Year-End 2018 Results and Outlook January 31, 2019 FOCUSED ON WORLD CLASS PERFORMANCE

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1 Yer-End 2018 Results nd Outlook Jnury 31, 2019 FOCUSED ON WORLD CLASS PERFORMANCE

2 This presenttion is mde s of the dte hereof nd contins forwrd-looking sttements s defined in Rule 3b-6 of the Securities Exchnge Act of 1934, Rule 175 of the Securities Act of 1933, nd relevnt legl decisions. The forwrd-looking sttements re subject to risks nd uncertinties. All forwrd-looking sttements should be considered in the context of the risk nd other fctors detiled from time to time in CMS Energy s nd Consumers Energy s Securities nd Exchnge Commission filings. Forwrd-looking sttements should be red in conjunction with FORWARD-LOOKING STATEMENTS AND INFORMATION nd RISK FACTORS sections of CMS Energy s nd Consumers Energy s most recent Form 10-K nd s updted in reports CMS Energy nd Consumers Energy file with the Securities nd Exchnge Commission. CMS Energy s nd Consumers Energy s FORWARD-LOOKING STATEMENTS AND INFORMATION nd RISK FACTORS sections re incorported herein by reference nd discuss importnt fctors tht could cuse CMS Energy s nd Consumers Energy s results to differ mterilly from those nticipted in such sttements. CMS Energy nd Consumers Energy undertke no obligtion to updte ny of the informtion presented herein to reflect fcts, events or circumstnces fter the dte hereof. The presenttion lso includes non-gaap mesures when describing CMS Energy s results of opertions nd finncil performnce. A reconcilition of ech of these mesures to the most directly comprble GAAP mesure is included in the ppendix nd posted on our website t CMS Energy provides historicl finncil results on both reported (GAAP) nd djusted (non-gaap) bsis nd provides forwrd-looking guidnce on n djusted bsis. During n orl presenttion, references to ernings re on n djusted bsis. All references to ernings per shre re on diluted bsis. Adjustments could include items such s discontinued opertions, sset sles, impirments, restructuring costs, regultory items from prior yers, or other items. Mngement views djusted ernings s key mesure of the compny s present operting finncil performnce nd uses djusted ernings for externl communictions with nlysts nd investors. Internlly, the compny uses djusted ernings to mesure nd ssess performnce. Becuse the compny is not ble to estimte the impct of specific line items, which hve the potentil to significntly impct, fvorbly or unfvorbly, the compny's reported ernings in future periods, the compny is not providing reported ernings guidnce nor is it providing reconcilition for the comprble future period ernings. The djusted ernings should be considered supplementl informtion to ssist in understnding our business results, rther thn s substitute for the reported ernings. Similrly, mngement views the rtio of Funds From Opertions (FFO)/Averge Debt s key mesure of the compny s operting finncil performnce nd its finncil position, nd uses the rtio for externl communictions with nlysts nd investors. Becuse the compny does not estblish its trget FFO/Averge Debt rtio bsed on specific trget numertor nd trget denomintor, the compny is unble to provide reconcilition to comprble GAAP finncil mesure for future periods Investors nd others should note tht CMS Energy routinely posts importnt informtion on its website nd considers the Investor Reltions section, chnnel of distribution. 2

3 Agend Business Updte Ptti Poppe President & CEO PEOPLE PLANET PROFIT Finncil Results & Outlook Rejji Hyes Executive VP & CFO 3

Finncil Results & Outlook... EPS $2.33 +7% (Incl. $240 MM pension contr.) Vs.

