CMS Energy Corporation 5.6% JRSUB NT 78 Q3 FY2025 earnings call

• Received final order in renewable energy plan approving 8 GW solar and 2.8 GW wind through 2035, which is a key input into Integrated Resource Plan to be filed mid-2026. • Constructive order in gas rate case approving ~75% of final ask and 95% of infrastructure investments. • Staff filed position in electric rate case supporting ~75% of revised and ~90% of capital ask. • Strong economic growth in Michigan with year-to-date connection of ~450 MW of industrial growth and additional ~100 MW of signed contracts. • Current 5-year $20 billion customer investment plan with over $25 billion of additional investment opportunities. • Focus on resource adequacy, clean energy law, and distribution system investment for reliability and resiliency. • Excellence in cost reduction through CE Way, digital, automation, etc., keeping customer bills below national average.

Not explicitly detailed in a way to extract absolute terms and revenue contribution % for each product segment in a straightforward tabular form from the provided transcript. However, it mentions strong performance across operations, regulatory, and financial aspects with key regulatory outcomes in renewable energy, gas, and electric rate cases, and economic growth in Michigan with industrial load growth progress.

• Raised bottom end of 2025 adjusted earnings per share guidance to $3.56 - $3.60 per share from $3.54 - $3.60 per share. • Initiated full year guidance for 2026 at $3.80 - $3.87 per share, reflecting 6% - 8% growth of midpoint of 2025 revised range. • Plan to rebase guidance off actuals on Q4 call and provide refresh of 5-year capital and financial plans on Q4 call.

Not explicitly detailed in a summarized bullet-pointed risk discussion within the provided transcript. However, it mentions forward-looking statements are subject to risks and uncertainties as per SEC filings. Also, factors like weather, storm activity, and regulatory uncertainties could impact results.

Q: Elaborate on timing of large load tariff and opportunity behind it.

A: There are 3 large data centers in final stages. Expect tariff on November 7. One data center talked about in Q2 is at final terms and conditions and expected to move forward shortly after tariff. Other 2 large data centers also expected to move forward.

Q: How quickly could $25+ billion of CapEx be folded in?

A: Expect more in electric reliability, electric distribution space, renewable energy plan investments, and battery storage and natural gas capacity to filter into 5-year plan.

Q: Offset factors on CapEx being put into plan before '29?

A: Affordability bar, CE Way, episodic cost reductions, economic development opportunities, balance sheet funding efficiency, workforce planning, and rate construct uncertainties are offset factors.

Q: IRP-related spending opportunity timing?

A: Portion of it filtering into 5-year plan, especially tail end, to put equipment online.

Q: Excess capacity to serve load?

A: Connected load is 450 MW out of 900 MW planned, with capacity to serve today and excess capacity as a result of clean energy law and ongoing projects.

Q: Campbell plant shape, maintenance, and accounting?

A: Team is amazing, continuing to operate plant as per DOE orders, costs treated as regulatory asset, and Michigan customers to be refunded for their share.

Q: Timing and mix between self-build and PPA for renewables?

A: Mix of self-build and PPA, with ~50-50 assumption for solar and greater assumption for wind in $10 billion estimate.

Q: Manufacturing growth characterization?

A: All of the above, including expansion of existing, brand-new customers, onshoring, reshoring, etc., in industries like aerospace, defense, advanced manufacturing, food processing.

Q: Time line of ramp for data centers?

A: Q2 data center is late 2029, early 2030 for first electrons and ramp up, others are earlier in 5-year window.

Q: Incremental equity for incremental CapEx and data center tariff?

A: Assume $0.40 of equity for every dollar of CapEx, data center tariff has provisions to protect incumbent customers.