Recent Updates — CMSD

CMS Energy Corporation issued and sold $1.0 billion aggregate principal amount of its 6.800% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057 on November 3, 2026. The company intends to use the net proceeds to repay at or prior to maturity the $275 million 2.95% Senior Notes due February 2027 and the $350 million 3.45% Senior Notes due August 2027, with remaining funds allocated for general corporate purposes. CMS Energy operates in the energy sector, providing electric and gas utility services.

CMS Energy reported second quarter 2026 diluted earnings per share of $0.37, down from $0.66 in the prior year period. Adjusted earnings per share were also $0.37, compared to $0.71 previously. The company announced the completion of a strategic review of NorthStar Clean Energy, deciding to exit non-utility renewables development while retaining Michigan-based assets, including the Dearborn Industrial Generation facility. CMS Energy reaffirmed its 2026 adjusted earnings guidance of $3.83 to $3.90 per share and introduced 2027 guidance of $4.08 to $4.17. The company operates in the regulated energy and utility sector, providing electricity and natural gas services primarily in Michigan.