DTE Energy Company (DTE) investor relations material

Strategic growth and operational highlights

• Advancing data center projects, including 1.4 GW Oracle (approved, construction started) and 1 GW Google (pending approval), with 5-6 GW additional pipeline opportunities in advanced discussions.

• Customer-focused investments target grid reliability, aiming to reduce outages by 30% and halve outage times by 2029, supported by an $11 billion distribution investment plan over five years.

• 2026 IRP filing outlines a 20-year plan to retire all coal by 2032, add 15 GW renewables, 4.5 GW storage, and 2.2 GW natural gas, supporting Michigan’s economy and job creation.

• Regulatory strategy emphasizes reliability, affordability, and value, with rate case filings and IRP/REP processes providing long-term visibility and customer protections.

• ESG priorities include net zero emissions, board diversity, and incentive plans tied to safety and customer satisfaction.

Financial performance and guidance

• 2026 operating EPS guidance midpoint projects 7% growth over 2025, with a long-term target of 6%-8% annual growth through 2030, driven by RNG tax credits and data center opportunities.

• Five-year capital plan increased to $36.5 billion, primarily for data center development, cleaner generation, and reliability improvements.

• Strong balance sheet and cash flows support $500-$600 million annual equity issuances (2026-2028) and potential junior subordinated debt to fund capital needs.

• Maintained investment-grade credit ratings and targeting ~15% FFO/Debt.

• Met or exceeded operating EPS guidance 18 of the past 19 years.

Customer affordability and reliability

• Data center load growth and continuous improvement culture help maintain top-tier affordability, with residential bill increases well below national and regional averages (7.2% vs. 27.1% U.S. average, 2021-2026).

• Affordability benefits from data center contracts could delay the next rate case filing until at least 2028.

• Shift from coal to renewables and natural gas reduces fuel and O&M costs, supporting affordability.

• Distribution investments and tree trimming initiatives are on track to significantly improve reliability by 2029.