4 Finncil Results & Outlook... EPS $ % (Incl. $240 MM pension contr.) Vs Results Amount Prior Yer Operting csh flow (MM) $1,703 $(2) (Up $53 MM to budget) 2019 Updtes EPS guidnce rised $2.47 to $ % to +8% Annul dividend $ % Long-Term Outlook EPS & DPS growth +6% to +8% _ Adjusted EPS (non-gaap) th consecutive yer of industry-leding finncil performnce. 4

5 CMS 2018 Performnce Exemplifies... PEOPLE Rte cses provided tx-relted svings to customers of over $160 MM Attrcted 101 MWs of new electric lod to Michign Rnked 1 st qurtile for employee enggement Donted $10 MM to ssist vulnerble customers with bill pyments _ Adjusted EPS (non-gaap) CAGR PLANET Announced our Clen Energy Gol in Februry Filed our Integrted Resource Pln in June Restored nerly 800 cres of lnd in Michign 1 st U.S. corportion to enter into sustinbility-linked revolver Expnded our renewble portfolio t Consumers Energy & CMS Enterprises by more thn 170 MWs PROFIT 16 yers of +7% EPS growth Rised dividend +7% YoY, 13 th increse in s mny yers Generted $1.7 Bn of operting csh flow Settled successive Electric nd Gs rte cses... world clss performnce delivering hometown service. PERFORMANCE Replced more thn 13,000 vintge gs services Completed Phse II of the Sginw Tril Pipeline Project (18½ miles) Record forestry spend Eliminted ~$18 MM of wste through the implementtion of the CE Wy Finished #1 overll in the sector in cyber security testing 5

6 2019 Priorities... Mintin sfe nd relible opertions Enhnce customer experience nd vlue Drive economic growth for Michign Improve Michign s lnd, wter, nd ir qulity Execute world clss operting performnce Deliver our finncil commitments... will enble 17th yer of strong opertionl nd finncil performnce. 6

7 Economic Development is Robust thru 2017 GDP Growth Popultion Growth Unemployment* Customer Committed Lod Economic Indictors *November 2018 Unemployment Source: be.gov, census.gov, bls.gov Grnd Rpids U.S. 32 % 17 % 7 % 5 % 3.1 % 3.7 % 101 MW +46% Trget 100 MW Diversified Customer Bse (2018 Electric & Gs Rte Mix) Other Industril 9% Auto 2% Other 2% +53% 69 MW Commercil 28% Residentil 59% 45 MW Triff net of PSCR nd GCR... nd helps drive our model. 7

8 Michign Energy Policy is Supportive... Biprtisn Energy Lw (2016 lw enhnced originl 2008 lw) Forwrd-looking test yer (10-month rte cse) Energy Efficiency incentive (20% of spend) Renewble Portfolio Stndrd (RPS) Constructive ROEs Michign Commission Two mke quorum Slly Tlberg (I), Chir Term Ends: July 2, 2021 Norm Sri (R) Term Ends: July 2, 2019 Rchel Eubnks ppointed to Stte Tresurer Vcncy Term Ends: July 2, nd built into legisltion. 8

Long-Term Regultory Plnning... 2018 6/15: Filed LT genertion pln (IRP) U-20165 Regultory / Policy Electric Gs 11/30: Filed $229 MM t 10.

9 Long-Term Regultory Plnning /15: Filed LT genertion pln (IRP) U Regultory / Policy Electric Gs 11/30: Filed $229 MM t 10.75% ROE U /9: Settlement pproved U % ROE Q2: Expected IRP order U Q3: Anticipted finl orders on Clc. C & Demnd Response Next Electric Order Q3: Expected gs order U Q4: File next gs rte cse 2020 Q2: File updted 5-yr Electric Distribution Pln... provides significnt customer vlue nd long-term visibility. 9

Mnging Work Every Yer... 2011 2012 2013 2014 2015 2016 EPS $2.

