DTE Energy to sell most of Vantage for about $3B
DTE plans approximately $44 billion in utility investment over five years and targets operating EPS growth above 9% from 2027 through 2031.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
DTE Energy Company agreed to sell primarily all of its non-utility DTE Vantage business, except EES Coke, for approximately $3 billion to institutional investors advised by the Global Infrastructure group at J.P. Morgan Asset Management; closing is expected in the first half of 2027. Proceeds are to be invested in DTE’s utilities, which have approximately $44 billion of customer-focused investment planned over five years.
For the quarter ended September 30, 2026, reported earnings were $470 million, or $2.25 per diluted share, versus $419 million and $2.01 per diluted share in third quarter 2025. Operating earnings were $481 million, or $2.30 per diluted share, versus $468 million and $2.25 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. 2026 operating EPS guidance is $7.59-$7.73; the 2027 pro forma baseline is also $7.59-$7.73 and is subject to change based on discontinued operations, closing timing and deployment of sale proceeds.
The approved 1.4-GW Oracle and 1-GW Google agreements have load ramps expected in 2027 and 2028, respectively. DTE’s filed 20-year Integrated Resource Plan projects costs $3.5 billion below its prior plan and an 84% reduction in carbon dioxide emissions.
1 point · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointReported third-quarter earnings were $470 million, versus $419 million in 2025.
Negative
- None.
Filing Explained
DTE’s operating-earnings ranges do not establish reported-earnings ranges because excluded items are not reliably forecast.
With the Vantage sale still pending its expected first-half 2027 closing, DTE says it is deferring
DTE provides operating-earnings guidance without reconciling it to reported-earnings guidance, saying it cannot reliably forecast the excluded items, which may significantly affect reported earnings.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Reported earnings: $470 million
Reported diluted earnings per share: $2.25 per diluted share
Operating earnings: $481 million
+5 more
8 metrics
Reported earnings
$470 million
Three months ended September 30, 2026; $419 million in third quarter 2025
Reported diluted earnings per share
$2.25 per diluted share
Three months ended September 30, 2026; $2.01 in third quarter 2025
Operating earnings
$481 million
Three months ended September 30, 2026; $468 million in third quarter 2025
Operating diluted earnings per share
$2.30 per diluted share
Three months ended September 30, 2026; $2.25 in third quarter 2025
DTE Vantage transaction value
Approximately $3 billion
Sale expected to close in the first half of 2027
2026 operating EPS guidance
$7.59-$7.73 per share
2026 guidance
2027 operating EPS pro forma baseline
$7.59-$7.73 per share
Reflects the DTE Vantage asset sale
Customer-focused utility investment
Approximately $44 billion
Planned over the next five years
Key Terms
operating earnings, operating EPS, Integrated Resource Plan, Infrastructure Recovery Mechanism
4 terms
operating earnings financial
"Operating earnings exclude non-recurring items, certain mark-to-market adjustments"
Operating earnings are the profit a company generates from its core business activities after subtracting everyday costs like wages, rent, and materials but before interest, taxes and one‑time gains or losses. Think of it as the result of running the business day to day—like a household’s monthly budget outcome before mortgage interest or a sudden unexpected bill—and investors use it to judge how healthy and repeatable a company’s core profit is.
operating EPS financial
"confirms 2026 operating EPS guidance of $7.59 to $7.73"
Operating EPS is a company's earnings per share calculated from its regular business activities after removing one-time items, unusual gains or losses, and sometimes interest and taxes; it shows how much profit each share earns from core operations. Investors care because it gives a clearer picture of ongoing profitability—like checking a car’s fuel efficiency under normal driving rather than after a rare long tow—helping compare performance across periods and peers.
Integrated Resource Plan regulatory
"filed its 20-year plan with the Michigan Public Service Commission"
An integrated resource plan is a utility’s long-term roadmap showing how it will meet future electricity needs using a mix of power sources, energy efficiency, demand reductions and storage while balancing cost, reliability and regulatory requirements. Like a household budget that plans income, bills and savings, the plan reveals expected investments, operating costs and risks, so investors use it to assess future capital spending, potential rate changes and long-term profitability.
Infrastructure Recovery Mechanism regulatory
"recovered through Infrastructure Recovery Mechanism (IRM)"
Earnings Snapshot
Reported earnings: $470 million · Guidance included
Third quarter ended September 30, 2026
Reported earnings
$470 million
Compared with $419 million in third quarter 2025
Reported diluted earnings per share
$2.25 per diluted share
Compared with $2.01 per diluted share in third quarter 2025
Operating earnings
$481 million
Compared with $468 million in third quarter 2025
Operating diluted earnings per share
$2.30 per diluted share
Compared with $2.25 per diluted share in third quarter 2025
Guidance
2026 operating EPS guidance is $7.59-$7.73 per share; the 2027 pro forma baseline is $7.59-$7.73 per share.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were DTE Energy (DTB)'s third-quarter 2026 earnings?
Reported earnings were $470 million, or $2.25 per diluted share, compared with $419 million and $2.01 per diluted share in third quarter 2025. Operating earnings were $481 million, or $2.30 per diluted share, compared with $468 million and $2.25 per diluted share.
How much is DTE Energy (DTB) selling DTE Vantage for, and when is it expected to close?
The sale is for approximately $3 billion, with closing expected in the first half of 2027. The buyers are institutional investors advised by the Global Infrastructure group at J.P. Morgan Asset Management. DTE says proceeds are to be invested in its utility businesses.
What is DTE Energy (DTB)'s 2027 operating EPS baseline?
