CMS Energy (CMS) investor relations material

Executive summary

• Q1 2026 adjusted EPS was $1.13, up from $1.02 year-over-year, with reported EPS at $1.10, reflecting strong operational execution and strategic plan delivery.

• Full-year 2026 adjusted EPS guidance reaffirmed at $3.83–$3.90, with confidence toward the high end of the range.

• Major contracts signed, including with Michigan Potash and Salt Company, and a robust pipeline of industrial, manufacturing, and data center projects.

• Continued focus on clean energy leadership, grid reliability, and customer affordability, with significant investments in renewables and infrastructure.

• Electric and gas rate increases were partially offset by higher restoration costs, depreciation, and property taxes.

Financial highlights

• Q1 2026 adjusted net income was $346 million, up from $304 million in Q1 2025, with operating revenue rising to $2.73 billion from $2.45 billion.

• Operating income was $490 million, nearly flat year-over-year.

• Annual dividend per share increased to $2.28, up 11%.

• Capital expenditures increased to $1.04 billion from $888 million year-over-year.

• Rate relief and renewable project earnings contributed $0.11 per share of positive variance versus Q1 2025.

Outlook and guidance

• 2026 adjusted EPS guidance reaffirmed at $3.83–$3.90, with confidence toward the high end.

• Long-term adjusted EPS growth target remains at 6%–8% annually.

• Capital plan includes $24–$24.1 billion in investments over five years, with potential upside from new large load opportunities.

• Rate base projected to grow to $46.8 billion by 2030, with a 10% CAGR.

• Annual rate-base growth is expected to exceed 8%, supporting continued investment and affordability.