First First Half Half $1.63 $1.73 2024 Weather Rates, Reliabili
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: 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 27: Endnotes
CMS EVERGY ENDNOTES
Slide 28: 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 29: 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 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 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 31: 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: