Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to_____ | --- | --- | --- | |----------------------------|---------------------------------------------------------------------------------------- ...

Financial Performance - CMS Energy's consolidated operating revenue was $7.3 billion in 2021, up from $6.4 billion in 2020 and $6.6 billion in 2019[46]. - Consumers' consolidated operating revenue was $7.0 billion in 2021, compared to $6.2 billion in 2020 and $6.4 billion in 2019[49]. - Operating revenue for 2021 was $7,329 million, an increase of 14.2% from $6,418 million in 2020[457]. - Net income for 2021 reached $1,330 million, a significant increase of 76.7% compared to $752 million in 2020[462]. - Basic earnings per share for 2021 were $4.66, up from $2.65 in 2020, reflecting a growth of 75.7%[460]. - Operating income for 2021 was $1,146 million, a decrease of 6.8% from $1,230 million in 2020[457]. - Total operating expenses increased to $6,183 million in 2021, up 19.2% from $5,188 million in 2020[457]. - Comprehensive income for 2021 was $1,357 million, an increase from $739 million in 2020[462]. - Net income for Consumers Energy Company was $868 million in 2021, up from $816 million in 2020, reflecting a growth of 6.4%[486]. - Operating income for Consumers Energy Company was $1,175 million in 2021, slightly down from $1,221 million in 2020, indicating a decrease of 3.8%[483]. Revenue and Deliveries - Consumers served 1.9 million electric customers and 1.8 million gas customers in Michigan's Lower Peninsula in 2021[52]. - Consumers' electric utility operations generated operating revenue of $5.0 billion in 2021, an increase from $4.4 billion in 2020 and 2019[53]. - In 2021, Consumers' electric deliveries were 36 billion kWh, with net bundled sales of 33 billion kWh[56]. - Consumers' gas deliveries totaled 347 bcf in 2021, a decrease from 360 bcf in 2020[94]. Generation and Capacity - Total owned generation capacity for Consumers was 5,300 MW in 2021, with total electric supply of 34,386 GWh[65]. - In 2021, Consumers generated a total of 34,386 GWh of electricity, a slight decrease from 34,620 GWh in 2020[1]. - Coal generation accounted for 32% of the energy provided, producing 10,861 GWh from 6 million tons of coal[82]. - Natural gas generation contributed 16% of the total energy, yielding 5,555 GWh from 40 bcf of natural gas[86]. Environmental Goals - Consumers plans to retire coal-fueled generation units by the end of 2025, including the D.E. Karn units in 2023 and J.H. Campbell units in 2025[63]. - Consumers aims to achieve net-zero carbon emissions from its electric business by 2040, with a goal of meeting 90% of customer needs with clean energy sources[63]. - Consumers provided 13% of its electricity from renewable sources in 2021, with a goal to meet 90% of customer needs with clean energy by 2040[119]. - Consumers plans to achieve net-zero methane emissions from its natural gas delivery system by 2030, aiming for an 80% reduction by replacing aging infrastructure[96]. Workforce and Employee Engagement - CMS Energy's total workforce increased to 9,778 employees in 2021, up from 9,345 in 2020, with full-time employees rising to 8,504[132]. - The employee engagement index score was 81% in 2021, ranking in the first quartile of U.S. utilities, while the empowerment index score was 63%[138]. - Consumers aims to achieve a diversity, equity, and inclusion index score of 80% in 2022, having reached 78% in 2021[142]. Financial Position and Expenditures - Net cash provided by operating activities increased to $1,819 million in 2021 from $1,276 million in 2020, marking a rise of 42.6%[467]. - Capital expenditures in 2021 were $2,076 million, a decrease from $2,311 million in 2020, reflecting a reduction of 10.1%[469]. - Long-term debt rose to $12,046 million in 2021 from $11,744 million in 2020, indicating an increase of 2.6%[475]. - Total stockholders' equity increased to $6,631 million in 2021 from $5,496 million in 2020, a growth of 20.6%[475]. Regulatory Assets and Liabilities - Total current regulatory assets increased to $46 million in 2022 from $42 million in 2021, reflecting a growth of approximately 9.5%[530]. - Total non-current regulatory assets decreased to $2,259 million in 2022 from $2,653 million in 2021, representing a decline of about 14.9%[530]. - Total regulatory assets amounted to $2,305 million in 2022, down from $2,695 million in 2021, indicating a decrease of approximately 14.5%[530]. - Total current regulatory liabilities slightly decreased to $146 million in 2022 from $151 million in 2021, a reduction of about 3.3%[530]. Risk Management - CMS Energy and Consumers are exposed to market risks including interest rates, commodity prices, and investment security prices[448]. - The company utilizes risk management contracts such as swaps, options, futures, and forward contracts to mitigate market risks[448]. - CMS Energy and Consumers have a combination of fixed-rate and variable-rate debt instruments to manage interest-rate risk[450]. - The company has established policies for entering into risk management contracts under the direction of its risk committee[448].

