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Research Alert: Cms Energy Q1 Beat; Rate Recovery & 9 Gw Load Pipeline Support Outlook

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

CMS Energy delivered solid Q1 2026 results with adjusted EPS of $1.13 (+10.8% Y/Y, +2.7% vs. consensus), led by the favorable rate recovery and renewable investments, offset by weather normalization. Management expressed confidence in the high end of 2026 EPS guidance of $3.83-$3.90. We see EPS growth as competitive with midpoint growth of ~7.2% slightly above the peer average of 7.0%, benefiting from Michigan's supportive regulatory framework, including the recent rate case approval of ~66% of its final ask ($217M approved vs. $328M requested). CMS's economic development pipeline remains robust at ~9 GW, with ~110 MW signed year-to-date across semiconductors, data centers, and manufacturing. We like the end market diversification, providing insulation from potential data center delays. The enhanced five-year capital plan of $24B (raised by $4B in Q4) supports a 10.5% rate base CAGR through 2030, positioning CMS for sustained growth toward the high end of its 6%-8% long-term EPS growth target.

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