20 0 Reinvestment Hot Summer +7% Mild Winter Storms _ Adjusted EPS (non-gaap) Hot

RECORD WARM Mild Summer +7% Storms Offsets Wether & Storms +7% Cost productivity bove

10 Mnging Work Every Yer EPS $ Reinvestment 2019 $2.40 $2.20 $2.00 $1.80 $1.60 $1.40 $ Reinvestment Hot Summer +7% Mild Winter Storms _ Adjusted EPS (non-gaap) Hot Summer +7% Cost productivity bove pln Reinvestment +7% +7% Cost productivity bove pln RECORD WARM Mild Summer +7% Storms Offsets Wether & Storms +7% Cost productivity bove pln Cost productivity +7% Hot Summer Significnt utility reinvestment from 2013 to %... mximizes benefits for customers nd investors. 10

Mild Hot summer summer Wrm winter Commission (D) Mild summer Governor (D) Cold winter

summer Polr vortex Governor (R) Commission (R) Wether 2003 2004 2005 2006 2007 2008 2009

11 Consistent Growth Through... +7% +6% to +8% 7% CAGR b EPS Dividend Recession Cold winter _ Adjusted EPS (non-gaap) Mild Hot summer summer Wrm winter Commission (D) Mild summer Governor (D) Cold winter Recession Summer- less Hot summer Commission (D) _ b Non-GAAP Hot summer Wrm winter Mild summer Polr vortex Governor (R) Commission (R) Wether Cold Feb. Wrm Dec. Help Hurt Wrm winter Wrm winter Hot summer Commission (I) Cold Feb. (D)... chnging circumstnces. 11

2018 Results... Results 2017 2018 EPS -- (GAAP) $1.64 $2.32 Legcy & other Federl tx reform Adjusted (non-gaap) 0.01 0.52 $2.17 0.02 (0.01) $2.

12 2018 Results... Results EPS -- (GAAP) $1.64 $2.32 Legcy & other Federl tx reform Adjusted (non-gaap) $ (0.01) $ % Fourth Qurter Consumers Enterprises By Business Segment Prent nd other CMS Energy EPS Adjusted $ (0.29) $2.33 Feb Guidnce $2.40 $ (0.23) $2.30 $2.34 EPS -- (GAAP) Adjustment Adjusted (non-gaap) 2017 (1) (22)% reinvestment _ Adjusted EPS (non-gaap)... reflect strong 7% growth. 12

13 2018 Finncil Trgets Achieved... Adjusted EPS (non-gaap) DPS growth Trget $2.31 to $ % to +8% Actul $ % In-line w/ ernings In-line w/ ernings +6% to +8% +7% Operting csh flow (MM) $1,650 $1,703 Customer price Electric Gs (1)% (3)% 1% (1)% Tx Reform delys FFO/verge debt (non-gaap) Utility investment (Bn) Continuous equity (MM) ~ 18% $1.9 ~ 18½% $2.0 $70 $ th yer of consistent industry-leding finncil performnce. 13

14 2019 Guidnce Rised... Adjusted EPS (non-gaap) Utility Electric $1.88 $1.91 Gs Totl Utility $2.63 $2.67 Enterprises 0.14 Prent nd other (0.30) Totl EPS $2.47 $ % to +8% _ Adjusted EPS (non-gaap)... building on strong 2018 performnce. 14

Totl Absence of 2018 reinvestment 23 17 Settled cses: Gs (U-18424) $60 MM Electric (U-20134) $89 MM Pending cse:

15 2019 EPS... $2.33 Wether reinvested Absence of 2018 (27) 27 Absence of reinvestment: Opertionl & other 19 Debt pre-funding 4 Totl Absence of 2018 reinvestment Settled cses: Gs (U-18424) $60 MM Electric (U-20134) $89 MM Pending cse: Gs (U-20322) $229 MM (3) - 1 $2.47 to $ % to +8% 2018 Wether Cost Svings/ Rtes & Usge, 2019 Reinvestment Investment Enterprises, Tx & Other _ Adjusted EPS (non-gaap)... supports nother yer of 6% to 8% growth. 15

Simple, Perhps Unique Model... EPS Growth Self Funding: - Cost reductions - Sles growth (continued economic development) - Other (Enterprises, tx plnning, etc.

