DTE Energy Company JR SUB DB 2017 E Q4 FY2024 earnings call

1. 2024 was a successful year with strong culture driving results, recognized by Gallup for 12th consecutive year as a great workplace. 2. 2025 operating EPS guidance range is $7.09 to $7.23 with midpoint $7.16, 7% growth over 2024 original guidance midpoint. 3. Updated five-year plan with $30 billion investment over next five years, $5 billion increase from previous plan, driven by renewables and reliability investment. 4. DTE Electric investing $24 billion over next five years, $4 billion more than prior plan, $10 billion for cleaner generation. 5. DTE Gas had top quartile cost and operating performance, ranked number one in Midwest for customer satisfaction for business natural gas service, planning to invest $4 billion over five years for infrastructure upgrade. 6. DTE Vantage shifting focus to utility-like projects for long-term contracted earnings.

In 2024, operating earnings were $1.4 billion, translating to $6.83 per share. DTE Electric had earnings of $1.1 billion, $314 million higher than 2023. DTE Gas had operating earnings of $263 million, $31 million lower than 2023. DTE Vantage had $133 million of earnings. Energy trading finished the year with earnings of $100 million. Corporate and other was unfavorable by $26 million year over year.

1. 2025 operating EPS guidance midpoint is $7.16 per share, 7% growth over 2024 original guidance midpoint. 2. Expect to achieve high end of 2025 EPS guidance range as RNG tax credits come into plan. 3. Long-term target 6% to 8% operating EPS growth through 2029, with bias to upper end from 2025-2027. 4. Data center opportunities provide potential upside to capital investment and EPS growth plan.

Q: On CapEx plan updates and data center upside, A: Data center opportunities not in current plan yet, upside expected as move to definitive agreements, near term incremental renewables and storage within plan.

Q: On RNG credit and Vantage, A: Vantage has solid plan with $20 million annual base earnings growth, 6%-8% EPS growth driven by utility investment.

Q: On data center demand impact to load growth CAGR, A: Modeling shows 4%-5% CAGR increase.

Q: On rate filing cadence, A: Electric likely in second quarter, gas likely in fourth quarter 2025.

Q: On near-term and long-term financing, A: Minimal equity issuances 2025-2027 due to strong cash flows, modest increase in later years.

Q: On Vantage opportunities, A: Vantage has pipeline of utility-like projects with long-term fixed-fee contracts, potential in carbon capture.

Q: On data center timeline and tariff, A: Conversations progressing, aim for definitive agreements this year, may pursue novel tariff structure.

Q: On data center pipeline and capacity, A: About 3 gigawatts in pipeline, near term has excess capacity.

Q: On 2026 IRP and tariffs, A: Plan to file 2026 IRP end of 2026, tariff structure can be done outside rate case.

Q: On CapEx through IRM and audit upside, A: Last case filed for up to $720 million CapEx through IRM, audit calls out pole top maintenance as upside opportunity.