0000936340false00009363402025-10-302025-10-300000936340dte:DTEElectricMember2025-10-302025-10-300000936340us-gaap:CommonStockMember2025-10-302025-10-300000936340dte:SeriesE20175.25JuniorSubordinatedDebenturesDue2077Member2025-10-302025-10-300000936340dte:SeriesG20204375JuniorSubordinatedDebenturesDue2080Member2025-10-302025-10-300000936340dte:SeriesE20214375JuniorSubordinatedDebenturesDue2081Member2025-10-302025-10-300000936340dte:SeriesH20256.25JuniorSubordinatedDebenturesDue2085Member2025-10-302025-10-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 30, 2025

dtecolorlogo.jpg
Commission File Number: 1-11607
DTE Energy Company
Michigan38-3217752
(State or other jurisdiction of incorporation or organization)(I.R.S Employer Identification No.)
Commission File Number: 1-2198
DTE Electric Company
Michigan38-0478650
(State or other jurisdiction of incorporation or organization)(I.R.S Employer Identification No.)
Registrants address of principal executive offices: One Energy Plaza, Detroit, Michigan 48226-1221
Registrants telephone number, including area code: (313) 235-4000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Exchange on which Registered
Common stock, without par value
DTE
New York Stock Exchange
2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
New York Stock Exchange
2020 Series G 4.375% Junior Subordinated Debentures due 2080DTB
New York Stock Exchange
2021 Series E 4.375% Junior Subordinated Debentures due 2081DTGNew York Stock Exchange
2025 Series H 6.25% Junior Subordinated Debentures due 2085DTKNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.

DTE Energy Company (DTE Energy) is furnishing the Securities and Exchange Commission (SEC) with its earnings release issued October 30, 2025, announcing financial results for the quarter ended September 30, 2025. A copy of the earnings release and the slide presentation, including supplemental financial information, are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

DTE Energy is furnishing the SEC with its slide presentation issued October 30, 2025. A copy of the slide presentation is furnished as Exhibit 99.2 and incorporated herein by reference.

In its earnings release, slide presentation and this filing, DTE Energy discusses 2025 and 2026 operating earnings guidance. It is likely that certain items that impact the company's 2025 and 2026 reported results will be excluded from operating results. Reconciliations to the comparable 2025 and 2026 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits
Earnings Release of DTE Energy Company dated October 30, 2025.
Slide Presentation of DTE Energy Company dated October 30, 2025.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

Forward-Looking Statements:

This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the "Forward-Looking Statements" section in DTE Energy's and DTE Electric Company's (DTE Electric) 2024 Form 10-K and 2025 Forms 10-Q (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric that discuss important factors that could cause DTE Energy's and DTE Electric's actual results to differ materially. DTE Energy and DTE Electric expressly disclaim any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

Date: October 30, 2025
DTE ENERGY COMPANY
(Registrant)
/s/David Ruud
David Ruud
Vice Chairman and Chief Financial Officer

DTE ELECTRIC COMPANY
(Registrant)
/s/David Ruud
David Ruud
Vice Chairman and Chief Financial Officer
Exhibit 99.1
image_0a.jpg

DTE Energy reports third quarter accomplishments, investments and earnings; provides 2026 early outlook

•Executed 1.4 GW data center agreement creating significant affordability benefits for existing customers
•Continued substantial investment to improve reliability and transition to cleaner generation; on track to invest $4.4 billion into its utilities in 2025
•Invested nearly $3 billion in our utilities through the third quarter of 2025
•Supported vulnerable customers during extreme summer heat with $800,000 donation to United Way
•Published annual sustainability report


DETROIT, Oct. 30, 2025 — DTE Energy (NYSE: DTE) invested nearly $3 billion in its utilities through the third quarter of 2025 and remains on target to invest a total of $4.4 billion this year. These investments are focused on upgrading and modernizing the company’s electric and natural gas infrastructure and transitioning to cleaner power generation to provide its customers with energy that is safer, cleaner, more reliable and more affordable.

The company also reported third quarter earnings of $419 million or $2.01 per diluted share, compared with $477 million, or $2.30 per diluted share in 2024. Operating earnings for the third quarter 2025 were $468 million, or $2.25 per diluted share, compared with 2024 operating earnings of $460 million, or $2.22 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.