16 Simple, Perhps Unique Model... EPS Growth Self Funding: - Cost reductions - Sles growth (continued economic development) - Other (Enterprises, tx plnning, etc.) INVESTMENT SELF-FUNDED Customer Prices t or below infltion Pln 6% - 8% 2-3 pts pts <2% _ Adjusted EPS (non-gaap)... continues to deliver for customers nd investors. 16

17 Utility Customer Investment Pln... Updted 5-yer Pln Rte Bse Growth Electric Cpitl Investment (Bn): Electric Utility Old Pln $ 4 New Pln $ 5 Mix ~45% Gs >7% CAGR $23 Bn New Utility Renewbles 1 1 ~10 $16 Bn 60% Gs Utility 5 5 ~45 70% Totl $10 $11 System Need: >$50 Bn 100% ~30% ~40% focuses on sfety nd relibility for the benefit of our customers. 17

18 Our Entire Cost Structure % 90% 80% 70% ~70% 60% 50% 40% 30% Cost Components Fuel nd Power Costs O&M Costs Txes ~70% ~$15 Bn Customer Investment ( ) Residentil Bills s % of Wllet Utility Bill ~ 4% TV & Phone ~ 4% Helthcre ~ 5% Food ~ 12% Trnsporttion ~ 15% Other ~ 30% (Electric & Gs) Down 50 bps! Utility Bill ~ 3½% TV & Phone ~ 4% Helthcre ~ 9% Food ~ 13% Trnsporttion ~ 15% Other ~ 25% 20% 10% 0% Cpitl Investments Cost of Cpitl Housing ~ 30% Housing ~ 30% Consumers Energy Bill s % of Michign Household Income, Adj. Dollrs. Source: Fred.stlouisfed.org, Bls.gov, Consumers Internl Bills; Percentges my not totl100% due to rounding.... offers cost reduction opportunities to mintin customer ffordbility. 18

19 Operting Csh Flow Genertion... Amount (Bn) $ >$9 Bn in ggregte Investment 0.2 (0.3) (0.8) Csh flow before dividend (1.3) NOLs & credits $0.4 $0.3 $0.3 $0.4 $0.4 $ remins strong nd supports our cpitl pln. 19

Contrcted Cpcity $45 Better Performnce Contrcted Cpcity $38 Opportunities 2016 2017 2018

b $/ kw-month 2019 Through 2022 Contrcted Cpcity (~$2.

20 DIG (750 MW) & Pekers (200 MW)... Pre-Tx Income (MM) _ $ $30 Better Performnce Contrcted Cpcity $45 Better Performnce Contrcted Cpcity $38 Opportunities Beyond Pln Beyond Pln ssumes 100% cpcity vilble t $3.00 nd $7.50/ kw-month. b $/ kw-month 2019 Through 2022 Contrcted Cpcity (~$2.00/kw-month) Energy Better Performnce Contrcted Cpcity >80% >90% $7.50 $ offers risk mitigtion to Pln with future upside opportunities. $35 Contrcted Cpcity Contrcted Energy $95 $45 b b 20

21 2019 nd Long-Term Finncil Trgets... Adjusted EPS (non-gaap) 2019 $2.47 to $ % to +8% Long-Term Pln +6% to +8% DPS growth Operting csh flow (MM) Customer bills Electric Gs FFO/verge debt (non-gaap) Utility investment (Bn) b In-line w/ ernings $1,650 2% (4)% ~ 17% (solid investment grde) $2.2 In-line w/ ernings Up $100 < Infltion ~ 17% (solid investment grde) ~ $2.2/ yr. Plnned equity issunce (MM) _ b Beginning in normlized wether $70 Avg. ~ $150/ yr.... provide sustinble benefits for customer nd investors. 21

22 Utility Driven, Low Risk Growth CMS Energy Long-Term Growth Pln Segments: - Utility 6-7% Needed system upgrdes / robust bcklog Affordble prices driven by cost controls - Enterprises 0-1 Lrgely contrcted & utility-like Contrcted genertion & renewbles - Prent & Other 0 - (1) Totl EPS Growth 6-8% _ Adjusted EPS (non-gaap) Tx plnning Supportive EnerBnk contribution... delivers consistent industry-leding finncil performnce.

