Slides
Page 1
LEADING THE CLEAN ENERGY TRANSFORMATION 2025 Year-End Results & Outlook February 5, 2026
Page 2
2Enter “so what” if necessary – Century Gothic, Bold, Size 18 or smaller 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 forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy’s and Consumers Energy’s Securities and Exchange Commissi on filings. Forward-looking statements should be read in conjunction with “FORWARD-LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections of CMS Energy’s and Consumers Energy’s most recent Form 10-K and as updated in reports CMS Energy and Consumers Energy file with the Securities and Exchange Commission. CMS Energy’s and Cons umers Energy’s “FORWARD-LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections are incorporated herein by reference and discuss important factors th at could cause CMS Energy’s and Consumers Energy’s results to differ materially from those anticipated in such statements. CMS Energy and Consumers Energy undertake no obligation to update any of the information presented herein to reflect facts, events or circumstances after the date hereof. The presentation also includes non-GAAP measures when describing CMS Energy’s results of operations and financial performance. A reconciliation of each of these measures to the most directly comparable GAAP measure is included in the appendix and posted on our website at www.cmsenergy.com. Investors and others should note that CMS Energy routinely posts important information on its website and considers the Inves tor Relations section, www.cmsenergy.com/investor- relations, a channel of distribution. Presentation endnotes are included after the appendix. 2
Page 3
3 2025 Successes . . . . . . delivering across the Triple Bottom Line. ✓ Delivered adjusted EPS of $3.61, exceeding guidance, up >8% ✓ Increased annual dividend per share to $2.28, 20th increase in as many years ✓ Achieved >$100M of waste elimination savings through the CE Way ✓ Named TRENDSETTER company by CPA-Zicklin Index for corporate political disclosure and accountability Prosperity ✓ Large Load Tariff approved – protecting existing customers ✓ ~$60M of customer assistance to help keep bills affordable ✓ ~$250M in customer benefits from owned generation vs. MISO market ✓ Renewed 5-yr union agreements with the Michigan State Utility Workers Council, for OM&C and CCC and United Steelworkers for Zeeland ✓ ~82K volunteer hours supporting >580 Michigan non-profits ✓ 20-yr REP approved – additional 8 GW of solar and 2.8 GW of wind in long-term plan ✓ $260M of capital investments for gas main and vintage service pipeline replacements resulting in 113MT of methane reduction ✓ Grew Voluntary Green Pricing Program to >790 MW ✓ 1,767 acres of land enhanced, restored or protected and 93% of waste diverted from landfills People Planet 6% - 8%
Page 4
4 Constructive Regulatory Outcomes. . . . . . provide certainty for future investments and reaffirm Michigan’s top tier regulatory environment. Presentation endnotes are included at the end of the presentation. Electric (U-21585)a Gas (U-21806)b Renewable Energy Plan Customer Investments (U-21816)c Order $154 $157.5 ~$14,000 Final Ask $255 $208 ~$14,000 ~60% ~75% +8 GW of solar and +2.8 GW of wind ($M) Bid/Ask ($M) ✓ ✓ ✓ U-21914: 1st ever storm deferral approved ✓ U-21859: Large Load tariff approved ✓ Other Cases:
Page 5
5 Commentary Amount Financial Results & Outlook . . . . . . reflect strong growth and build momentum for 2026 and beyond. Long - Term Outlook 2026 Full - Year Outlook 2025 Full - Year Results Adjusted EPS $3.61 Adjusted EPS Guidance Annual Dividend Per Share (DPS) $3.06 – $3.12 $2.28 Toward the high end Up 11¢ Adjusted EPS Growth Dividend Payout Ratio Utility Capital Plan ($B)a 6% to 8%+ Toward the high end Consistent DPS growth Up $4 vs. prior plan$24 $3.83 – $3.90 Exceeded guidance, up >8% ~55% payout over time Presentation endnotes are included after the appendix. 6% to 8%
