CMS Energy · Earnings release

CMS Energy Announces First

Quarter Results for 2025, Reaffirms

JACKSON,

Mich., April 24, 2025 – CMS Energy announced today reported earnings per share of $1.01 for the first quarter of 2025, compared

to $0.96 per share for 2024. The company’s adjusted earnings per share for the first quarter were $1.02, compared to $0.97 per

G1CMS

Energy reaffirmed its 2025 adjusted earnings guidance of $3.54 to $3.60 per share (*See below for important information about non-GAAP

measures) and long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end.

“Results

from the first quarter show we are on track to deliver operationally and financially for 2025,” said Garrick Rochow, President

and CEO of CMS Energy and Consumers Energy. “A constructive outcome

in our electric rate case in March, which supports needed investments in our electric Reliability Roadmap; sustained momentum on the

economic development front; and steady progress on a variety of customer investment projects in our electric and gas systems together

support our triple bottom line of people, planet and prosperity.”

CMS

Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates

independent power generation businesses.

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CMS

Energy will hold a webcast to discuss its 2025 first quarter results and provide a business and financial outlook on Thursday, April

24 at 9:30 a.m. (EDT). To participate in the webcast, go to CMS Energy’s homepage (cmsenergy.com)

and select “Events and Presentations.”

Important

information for investors about non-GAAP measures and other disclosures.

This news release

contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. 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, changes in accounting principles, voluntary separation program,

changes in federal 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 company's adjusted earnings should be considered supplemental information to assist in

understanding our business results, rather than as a substitute for the reported earnings.

This news release contains

"forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's

and Consumers Energy's results to differ materially. 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 Commission filings.

Investors and

others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations,

a channel of distribution.

2

CMS

ENERGY CORPORATION

Consolidated

Statements of Income

(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Operating revenue

$

$

Operating expenses

Operating Income

Other income

Interest charges

Income Before Income Taxes

Income tax expense

Net Income

Loss attributable to noncontrolling interests

(9

)

)

Net Income Attributable to CMS Energy

Preferred stock dividends

2

2

Net Income Available to Common Stockholders

$

$

Diluted Earnings Per Average Common Share

$

$

CMS ENERGY CORPORATION

Summarized Consolidated Balance Sheets

(Unaudited)

In Millions

As of

Assets

Current assets

Cash and cash equivalents

$

$

Restricted cash and cash equivalents

Other current assets

Total current assets

Non-current assets

Plant, property, and equipment

Other non-current assets

Total Assets

$

$

Liabilities and Equity

Current liabilities (1)

$

$

Non-current liabilities (1)

Capitalization

Debt and finance leases (excluding securitization debt) (2)

Preferred stock and securities

Noncontrolling interests

Common stockholders' equity

Total capitalization (excluding securitization debt)

Securitization debt (2)

Total Liabilities and Equity

$

$

(1) Excludes debt and finance leases.

(2) Includes current and non-current portions.

CMS ENERGY CORPORATION

Summarized Consolidated Statements of Cash Flows

(Unaudited)

In Millions

Three Months Ended

Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts

$

$

Net cash provided by operating activities

Net cash used in investing activities

)

)

Cash flows from operating and investing activities

Net cash provided by financing activities

Total Cash Flows

$

$

End of Period Cash and Cash Equivalents, Including Restricted Amounts

$

$

CMS

ENERGY CORPORATION

Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income

(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Net Income Available to Common Stockholders

$

$

Reconciling items:

Other exclusions from adjusted earnings**

3

4

Tax impact

(1

)

(1

)

Voluntary separation program

-

*

Tax impact

-

(*

)

Adjusted net income – non-GAAP

$

$

Average Common Shares Outstanding - Diluted

Diluted Earnings Per Average Common Share

Reported net income per share

$

$

Reconciling items:

Other exclusions from adjusted earnings**

Tax impact

(*

)

(*

)

Voluntary separation program

-

*

Tax impact

-

(*

)

Adjusted net income per share – non-GAAP

$

$

* Less than $0.5 million or $0.01 per share.

** Includes restructuring costs and business optimization initiative.

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, changes in accounting principles, voluntary separation program, changes in federal 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.