DTE ENERGY CO

Previous wording

The decrease in Net Income Attributable to DTE Energy Company for the three months ended June 30, 2025 was primarily due to lower earnings at Corporate and Other and in the Energy Trading segment, partially offset by higher earnings in the Electric segment. The increase for the six-month period was primarily due to higher earnings in the Gas, DTE Vantage, and Energy Trading segments, partially offset by lower earnings at Corporate and Other.

Current wording

The decrease in Net Income Attributable to DTE Energy Company for the three months ended September 30, 2025 was primarily due to greater losses at Corporate and Other and lower earnings in the Gas segment, partially offset by higher earnings in the Electric segment. The decrease for the nine-month period was primarily due to greater losses at Corporate and Other, partially offset by higher earnings in the Electric, DTE Vantage, and Gas segments.

Previous wording

DTE Electric's capital investments over the 2025-2029 period are estimated at $24 billion, comprised of $10 billion for distribution infrastructure, $4 billion for base infrastructure, and $10 billion for cleaner generation including renewables.

Current wording

DTE Electric's capital investments over the 2026-2030 period are estimated at $30 billion, comprised of $11 billion for distribution infrastructure, $4 billion for base infrastructure, and $15 billion for cleaner generation including renewables.

Previous wording

DTE Gas' capital investments over the 2025-2029 period are estimated at $4.0 billion, comprised of $2.5 billion for base infrastructure and $1.5 billion for the gas renewal program, which includes main and service renewals, meter move-out, and pipeline integrity projects.

Current wording

DTE Gas' capital investments over the 2026-2030 period are estimated at $4.5 billion, comprised of $2.7 billion for base infrastructure and $1.8 billion for the gas renewal program, which includes main and service renewals, meter move-out, and pipeline integrity projects.

Previous wording

DTE Energy's non-utility businesses' capital investments are primarily for expansion, growth, and ongoing maintenance in the DTE Vantage segment, including approximately $1.5 billion to $2.0 billion from 2025-2029 for custom energy solutions and renewable energy, while expanding into carbon capture and sequestration.

Current wording

DTE Energy's non-utility businesses' capital investments are primarily for expansion, growth, and ongoing maintenance in the DTE Vantage segment, including approximately $2.0 billion from 2026-2030 for custom energy solutions and renewable energy, while expanding into carbon capture and sequestration.

Previous wording

Operating Revenues increased $70 million and $59 million in the three and six months ended June 30, 2025, respectively. Revenues associated with certain mechanisms and surcharges, including recovery of fuel and purchased power, are offset by related expenses elsewhere in the Registrants' Consolidated Statements of Operations. The increase in both periods was due to the following:

Current wording

Operating Revenues increased $354 million and $413 million in the three and nine months ended September 30, 2025, respectively. Revenues associated with certain mechanisms and surcharges, including recovery of fuel and purchased power, are offset by related expenses elsewhere in the Registrants' Consolidated Statements of Operations. The increase in both periods was due to the following:

Previous wording

(a)For the six months ended June 30, 2025, the variance includes an MPSC disallowance of $28 million resulting from an order in DTE Electric's 2022 PSCR reconciliation case. The disallowance reduced the amount of power supply costs recoverable from customers, which had a flow-through impact of approximately $5 million higher interest expense recorded separately to Other (Income) and Deductions.

Current wording

(a)For the nine months ended September 30, 2025, the variance includes an MPSC disallowance of $28 million resulting from an order in DTE Electric's 2022 PSCR reconciliation case. The disallowance reduced the amount of power supply costs recoverable from customers, which had a flow-through impact of approximately $5 million higher interest expense recorded separately to Other (Income) and Deductions.

Previous wording

(b)For the six months ended June 30, 2025, the change is primarily driven by the impact of solar ITCs recognized for assets placed in service in the first quarter. This impact is offset in Income Tax Expense (Benefit) throughout 2025.

Current wording

(c)For the three months ended September 30, 2025, the change is primarily driven by the impact of solar ITCs recognized for assets placed in service in the third quarter of 2024. This impact is offset in Income Tax Expense (Benefit).

