DTE Energy Company · NYSE:DTE
DTE Energy — Q3 2026 Earnings Presentation
26 slides from DTE Energy's earnings presentation, Nov 5, 2026
Slide 1: 3Q 2026 Earnings Conference Call
3Q 2026 Earnings Conference Call November 5, 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: Strategic sale of Vantage sharpens focus on affordability and data center growth
Strategic sale of Vantage sharpens focus on delivering unprecedented customer affordability benefits and strong growth from data center development ✓ Data center growth is creating unprecedented customer bill benefits requiring significant utility investment Revised plan delivers operating EPS growt
Slide 5: Growth in capital plan driven by increased utility investment
Growth in capital plan driven by increased utility investment that is focused on improving reliability, advancing cleaner generation and delivering significant customer affordability benefits Five-year capital investment plan increased nearly 30% over the prior plan, driven by 5-year utility investm
Slide 6: Vantage sale rotates capital to customer-focused utility investment
Vantage sale rotates capital to customer-focused utility investment that drives affordability benefits and growth Vantage has been a strong business and a valued part of DTE for over 30 years New ownership will build on that foundation, bringing dedicated focus to Vantage’s growth ✓ Enables DTE to f
Slide 7: Transaction solidifies DTE as a premium regulated utility
Transaction solidifies DTE as a premium regulated utility, better positioned to execute growth that significantly enhances customer affordability ✓ Concentrates management attention on regulated electric and natural gas investments that deliver meaningful reliability Enhanced improvements and signif
Slide 8: Continuing to advance additional data center opportunities
Continuing to advance additional data center opportunities that further 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 construction underway; expect loa
Slide 9: Data center projects and continuous improvement sustain affordability
Data center projects combined with our continuous improvement culture will sustain our historical success of managing customer affordability We continue to prioritize affordability for our customers Top tier affordability Total electric residential bill change % from 2021 to 20261 ✓ Data center load
Slide 10: 3Q 2026 operating earnings variance
3Q 2026 operating earnings1 variance (millions, except EPS) 2025 2026 Variance Primary drivers Timing of taxes, higher rate base and storm costs partially DTE Electric $541 $468 ($73) offset by rate implementation and warmer weather DTE Gas (38) (30) 8 IRM revenue partially offset by higher rate bas
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 • Vantage sale proceeds allow us to delay 2026 equity sold under forward c
Slide 12: Well positioned 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 13: Appendix
Appendix 13
Slide 14: DTE Electric: customer-focused investments support affordability and reliability
DTE Electric: customer-focused investments support affordability, distribution reliability, data center growth and cleaner generation 5-year investment plan increases $9 billion over prior plan while also delivering increased affordability benefits to existing customers DTE Electric investment • $23
Slide 15: DTE Gas: replacing aging infrastructure
DTE Gas: replacing aging infrastructure to ensure reliability and safety for our customers DTE Gas investment (billions) • Long-term capital investment plan focused on infrastructure improvements including main renewal investments to minimize leaks and reduce costs for our customers 16% $5.2 — Signi
Slide 16: Strategic investments to improve reliability
Continued focus on strategic investments and operational execution to drive improvement in reliability for our customers 1 2 Infrastructure Resilience and Technology and Automation Hardening 1• Technology and Automation ✓ Fully automate the distribution system by end of 2029 and begin subtransmissio
Slide 17: 2026 IRP filing outlines plan for cleaner, reliable energy
2026 IRP filing outlines plan to deliver a cleaner, reliable energy future for our customers 20-year balanced plan supporting reliability, affordability and Michigan’s economy DTE Electric resource mix Total nameplate capacity (GW) ✓ Reaffirms the retirement of all coal in 2032 33 32 • Monroe Power
Slide 18: Data center opportunities continue to progress
Data center opportunities continue to progress Oracle • Contracts approved by MPSC and construction underway; demand expected to ramp up in 2027 1.4 GW • Load ramp supported by existing capacity and nearly $2 billion energy storage investment (approved • 19-year power supply agreement with minimum m
Slide 19: 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 • Non-utility earnings are tracking above guidance, DTE Gas 315 - 325 primarily due to higher inve
Slide 20: 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 29.4% Great Lakes average 28.9% 12.5% DTE 1. Source: Energy Information Administration (EIA). Endin
Slide 21: 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 22: Weather impact on sales
Weather impact on sales DTE Electric DTE Gas Cooling degree days1 Heating degree days3 % YTD YTD % % YTD YTD % 3Q 2025 3Q 2026 3Q 2025 3Q 2026 Change 2025 2026 Change Change 2025 2026 Change Actuals 623 719 15% 875 945 8% Actuals 101 101 0% 4,150 4,169 0% Normal 644 656 2% 898 921 3% Normal 109 106
Slide 23: 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 $4.0 DTE Electric Capital expenditures (6.7) Base infrastructure $1,020 Free cash flow ($2.7) Cleaner generation 2,440 Dividends (1.0) Distribution infra
Slide 24: Cash flow and capital expenditures
Cash flow and capital expenditures Cash flow Capital expenditures (billions) (millions) YTD YTD YTD YTD 3Q 2025 3Q 2026 3Q 2025 3Q 2026 Cash from operations1 $2.4 $2.4 DTE Electric Capital expenditures (3.5) (4.3) Base infrastructure $479 $479 Free cash flow ($1.1) ($1.9) Cleaner generation 814 1,50
Slide 25: 3Q 2026 and 3Q 2025 reconciliation of reported to operating earnings
3Q 2026 and 3Q 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 26: Reconciliation of reported to operating earnings; 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