Adjusted EPS Guidance

FY 2025

$3.54 to $3.60 per share "

$3.54 to $3.60 per share "

no change

Long-Term EPS Growth

FY 2025

6% to 8% "

6% to 8% "

no change

Data Center Growth & Pipeline Expansion

In Q1 2025, the discussion centered on a 9‐gigawatt pipeline with 65% now focused on data centers, accelerated ramp-up in some projects, and the filing of a data center tariff to catalyze larger commitments. " " " "

In Q2 2025, the focus is on a new data center agreement adding 1 gigawatt to a continued nine‐gigawatt pipeline that comprises both data centers and a strong manufacturing base, with an early ramp targeted later in the plan. " "

Consistent optimism, though the emphasis has shifted from rapid project acceleration and tariff filing in Q1 to detailing a specific new agreement and longer-term ramp timing in Q2. " " " "

Data Center Ramp Timing & Execution Risk

Q1 2025 highlighted conservative planning with some projects accelerating and a tariff process seen as a catalyst, while acknowledging execution risks amid incremental load planning. " "

Q2 2025 provided greater clarity with an anticipated ramp in 2029/2030 and emphasized that significant capital commitments by counterparties are reducing the execution risk. " " "

Increased clarity and confidence—the Q2 discussion narrows execution risk with specific timing and mitigation measures, compared to a broader conservative outlook in Q1. " " " "

Regulatory Environment & Rate Case Outcomes

Q1 2025 discussions focused on a constructive regulatory environment with an electric rate case that achieved 65% of the revised ask, plans for improved granularity, and a gas rate case grounded in past successful settlements, along with discussions on extreme weather cost recovery mechanisms. " " " " "

Q2 2025 emphasized Michigan’s supportive regulatory environment further through the approval of a storm deferral and a larger electric rate case filing ($460 million increase) while noting strong support in the gas rate case. " "

Steady constructive sentiment with the Q2 period adding more detail in regulatory approvals and expanded revenue requests while continuing to back a positive regulatory outlook. " " " "

Rising Capital Expenditure & Investment Strategy

In Q1 2025, CMS Energy discussed a 5‐year plan with roughly $20 billion at the utility level and additional capital flexible for projects, including over $2.5 billion earmarked for commercial renewable investments, all under a conservative planning approach. " "

Q2 2025 described investment opportunities exceeding $25 billion beyond the existing plan, preparation for an Integrated Resource Plan, larger renewable investments (including meeting a $4.5 billion target), and adjustments driven by new economic development opportunities (e.g., the new data center agreement). " " "

Upward shift in scale and ambition—the capital strategy in Q2 is more expansive and dynamic, reflecting a growing investment outlook compared to the more moderate plan outlined in Q1. " " "

Financing Strength & Flexibility

Q1 2025 highlighted strong financing with a $1 billion hybrid note issuance at tight spreads, remaining financing needs of $700 million at the parent level and $1.1 billion at the utility level, along with opportunistic financing underpinned by cost management initiatives. " " " "

In Q2 2025, CMS Energy reported near completion of the 2025 financing plan with executed forward equity contracts covering 70% of equity needs, robust tax credit transfers slated at $700 million, and flexibility to pull forward some 2026 financing if advantageous, supported by stable credit ratings. " "

Consistently strong, with smoother financing execution—the Q2 period shows a more finalized financing plan while maintaining robust flexibility compared to Q1’s active issuance and remaining requirements. " "

Operational Resilience & Storm Cost Recovery

Q1 2025 provided extensive detail on operational resilience amid historic storms (e.g., rapid crew deployment, deferred accounting for $100 million storm costs, and comprehensive measures to limit financial impacts), stressing a proactive and detailed response. " " " " " " " "

Q2 2025 mentions a storm deferral approval backed by regulatory support and integration of audit findings into future plans, but with less emphasis on detailed cost recovery measures than in Q1. " "

Reduced emphasis and detail in Q2—the topic is still addressed via regulatory mechanisms but with less narrative detail on operational adjustments compared to the proactive, descriptive approach in Q1. " "

Renewable Tax Credit Repeal & IRA Risks

Q1 2025 discussions included explicit mentions of potential IRA risks and the possibility of a renewable tax credit repeal, balanced by safe harbor provisions, contractual safeguards, and a plan to reallocate capital if renewable project economics deteriorated. " " "

In Q2 2025, there is no specific mention of renewable tax credit repeal or IRA risks; the focus shifts to leveraging tax credit benefits under supportive legislation and executing tax credit transfers. " "

Diminished focus—the explicit risks discussed in Q1 are not reiterated in Q2, suggesting either resolution of concerns or a shift in focus away from these risks. " "

Gas Rate Case Litigation Risk

In Q1 2025, the gas rate case was characterized by a strong track record of settlements, straightforward case aspects focused on system safety and capacity, and a confident outlook that the case is “down the fairway,” with openness to settlement if needed. "

Q2 2025 shows continued confidence with strong support levels (80% of the revised ask and 95% of capital) and anticipation of a Proposal for Decision, while still remaining open to settlement if necessary. " "

Consistent confidence—both periods express optimism and a solid track record in managing litigation risks, with Q2 offering additional numerical detail reinforcing that confidence. " " "