DTE Energy — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported third quarter 2026 earnings of $470 million ($2.25 per diluted share), compared to $419 million ($2.01 per diluted share) in the same period in 2025.
• Operating earnings for the third quarter 2026 were $481 million ($2.30 per diluted share), compared to $468 million ($2.25 per diluted share) in 2025.
• Nine months ended September 30, 2026 reported earnings were $999 million, compared to $1,093 million in 2025.
• Nine months ended September 30, 2026 operating earnings were $1,162 million, compared to $1,187 million in 2025.
• DTE Electric segment reported $468 million in reported earnings for Q3 2026, down from $506 million in Q3 2025.
• DTE Gas segment reported a $30 million loss in reported earnings for Q3 2026, compared to a $38 million loss in Q3 2025.
• DTE Vantage segment reported $110 million in reported earnings for Q3 2026, up from $33 million in Q3 2025.
• Energy Trading segment reported $23 million in reported earnings for Q3 2026, down from $33 million in Q3 2025.
• Corporate and Other reported a $101 million loss in reported earnings for Q3 2026, compared to a $115 million loss in Q3 2025.
• The company invested nearly $4.1 billion in its utilities through the third quarter of 2026.

Guidance and Future Outlook:

• Confirmed 2026 operating EPS guidance of $7.59 to $7.73.
• Provided a 2027 operating EPS pro forma baseline range of $7.59 to $7.73, reflecting the DTE Vantage asset sale.
• On track to invest $6.1 billion into its utilities in 2026.
• Plans to invest approximately $44 billion in customer-focused capital over the next five years.
• The Integrated Resource Plan projects costs $3.5 billion less than the previous plan.
• The company aims to end coal use in 2032 and reduce carbon dioxide emissions by 84%.

Business Segments and Product Lines:

• Announced the sale of the non-utility DTE Vantage business for approximately $3 billion to institutional investors advised by J.P. Morgan Asset Management, with closing expected in the first half of 2027.
• Approved energy contracts with Google for a planned data center in Van Buren Township, serving two hyperscale data center customers in Michigan.
• Completed the 100-megawatt Cold Creek Solar Park near Coldwater in partnership with Ford Motor Company.
• DTE Electric filed its 20-year Integrated Resource Plan with the Michigan Public Service Commission.
• At year-end 2025, DTE operated 20 wind parks and 34 solar parks, generating enough energy to power more than 900,000 homes.
• Connected customers with nearly $125 million in energy assistance.

Market and Competitive Landscape:

• Michigan is positioned to lead the country in responsible data center development supported by strong regulatory oversight and clear laws.
• Data center agreements are expected to cover the full cost of energy and grid investments needed to serve them while contributing billions to the electric system through 2045.
• These contributions are projected to reduce the amount needed from existing customers.

Risks and Challenges:

• Risks include regulatory proceedings, cost recovery timing, economic conditions, operational failures, commodity price volatility, and cyber incidents.
• Specific risks include the impact of the EPA, FERC, MPSC, and other governmental proceedings on rate structures.
• Risks associated with nuclear facilities, including health, safety, and environmental compliance.
• Uncertainty regarding regulatory approvals and closing conditions for the sale of DTE Vantage assets.
• Potential for increased costs or delays in completion of significant capital projects.
• Forward-looking statements are subject to numerous assumptions and risks that may cause actual results to differ materially.

Management Commentary and Tone:

• Joi Harris, President and CEO, stated the transaction advances the strategy to focus resources on regulated utilities and positions DTE as a high-growth, premium utility with a stronger long-term outlook.
• Harris noted the sale supports a plan to deliver meaningful affordability benefits for customers.
• David Ruud, Vice Chairman and CFO, stated that strong financial performance through the third quarter positions the company to continue investing in Michigan's energy infrastructure while delivering long-term value.

Other Key Points:

• Lazard is acting as exclusive financial advisor and Kirkland & Ellis LLP as legal advisor for the DTE Vantage transaction.
• The DTE Vantage sale includes primarily all assets, except EES Coke.
• The 2027 operating EPS guidance reflects the closing of the Vantage transaction by year-end 2026 and is subject to change based on impacts from discontinued operations and the timing of sale proceeds deployment.
• A conference call was scheduled for 9:00 a.m. ET to discuss earnings results.
• DTE serves 2.3 million electric customers in Southeast Michigan and 1.4 million natural gas customers across Michigan.