UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period ended ~~March~~June 3130, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 1-11607

DTE Energy Company


Michigan						38-3217752
(State or other jurisdiction of incorporation or organization)						(I.R.S Employer Identification No.)

Commission File Number: 1-2198

DTE Electric Company


Michigan						38-0478650
(State or other jurisdiction of incorporation or organization)						(I.R.S Employer Identification No.)

Registrants address of principal executive offices: One Energy Plaza, Detroit, Michigan 48226-1221

Registrants telephone number, including area code: (313) 235-4000

Securities registered pursuant to Section 12(b) of the Act:

Registrant

Title of Each Class

Trading Symbol(s)

Name of Exchange on which Registered

DTE Energy Company
(DTE Energy)

Common stock, without par value

DTE

New York Stock Exchange

DTE Energy

2017 Series E 5.25% Junior Subordinated Debentures due 2077

DTW

New York Stock Exchange

DTE Energy

2020 Series G 4.375% Junior Subordinated Debentures due 2080

DTB

New York Stock Exchange

DTE Energy

2021 Series E 4.375% Junior Subordinated Debentures due 2081

DTG

New York Stock Exchange

DTE Energy

2025 Series H 6.25% Junior Subordinated Debentures due 2085

DTK

New York Stock Exchange

DTE Electric Company
(DTE Electric)

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

DTE Energy Company (DTE Energy)

Yes

☒

☐

DTE Electric Company (DTE Electric)

Yes

☒

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

DTE Energy

Yes

☒

☐

DTE Electric

Yes

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

DTE Energy

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

☒

☐

DTE Electric

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

☐

☒

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

DTE Energy

Yes

☐

☒

DTE Electric

Yes

☐

☒

Number of shares of Common Stock outstanding at ~~March~~June 3130, 2026:

Registrant

Description

DTE Energy

Common Stock, without par value

208,~~028~~088,~~313~~069

DTE Electric

Common Stock, $10 par value, indirectly-owned by DTE Energy

138,632,324

This combined Form 10-Q is filed separately by two registrants: DTE Energy and DTE Electric. Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. DTE Electric makes no representation as to information relating exclusively to DTE Energy.

DTE Electric, an indirect wholly-owned subsidiary of DTE Energy, meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format specified in General Instructions H(2) of Form 10-Q.

TABLE OF CONTENTS

		Page
	Definitions	1
	Filing Format	3
	Forward-Looking Statements	3
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements
	DTE Energy Consolidated Financial Statements (Unaudited)	5
	DTE Electric Consolidated Financial Statements (Unaudited)	11
	Combined Notes to Consolidated Financial Statements (Unaudited)	17
	Note 1 — Organization and Basis of Presentation	17
	Note 2 — Significant Accounting Policies	20
	Note 3 — New Accounting Pronouncements	24
	Note 4 — Revenue	25
	Note 5 — Regulatory Matters	27
	Note 6 — Earnings Per Share	28
	Note 7 — Fair Value	29
	Note 8 — Financial and Other Derivative Instruments	36
	Note 9 — Long-Term Financings	41
	Note 10 — Short-Term Credit Arrangements and Borrowings	4142
	Note 11 — Leases	43
	Note 12 — Commitments and Contingencies	43
	Note 13 — Retirement Benefits and Trusteed Assets	48
	Note 14 — Segment and Related Information	49
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	6668
Item 4.	Controls and Procedures	6971
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	7072
Item 1A.	Risk Factors	7072
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	7072
Item 5.	Insider Trading Arrangements and Policies	7072
Item 6.	Exhibits	7173
	Signatures	7274

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DEFINITIONS




AFUDC						Allowance for Funds Used During Construction

ASU						Accounting Standards Update issued by the FASB

ATM						At-the-market

CAD						Canadian Dollar (C$)

CARB						California Air Resources Board that administers California's Low Carbon Fuel Standard

Carbon emissions						Emissions of carbon containing compounds, including carbon dioxide and methane, that are identified as greenhouse gases

CCR						Coal Combustion Residuals

CFTC						U.S. Commodity Futures Trading Commission



DTE Electric						DTE Electric Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies

