First Read DTE Energy Co Unregulated 2Q‘26 EPS Beat

Research evidence excerpt

First Read DTE Energy Co Unregulated 2Q‘26 EPS Beat

Global Research

28 July 2026ab

First Read

EquitiesDTE Energy Co

Unregulated 2Q'26 EPS Beat United States

Electric Utilities

12-month rating Buy

Q: How did the results compare vs expectations?

A: DTE reported 2Q'26 Adjusted EPS of $1.32 versus the $1.17 consensus and $1.36 in 12m price target US$170.00

2Q'25. Reported 2Q'26 EPS was $1.35 versus $1.10 in 2Q'25

Price (27 Jul 2026) US$147.23

Q: What were the most noteworthy areas in the results?

RIC: DTE.N BBG: DTE USA: Energy Trading produced another upside at $0.20 versus $0.12 in Q'25 and

DTE Vantage delivered $0.22 versus $0.15 which was in line but strong. Trading Trading data and key metrics

benefitted from higher power results and RNG and customer energy solutions 52-wk range US$154.43-127.64

supported DTE Vantage. Market cap. US$30.4b

DTE Electric ($1.30 versus $1.53). We await more details, but DTE cited negative Shares o/s 206m (COM)

timing of taxes and weather offset by rate implementation. DTE Gas was -$0.02 Free float 100%

versus $0.03. Avg. daily volume ('000) 565

Avg. daily value (m) US$82.8

Corporate and other expenses were $0.38 versus $0.47.

Common s/h equity (12/26E) US$13.5b

Q: Has the company's outlook/guidance changed? P/BV (12/26E) 2.3x

A: DTE reiterated 2026 EPS guidance of $7.59-$7.73. DTE expects approval of the Net debt to EBITDA (12/26E) 5.4x

Google data center contract and continues to indicate that 3 GW of data center EPS (UBS, diluted) (USD)

demand currently outside guidance could drive over 8% EPS CAGR for 2027 to 2030. 12/26E

Ford project. DTE expects commercial operation in 2026 of the fixed-fee customer UBS Cons.

energy solutions project at DTE Vantage. Q1 1.95 1.95

Q2E 1.13 1.17

Q: How would we expect investors to react? Q3E 2.56 2.47