Dte Energy Company · NYSE:DTE
Dte Energy — Q1 2026 Earnings Presentation
24 slides from Dte Energy's earnings presentation, Apr 30, 2026
Slide 1: 1Q 2026 Earnings Conference Call
1Q 2026 Earnings Conference Call April 30, 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; 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 ✓ Executing customer-focused investments to strengthen the grid and further improve re
Slide 5: Executing our plan to further improve reliability for our customers
Executing our plan to further improve reliability for our customers Significant reliability improvement in 2025 driven by strategic investments and process enhancements, along with more favorable weather ✓ ~90% improvement in duration of outages from 2023 to 2025 ✓ Achieved best all-weather SAIDI me
Slide 6: Data center opportunities continue to progress; 1.4 GW Oracle data center approved; Google agreement
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 ramping up over next 2 to 3 years Oracle • Load ramp supported by existing capacity and new energ
Slide 7: Data center projects combined with continuous improvement will sustain affordability
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 20251 existing customers
Slide 8: Regulatory strategy focused on continuing to deliver value and provide visibility for our customers
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: 1Q 2026 operating earnings variance
1Q 2026 operating earnings1 variance (millions, except EPS) 2025 2026 Variance Primary drivers Timing of taxes, rate implementation and colder weather DTE Electric $147 $218 $71 partially offset by higher storm expense and rate base costs Colder weather and IRM revenue partially offset by rate base
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 for shareholders
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: 2026 operating EPS guidance midpoint provides 7% growth over 2025 original guidance midpoint
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 14: Data center development drives significant 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 15: DTE Electric: significant investment increase driven by Oracle data center project
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 16: DTE Gas: replacing aging infrastructure to ensure reliability and safety
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 17: DTE Vantage: strategic focus on custom energy solutions projects
JN DTE Vantage: strategic focus on custom energy solutions projects • Progressing on project development − Advancing final agreements with customer to provide behind the meter generation to support the expansion of a large data center − Continuing construction on the long-term, fixed-fee custom ener
Slide 18: 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 25.5% Great Lakes average 24.4% 5.3% DTE 1. Source: Energy Information Administration (EIA). Ending
Slide 19: ESG efforts are key priorities; aspiring to be the best in the industry
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 20: Weather impact on sales
Weather impact on sales DTE Electric DTE Gas Cooling degree days1 Heating degree days3 % % 1Q 2025 1Q 2026 1Q 2025 1Q 2026 Change Change Actuals - - 0% Actuals 3,213 3,280 2% Normal - - 0% Normal 3,153 3,163 0% Deviation Deviation 0% 0% 2% 4% from normal from normal Operating earnings2 impact of wea
Slide 21: 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 22: Cash flow and capital expenditures
Cash flow and capital expenditures Cash flow Capital expenditures (billions) (millions) 1Q 2025 1Q 2026 1Q 2025 1Q 2026 Cash from operations1 $1.0 $0.9 DTE Electric Capital expenditures (0.9) (1.3) Base infrastructure $221 $186 Free cash flow $0.1 ($0.4) Cleaner generation 142 459 Distribution infra
Slide 23: 1Q 2026 and 1Q 2025 reconciliation of reported to operating earnings (non-GAAP)
1Q 2026 and 1Q 2025 reconciliation of reported to operating earnings (non-GAAP) and operating EPS (non-GAAP) (Earnings per share2) Adjustments key A) Adjustment to legal reserve relating to EES Coke Battery — recorded in Operating Expenses — Operation and maintenance B) Certain adjustments resulting
Slide 24: Reconciliation of reported to operating earnings (non-GAAP); Definition of net zero
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