The 2027 pro forma baseline is $7.59-$7.73 per share. It reflects an assumption that the Vantage transaction closes by year-end 2026 and is subject to change based on discontinued operations, actual closing timing and the timing of sale-proceeds deployment.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 05, 2026
Commission File Number: 1-11607
| (State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) | |||||||
Commission File Number: 1-2198
| (State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) | |||||||
Registrants address of principal executive offices: One Energy Plaza , Detroit , Michigan 48226-1221
Registrants telephone number, including area code: (313 ) 235-4000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name of Exchange on which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
DTE Energy Company (DTE Energy) is furnishing the Securities and Exchange Commission (SEC) with its earnings release issued November 5, 2026, announcing financial results for the quarter ended September 30, 2026. A copy of the earnings release and the slide presentation, including supplemental financial information, are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
DTE Energy is furnishing the SEC with its slide presentation issued November 5, 2026. A copy of the slide presentation is furnished as Exhibit 99.2 and incorporated herein by reference.
In its earnings release, slide presentation and this filing, DTE Energy discusses 2026 operating earnings guidance. It is likely that certain items that impact the company's 2026 reported results will be excluded from operating results. Reconciliations to the comparable 2026 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 | Earnings Release of DTE Energy Company dated November 5, 2026. | ||||
99.2 | Slide Presentation of DTE Energy Company dated November 5, 2026. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
Forward-Looking Statements:
This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the "Forward-Looking Statements" section in DTE Energy's and DTE Electric Company's (DTE Electric) 2025 Form 10-K and 2026 Form 10-Qs (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric that discuss important factors that could cause DTE Energy's and DTE Electric's actual results to differ materially. DTE Energy and DTE Electric expressly disclaim any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| Date: November 5, 2026 | |||||
DTE ENERGY COMPANY (Registrant) | |||||
/s/David Ruud David Ruud Vice Chairman and Chief Financial Officer | |||||
DTE ELECTRIC COMPANY (Registrant) | |||||
/s/David Ruud David Ruud Vice Chairman and Chief Financial Officer | |||||
Exhibit 99.1
DTE Energy announces strategic sale of its non-utility DTE Vantage business; reports third quarter accomplishments including advancing data center growth that delivers unprecedented customer affordability benefits and filing long-term generation plan
•Announced strategic sale of the non-utility DTE Vantage business, advancing DTE’s long-term strategy and continued focus on customer affordability
•Google data center contracts approved, advancing responsible data center growth that delivers unprecedented affordability benefits to existing customers
•Continued substantial investment to improve reliability, support cleaner generation; on track to invest $6.1 billion into its utilities in 2026
•Filed Integrated Resource Plan for future power generation
•Expanded Michigan-made renewable energy, completing Cold Creek Solar Park
•Delivered progress toward a cleaner, more reliable and affordable energy future
DETROIT, Nov. 5, 2026 — DTE Energy (NYSE: DTE) has entered into an agreement to sell its non-utility DTE Vantage business1 for approximately $3 billion to institutional investors advised by the Global Infrastructure group at J.P. Morgan Asset Management, with the sale expected to close in the first half of 2027. The transaction advances DTE’s long-term strategy and continued focus on customer affordability, while strengthening its ability to make significant utility investments that deliver affordable, clean and reliable energy for the customers and communities it serves. It supports a substantial increase in investment in the electric and gas utilities, which will total approximately $44 billion of customer-focused capital planned over the next five years. This includes investment to serve growing data center demand, which provides significant affordability benefits for existing customers.
The company has invested nearly $4.1 billion in its utilities through the third quarter of 2026 and remains on track to invest $6.1 billion this year as part of its long-term plan to meet Michigan’s growing energy needs. The capital investments are strengthening and modernizing the company’s electric and natural gas systems and supporting the transition to cleaner power generation, helping deliver safer, cleaner, more reliable and more affordable energy for customers today while preparing Michigan’s energy infrastructure for continued growth.
The company also reported third quarter earnings of $470 million or $2.25 per diluted share, compared with $419 million, or $2.01 per diluted share in 2025. Operating earnings for the third quarter 2026 were $481 million, or $2.30 per diluted share, compared with 2025 operating earnings of $468 million, or $2.25 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
“DTE Vantage has been a strong non-utility business and valued part of DTE Energy for more than 30 years,” said Joi Harris, DTE president and CEO. “This transaction advances our strategy to focus our resources on our regulated electric and gas utilities, where we see
significant opportunities to invest on behalf of customers and communities. The sale supports our plan to deliver meaningful affordability benefits for customers, strengthens our ability to execute a substantial utility investment plan and positions DTE as a high-growth, premium utility with a stronger long-term outlook.”
Harris noted the following accomplishments:
•Advanced responsible data center growth that delivers unprecedented affordability benefits to existing customers: Following the Michigan Public Service Commission’s approval of DTE’s energy contracts with Google for its planned data center in Van Buren Township, DTE is moving forward to serve two hyperscale data center customers in Michigan. These agreements are expected to deliver significant affordability benefits for DTE customers, with data centers covering the full cost of the energy and grid investments needed to serve them, while contributing billions of dollars to the electric system through 2045. These contributions will help reduce the amount needed from existing customers while supporting economic growth and cleaner energy. Michigan is uniquely positioned to lead the country in responsible data center development, supported by strong regulatory oversight, clear laws and additional safeguards in DTE’s service contracts that protect customers.
•Filed Integrated Resource Plan for future power generation: DTE Electric filed its 20-year plan with the Michigan Public Service Commission to deliver reliable and cleaner energy, while keeping customer bills as low as possible. Shaped by extensive customer input, the Integrated Resource Plan calls for a balanced mix of renewable energy, energy storage, nuclear and natural gas. It also maintains DTE’s commitment to end coal use in 2032, reduces carbon dioxide emissions by 84% and is projected to cost $3.5 billion less than the company’s previous IRP.
