CMS Energy Corporation: J.P. Morgan Natural Resources Conference Takeaways

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CMS Energy Corporation: J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

24 June 2026

CMS Energy Corporation Overweight

CMS, CMS US

J.P. Morgan Natural Resources Conference Takeaways Price (24 Jun 26):$76.49

CMS Energy CEO, Garrick Rochow, presented today at the J.P. Morgan Natural

Resources Conference, where we hosted a fireside chat. Garrick, CFO Sri

Maddipati, and VP Treasurer and IR Jason Shore hosted meetings this week at the

J.P. Morgan Natural Resources Conference. Please see below for some quick Head of North America Power,

takeaways. Utilities, Midstream, LNG, and

Nuclear

Net Takeaways: CMS’s fireside chat messaging stayed the course, reiterating a AC Jeremy Tonet, CFA

deep investment runway driving a 10.5% rate base CAGR (with upside potential), (1-212) 622-4915

enabled by constructive MI law, regulation, and economic activity. Meanwhile, a jeremy.b.tonet@jpmorgan.com

familiar face returned to the investor circuit as new CFO Sri Maddipati seamlessly Diana Niles

stepped into the conversation, where we heard renewed positivity on data center (1-212) 622-3328

contracting opportunities. Here, the company described a hyperscaler strategy to diana.niles@jpmorgan.com

source multiple sites, where contingency sites reflect incremental project Aidan C Kelly

opportunities. NorthStar’s strategic future proved topical, where management (1-212) 622-4912

highlighted the cash flow generative properties of the fossil business (for the core aidan.x.kelly@jpmchase.com

utility business) and how the renewable investments have wound down over time. Eli Jossen, CFA

Here, with more details to emerge on the 2Q call, we see clarity, even if a sale, as (1-212) 622-4113

eli.jossen@jpmchase.com

a clearing event.