CMS ENERGY CORP

CMS Energy is a parent holding company that operates primarily through its subsidiaries, Consumers, an electric and gas utility, and NorthStar Clean Energy, an independent power producer and marketer. Consumers serves a customer base primarily consisting of residential, commercial, and diversified industrial customers in Michigan, providing electricity and/or natural gas to 6.8 million of Michigan's 10 million residents. Consumers has served Michigan customers since 1886, was incorporated in Maine in 1910, and became a Michigan corporation in 1968. It owns and operates electric generation and distribution facilities, as well as gas transmission, storage, and distribution facilities. NorthStar Clean Energy, through its subsidiaries and equity investments, focuses on domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production. CMS Energy manages its businesses across three principal segments: electric utility, gas utility, and NorthStar Clean Energy, which encompasses its non-utility operations and investments. Consumers' consolidated operations represent the substantial majority of CMS Energy's total assets, income, and operating revenue. CMS Energy's consolidated operating revenue was $8.5 billion in 2025, and $7.5 billion in 2024 and 2023. Consumers' consolidated operating revenue was $8.1 billion in 2025, and $7.2 billion in 2024 and 2023. Consumers' rates and certain business aspects are regulated by the MPSC, FERC, and NERC reliability standards.