CMS Energy Announces First Quarter Results for 2025, Reaffirms 2025 Adjusted EPS Guidance

, /PRNewswire/ -- CMS Energy announced today reported earnings per share of $1.01 for the first quarter of 2025, compared to $0.96 per share for 2024. The company's adjusted earnings per share for the first quarter were $1.02, compared to $0.97 per share for 2024. CMS Energy reaffirmed its 2025 adjusted earnings guidance of $3.54 to $3.60 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. "Results from the first quarter show we are on track to deliver operationally and financially for 2025," said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy. "A constructive outcome in our electric rate case in March, which supports needed investments in our electric Reliability Roadmap; sustained momentum on the economic development front; and steady progress on a variety of customer investment projects in our electric and gas systems together support our triple bottom line of people, planet and prosperity." 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 first quarter results and provide a business and financial outlook on Thursday, April 24 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, recognized in net income related to NorthStar Clean Energy's interest expense, 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 CORPORATIONConsolidated Statements of Income(Unaudited) In Millions, Except Per Share Amounts Three Months Ended 3/31/25 3/31/24 Operating revenue $ 2,447 $ 2,176 Operating expenses 1,953 1,764 Operating Income 494 412 Other income 50 86 Interest charges 186 177 Income Before Income Taxes 358 321 Income tax expense 63 58 Net Income 295 263 Loss attributable to noncontrolling interests (9) (24) Net Income Attributable to CMS Energy 304 287 Preferred stock dividends 2 2 Net Income Available to Common Stockholders $ 302 $ 285 Diluted Earnings Per Average Common Share $ 1.01 $ 0.96 CMS ENERGY CORPORATIONSummarized Consolidated Balance Sheets(Unaudited) In Millions As of 3/31/25 12/31/24 Assets Current assets Cash and cash equivalents $ 465 $ 103 Restricted cash and cash equivalents 61 75 Other current assets 2,256 2,612 Total current assets 2,782 2,790 Non-current assets Plant, property, and equipment 27,903 27,461 Other non-current assets 5,610 5,669 Total Assets $ 36,295 $ 35,920 Liabilities and Equity Current liabilities (1) $ 1,920 $ 2,261 Non-current liabilities (1) 8,486 8,345 Capitalization Debt and finance leases (excluding securitization debt) (2) 16,308 15,866 Preferred stock and securities 224 224 Noncontrolling interests 588 518 Common stockholders' equity 8,111 8,006 Total capitalization (excluding securitization debt) 25,231 24,614 Securitization debt (2) 658 700 Total Liabilities and Equity $ 36,295 $ 35,920 (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 Three Months Ended 3/31/25 3/31/24 Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts $ 178 $ 248 Net cash provided by operating activities 1,000 956 Net cash used in investing activities (918) (637) Cash flows from operating and investing activities 82 319 Net cash provided by financing activities 266 294 Total Cash Flows $ 348 $ 613 End of Period Cash and Cash Equivalents, Including Restricted Amounts $ 526 $ 861 CMS ENERGY CORPORATIONReconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income(Unaudited) In Millions, Except Per Share Amounts Three Months Ended 3/31/25 3/31/24 Net Income Available to Common Stockholders $ 302 $ 285 Reconciling items: Other exclusions from adjusted earnings** 3 4 Tax impact (1) (1) Voluntary separation program - * Tax impact - (*) Adjusted net income – non-GAAP $ 304 $ 288 Average Common Shares Outstanding - Diluted 299.1 297.2 Diluted Earnings Per Average Common Share Reported net income per share $ 1.01 $ 0.96 Reconciling items: Other exclusions from adjusted earnings** 0.01 0.01 Tax impact (*) (*) Voluntary separation program - * Tax impact - (*) Adjusted net income per share – non-GAAP $ 1.02 $ 0.97 * 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, 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. 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CMS Energy Announces First Quarter Results for 2025, Reaffirms 2025 Adjusted EPS Guidance

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