“Our dedicated team of nearly 10,000 employees has taken on the challenge of leading Michigan’s energy transformation, while keeping our electric bills and our natural gas rate lower than the national average for our customers,” said Joi Harris, DTE Energy’s president and CEO. “As we accelerate investments in cleaner energy and strengthen the safety and resiliency of our infrastructure, we are also generating enough reliable power to not only meet our customers’ immediate needs, but power Michigan’s future growth and prosperity.”
Harris added, “We remain heavily focused on keeping our customers’ bills as low as possible as we invest in our system. The data center agreement is a great step forward in executing our long-term strategy while also creating substantial affordability benefits for existing customers.”

Harris also noted the following accomplishments:

•Executed 1.4 GW data center agreement: The company recently finalized its first data center contract with a hyperscaler for 1.4 GW of load that will ramp up over the next two to three years. The new electricity demand will be supported with existing capacity and new energy storage investments which will be paid for by the data center. This data center growth will create substantial affordability benefits for


existing customers as DTE sells excess generation, and contract terms will also ensure that the data center absorbs all new costs required to serve them.
•Invested nearly $3 billion in our utilities through the third quarter of 2025: So far this year, DTE has invested significantly to build the electric grid of the future; transitioning to smart grid technology, modernizing and rebuilding infrastructure and trimming trees. Customers are seeing the benefits, for example, DTE’s smart grid devices have prevented more than 17,500 outages throughout the company’s service territory through the first three quarters of 2025. Accelerating the deployment of these smart devices is a critical component to DTE’s investment plan and delivering on its commitment to reduce power outages by 30% and cut outage time in half by the end of 2029.

•Supported vulnerable customers during extreme summer heat with $800,000 donation to United Way: DTE Energy donated $800,000 to United Way for Southeastern Michigan to help residents in need across the state stay safe during Michigan’s extreme summer weather. The donation will provide relief to elderly, unemployed, underemployed, and disabled customers across Michigan who are struggling to pay their energy bills and have qualified for energy assistance in the current year.

•Published annual Sustainability Report: DTE published its 2024 Sustainability Report, highlighting its progress toward expanding renewable energy, reducing carbon emissions, improving business operations, maintaining affordable energy for its customers and developing a skilled workforce to build a cleaner, more resilient energy future for Michigan.

Outlook for 2025 and 2026

DTE Energy confirms 2025 operating EPS guidance of $7.09 - $7.23. DTE Energy also provided a 2026 operating EPS early outlook guidance range of $7.59 - $7.73.

“We continued our strong financial performance through the third quarter of 2025, enabling us to invest above our generated cash flows into Michigan’s energy infrastructure and deliver long-term value for the customers and communities we serve,” said David Ruud, DTE vice chairman and CFO.

This earnings announcement and presentation slides are available at dteenergy.com/investors.

The company will conduct a conference call to discuss earnings results at 8:30 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in number in the U.S. and Canada toll free is: (888) 510-2008. The telephone dial-in USA toll is: (646) 960-0306 and the Canada dial-in toll is: (289) 514-5035. The passcode is 4987588. The webcast will be archived on the DTE website at dteenergy.com/investors.

About DTE Energy DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers across Michigan. The DTE portfolio also includes energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading. DTE has continued to accelerate its carbon reduction goals to meet aggressive targets and is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy, emission reductions and economic progress. Information about


DTE is available at dteenergy.com, empoweringmichigan.com, x.com/DTE_Energy and facebook.com/dteenergy.

Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors. Operating earnings is a non-GAAP measure and should be viewed as a supplement and not a substitute for reported earnings, which represents the company’s net income and the most comparable GAAP measure. In this release, DTE Energy discusses 2025 and 2026 operating earnings guidance. It is likely that certain items that impact the company's 2025 and 2026 reported results will be excluded from operating results. Reconciliations to the comparable 2025 and 2026 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings. The information contained herein is as of the date of this document. DTE Energy expressly disclaims any current intention to update any information contained in this document as a result of new information or future events or developments. Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “projected,” “aspiration,” “plans” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to numerous assumptions, risks and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated or budgeted. Many factors may impact forward-looking statements including, but not limited to, the following: the impact of regulation by the EPA, EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in DTE Energy’s geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility in prices in international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets and customer data against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in commodity markets, deviations in weather and related risks impacting the results of DTE Energy’s energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce or increase power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning trust and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; impacts of inflation, tariffs, and the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena, including climate change, on operations and sales to customers, and purchases from suppliers; unplanned outages at our generation plants; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of generation and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; successful execution of new business development and future growth plans; contract disputes, binding arbitration, litigation, and related appeals; the ability of the electric and gas utilities to achieve goals for carbon emission reductions; and the risks discussed in DTE Energy’s public filings with the Securities and Exchange Commission. New factors


emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

For more information, members of the media may contact:
Dan Miner, DTE Energy: 313.235.5555

For further information, analysts may call:
Matt Krupinski, DTE Energy: 313.235.6649
John Dermody, DTE Energy: 313.235.8750


DTE Energy Company
Segment Net Income (Unaudited)
Three Months Ended September 30,
20252024
Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings		Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings
(In millions)
DTE Electric segment$506 $47 
A
$(12)$541 $437 $— $— $437 
DTE Gas segment(38)— — (38)(13)— — (13)
Non-utility operations
DTE Vantage segment33 8 
B
— 41 33 — — 33 
Energy Trading segment33 (14)
C
4 23 42 (22)
C
5 25 
Non-utility operations66 (6)4 64 75 (22)5 58 
Corporate and Other(115)— 16 
D
(99)(22)— — (22)
Net Income Attributable to DTE Energy Company$419 $41 $8 $468 $477 $(22)$5 $460 
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments.
Adjustments key
A) Revision in Asset retirement obligations associated with the License Termination Plan for the final decommissioning of Fermi 1 — recorded in Operating Expenses — Assets (gains) losses and impairments, net
B) Estimated litigation outcome regarding EES Coke Battery — recorded in Operating Expenses — Operation and maintenance
C) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility
D) Adjustment to Income Tax Expense due to the One Big Beautiful Bill Act and its impact to the charitable contribution valuation allowance


DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)(2)
Three Months Ended September 30,
20252024
Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings		Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings
DTE Electric segment$2.44 $0.22 A$(0.06)$2.60 $2.11 $— $— $2.11 
DTE Gas segment(0.18)— — (0.18)(0.06)— — (0.06)
Non-utility operations
DTE Vantage segment0.16 0.03 B— 0.19 0.15 — — 0.15 
Energy Trading segment0.14 (0.04)C0.01 0.11 0.20 (0.11)C0.03 0.12 
Non-utility operations0.30 (0.01)0.01 0.30 0.35 (0.11)0.03 0.27 
Corporate and Other(0.55)— 0.08 D(0.47)(0.10)— — (0.10)
Net Income Attributable to DTE Energy Company$2.01 $0.21 $0.03 $2.25 $2.30 $(0.11)$0.03 $2.22 
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments.
(2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations (Unaudited).
Adjustments key — see previous page



DTE Energy Company
Segment Net Income (Unaudited)
Nine Months Ended September 30,
20252024
Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings		Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings
(In millions)
DTE Electric segment$947 $33 A$(9)1,006 $886 $32 
G
$(8)$910 
47 
B
(12)
DTE Gas segment174 — — 174 153 8 
G
(2)159 
Non-utility operations
DTE Vantage segment103 8 
C
— 111 74 (25)
H
6 55 
Energy Trading segment84 (4)
D
1 
D
81 82 (27)
D
6 61 
Non-utility operations187 4 1 192 156 (52)12 116 
Corporate and Other(215)— 14 
E
(185)(83)— — (83)
— 16 
F
Net Income Attributable to DTE Energy Company$1,093 $84 $10 $1,187 $1,112 $(12)$2 $1,102 
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments.
Adjustments key
A) MPSC disallowance of power supply costs previously recorded — recorded in Operating Revenues — Utility operations and Other (Income) and Deductions
B) Revision in Asset retirement obligations associated with the License Termination Plan for the final decommissioning of Fermi 1 — records in Operating Expenses — Asset (gains) losses and impairments, net
C) Estimated litigation outcome regarding EES Coke Battery — recorded in Operating Expenses — Operation and maintenance
D) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility
E) Adjustment to Income Tax Expense due to a tax law change in Illinois
F) Adjustments to Income Tax Expense due to the One Big Beautiful Bill Act and its impact to the charitable contribution valuation allowance
G) One-time costs resulting from the voluntary separation incentive program — recorded in Operating Expenses — Operation and maintenance
H) Gain on sale of equity investment — recorded in Other (Income) and Deductions


DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)(2)
Nine Months Ended September 30,
20252024
Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings		Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings
DTE Electric segment$4.56 $0.16 A$(0.04)$4.84 $4.28 $0.15 G$(0.04)$4.39 
0.22 B(0.06)
DTE Gas segment0.84 — — 0.84 0.74 0.04 G(0.01)0.77 
Non-utility operations
DTE Vantage segment0.50 0.03 C— 0.53 0.35 (0.11)H0.03 0.27 
Energy Trading segment0.40 (0.01)D— D0.39 0.39 (0.13)D0.03 0.29 
Non-utility operations0.90 0.02 — 0.92 0.74 (0.24)0.06 0.56 
Corporate and Other(1.04)— 0.07 E(0.89)(0.40)— — (0.40)
— 0.08 
F
Net Income Attributable to DTE Energy Company$5.26 $0.40 $0.05 $5.71 $5.36 $(0.05)$0.01 $5.32 
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments.
(2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations (Unaudited).
Adjustments key — see previous page
3Q 2025 Earnings Conference Call October 30, 2025

 
Safe harbor statement 2 The information contained herein is as of the date of this document. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “projected,” “aspiration,” “plans” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated or budgeted. Many factors may impact forward-looking statements including, but not limited to, the following: the impact of regulation by the EPA, EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility in prices in international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets and customer data against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in commodity markets, deviations in weather and related risks impacting the results of DTE Energy’s energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce or increase power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning trust and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; impacts of inflation, tariffs, and the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena, including climate change, on operations and sales to customers, and purchases from suppliers; unplanned outages at our generation plants; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of generation and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; successful execution of new business development and future growth plans; contract disputes, binding arbitration, litigation, and related appeals; the ability of the electric and gas utilities to achieve goals for carbon emission reductions; and the risks discussed in DTE Energy’s public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This document should also be read in conjunction with the Forward-Looking Statements section in DTE Energy’s public filings with the Securities and Exchange Commission.

 
Participants 3 Joi Harris – President and CEO Dave Ruud – CFO Matt Krupinski – Director of Investor Relations

 
Continuing to deliver exceptional results for our stakeholders; well positioned for long-term growth 4 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings ✓ Highly engaged team committed to delivering best-in-class results for our customers, communities and investors ✓ Well positioned to achieve high end of operating EPS1 guidance in 2025 ✓ 2026 operating EPS early outlook provides 6% - 8% growth over 2025 guidance midpoint; well positioned to achieve high end of the range ✓ Executed 1.4 GW data center agreement with an additional ~3 GW in late-stage negotiations • Data center transaction and continued need to modernize our utility assets drives a $6.5 billion increase to our 5-year capital investment plan • Potential further upside to capital plan as negotiations advance on additional data center opportunities ✓ Investment plan supports shift to higher quality utility operating earnings over the 5-year plan; utility earnings targeted to increase to 93% of overall earnings by 2030 ✓ Long-term operating EPS growth rate target of 6% - 8% through 2030, with 2026 guidance midpoint as the base; confident we will reach the high end of our targeted range in each year driven by RNG tax credits and the flexibility they provide 2025 guidance 2026 early outlook $7.59 - $7.73 $7.09 - $7.23 DTE operating EPS guidance Positioned to reach high end of 6% - 8% target each year through 2030

