CMS ENERGY ANNOUNCES FIRST QUARTER EARNINGS OF $0.86 PER SHARE; REAFFIRMS 2018 GUIDANCE

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1 Page 1 of 13 To: Financial Community From: CMS Energy Investor Relations Ph: ; Fx: Date: April 26, Subject: CMS Energy 2018 First Quarter Results and Outlook CMS Energy will hold a webcast to discuss its 2018 First Quarter Results and Outlook on Thursday, April 26 at 8:30 a.m. (ET). To participate in the webcast, go to CMS Energy s home page ( select Investor Relations, Events and Presentations, and CMS Energy First Quarter 2018 Earnings Call or click here. CMS ENERGY ANNOUNCES FIRST QUARTER EARNINGS OF $0.86 PER SHARE; REAFFIRMS 2018 GUIDANCE JACKSON, Mich., April 26, 2018 CMS Energy announced today reported net income of $241 million or $0.86 per share, for the first quarter of 2018, compared to $199 million or $0.71 per share for the same quarter in 2017 largely driven by weather and cost savings. CMS Energy reaffirmed its guidance for 2018 adjusted earnings of $ $2.34 per share (*See below for important information about non-gaap measures) or 6 to 8 percent annual adjusted earnings per share growth. CMS Energy is committed to the triple bottom line focusing our efforts to the benefit of people, planet, and profit, said Patti Poppe, President and CEO of CMS Energy and Consumers Energy. This was clearly evident in the first quarter when we took a stand for our planet, in the form of our new Clean Energy Breakthrough Goal, and continued our commitment to care for our customers, all while delivering strong financial results. CMS Energy noted several accomplishments in this quarter: The company announced its Clean Energy Breakthrough Goal which entails reducing carbon emissions by 80 percent; no longer using coal to generate electricity; and using more than 40 percent renewable energy and energy storage all by General Motors and Switch became the first participants in a new company program to help large businesses use more renewable energy sources. Both companies are now matching 100 percent of their electric use at key locations in Michigan with wind power from Consumers Energy. Consumers Energy filed its five-year electric distribution plan with the Michigan Public Service Commission (MPSC). Consumers Energy submitted its proposal to the MPSC to pass savings from federal tax reform by reducing energy bills to customers, which is expected to lower bills by up to 4 percent.

2 Page 2 of 13 Looking forward, the company is developing its Integrated Resource Plan (IRP) for submission to the MPSC in June. The IRP includes input from several stakeholders and will reflect our long-range plan to ensure Michigan continues to be powered by safe, reliable, affordable and clean energy. Our commitment to our communities and to the people who work for us will guide us as we continue on our IRP and Clean Energy Goal journeys. CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business. It also owns and operates independent power generation businesses. # # # CMS Energy will hold a webcast to discuss its 2018 first quarter results and provide a business and financial outlook on April 26 at 8:30 a.m. (EDT). To participate in the webcast, go to CMS Energy s homepage (cmsenergy.com) and select Investor Meeting. Important information for investors about non-gaap measures and other disclosures. *This news release contains non-generally Accepted Accounting Principles (non-gaap) measures, such as adjusted earnings. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items detailed in the attached summary financial statements. 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 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 earnings per share are on a diluted basis. This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy s and Consumers Energy s results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings. Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, a channel of distribution. For more information on CMS Energy, please visit our website at To sign up for alert notifications, please visit the Investor Relations section of our website. Media Contacts: Katie Carey, 517/ or Brian Wheeler, 517/ Investment Analyst Contact: CMS Energy Investor Relations, 517/