DTE Energy						DTE Energy Company, directly or indirectly the parent of DTE Electric, DTE Gas, and numerous non-utility subsidiaries

DTE Gas						DTE Gas Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies

DTE Securitization I						DTE Electric Securitization Funding I, LLC, a special purpose entity wholly-owned by DTE Electric. The entity was created to issue securitization bonds for qualified costs related to the River Rouge generation plant and tree trimming surge program and to recover debt service costs from DTE Electric customers

DTE Securitization II						DTE Electric Securitization Funding II, LLC, a special purpose entity wholly-owned by DTE Electric. The entity was created to issue securitization bonds for qualified costs related to the St. Clair and Trenton Channel generation plants and to recover debt service costs from DTE Electric customers

DTE Sustainable Generation						DTE Sustainable Generation Holdings, LLC (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies



EGLE						Michigan Department of Environment, Great Lakes, and Energy, formerly known as Michigan Department of Environmental Quality



ELG						Effluent Limitations Guidelines

EPA						U.S. Environmental Protection Agency



EWR						Energy Waste Reduction program, which includes a mechanism authorized by the MPSC allowing DTE Electric and DTE Gas to recover through rates certain costs relating to energy waste reduction

FASB						Financial Accounting Standards Board

FERC						Federal Energy Regulatory Commission

FGD						Flue Gas Desulfurization

FOV						Finding of Violation

FTRs						Financial Transmission Rights are financial instruments that entitle the holder to receive payments related to costs incurred for congestion on the transmission grid

GCR						A Gas Cost Recovery mechanism authorized by the MPSC that allows DTE Gas to recover through rates its natural gas costs

GHGs						Greenhouse gases


Interconnection sales						Sales of power by DTE Electric into the energy market through MISO, generally resulting from excess generation compared to customer demand

ITCs						Investment tax credits

MGP						Manufactured Gas Plant

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DEFINITIONS


MISO						Midcontinent Independent System Operator, Inc.

MPSC						Michigan Public Service Commission

MTM						Mark-to-market

NAAQS						National Ambient Air Quality Standards

NAV						Net Asset Value

Net zero						Goal for DTE Energy's utility operations and gas suppliers at DTE Gas that any carbon emissions put into the atmosphere will be balanced by those taken out of the atmosphere. Achieving this goal will include collective efforts to reduce carbon emissions and actions to offset any remaining emissions. Progress towards net zero goals is estimated and methodologies and calculations may vary from those of other utility businesses with similar targets

Non-utility						An entity that is not a public utility. Its conditions of service, prices of goods and services, and other operating related matters are not directly regulated by the MPSC

NOX						Nitrogen Oxides

NPDES						National Pollutant Discharge Elimination System

NRC						U.S. Nuclear Regulatory Commission



PSCR						A Power Supply Cost Recovery mechanism authorized by the MPSC that allows DTE Electric to recover through rates its fuel, fuel-related, and purchased power costs

PTCs						Production tax credits

REC						Renewable Energy Credit

REF						Reduced Emissions Fuel

Registrants						DTE Energy and DTE Electric

Retail access						Michigan legislation provided customers the option of access to alternative suppliers for electricity and natural gas

RPS						Renewable Portfolio Standard program, which includes a mechanism authorized by the MPSC allowing DTE Electric to recover through rates its renewable energy costs



SIP						State Implementation Plan

SO2						Sulfur Dioxide

SOFR						Secured Overnight Financing Rate

TCJA						Tax Cuts and Jobs Act of 2017, which reduced the corporate Federal income tax rate from 35% to 21%



Topic 606						FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, as amended





