CMS Energy (CMS) Investor presentation summary

Financial performance and outlook

• Achieved adjusted EPS of $3.61 in 2025, exceeding guidance and up over 8%.

• 2026 adjusted EPS guidance set at $3.83–$3.90, targeting the high end.

• Long-term adjusted EPS growth projected at 6% to 8%, with a ~55% dividend payout ratio.

• Utility capital investment plan increased to $24B for 2026–2030, up $4B from prior plan.

• Maintains solid investment-grade credit ratings and strong operating cash flow.

Clean energy and decarbonization strategy

• Committed to 100% clean energy by 2040 and net zero GHG emissions by 2050.

• Plans to exit coal, add 8 GW of solar, 2.8 GW of wind, and over 850 MW of battery storage by 2030.

• Net zero methane emissions for gas delivery system targeted by 2030.

• Renewable energy programs expanded, with >790 MW business customer subscriptions and new community solar projects.

• Energy efficiency programs have saved customers ~$8.5B since 2009.

Regulatory and investment environment

• Operates in a supportive regulatory environment with timely recovery of investments and constructive rate cases.

• Recent approvals include large load tariff and renewable energy plan, supporting future investments.

• New energy legislation mandates 60% renewables by 2035 and 100% clean energy by 2040.

• Infrastructure renewal includes up to 400 miles of undergrounding and 20,000 pole replacements per year.

• Five-year utility customer investment plan totals $24.1B, focusing on electric generation, distribution, and gas utility.