CMS Energy · Earnings release

CMS Energy Announces Third Quarter Results, Introduces

Energy announced today reported earnings per share of $0.84 for the third quarter of 2024, compared to $0.60 per share for the same quarter

in 2023. The company’s adjusted earnings per share for the third quarter were $0.84, compared to $0.61 per share for the same quarter

in 2023. For the first nine months of the year, the company reported $2.45 per share compared to $1.96 per share for the same timeframe

in 2023. The company’s adjusted earnings per share on a year-to-year basis were $2.47 in 2024, compared to $2.06 per share in 2023,

largely due to constructive regulatory outcomes and solid performance at NorthStar Clean Energy.

CMS Energy G1reaffirmed its 2024 adjusted earnings

guidance of $3.29 to $3.35 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. The Company also G2introduced 2025 adjusted earnings guidance of $3.52

“We continue to make needed investments

as outlined in our electric Reliability Roadmap by burying wires, installing sensors and adding other technology to build a smarter and

stronger grid. We are committed in our efforts to shorten the length and impact of power outages for our customers and are well positioned

to deliver for all stakeholders in 2024 and beyond,” said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy.

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.

# # #

CMS Energy will hold a webcast to discuss its 2024 third quarter

results and provide a business and financial outlook on Thursday, October 31 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, 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.

CMS ENERGY CORPORATION

Consolidated Statements

of Income

(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Nine Months Ended

Operating revenue

$

$

$

$

Operating expenses

Operating Income

Other income

Interest charges

Income Before Income Taxes

Income tax expense

Income From Continuing Operations

Income from discontinued operations, net of tax

-

-

-

1

Net Income

Loss attributable to noncontrolling interests

(6

)

(3

)

)

)

Net Income Attributable to CMS Energy

Preferred stock dividends

2

2

7

7

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

Nine 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

$

$

2

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

Nine Months Ended

Net Income Available to Common Stockholders

$

$

$

$

Reconciling items:

Disposal of discontinued operations (gain) loss

-

-

-

(1

)

Tax impact

-

-

-

*

Other exclusions from adjusted earnings**

*

1

6

6

Tax impact

(*

)

(1

)

(1

)

(2

)

Voluntary separation program

-

5

*

Tax impact

-

(1

)

(*

)

(8

)

Adjusted net income – non-GAAP

$

$

$

$

Average Common Shares Outstanding - Diluted

Diluted Earnings Per Average Common Share

Reported net income per share

$

$

$

$

Reconciling items:

Disposal of discontinued operations (gain) loss

-

-

-

(*

)

Tax impact

-

-

-

*

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, 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.