Cms Energy Corporation · NYSE:CMS
Cms Energy — Investor Presentation (March 2026)
52 slides from Cms Energy's investor presentation, March 2026
Slide 1: Leading the Clean Energy Transformation
LEADING THE CLEAN ENERGY TRANSFORMATION Investor Meetings March 2026
Slide 2: Forward-Looking Statements
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 2025 Financial Statistics (NYSE: CMS) Based in Jackson, MI >8,300 Employees (44% unionized)a Consumers Energy NorthStar Clean Energy $8.5B Revenue b 2025 $1.1B Adjusted net income ~95% regulated Avg. Rate Base 23 years Industry-leadi
Slide 4: Consumers Energy Positioned Well
Consumers Energy Positioned Well . . . Service Territory Electric Gas Combined • Electric Utility 1.9M electric customers 9,190 MW of capacity • Gas Utility 1.8M gas customers >1,450 300 Bcf gas storage • Serving 6.8M Michigan residents MW a cumulative Planet Goals contracted load since • Exit coalb
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) • 267 MW of solar (AR, MI, OH, WI) Dearborn Industrial Generation (DIG) & Other • >1,000 MW in MI (including DIG & Peakers) • Upside: tightening capacity markets with f
Slide 6: Near- and Long-Term Objectives
Near- and Long-Term Objectives . . . 2026 Long-Term Plan Adjusted EPS guidance $3.83 – $3.90 +6% to +8% Toward the high end Toward the high end Dividend Payout Ratio ~60% ~55% over time Target credit ratings Solid Solid investment grade investment grade FFO/Debt target: Mid-teensa FFO/Debt target: M
Slide 7: ESG Disclosures are Transparent
ESG Disclosures are Transparent . . . • CMS Energy & • TCFD Index Consumers Energy Websites • Global Reporting Initiative • SEC Filings (10-K & Proxy) (GRI) Index • Sustainability Report • Global Reporting Initiative (GRI) Human Capital Data • DE&I Website • Political Engagement • SASB Index (Electr
Slide 8: Investment Thesis
INVESTMENT THESIS
Slide 9: Investment Thesis
Investment Thesis . . . Clean Energy Industry-leading clean energy commitments Leader s Co or Strong Top-tier regulatory jurisdictiona Infrastructure Cash Flow & Renewal st -w Balance Sheet Inve with attractive growth orkers Excellence through the Cu Customers sto m ers Attractive & Constructive Div
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: Updated Customer Investment Plan
Updated Customer Investment Plan . . . New Utility Investment Plan Rate Base Growth Non-Rate Base Earningsb Up $4B from $46.8B prior plan a ✓ ~$50M pre-tax for 36% 10½%/yr FCM by 2030 with 72% Electric utility additional upside investment $28.4B ’26 – ’30 ✓ ~$65M/yr pre-tax $24B 28% for Energy 36% E
Slide 12: Michigan's Strong Regulatory Environment
Michigan’s Strong Regulatory Environment . . . Supportive Energy Policy 2025 2026 • Timely recovery of investments ✓ Forward-looking test Electric years/earn authorized ROEs Jun. 2nd: By Apr. 2nd: Q2: ✓ 10-month rate cases Revised Expected Order File New ✓ Monthly fuel adjustment $423Ma, 10.25% ROE
Slide 13: Constructive Regulatory Outcomes
Constructive Regulatory Outcomes. . . Order Bid/Ask Final Ask Other Cases: ($M) ($M) a U-21914: Electric (U-21585) ✓ $154 ~60% $255 ✓ 1st ever storm deferral approved Gas (U-21806) b ✓ $157.5 ~75% $208 U-21859: Renewable Energy Plan +8 GW of solar ✓ Large Load Customer Investments c ✓~$14,000 and +2
Slide 14: Managing Customer Bills
Managing Customer Bills . . . Residential Bills as % of Walleta Residential Bill Growthb (Electric & Gas) (Electric & Gas) Utility Bill ~4½% Utility Bill ~3% >7½% TV & Phone 2% TV & Phone 3% Healthcare 8% Healthcare 8% Food 13% ✓~$450M in cost savings through the Food 13% Transportation Transportati
Slide 15: Expansive Economic Development Efforts
Expansive Economic Development Efforts . . . 9 GW Pipeline Qualified 1½ – 2 GW Advanced 4 – 5 GW +1 GW on Progress Made: Large Load Tariff • Order on Large Load Tariff reduces customer 5-yr rate CAGR • Commercial agreement on EFA terms by ~2% • Near-final rate contract Announced Final Stages on Q2 C