Page 6
6 36% 36% 28% Updated Customer Investment Plan . . . . . . delivers benefits for customers and investors. New Utility Investment Plan Rate Base Growth Presentation endnotes are included after the appendix. Electric Generation Electric Distribution & Other Gas Utility $24B ’26 – ’30 72% Electric utility investment ✓~$50M pre-tax for FCM by 2030 with additional upside ✓~$65M/yr pre-tax for Energy Efficiency incentive ✓NorthStar – DIG re-contracting opportunities Non - Rate Base Earnings b 2025 2030 $28.4B $46.8B 10½%/yra Up $4B from prior plan
Page 7
7 Managing Customer Bills . . . . . . through execution of the CE Way and other cost savings. Other 29% Other 30% Housing 27% Housing 27% Transportation 17% Transportation 16% Food 13% Food 13% Healthcare 8% Healthcare 8% TV & Phone 2% TV & Phone 3% 2014 2024 Residential Bills as % of Wallet a (Electric & Gas) Utility Bill ~3%Utility Bill ~4½% ~$450M in cost savings through the since 2020 2%/yr energy waste reduction Large episodic cost savings ✓ ✓ ✓ Presentation endnotes are included at the end of the presentation. ~1% ~3% ~3½% >7½% 2014-2025 Latest Update Residential Bill Growth b (Electric & Gas) CMS 5-yr Plan Avg. (2026-2030) CPI Energy Bills (Current) CPI Energy Bills (Historic)CMS
Page 8
8 Expansive Economic Development Efforts . . . . . . drive diversified growth across Michigan while improving affordability. 9 GW Pipeline Semi-conductor Advanced Final Stages 4 – 5 GW 1½ – 2 GWQualified Data Centers Manufacturing ~1 – 2 GWAnnounced on Q2 Call Progress Made: • Order on Large Load Tarriff • Commercial agreement on EFA terms • Near-final rate contract • Supply solution • Continued community engagement +1 GW on Large Load Tariff reduces customer 5-yr rate CAGR by ~2%
Page 9
9 $3.56 – $3.60 ~60% Solid investment grade $3.7 Up to $500 Actual 2025 Objectives Achieved . . . . . . delivering benefits for customers AND investors. Presentation endnotes are included after the appendix. Adjusted EPS guidance Dividend payout ratio Target credit ratings Utility investment ($B) Planned equity issuance ($M) Objectives $3.61 $2.28 (up 11¢) Solid investment grade $3.8 $500 FFO/Debt target: Mid-teensa FFO/Debt target: Mid-teensa Up >8% from prior year ✓ ✓ ✓ ✓ ✓ Toward the high end
Page 10
10 2026 Guidance Offers Continued Growth . . . . . . compounding off 2025 actuals. Utility NorthStar Parent Consolidated EPS $4.28 – 4.33 0.25 – 0.30 (0.70) – (0.73) $3.83 – $3.90 Adjusted EPS Toward the high end
Page 11
11 2026 Adjusted EPS Growth Range . . . 2025 Normal Weather Rates, Renewables & Investment Cost Savings & Productivity (incl. Storms) Parent Financing, Tax & Other 2026 (5)¢ - 2¢ 37¢ 12¢ (22)¢ $3.61a . . . reflects another year of premium growth. Presentation endnotes are included after the appendix. $3.83 - $3.90a
Page 12
12 +6% to +8% ~55% over time Solid investment grade $24 2% - 3% ~$750/yr Near- and Long-Term Objectives . . . . . . provide sustainable benefits for customers AND investors. Presentation endnotes are included after the appendix. Adjusted EPS guidance Dividend Payout Ratio Target credit ratings Utility investment ($B) Electric sales growth Planned equity issuance ($M) $3.83 – $3.90 ~60% Solid investment grade $4.1 ~3% ~$700 2026 Long - Term Plan FFO/Debt target: Mid-teensa FFO/Debt target: Mid-teensa Toward the high end 2026 - 2030 Toward the high end Incl. Energy Efficiency ~2%/yr
Page 13
