DTE Energy Co. - 6% DB REDEEM 15/12/2076 USD 25

Strong start to 2026 + high-end guidance bias - Management is positioned to achieve the high end of 2026 operating EPS guidance, supported by RNG tax credits and execution momentum. - Q1 2026 operating earnings: $407M ($1.95/share). - Segment results (operating earnings): DTE Electric $218M (+$71M YoY, mainly tax timing/rate implementation/colder weather offset by higher rate base & O&M); DTE Gas $210M (+$4M YoY, colder weather & IRM revenue partly offset by higher rate base costs); Vantage $48M (+$9M YoY); Energy trading down ~$59M YoY (expected timing shift, reversal expected later in 2026); Corporate/Other down ~$54M (tax timing + higher interest expense). - Full-year outlook: reiterated operating EPS growth of 6%–8% vs 2025 midpoint, aiming for the high end.

Grid reliability improvements are measurable; storms showed execution - Storm response (Q1): restored 100% of impacted customers within 48 hours (Jan event) and >99% within 48 hours (March storm). - Reliability improvements highlighted: 90% improvement in outage duration from 2023–2025, best all-weather SAIDI in ~20 years, and 99.9% of impacted customers restored within 48 hours in 2025. - Ongoing initiatives: smart grid devices (faster detection/restoration), pole-top maintenance, and 4.8kV rebuild. - Targets: reduce number of outages by 30% and cut outage duration in half by 2029.

Data center growth is the biggest opportunity—contracted, but depends on regulatory approval timing - Oracle (1.4 GW): approved; construction underway; load ramps over coming years (Oracle ramp “small” in 2026; accelerates beyond 2027). - Google (1.0 GW): agreement filed to MPSC; management expects an order in September (and notes Commission expects no pre-final draft / contested case dynamics are a key external risk). - If approved and on schedule: contracts provide affordability benefits while helping spread fixed grid costs; management expects this to support extending the cadence of the next electric rate case. - Potential upside scale: meeting Google’s capacity needs could drive roughly $5B incremental generation & storage investment through 2032 (capital plan implications). - Additional pipeline: advanced discussions for ~2 GW incremental load; potential +3 to 4 GW more over time.