DTE Energy Co. - 4.375% DB REDEEM 15/10/2080 USD 25

2026 performance & earnings outlook (bullish baseline) - Q1 2026 operating EPS: $1.95/share on $407m operating earnings (non-GAAP). - Full-year guidance: Management reiterated it is well positioned to hit the *high end* of 2026 operating EPS guidance (guided 6%–8% growth vs 2025 midpoint), supported by RNG tax credits and timing benefits. - Segment highlights (Q1 vs Q1’25): - DTE Electric: $218m operating earnings, +$71m YoY (timing of taxes, rate implementation, colder weather; partly offset by higher rate base and O&M). - DTE Gas: $210m, +$4m YoY (colder weather + IRM revenue; partly offset by higher rate base costs). - Energy Trading: $59m lower than Q1’25 due to expected timing; company confidence that this reverses later in 2026.

Reliability & storm-response momentum (operational strength) - Storm execution: In Q1, the team restored 100% of impacted customers within 48 hours (January) and >99% within 48 hours (March). - Longer-term reliability improvement: From 2023–2025, outage duration improved by ~90%; best all-weather SAIDI performance in ~20 years; top quartile nationwide. - Targets: Company remains on track to reduce number of power outages by 30% and cut outage duration in half by 2029, driven by smart grid devices, pole-top maintenance, and rebuild of the 4.8 kV system.

Data centers are the big growth + affordability story (Oracle approved; Google in review) - Oracle (1.4 GW): Approved; construction underway. Load ramp expected to accelerate beyond 2026 (Oracle ramp “shoots up exponentially” after 2027). - Google (1.0 GW): Agreement filed to MPSC; company expects an order by September timeframe (no preliminary findings per commentary), with full ramp by end of 2028. - Contract protections: Deals are structured so hyperscalers cover energy/capacity costs and protect existing customers via safeguards (credit/collateral + contract provisions). - Potential upside size: For Google, meeting capacity needs could drive roughly $5bn of incremental generation & storage investment through 2032 (exact resource mix to be refined in the IRP).