 
Data center transaction and continued need to modernize our utility assets drives a $6.5 billion increase to our 5-year capital investment plan 5 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings $24 $4 ~$2 2025 - 2029 prior plan 2026 - 2030 current plan $30 $36.5 DTE Electric DTE Gas DTE Vantage22 % 5-year investment plan (billions) ~$2 $4.5 $30 • DTE Electric investments support data center development, cleaner generation transformation and distribution investments focused on continued reliability improvements — Potential further upside to capital plan as negotiations advance on additional data center opportunities • DTE Gas capital investment plan supports system reliability and infrastructure renewal • DTE Vantage will continue to focus on investments in utility-like, long-term, fixed-fee contracted projects • Investment plan supports operating EPS1 growth rate target of 6% - 8% through 2030; confident we will reach the high end of our targeted range in each year driven by RNG tax credits and the flexibility they provide — Utility operating earnings targeted to increase to 93% of overall earnings by 2030 — Data center opportunities help support this strategic shift, mitigating the impact of a more conservative DTE Vantage growth outlook driven largely by commodity pricing assumptions

 
• Capital increase of $6 billion from prior plan is primarily driven by data center transaction and other customer-focused initiatives — Incremental storage investment to support data center transaction; fully covered by the data center customer — Renewable investment supports continued success of MIGreenPower voluntary program and fulfills requirements of legislated clean energy plan — Combined cycle gas turbine build to replace base load generation as coal plants retire by 2032; submitting a competitive bid for the 2026 Integrated Resource Plan All Source RFP — Distribution investment to continue to harden our system and improve reliability • Strategic investments and process improvements, along with more favorable weather, have led to significant improvement in reliability for our customers — Nearly 90% improvement in duration of outages since 2023 — On track with goal to reduce power outages by 30% and cut outage time in half by 2029 • Rate case filing supports our grid reliability investment commitment while maintaining affordability — Requesting ~$1 billion of distribution spend to be included in the IRM by 2029 6 DTE Electric: significant investment increase driven by data center transaction, cleaner generation investments supporting future coal plant retirements and continued hardening of our distribution system $4 $4 $10 $11 $10 $15 2025 - 2029 prior plan 2026 - 2030 current plan Base infrastructure Cleaner generation1 $24 DTE Electric investment (billions) $30 25 % Distribution infrastructure 1. Includes $10 billion of renewable investment, $2.5 billion of energy storage investment and $2.5 billion of combined cycle gas turbine investment

 
Data center opportunities will drive significant incremental growth investment Executed agreement for ~1.4 GW of data center load Potential upside to plan with over 6 GW of opportunities Overview Capacity Requirements Investment Next Steps Demand Capacity Requirements Investment Opportunity Next Steps • ~1.4 GW of data center demand ramping up over the next 2 to 3 years • 19-year power supply agreement with minimum monthly charges in place • Data center pays for required storage through a 15-year energy storage contract • Supports affordability for existing customers as excess capacity is sold • Load ramp will be supported by existing capacity and will also require new energy storage investments • Nearly $2 billion energy storage investment included in current 5-year plan to support this new load • Submitting regulatory filing by end of October requesting approval of data center contract • Energy storage investments ramp up beginning in 2026 • Advanced discussions with multiple hyperscalers for ~3 GW of additional load • Multiple other co-locator data center opportunities for an additional 3-4 GW of new load • Additional opportunity driven by future expansions • Data center load ramps will require investments in new baseload generation and/or related storage investment • $ TBD • Incremental investment could begin ramping up later in the 5-year plan • Finalizing framework agreements and land control • Incorporate incremental generation requirements into 2026 IRP filing for approval 7

 
Economic development opportunities combined with our continuous improvement culture will continue our historical success of managing customer affordability 3.0% 15.8% 21.3% DTE Electric Great Lakes average National average Top Tier Affordability Total electric residential bill change % from 2021 to 20251✓ Data center load growth helps drive affordability headroom for existing customers as excess capacity is sold ✓ Our distinctive continuous improvement culture will continue to drive cost management ✓ Shift from coal to renewables and natural gas drives fuel and O&M cost reductions ✓ Diversified energy mix maintains flexibility to adapt to future technology advancements ✓ IRA supports transition to cleaner energy while supporting customer affordability goals 1. Source: Energy Information Administration (EIA). Ending point is the average 12-month rolling residential bill from April 2024 to March 2025 8