23 Compelling Investment Thesis... Aging Infrstructure Strong Csh Flow & Blnce Sheet Diversified Service Territory Affordble Prices Constructive Regultion... dptive to chnging conditions. 23

24 Appendix

25 2019 Sensitivities... Sles b Electric (37,789 GWh) Gs (303 Bcf) Full Yer Impct Sensitivity EPS OCF + 1% $ Gs prices (NYMEX) (MM) Utility ROE (plnned) Electric (10.0%) Gs (10.0%) + 10 bps ½ + < ½ Mrginl risk impct ~1 Interest rtes c + 25 bps + <1 2 Settled order 1/9 Effective tx rte (19%) +100 bps _ Adjusted (non-gaap) b Reflect 2019 sles forecst; wether - normlized c After the impct of pension expense... reflect strong risk mitigtion. 25

2018 EPS... $2.17 43 Absence of 2017 (13) 9 (23) $2.

(2) (6) (6) (4) (5) (23) 2017 Wether Cost Svings/ Rtes & Usge, 2018

26 2018 EPS... $ Absence of 2017 (13) 9 (23) $2.33 Reinvestment: Sfety Relibility Employee/customer Debt pre-funding Other Totl (2) (6) (6) (4) (5) (23) 2017 Wether Cost Svings/ Rtes & Usge, 2018 (Reinvestment) Investment Enterprises, Tx & Other _ Adjusted EPS (non-gaap)... illustrtes nother yer of 6% to 8% growth. 26

27 Credit Metrics Mintined... S&P / Fitch Moody s AA- A3 A+ A1 A A2 A- A3 BBB+ B1 BBB B2 BBB- B3 BB+ B1 BBB+ B1 BBB B2 BBB- B3 BB+ B1 BB B2 BB- B3 B+ B1 B B2 B- B3 S&P (Dec. 18) Moody s (Jul. 18) Fitch (Sep. 18) Outlook Stble Stble Stble Consumers Secured CMS Unsecured Present Prior 2002 Rtings Drivers Strong finncil position Growing operting csh flow Return on regulted investment Supportive regultory environment... t solid investment-grde levels. 27

Utility Investment Pln Updted 5-yer Pln (Bn) 2019 2020 2021 2022 2023 Totl

bove) 0.2 0.4 0.4 0 0 1.0 Gs Utility 1.0 1.1 0.9 1.1 1.0 5.1 Totl $2.2 $2.

28 Utility Investment Pln Updted 5-yer Pln (Bn) Totl Electric Utility $ 1.2 $ 1.3 $ 1.3 $ 1.1 $ 1.2 $6.1 New Renewbles (incl. bove) Gs Utility Totl $2.2 $2.4 $2.2 $2.2 $2.2 $11.2 Deprecition & Amortiztion $1.0 $1.0 $1.1 $1.1 $1.2 $5.4 28

29 2019 Pension & OPEB Impcts... Pension/OPEB 2018 Credit Asset Performnce Acturil Assumptions (Including interest rtes) 2018 Contributions 2019 Credit Amount (MM) $63 (43) $69 Closed pension pln 7% expected returns Blnced sset lloction $6 MM Better Funded Sttus: Pension OPEB % 122%... reduced with conservtive finncil plnning. 29

30 2019 Finncing Assumptions New Issunces: Consumers Energy: First Mortgge Bonds 2019 (MM) $600 Supports Utility investment of $2.2 Bn CMS Prent: Term Lon (drwn) Long-term Debt Plnned Equity Retirements: Consumers Energy CMS Prent $ $ Provides short-term liquidity Senior unsecured & hybrids Mintins helthy blnce sheet 2018 refinncing Py-down term lons 30

