Exhibit 99.2

Leading the CLEAN ENERGY TRANSFORMATION Third Quarter 2023 Results & Outlook October 26, 2023

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 - lo oking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy’s and Consumers Energy’s Securities and Exchange Commissi on filings. Forward - looking statements should be read in conjunction with “FORWARD - LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections of CMS Energy’s and Consumers Energy’s most recent Form 10 - K and as updated in reports CMS Energy and Consumers Energy file with the Securities and Exchange Commission. CMS Energy’s and Cons ume rs Energy’s “FORWARD - LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections are incorporated herein by reference and discuss important factors th at could cause CMS Energy’s and Consumers Energy’s results to differ materially from those anticipated in such statements. CMS Energy and Consumers Energy undertake no ob ligation to update any of the information presented herein to reflect facts, events or circumstances after 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 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 Electric Reliability Roadmap . . . . . . improves reliability, resiliency, and s upports a modernized grid. Capital Investment Opportunity (5 - year) Presentation endnotes are included after the appendix. Actions & Customer Benefits Prior Plan Current Filing ~$4B ~$7B +$3B Actions : • Vegetation management to a 7 - year trim cycle • Up to 400 miles of annual undergrounding • Replace >20K poles per year • Rebuild ~10% of substations within 5 years • Updated design standards & construction • Advanced technology & grid automation Customer Benefits (Short & Long - Term) : • Fewer and shorter power outages • Delivering reliability performance into the 2 nd quartile of utilities a • No outage will affect >100K customers • No customer will be without power for more than 24 hours

5 2023 Michigan’s Strong Regulatory Environment . . . . . . ensures forward - looking visibility. 2022 Integrated Resource Plan (IRP) Electric Dec. 22 nd : Settlement Filed $161M, 9.9% ROE U - 21224 x x Jun. 23 rd : Settlement Approved U - 21090 Jul. 7 th : Settlement Approved $170M, 9.9% ROE U - 21148 x Supportive Energy Law • Timely recovery of investments x Forward - looking test years x 10 - month rate cases x Earn authorized ROEs x Monthly fuel adjustment trackers (PSCR/GCR) • Supportive incentives x Constructive ROEs x 10.7% ROE for Renewable Portfolio Standard x Energy efficiency incentive x FCM adder on PPAs • Appointed Commissioners Gas Jan. 19, 2023 Approved Aug. 30 th : Settlement Approved $95M, 9.9% ROE U - 21308 Sept. 1 9 th : Revised $ 169 M 10.25% ROE U - 21389 x Dec. 2023: File Rate Case

6 Commentary Amount Financial Results & Outlook . . . 2 023 Results Q3 Adjusted EPS YTD Adjusted EPS 61¢ $2.06 On track; managing unfavorable weather & severe storms Adjusted EPS Guidance Annual DPS $3.06 – $3.12 $1.95 Toward the high end Up 11¢ Adjusted EPS Guidance $3.27 – $3.33 Toward the high end Adjusted EPS Growth Dividend Per Share Growth 5 - yr Capital Plan ($B) +6% to +8% +6% to +8% $15.5 Toward the high end Committed to growth To be updated on Q4 call Long - term Outlook 2023 Outlook 2024 Outlook . . . on track to deliver in 2023 and beyond.

7 2023 Adjusted EPS . . . . . . managing through COVID - 19 risks. . . . continued confidence toward the high end. First Nine Months (23)¢ Three Months To - Go 40¢ – 46 ¢ Presentation endnotes are included after the appendix. 2022 Weather Rates & Investment Cost Savings & Productivity (incl. Storms) Usage, Non-Utility, Tax & Other Normal Weather Rates & Investment Cost Savings & Productivity (incl. Storms) Usage, Non-Utility, Tax & Other 2023 $3.06 – $3.12 ( 49 )¢ $2.89 20¢ 27¢ Flat Flat 2 3 ¢ – 29¢ ( 21 )¢ 17 ¢ YTD $ 2.06 YTD $ 2.29 2022 2023 Reported EPS $2.27 $1.96 Adjustments a 0.02 0.10 Adjusted EPS $ 2.29 $ 2.06 YTD EPS Results Key Drivers x Absence of 2022 voluntary refund et al. x NorthStar financial performance on track