3 Consolidated Statements of Income Page 3 of 13, Except Per Share Amounts 3/31/18 3/31/17 Change Operating Revenue Electric utility $ 1,078 $ 1,036 $ 42 Gas utility Enterprises Other Total operating revenue 1,953 1, Operating Expenses Fuel for electric generation Purchased and interchange power Purchased power related parties (3) Cost of gas sold Maintenance and other operating expenses Depreciation and amortization General taxes Total operating expenses 1,590 1, Operating Income Electric utility (20) Gas utility (5) Enterprises Other Total operating income (25) Other Income (Expense) Interest income 2 5 (3) Allowance for equity funds used during construction 1 2 (1) Income from equity method investees 3 4 (1) Nonoperating retirement benefits, net Other income 1 2 (1) Other expense (2) (2) - Total other income Earnings Before Interest, Taxes, and Other Charges (10) Interest on long-term debt Other interest expense Allowance for borrowed funds used during construction - (1) 1 Income tax expense (56) Net Income Available to Common Stockholders $ 241 $ 199 $ 42 Discontinued operations loss * * - Restructuring costs and other * 1 (1) Tax impact (*) (*) - Adjusted Net Income Non-GAAP $ 241 $ 200 $ 41 Average Common Shares Outstanding Basic Diluted Diluted Earning Per Average Common Share $ 0.86 $ 0.71 $ 0.15 Discontinued operations loss * * - Restructuring costs and other * * - Tax impact (*) (*) - Adjusted Diluted Earning Per Average Common Share Non-GAAP $ 0.86 $ 0.71 $ 0.15 * Less than $0.5 million or $0.01 per share.

4 Summarized Consolidated Balance Sheets Page 4 of 13 As of 3/31/18 12/31/17 Assets Current assets Cash and cash equivalents $ 195 $ 182 Restricted cash and cash equivalents Other current assets 1,986 2,276 Total current assets 2,207 2,475 Non-current assets Plant, property, and equipment 16,904 16,761 Other non-current assets 3,757 3,814 Total Assets $ 22,868 $ 23,050 Liabilities and Equity Current liabilities (1) $ 1,196 $ 1,511 Non-current liabilities (1) 6,671 6,574 Capitalization Debt, capital leases, and financing obligation (excluding securitization debt) (2) Debt, capital leases, and financing obligation (excluding non-recourse and securitization debt) 8,830 8,940 Non-recourse debt 1,236 1,245 Total debt, capital leases, and financing obligation (excluding securitization debt) 10,066 10,185 Noncontrolling interests Common stockholders' equity 4,596 4,441 Total capitalization (excluding securitization debt) 14,699 14,663 Securitization debt (2) Total Liabilities and Equity $ 22,868 $ 23,050 (1) (2) Excludes debt, capital leases, and financing obligation. Includes current and non-current portions. CMS ENERGY CORPORATION Summarized Consolidated Statements of Cash Flows 3/31/18 3/31/17 Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts $ 204 $ 257 Net cash provided by operating activities Net cash used in investing activities (456) (346) Cash flows from operating and investing activities Net cash used in financing activities (229) (94) Total Cash Flows $ 23 $ 206 End of Period Cash and Cash Equivalents, Including Restricted Amounts $ 227 $ 463

5 Selected Financial Data Page 5 of 13 Twelve Months Ended 3/31/18 12/31/17 3/31/17 EBIT Non-GAAP (1) Consolidated $ 1,465 $ 1,476 $ 1,339 Consumers Energy 1,258 1,280 1,274 Depreciation and Amortization Consolidated $ 898 $ 881 $ 835 Consumers Energy EBITDA Non-GAAP (1) Consolidated $ 2,363 $ 2,357 $ 2,174 Consumers Energy 2,147 2,152 2,100 Dividends and Other Distributions From Subsidiaries $ 528 $ 557 $ 492 Interest Expense, Net Consolidated $ 442 $ 438 $ 436 Energy parent Consumers Energy Book Value Per Share $ $ $ Common Shares Outstanding End of Period Average Common Shares Outstanding Basic Diluted Debt (2) Energy parent $ 3,120 $ 3,055 $ 3,026 EnerBank (3) 1,236 1,245 1,169 Consumers Energy (excluding securitization bonds) 5,710 5,885 5,522 Consolidated (excluding securitization bonds) 10,066 10,185 9,717 Securitization bonds Consolidated $ 10,368 $ 10,487 $ 10,045 Unrestricted Cash and Cash Equivalents Consumers Energy $ 115 $ 44 $ 182 CMS Treasury Services Other Consolidated $ 195 $ 182 $ 433 Consumers Energy Common Equity Ratio Ratemaking (Average) Electric 41.7% 41.3% 41.1% Gas 41.7% 41.2% 41.0% (1) (2) (3) (4) Rate Base Financial (Average, in Millions) Electric $ 10,731 $ 10,691 $ 10,377 Gas 4,697 4,604 4,094 Return on Average Common Equity Financial Electric 10.3% (4) 10.1% 11.7% Gas 10.3% (4) 9.7% 9.6% Return on Rate Base Financial Electric 6.5% 6.6% 6.6% Gas 5.9% 5.6% 6.0% Includes current maturities, leases and notes payable. Includes EnerBank certificates of deposit. Weather-normalized return on average common equity for Electric and Gas are 10.29% and 10.49%, respectively. As of 3/31/18 12/31/17 3/31/17 EBIT (non-gaap) equals net income + income taxes + interest charges + noncontrolling interests + discontinued operations + writedowns + impairments + losses (gains) on asset sales + accounting changes. EBITDA (non-gaap) equals EBIT + depreciation and amortization.