 
3Q 2025 operating earnings1 variance 9 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 2024 2025 Variance Primary drivers DTE Electric $437 $541 $104 Timing of taxes ($63M) and rate implementation partially offset by higher rate base costs DTE Gas (13) (38) (25) Primarily higher O&M and rate base costs DTE Vantage 33 41 8 RNG production tax credits partially offset by lower steel related revenues Energy Trading 25 23 (2) Continued strong physical power and physical gas performance Corporate & Other (22) (99) (77) Primarily timing of taxes (-$55M) which reverses by end of year and higher interest expense DTE Energy $460 $468 $8 Operating EPS $2.22 $2.25 $0.03 Avg. Shares Outstanding 207 207 (millions, except EPS) Strong performance supports our ability to achieve the high end of operating EPS guidance in 2025

 
2026 operating EPS1 early outlook midpoint provides 7% growth over 2025 original guidance midpoint; positioned to achieve high end 10 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 2024 guidance midpoint 2025 guidance 2026 early outlook $7.59 - $7.73 $7.09 - $7.23 DTE operating EPS guidance Positioned to reach high end of 6% - 8% target in 2025 and 2026 $6.69 • Our 2026 early outlook provides 6% - 8% growth over our 2025 guidance midpoint — Confident that we will deliver at the high end of the guidance range due to the flexibility that the RNG tax credits provide • Utility growth will be driven by customer-focused investments — Distribution and cleaner generation investments at DTE Electric — Main renewal and other infrastructure improvements at DTE Gas • DTE Vantage will see continued contributions from RNG production tax credits and growth from the development of new custom energy solutions projects • Continued strength at Energy Trading in both our structured physical power and physical gas portfolios

 
Maintaining strong cash flows, balance sheet and credit profile 11 Credit ratings S&P Moody’s Fitch DTE Energy (unsecured) BBB Baa2 BBB DTE Electric (secured) A Aa3 A+ DTE Gas (secured) A A1 A Strong balance sheet supports robust customer-focused investment agenda • Customer-focused capital investment plan is supported by consistent, healthy cash flows • Targeting equity issuances of $500 - $600 million annually 2026 - 2028 − Equity is required earlier in the plan due to a ~$3.5 billion increase in capital over the next 3 years to support data center load growth and generation investments − Plan may also include additional junior subordinated debt over prior plan to support balance sheet metrics as the market allows • Effectively managing debt maturities to support long-term plan • Maintaining solid investment-grade credit ratings; targeting ~15% FFO / Debt1 1. Funds from Operations (FFO) is calculated using operating earnings, debt excludes a portion of DTE Gas’ short-term debt and considers 50% of the junior subordinated notes as equity

 
Investment focused on improved reliability and cleaner generation; well positioned for long-term growth 12 ✓ Highly engaged team committed to delivering best-in-class results for our customers, communities and investors ✓ Well positioned to achieve high end of operating EPS1 guidance in 2025 ✓ 2026 operating EPS early outlook provides 6% - 8% growth over 2025 guidance midpoint; well positioned to achieve high end of the range due to the flexibility that the RNG tax credits provide ✓ Executed 1.4 GW data center agreement with an additional ~3 GW in late-stage negotiations ✓ Increasing 5-year capital investment by $6.5 billion over previous plan primarily driven by increased customer-focused utility investment ✓ Investment plan supports shift to higher quality utility earnings over the 5-year plan; utility operating earnings targeted to increase to 93% of overall earnings by 2030 ✓ Long-term operating EPS growth rate target of 6% - 8% through 2030, with 2026 guidance midpoint as the base; confident we will reach the high end of our targeted range in each year driven by RNG tax credits and the flexibility they provide ✓ Investment plan supported by strong balance sheet and solid investment-grade credit profile, combined with a continued focus on customer affordability 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings

 
13 Appendix

 
2025 operating EPS1 guidance midpoint provides 7% growth over 2024 original guidance midpoint; positioned to achieve high end (millions, except EPS) 2025 guidance DTE Electric $1,205 - $1,225 DTE Gas 310 - 320 Higher O&M as we unwind one-time lean operational measures implemented over the past few years that were used to counteract unfavorable weather DTE Vantage 150 - 160 Energy Trading 50 - 60 Continued strong performance of contracted physical power and gas portfolios Corporate & Other (255) - (245) DTE Energy $1,475 - $1,505 Operating EPS $7.09 - $7.23 ✓ 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 14 Positioned to achieve high end of operating EPS guidance in 2025

