CMS Energy Corporation - 5.625% NT REDEEM 15/03/2078 USD 25

Earnings Performance and Guidance: CMS Energy reported adjusted earnings per share (EPS) of $1.13 for Q1 2026, showing a positive variance compared to Q1 2025 due to higher rate relief and performance from NorthStar. The company reaffirmed its full-year guidance of $3.83 to $3.90 per share, with long-term adjusted EPS growth expectations of 6% to 8%.

Regulatory Outcomes and Rate Cases: The recent electric rate case outcome approved over 65% of the company's requested rate increase while maintaining a 9.9% return on equity (ROE). Positive regulatory outcomes, along with an upcoming gas rate case where the Michigan Public Service Commission staff recommended over 75% of the request, support a strong environment for customer investments and affordability.

Data Center Opportunities: CMS Energy's ongoing engagement with data center companies presents a significant growth opportunity. Increased investments in data centers could lead to capital expenditures of $2 billion to $5 billion for every additional gigawatt of load. The company reports strong interest with 110 MW of new contracts signed in Q1 2026 and is optimistic about potential contributions to reducing average customer rates.