•Partnered with Ford Motor Company to expand Michigan-made renewable energy: Through Ford's participation in DTE's MIGreenPower program, DTE completed the 100-megawatt Cold Creek Solar Park near Coldwater, advancing Ford’s goal to assemble every vehicle made in Michigan with the equivalent of 100% carbon-free electricity by the end of 2027, while creating local jobs, generating tax revenue for the host community and bringing more Michigan-made renewable energy to the grid.
•Delivered progress toward a cleaner, more reliable and affordable energy future: DTE’s 2025 Sustainability Report details the company’s work to strengthen the grid, expand renewable energy and support customers and communities. At year-end 2025, DTE operated 20 wind parks and 34 solar parks, generating enough energy to power more than 900,000 homes. The company also kept customer bills below regional and national averages and connected customers with nearly $125 million in energy assistance.
Outlook for 2026 and 2027
DTE Energy confirms 2026 operating EPS guidance of $7.59 to $7.73. DTE Energy also provided a 2027 operating EPS pro forma baseline2 range of $7.59 - $7.73, which reflects the DTE Vantage asset sale.
“Strong financial performance through the third quarter of 2026 positions us to continue investing in Michigan’s energy infrastructure while delivering long-term value for our customers, communities and shareholders,” said David Ruud, DTE vice chairman and CFO.
Advisors to DTE Vantage Transaction Lazard is acting as exclusive financial advisor to DTE Energy, and Kirkland & Ellis LLP is acting as legal advisor to DTE Energy.
Footnote (1): Includes the sale of primarily all DTE Vantage assets, except EES Coke Footnote (2): Reflective of closing the Vantage transaction by year-end 2026 and is subject to change based on impacts from discontinued operations, actual closing timing and the timing of deployment of sale proceeds
This earnings announcement and presentation slides are available at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9:00 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in number in the U.S. and Canada toll free is: +1 (833) 461-5787. The telephone dial-in international toll is: +1 (585) 542-9983. The passcode is 124513161. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.4 million customers across Michigan. The DTE portfolio also includes energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading. DTE has continued to accelerate its carbon reduction goals to meet aggressive targets and is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy, emission reductions and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, x.com/DTE_Energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors. Operating earnings is a non-GAAP measure and should be viewed as a supplement and not a substitute for reported earnings, which represents the company’s net income and the most comparable GAAP measure. In this release, DTE Energy discusses 2026 and 2027 operating earnings guidance. It is likely that certain items that impact the company's 2026 and 2027 reported results will be excluded from operating results. Reconciliations to the comparable 2026 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings. The information contained herein is as of the date of this document. DTE Energy expressly disclaims any current intention to update any information contained in this document as a result of new information or future events or developments. Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “projected,” “aspiration,” “plans” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to numerous assumptions, risks and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated or
budgeted. Many factors may impact forward-looking statements including, but not limited to, the following: the impact of regulation by the EPA, EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in DTE Energy’s geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility in prices in international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage; uncertainty regarding regulatory approvals and other closing conditions for the sale of DTE Vantage assets and operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets and customer data against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in commodity markets, deviations in weather and related risks impacting the results of DTE Energy’s energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce or increase power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning trust and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; impacts of inflation, tariffs, and the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena, including climate change, on operations and sales to customers, and purchases from suppliers; unplanned outages at our generation plants; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of generation and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; successful execution of new business development and future growth plans; contract disputes, binding arbitration, litigation, and related appeals; the ability of the electric and gas utilities to achieve goals for carbon emission reductions; and the risks discussed in DTE Energy’s public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.
For more information, members of the media may contact:
Dan Miner, DTE Energy: (313) 235-5555
For further information, analysts may call:
Matt Krupinski, DTE Energy: (313) 235-6649
John Dermody, DTE Energy: (313) 235-8750
| DTE Energy Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Electric segment | $ | 468 | $ | — | $ | — | $ | 468 | $ | 506 | $ | 47 | B | $ | (12) | $ | 541 | ||||||||||||||||||||||||||||||||||||||||||
| DTE Gas segment | (30) | — | — | (30) | (38) | — | — | (38) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Vantage segment | 110 | — | — | 110 | 33 | 8 | C | — | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Energy Trading segment | 23 | 15 | A | (4) | 34 | 33 | (14) | A | 4 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | 133 | 15 | (4) | 144 | 66 | (6) | 4 | 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Other | (101) | — | — | (101) | (115) | — | 16 | D | (99) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Attributable to DTE Energy Company | $ | 470 | $ | 15 | $ | (4) | $ | 481 | $ | 419 | $ | 41 | $ | 8 | $ | 468 | |||||||||||||||||||||||||||||||||||||||||||
| (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments key | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| A) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| B) Revision in Asset retirement obligations associated with the License Termination Plan for the final decommissioning of Fermi 1 — recorded in Operating Expenses — Assets (gains) losses and impairments, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| C) Estimated litigation outcome regarding EES Coke Battery — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| D) Adjustment to Income Tax Expense due to the One Big Beautiful Bill Act and its impact to the charitable contribution valuation allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Energy Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Electric segment | $ | 2.24 | $ | — | $ | — | $ | 2.24 | $ | 2.44 | $ | 0.22 | B | $ | (0.06) | $ | 2.60 | ||||||||||||||||||||||||||||||||||||||||||
