CMS Energy (CMS) Q2 FY26 earnings call

CMS Energy is strategically repositioning its NorthStar segment to exit nonutility renewables development, sharpening its focus on its regulated utility business. This move is expected to optimize parent financing and drive nearly 100% of future earnings from rate-based utility operations, reinforcing the company's durable 6% to 8% adjusted EPS growth target. The company also reported significant progress on data center agreements, which are expected to benefit existing customers and will be incorporated into the upcoming IRP filing.