CMS Energy · Earnings release

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, the 20th increase in as many years.

G1CMS Energy raised

its 2026 adjusted earnings guidance to $3.83 to $3.90 from $3.80 to $3.87 per share (*See below for important information about non-GAAP

measures) and G2reaffirmed long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end.

“CMS Energy

had a successful year delivering for all stakeholders in 2025. Our accomplishments include constructive regulatory outcomes, solid cost

performance at the Utility and strong results at NorthStar,” said Garrick Rochow, President and CEO of CMS Energy and Consumers

Energy. “Our customers remain our top priority as the CMS Energy team works every day to improve reliability and affordability.”

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 2025 year-end results and provide a business and financial outlook on Thursday, February 5,

2026 at 10:00 a.m. (EST). 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.

Investment

2

Page 1

of 3

CMS ENERGY

CORPORATION

Consolidated

Statements of Income

(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Twelve 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

)

)

)

)

Net Income Attributable to CMS Energy

Preferred stock dividends

3

3

Net Income Available to Common Stockholders

$

$

$

$

Diluted Earnings Per Average Common Share

$

$

$

$

Page 2

of 3

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

Twelve 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

$

$

Page 3

of 3

CMS ENERGY

CORPORATION

Reconciliation

of GAAP Net Income to Non-GAAP Adjusted Net Income

(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Twelve Months Ended

Net Income Available to Common Stockholders

$

$

$

$

Reconciling items:

Disposal of discontinued operations (gain) loss

-

*

-

*

Tax impact

-

(*)

-

(*)

Other exclusions from adjusted earnings**

5

*

6

Tax impact

(1

)

(*)

(5

)

(1

)

State tax policy change

(*)

-

-

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:

Disposal of discontinued operations (gain) loss

-

*

-

*

Tax impact

-

(*)

-

(*)

Other exclusions from adjusted earnings**

*

Tax impact

(*)

(*)

)

(*)

State tax policy change

(*)

-

-

Voluntary separation program

-

-

-

*

Tax impact

-

-

-

(*)

Adjusted net income per share – non-GAAP

$

$

$

$

*

Less

than $0.5 million or $0.01 per share.

**

Includes

business optimization initiative, major enterprise resource planning software implementations, and unrealized gains or losses from mark-to-market

adjustments, recognized in net income related to NorthStar Clean Energy's interest expense.

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, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation

program, changes in federal and state 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.