DTE ENERGY CO

Previous wording

The decrease in Net Income Attributable to DTE Energy Company for the three months ended March 31, 2026 was primarily due to lower earnings in the Energy Trading and DTE Vantage segments and Corporate and Other, partially offset by higher earnings in the Electric segment.

Current wording

The increase in Net Income Attributable to DTE Energy Company for the three months ended June 30, 2026 was primarily due to higher earnings in the Energy Trading segment and Corporate and Other, partially offset by lower earnings in the Electric segment. The decrease for the six-month period was primarily due to lower earnings in the DTE Vantage and Energy Trading segments, and Corporate and Other, partially offset by higher earnings in the Electric segment.

Previous wording

Additionally, as a result of legislation passed by the state of Michigan in 2023, DTE Energy will be required to meet a 100% clean energy portfolio standard by 2040. Clean energy sources include renewables, nuclear, and natural gas-fired plants equipped with a carbon capture and storage system that is at least 90% effective in reducing carbon emissions to the atmosphere. The legislation also requires 50% of an electric utility's energy to be generated from renewable sources by 2030 and 60% by 2035. DTE Energy is currently assessing the impacts of this legislation and will include updates in its next Integrated Resource Plan, currently planned for 2026, to comply with the new requirements.

Current wording

Additionally, as a result of legislation passed by the state of Michigan in 2023, DTE Energy will be required to meet a 100% clean energy portfolio standard by 2040. Clean energy sources include renewables, nuclear, and natural gas-fired plants equipped with a carbon capture and storage system that is at least 90% effective in reducing carbon emissions to the atmosphere. The legislation also requires 50% of an electric utility's energy to be generated from renewable sources by 2030 and 60% by 2035. DTE Energy is currently assessing the impacts of this legislation and will include updates in its next Integrated Resource Plan, currently planned for the third quarter of 2026, to comply with the new requirements.

Previous wording

Operating Revenues increased $285 million in the three months ended March 31, 2026. 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 was due to the following:

Current wording

Operating Revenues increased $89 million and $374 million in the three and six months ended June 30, 2026, 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

Fuel and purchased power — utility expense increased $100 million in the three months ended March 31, 2026. The increase was due to the following:

Current wording

Fuel and purchased power — utility expense increased $44 million and $144 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was due to the following:

Previous wording

Fuel and purchased power — non-utility expense increased $13 million in the three months ended March 31, 2026. The increase was primarily due to the Electric segment acquisition of non-utility assets in the third quarter of 2025.

Current wording

Fuel and purchased power — non-utility expense increased $5 million and $18 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was primarily due to the Electric segment acquisition of non-utility assets in the third quarter of 2025.

Previous wording

Depreciation and amortization expense increased $27 million in the three months ended March 31, 2026. The increase was primarily due to higher depreciable base, including the 15-year amortization of the undepreciated Monroe plant balance which began in February 2025.

Current wording

Depreciation and amortization expense increased $43 million and $70 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was primarily due to higher depreciable base, including the 15-year amortization of the undepreciated Monroe plant balance which began in February 2025.

Previous wording

Income Tax Benefit changed $13 million in the three months ended March 31, 2026. The change was primarily due to higher investment tax credits in 2026, partially offset by higher earnings.

Current wording

Income Tax Benefit increased $13 million in the six months ended June 30, 2026. The change in the six-month period was primarily due to higher investment tax credits, partially offset by higher earnings.

Previous wording

Operating Revenues — Utility operations increased $56 million in the three months ended March 31, 2026. 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 was due to the following:

Current wording

Operating Revenues — Utility operations decreased $1 million and increased $55 million in the three and six months ended June 30, 2026, 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 decrease in the second quarter and the increase in the six-month period were primarily due to:

Previous wording

Cost of gas — utility expense increased $47 million in the three months ended March 31, 2026. The increase was primarily due to higher cost of gas of $38 million and higher sales volumes of $9 million.

Current wording

Cost of gas — utility expense decreased $7 million and increased $40 million in the three and six months ended June 30, 2026, respectively. The decrease in the second quarter was primarily due to lower cost of gas of $4 million and lower sales volumes of $3 million. The increase in the six-month period was primarily due to higher cost of gas of $48 million, partially offset by lower sales volumes of $8 million.

Previous wording

Operation and maintenance expense increased $52 million in the three months ended March 31, 2026. The increase was primarily due to higher plant generation expense of $21 million, higher distribution operations expense of $18 million, higher benefits and other compensation expense of $5 million, higher RPS expense of $4 million, and higher corporate support costs of $4 million.