 
DTE Gas: replacing aging infrastructure to ensure reliability and safety for our customers 15 Gas renewal program Base infrastructure $1.5 $1.8 $2.5 $2.7 2025 - 2029 prior plan 2026 - 2030 current plan $4.0 $4.5 DTE Gas investment (billions) • Continuing to improve customer service excellence and progress on main renewal − Continued progress on main renewal program; renewed ~2,000 miles since program inception • Long-term capital investment plan focused on infrastructure improvements including main renewal investments to minimize leaks and reduce costs for our customers − Significant investment to support main renewal recovered through Infrastructure Recovery Mechanism (IRM) − Base infrastructure investments enhance distribution, transmission, compression and storage − Continued focus on safety and affordability for customers ~1 3%

 
DTE Vantage: strategic focus on decarbonization solutions for customers 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 16 JN • Progressing on project development − Continuing construction on the long-term, fixed-fee custom energy solutions project with Ford Motor Company; expecting commercial operation in 2026 − Progressing on project to design, build, own, operate and maintain a 42 MW combined heat and power project serving a large industrial customer; expect construction to begin later this year − ~$2 billion 5-year capital investment plan supports continued execution of utility- like, long-term, fixed-fee contracted projects and decarbonization growth opportunities • New projects coming on-line in 2026 and 2027, combined with a solid long-term development pipeline, provide confidence we can achieve our DTE 6% - 8% operating EPS1 growth through 2030 − 2030 operating earnings projection of $150 - $160 million is flat compared to 2025 operating earnings due to the expiration of 45Z tax credits in 2029 and a more conservative outlook driven largely by commodity pricing assumptions

 
We are preparing for significant capacity additions as we serve new load and replace retiring plants 17 ✓ Data center driven load growth drives incremental storage requirement near- term Key drivers of generation development ✓ Clean energy legislation and evolving policy landscape ✓ Retirement of legacy assets and need for firm generation 2026 – 2032 generation additions Resource Capacity addition Renewables Storage (includes data centers) TOTAL ~12 GW ~2.5 GW ~8 GW CCGT w/CCS ~1.5 GW

 
Top tier affordability for our customers over the last 4 years 18 State comparison – electric residential bill change % from 2021 to 20251 DTE 3.0% Great Lakes average 15.8% U.S. average 21.3% 1st quartile 2nd quartile 3rd quartile 4th quartile Great Lake peer states 1. Source: Energy Information Administration (EIA). Ending point is the average 12-month rolling residential bill from April 2024 to March 2025

 
Environmental, social and governance (ESG) efforts are key priorities; aspiring to be the best in the industry Environment • Transitioning towards net zero1 emissions at both utilities • Accelerating transition to cleaner generation • Protecting our natural resources Social • Focusing on the diversity, safety, well-being and success of employees • Investing in communities • Leader in volunteerism Governance • Focusing on the oversight of environmental sustainability, social and governance • Ensuring board diversity • Providing incentive plans tied to safety and customer satisfaction targets 19 1. Definition of net zero included in the appendix 2024 Sustainability Report https://empoweringmichigan.com/dte-impact/performance Link:

 
Weather impact on sales Cooling degree days1 Operating earnings2 impact of weather Weather normal sales1 DTE Electric Heating degree days3 Operating earnings2 impact of weather DTE Gas (GWh) YTD 2024 YTD 2025 % Change Residential 11,930 11,998 0.6% Commercial 14,604 14,435 (1.2%) Industrial 7,817 7,630 (2.4%) Other 141 139 (1.4%) 34,492 34,202 (0.8%) (millions) (per share) 3Q YTD 3Q YTD 2024 ($12) ($21) ($0.06) ($0.10) 2025 ($7) ($5) ($0.03) ($0.02) (millions) (per share) 3Q YTD 3Q YTD 2024 ($2) ($49) ($0.01) ($0.24) 2025 $0 $8 $0.00 $0.03 3Q 2024 3Q 2025 % Change YTD 2024 YTD 2025 % Change Actuals 619 623 1% 911 875 (4%) Normal 647 644 0% 900 898 0% Deviation from normal (4%) (3%) 1% (3%) 3Q 2024 3Q 2025 % Change YTD 2024 YTD 2025 % Change Actuals 55 101 84% 3,358 4,150 24% Normal 115 109 (5%) 4,148 4,044 (3%) Deviation from normal (52%) (7%) (19%) 3% 20 1. DTE Electric 2024 weather normalized data based on 2008 – 2022 weather and 2025 weather normalized data based on 2009 – 2023 weather 2. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 3. DTE Gas 2024 weather normalized data based on 2009 – 2023 weather and 2025 weather normalized data based on 2010 – 2024 weather YTD 2025 sales up 1.6% after adjusting for Leap Year (0.4%) and Energy Optimization (2%)

