LEADING THE CLEAN ENERGY TRANSFORMATION 2025 Year-End Results & Outlook February 5, 2026 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 time to time in C ...

Core Insights - CMS Energy reported quarterly earnings of $0.95 per share, exceeding the Zacks Consensus Estimate of $0.94 per share, and showing an increase from $0.87 per share a year ago, resulting in an earnings surprise of +1.28% [1] - The company achieved revenues of $2.23 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 5.92%, compared to $1.99 billion in the same quarter last year [2] - CMS Energy has outperformed the S&P 500 with a share price increase of about 2.4% since the beginning of the year, while the S&P 500 gained 0.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.16 on revenues of $2.49 billion, and for the current fiscal year, it is $3.85 on revenues of $8.81 billion [7] - The estimate revisions trend for CMS Energy was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Utility - Electric Power industry, to which CMS Energy belongs, is currently ranked in the top 35% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Viewpoint - CMS Energy has increased its quarterly dividend to 57 cents per share, reflecting a strong commitment to its strategy and providing an annualized yield of 3.2% based on the recent stock price [1][2]. Group 1: Dividend Information - The quarterly dividend has been raised from 54.25 cents to 57 cents per share [1]. - The annualized dividend now stands at $2.28 per share [2]. - The first quarter dividend is payable on February 27, 2026, to shareholders of record as of February 17, 2026 [1]. Group 2: Company Overview - CMS Energy is a Michigan-based energy company, with Consumers Energy as its primary business and additional independent power generation operations [3].

Core Viewpoint - CMS Energy has raised its current-year profit forecast due to increased power demand driven by residential, commercial, and data center growth [1] Company Summary - CMS Energy is experiencing a surge in power demand, which has led to an upward revision of its profit forecast for the current year [1]

Exhibit 99.1 CMS Energy Exceeds Earnings Guidance in 2025, Raises 2026 Adjusted EPS Guidance JACKSON, Mich., Feb. 5, 2026 – CMS Energy announced today reported earnings per share of $3.53 for 2025, compared to $3.33 per share for 2024. The company's adjusted earnings per share for 2025 were $3.61, compared to $3.34 per share for 2024, exceeding the guidance range largely due to outperformance at NorthStar Clean Energy. CMS Energy also increased its annual dividend by 11 cents per share to $2.28 for 2026, th ...

Core Insights - CMS Energy reported earnings per share of $3.53 for 2025, an increase from $3.33 in 2024, with adjusted earnings per share of $3.61 compared to $3.34 in 2024, driven by strong performance at NorthStar Clean Energy [1][2] - The company raised its annual dividend by $0.11 to $2.28 for 2026, marking the 20th consecutive annual increase [1] - CMS Energy has increased its 2026 adjusted earnings guidance to a range of $3.83 to $3.90 per share, up from the previous range of $3.80 to $3.87 [2] Financial Performance - For the year ended December 31, 2025, CMS Energy reported operating revenue of $8.539 billion, up from $7.515 billion in 2024, and operating income of $1.727 billion, compared to $1.487 billion in the previous year [7] - Net income attributable to CMS Energy for 2025 was $1.071 billion, an increase from $993 million in 2024, with diluted earnings per share rising to $3.53 from $3.33 [8][9] - The company’s total assets increased to $39.941 billion as of December 31, 2025, compared to $35.920 billion in 2024 [8] Operational Highlights - CMS Energy achieved constructive regulatory outcomes and solid cost performance at its Utility segment, alongside strong results from NorthStar [3] - The company emphasized its commitment to improving reliability and affordability for customers as a top priority [3]

Wall Street analysts forecast that CMS Energy (CMS) will report quarterly earnings of $0.94 per share in its upcoming release, pointing to a year-over-year increase of 8.1%. It is anticipated that revenues will amount to $2.1 billion, exhibiting an increase of 5.8% compared to the year-ago quarter.The current level reflects an upward revision of 1.1% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their ...

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for CMS Energy, with a focus on how actual results compare to estimates, which could significantly impact the stock price [1][2]. Earnings Expectations - CMS Energy is expected to report quarterly earnings of $0.95 per share, reflecting a year-over-year increase of 9.2% [3]. - Revenues are projected to be $2.11 billion, representing a 6% increase from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a stable outlook from covering analysts [4]. - The Most Accurate Estimate for CMS Energy is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -1.16%, suggesting a bearish sentiment among analysts [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. - CMS Energy currently holds a Zacks Rank of 3, making it challenging to predict an earnings beat conclusively [12]. Historical Performance - In the last reported quarter, CMS Energy exceeded the expected earnings of $0.86 per share by delivering $0.93, resulting in a surprise of 8.14% [13]. - Over the past four quarters, CMS Energy has beaten consensus EPS estimates three times [14]. Conclusion - While CMS Energy does not appear to be a compelling earnings-beat candidate, investors should consider other factors when making investment decisions ahead of the earnings release [17].