6 Reconciliations of GAAP Net Income to Non-GAAP EBIT and EBITDA Page 6 of 13 Twelve Months Ended 3/31/18 12/31/17 3/31/17 Net Income Available to Common Stockholders $ 502 $ 460 $ 586 Income tax expense Interest on long-term debt Other interest expense Allowance for borrowed funds used during construction (1) (2) (5) Income attributable to noncontrolling interests Restructuring costs and other Tax reform Voluntary separation program EBIT Non-GAAP 1,465 1,476 1,339 Additional reconciling items: Depreciation and amortization EBITDA Non-GAAP $ 2,363 $ 2,357 $ 2,174 CONSUMERS ENERGY COMPANY Reconciliations of GAAP Net Income to Non-GAAP EBIT and EBITDA Twelve Months Ended 3/31/18 12/31/17 3/31/17 Net Income Available to Common Stockholder $ 661 $ 630 $ 653 Income tax expense Interest on long-term debt Other interest expense Allowance for borrowed funds used during construction (1) (2) (5) Preferred stock dividends Tax reform Voluntary separation program EBIT Non-GAAP 1,258 1,280 1,274 Additional reconciling items: Depreciation and amortization EBITDA Non-GAAP $ 2,147 $ 2,152 $ 2,100

7 Non-GAAP Adjusted Earnings Per Share Variance Analysis Page 7 of 13 3/31/18 3/31/17 Variance Adjusted EPS Non-GAAP (1) Electric utility $ 0.49 $ 0.44 $ 0.05 Gas utility Enterprises and Energy parent Enterprises Energy parent (0.05) (0.08) (0.04) 0.04 Consolidated $ 0.86 $ 0.71 $ 0.15 Variance Explanations: ENTERPRISES AND ENERGY PARENT ELECTRIC UTILITY - Enterprises (primarily change in taxes) $ System deliveries of 9,237 GWh, up 30 GWh (including weather, up 157 GWh) $ (0.01) - Other, including the absence of 2017 elimination of a gain 0.03 on CMS stock donation (offset at Utility) electric rate relief Change in shares outstanding * - Lower O&M, including service restoration 0.03 $ Lower employee benefit costs Higher investment costs (depreciation and property taxes) (0.02) March 31 - Other, including 2017 gain on CMS stock donation (0.02) (offset at Parent) WEATHER IMPACTS 3/31/18 3/31/17 - Change in shares outstanding * Weather $ Warmer (colder) than normal using 15-year average temperatures 2.9% 19.6% GAS UTILITY Electric Utility - Deliveries, including transportation to end-use customers, - Increase (decrease) from normal in: of bcf, up 13.8 bcf (including weather, up 14.9 bcf) $ 0.08 Electric sales (GWh) (38) (195) EPS $ (0.01) $ (0.04) gas rate relief 0.03 Gas Utility - Higher O&M, including distribution operating expenses (0.01) - Increase (decrease) from normal in: Gas sales (bcf) (3.4) (18.3) - Higher investment costs (depreciation and property taxes) (0.04) EPS $ (0.02) $ (0.10) - Change in shares outstanding * Total EPS Weather Impacts $ (0.03) $ (0.14) $ 0.06 (1) Differences between reported and adjusted EPS are less than $0.01 per share. * Less than $0.01 per share.

