UNITED STATES

SECURITIES AND

EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13

OR 15(d) OF

THE SECURITIES

EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) May 3, 2022

Commission	Registrant; State of Incorporation;	IRS Employer
File Number	Address; and Telephone Number	Identification No.
1-9513	CMS ENERGY CORPORATION<br><br> <br>(A Michigan Corporation) One Energy Plaza Jackson, Michigan 49201 (517) 788-0550	38-2726431
1-5611	CONSUMERS ENERGY COMPANY<br><br> <br>(A Michigan Corporation)<br><br> One Energy Plaza<br><br> Jackson, Michigan 49201<br><br> (517) 788-0550	38-0442310

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
CMS Energy Corporation Common Stock, $0.01 par value	CMS	New York Stock Exchange
CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078	CMSA	New York Stock Exchange
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078	CMSC	New York Stock Exchange
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079	CMSD	New York Stock Exchange
CMS Energy Corporation, Depositary Shares, each representing a<br> 1/1,000th interest in a share of 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C	CMS PRC	New York Stock Exchange
Consumers<br> Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series	CMS-PB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company: CMS Energy Corporation ¨ Consumers Energy Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

CMS Energy Corporation ¨ Consumers Energy Company ¨

Co-Registrant CIK	0000201533
Co-Registrant Amendment Flag	false
Co-Registrant Form Type	8-K
Co-Registrant DocumentPeriodEndDate	2022-04-20
Co-Registrant Written Communications	false
Co-Registrant Solicitating Materials	false
Co-Registrant PreCommencement Tender Offer	false
Co-Registrant PreCommencement Issuer Tender Offer	false
Emerging Growth Company	false

Item 2.02. Results of Operations and Financial Condition.

On May 3, 2022, CMS Energy Corporation (“CMS Energy”) issued a News Release, in which it announced its 2022 first quarter results. Attached as Exhibit 99.1 to this report and incorporated herein by reference is a copy of the CMS Energy News Release, furnished as a part of this report.

Exhibit 99.1 contains certain financial measures that are considered “non-GAAP financial measures” as defined in Securities and Exchange Commission rules. Other than forward-looking earnings guidance, Exhibit 99.1 contains a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, changes in accounting principles, 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 CMS Enterprises’ 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 CMS Energy is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, reported earnings in future periods, Exhibit 99.1 does not contain reported earnings guidance nor a reconciliation for the comparable future period earnings. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported 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.

Item 7.01. Regulation FD Disclosure.

The information set forth in the CMS Energy News Release dated May 3, 2022, attached as Exhibit 99.1, is incorporated by reference in response to this Item 7.01.

CMS Energy will hold a webcast to discuss its 2022 first quarter results and provide a business and financial outlook on May 3 at 9:00 a.m. (ET). A copy of the CMS Energy presentation is furnished as Exhibit 99.2 to this report. A webcast of the presentation will be available on the CMS Energy website, www.cmsenergy.com.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

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.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

	Exhibit Index
99.1	CMS Energy News Release dated May 3, 2022
99.2	CMS Energy presentation dated May 3, 2022
104	Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

		CMS ENERGY CORPORATION
Dated: May 3, 2022	By:	/s/ Rejji P. Hayes
		Rejji P. Hayes
		Executive Vice President and Chief Financial Officer
		CONSUMERS ENERGY COMPANY
Dated: May 3, 2022	By:	/s/ Rejji P. Hayes
		Rejji P. Hayes
		Executive Vice President and Chief Financial Officer

Exhibit 99.1

CMSEnergy Announces Strong First Quarter Results, Reaffirms 2022 Adjusted EPS Guidance

JACKSON, Mich., May 3, 2022 – CMS Energy announced today reported earnings per share of $1.21 for the first quarter of 2022, compared to $1.21 per share for the same quarter in 2021. The company’s adjusted earnings per share for the first quarter of 2022 were $1.20, compared to $1.09 per share for the same quarter in 2021.

CMS Energy reaffirmed its 2022 adjusted earnings guidance of $2.85 to $2.89* per share (*See below for important information about non-GAAP measures) and reaffirmed long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end of the adjusted EPS growth range.

“The settlement agreement recently filed for our 2021 Integrated Resource Plan strengthens our financial outlook and serves as a proof point of our plan for net zero carbon emissions by 2040 in our electric business. As one of the first utilities in the country to eliminate coal generation by 2025, we are leading the clean energy transformation,” 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.

