DTE Energy Co.

Strong 1Q26 performance; guidance confidence - Operating earnings in 1Q26: $407M ($1.95/share), placing DTE on track to achieve the high end of 2026 operating EPS guidance. - Segment highlights: - DTE Electric: $218M, +$71M vs 1Q25, driven mainly by tax timing / rate implementation / colder weather, partially offset by higher rate base and O&M. - DTE Gas: $210M, +$4M vs 1Q25, driven by colder weather and IRM revenue, partially offset by higher rate base costs. - Energy trading: $59M lower vs 1Q25, mainly timing effects expected to reverse through the rest of the year. - 2026 outlook: Operating EPS growth +6% to +8% vs 2025 midpoint, with confidence in hitting the high end supported by RNG tax credits.

Data center growth is the key upside (Oracle approved; Google progressing) - Oracle (1.4 GW): Approved; construction underway; ramp expected to accelerate after 2026, with Oracle fully ramping over the next few years. - Google (1.0 GW): Contract filed for MPSC IV approval; management expects an order around September (per contract), with ramp to fully ramp by end of 2028. - Incremental investment tied to Google: could drive roughly $5B of incremental generation and storage investment through 2032 (resource mix refined in IRP). - Most important “pro-investor” claim: these projects are structured to provide affordability benefits to existing customers rather than purely ratepayer burden.

Affordability and reliability are being positioned as the central investment thesis - Reliability improvements: from 2023 to 2025: ~90% improvement in outage duration; best all-weather SAIDI in ~20 years; 99.9% of impacted customers restored within 48 hours in 2025. - Storm performance early 2026: ~100% restored in 48 hours (Jan) and >99% restored in 48 hours (March) even with >70 mph sustained wind gusts impacting ~300,000 customers. - Target goals: -30% in outage frequency and cut outage duration in half by 2029; continued smart grid modernization + pole-top maintenance + rebuild of the 4.8 kV system.