CMS Energy Corporation (NYSE:CMS) Q4 2021 Earnings Conference Call February 3, 2022 9:30 AM ET Company Participants Sri Maddipati – President and Vice President-Finance and Investor Relations Garrick Rochow – President and Chief Executive Officer Rejji Hayes – Executive Vice President and Chief Financial Officer Conference Call Participants Shar Pourreza – Guggenheim Partners Jeremy Tonet – JPMorgan Insoo Kim – Goldman Sachs Michael Sullivan – Wolfe Research Andrew Weisel – Scotiabank Julien Dumoulin-Smith ...

2021 Financial Performance - CMS Energy reported adjusted EPS of $2.65, reaching the high end of its guidance[23,32,38] - The company generated $1,843 million in adjusted operating cash flow, exceeding the plan by over $80 million[11,23,44] - CMS Energy achieved 7% adjusted EPS growth[7,34] 2022 Outlook and Long-Term Growth - CMS Energy provided adjusted EPS guidance for 2022 in the range of $2.85 to $2.89[24,63,77] - The company projects long-term adjusted EPS growth of +6% to +8%[25,78] - CMS Energy is committed to dividend per share growth of +6% to +8%[25,82] Investment and Capital Plan - CMS Energy's 5-year capital plan is $14.3 billion, reflecting an increase of over $1 billion[25,28] - Approximately 40% of the capital plan is allocated to Clean Energy Transformation[28] - The company plans utility investment of $2.6 billion in 2022[90] Clean Energy Transition - CMS Energy filed a Transformational Clean Energy Plan (IRP) aiming for ~60% carbon emissions reduction by 2025[6] - The company has approved 1,000 MW of solar in its Voluntary Green Pricing (VGP) programs[16]

Third Quarter 2021 Results and Outlook Leading the Clean Energy Transformation MS ENERGY October 28, 2021 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 ...

CMS Energy Corporation (NYSE:CMS) Q3 2021 Earnings Conference Call October 28, 2021 9:30 AM ET Company Participants Sri Maddipati – Treasurer and Vice President-Finance and Investor Relations Garrick Rochow – President and Chief Executive Officer Rejji Hayes – Executive Vice President and Chief Financial Officer Conference Call Participants Constantine Lednev – Guggenheim Partners Jeremy Tonet – JPMorgan Jonathan Arnold – Vertical Research Michael Sullivan – Wolfe Research Julien Dumoulin-Smith – Bank of Am ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to_____ | --- | --- | --- | |----------------------------|------------------------------------------------------------------------------------ ...

Second Quarter 2021 Results and Outlook Leading the Clean Energy Transformation CMS ENERGY July 29, 2021 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 t ...

CMS Energy Corporation (NYSE:CMS) Q2 2021 Earnings Conference Call July 29, 2021 9:30 AM ET Company Participants Srikanth Maddipati - VP, Treasurer and IR Garrick Rochow - President and CEO Rejji Hayes - EVP and CFO Conference Call Participants Jeremy Tonet - JP Morgan Insoo Kim - Goldman Sachs Anthony Crowdell - Mizuho Durgesh Chopra - Evercore ISI Paul Patterson - Glenrock Associates Operator Good morning, everyone and welcome to the CMS Energy Second Quarter 2021 Results. The earnings news release issued ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to_____ | --- | --- | --- | |----------------------------|----------------------------------------------------------------------------------------- ...