8 . Strong Balance Sheet . . . Consumers Energy CMS Energy Senior Secured Commercial Paper Outlook Senior Unsecured Junior Subordinated Outlook Last Review A A - 2 Stable BBB BBB - Stable Aug . 2023 A1 P - 2 Stable Baa2 Baa3 Stable May 2023 A+ F - 2 Stable BBB BB+ Stable Jan. 2023 S&P Moody’s Fitch . . . m aintains credit metrics and solid investment - grade ratings. x x x x Forward - looking recovery x Constructive rate construct x Strong operating cash flow generation x 100 % fixed rate debt x Hybrid debt (w/equity credit) x Limited near - term maturities Key Strengths

9 Plan YTD ($M) ($M) Consumers Energy: First Mortgage Bonds Securitization $1,970 688 $2,025 -- CMS Energy: Contracted Equity (issued) 444 -- Convertible Debt -- 800 Retirements (incl. term loans): Consumers Energy 1,625 1,625 CMS Energy -- -- Existing Facilities $1,100M (Dec - 2027) $550M (Dec - 2027) $250M (Nov - 2024) Consumers Energy CMS Energy Financings 2023 Planned Financings . . . . . . largely completed and provide ample liquidity. Presentation endnotes are included after the appendix. ~$1 .7 B a of net liquidity x x x Funds 2024 financing needs

10 Recession Industry - Leading Financial Performance . . . . . . for two decades, regardless of conditions. 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023+ 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 Recession / Pandemic Presentation endnotes are included after the appendix. Hot summer Garrick Rochow

11 11 Q&A Thank You! See you at EEI

12 12 Endnotes

13 Presentation Endnotes 13 Slide 3: a RRA state regulatory energy rankings, May 2023. Regulatory Research Associates, a group within S&P Global Commodity Insights. Slide 4: a 134 minutes for IEEE benchmark year 2023 results for 2022 data in 2029 Slide 7: a See GAAP reconciliation on slide 15 Slide 9: a $ 1,538 M in unreserved revolvers + $ 118M of unrestricted cash Slide 10: a Excludes discontinued operations

14 14 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 ref er to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as disc ont inued operations, asset sales, impairments, restructuring costs, business optimization initiative, changes in accounting principles, voluntary separation pr ogr am, 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. Management views adjusted earnings as a key measure of the company’s present operating fina nci al performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to mea sure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impa ct, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a rec onciliation for the comparable future period earnings. The adjusted earnings should be considered supplemental information to assist in understanding our bu sin ess results, rather than as a substitute for the reported earnings.

15 CMS ENERGY CORPORATION Reconciliation of GAAP EPS to Non - GAAP Adjusted EPS by Segment (Unaudited) Electric Utility Reported net income per share $ 0.65 $ 0.67 $ 1.39 $ 1.73 Reconciling items: Other exclusions from adjusted earnings (*) - 0.01 - Tax impact * - (*) - Voluntary separation program * (*) 0.07 0.03 Tax impact (*) * (0.02) (0.01) Adjusted net income per share – non-GAAP $ 0.65 $ 0.67 $ 1.45 $ 1.75 Gas Utility Reported net income (loss) per share $ 0.01 $ (0.05) $ 0.62 $ 0.82 Reconciling items: Other exclusions from adjusted earnings * - 0.01 - Tax impact (*) - (*) - Voluntary separation program 0.01 (*) 0.04 0.01 Tax impact (*) * (0.01) (*) Adjusted net income (loss) per share – non-GAAP $ 0.02 $ (0.05) $ 0.66 $ 0.83 NorthStar Clean Energy Reported net income per share $ 0.06 $ 0.04 $ 0.09 $ 0.09 Reconciling items: Other exclusions from adjusted earnings - - - (*) Tax impact - - - * Voluntary separation program - - - * Tax impact - - - (*) Adjusted net income per share – non-GAAP $ 0.06 $ 0.04 $ 0.09 $ 0.09 Corporate Interest and Other Reported net loss per share $ (0.12) $ (0.10) $ (0.14) $ (0.38) Reconciling items: Other exclusions from adjusted earnings - * - * Tax impact - (*) - (*) Adjusted net loss per share – non-GAAP $ (0.12) $ (0.10) $ (0.14) $ (0.38) Discontinued Operations Reported net income per share $ - $ - $ - $ 0.01 Reconciling items: Disposal of discontinued operations gain - - (*) (0.01) Tax impact - - * * Adjusted net income per share – non-GAAP $ - $ - $ - $ - Consolidated Reported net income per share $ 0.60 $ 0.56 $ 1.96 $ 2.27 Reconciling items: Disposal of discontinued operations gain - - (*) (0.01) Tax impact - - * * Other exclusions from adjusted earnings * * 0.02 (*) Tax impact (*) (*) (*) * Voluntary separation program 0.01 (*) 0.11 0.04 Tax impact (*) * (0.03) (0.01) Adjusted net income per share – non-GAAP $ 0.61 $ 0.56 $ 2.06 $ 2.29 Average Common Shares Outstanding – Diluted 291.4 290.1 291.3 290.0 * Less than $0.01 per share. In Millions, Except Per Share Amounts Three Months Ended Nine Months Ended 9/30/23 9/30/22 9/30/23 9/30/22

