Dte Energy Company · NYSE:DTE
Dte Energy — Q2 2026 Earnings Presentation
25 slides from Dte Energy's earnings presentation, Jul 28, 2026
Slide 1: 2Q 2026 Earnings Conference Call
2Q 2026 Earnings Conference Call July 28, 2026
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 Joi Harris – President and CEO Dave Ruud – CFO Matt Krupinski – Director of Investor Relations 3
Slide 4: Continuing to deliver exceptional results for our stakeholders
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 ✓ Executing customer-focused investments to strengthen the grid and further improve re
Slide 5: Continued focus on strategic investments and operational execution
Continued focus on strategic investments and operational execution to drive improvement in reliability for our customers 1 2 Infrastructure Resilience and Applying lessons learned from July storm Technology and Automation Hardening ✓ The storm's unexpected severity and widespread damage posed greate
Slide 6: Executing on data center opportunities that enhance customer affordability and drive growth
Executing on data center opportunities that enhance customer affordability and drive growth Proven execution with contracts that protect customers and drive growth 2.4 GW of executed agreements today ✓ 1.4 GW Oracle agreement approved and in plan ✓ 1 GW Google agreement in MPSC approval process; pro
Slide 7: Data center projects combined with our continuous improvement culture
Data center projects combined with our continuous improvement culture will sustain our historical success of managing customer affordability Data centers drive significant affordability benefits for Top tier affordability Total electric residential bill change % from 2021 to 20261 existing customers
Slide 8: Regulatory strategy focused on continuing to deliver value
Regulatory strategy focused on continuing to deliver value and provide visibility for our customers Electric rate case filing supports disciplined investments in reliability and grid modernization with a continued focus on affordability • Supports our distribution infrastructure investment plan focu
Slide 9: 2Q 2026 operating earnings variance
2Q 2026 operating earnings1 variance (millions, except EPS) 2025 2026 Variance Primary drivers Timing of taxes, higher rate base costs and unfavorable DTE Electric $318 $270 ($48) weather partially offset by rate implementation Higher rate base and O&M costs and warmer weather partially DTE Gas 6 (4
Slide 10: 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 equity issuances of $500 - $600 million annually 2026 – 2028,
Slide 11: Well positioned to continue to drive long-term value
Well positioned to continue to drive long-term value for shareholders while delivering affordable, reliable energy for our customers • Met or exceeded operating EPS1 guidance 18 of past 19 years Consistent Financial Results • Strong balance sheet and credit metrics support the execution of our long-
Slide 12: Appendix
Appendix 12
Slide 13: Data center opportunities continue to progress
Data center opportunities continue to progress; 1.4 GW Oracle data center approved and moving forward; executed 1 GW agreement with Google • Contracts approved by MPSC and construction initiated; demand expected to ramp in the 2027/2028 timeframe Oracle • Load ramp supported by existing capacity and
Slide 14: 2026 operating EPS guidance midpoint provides 7% growth
2026 operating EPS1 guidance midpoint provides 7% growth over 2025 original guidance midpoint; positioned to achieve high end (millions, except EPS) 2026 operating earnings DTE Electric $1,340 - $1,360 • Utility growth driven by customer-focused investment supporting building the grid of the future
Slide 15: Data center development and investments in reliability drive increase to capital plan
Data center development and investments in reliability and cleaner generation drive significant increase to capital plan; additional data center opportunities provide upside to plan and additional affordability benefits 5-year investment plan Additional data center opportunities (above the approved
Slide 16: DTE Electric: significant investment increase driven by Oracle
DTE Electric: significant investment increase driven by Oracle data center project, cleaner generation investments supporting future coal plant retirements and continued hardening of our distribution system • Capital increase of $6 billion from prior plan is primarily driven by Oracle data center pr
Slide 17: DTE Gas: replacing aging infrastructure
DTE Gas: replacing aging infrastructure to ensure reliability and safety for our customers DTE Gas investment (billions) • Continuing to improve customer service excellence and progress on main renewal − Ongoing progress on main renewal program; renewed over 2,000 miles % $4.5 ~13 since program ince
Slide 18: DTE Vantage: strategic focus on custom energy solutions
DTE Vantage: strategic focus on custom energy solutions projects • Progressing on project development − Began construction on project to design, build, own and operate a combined heat and power project; expecting commercial operation in late 2027 − Continuing to advance the development of a behind t
Slide 19: Top tier affordability for our customers over the last 5 years
Top tier affordability for our customers over the last 5 years State comparison – electric residential bill change % from 2021 to 20261 1st quartile 2nd quartile 3rd quartile 4th quartile U.S. average 27.1% Great Lakes average 26.4% 7.2% DTE 1. Source: Energy Information Administration (EIA). Ending
Slide 20: Environmental, social and governance efforts are key priorities
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 diversi
Slide 21: Weather impact on sales
Weather impact on sales DTE Electric DTE Gas Cooling degree days1 Heating degree days3 % YTD YTD % % YTD YTD % 2Q 2025 2Q 2026 2Q 2025 2Q 2026 Change 2025 2026 Change Change 2025 2026 Change Actuals 252 225 (11%) 252 225 (11%) Actuals 836 788 (6%) 4,049 4,068 0% Normal 254 264 4% 254 264 4% Normal 7
Slide 22: Cash flow and capital expenditures guidance
Cash flow and capital expenditures guidance Cash flow Capital expenditures (billions) (millions) 2026 2026 guidance guidance Cash from operations1 $3.9 DTE Electric Capital expenditures (6.8) Base infrastructure $1,020 Free cash flow ($2.9) Cleaner generation 2,440 Dividends (1.0) Distribution infra
Slide 23: Cash flow and capital expenditures
Cash flow and capital expenditures Cash flow Capital expenditures (billions) (millions) YTD YTD YTD YTD 2Q 2025 2Q 2026 2Q 2025 2Q 2026 Cash from operations1 $1.7 $1.7 DTE Electric Capital expenditures (1.9) (2.8) Base infrastructure $324 $395 Free cash flow ($0.2) ($1.1) Cleaner generation 427 1,03
Slide 24: 2Q 2026 and 2Q 2025 reconciliation of reported to operating earnings
2Q 2026 and 2Q 2025 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 25: Reconciliation of reported to operating earnings
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