DTE Energy Co.

Earnings + 2026 outlook (on track; high end of guidance) - Q2 2026 operating earnings: $274M ($1.32/share). - On track for 2026: Management reaffirmed that results place the company well positioned to reach the high end of 2026 operating EPS guidance. - Longer-term growth target unchanged: 6%–8% long-term operating EPS growth through 2030, and management still sees a path to the high end each year. - What drove Q2 vs. last year (high-level): electric utility down due to tax timing effects (partially smoothing going forward) and colder weather; other segments (Vantage, Energy Trading) helped offset.

Reliability + capex plan (good progress, but July storm was a stress test) - Major challenge: a fast-moving Midwest storm in early July impacted ~400,000 customers, with >600 broken poles and tree-related damage outside maintained right-of-way; restoration times extended beyond typical targets due to unexpected severity. - Key “good news” from the storm: upgraded/recently hardened parts of the grid performed significantly better, validating the investment strategy. - Track record improving: outage duration improved 90% from 2023–2025 and DTE achieved its best all-weather SAIDI in nearly 2 decades; in prior 5 storms before July, they restored 97% within 24 hours and ~100% within 48 hours. - Planned investment: roughly $11B over 5 years focused on four pillars—automation, hardening/pole work, modernization, and tree trimming/sustained clearing.

Data centers are the main growth/opportunity engine (and affordability lever) - Executed agreements on plan: 2.4 GW total executed agreements. - Oracle (1.4 GW): fully approved and under construction. - Google (1.0 GW): contract submitted/advancing through MPSC approval; expected approval process later this year (management references September). - Pipeline momentum: ~5–6 GW additional opportunities; ~2 GW in advanced discussions with a target of another agreement by end of 2026 (hyperscalers + colocators; commercial talks + zoning/site plan pathway are progressing). - Affordability impact (major investor-relevant upside): Oracle expected to provide ~$300M annual benefits to existing customers; Google expected to provide ~$1.7B of benefits over the contract life (fixed-cost absorption). - Rate “stay-out” expectation: if regulatory mechanism is approved, data centers create opportunity to extend timing of the next electric rate case to at least 2028.