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

Strong guidance + upgraded long-term growth outlook (EPS) - 2026 operating EPS guidance: $6–8% growth vs 2025 midpoint, with management saying they’re positioned toward the high end (supported by RNG tax credits). - Long-term operating EPS outlook through 2031 upgraded: updated plan targets >9% annual operating EPS CAGR (measured from a 2027 pro forma baseline $7.59–$7.73, midpoint $7.66). - Post-2027 growth expected to accelerate as data-center-related utility investments ramp: - >9% CAGR in 2028–2029 - ≥9% in 2030–2031 - *Good/surprising:* The company highlights that the plan could exceed the high end of the prior trajectory because growth is increasingly driven by regulated utility capex tied to large-load demand.

Data center strategy is the core demand driver (affordability + “rate case stay-out”) - MPSC approved contracts: - Google 1 GW approval (Oct) - Oracle 1.4 GW approval (previous year), construction advancing - Contracts are designed to embed customer affordability benefits and avoid cost-shifting to existing customers by spreading fixed system costs over a larger electric sales base. - Rate-case timing benefit: Load ramps create an opportunity to delay the next electric rate case filing. - With Oracle load: expected stay-out through at least 2028 - Google load: opportunity to extend stay-out further - Pipeline remains robust: ~5 GW additional opportunities, including ~2 GW in advanced discussions; goal remains at least 1 additional agreement by end of 2026.

Strategic sale of DTE Vantage (~$3B) to sharpen focus on regulated utility growth - Announcement: sell substantially all DTE Vantage assets (except EES Coke) to institutional investors (infrastructure group at JPMorgan Asset Management). - Deal size: ~$3B proceeds; company targets close first half of 2027. - Why it matters: - Simplifies DTE into a more regulated-utility-focused company (higher visibility/lower risk profile) - Funds flexibility: reduces future equity needs and parent debt, helping support the expanded $44B/5-year utility capital plan (nearly +$10B vs prior plan) - Financial accounting impact: Vantage earnings in 2027 treated as discontinued operations, causing timing/dilution noise around the 2027 pro forma baseline.