Industry Overview - The Zacks Utility-Electric Power industry presents an attractive investment opportunity due to stable cash flows and predictable regulated business models [1] - Domestic utilities benefit from long-term power purchase agreements, which protect revenues from economic volatility [1] - Rising electricity demand and capital investments are enhancing operational efficiency, leading to consistent earnings and reliable dividend payments [1] Shift to Clean Energy - The utility industry is transitioning to cleaner energy sources driven by increased power demand from AI data centers, industrial reshoring, and Electric Vehicle adoption [2] - Utilities are retiring fossil fuel assets, expanding renewable energy, and implementing low-emission technologies while ensuring grid reliability [2] - The sector is well-positioned for long-term value as decarbonization progresses, supported by strong capital-return programs [2] Company Focus: PPL Corporation and CMS Energy - PPL Corporation and CMS Energy are U.S.-regulated electric utility companies investing in grid infrastructure and renewable energy to meet rising demand [3] - PPL emphasizes infrastructure upgrades and clean energy investments, ensuring stable cash flows and dependable dividends [4] - CMS Energy focuses on modernizing the grid and expanding capacity to meet demand, with a clear commitment to clean energy and net zero operations by 2040 [5] Earnings Estimates - The Zacks Consensus Estimate for PPL's earnings per share in 2026 has improved by 7.6% year over year, with long-term earnings growth projected at 7.34% [7] - The Zacks Consensus Estimate for CMS' earnings per share in 2026 has improved by 7.28% year over year, with long-term earnings growth projected at 7.31% [10] Financial Metrics - CMS Energy has a higher Return on Equity (ROE) of 12.1% compared to PPL's 9.08%, outperforming the industry average of 10.7% [9][11] - PPL trades at a Price/Earnings Forward 12-month (P/E-F12M) ratio of 18.67, slightly above CMS's 18.59, both higher than the industry's 15.64 [12] Dividend and Capital Return - PPL Corporation has a dividend yield of 2.99%, while CMS Energy has a yield of 3.03%, both exceeding the S&P 500 composite yield of 1.35% [17] - Both companies have maintained a times interest earned (TIE) ratio above 1 for over a decade, indicating financial flexibility to meet near-term debt obligations [19] Long-Term Capital Investment Plans - CMS plans to invest $20 billion from 2025 to 2029, with $6.3 billion allocated for enhancing pipeline integrity and reducing methane emissions [20] - PPL expects to invest $20 billion from 2025 to 2028, focusing on strengthening the grid and expanding clean energy generation capacity [21] Conclusion - Both PPL and CMS are making significant investments to enhance operations and customer service [22] - CMS has a competitive edge over PPL due to its better ROE and more attractive valuation metrics [22]

Core Insights - CMS Energy Corporation's strong focus on infrastructure modernization and renewable energy investments is likely to support its performance, complemented by the stability of its regulated utility operations in Michigan [1] Group 1: Company Strengths - CMS Energy benefits from stable and regulated utility operations in Michigan, with over 95% of its earnings derived from these low-risk, stable revenue streams [2][8] - The company plans to invest $20 billion in capital expenditures through 2029 to upgrade infrastructure and enhance clean power generation, thereby improving customer reliability and resiliency [3][8] - CMS aims to add 9 GW of solar and 4 GW of wind capacity to its generation portfolio over the next two decades, along with over 850 MW of battery storage by 2030 [4] Group 2: Challenges Faced by CMS - CMS incurs significant costs related to the construction, operation, and closure of solid waste disposal facilities for coal ash, with estimated capital expenditures of $240 million from 2025 through 2029 to comply with regulations [5][8] Group 3: Industry Trends - The shift to renewable energy is prompting electric utilities in the U.S. to evolve, with companies like CMS, Alliant Energy, PPL Corp., and Dominion Energy focusing on expanding their renewable portfolios [6] - Other utilities are also making substantial investments in renewable energy and infrastructure, with Alliant Energy planning $13.4 billion in capital expenditures from 2026 to 2029 [7][10]