 
Cash flow and capital expenditures guidance 21 1. Includes equity issued for employee benefit programs 2025 guidance DTE Electric Base infrastructure $765 Cleaner generation 1,450 Distribution infrastructure 1,520 $3,735 DTE Gas Base infrastructure $345 Gas renewal program 315 $660 Non-utility $375 - $575 Total $4,770 - $4,970 2025 guidance Cash from operations1 $3.3 Capital expenditures (4.9) Free cash flow ($1.6) Dividends (0.9) Other (0.3) Net cash ($2.8) Debt financing Issuances $4.1 Redemptions (1.3) Total debt financing $2.8 (millions) Cash flow Capital expenditures (billions)

 
Cash flow and capital expenditures 22 (millions) Cash flow Capital expenditures (billions) 1. Includes equity issued for employee benefit programs YTD 3Q 2024 YTD 3Q 2025 DTE Electric Base infrastructure $577 $479 Cleaner generation 832 814 Distribution infrastructure 1,218 1,266 $2,627 $2,559 DTE Gas Base infrastructure $272 $213 Gas renewal program 271 227 $543 $440 Non-utility $508 $479 Total $3,678 $3,478 YTD 3Q 2024 YTD 3Q 2025 Cash from operations1 $2.6 $2.4 Capital expenditures (3.7) (3.5) Free cash flow ($1.1) ($1.1) Dividends (0.6) (0.7) Other (1.1) (0.1) Net cash ($2.8) ($1.9) Debt financing Issuances $4.2 $4.0 Redemptions (0.4) (2.1) Total debt financing $3.8 $1.9 Change in cash on hand $1.0 $0.0

 
3Q 2025 and 3Q 2024 reconciliation of reported to operating earnings (non- GAAP) and operating EPS (non-GAAP) 23 Adjustments key A) Revision in Asset retirement obligations associated with the License Termination Plan for the final decommissioning of Fermi 1 — recorded in Operating Expenses — Assets (gains) losses and impairments, net B) Estimated litigation outcome regarding EES Coke Battery — recorded in Operating Expenses — Operation and maintenance C) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility D) Adjustment to Income Tax Expense due to the One Big Beautiful Bill Act and its impact to the charitable contribution valuation allowance 1. Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments 2. Per share amounts are divided by Weighted Average Common Shares Outstanding – Diluted, as noted on the Consolidated Statements of Operations (Unaudited) (Earnings per share2)

 
Reconciliation of reported to operating earnings (non-GAAP) 24 Use of Operating Earnings Information – Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DTE Energy management believes that operating earnings provide a meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors. Operating earnings is a non-GAAP measure and should be viewed as a supplement and not a substitute for reported earnings, which represents the company’s net income and the most comparable GAAP measure. In this presentation, DTE Energy provides guidance for future period operating earnings. It is likely that certain items that impact the company’s future period reported results will be excluded from operating results. A reconciliation to the comparable future period reported earnings is not provided because it is not possible to provide a reliable forecast of specific line items (i.e., future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings. Definition of net zero Goal for DTE Energy's utility operations and gas suppliers at DTE Gas that any carbon emissions put into the atmosphere will be balanced by those taken out of the atmosphere. Achieving this goal will include collective efforts to reduce carbon emissions and actions to offset any remaining emissions. Progress towards net zero goals is estimated and methodologies and calculations may vary from those of other utility businesses with similar targets. Carbon emissions is defined as emissions of carbon containing compounds, including carbon dioxide and methane, that are identified as greenhouse gases.