31 GAAP Reconcilition

32 CMS ENERGY CORPORATION Ernings Per Shre By Yer GAAP Reconcilition (Unudited) GAAP GAAP 2018 over 2018 over CAGR Growth Reported ernings (loss) per shre - GAAP ($0.30) $0.64 ($0.44) ($0.41) ($1.02) $1.20 $0.91 $1.28 $1.58 $1.42 $1.66 $1.74 $1.89 $1.98 $1.64 $2.32 NM 41% Pretx items: Electric nd gs utility 0.32 (0.60) - - (0.06) Tx impct (0.11) (0.01) (0.03) (0.22) (0.02) - (0.10) (0.01) 0.12 (b) 0.01 Enterprises (0.12) 1.67 (0.02) 0.14 (0.05) * (0.01) * 0.05 * * * 0.02 Tx impct (0.19) (0.35) (0.02) 0.10 (0.42) * (0.05) 0.02 (0.11) * (*) (0.02) (*) (*) 0.20 (b) (0.02) Corporte interest nd other 0.25 (0.06) * - * * * * * Tx impct (0.09) 0.03 (0.02) (0.18) (0.49) (0.03) (*) (*) (0.01) (*) (*) (*) (*) (0.01) 0.20 (b) (*) Discontinued opertions (income) loss, net (0.16) 0.02 (0.07) (0.03) 0.40 (*) (0.08) 0.08 (0.01) (0.03) * (*) (*) * * (*) Asset impirment chrges Adjusted Adjusted Tx impct - - (0.98) (0.31) (0.33) over 2018 over Cumultive ccounting chnges Tx impct (0.09) (0.01) CAGR Growth Adjusted ernings per shre, including MTM - non-gaap $0.81 $0.87 $1.39 $0.57 $0.84 $1.21 () $1.26 $1.36 $1.45 $1.55 $1.66 $1.77 $1.89 $2.02 $2.17 $2.33 7% 7% Mrk-to-mrket 0.04 (0.65) 0.80 Tx impct (0.01) 0.22 (0.29) Adjusted ernings per shre, excluding MTM - non-gaap NA $0.90 $0.96 $1.08 NA NA NA NA NA NA NA NA NA NA NA NA * Less thn $0.01 per shre. () $1.25 excluding discontinued Exeter opertions nd ccounting chnges relted to convertible debt nd restricted stock. (b) Reflects the impct of tx reform. NM is not clculble 32

33 CMS ENERGY CORPORATION Reconcilition of GAAP Net Income to Non-GAAP Adjusted Net Income by Qurter (Unudited) In Millions, Except Per Shre Amounts 2018 GAAP 4Q18 over 1Q 2Q 3Q 4Q 4Q17 Growth Net Income Avilble to Common Stockholders $ 241 $ 139 $ 169 $ 108 NM Reconciling items: Electric utility nd gs utility Tx impct Enterprises * (3) * 8 Tx impct (*) 1 (*) (5) Adjusted Corporte interest nd other * * * * 4Q18 over Tx impct (*) (*) (*) (1) 4Q17 Discontinued opertions (income) loss * * (*) (*) Growth Adjusted Net Income Non-GAAP $ 241 $ 137 $ 169 $ % Averge Common Shres Outstnding Diluted Diluted Ernings Per Averge Common Shre $ 0.86 $ 0.49 $ 0.59 $ 0.38 Reconciling items: Electric utility nd gs utility Tx impct * Enterprises * (0.01) * 0.03 Tx impct (*) * (*) (0.01) Corporte interest nd other * * * * Tx impct (*) (*) (*) (*) Discontinued opertions (income) loss * * (*) (*) Adjusted Diluted Ernings Per Averge Common Shre Non-GAAP $ 0.86 $ 0.48 $ 0.59 $ 0.40 In Millions, Except Per Shre Amounts Q 2Q 3Q 4Q Net Income (Loss) Avilble to Common Stockholders $ 199 $ 92 $ 172 $ (3) Reconciling items: Electric utility nd gs utility Tx impct Enterprises * * 1 1 Tx impct (*) (*) (*) 56 Corporte interest nd other 1 1 * - Tx impct (*) (1) (*) 57 Discontinued opertions loss * * * * Adjusted Net Income Non-GAAP $ 200 $ 92 $ 173 $ 145 Averge Common Shres Outstnding Diluted Diluted Ernings (Loss) Per Averge Common Shre $ 0.71 $ 0.33 $ 0.61 $ (0.01) Reconciling items: Electric utility nd gs utility Tx impct Enterprises * * * * Tx impct (*) (*) (*) 0.20 Corporte interest nd other * * 0.01 * Tx impct (*) (*) (*) 0.20 Discontinued opertions loss * * * * Adjusted Diluted Ernings Per Averge Common Shre Non-GAAP $ 0.71 $ 0.33 $ 0.62 $ 0.51 * Less thn $0.5 million or $0.01 per shre. NM is not clculble 33