Previous wording

Fuel and purchased power — utility expense increased $15 million and $58 million in the three and six months ended June 30, 2025, respectively. The increase in both periods was due to the following:

Current wording

Fuel and purchased power — utility expense increased $85 million and $143 million in the three and nine months ended September 30, 2025, respectively. The increase in both periods was due to the following:

Previous wording

Operation and maintenance expense increased $35 million and decreased $4 million in the three and six months ended June 30, 2025, respectively. The increase in the second quarter was primarily due to higher plant generation expense of $11 million, higher corporate support costs of $7 million, higher legal expense of $6 million, higher distribution operations expense of $5 million, and higher benefits and other compensation expense of $5 million. The decrease in the six-month period was primarily due to one-time costs in 2024 of $32 million resulting from the voluntary separation incentive program, partially offset by higher benefits and other compensation expense of $11 million, higher EWR expense of $9 million, and higher legal expense of $9 million.

Current wording

Operation and maintenance expense increased $14 million and $10 million in the three and nine months ended September 30, 2025, respectively. The increase in the third quarter was primarily due to higher benefits and other compensation expense of $11 million, higher plant generation expense of $8 million, and higher EWR expense of $5 million, partially offset by lower distribution operations expense of $10 million. The increase in the nine-month period was primarily due to higher benefits and other compensation of $22 million, higher EWR expense of $13 million, higher corporate support costs of $10 million, higher plant generation expense of $9 million and higher legal expense of $5 million, partially offset by one-time costs in 2024 of $32 million resulting from the voluntary separation incentive program and lower distribution operations expense of $20 million.

Previous wording

Depreciation and amortization expense increased $23 million and $52 million in the three and six months ended June 30, 2025, respectively. The increase in both periods was primarily due to higher depreciable base.

Current wording

Depreciation and amortization expense increased $25 million and $77 million in the three and nine months ended September 30, 2025, respectively. The increase in both periods was primarily due to higher depreciable base.

Previous wording

Other (Income) and Deductions increased $5 million and $20 million in the three and six months ended June 30, 2025, respectively. The increase in the second quarter was primarily due to higher net interest expense of $14 million, partially offset by higher investment earnings of $4 million, and higher AFUDC equity of $3 million The increase in the six-month period was primarily due to higher net interest expense of $29 million, partially offset by higher AFUDC equity of $9 million.

Current wording

Other (Income) and Deductions increased $13 million and $33 million in the three and nine months ended September 30, 2025, respectively. The increase in the third quarter was primarily due to higher net interest expense. The increase in the nine-month period was primarily due to higher net interest expense of $42 million partially offset by higher AFUDC equity of $11 million.

Previous wording

Operating Revenues — Utility operations increased $27 million and $192 million in the three and six months ended June 30, 2025, respectively. Revenues associated with certain mechanisms and surcharges, including recovery of the cost of gas, are offset by related expenses elsewhere in DTE Energy's Consolidated Statements of Operations. The increase in both periods was due to the following:

Current wording

Operating Revenues — Utility operations decreased $21 million and increased $171 million in the three and nine months ended September 30, 2025, respectively. Revenues associated with certain mechanisms and surcharges, including recovery of the cost of gas, are offset by related expenses elsewhere in DTE Energy's Consolidated Statements of Operations. The change in both periods was due to the following:

Previous wording

Cost of gas — utility expense increased $7 million and $77 million in the three and six months ended June 30, 2025, respectively. The increase in the second quarter was primarily due to higher sales volumes of $11 million, partially offset by lower cost of gas of $4 million. The increase in the six-month period was primarily due to higher sales volumes of $57 million and higher cost of gas of $20 million.

Current wording

Cost of gas — utility expense decreased $12 million and increased $65 million in the three and nine months ended September 30, 2025, respectively. The decrease in the third quarter was primarily due to lower cost of gas of $13 million partially offset by higher sales volumes of $1 million. The increase in the nine-month period was primarily due to higher sales volumes of $58 million and higher cost of gas of $7 million.

Previous wording

Operation and maintenance expense increased $21 million and $41 million in the three and six months ended June 30, 2025, respectively. The increase in the second quarter was primarily due to higher gas operations expense of $12 million, higher EWR expense of $3 million, higher corporate support costs of $3 million, and higher benefits and other compensation expense of $2 million. The increase in the six-month period was primarily due to higher gas operations expense of $25 million, higher EWR expense of $7 million, higher uncollectible expense of $6 million, higher legal expense of $6 million, and higher corporate support costs of $3 million, partially offset by one-time costs resulting from the voluntary separation incentive program of $8 million in the prior year that did not repeat in 2025.