16 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non - GAAP Adjusted Net Income (Unaudited) Net Income Available to Common Stockholders $ 174 $ 163 $ 571 $ 659 Reconciling items: Disposal of discontinued operations gain - - (1) (5) Tax impact - - * 1 Other exclusions from adjusted earnings** 1 * 6 (1) Tax impact (1) (*) (2) * Voluntary separation program 5 (*) 33 11 Tax impact (1) * (8) (3) Adjusted net income – non-GAAP $ 178 $ 163 $ 599 $ 662 Average Common Shares Outstanding - Diluted 291.4 290.1 291.3 290.0 Diluted Earnings Per Average Common Share Reported net income per share $ 0.60 $ 0.56 $ 1.96 $ 2.27 Reconciling items: Disposal of discontinued operations gain - - (*) (0.01) Tax impact - - * * Other exclusions from adjusted earnings** * * 0.02 (*) Tax impact (*) (*) (*) * Voluntary separation program 0.01 (*) 0.11 0.04 Tax impact (*) * (0.03) (0.01) Adjusted net income per share – non-GAAP $ 0.61 $ 0.56 $ 2.06 $ 2.29 * Less than $0.5 million or $0.01 per share. ** Includes restructuring costs, business optimization initiative, and unrealized gains or losses from mark-to-market adjustments, recognized in net income 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, business optimization initiative, changes in accounting principles, voluntary separation program, 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 9/30/23 9/30/22 9/30/23 9/30/22

17 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non - GAAP Adjusted Net Income by Quarter (Unaudited) Net Income Available to Common Stockholders $ 202 $ 195 $ 174 Reconciling items: Electric utility and gas utility 3 30 6 Tax impact (1) (7) (2) NorthStar Clean Energy - - - Tax impact - - - Corporate interest and other - - - Tax impact - - - Disposal of discontinued operations gain - (1) - Tax impact - * - Adjusted Net Income – Non-GAAP $ 204 $ 217 $ 178 Average Common Shares Outstanding – Diluted 291.2 291.3 291.4 Diluted Earnings Per Average Common Share $ 0.69 $ 0.67 $ 0.60 Reconciling items: Electric utility and gas utility 0.01 0.10 0.01 Tax impact (*) (0.02) (*) NorthStar Clean Energy - - - Tax impact - - - Corporate interest and other - - - Tax impact - - - Disposal of discontinued operations gain - (*) - Tax impact - * - Adjusted Diluted Earnings Per Average Common Share – Non-GAAP $ 0.70 $ 0.75 $ 0.61 Net Income Available to Common Stockholders $ 351 $ 145 $ 163 $ 168 Reconciling items: Electric utility and gas utility - 11 (*) 10 Tax impact - (3) * (2) 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 $ 176 Average Common Shares Outstanding – Diluted 289.9 290.1 290.1 290.1 Diluted Earnings Per Average Common Share $ 1.21 $ 0.50 $ 0.56 $ 0.58 Reconciling items: Electric utility and gas utility - 0.04 (*) 0.03 Tax impact - (0.01) * (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 $ 0.60 * Less than $0.5 million or $0.01 per share. In Millions, Except Per Share Amounts 2023 1Q 2Q 3Q In Millions, Except Per Share Amounts 2022 1Q 2Q 3Q 4Q