34 CMS ENERGY CORPORATION Reconcilitions of GAAP Net Income to Non-GAAP Adjusted Net Income (Unudited) Net Income (Loss) Avilble to Common Stockholders $ 108 $ (3) $ 657 $ 460 Reconciling items: Discontinued opertions (income) loss (*) * (*) * Other exclusions from djusted ernings Tx impct (*) (1) (*) (2) Gin on ssets previously sold - - (4) - Tx impct Tx reform (4) 148 (4) 148 Adjusted net income non-gaap $ 112 $ 145 $ 659 $ 610 Averge Common Shres Outstnding Bsic Diluted Bsic Ernings (Loss) Per Averge Common Shre Reported net income (loss) per shre $ 0.38 $ (0.01) $ 2.33 $ 1.64 Reconciling items: Discontinued opertions (income) loss (*) * (*) * Other exclusions from djusted ernings 0.03 * Tx impct (*) (*) (*) (*) Gin on ssets previously sold - - (0.01) - Tx impct - - * - Tx reform (0.02) 0.52 (0.02) 0.52 Adjusted net income per shre non-gaap $ 0.39 $ 0.51 $ 2.33 $ 2.17 Diluted Ernings (Loss) Per Averge Common Shre Reported net income (loss) per shre $ 0.38 $ (0.01) $ 2.32 $ 1.64 Reconciling items: Discontinued opertions (income) loss (*) * (*) * Other exclusions from djusted ernings 0.03 * Tx impct (*) (*) (*) (*) Gin on ssets previously sold - - (0.01) - Tx impct - - * - Tx reform (0.01) 0.52 (0.01) 0.52 Adjusted net income per shre non-gaap $ 0.40 $ 0.51 $ 2.33 $ 2.17 * Less thn $0.5 million or $0.01 per shre. In Millions, Except Per Shre Amounts Three Months Ended Twelve Months Ended 12/31/18 12/31/17 12/31/18 12/31/17 Mngement views djusted (non-generlly Accepted Accounting Principles) ernings s key mesure of the Compny's present operting finncil performnce nd uses djusted ernings for externl communictions with nlysts nd investors. Internlly, the Compny uses djusted ernings to mesure nd ssess performnce. Adjustments could include items such s discontinued opertions, sset sles, impirments, restructuring costs, regultory items from prior yers, or other items detiled in these summry finncil sttements. Adjusted ernings should be considered supplementl informtion to ssist in understnding our business results, rther thn s substitute for reported ernings. 34