#

CMSEnergy will hold a webcast to discuss its 2022 first quarter results and provide a business and financial outlook on Tuesday, May 3 at9:00 a.m. (EDT). To participate in the webcast, go to CMS Energy’s homepage (cmsenergy.com) and select “Events and Presentations.”

Important information for investorsabout 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, changes in accounting principles, 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 CMS Enterprises’ 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-lookingstatements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy’s and ConsumersEnergy’s results to differ materially. All forward-looking statements should be considered in the context of the risk and otherfactors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.

Formore information on CMS Energy, please visit our website at cmsenergy.com.

To sign up for email alert notifications, please visit the Investor Relations section of our website.

Media Contacts: Katie Carey, 517/740-1739

Investment Analyst Contact: TravisUphaus, 517/817-9241

2
***Page 1 of 3***

CMS ENERGY CORPORATION

Consolidated Statements of Income

(Unaudited)

	In Millions, Except Per Share Amounts
	Three Months Ended
	3/31/22			3/31/21
Operating revenue	$	2,374		$	2,013
Operating expenses		1,918			1,583
Operating Income		456			430
Other income		48			44
Interest charges		124			124
Income Before Income Taxes		380			350
Income tax expense		39			42
Income From Continuing Operations		341			308
Income from discontinued operations, net of tax		4			34
Net Income		345			342
Loss attributable to noncontrolling interests		(8	)		(7	)
Net Income Attributable to CMS Energy		353			349
Preferred stock dividends		2			-
Net Income Available to Common Stockholders	$	351		$	349
Diluted Earnings Per Average Common Share
Income from continuing operations per average common share available to common stockholders	$	1.20		$	1.09
Income from discontinued operations per average common share available to common stockholders		0.01			0.12
Diluted earnings per average common share	$	1.21		$	1.21

***Page 2 of 3***

CMS ENERGY CORPORATION

Summarized Consolidated Balance Sheets

(Unaudited)

	In Millions
	As of
	3/31/22		12/31/21
Assets
Current assets
Cash and cash equivalents	$	446	$	452
Restricted cash and cash equivalents		28		24
Other current assets		1,985		2,151
Total current assets		2,459		2,627
Non-current assets
Plant, property, and equipment		22,540		22,352
Other non-current assets		3,741		3,774
Total Assets	$	28,740	$	28,753
Liabilities and Equity
Current liabilities ^(1)^	$	1,432	$	1,822
Non-current liabilities ^(1)^		7,430		7,269
Capitalization
Debt, finance leases, and other financing (excluding securitization debt) ^(2)^
Debt, finance leases, and other financing (excluding non-recourse and securitization debt)		12,201		12,200
Non-recourse debt		74		76
Total debt, finance leases, and other financing (excluding securitization debt)		12,275		12,276
Preferred stock and securities		224		224
Noncontrolling interests		551		557
Common stockholders' equity		6,630		6,407
Total capitalization (excluding securitization debt)		19,680		19,464
Securitization debt ^(2)^		198		198
Total Liabilities and Equity	$	28,740	$	28,753

^(1)^ Excludes debt, finance leases, and other financing.

^(2)^ Includes current and non-current portions.

CMS ENERGY CORPORATION

Summarized Consolidated Statements of Cash Flows

(Unaudited)

	In Millions
	Three Months Ended
	3/31/22			3/31/21
Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts	$	476		$	185
Net cash provided by operating activities		707			832
Net cash used in investing activities		(539	)		(283	)
Cash flows from operating and investing activities		168			549
Net cash used in financing activities		(170	)		(210	)
Total Cash Flows	$	(2	)	$	339
End of Period Cash and Cash Equivalents, Including Restricted Amounts	$	474		$	524

