Exhibit 99.2

Third Quarter 2022 Results and Outlook October 27, 2022 Leading the CLEAN ENERGY TRANSFORMATION

2 Enter “so what” if necessary – Century Gothic, Bold, Size 18 or smaller This presentation is made as of the date hereof and contains “forward - looking statements” as defined in Rule 3b - 6 of the Securit ies Exchange Act of 1934, Rule 175 of the Securities Act of 1933, and relevant legal decisions. The forward - looking statements are subject to risks and uncertainties. All forward - looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS E nergy’s and Consumers Energy’s Securities and Exchange Commission filings. Forward - looking statements should be read in conjunction with “FO RWARD - LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections of CMS Energy’s and Consumers Energy’s most recent Form 10 - K and as upda ted in reports CMS Energy and Consumers Energy file with the Securities and Exchange Commission. CMS Energy’s and Consumers Energy’ s “ FORWARD - LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections are incorporated herein by reference and discuss important fa cto rs that could cause CMS Energy’s and Consumers Energy’s results to differ materially from those anticipated in such statements. CMS Ene rgy and Consumers Energy undertake no obligation to update any of the information presented herein to reflect facts, events or circumstances af ter the date hereof. The presentation also includes non - GAAP measures when describing CMS Energy’s results of operations and financial performance. A reconciliation of each of these measures to the most directly comparable GAAP measure is included in the appendix and posted on our website at www.cmsenergy.com. Investors and others should note that CMS Energy routinely posts important information on its website and considers the Inves tor Relations section, www.cmsenergy.com/investor - relations, a channel of distribution. Presentation endnotes are included after the appendix. 2

3 Investment Thesis . . . . . . is simple, clean and lean. Infrastructure Renewal Constructive Legislation Strong Cash Flow & Balance Sheet Clean Energy Leader Diversified Service Territory Nearly two decades of industry - leading financial performance Affordable Prices Industry - leading net zero commitments Excellence through the Top - tier regulatory jurisdiction a Premium total shareholder r eturn 6% to 8% adjusted EPS growth + ~3% dividend yield Presentation endnotes are included after the appendix.

4 Expansive Economic Development Efforts . . . . . . drive growth across Michigan. Hemlock Semiconductor Electric Gas Combined 2022 New Load Gotion New & Expanding Load YTD 2022 ~200 MW >80 agreements Gotion Global EV Battery Manufacturer ~ $2,400M investment >2,000 jobs SK Siltron CSS Leading Edge Silicon Carbide Materials and Products > $300M investment ~150 jobs Hemlock Semiconductor Leading Provider of Polysilicon ~ $375M investment ~170 jobs

5 Inflation Reduction Act (IRA) . . . . . . a ccelerates our Clean Energy Transformation. Supports renewable d evelopment and lowers costs Minimal tax exposure Incentivizes future clean energy deployment and other initiatives • Reduces customer costs by >$60M/yr (vs. P lan ) • Lowers solar levelized cost of energy in MI by ~15% • Enhances competitive position (owned vs. PPA) • Bolsters chances to own >50% of 8 GW solar opportunity • No material impact through the decade from Corporate Alternative Minimum Tax • Encourages EV adoption and manufacturing • Lowers cost and increases flexibility of storage deployment (IRP opportunity - 550 MW) • Supports load growth in Michigan

6 Commentary Amount Confidence in the Outlook 2 022 Results YTD Adjusted EPS Q3 Dividend Per Share (DPS) $2.29 $0.46 Ahead of plan Consistent growth Adjusted EPS Guidance Annual DPS $2.86 – $2.89 $1.84 Guidance raised Up 10¢ vs. 2021 Adjusted EPS Guidance $3.05 – $3.11 Up >7% from midpoint Adjusted EPS Growth DPS Growth 5 - yr Capital Plan +6% to +8% +6% to +8% $14.3B Toward the high end Committed to growth Excludes IRP upside Long - term Outlook 2022 Full - Year Outlook 2023 Full - Year Outlook $2.87 – $2.89 Guidance raised Toward the high end $3.05 – $3.11