| DTE Gas segment | (0.14) | — | — | (0.14) | (0.18) | — | — | (0.18) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Vantage segment | 0.53 | — | — | 0.53 | 0.16 | 0.03 | C | — | 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Energy Trading segment | 0.11 | 0.07 | A | (0.02) | 0.16 | 0.14 | (0.04) | A | 0.01 | 0.11 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | 0.64 | 0.07 | (0.02) | 0.69 | 0.30 | (0.01) | 0.01 | 0.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Other | (0.49) | — | — | (0.49) | (0.55) | — | 0.08 | D | (0.47) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Attributable to DTE Energy Company | $ | 2.25 | $ | 0.07 | $ | (0.02) | $ | 2.30 | $ | 2.01 | $ | 0.21 | $ | 0.03 | $ | 2.25 | |||||||||||||||||||||||||||||||||||||||||||
| (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations (Unaudited). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments key — see previous page | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Energy Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Electric segment | $ | 956 | $ | — | $ | — | 956 | $ | 947 | $ | 33 | C | $ | (9) | $ | 1,006 | |||||||||||||||||||||||||||||||||||||||||||
| — | — | 47 | D | (12) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Gas segment | 176 | — | — | 176 | 174 | — | — | 174 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Vantage segment | 96 | 112 | A | (5) | 203 | 103 | 8 | E | — | 111 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Energy Trading segment | (6) | 75 | B | (19) | 50 | 84 | (4) | B | 1 | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | 90 | 187 | (24) | 253 | 187 | 4 | 1 | 192 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Other | (223) | — | — | (223) | (215) | — | 14 | F | (185) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 16 | G | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Attributable to DTE Energy Company | $ | 999 | $ | 187 | $ | (24) | $ | 1,162 | $ | 1,093 | $ | 84 | $ | 10 | $ | 1,187 | |||||||||||||||||||||||||||||||||||||||||||
| (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments key | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| A) Adjustment to legal reserve relating to EES Coke Battery — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| B) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| C) MPSC disallowance of power supply costs previously recorded — recorded in Operating Revenues — Utility operations and Other (Income) and Deductions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| D) Revision in Asset retirement obligations associated with the License Termination Plan for the final decommissioning of Fermi 1 — records in Operating Expenses — Asset (gains) losses and impairments, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| E) Estimated litigation outcome regarding EES Coke Battery — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| F) Adjustment to Income Tax Expense due to a tax law change in Illinois | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| G) Adjustments to Income Tax Expense due to the One Big Beautiful Bill Act and its impact to the charitable contribution valuation allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Energy Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Electric segment | $ | 4.58 | $ | — | $ | — | $ | 4.58 | $ | 4.56 | $ | 0.16 | C | $ | (0.04) | $ | 4.84 | ||||||||||||||||||||||||||||||||||||||||||
| — | — | 0.22 | D | (0.06) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Gas segment | 0.85 | — | — | 0.85 | 0.84 | — | — | 0.84 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Vantage segment | 0.46 | 0.53 | A | (0.02) | 0.97 | 0.50 | 0.03 | E | — | 0.53 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Energy Trading segment | (0.03) | 0.37 | B | (0.09) | 0.25 | 0.40 | (0.01) | B | — | 0.39 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | 0.43 | 0.90 | (0.11) | 1.22 | 0.90 | 0.02 | — | 0.92 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Other | (1.07) | — | — | (1.07) | (1.04) | — | 0.07 | F | (0.89) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 0.08 | G | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Attributable to DTE Energy Company | $ | 4.79 | $ | 0.90 | $ | (0.11) | $ | 5.58 | $ | 5.26 | $ | 0.40 | $ | 0.05 | $ | 5.71 | |||||||||||||||||||||||||||||||||||||||||||
| (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations (Unaudited). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments key — see previous page | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3Q 2026 Earnings Conference Call November 5, 2026
Safe harbor statement 2 The information contained herein is as of the date of this document. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “projected,” “aspiration,” “plans” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated or budgeted. Many factors may impact forward-looking statements including, but not limited to, the following: the impact of regulation by the EPA, EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility in prices in international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage; uncertainty regarding regulatory approvals and other closing conditions for the sale of DTE Vantage assets and operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets and customer data against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in commodity markets, deviations in weather and related risks impacting the results of DTE Energy’s energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce or increase power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning trust and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; impacts of inflation, tariffs, and the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena, including climate change, on operations and sales to customers, and purchases from suppliers; unplanned outages at our generation plants; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of generation and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; successful execution of new business development and future growth plans; contract disputes, binding arbitration, litigation, and related appeals; the ability of the electric and gas utilities to achieve goals for carbon emission reductions; and the risks discussed in DTE Energy’s public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This document should also be read in conjunction with the Forward-Looking Statements section in DTE Energy’s public filings with the Securities and Exchange Commission.