Current wording

Operation and maintenance expense increased $17 million and $58 million in the three and nine months ended September 30, 2025, respectively. The increase in the third quarter was primarily due to higher gas operations expense of $16 million. The increase in the nine-month period was primarily due to higher gas operations expense of $40 million, higher benefits and other compensation expense of $6 million, higher EWR expense of $6 million, higher legal expense of $5 million, higher corporate support costs of $5 million, and higher uncollectible expense of $2 million, partially offset by one-time costs in 2024 of $8 million resulting from the voluntary separation incentive program.

Previous wording

Operating Revenues — Non-utility operations decreased $12 million and $8 million in the three and six months ended June 30, 2025, respectively. The decrease in both periods was due to the following:

Current wording

Operating Revenues — Non-utility operations decreased $27 million and $35 million in the three and nine months ended September 30, 2025, respectively. The decrease in both periods was due to the following:

Previous wording

Fuel, purchased power, and gas — non-utility expense decreased $10 million and $13 million in the three and six months ended June 30, 2025, respectively. The decrease in both periods was due to the following:

Current wording

Fuel, purchased power, and gas — non-utility expense decreased $12 million and $25 million in the three and nine months ended September 30, 2025, respectively. The decrease in both periods was due to the following:

Previous wording

Operation and maintenance expense decreased $5 million and $3 million in the three and six months ended June 30, 2025, respectively. The decrease in the second quarter was primarily due to lower costs in the Renewables business of $4 million. The decrease in the six-month period was primarily due to lower costs in the Renewables business of $6 million, partially offset by higher costs in the Steel business of $3 million.

Current wording

Operation and maintenance expense increased $2 million and decreased $1 million in the three and nine months ended September 30, 2025, respectively. The increase in the third quarter was primarily due to estimated litigation penalties in the Steel business of $8 million, partially offset by lower costs in the Renewables business of $3 million and Steel business of $2 million. The decrease in the nine-month period was primarily due to lower costs in the Renewables business of $9 million, partially offset by the estimated litigation penalties in the Steel business of $8 million as mentioned above.

Previous wording

Taxes other than income expense increased $1 million and $3 million in the three and six months ended June 30, 2025, respectively. The increase in the six-month period was primarily due to higher property taxes associated with a new project in the On-site business.

Current wording

Taxes other than income expense increased $2 million and $5 million in the three and nine months ended September 30, 2025, respectively. The increase in both periods was primarily due to higher property taxes associated with a new project in the On-site business.

Previous wording

Other (Income) and Deductions decreased $26 million and $6 million in the three and six months ended June 30, 2025, respectively. The decrease in the second quarter was primarily due to a gain in the Renewables business of $25 million attributed to the sale of a partnership interest in the prior year. The decrease in the six-month period was primarily due to the prior year gain of $25 million in the Renewables business and higher interest expense of $3 million, partially offset by higher equity earnings of $14 million and higher interest income of $9 million primarily associated with a new project in the On-site business.

Current wording

Other (Income) and Deductions decreased $4 million and $10 million in the three and nine months ended September 30, 2025, respectively. The decrease in the third quarter was primarily due to lower equity earnings in the Renewables business of $7 million, partially offset by lower net interest expense of $3 million. The decrease in the nine-month period was primarily due to a prior year gain in the Renewables business of $25 million attributed to the sale of a partnership interest and higher interest expense of $2 million, partially offset by higher interest income of $11 million primarily associated with a new project in the On-site business and higher equity earnings of $6 million.

Previous wording

Income Taxes — Tax credits increased $15 million and $29 million in the three and six months ended June 30, 2025, respectively. The increase in both periods was primarily due to higher estimated production tax credits in the Renewables business.

Current wording

Income Taxes — Tax credits increased $18 million and $47 million in the three and nine months ended September 30, 2025, respectively. The increase in the both periods was primarily due to higher estimated production tax credits in the Renewables business.

