CMS Energy — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported GAAP earnings per share (EPS) for Q3 2026 were $0.39, down from $0.92 in Q3 2025; year-to-date (YTD) GAAP EPS were $1.86, compared to $2.59 in 2025.
• Adjusted non-GAAP EPS for Q3 2026 were $1.44, up from $0.93 in Q3 2025; YTD adjusted EPS were $2.95, compared to $2.66 in 2025.
• Operating revenue for Q3 2026 was $2,183 million, up from $2,021 million in Q3 2025; YTD operating revenue was $6,742 million, up from $6,306 million in 2025.
• Operating income for Q3 2026 was $47 million, down from $481 million in Q3 2025; YTD operating income was $801 million, down from $1,292 million in 2025.
• Net income attributable to common stockholders for Q3 2026 was $121 million, down from $275 million in Q3 2025; YTD net income was $576 million, down from $775 million in 2025.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $1,798 million, compared to $1,757 million in the same period in 2025.
• Net cash used in investing activities for the nine months ended September 30, 2026, was $3,111 million, compared to $2,926 million in 2025.
• Debt and finance leases (excluding securitization debt) as of September 30, 2026, were $19,728 million, up from $18,313 million as of December 31, 2025.
• Total assets as of September 30, 2026, were $41,683 million, up from $39,941 million as of December 31, 2025.
• GAAP results reflect asset impairment and restructuring activities associated with NorthStar Clean Energy, which reduced Q3 2026 GAAP EPS by $1.08 and YTD GAAP EPS by $1.09.

Guidance and Future Outlook:

• Reaffirmed 2026 adjusted earnings guidance of $3.83 to $3.90 per share.
• Reaffirmed 2027 adjusted earnings guidance of $4.08 to $4.17 per share.
• Reaffirmed long-term adjusted EPS growth guidance of 6 to 8 percent, with continued confidence toward the high end.
• Management stated the company is not providing reported earnings guidance or a reconciliation for comparable future period earnings due to the inability to estimate the impact of specific line items.

Business Segments and Product Lines:

• Consumers Energy is the company's primary business.
• The company owns and operates independent power generation businesses.
• Progress was reported in the restructuring of NorthStar Clean Energy.

Management Commentary and Tone:

• Garrick Rochow, President and CEO, expressed pleasure with the progress in the NorthStar Clean Energy restructuring.
• Management stated the restructuring strengthens the utility-focused business model, enhances earnings quality, provides greater financial flexibility, and positions the company for long-term utility investments.

Other Key Points:

• CMS Energy will hold a webcast on October 27, 2026, at 10:00 a.m. (EDT) to discuss results and outlook.
• The company is a Michigan-based energy provider.
• Adjusted earnings exclude items such as discontinued operations, asset sales, impairments, restructuring costs, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation programs, tax policy changes, and unrealized gains or losses related to NorthStar Clean Energy's interest expense.
• Assets held for sale were $43 million (current) and $783 million (non-current) as of September 30, 2026, compared to zero in both categories as of December 31, 2025.
• Securitization debt decreased to $479 million as of September 30, 2026, from $585 million as of December 31, 2025.