Dte Energy Company · NYSE:DTE
Dte Energy — Q2 2025 Earnings Presentation
21 slides from Dte Energy's earnings presentation, Jul 29, 2025
Slide 1: 2Q 2025 Earnings Conference Call
2Q 2025 Earnings Conference Call July 29, 2025
Slide 2: Safe harbor statement
Safe harbor statement 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 “anticipa
Slide 3: Participants
Participants Jerry Norcia – Chairman and CEO Joi Harris – President and COO Dave Ruud – Executive Vice President and CFO Matt Krupinski – Director of Investor Relations 3
Slide 4: Continuing to deliver exceptional results for our stakeholders; well-positioned for long-term growth
Continuing to deliver exceptional results for our stakeholders; well-positioned for long-term growth ✓ Highly engaged team committed to delivering best-in-class results for our customers, communities and investors; received Gallup Great Workplace Award for 13th consecutive year ✓ Strong first half o
Slide 5: Our priorities, goals, and long-term vision remain unchanged
Our priorities, goals, and long-term vision remain unchanged, and we will build on historical momentum to continue to deliver strong results for our customers, communities and investors 5-year investment plan (billions) ✓ Plan supported by a highly engaged team committed to delivering best-in-class
Slide 6: Driving operational improvements and investments into the grid to further improve reliability
Driving operational improvements and investments into the grid to further improve reliability for our customers • Continuing efforts to further improve grid reliability for our customers in 1H 2025 — Installed more than 220 smart grid devices to greatly reduce outage duration — Conducted over 230 mi
Slide 7: Renewable investments support voluntary program and legislated clean energy plan; data centers provide upside
Renewable investments support voluntary program and legislated clean energy plan; data centers provide potential upside to long-term investment plan • Well positioned to execute robust renewable energy investment plan — Reached settlement agreement for 2024 Renewable Energy Plan filing that supports
Slide 8: 2Q 2025 operating earnings variance
2Q 2025 operating earnings1 variance (millions, except EPS) 2024 2025 Variance Primary drivers Rate implementation and timing of taxes, partially offset by DTE Electric $279 $318 $39 higher O&M and rate base costs and warmer weather in 2024 Higher O&M and rate base costs partially offset by colder D
Slide 9: Investment focused on improved reliability and cleaner generation; well-positioned for long-term growth
Investment focused on improved reliability and cleaner generation; well-positioned for long-term growth ✓ Highly engaged team committed to delivering best-in-class results for our customers, communities and investors ✓ Strong first half of the year across all of our businesses ✓ Achieving reliabilit
Slide 10: Appendix
Appendix 10
Slide 11: Achieving success across all businesses
Achieving success across all businesses DTE Electric • Progressing on rate case filing that underpins customer-focused investments in system reliability and grid modernization while managing affordability • Broke ground on 100 MW Cold Creek Solar Park; first of several parks that will support Ford M
Slide 12: Economic development fuels Michigan's growth
Economic development fuels Michigan’s growth • Michigan ranks 6th by CNBC for America’s Top States for Business in 2025 • Significant investment in Michigan, supporting thousands of jobs — General Motors investment to convert an assembly plant to produce gas-powered full- size SUVs and light duty pi
Slide 13: 2025 operating EPS guidance midpoint provides 7% growth over 2024 original guidance midpoint
2025 operating EPS1 guidance midpoint provides 7% growth over 2024 original guidance midpoint; positioned to achieve high end (millions, except EPS) 2025 operating earnings DTE Electric $1,205 - $1,225 • Utility growth driven by customer-focused investment supporting building the grid of the future
Slide 14: Maintaining strong cash flows, balance sheet and credit profile
Maintaining strong cash flows, balance sheet and credit profile Strong balance sheet supports robust customer-focused investment agenda • Customer-focused capital investment plan is supported by consistent, healthy cash flows • Targeting minimal equity issuances of $0 - $100 million annually through
Slide 15: Investing in Michigan businesses, creating thousands of jobs and supporting supplier diversity
Investing in Michigan businesses, creating thousands of jobs and supporting supplier diversity 2024 Michigan spend (millions) $3.3b invested with Michigan businesses in 2024 $955m invested with Detroit suppliers in 2024 $31 invested with certified suppliers owned by women, minorities, $1.0b veterans
Slide 16: Top tier affordability for our customers over the last 4 years
Top tier affordability for our customers over the last 4 years State comparison – electric residential bill change % from 2021 to 20251 1st quartile 2nd quartile 3rd quartile 4th quartile U.S. average 21.3% Great Lakes average 15.8% 3.0% DTE 1. Source: Energy Information Administration (EIA). Ending
Slide 17: Weather impact on sales
Weather impact on sales DTE Electric DTE Gas Cooling degree days1 Heating degree days3 % YTD YTD % % YTD YTD % 2Q 2024 2Q 2025 2Q 2024 2Q 2025 Change 2024 2025 Change Change 2024 2025 Change Actuals 292 252 (14%) 292 252 (14%) Actuals 560 836 49% 3,303 4,049 23% Normal 253 254 0% 253 254 0% Normal 7
Slide 18: Cash flow and capital expenditures guidance
Cash flow and capital expenditures guidance Cash flow Capital expenditures (billions) (millions) 2025 2025 guidance guidance Cash from operations1 $3.3 DTE Electric Capital expenditures (4.9) Base infrastructure $765 Free cash flow ($1.6) Cleaner generation 1,450 Dividends (0.9) Distribution infrast
Slide 19: Cash flow and capital expenditures
Cash flow and capital expenditures Cash flow Capital expenditures (billions) (millions) YTD YTD YTD YTD 2Q 2024 2Q 2025 2Q 2024 2Q 2025 Cash from operations1 $1.8 $1.7 DTE Electric Capital expenditures (2.5) (1.9) Base infrastructure $422 $324 Free cash flow ($0.7) ($0.2) Cleaner generation 515 427
Slide 20: 2Q 2025 and 2Q 2024 reconciliation of reported to operating earnings (non-GAAP)
2Q 2025 and 2Q 2024 reconciliation of reported to operating earnings (non- GAAP) and operating EPS (non-GAAP) (Earnings per share2) Adjustments key A) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded
Slide 21: Reconciliation of reported to operating earnings (non-GAAP)
Reconciliation of reported to operating earnings (non-GAAP) 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 representati