13 Plan Actual ($M) ($M) Consumers Energy: First Mortgage Bonds $1,735 -- CMS Energy: Nov. 2025 Convert @ 3.125% $1,000 $1,000 Planned Equity ~$700 -- Retirements (incl. term loans): Consumers Energy $115b -- CMS Energy $300 -- Existing Facilities $1,100M (Nov-2030) $750M (Nov-2030) $300M (Nov-2028) Consumers Energy CMS Energy Financings 2026 Planned Financings . . . . . . fund customer investments and provide ample liquidity. Presentation endnotes are included after the appendix. ~$2.6Ba of net liquidity ✓
Page 14
14 2026 Sensitivities . . . . . . reflect effective risk mitigation. Presentation endnotes are included after the appendix. Full-Year Impact Sensitivity Adj. EPS OCF Salesa Electric (~38,000 GWh) Gas (~311 Bcf) + + 1% 1 + + (¢) 8 4 + + ($M) 33 18 Gas Prices ($/Bcf) + 50¢ + 0 + 60 Utility Earned ROE Electric Gas + + 10 bps 10 + + 2 2 + + 9 7 Interest Rates + 50 bps 1 4 Effective Tax Rate (21%) + 100 bps 4 0 + + + + Electric Residential Commercial Industrial 5¢ 2½ 3¢ (1% Full Year in Volume) 2025 Adj. EPS Sensitivities Gas ½ 1 <½
Page 15
15 Recession Industry-Leading Financial Performance . . . . . . for over two decades, regardless of conditions. 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+ Recession Adjusted EPS Dividend +6% to +8% Weather Help Hurt Cold winter Mild summer Hot summer Warm winter Mild summer Cold winter Summer- less Hot summer Hot summer Warm winter Mild summer Polar vortex Mild winter Warm winter Warm winter Hot summer Storms Hot summer Storms Governor (D) Governor (R) Governor (D) Commission (D) Commission (D) Commission (R) Commission (I) Commission (D) Dave Joos John Russell Patti Poppe Ken Whipple Recession/ Pandemic Garrick Rochow Hot summer Mild w/ storms Mild w/ storms Hot w/ storms
Page 16
1616 Q&A Thank You!
Page 17
17 17 Appendix
Page 18
18 2024 2025 Reported EPS $0.87 $0.94 Adjustmentsa -- 0.01 Adjusted EPSa $0.87 0.95 Adjusted EPS by Segment Full Year 2025 Results . . . Fourth Quarter . . . reflect adjusted EPS growth toward the high end. 2024 2025 Reported EPS $3.33 $3.53 Adjustmentsa 0.01 0.08 Adjusted EPSa 3.34 35X Utility NorthStar Parent Total Adjusted EPS $ Presentation endnotes are included after the appendix. 2025 $3.83 0.24 (0.46) $3.61 $3.61
Page 19
19 2025 Adjusted EPS . . . 2024 Weather Rates, Renewables & Investment Cost Savings & Productivity (incl. Storms) Parent Financing, Tax & Other 2025 Reversal of 2024 weather (43)¢ 31¢ (22)¢ 61¢ $3.34a . . . reflects another year of premium growth. Presentation endnotes are included after the appendix. $3.61a up >8%
Page 20
20 Utility Customer Investment Plan Enter “so what” if necessary – Century Gothic, Bold, Size 18 or smaller 20 Electric Generation Electric Distribution & Other Gas Utility Total Depreciation & Amortizationa $1.4 1.6 1.1 $4.1 $1.4 2030 $1.9 1.6 1.5 $5.0 $1.6 2027 2028 2029 Total2026 $1.0 1.4 1.5 $3.9 $1.7 $2.3 2.1 1.3 $5.7 $1.5 $2.2 1.9 1.3 $5.4 $1.5 5 - Year Plan ($B) $8.8 8.6 6.7 $24.1 $7.7 Presentation endnotes are included after the appendix. Numbers may not add due to rounding.
Page 21
21 Q2: File New Rate Case By Apr. 2nd: Expected Order U-21870 By Oct. 16th: Expected Order U-21981 Dec. 16th: Filed Rate Case $240Mb, 10.25% ROE U-21981 Michigan’s Strong Regulatory Environment . . . . . . provides constructive outcomes and forward-looking visibility. Electric Gas Supportive Energy Policy • Timely recovery of investments ✓ Forward-looking test years/earn authorized ROEs ✓ 10-month rate cases ✓ Monthly fuel adjustment trackers (PSCR/GCR) ✓ Constructive ROEs • Supportive incentives enhanced w/ 2023 Michigan Energy Law ✓ Energy efficiency incentives ✓ FCM adder on PPAs • Appointed commissioners ✓ Staggered 6-year terms Renewable/Capacity Filings 2025 Jun. 2nd: Revised $423Ma, 10.25% ROE U-21870 Sep. 11th: REP Order U-21816 ✓ 2026 Mid-2026: File IRP Presentation endnotes are included at the end of the presentation.