35 CMS ENERGY CORPORATION Reconcilition of GAAP EPS to Non-GAAP Adjusted EPS by Segment (Unudited) In Millions, Except Per Shre Amounts Three Months Ended Twelve Months Ended 12/31/18 12/31/17 12/31/18 12/31/17 Electric Utility Reported net income per shre $ 0.24 $ 0.22 $ 1.89 $ 1.62 Reconciling items: Tx reform * Adjusted net income per shre non-gaap $ 0.24 $ 0.31 $ 1.90 $ 1.71 Gs Utility Reported net income per shre $ 0.23 $ 0.26 $ 0.60 $ 0.62 Reconciling items: Tx reform * 0.03 * 0.03 Adjusted net income per shre non-gaap $ 0.23 $ 0.29 $ 0.60 $ 0.65 Enterprises Reported net income (loss) per shre $ - $ (0.19) $ 0.12 $ (0.09) Reconciling items: Other exclusions from djusted ernings 0.03 * 0.03 * Tx impct (*) (*) (*) (*) Tx reform (0.01) 0.20 (0.02) 0.20 Gin on ssets previously sold - - (0.01) - Tx impct - - * - Adjusted net income per shre non-gaap $ 0.02 $ 0.01 $ 0.12 $ 0.11 Corporte Interest nd Other Reported net loss per shre $ (0.09) $ (0.30) $ (0.29) $ (0.51) Reconciling items: Other exclusions from djusted ernings * * * 0.01 Tx impct (*) (*) (*) (*) Tx reform (*) 0.20 (*) 0.20 Adjusted net loss per shre non-gaap $ (0.09) $ (0.10) $ (0.29) $ (0.30) Discontinued Opertions Reported net income (loss) per shre $ * $ (*) $ * $ (*) Reconciling items: Discontinued opertions (income) loss (*) * (*) * Adjusted net income per shre non-gaap $ - $ - $ - $ - Consolidted Reported net income (loss) per shre $ 0.38 $ (0.01) $ 2.32 $ 1.64 Reconciling items: Discontinued opertions (income) loss (*) * (*) * Other exclusions from djusted ernings 0.03 * Tx impct (*) (*) (*) (*) Tx reform (0.01) 0.52 (0.01) 0.52 Gin on ssets previously sold - - (0.01) - Tx impct - - * - Adjusted net income per shre non-gaap $ 0.40 $ 0.51 $ 2.33 $ 2.17 Averge Common Shres Outstnding Diluted * Less thn $0.01 per shre. 35

36 CMS ENERGY CORPORATION Reconcilition of Non-GAAP FFO to Averge Debt Rtio (Unudited) FUNDS FROM OPERATIONS 12/31/18 Yer Ended In Millions Net Csh Provided by Operting Activities $ 1,703 Reconciling items: Pension contribution 240 Working cpitl (105) Other (135) Funds From Opertions (FFO) Non-GAAP $ 1,703 AVERAGE DEBT In Millions As of 12/31/18 12/31/17 Indebtedness Long-term debt (1) $ 11,589 $ 10,204 Cpitl leses nd finncing obligtion (1) Notes pyble (1) Totl Indebtedness 11,777 10,487 Reconciling items: Securitiztion debt (1) (277) (302) EnerBnk debt (1) (1,758) (1,245) 50% of Junior subordinted notes (1) (240) - Adjusted Debt Non-GAAP $ 9,502 $ 8,940 Averge Debt Non-GAAP $ 9,221 (1) Includes current nd non-current portions. FFO TO AVERAGE DEBT RATIO 12/31/18 In Millions, Except Rtio Yer Ended Funds from opertions (FFO) non-gaap $ 1,703 Averge debt non-gaap $ 9,221 FFO to Averge Debt Rtio Non-GAAP 18.5% 36

Third Quarter 2018 Results and Outlook October 25, 2018 FOCUSED ON WORLD CLASS PERFORMANCE

Third Quarter 2018 Results and Outlook October 25, 2018 FOCUSED ON WORLD CLASS PERFORMANCE Third Qurter 2018 Results nd Outlook October 25, 2018 FOCUSED ON WORLD CLASS PERFORMANCE This presenttion is mde s of the dte hereof nd contins forwrd-looking sttements s defined in Rule 3b-6 of the Securities