Slide 16: 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 17: Industry-Leading Financial Performance
Industry-Leading Financial Performance . . . Adjusted EPS +6% to +8% Dividend Weather Recession Recession Help 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 2026+ Cold Mild Hot Warm Mild Cold Summer- Hot Ho
Slide 18: Environmental
» ENVIRONMENTAL
Slide 19: Executing on the Clean Energy Transformation
Executing on the Clean Energy Transformation . . . Planet Goals Proof Points ✓ Retired Karn 1 & 2 coal units, 515 MW 2030 Net zero methane emissions for our ✓ Acquired existing ~1.2 GW CCGT gas delivery system b ✓ Grew VGP Program to >790 MW Future 2040 • Retire Campbell 1-3 coal units (exit coal) 1
Slide 20: Our Energy Supply Will Be Cleaner
a Our Energy Supply Will Be Cleaner . . . Current Mix Mix by 2040 4% 16% Michigan Energy Law 40% ✓≥60% Renewables ✓100% Clean Energy 20% 60% ≥60% Coal Renewables Natural Gas Storage Clean Energy (incl. nuclear, storage, gas w/ CCS & other potential renewables) Presentation endnotes are included afte
Slide 21: Decarbonization of Gas Infrastructure
Decarbonization of Gas Infrastructure . . . Net zero methane by 2030... …with additional opportunities. • >100 miles/yr main replacement • 14 gas storage fields, 8 compressor stations and ~150K horsepower for system • ~5.5K/yr vintage services replacement reliability/resiliency and mitigate gas pric
Slide 22: Methane Emissions Reduction
Methane Emissions Reduction . . . Net Zero by 2030 a (Methane Emissions Reduction ) 2015 2025 2028 2030 ~(22)% >(40)% Emissions Reduction RNG ~(65)% • Accelerated main and vintage service replacement (VSR) - ~(10)% doubling VSR in 2027 to >10K/yr) ~(80)% • ~0.4 bcf RNG supply • Potential offsets – R
Slide 23: Our Renewable Energy Programs
Our Renewable Energy Programs . . . VGPa Programs Other Renewable Offerings Business Customers MI Clean Air b • >790 MW subscribed • >720 customers enrolled • Planned expansion as demand grows, uncapped • Open to natural gas customers • 5 to 20-year contract options • Offset gas emissions with fores
Slide 24: Energy Waste Reduction Program
Energy Waste Reduction Program . . . Energy Efficiency Programs Electric ✓ ~$8.5B of customer savings on energy bills since • ~2% annually 2009 • Next 5 years: ✓ ~7,900 GWh of reduced usage since 2009 • Spend ~$208M/yr – equivalent to ~1 large power planta • Pre-tax incentive ~$47M/yr ✓ ~34K/yr appl
Slide 25: Electric Vehicle Programs
Electric Vehicle Programs . . . PowerMIDrive PowerMIDrive PowerMIFleet Residential Public Charging • ~49K EVs in Consumers Energy territory today • >13K EVs served in the program • ~90% of all charging is off-peak • 115 EV fast chargers installed making up >30% of total EV load • Powered by an entir
Slide 26: Social
SOCIAL
Slide 27: Committed to Physical Safety
Committed to Physical Safety . . . Safety Performance 2025 Highlights (Recordable Safety Incidents) • Continued ~70% reduction in high-risk injuries vs. 2021 558 • Created Safety Stands as enduring Down commitments (65)% • Proactive, risk-based program in partnership with EEI, CSRA, AGA and other ut
Slide 28: Cyber and Physical Security Program
Cyber and Physical Security Program . . . Program Focus & Approach Robust Corporate Governance • Protect critical infrastructure, customer data and • Board oversight of security risks including cyber and employee safety physical security, compliance and data privacy • Dedicated team monitors environ
Slide 29: DE&I Strategy
DE&I Strategy . . . Leadership Diversity Innovating at Every Level PoC ✓ 8 business employee resource groups 18% Board of ✓ 30% co-worker participation Female Directors Male 55% 45% White 82% Our commitment to our Co-workers, our Customers, and our Communities begins Consumers PoC with our leaders.