Page 22
22 Operating Cash Flow . . . . . . remains strong and supports our capital plan. Adjusted Operating Cash Flow (5 - Year Plan Average) ~$2.5B ~$2.6B ~$2.7B ~$2.9B 2023 - 2027 2024 - 2028 2025 - 2029 2026 - 2030 ~$14.5B in aggregate~$13.2B in aggregate~$12.4B in aggregate ~$13.6B in aggregate
Page 23
23 . Strong Balance Sheet . . . . . . maintains credit metrics and solid investment-grade ratings. Consumers Energy CMS Energy Senior Secured Commercial Paper Outlook Senior Unsecured Junior Subordinated Outlook Last Review A1 P-2 Stable Baa2 Baa3 Stable May 2025 A+ F-2 Stable BBB BB+ Stable Mar. 2025 S&P Moody’s Fitch ✓ Forward-looking recovery ✓ Constructive rate construct ✓ Strong operating cash flow generation ✓ 100% fixed rate debt ✓ Hybrid debt (w/ equity credit) ✓ Limited near-term maturities Key Strengths A A-2 Stable BBB BBB- Stable Sept. 2025aDec. 2025
Page 24
24 0 20 40 60 80 100 Historic 2024 2025 2026E 2026 -2030 Avg. 2026+ 2026+ DIG (750 MW) & Peakers (200 MW) . . . . . . supports the Plan with future upside opportunities. ~$75 ~$30 $43 Pre-Tax Income (M) Capacity Price ($kw-mon) ~$3.00 ~$3.25 ~$4.00 ~$4.50 ~$5.25 ~$7.50 ~$10.00 Capacity Available 0% 0% 0% ~5% ~20% ~20% ~20% $ ~$80 Opportunities ~$60 $23 ~$70 Major outage
Page 25
25 25 Endnotes
Page 26
26 Presentation Endnotes Slide 4: a$154M order excludes a $22M surcharge related to distribution investments made in 2023 above prior approved levels b$157.5M excludes $9M of approved O&M expense deferral cEstimated capital spend of $14,000M for years 2026-2045, assumes ~$1.895M/MW for solar and ~$2.204M/MW for wind. Slide 5: a$24B utility capital investment plan (2026-2030), up $4B from prior plan (2025-2029) Slide 6: aAssumes $28.4B rate base in 2025, $46.8B in 2030, CAGR bOver plan period years 2026-2030 Slide 7: aSource: CE Bill as % of Michigan Household Income, all data in nominal dollars. Source: Fred.stlouisfed.org, Bls.gov, % may not total 100% due to rounding bSource: Historical 2014-2025 CAGR, Bls.gov CPI energy bills; 12-months ended as of October 2025; Source: Current: Bls.gov CPI energy bills; 2025 December vs December 2024 Slide 9: aMid-teens, as calculated by rating agencies Slide 11: aAdjusted EPS Slide 12: aMid-teens, as calculated by rating agencies Slide 13: a$2,109M in unreserved revolvers + $472M of unrestricted cash; excludes cash unavailable for debt retirement, such as cash held at NorthStar bExcludes securitization debt retirements of $121M Slide 14: aReflects 2026 sales forecast; weather-normalized Slide 18: aSee GAAP reconciliation on slide 32 Slide 19: aAdjusted EPS Slide 20: aIncludes securitization amortization of ~$110M/yr and regulatory asset amortization of ~$170M/yr Slide 21: a$423M excludes a $24M surcharge related to certain distribution investments made for the twelve months ending February 28, 2025 above the levels approved in cases b$157.5M excludes $9M of approved O&M expense deferral 26
Page 27
27 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 available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. Management views adjusted earnings as a key measure of the company’s present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings. 27
Page 28