Participants 3 Joi Harris – President and CEO Dave Ruud – CFO Matt Krupinski – Director of Investor Relations
2026 2027 2028 2029 2030 2031 Strategic sale of Vantage sharpens focus on delivering unprecedented customer affordability benefits and strong growth from data center development 4 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 2. Reflective of closing the Vantage transaction by year-end 2026 and is subject to change based on impacts from discontinued operations, actual closing timing, and the timing of deployment of sale proceeds. Regardless of these potential impacts on 2027 earnings, $7.66 remains the baseline for our long-term operating EPS growth target of greater than 9% ✓ Data center growth is creating unprecedented customer bill benefits requiring significant utility investment • Google contract recently approved; Oracle load ramp provides the opportunity to stay out of rate cases through at least 2028; Google ramp could extend ability to stay out • Robust contract protections in place ensure benefits are realized • Strong 5–6 GW pipeline can provide further benefits; includes 2 GW in advanced discussions with another agreement targeted by year-end ✓ Strategic sale of DTE Vantage supports this significant utility investment opportunity and further positions DTE as a high-growth, premium utility • Transaction expected to close in 1H 2027; proceeds will be invested in our utility businesses, reducing equity and debt needs ✓ Results in higher-quality long-term operating EPS1 CAGR greater than 9% through 2031 from 2027 operating EPS range of $7.59 - $7.73 • Operating EPS growth well over 9% in 2028 and 2029 as data center investments ramp; at least 9% growth in 2030 and 2031 ✓ Remain well-positioned to achieve the high-end of 2026 operating EPS guidance range of $7.59 - $7.73 Revised plan delivers operating EPS growth greater than 9% while driving significant customer affordability benefits Pro Forma Baseline2 $7.59 - $7.73 Updated growth profile: greater than 9% EPS CAGR from 2027 – 2031 (well over 9% growth in 2028/2029) Prior growth profile: 6% - 8% EPS CAGR from 2026 guidance midpoint through 2030 Operating EPS Additional data center opportunities could provide upside to plan and drive additional affordability benefits Guidance $7.59 - $7.73 8%
Growth in capital plan driven by increased utility investment that is focused on improving reliability, advancing cleaner generation and delivering significant customer affordability benefits 5 Five-year capital investment plan increased nearly 30% over the prior plan, driven by data center development and continued customer-focused investment for improved reliability and cleaner energy ✓ $23 billion cleaner generation investment supports cleaner, affordable energy for customers while supporting growing data center demand • Powering data center developments provides significant customer affordability benefits; Oracle load ramp could allow us to delay the next DTE Electric rate case filing until at least 2028; Google ramp could extend ability to stay out ✓ $12 billion distribution investment to continue to harden our system and improve reliability • Building the grid of the future to achieve our goal of reducing power outages by 30% and cutting outage time in half by 2029 ✓ $4 billion electric base infrastructure investment supports the continued safe and reliable operation of our existing assets ✓ $5 billion investment at DTE Gas supports modernizing gas infrastructure to enhance system safety and reliability • Infrastructure improvements including main renewal investments minimize leaks and reduce costs for our customers $30 $4.5 2026 - 2030 prior plan 2027 - 2031 updated plan $34.5 $44.2 DTE Electric DTE Gas~3 0% 5-year utility investment plan (billions) $5.2 $39 Additional data center opportunities could provide upside to plan and drive additional affordability benefits
Vantage sale rotates capital to customer-focused utility investment that drives affordability benefits and growth 6 Transaction Details1 Rationale Use of Proceeds Next Steps ✓ Transaction value: approximately $3 billion; strong valuation received, reflecting the quality of the Vantage business ✓ Buyer: Institutional investors advised by the Global Infrastructure group at J.P. Morgan Asset Management ✓ Enables DTE to focus capital on the increased regulated utility investments that deliver meaningful customer affordability benefits through data center growth ✓ Further positions DTE as a premium regulated electric and natural gas utility dedicated to providing affordable, clean and reliable energy ✓ Proceeds will be invested in our utility businesses, reducing equity and debt needs ✓ $500 million of 2026 equity sold under forward contracts deferred to 2027 ✓ Target transaction to close in 1H 2027 ✓ Finalize debt repayment and equity funding plans Vantage has been a strong business and a valued part of DTE for over 30 years New ownership will build on that foundation, bringing dedicated focus to Vantage’s growth 1. Includes the sale of primarily all DTE Vantage assets, except EES Coke Calvert City KY custom energy solutions Marietta OH custom energy solutions Potrero CA renewable energy
Transaction solidifies DTE as a premium regulated utility, better positioned to execute growth that significantly enhances customer affordability 7 Enhanced strategic focus Significant customer-focused investments Distinguished growth profile Improved investor alignment ✓ Concentrates management attention on regulated electric and natural gas investments that deliver meaningful reliability improvements and significant affordability benefits to customers driven by data center development ✓ Simplifies DTE’s business portfolio and aligns capital allocation with core regulated utility priorities, further positioning DTE as a premium regulated electric and natural gas utility ✓ Supports $44 billion of customer-focused utility investment over the next five years ✓ Funds infrastructure needed to enable data center growth and deliver associated affordability benefits to customers ✓ Supports our continued focus on efficiently executing reliability, resiliency and cleaner energy investments across our electric and gas utilities ✓ Delivers greater than 9% long-term operating EPS1 growth through 2031; well over 9% growth in 2028 and 2029 ✓ Above-average rate base growth supported by data center demand and customer-focused utility infrastructure investment ✓ Enhances long-term earnings visibility and durability ✓ Broadens appeal to investors seeking predictable, regulated utility earnings growth ✓ Supports premium valuation through a simpler business model and higher growth ✓ Reduces future equity requirements relative to the status quo plan 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings
Continuing to advance additional data center opportunities that further enhance customer affordability and drive growth 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings Proven execution with contracts that protect customers and drive growth 2.4 GW of executed agreements today ✓ 1.4 GW Oracle agreement approved and construction underway; expect load to ramp up in 2027 ✓ 1 GW Google agreement recently approved by MPSC; expect load to ramp up in 2028 ✓ Oracle load ramp could allow us to delay the next DTE Electric rate case filing until at least 2028; Google ramp could extend ability to stay out Provides unprecedented affordability benefits for existing customers Strong pipeline continues to advance 5-6 GW of additional opportunities ✓ 2 GW in advanced discussions; targeting additional agreement by end of 2026 ✓ 3-4 GW of additional pipeline opportunities ✓ Large load tariff moving through approval process Provides upside to affordability benefits and operating EPS1 growth target as the pipeline advances 8
9 1. Source: Energy Information Administration (EIA). Ending point is the average 12-month rolling residential bill from August 2025 to July 2026 2. Source: EIA and Federal Reserve Economic Data (FRED) Data center projects combined with our continuous improvement culture will sustain our historical success of managing customer affordability Top tier affordability Total electric residential bill change % from 2021 to 20261 Electric residential bill as a percent of median household income2 2.6% 0.0% 2.4% 2.2% 2.0% 1.8% Michigan National Average 2.0% 1.8% 12.5% 28.9% 29.4% DTE Electric Great Lakes average National average ✓ Data center load growth helps drive unprecedented affordability benefits for existing customers as excess capacity is sold and fixed costs are spread over a larger base • Oracle load ramp could allow us to delay the next DTE Electric rate case filing until at least 2028; Google ramp could extend ability to stay out ✓ Our distinctive continuous improvement culture will continue to drive cost management ✓ Shift from coal to renewables and natural gas drives fuel and O&M cost reductions ✓ Diversified energy mix maintains flexibility to adapt to future technology advancements ✓ IRA supports transition to cleaner energy and customer affordability goals We continue to prioritize affordability for our customers
3Q 2026 operating earnings1 variance 10 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 2025 2026 Variance Primary drivers DTE Electric $541 $468 ($73) Timing of taxes, higher rate base and storm costs partially offset by rate implementation and warmer weather DTE Gas (38) (30) 8 IRM revenue partially offset by higher rate base costs DTE Vantage 41 110 69 Higher RNG and investment tax credits Energy Trading 23 34 11 Primarily timing in the gas and power portfolios Corporate & Other (99) (101) (2) Higher interest expense partially offset by timing of taxes DTE Energy $468 $481 $13 Operating EPS $2.25 $2.30 $0.05 Avg. Shares Outstanding 207 208 (millions, except EPS) Positioned to achieve high end of operating EPS guidance in 2026
Maintaining strong cash flows, balance sheet and credit profile 11 Credit ratings S&P Moody’s Fitch DTE Energy (unsecured) BBB Baa2 BBB DTE Electric (secured) A Aa3 A+ DTE Gas (secured) A A1 A Strong balance sheet supports robust customer-focused investment agenda • Customer-focused capital investment plan is supported by consistent, healthy cash flows • Vantage sale proceeds allow us to delay 2026 equity sold under forward contracts to 2027 • Targeting average annual equity issuances of ~$1 billion 2027-2031 − The equity supports a nearly $10 billion increase in utility capital investment over the next 5 years that supports data center load growth and generation investments − Plan may also include additional junior subordinated debt to support balance sheet metrics • Effectively managing debt maturities to support long-term plan under a range of potential interest rates • Maintaining solid investment-grade credit ratings; targeting ~15% FFO / Debt1 • Increasing dividend 7% in 2027 1. Funds from Operations (FFO) is calculated using operating earnings, debt excludes a portion of DTE Gas’ short-term debt and considers 50% of the junior subordinated notes as equity
12 Well positioned to continue to drive long-term value for shareholders while delivering affordable, reliable energy for our customers Strong Long-Term Utility Growth Opportunities Solid Regulatory Construct Reliable and Affordable Energy for our Customers Consistent Financial Results • Met or exceeded operating EPS1 guidance 18 of past 19 years • Strong balance sheet and credit metrics support the execution of our long-term plan • Executing on significant improvement in system reliability • On track with goal to reduce power outages by 30% and cut outage time in half by 2029 • Continuous improvement culture and data center projects support continued success in maintaining affordability • Residential electric bill increase well below national average since 2021 • Strong alignment with the MPSC to provide safe, reliable and affordable energy for our customers • Renewable investments supported by cost recovery mechanism defined by Michigan energy law • IRMs drive consistent, predictable infrastructure investments with timely recovery • 10-month rate case cycle and forward test-year help reduce regulatory lag • Transparent IRP process provides opportunity to align with key stakeholders on generation investments • $44 billion five-year capital plan supports data center development, cleaner generation transformation and improved reliability while delivering significant affordability benefits • Long-term operating EPS growth rate target of greater than 9% through 2031; accelerated growth in 2028 and 2029 as investments to support data center growth ramp up • Confident that other data center opportunities in the pipeline will provide additional customer affordability benefits and upside to long-term plan 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings
13 Appendix
