CMS Energy Corporation: NorthStar Restructuring to Shed Commercial Renewables Business, Reducing ~$500mm in Parent Financing; 2027 EPS Guide as Expected; DC Funnel Unchanged

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CMS Energy Corporation: NorthStar Restructuring to Shed Commercial Renewables Business, Reducing ~$500mm in Parent Financing; 2027 EPS Guide as Expected; DC Funnel Unchanged

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

28 July 2026

CMS Energy Corporation

NorthStar Restructuring to Shed Commercial Overweight

Renewables Business, Reducing ~$500mm in Parent CMS, CMS US

Financing; 2027 EPS Guide as Expected; DC Funnel Price (27 Jul 26):$74.27

Unchanged

Head of North America Power,

• NorthStar restructuring announced; commercial renewables sale to Utilities, Midstream, LNG, and Nuclear

reduce $500mm of parent financing needs. Following prior breadcrumbs,

CMS formally announced plans to divest its commercial renewables business Jeremy Tonet, CFA AC

within NorthStar. This move will high-grade earnings quality, simplify CMS’s (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

strategy, deliver cost efficiencies, and reduce $500mm+ of parent funding

North American Utilities

needs within the current plan through 2030 (we note CMS targeted a prior

equity issuance run-rate of $750mm/yr beginning in 2027). The company Aidan C Kelly

intends to retain DIG and ~0.5GW of MI-based solar projects. Management (1-212) 622-4912

aidan.x.kelly@jpmchase.com

expects to complete the restructuring by YE26 and achieve near 100% utility-

Diana Niles based earnings after 2027. We view the restructuring as a clear improvement

(1-212) 622-3328

to CMS’s capital allocation strategy and long-term growth potential, though we diana.niles@jpmorgan.com

acknowledge large load opportunities remain the key swing factor for changing

Eli Jossen, CFA

the calculus of CMS’s growth rate. (1-212) 622-4113

• 2027 guide initiated, supporting continued 6-8% growth toward high end; eli.jossen@jpmchase.com