Dte Energy Company · NYSE:DTE
Dte Energy — Q3 2025 Earnings Presentation
24 slides from Dte Energy's earnings presentation, Oct 30, 2025
Slide 1: 3Q 2025 Earnings Conference Call
3Q 2025 Earnings Conference Call October 30, 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 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 DTE operating EPS guidance ✓ Well positioned to achieve high end of operating EPS1 gui
Slide 5: Data center transaction drives a $6.5 billion increase to our 5-year capital investment plan
Data center transaction and continued need to modernize our utility assets drives a $6.5 billion increase to our 5-year capital investment plan • DTE Electric investments support data center development, cleaner generation 5-year investment plan transformation and distribution investments focused on
Slide 6: DTE Electric: significant investment increase driven by data center transaction
DTE Electric: significant investment increase driven by data center transaction, 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 data center transaction
Slide 7: Data center opportunities will drive significant incremental growth investment
Data center opportunities will drive significant incremental growth investment Executed agreement for ~1.4 GW of data center load Potential upside to plan with over 6 GW of opportunities • ~1.4 GW of data center demand ramping up over the next 2 • Advanced discussions with multiple hyperscalers to 3
Slide 8: Economic development opportunities combined with continuous improvement culture will continue managing customer affordability
Economic development opportunities combined with our continuous improvement culture will continue our historical success of managing customer affordability Top Tier Affordability ✓ Data center load growth helps drive affordability headroom for existing Total electric residential bill change % from 2
Slide 9: 3Q 2025 operating earnings variance
3Q 2025 operating earnings1 variance (millions, except EPS) 2024 2025 Variance Primary drivers Timing of taxes ($63M) and rate implementation partially DTE Electric $437 $541 $104 offset by higher rate base costs DTE Gas (13) (38) (25) Primarily higher O&M and rate base costs RNG production tax cred
Slide 10: 2026 operating EPS early outlook midpoint provides 7% growth over 2025 original guidance midpoint
2026 operating EPS1 early outlook midpoint provides 7% growth over 2025 original guidance midpoint; positioned to achieve high end DTE operating EPS guidance • Our 2026 early outlook provides 6% - 8% growth over our 2025 $7.59 - $7.73 guidance midpoint $7.09 - $7.23 — Confident that we will deliver
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 equity issuances of $500 - $600 million annually 2026 - 2028 −
Slide 12: 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 ✓ Well positioned to achieve high end of operating EPS1 guidance in 2025 ✓ 2026 ope
Slide 13: Appendix
Appendix 13
Slide 14: 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 guidance DTE Electric $1,205 - $1,225 Higher O&M as we unwind one-time lean operational measures DTE Gas 310 - 320 implemented over the past few y
Slide 15: DTE Gas: replacing aging infrastructure to ensure reliability and safety for our customers
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 − Continued progress on main renewal program; renewed ~2,000 miles % $4.5 ~13 since program incept
Slide 16: DTE Vantage: strategic focus on decarbonization solutions for customers
JN DTE Vantage: strategic focus on decarbonization solutions for customers • Progressing on project development − Continuing construction on the long-term, fixed-fee custom energy solutions project with Ford Motor Company; expecting commercial operation in 2026 − Progressing on project to design, bu
Slide 17: We are preparing for significant capacity additions as we serve new load and replace retiring plants
We are preparing for significant capacity additions as we serve new load and replace retiring plants 2026 – 2032 generation additions Key drivers of generation development Resource Capacity addition ✓ Data center driven load growth drives ~2.5 GW incremental storage requirement near- Storage term (i
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 21.3% Great Lakes average 15.8% 3.0% DTE 1. Source: Energy Information Administration (EIA). Ending
Slide 19: Environmental, social and governance (ESG) 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 20: Weather impact on sales
Weather impact on sales DTE Electric DTE Gas Cooling degree days1 Heating degree days3 % YTD YTD % % YTD YTD % 3Q 2024 3Q 2025 3Q 2024 3Q 2025 Change 2024 2025 Change Change 2024 2025 Change Actuals 619 623 1% 911 875 (4%) Actuals 55 101 84% 3,358 4,150 24% Normal 647 644 0% 900 898 0% Normal 115 10
Slide 21: 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 22: Cash flow and capital expenditures
Cash flow and capital expenditures Cash flow Capital expenditures (billions) (millions) YTD 3Q YTD 3Q YTD 3Q YTD 3Q 2024 2025 2024 2025 Cash from operations1 $2.6 $2.4 DTE Electric Capital expenditures (3.7) (3.5) Base infrastructure $577 $479 Free cash flow ($1.1) ($1.1) Cleaner generation 832 814
Slide 23: 3Q 2025 and 3Q 2024 reconciliation of reported to operating earnings (non-GAAP)
3Q 2025 and 3Q 2024 reconciliation of reported to operating earnings (non- GAAP) and operating EPS (non-GAAP) (Earnings per share2) Adjustments key A) Revision in Asset retirement obligations associated with the License Termination Plan for the final decommissioning of Fermi 1 — recorded in Operatin
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