CMS Energy Announces Diane Leopold and Richard Keyes to Join the Board of Directors [Accessibility Statement] Skip NavigationJACKSON, Mich., Feb. 20, 2026 /PRNewswire/ -- Diane Leopold, retired executive vice president and chief operating officer at Dominion Energy, Inc, ("Dominion") has been elected to the CMS Energy and Consumers Energy boards of directors. Richard Keyes, president and chief executive officer of Meijer, Inc, has also been elected to the CMS Energy and Consumers Energy boards of directors. ...

Investment Plans - The parent company of Consumers Energy plans to invest over $17 billion in generation, distribution, and other assets over the next five years, with generation investment increasing more than 25% compared to the previous five-year plan [1] Load Growth Projections - The utility expects robust and sustained load growth, projecting 3% weather-normalized load growth in 2026 and a run rate of 2% to 3% through 2030, primarily driven by data centers and industrial loads [2][3] Renewable Energy Investments - Consumers Energy plans to spend approximately $14 billion on renewable energy through 2045, which includes 8 GW of solar and 2.8 GW of wind [4] - The planned investment in electric generation through 2030 is around $8.8 billion, which is an increase of $2.5 billion from the prior five-year plan, focusing on renewable generation to comply with state law for 100% carbon-free electricity by 2040 [5] Data Center Developments - Ongoing negotiations for data centers are crucial, with a 1-GW data center agreement announced last July, and the company is close to finalizing a rate contract for this customer [6][7] - There are indications of more data center interests, with two proposed data centers and two new industrial loads expressing interest in Consumers' territory recently, alongside 9 GW of large-load interconnection requests in the pipeline [9]

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 ...

Financial Performance & Outlook - The company's Year-to-Date (YTD) 2025 adjusted EPS is $2.66, showing an increase compared to 2024, with confidence in achieving the full-year target[27] - The full-year 2025 adjusted EPS guidance is $3.56 - $3.60, trending towards the higher end of the range[27] - The annual dividend per share is $2.11, an increase of $0.11[27] - The full-year 2026 adjusted EPS guidance is $3.80 - $3.87, also trending towards the higher end[27] - The long-term adjusted EPS growth is projected at +6% to +8%[27] Capital Investments & Financings - The utility capital plan is $20 billion[27] - Planned financings include $1.125 billion in Consumers Energy First Mortgage Bonds[34] - New debt issuances for CMS Energy are planned at $1.27 billion[34] - Planned equity issuance for CMS Energy is up to $500 million[34] Regulatory Environment - Constructive regulatory outcomes and forward-looking visibility are provided by Michigan's regulatory environment[16] - A gas case order was approved for $157.5 million with a 9.8% ROE[15] - A revised electric case order was approved for $423 million with a 10.25% ROE[15] Infrastructure & Growth - The company has an expansive economic development effort with a 9 GW pipeline[17,18] - The current customer investment plan (2025-2029) is $20 billion[20]

Core Insights - Capital Power Corp. has secured a long-term power purchase agreement (PPA) with Consumers Energy for the Midland Cogeneration Venture (MCV), extending operations through 2040 and increasing annual earnings by an estimated US$100 million [1][2][8] - The agreement covers 1,240 megawatts, approximately 75% of MCV's capacity, starting in June 2030, with expected adjusted EBITDA at MCV increasing by roughly 85% compared to current contract pricing [2][3] - MCV is the largest natural gas-fired combined heat and power facility in the U.S., playing a vital role in the Midcontinent Independent System Operator (MISO) region, and is crucial for balancing renewable energy sources [3][5] Company Strategy - The contract is a significant milestone for Capital Power, reinforcing the importance of efficient natural gas assets in maintaining grid reliability amid growing energy demand [4][5] - Capital Power is actively pursuing contract extensions to ensure revenue stability and strengthen its portfolio in a changing energy landscape [8] - The agreement positions Capital Power as a key partner in Michigan's energy transition, securing long-term cash flow [8] Industry Context - The deal highlights the importance of natural gas-fired plants like MCV in addressing grid reliability concerns as renewable energy penetration increases and coal plants retire [5][6] - Consumers Energy emphasizes the reliability benefits of MCV for its customers, ensuring dependable generation during the transition to a sustainable energy future [7]

Core Viewpoint - Capital Power has successfully executed a long-term contract with Consumers Energy for the Midland Cogeneration Venture, extending to 2040 and providing 10 years of incremental contracted revenue [1][2]. Group 1: Contract Details - The new Power Purchase Agreement (PPA) will cover 1,240 MW, approximately 75% of MCV's capacity, starting in June 2030, ensuring long-term revenue stability [2]. - The contract is projected to generate an annual gross increase in adjusted EBITDA of approximately US$100 million, representing an 85% increase over current contract pricing [2]. Group 2: Strategic Importance - MCV is recognized as the largest natural gas-fired combined electric and steam generation facility in the U.S. and is crucial for reliable power generation in Michigan [2]. - The contract reinforces the role of efficient natural gas assets like MCV in maintaining grid reliability as energy demand increases [3]. Group 3: Company Positioning - Capital Power is positioned as North America's fifth-largest natural gas Independent Power Producer (IPP) and is focused on strategic partnerships to shape the future of energy [3]. - The company emphasizes the importance of investing in assets that provide stable cash flows and long-term contract extensions with creditworthy counterparties [3].

Financial Performance and Outlook - The company's adjusted EPS for the first half of 2025 is $1.73[33, 36] - The adjusted EPS guidance for the full year 2025 is $3.54 - $3.60[33, 36], toward the high end of the previously stated range of $3.06 - $3.12[33] - The annual dividend per share (DPS) is $2.17[33], up by 11¢[33] - The long-term adjusted EPS growth is projected at +6% to +8%[13, 29, 33], toward the high end[33] - The utility capital plan is $20 billion[33, 48] for 2025-2029, up $3 billion from the prior plan[33, 48] Growth and Investment - The company anticipates 2% to 3% long-term annual sales growth[16, 27] - The company has an approximately 9 GW pipeline opportunity, including data centers[27] - The company plans to invest over $10 billion in electric reliability roadmap[21, 22], including up to 400 miles/year of undergrounding[21] and 20,000 poles replaced per year[23] - The company plans to invest over $5 billion in renewable energy plan[24, 26], including +8 GW solar and +2.8 GW wind[24] Economic Development - Economic development efforts are driving diversified growth, including data centers, across Michigan[17]

Financial Performance and Outlook - CMS Energy reported adjusted EPS of $1.02 for Q1 2025, indicating they are executing on their plan[25] - The company's 2025 full-year adjusted EPS guidance is $3.54 – $3.60, with expectations toward the high end[25] - The annual dividend per share (DPS) is $2.17, an increase of 11¢[25] - The long-term adjusted EPS growth is projected at +6% to +8%, also toward the high end[25] Investment and Growth - The utility capital plan is $20 billion, up $3 billion from the prior plan[25] - The company anticipates a rate base growth of approximately 8½% per year from 2025 to 2029, reaching $39.4 billion in 2029 from $26.2 billion in 2024[39] - Economic development efforts are driving diversified growth across Michigan and reducing customer rates[24] Risk Management and Sensitivities - The auto sector represents approximately 2% of total gross margin, mitigating industrial recession risk[20,41] - The top 10 customers combined represent approximately 2½% of total gross margin[20] - A 1% full-year change in electric sales volume would impact adjusted EPS by 7¢, while a 1% change in gas sales volume would impact it by 4¢[43]