Previous wording

Operating Revenues — Non-utility operations increased $487 million and $1,580 million in the three and six months ended June 30, 2025, respectively. The following tables detail changes relative to the comparable prior periods:

Current wording

Operating Revenues — Non-utility operations increased $339 million and $1,919 million in the three and nine months ended September 30, 2025, respectively. The following tables detail changes relative to the comparable prior periods:

Previous wording

Purchased power, gas, and other — non-utility expense increased $557 million and $1,558 million in the three and six months ended June 30, 2025, respectively. The following tables detail changes relative to the comparable prior periods:

Current wording

Purchased power, gas, and other — non-utility expense increased $352 million and $1,910 million in the three and nine months ended September 30, 2025, respectively. The following tables detail changes relative to the comparable prior periods:

Previous wording

Operating Income (Loss) decreased $73 million for the three months ended June 30, 2025, which includes a $59 million unfavorable change in timing related gains and losses primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The decrease also includes a $5 million unfavorable change in timing related gains primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.

Current wording

Operating Income decreased $12 million for the three months ended September 30, 2025, which includes a $15 million favorable change in timing related gains primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The decrease also includes a $23 million unfavorable change in timing related gains and losses primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.

Previous wording

Operating Income (Loss) increased $17 million for the six months ended June 30, 2025, which includes a $104 million unfavorable change in timing related gains and losses primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The increase also includes a $89 million favorable change in timing related gains and losses primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.

Current wording

Operating Income increased $5 million for the nine months ended September 30, 2025, which includes a $79 million unfavorable change in timing related gains and losses primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The increase also includes a $56 million favorable change in timing related gains and losses primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.

Previous wording

See also the "Fair Value" section herein and Notes 7 and 8 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.

Current wording

See also the "Fair Value" section herein and Notes 9 and 10 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.

Previous wording

Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including investments supporting regional development and economic growth. The net loss of $110 million and $100 million for the three and six months ended June 30, 2025, respectively, represents an increase of $70 million and $39 million from the net loss of $40 million and $61 million in the comparable 2024 periods. The increase in the second quarter was primarily due to effective income tax rate adjustments, higher state income taxes, including the $14 million impact from the Illinois state tax law change, and higher interest expense. The increase in the six-month period was primarily due to higher net interest expense and higher state income taxes.

Current wording

Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including investments supporting regional development and economic growth. The net loss of $115 million and $215 million for the three and nine months ended September 30, 2025, respectively, represents an increase of $93 million and $132 million from the net loss of $22 million and $83 million in the comparable 2024 periods. The increase in the third quarter was primarily due to effective tax rate adjustments, higher net interest expense, and higher federal income taxes, including the $16 million impact from the One Big Beautiful Bill impact to the charitable contribution valuation allowance. The increase in the nine-month period was primarily due to effective tax rate adjustments, higher net interest expense, and higher federal and state income taxes, including the charitable contribution valuation allowance noted above, as well as the $14 million impact from the Illinois state tax law change in the second quarter.

Previous wording

Net cash from operations decreased by $72 million in 2025. The decrease was primarily due to decreases in cash related to Deferred income taxes and working capital items, partially offset by increases in Net Income and Depreciation and amortization.

Current wording

Net cash from operations decreased by $198 million in 2025. The decrease was primarily due to decreases in cash related to working capital items, partially offset by an increase in cash related to Deferred income taxes and increases in Depreciation and amortization and Asset (gains) losses and impairments, net.

Previous wording

The change in working capital items in 2025 was primarily due to decreases in cash related to Derivative assets and liabilities, Regulatory assets and liabilities, and Other current and noncurrent assets and liabilities, partially offset by increases in cash related to Accounts receivable, net, Accounts payable, and Accrued pension liability.

Current wording

The change in working capital items in 2025 was primarily due to decreases in cash related to Regulatory assets and liabilities and Other current and noncurrent assets and liabilities, partially offset by increases in cash related to Accounts receivable, net and Accrued pension liability.

Previous wording

Net cash used for investing activities decreased by $1.5 billion in 2025 primarily due to decreases in utility plant and equipment expenditures, Notes receivable, and the Investment in time deposits in 2024.

Current wording

Net cash used for investing activities decreased by $1.0 billion in 2025 primarily due to decreases in utility plant and equipment expenditures, Notes receivable, and the Investment in time deposits in 2024, partially offset by the Acquisition related to business combination, net of cash acquired.