8 Reconciliation of GAAP EPS to Non-GAAP Adjusted EPS by Segment Page 8 of 13 Electric Utility Reported net income per share $ 0.49 $ 0.44 Restructuring costs and other - - Adjusted net income per share non-gaap $ 0.49 $ 0.44 Gas Utility Reported net income per share $ 0.37 $ 0.31 Restructuring costs and other - - Adjusted net income per share non-gaap $ 0.37 $ 0.31 Enterprises Reported net income per share $ 0.05 $ 0.04 Restructuring costs and other * * Tax impact (*) (*) Adjusted net income per share non-gaap $ 0.05 $ 0.04 Corporate Interest and Other Reported net loss per share $ (0.05) $ (0.08) Restructuring costs and other * * Tax impact (*) (*) Adjusted net loss per share non-gaap $ (0.05) $ (0.08) Discontinued Operations Reported net loss per share $ (*) $ (*) Discontinued operations loss * * Adjusted net income per share non-gaap $ - $ - Consolidated Reported net income per share $ 0.86 $ 0.71 Discontinued operations loss * * Restructuring costs and other * * Tax impact (*) (*) Adjusted net income per share non-gaap $ 0.86 $ 0.71 Average Common Shares Outstanding Diluted * Less than $0.01 per share., Except Per Share Amounts 3/31/18 3/31/17

9 Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income Page 9 of 13 Net Income Available to Common Stockholders $ 241 $ 199 Discontinued operations loss * * Restructuring costs and other * 1 Tax impact (*) (*) Adjusted net income non-gaap $ 241 $ 200 Average Common Shares Outstanding Basic Diluted Basic Earnings Per Average Common Share Reported net income per share $ 0.86 $ 0.71 Discontinued operations loss * * Restructuring costs and other * * Tax impact (*) (*) Adjusted net income per share non-gaap $ 0.86 $ 0.71 Diluted Earnings Per Average Common Share Reported net income per share $ 0.86 $ 0.71 Discontinued operations loss * * Restructuring costs and other * * Tax impact (*) (*) Adjusted net income per share non-gaap $ 0.86 $ 0.71 * Less than $0.5 million or $0.01 per share., Except Per Share Amounts 3/31/18 3/31/17 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, regulatory items from prior years, or other items detailed in these summary financial statements. Adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.

10 Page 10 of 13 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income by Quarter Net Income Available to Common Stockholders $ 241 Electric utility and gas utility - Tax impact - Enterprises * Tax impact (*) Corporate interest and other * Tax impact (*) Discontinued operations loss * Adjusted Net Income Non-GAAP $ 241 Average Common Shares Outstanding Diluted Diluted Earnings Per Average Common Share $ 0.86 Electric utility and gas utility - Tax impact - Enterprises * Tax impact (*) Corporate interest and other * Tax impact (*) Discontinued operations loss * Adjusted Diluted Earnings Per Average Common Share Non-GAAP $ Q, Except Per Share Amounts 2018 Net Income (Loss) Available to Common Stockholders $ 199 $ 92 $ 172 $ (3) Electric utility and gas utility Tax impact Enterprises * * 1 1 Tax impact (*) (*) (*) 56 Corporate interest and other 1 1 * - Tax impact (*) (1) (*) 57 Discontinued operations loss * * * * Adjusted Net Income Non-GAAP $ 200 $ 92 $ 173 $ 145 Average Common Shares Outstanding Diluted Diluted Earnings (Loss) Per Average Common Share $ 0.71 $ 0.33 $ 0.61 $ (0.01) Electric utility and gas utility Tax impact Enterprises * * * * Tax impact (*) (*) (*) 0.20 Corporate interest and other * * 0.01 * Tax impact (*) (*) (*) 0.20 Discontinued operations loss * * * * Adjusted Diluted Earnings Per Average Common Share Non-GAAP $ 0.71 $ 0.33 $ 0.62 $ 0.51 * Less than $0.5 million or $0.01 per share., Except Per Share Amounts Q 2Q 3Q 4Q