***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
	3/31/22			3/31/21
Net Income Available to Common Stockholders	$	351		$	349
Reconciling items:
Disposal of discontinued operations gain		(5	)		-
Tax impact		1			-
Discontinued operations income		-			(43	)
Tax impact		-			9
Other exclusions from adjusted earnings**		(1	)		(1	)
Tax impact		*			*
Adjusted net income – non-GAAP	$	346		$	314
Average Common Shares Outstanding
Diluted		289.9			289.1
Diluted Earnings Per Average Common Share
Reported net income per share	$	1.21		$	1.21
Reconciling items:
Disposal of discontinued operations gain		(0.01	)		-
Tax impact		*			-
Discontinued operations income		-			(0.15	)
Tax impact		-			0.03
Other exclusions from adjusted earnings**		(*	)		(*	)
Tax impact		*			*
Adjusted net income per share – non-GAAP	$	1.20		$	1.09
*	Less than $0.5 million or $0.01 per share.
---	---
**	Includes restructuring costs and unrealized gains or losses,<br>recognized in net income, from mark-to-market adjustments related to CMS Enterprises' 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, changes in accounting principles, 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 CMS Enterprises’ 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.

Exhibit 99.2

First Quarter 2022 Results and Outlook May 3, 2022 Leading the CLEAN ENERGY TRANSFORMATION

2 Enter “so what” if necessary – Century Gothic, Bold, Size 18 or smaller This presentation is made as of the date hereof and contains “forward - looking statements” as defined in Rule 3b - 6 of the Securit ies Exchange Act of 1934, Rule 175 of the Securities Act of 1933, and relevant legal decisions. The forward - looking statements are subject to risks and uncertainties. All forward - looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS E nergy’s and Consumers Energy’s Securities and Exchange Commission filings. Forward - looking statements should be read in conjunction with “FO RWARD - LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections of CMS Energy’s and Consumers Energy’s most recent Form 10 - K and as upda ted in reports CMS Energy and Consumers Energy file with the Securities and Exchange Commission. CMS Energy’s and Consumers Energy’ s “ FORWARD - LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections are incorporated herein by reference and discuss important fa cto rs that could cause CMS Energy’s and Consumers Energy’s results to differ materially from those anticipated in such statements. CMS Ene rgy and Consumers Energy undertake no obligation to update any of the information presented herein to reflect facts, events or circumstances af ter the date hereof. The presentation also includes non - GAAP measures when describing CMS Energy’s results of operations and financial performance. A reconciliation of each of these measures to the most directly comparable GAAP measure is included in the appendix and posted on our website at www.cmsenergy.com. Investors and others should note that CMS Energy routinely posts important information on its website and considers the Inves tor Relations section, www.cmsenergy.com/investor - relations, a channel of distribution. Presentation endnotes are included after the appendix. 2

3 Simple Investment Thesis . . . . . . is simpler, cleaner and leaner. Infrastructure Renewal Constructive Legislation Strong Cash Flow & Balance Sheet Clean Energy Leader Diversified Service Territory Nearly two decades of industry - leading financial performance Affordable Prices Industry - leading net zero commitments Excellence through the Top - tier regulatory jurisdiction a Premium total shareholder r eturn 6% to 8% adjusted EPS growth + ~3% dividend yield Presentation endnotes are included after the appendix.

4 Settled 2021 IRP vs. Prior Plan . . . . . . accelerates decarbonization and provides significant customer savings. Presentation endnotes are included after the appendix. Key Objectives 2021 IRP 2018 IRP • Exit Coal Operations By 2025 By 2040 Retire: Karn 1&2 Campbell 1&2/3 2023 2025 2023 2031/39 • Reliable, Affordable, Capital Upside Covert $815M / >1 GW RFP PPAs ~700 MW No new dispatchable units • Expanded Clean Energy Investment New solar Solar ownership FCM on PPAs Energy efficiency Battery ~8 GW Same Same Same Beginning in 2024 ~6 GW 50/50 (own/PPA) After - tax WACC 1.1 GW Beginning in 2032 • Regulatory Asset Treatment Reg. asset treatment 9% ROE Securitization of retired units ~60% carbon emission reduction by 2025 a One of the 1 st in the nation ~$600M in customer savings b

5 Net Zero Commitments Drive Decarbonization . . . . . . a nd s upport growth while delivering on the Clean Energy Transformation. Zero coal Zero coal ~60% carbon emissions reduction a Net zero methane emissions for our gas delivery system and 20% gas customer emissions reduction b Accelerating vintage main and service replacements Renewable natural gas Net zero carbon emissions for our electric business (includes PPAs and MISO market purchases) Adding ~8 GW of new solar and ~2.5 GW of demand - side resources Net zero GHG emissions for our entire natural gas system (i ncludes customer and supplier emissions) Hydrogen fuel mix opportunities Carbon offsets 2030 2040 2050 2025 Presentation endnotes are included after the appendix.