VIE						Variable Interest Entity


Units of Measurement

Bcf						Billion cubic feet of natural gas

BTU						British thermal unit, heat value (energy content) of fuel





MMBtu						One million BTU



MWh						Megawatt-hour of electricity

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FILING FORMAT

This combined Form 10-Q is separately filed by DTE Energy and DTE Electric. Information in this combined Form 10-Q relating to each individual Registrant is filed by such Registrant on its own behalf. DTE Electric makes no representation regarding information relating to any other companies affiliated with DTE Energy other than its own subsidiaries. Neither DTE Energy, nor any of DTE Energy’s other subsidiaries (other than DTE Electric), has any obligation in respect of DTE Electric's debt securities, and holders of such debt securities should not consider the financial resources or results of operations of DTE Energy nor any of DTE Energy’s other subsidiaries (other than DTE Electric and its own subsidiaries (in relevant circumstances)) in making a decision with respect to DTE Electric's debt securities. Similarly, none of DTE Electric nor any other subsidiary of DTE Energy has any obligation in respect to debt securities of DTE Energy. This combined Form 10-Q should be read in its entirety. No one section of this combined Form 10-Q deals with all aspects of the subject matter of this combined Form 10-Q. This combined Form 10-Q should be read in conjunction with the Consolidated Financial Statements and Combined Notes to Consolidated Financial Statements and with Management's Discussion and Analysis included in the combined DTE Energy and DTE Electric 2025 Annual Report on Form 10-K.

FORWARD-LOOKING STATEMENTS

Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of the Registrants. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of the Registrants including, but not limited to, the following:

•impact of regulation by the EPA, EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures;

•the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs;

•economic conditions and population changes in the Registrants' geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas;

•the operational failure of electric or gas distribution systems or infrastructure;

•impact of volatility in prices in international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage;

•the risk of a major safety incident;

•environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements;

•the cost of protecting assets and customer data against, or damage due to, cyber incidents and terrorism;

•health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities;

•volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations;

•changes in the cost and availability of coal and other raw materials, purchased power, and natural gas;

•advances in technology that produce power, store power, or reduce or increase power consumption;

•changes in the financial condition of significant customers and strategic partners;

•the potential for losses on investments, including nuclear decommissioning trust and benefit plan assets and the related increases in future expense and contributions;

Table of Contents

•access to capital markets and the results of other financing efforts which can be affected by credit agency ratings;

•instability in capital markets which could impact availability of short and long-term financing;

•impacts of inflation, tariffs, and the timing and extent of changes in interest rates;

•the level of borrowings;

•the potential for increased costs or delays in completion of significant capital projects;

•changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits;

•the effects of weather and other natural phenomena, including climate change, on operations and sales to customers, and purchases from suppliers;

•unplanned outages at our generation plants;

•employee relations and the impact of collective bargaining agreements;

•the availability, cost, coverage, and terms of insurance and stability of insurance providers;

•cost reduction efforts and the maximization of generation and distribution system performance;

•the effects of competition;

•changes in and application of accounting standards and financial reporting regulations;

•changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues;

•successful execution of new business development and future growth plans;

•contract disputes, binding arbitration, litigation, and related appeals;

•the ability of the electric and gas utilities to achieve goals for carbon emission reductions; and

•the risks discussed in the Registrants' public filings with the Securities and Exchange Commission.

New factors emerge from time to time. The Registrants cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. The Registrants undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

Part I — Financial Information

Item 1. Financial Statements

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DTE Energy Company

Consolidated Statements of Operations (Unaudited)