11 CONSUMERS ENERGY COMPANY Consolidated Statements of Income Page 11 of 13 3/31/18 3/31/17 Change Operating Revenue Electric utility $ 1,078 $ 1,036 $ 42 Gas utility Total operating revenue 1,855 1, Operating Expenses Fuel for electric generation Purchased and interchange power Purchased power related parties (2) Cost of gas sold Maintenance and other operating expenses Depreciation and amortization General taxes Total operating expenses 1,521 1, Operating Income Electric utility (20) Gas utility (5) Total operating income (25) Other Income (Expense) Interest income 2 4 (2) Allowance for equity funds used during construction 1 2 (1) Nonoperating retirement benefits, net Other income 1 14 (13) Other expense (2) (2) - Total other income Interest Charges Interest on long-term debt Other interest expense Allowance for borrowed funds used during construction - (1) 1 Total interest charges Income Before Income Taxes (26) Income Tax Expense (57) Net Income Available to Common Stockholder Electric utility Gas utility Total net income available to common stockholder $ 242 $ 211 $ 31

12 CONSUMERS ENERGY COMPANY Electric Utility Statistics Page 12 of 13 of kwh, Except as Noted 3/31/18 3/31/17 % Change Electric Deliveries Residential 3,261 3, Commercial 2,816 2,832 (0.6) Industrial 2,116 2,184 (3.1) Other (6.0) Wholesale Retail open access Total customer deliveries 9,237 9, Intersystem 1, Total electric deliveries 10,327 9, Weather-Adjusted Electric Deliveries (1) Residential 3,290 3,334 (1.3) Commercial 2,824 2,861 (1.3) Industrial 2,117 2,185 (3.1) Other (6.0) Wholesale Retail open access Total weather-adjusted electric deliveries 9,275 9,402 (1.4) Weather-Adjusted Electric Deliveries (1) (By Class, Including Retail Open Access) Residential 3,290 3,334 (1.3) Commercial 3,065 3,106 (1.3) Industrial 2,784 2,830 (1.6) Other (6.0) Wholesale Total weather-adjusted electric deliveries 9,275 9,402 (1.4) (1) Excludes intersystem deliveries., Except as Noted 3/31/18 3/31/17 % Change Electric Utility Revenue Residential $ 501 $ Commercial Industrial (13.3) Other Total sales revenue 1, Wholesale Retail open access 8 9 (11.1) Intersystem Miscellaneous (6.3) Total electric utility revenue $ 1,078 $ 1,

13 CONSUMERS ENERGY COMPANY Gas Utility Statistics Page 13 of 13 In Thousands of mcf, Except as Noted 3/31/18 3/31/17 % Change Gas Deliveries Residential 74,965 66, Commercial 27,429 23, Industrial 4,394 3, Other (4.7) Transportation 26,289 24, Total customer deliveries 133, , Off-system transportation MCV 15,657 12, Other 5,729 4, Total gas deliveries 154, , Weather-Adjusted Gas Deliveries (1) Residential 76,615 77,696 (1.4) Commercial 28,045 27, Industrial 4,490 4,637 (3.2) Other (24.1) Transportation 27,342 27, Total weather-adjusted gas deliveries 136, ,685 (0.8) Weather-Adjusted Gas Deliveries (1) (By Class, Including Transportation) Residential 77,207 78,225 (1.3) Commercial 38,379 38,466 (0.2) Industrial 20,906 20,911 - Other (24.1) Total weather-adjusted gas deliveries 136, ,685 (0.8) (1) Excludes off-system transportation deliveries., Except as Noted 3/31/18 3/31/17 % Change Gas Utility Revenue Residential $ 540 $ Commercial Industrial Other Total sales revenue Transportation Miscellaneous Total gas utility revenue $ 777 $