6 Commentary Amount Solid First Quarter . . . . . . demonstrates confidence in full - year earnings guidance. Q1 2022 Results Adjusted EPS Dividend Per Share (DPS) Paid $1.20 46 ¢ Ahead of plan Consistent growth Adjusted EPS Guidance Annual DPS $2.85 – $2.89 $1.84 Premium growth Up 10¢ vs. 2021 Adjusted EPS Growth DPS Growth 5 - yr Capital Plan +6% to +8% +6% to +8% $14.3B Toward the high end Committed to growth Excludes IRP upside Long - term Outlook 2022 Outlook IRP strengthens and lengthens Plan

7 2022 Adjusted EPS . . . . . . managing through COVID - 19 risks. . . . supports premium growth. First Three Months 11 ¢ Nine Months To - Go 9¢ – 13 ¢ Presentation endnotes are included after the appendix. 2021 Weather Rates & Investment Customer Initiatives Usage, Enterprises, Tax & Other Normal Weather Rates & Investment Cost Savings & Normalized Storms Usage, Enterprises, Tax & Other 2022 $2.85 – $2.89 16 ¢ $2.65 3 ¢ (2)¢ (9)¢ 10¢ (17)¢ – (21)¢ (6)¢ 29¢ First Quarter $ 1.20 First Quarter $ 1.09 2021 2022 Reported EPS $1.21 $1.21 Adjustments a ( 0.12 ) ( 0.01 ) Adjusted EPS a $ 1.09 $ 1.20 First Quarter EPS Results

8 2022 Michigan’s Strong Regulatory Construct . . . Gas . . . ensures forward - looking visibility. 2021 Integrated Resource Plan (IRP) Electric Dec. 22 nd : Final Order $59M a 9.9% ROE U - 20963 x By Oct.: Expected Final Order Gas Q1 2023: Expected Final Order Jun. 30 th : Filed IRP U - 21090 x Filed Dec. 1 st : Updated $233M 10.25% ROE U - 21148 x Presentation endnotes are included after the appendix. Gas stay - out - Amortization of gas tax benefits c in 2021 of ~$35M and 2022 of ~$75M Apr. 20 th : Filed Settlement Agreement IRP U - 21090 x Apr. 28 th : Filed $272M b 10.25% ROE U - 21224 x Late June: Expected MPSC Order IRP U - 21090

9 De - risking Inflationary Pressures . . . . . . with opportunities for near - and long - term savings. Presentation endnotes are included after the appendix. Near - term Risk Mitigation PLUS PRODUCTIVITY Episodic Cost Savings x Executed 5 - yr union contracts in 2020 (>40% unionized) x 95% non - union retention rate a x Manageable supply chain risk x ~90% of material costs capitalized x Modular solar build - out x Owned generation hedges market volatility x Manageable power supply costs x Leverage gas storage assets Labor Materials Commodities Global Risks Countermeasures 2022 2023 2025 2025 Palisades retirement Karn 1&2 coal unit retirements (adj. O&M savings b ) MCV contract change Campbell coal unit retirements (adj. O&M savings b ) > $90M $30M >$60M >$60M Year Event Savings >$200M identified future cost savings

10 10 Q&A Thank You!

11 11 Appendix

12 Utility Sales Continue to Recover . . . . . . w ith supportive economic backdrop in Michigan . Weather - Normalized Electric Deliveries a Residential Commercial Industrial Total ( 1.3 )% 7.8 % 2.1 % b 2.7% b Presentation endnotes are included after the appendix. (Q1 2022 vs. Q1 2021) Economic Development Electric Customers Gas Customers ~1% ~1% (5 - Yr Avg. Customer Count) Residential Customer Growth 2016 – 2021 2016 2017 2018 2019 2020 2021 105 MW 126 MW 75 MW 45 MW 101 MW 69 MW Attracted > 500 MW of new or expanding business to our service territory since 2015 • $1B of state incentives • New energy intensive economic development rate Legislative Support