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions, except per share amounts)				~~(In millions, except per share amounts)~~
Operating Revenues
Utility operations	$	2,044	$	1,979	$	24,~~623~~667	$	24,~~307~~286
Non-utility operations	1,325		1,440		23,~~518~~843		23,~~133~~573
					5,141		4,440
	3,369		3,419		8,510		7,859
Operating Expenses
Fuel, purchased power, and gas — utility	477		434		~~834~~1,311		~~695~~1,129
Fuel, purchased power, gas, and other — non-utility	1,143		1,385		23,~~528~~671		13,~~957~~342
Operation and maintenance	651		596		~~733~~1,384		~~575~~1,171
Depreciation and amortization	498		451		~~483~~981		~~452~~903
Taxes other than income	141		127		~~149~~290		~~138~~265
Asset (gains) losses and impairments, net	1		(1)		23		(12)
					4,729		3,816
	2,911		2,992		7,640		6,808
Operating Income	458		427		~~412~~870		~~624~~1,051
Other (Income) and Deductions
Interest expense	301		256		~~293~~594		~~250~~506
Interest income	(33)		(25)		(3164)		(2348)
Other income	(66)		(49)		(59125)		(4493)
Other expenses	15		15		2035		1429
					223		197
	217		197		440		394
Income Before Income Taxes	241		230		~~189~~430		~~427~~657
Income Tax Benefit					(58)		(18)
Income Tax Expense (Benefit)	(41)		1		(99)		(17)
Net Income Attributable to DTE Energy Company	$	282	$	229	$	~~247~~529	$	~~445~~674
Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	1.35	$	1.10	$	12.1954	$	23.1425
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	1.35	$	1.10	$	12.1953	$	23.1424
Weighted Average Common Shares Outstanding
Basic	208		207		~~207~~208		207
Diluted	208		207		208		207

See Combined Notes to Consolidated Financial Statements (Unaudited)

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DTE Energy Company

Consolidated Statements of Comprehensive Income (Unaudited)

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)				~~(In millions)~~
Net Income	$	282	$	229	$	~~247~~529	$	~~445~~674
Other comprehensive income (loss), net of tax:
Benefit obligations, net of taxes of $— for both periods					1		1
Benefit obligations, net of taxes of $1 for all periods	1		1		2		2
Net unrealized gains (losses) on derivatives, net of taxes of $1 and $(1), respectively					3		(3)
Net unrealized gains (losses) on derivatives, net of taxes of $1, $(1), $2 and $(2), respectively	4		(4)		7		(7)
Foreign currency translation	(1)		4		(12)		—4
Other comprehensive income (loss)	4		1		37		(21)
Comprehensive Income Attributable to DTE Energy Company	$	286	$	230	$	~~250~~536	$	~~443~~673

See Combined Notes to Consolidated Financial Statements (Unaudited)

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DTE Energy Company

Consolidated Statements of Financial Position (Unaudited)

	March 31,		December 31,
	June 30,		December 31,
	2026		2025
	(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	~~238~~42	$	208
Restricted cash	4042		42
Accounts receivable (less allowance for doubtful accounts of $68 and $60, respectively)
Accounts receivable (less allowance for doubtful accounts of $81 and $60, respectively)
Customer	1,~~916~~683		2,031
Other	~~193~~267		118
Inventories
Fuel and gas	~~205~~296		381
Materials, supplies, and other	1,~~026~~056		994
Derivative assets	~~137~~185		143
Regulatory assets	~~297~~239		170
Other	~~340~~240		261
	4,392		4,348
	4,050		4,348
Investments
Nuclear decommissioning trust funds	2,~~599~~756		2,552
Investments in equity method investees	112		122
Other	~~193~~206		194
	2,904		2,868
	3,074		2,868
Property
Property, plant, and equipment	4546,~~592~~757		44,623
Accumulated depreciation and amortization	(11,~~174~~261)		(10,970)
	34,418		33,653
	35,496		33,653
Other Assets
Goodwill	1,993		1,993
Regulatory assets	7,~~521~~593		7,380
Securitized regulatory assets	~~601~~582		619
Intangible assets	~~183~~177		188
Notes receivable	1,~~494~~575		1,455
Derivative assets	6790		89
Prepaid postretirement costs	~~789~~808		761
Operating lease right-of-use assets	~~266~~260		271
Other	~~480~~536		441
	13,394		13,197
	13,614		13,197
Total Assets	$	5556,~~108~~234	$	54,066

See Combined Notes to Consolidated Financial Statements (Unaudited)

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DTE Energy Company

Consolidated Statements of Financial Position (Unaudited) — (Continued)