14 DTE Electric: customer-focused investments support affordability, distribution reliability, data center growth and cleaner generation $4 $4 $11 $12 $15 $23 2026 - 2030 prior plan 2027 - 2031 updated plan Base infrastructure Cleaner generation2 $30 DTE Electric investment (billions) $39 30 % Distribution infrastructure 1. Carbon capture and storage 2. Updated plan includes $15 billion of renewable investment, $2 billion of energy storage investment and $6 billion of combined cycle gas turbine investment 5-year investment plan increases $9 billion over prior plan while also delivering increased affordability benefits to existing customers • $23 billion cleaner generation investment supports cleaner, affordable energy for customers while powering growing data center demand — 7.6 GW of solar and wind additions over the 5-year plan — 2.1 GW of natural gas (2 combined cycle gas turbines (CCS1 capable)) to replace base load generation as coal plants retire by 2032 and support overall system needs — 2.7 GW of energy storage • $12 billion distribution investment to continue to harden our system and improve reliability — Continue building the grid of the future to achieve goal of reducing power outages by 30% and cut outage time in half by 2029 • $4 billion of electric base infrastructure investment supports the continued safe and reliable operation of our existing assets
DTE Gas: replacing aging infrastructure to ensure reliability and safety for our customers 15 Gas renewal program Base infrastructure $1.8 $1.8 $2.7 $3.4 2026 - 2030 prior plan 2027 - 2031 updated plan $4.5 $5.2 DTE Gas investment (billions) • Long-term capital investment plan focused on infrastructure improvements including main renewal investments to minimize leaks and reduce costs for our customers — Significant investment to support main renewal recovered through Infrastructure Recovery Mechanism (IRM) — Base infrastructure investments enhance distribution, transmission, compression and storage — Continued focus on safety and affordability for customers • Continuing to improve customer service excellence and progress on main renewal — Ongoing progress on main renewal program; renewed over 2,100 miles since program inception 16 %
Continued focus on strategic investments and operational execution to drive improvement in reliability for our customers Technology and Automation • Installed 730 automatic devices in 2025; 20% more than planned through efficiency gains • Another 500+ additional devices planned for 2026 3 minutes AW SAIDI savings Infrastructure Resilience and Hardening • Completed 224 miles of 4.8kV hardening • Completed 969 miles of PTMM in 2025 and ramping up to 1,700 miles in 2026 26 minutes AW SAIDI savings Infrastructure Redesign and Modernization • Converted 72 miles2 of 4.8kV to 13.2kV, and rebuilt 22 miles of subtransmission • 2026 plans include our highest volume of conversion miles yet 6 minutes AW SAIDI savings Tree Trimming • Completed the Surge • Piloting expansion model with brush opt-out, overhang removal, and priority tree boundary extension 20 minutes AW SAIDI savings Pillar Highlights Customer Benefit in 20251 2 3 4 • Technology and Automation ✓ Fully automate the distribution system by end of 2029 and begin subtransmission automation work in 2029 • Infrastructure Resilience and Hardening ✓ Complete PTMM on half of the system by 2029 with 100% of pole top inspections completed • Infrastructure Redesign and Modernization ✓ Increase conversion of 4.8 kV circuits to address critical system needs • Tree Trimming ✓ Remain on tree trim cycle for all circuits and enhance inspection and maintenance practices 16 $12 billion distribution investment plan over the next 5 years 1 2 3 4 On track with goal of reducing power outages by 30% and cutting outage time in half by 2029
✓ Reaffirms the retirement of all coal in 2032 • Monroe Power Plant Units 3 and 4 will retire in 2028, followed by Units 1 and 2 in 2032, retiring 3 GW of capacity ✓ Adds combination of resources to support load growth and meet renewable and clean energy standards • 15 GW of renewable energy (solar and wind) • 4.5 GW of energy storage, including nearly 1.7 GW of long-duration storage • 2.2 GW of natural gas supports coal retirements and 24/7 reliability for all customers • 177 MW upgrade to our Fermi 2 nuclear plant ✓ Supports Michigan’s economy • Creates jobs, including nearly 1,300 full-time construction jobs for the proposed natural gas projects • Uses Michigan labor and businesses while supporting long-term jobs and local tax revenue ✓ ~$3.5 billion lower costs vs. the prior IRP 2026 IRP filing outlines plan to deliver a cleaner, reliable energy future for our customers 17 1. Includes demand response, energy efficiency, third-party contracts and hydrogen-fired combustion turbines 1% 23% 56% 56% 53% 8% 14% 14% 18% 18% 19% 33% 24% 19% 19% 10% 7% 3% 4% 4% 62% 18% 5% 3% 3% 6% 2005 2027 2035 2040 2046 Coal NuclearNatural Gas / Oil Renewables Energy Storage DTE Electric resource mix Total nameplate capacity (GW) 20-year balanced plan supporting reliability, affordability and Michigan’s economy Other1 11 16 31 32 33
18 • Contracts approved by MPSC and construction underway; demand expected to ramp up in 2027 • Load ramp supported by existing capacity and nearly $2 billion energy storage investment • 19-year power supply agreement with minimum monthly charges; 15-year energy storage contract covers capital investment; termination fees combined with credit and collateral requirements protect existing customers Data center opportunities continue to progress Oracle 1.4 GW (approved and in plan) Google 1.0 GW (approved and in plan) Additional Pipeline 5-6 GW (upside to plan) • Contracts approved by the MPSC; demand expected to fully ramp by end of 2028 • Load ramp supported by up to 1,600 MW of renewable generation, 480 MW of energy storage and 350 MW of demand response; additional ~700 MW of longer-term generation will be identified through the ongoing IRP process • Generation and storage requirements drive ~$5 billion capital investment through 2032 • 20-year power supply agreement with minimum monthly charges; 20-year clean capacity acceleration agreement covers renewable and storage investments; termination fees combined with credit and collateral requirements protect existing customers • Advanced discussions with additional hyperscalers for ~2 GW of additional load; targeting additional agreement by end of 2026 • Multiple other opportunities with hyperscalers and other customers for an additional 3-4 GW of new load • Additional demand expected longer-term from customer expansions • Opportunities would require investments in new baseload generation, renewables and/or related storage investment; generation requirements will be solidified through the IRP process
2026 operating EPS1 guidance midpoint provides 7% growth over 2025 original guidance midpoint; positioned to achieve high end 19 (millions, except EPS) 2026 operating earnings DTE Electric $1,340 - $1,360 DTE Gas 315 - 325 DTE Vantage 180 - 190 Energy Trading 50 - 60 Corporate & Other (310) - (300) Positioned to achieve high end of operating EPS guidance in 2026 DTE operating earnings guidance $1,585 - $1,615 DTE operating EPS guidance $7.59 - $7.73 • Non-utility earnings are tracking above guidance, primarily due to higher investment and production tax credits at DTE Vantage • Strong non-utility performance allows DTE Electric and DTE Gas to continue to unwind one-time lean operational measures and absorb higher storm costs in 2026, while remaining on track to deliver against DTE’s 2026 earnings guidance 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings
