Dte Energy Company · NYSE:DTE
Dte Energy — Q4 2024 Earnings Presentation
20 slides from Dte Energy's earnings presentation, Feb 13, 2025
Slide 1: 2024 Year-end Earnings Conference Call
2024 Year-end Earnings Conference Call February 13, 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: Delivered strong results in 2024; significant customer-focused utility investment drives growth
Delivered strong results in 2024; significant customer-focused utility investment drives growth in 2025 and beyond 2024 operating EPS 9% growth over 2023 guidance midpoint ✓ Strong 2024 operating EPS1 of $6.83 delivers at the high end of 2024 original guidance $6.83 and provides 9% growth over 2023
Slide 5: Increased customer-focused utility investment drives 6%-8% long-term operating EPS growth
Increased customer-focused utility investment, combined with a shift to more utility-like investments at DTE Vantage, provides higher quality 6% - 8% long-term operating EPS1 growth • Increased generation and reliability investment over the next 5 years drives 5-year investment plan (billions) $5 bi
Slide 6: DTE Electric: transformational investments in distribution and generation
DTE Electric: transformational investments in distribution and generation support reliability improvements and cleaner energy for our customers • 2024 DTE Electric achievements DTE Electric investment − Achieving reliability improvements as we transition to fully automated grid, (billions) update ex
Slide 7: Economic development and data center opportunities support long-term growth
Economic development and advancement of data center opportunities support long-term growth and continued top tier customer affordability • Strong pipeline of economic development opportunities − Executed non-binding term sheet with Switch to be supported by hyperscaler tenant(s) Top Tier Affordabili
Slide 8: DTE Gas: replacing aging infrastructure for reliability and safety
DTE Gas: replacing aging infrastructure to ensure reliability and safety for our customers DTE Gas investment (billions) • 2024 DTE Gas achievements − Ranked #1 in customer satisfaction for business natural gas service in the $4.0 Midwest by J.D. Power1 $3.7 − Continued progress on main renewal prog
Slide 9: 2024 operating earnings variance
2024 operating earnings1 variance (millions, except EPS) 2023 2024 Variance Primary drivers Rate implementation, warmer weather, lower storm expense DTE Electric $791 $1,105 $314 and higher renewable earnings partially offset by higher O&M and rate base costs Higher rate base, O&M costs and warmer w
Slide 10: 2025 operating EPS guidance midpoint provides 7% growth
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 11: 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 12: Investment focused on improved reliability and cleaner generation
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 2024 operating EPS1 of $6.83 achieved the high end of 2024 original guidan
Slide 13: Appendix
Appendix 13
Slide 14: DTE Vantage: shifting strategic focus to more utility-like projects
DTE Vantage: shifting strategic focus to more utility-like projects supports consistent long-term earnings growth • 2024 DTE Vantage achievements − Placed in-service a long-term, fixed-fee custom energy solutions project with DTE Vantage operating earnings1 (millions) Ford Motor Company in 4Q 2024 −
Slide 15: Economic development fuels Michigan's growth
Economic development fuels Michigan’s growth • Michigan ranked in the top 10 by CNBC for America’s Top States for Business in 2024 • Maintaining strong collaboration on business development in Michigan to attract a range of customers, including data centers — Executed multiple non-binding agreements
Slide 16: Top tier affordability for our customers over the last 3 years
Top tier affordability for our customers over the last 3 years State comparison – electric residential bill change % from 2021 to 20241 1st quartile 2nd quartile 3rd quartile 4th quartile U.S. average 17.9% Great Lakes average 11.9% 2.4% DTE 1. Source: Energy Information Administration (EIA). DTE El
Slide 17: Weather impact on sales
Weather impact on sales DTE Electric DTE Gas Cooling degree days1 Heating degree days3 % % % 2023 2024 4Q 2023 4Q 2024 2023 2024 Change Change Change Actuals 703 926 32% Actuals 1,924 1,948 1% 5,564 5,306 (5%) Normal 913 915 0% Normal 2,179 2,140 (2%) 6,319 6,288 0% Deviation Deviation (23%) 1% (12%
Slide 18: Cash flow and capital expenditures
Cash flow and capital expenditures Cash flow Capital expenditures (billions) (millions) 2024 2025 2024 2025 actuals guidance actuals guidance Cash from operations1 $3.6 $3.3 DTE Electric Capital expenditures (5.0) (4.9) Base infrastructure $862 $765 Free cash flow ($1.4) ($1.6) Cleaner generation 1,
Slide 19: 2023 and 2024 reconciliation of reported to operating earnings
2023 and 2024 reconciliation of reported to operating earnings (non-GAAP) and operating EPS (non-GAAP) (Earnings per share2) Adjustments key A) One-time costs resulting from the voluntary separation incentive program — recorded in Operating Expenses — Operation and maintenance B) MPSC disallowance o
Slide 20: 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