Slide 30: Our Supplier Engagement Initiatives
Our Supplier Engagement Initiatives . . . 2025 Key Wins 75% of procurement spend stays in Michigan ~10% of total supplier spend is with diverse suppliers Spent >$370M with ~170 diverse suppliers Require that all large contract awards must include language in contracts requiring vendors to report
Slide 31: Continued Corporate Giving
Continued Corporate Giving . . . Charitable Organizationsa 2025 Highlights ~$17M in total charitable donations in 2025 $250M >$210M • ~$8M in grants from the CE Foundation since 2009 • $7M donated to help vulnerable customers with heating bills Cumulative Donations • >$1M in corporate contributions
Slide 32: Our Community Engagement Teams
Our Community Engagement Teams . . . 18 Active Community Affairs Managers in the community >350 local community events are attended each year >100 boards served on . . . are positioned across the state. 32
Slide 33: We're Helping Michigan Thrive
We’re Helping Michigan Thrive . . . Competitive Advantages New and Expanding Load ✓ Large load tariff approved in 2025 2025 ✓ Energy intensive economic development rate in Michigan 2024 >1,450 MW a ✓ 2025 (8th consecutive year in a row) since 2015 Editor’s Choice Top Utility - Business Facilities +
Slide 34: Governance
GOVERNANCE
Slide 35: Exceptional Board Governance
Exceptional Board Governance . . . JOHN RUSSELL GARRICK ROCHOW DEBORAH BUTLER RALPH IZZO Independent Chair RICHARD KEYES DIANE LEOPOLD SUZANNE SHANK MYRNA SOTO JOHN SZNEWAJS RONALD TANSKI LAURA WRIGHT 11 Members 91% Independent . . . led by an independent Chair and highly skilled, diverse Board. 35
Slide 36: Diverse, Engaged and Experienced Board
Diverse, Engaged and Experienced Board . . . Demographics Experience ✓ Lean/Supply Chain 63 Average age ✓ Human Resources (51-73 yrs. old) ✓ Regulatory/Governmental Affairs ✓ Regulated Public Utility ✓ Customer Experience 45% Female ✓ Risk Management ✓ Sustainability, Environmental & Climate ✓ Strat
Slide 37: Committee Membership
Committee Membership . . . Political contributions >$10K need Member 100% Board approval Chairperson Independent Governance, Compensation & Sustainability, & Name Audit Human Resources Executive Finance Public Responsibility Deborah H. Butler Ralph Izzo Richard Keyes Diane Leopold
Slide 38: CEO Compensation
CEO Compensation . . . Compensation Mix for CEO Operational Goals PEOPLE PLANET mance-Bas rfor ed ~25% • Employee Safety Pe tenure- based • Culture Index 17% % • Customer Experience 86 Annual Index incentive 69% Long-term Based on 14% incentive • Electric • Methane EPS (70%) & Base (Based on relativ
Slide 39: Risks are Carefully Considered
Risks are Carefully Considered . . . Risks Mitigation Efforts Regulatory Environment • Participation in legislative and regulatory policy development Climate • Michigan Energy Law – 60% renewable portfolio mandate by 2035 and Carbon Emissions 100% clean energy (incl. renewables, gas with CCS and nuc
Slide 40: Political Giving
Political Giving . . . Political Giving Focus Enhanced Disclosures • Meeting Michigan’s energy needs • Publishing annually on the company’s website: • Expenditures made to influence the outcome • Helping the state’s communities thrive of ballot initiatives • Providing safe, reliable, affordable and