28 CMS ENERGY CORPORATION Reconciliation of GAAP Cash Flows from Operating Activities to Non-GAAP Adjusted Cash Flows from Operating Activities (Unaudited) 2021 2022 2023 2024 2025 Cash Flows from Operating Activities $ 1,703 $ 1,790 $ 2,309 $ 2,370 $ 2,235 Adjustments - Discretionary Pension Contributions - - - - - Adjustments - EnerBank Operating Cash Flows (91) 24 - - - Non-GAAP Adjusted Cash Flows from Operating Activities $ 1,612 $ 1,814 $ 2,309 $ 2,370 $ 2,235
Page 29
29 CMS ENERGY CORPORATION Reconciliation of GAAP Cash Flows from Operating Activities to Non-GAAP Funds from Operations Reconciliation of GAAP Indebtedness to Non-GAAP Adjusted Debt (Unaudited) 12/31/2025 FUNDS FROM OPERATIONS Net Cash Provided by Operating Activities 2,235$ Reconciling Items: Changes in assets and liabilities Accounts receivable and accrued revenue 251 Inventories 28 Accounts payable and accrued rate refunds (196) Other current assets and liabilities (78) Adjusted operating cash flow; pre-working capital 2,240$ 50% of interest charges on Junior subordinated notes 80 FFO - Non-GAAP 2,320$ ADJUSTED DEBT Indebtedness Current portion of long-term debt and finance leases 956$ Notes payable - Long-term debt 17,807 Non-current portion of finance leases 135 Total Indebtedness 18,898$ 50% of Junior subordinated notes (1,505)$ Make whole call - CMS Parent senior notes - Adjusted Debt - Non-GAAP 17,393$
Page 30
30 CMS ENERGY CORPORATION Reconciliation of GAAP EPS to Non-GAAP Adjusted EPS by Segment (Unaudited) Electric Utility Reported net income per share $ 0.33 $ 0.47 $ 2.39 $ 2.28 Reconciling items: Other exclusions from adjusted earnings 0.02 * 0.04 0.01 Tax impact (*) (*) (0.01) (*) State tax policy change (*) - 0.03 - Voluntary separation program - - - * Tax impact - - - (*) Adjusted net income per share – non-GAAP $ 0.35 $ 0.47 $ 2.45 $ 2.29 Gas Utility Reported net income per share $ 0.56 $ 0.44 $ 1.36 $ 1.10 Reconciling items: Other exclusions from adjusted earnings * * 0.01 * Tax impact (*) (*) (*) (*) State tax policy change * - 0.01 - Voluntary separation program - - - * Tax impact - - - (*) Adjusted net income per share – non-GAAP $ 0.56 $ 0.44 $ 1.38 $ 1.10 NorthStar Clean Energy Reported net income per share $ 0.19 $ 0.03 $ 0.24 $ 0.21 Reconciling items: Other exclusions from adjusted earnings (0.01) - * - Tax impact * - (*) - Adjusted net income per share – non-GAAP $ 0.18 $ 0.03 $ 0.24 $ 0.21 Corporate Interest and Other Reported net loss per share $ (0.14) $ (0.07) $ (0.46) $ (0.26) Reconciling items: State tax policy change - - (*) - Adjusted net loss per share – non-GAAP $ (0.14) $ (0.07) $ (0.46) $ (0.26) Discontinued Operations Reported net income per share $ - $ - $ - $ - Reconciling items: Disposal of discontinued operations (gain) loss - (*) - (*) Tax impact - * - * Adjusted net income per share – non-GAAP $ - $ - $ - $ - Consolidated Reported net income per share $ 0.94 $ 0.87 $ 3.53 $ 3.33 Reconciling items: Disposal of discontinued operations (gain) loss - (*) - (*) Tax impact - * - * Other exclusions from adjusted earnings 0.01 * 0.05 0.01 Tax impact (*) (*) (0.01) (*) State tax policy change (*) - 0.04 - Voluntary separation program - - - * Tax impact - - - (*) Adjusted net income per share – non-GAAP $ 0.95 $ 0.87 $ 3.61 $ 3.34 Average Common Shares Outstanding – Diluted 305.8 298.7 301.0 298.3 * Less than $0.01 per share. In Millions, Except Per Share Amounts Three Months Ended Twelve Months Ended 12/31/25 12/31/24 12/31/25 12/31/24
Page 31
