CMS Energy Corporation

NorthStar restructuring progress (key swing factor) - ~35% of NorthStar assets have signed agreements or closed as of today; management said it is on track to complete restructuring by year-end. - Reaffirmed strategy: exit non-utility renewables development, while retaining select assets generating cash flows (notably Dearborn Industrial Generation, several gas peakers, and 4 commercial solar projects). - Claimed benefit: reduce parent funding need by $500M+ within the current 5-year plan, improving earnings quality and derisking future years.

Financial guidance reaffirmed + “toward the high end” bias - 2026 adjusted EPS guidance reaffirmed: $3.83–$3.90 (trend positioned toward the high end). - 2027 adjusted EPS guidance reaffirmed: $4.08–$4.17, explicitly incorporating NorthStar restructuring. - Longer-term outlook reiterated: 6%–8% adjusted EPS growth, toward the high end (~7% or better), supporting a total shareholder return thesis (management referenced ~3% dividend yield plus EPS growth).

Strong year-to-date performance with specific variance drivers - YTD 2026 adjusted EPS: $2.95; +$0.29 favorable vs last year, excluding restructuring impacts. - Helped by: constructive regulatory outcomes, completion of Michigan solar projects retained at NorthStar, and favorable weather. - Offsets/negatives: O&M unfavorable (~-$0.16) tied to additional storm activity and business reinvestments (electric reliability, gas operations, customer service, digital). - Management emphasized continued flexibility for remaining storms/weather/contingency while staying on track.