7 Recession Industry - Leading Financial Performance . . . . . . for nearly two decades, regardless of co nditions . 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+ Future Recession Adjusted EPS a Dividend +6% to +8% Weather Help Hurt Cold winter Mild summer Hot Summer Warm winter Mild summer Cold winter Summer - less Hot summer Hot summer Warm winter Mild summer Polar vortex Cold Feb Warm Dec Warm winter Warm winter Hot summer Storms Hot Summer Storms Governor (D) Governor (R) Governor (D) Commission (D) Commission (D) Commission (R) Commission (I) Commission (D) Dave Joos John Russell Patti Poppe K. Whipple Garrick Rochow Recession / Pandemic Presentation endnotes are included after the appendix.

8 2022 Adjusted EPS Ahead of Plan . . . . . . managing through COVID - 19 risks. . . . i s well positioned for the remainder of the year. Year - to - Date 11¢ Three Months To - Go 11¢ – 13 ¢ Presentation endnotes are included after the appendix. 2021 Weather Customer Initiatives & Normalized Storms Usage, Non-Utility, Tax & Other Normal Weather Rates & Investment Customer Initiatives & Normalized Storms Usage, Non-Utility, Tax & Other 2022 $2.87 – $2.89 13¢ $2.65 1¢ 8¢ 11¢ (3)¢ 11¢ YTD $2.29 YTD $2 .18 2021 2022 Reported EPS $2.46 $2.27 Adjustments a ( 0.28 ) 0.02 Adjusted EPS a $ 2.18 $ 2.29 YTD EPS Results x Base rates set for 2022 x (17)¢ – ( 19 )¢

9 2022 Plan YTD ($M) ($M) Consumers Energy: First Mortgage Bonds $800 $800 CMS Energy: Hybrid / Continuous Preferred None None Contracted Equity (not issued) $55 $493 a Retirements (incl. term loans): Consumers Energy -- -- CMS Energy -- -- Existing Facilities $850M (Jun - 2024) $550M (Jun - 2024) $250M (Nov - 2023) Consumers Energy CMS Energy Financings 2022 Planned Financings Complete . . . . . . including P arent financing terms for Covert acquisition. Presentation endnotes are included after the appendix. ~$1.7B b of net liquidity 10 - yr $350M 3.60% 30 - yr $450M 4 .20% + Covert Financing ~$438M at ~$68/ sh x

10 10 Q&A Thank You! See you at EEI

11 11 Appendix

12 2022 Michigan’s Strong Regulatory Construct . . . Gas . . . ensures forward - looking visibility. 2021 Integrated Resource Plan (IRP) Electric Dec. 22 nd : Final Order $59M a 9.9% ROE U - 20963 x Q1 2023: Expected Final Order Jun. 30 th : Filed IRP U - 21090 x Filed Dec. 1 st : Updated $233M 10.25% ROE U - 21148 x Presentation endnotes are included after the appendix. Gas stay - out - Amortization of gas tax benefits c in 2021 of ~$35M and 2022 of ~$75M Sep. 15 th : Updated $292M b 10.25% ROE U - 21224 x Jun. 23 rd : Settlement Approved IRP U - 21090 x Jul. 7 th Settlement Approved $170M, 9.9% ROE (Oct. 1 st ) U - 21224 x Gas 2023 Q4: File Rate Case New rates commenced October 1 st – FY $170M

13 Utility Sales Remain Strong . . . . . . w ith supportive economic backdrop in Michigan . Weather - Normalized Electric Deliveries a Residential Commercial Industrial Total (1.1 ) % 2.1% 2.7% b 0.9% b Presentation endnotes are included after the appendix. (YTD 2022 vs. YTD 2021) Economic Development Electric Customers Gas Customers ~1% ~1% (5 - Yr Avg. Customer Count) Residential Customer Growth 2016 – 2021 2016 2017 2018 2019 2020 2021 105 MW 126 MW 75 MW 45 MW 101 MW 69 MW Attracted > 500 MW of new or expanding business to our service territory since 2015 • $1B of state incentives • New energy intensive economic development rate Policy Support