31 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income (Unaudited) Net Income Available to Common Stockholders $ 286 $ 262 $ 1,061 $ 993 Reconciling items: Disposal of discontinued operations (gain) loss - * - * Tax impact - (*) - (*) Other exclusions from adjusted earnings** 5 * 19 6 Tax impact (1) (*) (5) (1) State tax policy change (*) - 12 - Voluntary separation program - - - * Tax impact - - - (*) Adjusted net income – non-GAAP $ 290 $ 262 $ 1,087 $ 998 Average Common Shares Outstanding - Diluted 305.8 298.7 301.0 298.3 Diluted Earnings Per Average Common Share Reported net income per share $ 0.94 $ 0.87 $ 3.53 $ 3.33 Reconciling items: Disposal of discontinued operations (gain) loss - * - * Tax impact - (*) - (*) Other exclusions from adjusted earnings** 0.01 * 0.05 0.01 Tax impact (*) (*) (0.01) (*) State tax policy change (*) - 0.04 - Voluntary separation program - - - * Tax impact - - - (*) Adjusted net income per share – non-GAAP $ 0.95 $ 0.87 $ 3.61 $ 3.34 * Less than $0.5 million or $0.01 per share. ** Includes business optimization initiative, major enterprise resource planning software implementations, and unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense. Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or losses from mark-to- market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings. In Millions, Except Per Share Amounts Three Months Ended Twelve Months Ended 12/31/25 12/31/24 12/31/25 12/31/24
Page 32
32 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income by Quarter (Unaudited) * Less than $0.5 m illion or $0.01 per share. Net Income Available to Common Stockholders $ 302 $ 198 $ 275 $ 286 Reconciling items: Electric utility and gas utility * 4 6 6 Tax impact (*) 11 (2) (1) NorthStar Clean Energy 3 1 * (1) Tax impact (1) (*) (*) (*) Corporate interest and other - - - - Tax impact - (*) - - Adjusted Net Income – Non-GAAP $ 304 $ 214 $ 279 $ 290 Average Common Shares Outstanding – Diluted 299.1 299.1 300.4 305.8 Diluted Earnings Per Average Common Share $ 1.01 $ 0.66 $ 0.92 $ 0.94 Reconciling items: Electric utility and gas utility * 0.01 0.02 0.02 Tax impact (*) 0.04 (0.01) (*) NorthStar Clean Energy 0.01 * * (0.01) Tax impact (*) (*) (*) * Corporate interest and other - - - - Tax impact - (*) - - Adjusted Diluted Earnings Per Average Common Share – Non-GAAP $ 1.02 $ 0.71 $ 0.93 $ 0.95 In Millions, Except Per Share Amounts 2025 1Q 2Q 3Q 4Q
Page 33
33 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income by Quarter (Unaudited) * Less than $0.5 m illion or $0.01 per share. Net Income Available to Common Stockholders $ 285 $ 195 $ 251 $ 262 Reconciling items: Electric utility and gas utility 4 2 * * Tax impact (1) (*) (*) (*) NorthStar Clean Energy - - - - Tax impact - - - - Corporate interest and other - - - - Tax impact - - - - Disposal of discontinued operations (gain) loss - - - (*) Tax impact - - - * Adjusted Net Income – Non-GAAP $ 288 $ 197 $ 251 $ 262 Average Common Shares Outstanding – Diluted 297.2 298.5 298.8 298.7 Diluted Earnings Per Average Common Share $ 0.96 $ 0.65 $ 0.84 $ 0.87 Reconciling items: Electric utility and gas utility 0.01 0.01 * * Tax impact (*) (*) (*) (*) NorthStar Clean Energy - - - - Tax impact - - - - Corporate interest and other - - - - Tax impact - - - - Disposal of discontinued operations (gain) loss - - - (*) Tax impact - - - * Adjusted Diluted Earnings Per Average Common Share – Non-GAAP $ 0.97 $ 0.66 $ 0.84 $ 0.87 In Millions, Except Per Share Amounts 2024 1Q 2Q 3Q 4Q