13 2022 Sensitivities . . . . . . r eflect effective risk mitigation. Presentation endnotes are included after the appendix. Full - Year Impact Sensitivity Adj. EPS OCF Sales a Electric (~37,000 GWh) Gas (~304 Bcf ) + + 1% 1 + + ( ¢) 7 3 + + ($M) 27 13 Gas Prices + 50 ¢ + 0 + 60 Utility Earned ROE Electric Gas + + 10 bps 10 + + 2 1 + + 8 5 Interest Rates + 25 bps 1 1 Effective Tax Rate (10%) + 100 bps 3 0 + + + + Electric Residential Commercial Industrial 4¢ 2½ 2½¢ (1% Full Year in Volume) 2022 Adj. EPS Sensitivities Gas ½ ½ ½ Impact Electric ~$6½/ Month ($10/MWh) Electric PSCR Residential Bill Sensitivity Impact Gas ($1/Mcf) Gas Price Residential Bill Sensitivity ~$7½/ Month <

14 2022 Plan ($M) Consumers Energy: First Mortgage Bonds $800 CMS Energy: Hybrid / Continuous Preferred None Planned Equity -- Retirements (incl. term loans): Consumers Energy -- CMS Energy -- Existing Facilities $850M (Jun - 2024) $550M (Jun - 2024) $250M (Nov - 2023) Consumers Energy CMS Energy Financings 2022 Planned Financings . . . $2.0 B a of net liquidity position with no commercial paper outstanding (as of 3/31/22) . . . fund customer investment and provide ample liquidity . Presentation endnotes are included after the appendix. $56M contracted

15 . Ratings Drivers Credit Metrics Maintained . . . Consumers Energy CMS Energy • Strong financial position • Growing operating cash flow • Constructive return on regulated investment • Supportive regulatory environment • Lower business risk Senior Secured Commercial Paper Outlook Senior Unsecured Junior Subordinated Outlook Last Review A A - 2 Stable BBB BBB - Stable Mar. 2022 A1 P - 2 Stable Baa2 Baa3 Stable Sep . 2021 A+ F - 2 Stable BBB BB+ Stable Mar. 2022 S&P Moody’s Fitch . . . at solid investment - grade levels.

16 Renewables & Storage Solar 4.5 GW by 2030, ~8.0 GW by 2040 Battery >0.5 GW by 2040 (75 MW beginning in 2024) Wind ~0.8 GW pre - 2025 (approved via RPS) Customer Programs By 2030 Energy Efficiency ~1.1 GW Demand Response >0.7 GW Conservation Voltage Reduction >0.1 GW Coal Karn 1&2 ~0.5 GW retired in 2023 (securitized) Campbell 1 - 3 ~1.4 GW retired in 2025 (reg. asset at 9% ROE) Natural Gas & Peaking Units Zeeland & Jackson ~1.5 GW (owned & continued operations) Covert ~1.2 GW acquired in 2023 Karn 3&4 ~1.2 GW retired in 2031 Other Future PPAs ~0.7 GW in 2025 (0.5 GW dispatchable) x Accelerate decarbonization x Exit coal operations by 2025 x Reliable, affordable, capital upside x Expanded clean energy investment Key IRP Components a . . . . . . e nsure reliability, resilience and affordability. Delivering Across the Triple Bottom Line Presentation endnotes are included after the appendix.

17 17 Endnotes

18 18 Slide 3: a UBS Research, 2022 state rankings and D.C. Slide 4: a From 2005 baseline including utility - owned generation, PPAs and MISO purchases, post coal retirements b 2021 IRP vs. prior plan Slide 5: a From 2005 baseline including utility - owned generation, PPAs and MISO purchases, post coal retirements b Carbon emissions from a 2020 baseline for natural gas end - use customers Slide 7: a See GAAP reconciliation on slide 21 Slide 8: a Excludes $27M of lower depreciation expense previously approved and includes revised MPSC order approving ~$5M of depreciation expense i n March of 2022 b $272M request includes $6M surcharge for the recovery of distribution investments made in 2021 that exceeded what was authori zed in rates c Rate relief equivalent Slide 9: a Consumers Energy, non - union employees, average 3 - yr retention rate b Excludes potential fuel savings Slide 12: a Q1 2022 over Q1 2021 change in GWh, excludes ROA and other b Excludes one large, low - margin industrial customer Slide 13: a Reflects 2022 sales forecast; weather - normalized Slide 14: a $1,606M in available revolvers + $446M of unrestricted cash - $ 16 M of cash at Aviator Wind and other; excludes proceeds from the sale of EnerBank Slide 16: a Capacity references are in nameplate Presentation Endnotes