14 . Ratings Drivers Credit Metrics Maintained . . . Consumers Energy CMS Energy • Strong financial position • Growing operating cash flow • Constructive return on regulated investment • Supportive regulatory environment • Lower business risk Senior Secured Commercial Paper Outlook Senior Unsecured Junior Subordinated Outlook Last Review A A - 2 Stable BBB BBB - Stable Mar. 2022 A1 P - 2 Stable Baa2 Baa3 Stable May 2022 A+ F - 2 Stable BBB BB+ Stable Mar. 2022 S&P Moody’s Fitch . . . at solid investment - grade levels. x x x

15 De - risking Inflationary Pressures . . . . . . with opportunities for near - and long - term savings. Presentation endnotes are included after the appendix. Near - term Risk Mitigation PLUS PRODUCTIVITY Episodic Cost Savings x Executed 5 - yr union contracts in 2020 (>40% unionized) x 95% non - union retention rate a x Manageable supply chain risk x ~90% of material costs capitalized x Modular solar build - out x Owned generation hedges market volatility x Manageable power supply costs x Leverage gas storage assets Labor Materials Commodities Global Risks Countermeasures 2022 2023 2025 2025 Palisades retirement Karn 1&2 coal unit retirements (adj. O&M savings b ) MCV contract change Campbell coal unit retirements (adj. O&M savings b ) > $90M $30M >$60M >$60M Year Event Savings >$200M identified future cost savings

16 2022 Sensitivities . . . . . . r eflect effective risk mitigation. Presentation endnotes are included after the appendix. Full - Year Impact Sensitivity Adj. EPS OCF Sales a Electric (~37,000 GWh) Gas (~304 Bcf ) + + 1% 1 + + ( ¢) 7 3 + + ($M) 27 13 Gas Prices + 50 ¢ + 0 + 60 Utility Earned ROE Electric Gas + + 10 bps 10 + + 2 1 + + 8 5 Interest Rates + 25 bps 1 1 Effective Tax Rate (10%) + 100 bps 3 0 + + + + Electric Residential Commercial Industrial 4¢ 2½ 2½¢ (1% Full Year in Volume) 2022 Adj. EPS Sensitivities Gas ½ ~½ ~½ Impact Electric ~$6½/ Month ($10/MWh) Electric PSCR Residential Bill Sensitivity Impact Gas ($1/Mcf) Gas Price Residential Bill Sensitivity ~$7½/ Month <

17 17 Endnotes

18 18 Slide 3: a UBS Research, 2022 state rankings and D.C. Slide 7: a Excludes discontinued operations Slide 8: a See GAAP reconciliation on slide 20 Slide 9: a Includes ~$438M equity forwards contracted in 2022 and ~ $55M equity forwards contracted in 2020 b Includes available revolvers, unrestricted cash, excludes restricted cash Slide 12: a Excludes $27M of lower depreciation expense previously approved and includes revised MPSC order approving ~$5M of depreciation expense i n March of 2022 b September revised request for $292M includes new actuarial reports resulting in higher OPEB/healthcare projections and the extension of operations for Karn 3&4 as agreed upon in the IRP settlement c Rate relief equivalent Slide 13: a YTD 2022 over YTD 2021 change in GWh, excludes ROA and other b Excludes one large, low - margin industrial customer Slide 15: a Consumers Energy, non - union employees, average 3 - yr retention rate b Excludes potential fuel savings Slide 16: a Reflects 2022 sales forecast; weather - normalized Presentation Endnotes

19 19 GAAP Reconciliation CMS Energy provides historical financial results on both a reported (GAAP) and adjusted (non - GAAP) basis and provides forward - lo oking guidance on an adjusted basis. During an oral presentation, references to “earnings” are on an adjusted basis. All references to net income refer to net income available t o c ommon stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring cos ts, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark - to - market adjustments recognized in net income related t o NorthStar Clean Energy’s interest expense, or other items. Management views adjusted earnings as a key measure of the company’s present operating financial performance and uses adjuste d e arnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company i s n ot providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings.