Current wording

Operation and maintenance expense increased $9 million and $5 million in the three and six months ended June 30, 2026, respectively. The increase in the second quarter was primarily due to higher uncollectible expense of $7 million and higher benefits and other compensation expense of $2 million. The increase in the six-month period was primarily due to higher uncollectible expense of $5 million, higher gas operations expense of $5 million, and higher benefits and other compensation expense of $4 million, partially offset by lower EWR expense of $9 million.

Previous wording

Depreciation and amortization expense increased $4 million in the three months ended March 31, 2026. The increase was primarily due to higher depreciable base.

Current wording

Depreciation and amortization expense increased $4 million and $8 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was primarily due to higher depreciable base.

Previous wording

Taxes other than income increased $9 million in the three months ended March 31, 2026. The increase was primarily due to higher property taxes.

Current wording

Taxes other than income increased $3 million and $4 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was primarily due to higher property taxes.

Previous wording

Other (Income) and Deductions increased $4 million in the three months ended March 31, 2026. The increase was primarily due to higher interest expense.

Current wording

Other (Income) and Deductions increased $3 million and $7 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was primarily due to higher interest expense.

Previous wording

Operating Revenues — Non-utility operations increased $39 million in the three months ended March 31, 2026. The increase was due to the following:

Current wording

Operating Revenues — Non-utility operations increased $31 million and $70 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was due to the following:

Previous wording

Fuel, purchased power, and gas — non-utility expense increased $34 million in the three months ended March 31, 2026. The increase was primarily due to higher demand and prices in the Steel business of $34 million.

Current wording

Fuel, purchased power, and gas — non-utility expense increased $22 million and $56 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was primarily due to higher demand and prices in the Steel business.

Previous wording

Operation and maintenance expense increased $118 million in the three months ended March 31, 2026. The increase was primarily due to additional litigation penalties in the Steel business relating to the EES Coke judgment of $112 million and higher costs in the Renewables business of $5 million.

Current wording

Operation and maintenance expense increased $6 million and $124 million in the three and six months ended June 30, 2026, respectively. The increase in the second quarter was primarily due to higher costs in the Steel business of $4 million. The increase in the six-month period was primarily due to additional litigation penalties in the Steel business relating to the EES Coke judgment of $112 million and higher costs in the On-site business of $4 million, Steel business of $3 million, and Renewables business of $3 million.

Previous wording

Income Taxes — Expense decreased $6 million in the three months ended March 31, 2026. The decrease was primarily due to lower earnings, partially offset by the non-deductible portion of the EES Coke judgment.

Current wording

Income Taxes — Expense increased $2 million and decreased $4 million in the three and six months ended June 30, 2026, respectively. The increase in the second quarter was primarily due to higher earnings. The decrease in the six-month period was primarily due to lower earnings, partially offset by the non-deductible portion of the EES Coke judgment.

Previous wording

Income Taxes — Tax credits changed $10 million in the three months ended March 31, 2026. The change was primarily due to higher production tax credits generated in the Renewables business.

Current wording

Income Taxes — Tax credits increased $10 million and $20 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was primarily due to higher production tax credits generated in the Renewables business.

Previous wording

Operating Revenues — Non-utility operations increased $325 million in the three months ended March 31, 2026. The following table details changes relative to the comparable prior period:

Current wording

Operating Revenues — Non-utility operations decreased $171 million and increased $154 million in the three and six months ended June 30, 2026, respectively. The following tables detail changes relative to the comparable prior periods:

Previous wording

Purchased power, gas, and other — non-utility expense increased $521 million in the three months ended March 31, 2026. The following table details changes relative to the comparable prior period:

Current wording

Purchased power, gas, and other — non-utility expense decreased $266 million and increased $255 million in the three and six months ended June 30, 2026, respectively. The following tables detail changes relative to the comparable prior periods:

Previous wording

Operating Income (Loss) changed $189 million for the three months ended March 31, 2026, which includes a $74 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 change also includes a $40 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.

Current wording

Operating Income (Loss) decreased $101 million for the six months ended June 30, 2026, which includes a $16 million unfavorable change in timing related losses primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The decrease also includes a $34 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

Other (Income) and Deductions expense increased $4 million in the three months ended March 31, 2026. The increase was primarily due to higher interest expense.