Top tier affordability for our customers over the last 5 years 20 State comparison – electric residential bill change % from 2021 to 20261 1. Source: Energy Information Administration (EIA). Ending point is the average 12-month rolling residential bill from August 2025 to July 2026 Great Lakes peer states 1st quartile 2nd quartile 3rd quartile Great Lakes average 28.9% U.S. average 29.4% 4th quartile DTE 12.5%
Environmental, social and governance (ESG) efforts are key priorities; aspiring to be the best in the industry Environment • Transitioning towards net zero1 emissions at both utilities • Accelerating transition to cleaner generation • Protecting our natural resources Social • Focusing on the diversity, safety, well-being and success of employees • Investing in communities • Leader in volunteerism Governance • Focusing on the oversight of environmental sustainability, social and governance • Ensuring board diversity • Providing incentive plans tied to safety and customer satisfaction targets 21 1. Definition of net zero included in the appendix 2025 Sustainability Report https://empoweringmichigan.com/dte-impact/performance Link:
Weather impact on sales Cooling degree days1 Operating earnings2 impact of weather Weather normal sales1 DTE Electric Heating degree days3 Operating earnings2 impact of weather DTE Gas (millions) (per share) 3Q YTD 3Q YTD 2025 ($7) ($5) ($0.03) ($0.02) 2026 $27 $16 $0.13 $0.08 (millions) (per share) 3Q YTD 3Q YTD 2025 $0 $8 $0.00 $0.03 2026 $0 $9 $0.00 $0.05 3Q 2025 3Q 2026 % Change YTD 2025 YTD 2026 % Change Actuals 623 719 15% 875 945 8% Normal 644 656 2% 898 921 3% Deviation from normal (3%) 10% (3%) 3% 3Q 2025 3Q 2026 % Change YTD 2025 YTD 2026 % Change Actuals 101 101 0% 4,150 4,169 0% Normal 109 106 (3%) 4,044 4,067 1% Deviation from normal (7%) (5%) 3% 3% 22 (GWh) YTD 2025 YTD 2026 % Change Drivers Residential 11,998 11,993 0.0% Slightly higher customer count offset by Energy Optimization Commercial 14,435 14,369 (0.5%) Slightly higher customer count offset by Energy Optimization Industrial 7,630 7,410 (2.9%) Lower steel output and Energy Optimization Other 139 132 (5.0%) 34,202 33,904 (0.9%) Sales slightly up after adjusting for Energy Optimization (2%) 1. DTE Electric 2025 weather normalized data based on 2009 – 2023 weather and 2026 weather normalized data based on 2010 – 2024 weather 2. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 3. DTE Gas 2025 weather normalized data based on 2010 – 2024 weather and 2026 weather normalized data based on 2011 – 2025 weather
Cash flow and capital expenditures guidance 23 1. Includes equity issued for employee benefit programs. Up to $100 million expected in 2026 2026 guidance DTE Electric Base infrastructure $1,020 Cleaner generation 2,440 Distribution infrastructure 1,760 $5,220 DTE Gas Base infrastructure $590 Gas renewal program 310 $900 Non-utility $600 - $700 Total $6,720 - $6,820 (millions) Cash flow Capital expenditures 2026 guidance Cash from operations1 $4.0 Capital expenditures (6.7) Free cash flow ($2.7) Dividends (1.0) Other - Net cash ($3.7) Financing Debt Issuances $5.0 Debt Redemptions (1.3) External equity issuances - Total financing $3.7 (billions)
YTD 3Q 2025 YTD 3Q 2026 DTE Electric Base infrastructure $479 $479 Cleaner generation 814 1,504 Distribution infrastructure 1,266 1,501 $2,559 $3,484 DTE Gas Base infrastructure $213 $371 Gas renewal program 227 212 $440 $583 Non-utility $479 $207 Total $3,478 $4,274 Cash flow and capital expenditures 24 (millions) Cash flow Capital expenditures (billions) 1. Includes equity issued for employee benefit programs YTD 3Q 2025 YTD 3Q 2026 Cash from operations1 $2.4 $2.4 Capital expenditures (3.5) (4.3) Free cash flow ($1.1) ($1.9) Dividends (0.7) (0.7) Other (0.1) (0.1) Net cash ($1.9) ($2.7) Debt financing Issuances $4.0 $2.9 Redemptions (2.1) (0.4) Total debt financing $1.9 $2.5 Change in cash on hand $0.0 ($0.2)
3Q 2026 and 3Q 2025 reconciliation of reported to operating earnings (non-GAAP) and operating EPS (non-GAAP) 25 Adjustments key A) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility B) Revision in Asset retirement obligations associated with the License Termination Plan for the final decommissioning of Fermi 1 — recorded in Operating Expenses — Assets (gains) losses and impairments, net C) Estimated litigation outcome regarding EES Coke Battery — recorded in Operating Expenses — Operation and maintenance D) Adjustment to Income Tax Expense due to the One Big Beautiful Bill Act and its impact to the charitable contribution valuation allowance 1. Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments 2. Per share amounts are divided by Weighted Average Common Shares Outstanding – Diluted, as noted on the Consolidated Statements of Operations (Unaudited) (Earnings per share2)
Goal for DTE Energy's utility operations and gas suppliers at DTE Gas that any carbon emissions put into the atmosphere will be balanced by those taken out of the atmosphere. Achieving this goal will include collective efforts to reduce carbon emissions and actions to offset any remaining emissions. Progress towards net zero goals is estimated and methodologies and calculations may vary from those of other utility businesses with similar targets. Carbon emissions is defined as emissions of carbon containing compounds, including carbon dioxide and methane, that are identified as greenhouse gases. Reconciliation of reported to operating earnings (non-GAAP) 26 Use of Operating Earnings Information – Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DTE Energy management believes that operating earnings provide a meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors. Operating earnings is a non-GAAP measure and should be viewed as a supplement and not a substitute for reported earnings, which represents the company’s net income and the most comparable GAAP measure. In this presentation, DTE Energy provides guidance for future period operating earnings. It is likely that certain items that impact the company’s future period reported results will be excluded from operating results. A reconciliation to the comparable future period reported earnings is not provided because it is not possible to provide a reliable forecast of specific line items (i.e., future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings. Definition of net zero