Previous wording

Net cash from financing activities decreased by $1.5 billion in 2025 primarily due to decreases in cash related to lower Issuance of long-term debt, net of discount and issuance costs and higher Redemption of long-term debt, partially offset by lower cash used for the repayment of Short-term borrowings, net.

Current wording

Net cash from financing activities decreased by $1.8 billion in 2025 primarily due to decreases in cash related to lower Issuance of long-term debt, net of discount and issuance costs, higher Redemption of long-term debt, and higher cash used for the repayment of Short-term borrowings, net.

Previous wording

Over the long-term, some additional equity may be needed beginning in 2028 to support long-term growth. DTE Energy will continue to evaluate equity needs on an annual basis. DTE Energy currently expects its primary source of long-term financing to be the issuance of debt and is monitoring changes in interest rates and impacts on the cost of borrowing.

Current wording

Over the long-term, additional equity issuances of $500 million to $600 million will be needed beginning in 2026 through 2028 to support long-term growth. DTE Energy will continue to evaluate equity needs on an annual basis. DTE Energy currently expects its primary source of long-term financing to be the issuance of debt and is monitoring changes in interest rates and impacts on the cost of borrowing.

Previous wording

DTE Energy has $248 million in long-term debt, including securitization bonds and finance leases, maturing within twelve months. Repayment of the debt is expected to be made through internally generated funds, the issuance of short-term and/or long-term debt.

Current wording

DTE Energy has $326 million in long-term debt, including securitization bonds and finance leases, maturing within twelve months. Repayment of the debt is expected to be made through internally generated funds, the issuance of short-term and/or long-term debt.

Previous wording

Various subsidiaries and equity investees of DTE Energy have entered into derivative and non-derivative contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that DTE Energy post cash or letters of credit as collateral in the event that DTE Energy's credit rating is downgraded below investment grade. Certain of these provisions (known as "hard triggers") state specific circumstances under which DTE Energy can be required to post collateral upon the occurrence of a credit downgrade, while other provisions (known as "soft triggers") are not as specific. For contracts with soft triggers, it is difficult to estimate the amount of collateral which may be requested by counterparties and/or which DTE Energy may ultimately be required to post. The amount of such collateral which could be requested fluctuates based on commodity prices (primarily natural gas, power, and environmental) and the provisions and maturities of the underlying transactions. As of June 30, 2025, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $348 million.

Current wording

Various subsidiaries and equity investees of DTE Energy have entered into derivative and non-derivative contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that DTE Energy post cash or letters of credit as collateral in the event that DTE Energy's credit rating is downgraded below investment grade. Certain of these provisions (known as "hard triggers") state specific circumstances under which DTE Energy can be required to post collateral upon the occurrence of a credit downgrade, while other provisions (known as "soft triggers") are not as specific. For contracts with soft triggers, it is difficult to estimate the amount of collateral which may be requested by counterparties and/or which DTE Energy may ultimately be required to post. The amount of such collateral which could be requested fluctuates based on commodity prices (primarily natural gas, power, and environmental) and the provisions and maturities of the underlying transactions. As of September 30, 2025, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $342 million.

Previous wording

DTE Energy has approximately $2.3 billion of available liquidity at June 30, 2025, consisting primarily of cash and cash equivalents and amounts available under unsecured revolving credit agreements.

Current wording

DTE Energy has approximately $2.6 billion of available liquidity at September 30, 2025, consisting primarily of cash and cash equivalents and amounts available under unsecured revolving credit agreements.

Previous wording

Derivatives are generally recorded at fair value and shown as Derivative assets or liabilities. Contracts DTE Energy typically classifies as derivative instruments include power, natural gas, some environmental contracts, and certain forwards, futures, options and swaps, and foreign currency exchange contracts. Items DTE Energy does not generally account for as derivatives include natural gas and environmental inventory, pipeline transportation contracts, storage assets, and some environmental contracts. See Notes 7 and 8 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.

Current wording

Derivatives are generally recorded at fair value and shown as Derivative assets or liabilities. Contracts DTE Energy typically classifies as derivative instruments include power, natural gas, some environmental contracts, and certain forwards, futures, options and swaps, and foreign currency exchange contracts. Items DTE Energy does not generally account for as derivatives include natural gas and environmental inventory, pipeline transportation contracts, storage assets, and some environmental contracts. See Notes 9 and 10 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.