20 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non - GAAP Adjusted Net Income (Unaudited ) Net Income Available to Common Stockholders $ 163 $ 186 $ 659 $ 711 Reconciling items: Disposal of discontinued operations (gain) loss - 3 (5) 8 Tax impact - (1) 1 (2) Discontinued operations income - (42) - (115) Tax impact - 10 - 27 Other exclusions from adjusted earnings** * (*) (1) (1) Tax impact (*) * * * Voluntary separation program (*) - 11 - Tax impact * - (3) - Adjusted net income – non-GAAP $ 163 $ 156 $ 662 $ 628 Average Common Shares Outstanding Diluted 290.1 289.6 290.0 289.4 Diluted Earnings Per Average Common Share Reported net income per share $ 0.56 $ 0.64 $ 2.27 $ 2.46 Reconciling items: Disposal of discontinued operations (gain) loss - 0.01 (0.01) 0.03 Tax impact - (*) * (0.01) Discontinued operations income - (0.14) - (0.39) Tax impact - 0.03 - 0.09 Other exclusions from adjusted earnings** * (*) (*) (*) Tax impact (*) * * * Voluntary separation program (*) - 0.04 - Tax impact * - (0.01) - Adjusted net income per share – non-GAAP $ 0.56 $ 0.54 $ 2.29 $ 2.18 * Less than $0.5 million or $0.01 per share. **Includes restructuring costs and unrealized gains or losses, recognized in net income, from mark-to-market adjustments related to NorthStar Clean Energy's interest expense. Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy’s interest expense, or other items. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings. In Millions, Except Per Share Amounts Three Months Ended Nine Months Ended 9/30/22 9/30/21 9/30/22 9/30/21

21 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non - GAAP Adjusted Net Income by Quarter (Unaudited ) Net Income Available to Common Stockholders $ 351 $ 145 $ 163 Reconciling items: Electric utility and gas utility - 11 (*) Tax impact - (3) * NorthStar Clean Energy (1) (*) - Tax impact * * - Corporate interest and other - * * Tax impact - (*) (*) Disposal of discontinued operations (gain) loss (5) * - Tax impact 1 (*) - Adjusted Net Income – Non-GAAP $ 346 $ 153 $ 163 Average Common Shares Outstanding – Diluted 289.9 290.1 290.1 Diluted Earnings Per Average Common Share $ 1.21 $ 0.50 $ 0.56 Reconciling items: Electric utility and gas utility - 0.04 (*) Tax impact - (0.01) * NorthStar Clean Energy (*) (*) - Tax impact * * - Corporate interest and other - * * Tax impact - (*) (*) Disposal of discontinued operations (gain) loss (0.01) * - Tax impact * (*) - Adjusted Diluted Earnings Per Average Common Share – Non-GAAP $ 1.20 $ 0.53 $ 0.56 Net Income Available to Common Stockholders $ 349 $ 176 $ 186 $ 637 Reconciling items: Electric utility and gas utility - - - 29 Tax impact - - - (7) NorthStar Clean Energy (1) * (*) * Tax impact * (*) * (*) Corporate interest and other - (*) - * Tax impact - * - (*) Disposal of discontinued operations (gain) loss - 5 3 (665) Tax impact - (1) (1) 145 Discontinued operations income (43) (30) (42) - Tax impact 9 8 10 - Adjusted Net Income – Non-GAAP $ 314 $ 158 $ 156 $ 139 Average Common Shares Outstanding – Diluted 289.1 289.4 289.6 289.7 Diluted Earnings Per Average Common Share $ 1.21 $ 0.61 $ 0.64 $ 2.20 Reconciling items: Electric utility and gas utility - - - 0.10 Tax impact - - - (0.03) NorthStar Clean Energy (*) * (*) * Tax impact * (*) * (*) Corporate interest and other - (*) - * Tax impact - * - (*) Disposal of discontinued operations (gain) loss - 0.02 0.01 (2.30) Tax impact - (0.01) (*) 0.50 Discontinued operations income (0.15) (0.10) (0.14) - Tax impact 0.03 0.03 0.03 - Adjusted Diluted Earnings Per Average Common Share – Non-GAAP $ 1.09 $ 0.55 $ 0.54 $ 0.47 * Less than $0.5 million or $0.01 per share. In Millions, Except Per Share Amounts 2022 1Q 2Q 3Q In Millions, Except Per Share Amounts 2021 1Q 2Q 3Q 4Q