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

Earnings & guidance: on track for “high end” (forecast) - Q2 2026 operating earnings: $274M ($1.32/share), positioned to reach the high end of 2026 operating EPS guidance. - Utility drivers (YOY headwinds): - DTE Electric: $270M, -$48M vs Q2’25 (mainly tax timing + higher rate base costs + colder weather, partially offset by rate implementation). - DTE Gas: +$10M lower vs Q2’25 (higher rate base & O&M, warmer weather, partially offset by IRM). - Offset strength (non-utility): DTE Vantage $45M (+$14M vs 2025) and Energy Trading $41M (+$17M) with continued confidence on reaching the Energy Trading full-year outlook.

Long-term operating EPS growth target reaffirmed: 6%–8% through 2030 - Management reaffirmed a 5-year plan supporting 6%–8% long-term operating EPS growth through 2030. - The growth path is supported by customer-focused utility investment (utility earnings are expected to be ~93% of total earnings by 2030) and RNG tax credits, which provide flexibility and help smooth outcomes. - Surprise/positive: even with storm disruption, management is maintaining confidence that 2026 will land at the high end of guidance.

Data centers are the biggest upside lever—but also the key regulatory dependency (opportunity + risk) - Executed agreements (2 projects) totaling ~2.4 GW: - Oracle (1.4 GW): approved, under construction. - Google (1.0 GW): submitted/advancing through MPSC approval (expected around September); described as upside to the long-term plan. - Pipeline: 5–6 GW additional opportunities; management targets another agreement by end of 2026 from ~2 GW in advanced discussions (hyperscalers + colocators). Also notes 3–4 GW more opportunities that depend on securing customers + zoning/site plan. - Guidance “plus” framework: management reiterated “8%+” earnings outlook and indicated guidance updates likely in Q3 or at EEI, with a possible Q4 refresh if a new contract is secured before year-end. - Key risk: earnings upside and potential rate case stay-out depend on regulatory approvals (Google contract + regulatory mechanisms/IRM treatment).