Current wording

Other (Income) and Deductions expense increased $2 million and $6 million in the three and six months ended June 30, 2026, respectively. The increase in the six-month period was primarily due to higher interest expense.

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 $44 million for the three months ended March 31, 2026 represents an increase of $54 million from the net income of $10 million in the comparable 2025 period. The increase was primarily due to effective income tax rate adjustments and higher net interest expense, partially offset by lower federal and 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 $78 million and $122 million for the three and six months ended June 30, 2026, respectively, represents a decrease of $32 million and an increase of $22 million from the net loss of $110 million and $100 million in the comparable 2025 periods. The decrease in the second quarter was primarily due to effective income tax rate adjustments and lower state income taxes, including the $14 million impact from the Illinois state tax law change in the second quarter of 2025, partially offset by higher net interest expense. The increase in the six-month period was primarily due to higher net interest expense and effective tax rate adjustments, partially offset by lower state income taxes.

Previous wording

Net cash from operations decreased by $114 million in 2026. The decrease was primarily due to lower Net income partially offset by an increase in cash related to working capital items.

Current wording

Net cash from operations decreased by $50 million in 2026. The decrease was primarily due to lower Net income and a decrease in cash related to Deferred income taxes, partially offset by higher Depreciation and amortization and an increase in cash related to working capital items.

Previous wording

The change in working capital items in 2026 was primarily due to increases in cash related to Accounts receivable, net, Inventories, Derivative assets and liabilities, and Other current and noncurrent assets and liabilities, partially offset by decreases in cash related to Accounts payable and Regulatory assets and liabilities.

Current wording

The change in working capital items in 2026 was primarily due to increases in cash related to Accounts receivable, net, Inventories, and Regulatory assets and liabilities, partially offset by a decrease in cash related to Accounts payable.

Previous wording

Net cash used for investing activities increased by $346 million in 2026 primarily due to higher utility plant and equipment expenditures.

Current wording

Net cash used for investing activities increased by $892 million in 2026 primarily due to higher utility plant and equipment expenditures.

Previous wording

Net cash from financing activities increased by $486 million in 2026 primarily due to increases in cash related to higher Issuance of long-term debt, net of issuance costs and lower Redemption of long-term debt, partially offset by a decrease in cash related to repayment of Short-term borrowings, net.

Current wording

Net cash from financing activities increased by $780 million in 2026 primarily due to lower Redemption of long-term debt and higher Issuance of long-term debt, net of discount and issuance costs, partially offset by higher repayment of Short-term borrowings, net.

Previous wording

In December 2025, DTE Energy filed a prospectus supplement and executed an Equity Distribution Agreement, pursuant to which DTE Energy may sell, from time to time, up to an aggregate $1.5 billion of its common stock through an ATM program, including an equity forward sales component. As of March 31, 2026, DTE Energy has not issued any shares under the ATM program. During the three months ended March 31, 2026, DTE Energy entered into various forward sale agreements under the ATM for 2.5 million shares at a weighted average forward price of $144.41 as of March 31, 2026, which includes expected sales commissions. For further discussion of the ATM program, see Note 9 to the Consolidated Financial Statements, "Long-Term Financings".

Current wording

In December 2025, DTE Energy filed a prospectus supplement and executed an Equity Distribution Agreement, pursuant to which DTE Energy may sell, from time to time, up to an aggregate $1.5 billion of its common stock through an ATM program, including an equity forward sales component. As of June 30, 2026, DTE Energy has not issued any shares under the ATM program. During the first quarter of 2026, DTE Energy entered into various forward sale agreements under the ATM for 2.5 million shares at a weighted average forward price of $144.41, which includes expected sales commissions. During the second quarter of 2026, DTE Energy entered into various sale agreements under the ATM program for 1.2 million shares at a weighted average forward price of $141.96, which includes expected sales commissions. For further discussion of the ATM program, see Note 9 to the Consolidated Financial Statements, "Long-Term Financings".

Previous wording

DTE Energy has $1.5 billion 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 $1.7 billion 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 March 31, 2026, 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 $459 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 June 30, 2026, 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 $358 million.

Previous wording

DTE Energy has approximately $3.4 billion of available liquidity at March 31, 2026, consisting primarily of cash and cash equivalents and amounts available under unsecured revolving credit agreements.

Current wording

DTE Energy has approximately $3.0 billion of available liquidity at June 30, 2026, consisting primarily of cash and cash equivalents and amounts available under unsecured revolving credit agreements.