Slide 41: Appendix
APPENDIX 41 41
Slide 42: Financial Results & Outlook
Financial Results & Outlook . . . 2025 Full-Year Results Amount Commentary Exceeded guidance, Adjusted EPS $3.61 up >8% 2026 Full-Year Outlook Adjusted EPS Guidance $3.06 $3.83 – $3.12 $3.90 Toward the high end Annual Dividend Per Share (DPS) $2.28 Up 11¢ Long-Term Outlook Adjusted EPS Growth 6% 6%t
Slide 43: DIG (750 MW) & Peakers (200 MW)
DIG (750 MW) & Peakers (200 MW) . . . Pre-Tax Income Opportunities (M) $100 ~$80 80 ~$75 ~$70 ~$60 60 Major $43 outage 40 ~$30 $23 20 0 Historic 2024 2025 2026E 2026 -2030 Avg. 2026+ 2026+ Capacity Price ($kw-mon) ~$3.00 ~$3.25 ~$4.00 ~$4.50 ~$5.25 ~$7.50 ~$10.00 Capacity Available 0% 0% 0% ~5% ~20%
Slide 44: 2024 Asset Mix
2024 Asset Mix . . . Total PP&E ($M) (%) Electric Generation $5,370 17% Coal 196 ~1% Wind, solar, hydro 3,528 11 Gas & other 1,646 5 Energy Storage 90 <½% Distribution 10,749 35 Other 746 2½ Total electric $16,955 ~55% Gas Distribution $6,972 23% Transmission 2,821 9 Underground storage facilities 1
Slide 45: 2026 Planned Financings
2026 Planned Financings . . . Financings Existing Facilities Plan Actual a ($M) ($M) ~$2.6B of net liquidity Consumers Energy: $300M First Mortgage Bonds $1,735 -- (Nov-2028) CMS Energy: Nov. 2025 Convert @ 3.125% Planned Equity $1,000 ~$700 $1,000 -- ✓ $1,100M (Nov-2030) $750M Retirements (incl. te
Slide 46: Utility Customer Investment Plan
Utility Customer Investment Plan 5-Year Plan ($B) 2026 2027 2028 2029 2030 Total Electric Generation $1.4 $2.2 $2.3 $1.9 $1.0 $8.8 Electric Distribution & Other 1.6 1.9 2.1 1.6 1.4 8.6 Gas Utility 1.1 1.3 1.3 1.5 1.5 6.7 Total $4.1 $5.4 $5.7 $5.0 $3.9 $24.1 Depreciation & Amortizationa $1.4 $1.5 $1.
Slide 47: 2026 Sensitivities
2026 Sensitivities . . . Full-Year Impact Sensitivity Adj. EPS OCF 2025 Adj. EPS Sensitivities (1% Full Year in Volume) Salesa (¢) ($M) Electric Gas Electric (~38,000 GWh) + 1% + 8 + 33 Residential 5¢ 3¢ Gas (~311 Bcf) + 1 + 4 + 18 Commercial 2½ 1 Industrial ½ <½ Gas Prices ($/Bcf) + 50¢ + 0 + 60
Slide 48: Endnotes
ENDNOTES 48 48
Slide 49: Presentation Endnotes (pg 1 of 2)
Presentation Endnotes (pg 1 of 2) Slide 3: aExcludes seasonal and contract workers bAdjusted, (non-GAAP) cDividend Policy: Payout Ratio of ~55% over time Slide 4: aNet zero methane emissions for our gas delivery system, net zero GHG emissions for our entire business – incorporates greenhouse gas emi
Slide 50: Presentation Endnotes (pg 2 of 2)
Presentation Endnotes (pg 2 of 2) Slide 21: aMethane emissions for our gas delivery system from 2012 baseline Slide 22: aMethane emissions for our gas delivery system from 2012 baseline Slide 23: aVoluntary Green Pricing bAs of December 31, 2025 Slide 24: aAssumes roughly ~1,390 MW saved (7,900 GWh
Slide 51: 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 52: 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 12/31/25 12/31/24 12/31/25 12/31/24 Net Income Available to Common Stockholders $ 286 $ 262 $ 1,061 $ 993 Reconciling item