DTW

• Joi Harris mentioned it's her first time leading earnings call as CEO, highlighted progress on 2025 financial goals, strong 2026 operating EPS outlook, and enhanced 5-year plan to 2030. - Achieved agreement with leading hyperscaler for 1.4 gigawatts of data center loads, with late-stage negotiations for additional 3 gigawatts. - Updated plan includes significant increases in utility investments, targeting 6%-8% operating EPS growth through 2030. - At DTE Electric, $6 billion increase in capital plan driven by data center transaction and customer-focused initiatives, including new storage investment, renewable investments, and construction of combined cycle gas turbine. - DTE Gas focused on system reliability and infrastructure renewal. - DTE Vantage prioritizing utility-like long-term fixed-fee contracted projects, with more conservative growth outlook influenced by commodity pricing. - Committed to customer affordability, with data center growth creating affordability headroom and IRA provisions supporting renewable investments.

• 2025: Well positioned to hit high end of operating EPS guidance range. - 2026: Early outlook reflects operating EPS growth of 6%-8% over 2025 guidance midpoint, confident in delivering at higher end. - Updated 5-year plan increases capital investment by $6.5 billion, targets utility operating earnings to increase to 93% of overall earnings by 2030. - Data center opportunities provide potential upside to capital investment and EPS growth plan. - Bias to upper end of 6%-8% growth range driven by RNG tax credits and flexibility.

Operating earnings for the quarter were $468 million, translating to $2.25 per share. DTE Electric earnings were $541 million for the quarter, $104 million higher than Q3 2024, driven by timing of taxes and rate implementation, partially offset by higher O&M and rate base costs. DTE Gas operating earnings were unfavorable $38 million, $25 million lower than Q3 2024, primarily due to higher O&M and rate base costs. DTE Vantage operating earnings were $41 million for Q3 2025, an $8 million increase from 2024, driven by RNG production tax credits, partially offset by lower steel-related revenues. Energy Trading earned $23 million for the quarter. Corporate and Other was unfavorable by $77 million quarter-over-quarter due primarily to timing of taxes and higher interest expense.

• Uncertainty in finalizing additional data center load negotiations. - Execution risk in modernizing utility assets. - Commodity price fluctuations impacting DTE Vantage's growth. - Regulatory approval uncertainty for capital investment plans and rate cases.

Q: So obviously, the upside slide, it seems fairly material around incremental data center opportunities. Are the data center deals kind of are they an inflection point to rebase higher or shift that 6% to 8% CAGR? Or should we still kind of assume lengthen and strengthen? I guess, what do you need to see to revisit that guided trajectory, especially since some of it can hit the back end of the plan and you're already growing at the higher end?

A: Thanks for the question. Yes, we're really excited about the first 1.4 gigawatt deal we have on the table, and we feel well positioned to execute on that. We're continuing conversations. As I mentioned in the intro, we've got 4 gigawatts -- well, 3 to 4 gigawatts that we're continuing to work with hyperscalers with a total pipeline of roughly 7. That said, as we are advancing these negotiations, our intent would be to find terms that we can then -- and the ramp that we can then incorporate into our next year's IRP and then determine the generating resource to support that load. It could be a large generating load or a combination of batteries and renewables. But the intent would be to get it into the 5-year plan, if at all possible, and that would give us growth opportunities above and beyond where we are today. So we feel really good about the deal we have on the table and our ability to execute on it.

Q: Just regarding the EPS CAGR, is the right math to think about like 2026 high end and then growing 8% off that until 2030? Or should we think about the EPS CAGR kind of being based off the midpoint each year?

A: So midpoint this year is the way we guide. And the 45Zs give us the potential to hit the top end of our range. And as you know, those 45Zs extend through 2029.

Q: Maybe just like how much should we think about like the load is needed to trigger a new gas plant versus just more energy storage at this point? I mean like when you look at the 7 gigawatt pipeline, how should we think about like what's needed for new base load versus just like incremental storage?

A: Yes. So think of it this way, any new data center load that we bring on after this 1.4 gigawatts will require additional resources. If we bring on something in the gigawatt range, it would require a combined cycle to support it. Anything lower than that, we could do a combination of either smaller CCGT and some renewables and batteries. But we'll know all of that for certain once we sign the deal and incorporate it into next year's IRP. And that will really dictate the resource requirements and the resource mix.