19 19 GAAP Reconciliation CMS Energy provides historical financial results on both a reported (GAAP) and adjusted (non - GAAP) basis and provides forward - lo oking guidance on an adjusted basis. During an oral presentation, references to “earnings” are on an adjusted basis. All references to net income refer to net income available t o c ommon stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring cos ts, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark - to - market adjustments recognized in net income related t o CMS Enterprises’ 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 th e 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 providi ng reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The adjusted earnings should be considered supplemental information to assist in under sta nding our business results, rather than as a substitute for the reported earnings.

20 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non - GAAP Adjusted Net Income (Unaudited ) Net Income Available to Common Stockholders $ 351 $ 349 Reconciling items: Disposal of discontinued operations gain (5) - Tax impact 1 - Discontinued operations income - (43) Tax impact - 9 Other exclusions from adjusted earnings** (1) (1) Tax impact * * Adjusted net income – non-GAAP $ 346 $ 314 Average Common Shares Outstanding Diluted 289.9 289.1 Diluted Earnings Per Average Common Share Reported net income per share $ 1.21 $ 1.21 Reconciling items: Disposal of discontinued operations gain (0.01) - Tax impact * - Discontinued operations income - (0.15) Tax impact - 0.03 Other exclusions from adjusted earnings** (*) (*) Tax impact * * Adjusted net income per share – non-GAAP $ 1.20 $ 1.09 * Less than $0.5 million or $0.01 per share. ** In Millions, Except Per Share Amounts 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, changes in accounting principles, 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 CMS Enterprises’ 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. Three Months Ended 3/31/22 3/31/21 Includes restructuring costs and unrealized gains or losses, recognized in net income, from mark-to-market adjustments related to CMS Enterprises' interest expense.

21 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non - GAAP Adjusted Net Income by Quarter (Unaudited ) Net Income Available to Common Stockholders $ 351 Reconciling items: Electric utility and gas utility - Tax impact - Enterprises (1) Tax impact * Corporate interest and other - Tax impact - Disposal of discontinued operations gain (5) Tax impact 1 Adjusted Net Income – Non-GAAP $ 346 Average Common Shares Outstanding – Diluted 289.9 Diluted Earnings Per Average Common Share $ 1.21 Reconciling items: Electric utility and gas utility - Tax impact - Enterprises (*) Tax impact * Corporate interest and other - Tax impact - Disposal of discontinued operations gain (0.01) Tax impact * Adjusted Diluted Earnings Per Average Common Share – Non-GAAP $ 1.20 Net Income Available to Common Stockholders $ 349 $ 176 $ 186 $ 637 Reconciling items: Electric utility and gas utility - - - 29 Tax impact - - - (7) Enterprises (1) * (*) * Tax impact * (*) * (*) Corporate interest and other - (*) - * Tax impact - * - (*) Disposal of discontinued operations (gain) loss - 5 3 (665) Tax impact - (1) (1) 145 Discontinued operations income (43) (30) (42) - Tax impact 9 8 10 - Adjusted Net Income – Non-GAAP $ 314 $ 158 $ 156 $ 139 Average Common Shares Outstanding – Diluted 289.1 289.4 289.6 289.7 Diluted Earnings Per Average Common Share $ 1.21 $ 0.61 $ 0.64 $ 2.20 Reconciling items: Electric utility and gas utility - - - 0.10 Tax impact - - - (0.03) Enterprises (*) * (*) * Tax impact * (*) * (*) Corporate interest and other - (*) - * Tax impact - * - (*) Disposal of discontinued operations (gain) loss - 0.02 0.01 (2.30) Tax impact - (0.01) (*) 0.50 Discontinued operations income (0.15) (0.10) (0.14) - Tax impact 0.03 0.03 0.03 - Adjusted Diluted Earnings Per Average Common Share – Non-GAAP $ 1.09 $ 0.55 $ 0.54 $ 0.47 * Less than $0.5 million or $0.01 per share. In Millions, Except Per Share Amounts 2022 1Q In Millions, Except Per Share Amounts 2021 1Q 2Q 3Q 4Q