	March 31,		December 31,
	June 30,		December 31,
	2026		2025
	(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	1,~~628~~697	$	1,753
Accrued interest	~~337~~300		273
Dividends payable	~~242~~485		242
Short-term borrowings	—		882
Current portion long-term debt, including securitization bonds and finance leases	1,~~507~~689		1,356
Derivative liabilities	~~144~~157		86
Gas inventory equalization	~~125~~43		—
Regulatory liabilities	5633		107
Operating lease liabilities	3234		32
Other	~~539~~611		678
	4,610		5,409
	5,049		5,409
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	2322,~~173~~878		21,736
Securitization bonds	~~545~~542		561
Junior subordinated debentures	12,~~475~~464		1,474
Finance lease liabilities	11		14
	25,204		23,785
	25,895		23,785
Other Liabilities
Deferred income taxes	3,~~379~~367		3,400
Regulatory liabilities	2,~~968~~962		2,881
Asset retirement obligations	4,~~536~~710		4,469
Unamortized investment tax credit	~~505~~501		402
Derivative liabilities	6151		66
Accrued pension liability	~~226~~217		235
Accrued postretirement liability	~~239~~242		247
Nuclear decommissioning	~~412~~440		405
Operating lease liabilities	~~229~~222		235
Other	~~411~~424		224
	12,966		12,564
	13,136		12,564
Commitments and Contingencies (Notes 5 and 12)
Equity
Common stock (No par value, 400,000,000 shares authorized, and 208,028,313 and 207,745,154 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)	6,872		6,858
Common stock (No par value, 400,000,000 shares authorized, and 208,088,069 and 207,745,154 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively)	6,898		6,858
Retained earnings	5,~~487~~283		5,484
Accumulated other comprehensive loss	(3632)		(39)
Total DTE Energy Company Equity	12,~~323~~149		12,303
Noncontrolling interests	5		5
Total Equity	12,~~328~~154		12,308
Total Liabilities and Equity	$	5556,~~108~~234	$	54,066

See Combined Notes to Consolidated Financial Statements (Unaudited)

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DTE Energy Company

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	Six Months Ended June 30,
	2026		2025
	(In millions)
Operating Activities
Net Income	$	~~247~~529	$	~~445~~674
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	~~483~~981		~~452~~903
Nuclear fuel amortization	1319		1733
Allowance for equity funds used during construction	(3570)		(2446)
Deferred income taxes	(5396)		(1923)
Equity (earnings) of equity method investees	(37)		(711)
Dividends from equity method investees	—		1
Asset (gains) losses and impairments, net	23		(12)
Changes in assets and liabilities:
Accounts receivable, net	33191		~~(61)~~68
Inventories	~~144~~23		90(125)
Prepaid postretirement benefit costs	(2847)		(2745)
Accounts payable	(~~144~~154)		~~(2)~~37
Gas inventory equalization	~~125~~43		~~121~~49
Accrued pension liability	(918)		(1018)
Accrued postretirement liability	(85)		(74)
Derivative assets and liabilities	8113		5429
Regulatory assets and liabilities	14198		78143
Other current and noncurrent assets and liabilities	4476		~~(80)~~66
Net cash from operating activities	~~906~~1,679		1,~~020~~729
Investing Activities
Plant and equipment expenditures — utility	(12,~~214~~688)		(~~857~~1,811)
Plant and equipment expenditures — non-utility	(1533)		(1633)
Proceeds from sale of nuclear decommissioning trust fund assets	213		139
Proceeds from sale of assets	—		5
Investment in nuclear decommissioning trust funds	(215)		(142)
Proceeds from sale of nuclear decommissioning trust fund assets	475		371
Distributions from equity method investees	2		3
Investment in nuclear decommissioning trust funds	(477)		(373)
Investment in notes receivable	(66)		(87)
Distributions from equity method investees	5		7
Principal collections on notes receivable	8		5
Investment in notes receivable	(127)		(167)
Other	(27)		(13)
Principal collections on notes receivable	16		10
Net cash used for investing activities	(1,314)		(968)
Other	(85)		(31)
Net cash used for investing activities	(2,914)		(2,022)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	12,~~582~~571		12,~~093~~383
Redemption of long-term debt	(16137)		(~~365~~1,185)
Short-term borrowings, net	(882)		(~~554~~470)
Dividends paid on common stock	(~~233~~467)		(~~217~~435)
Other	(1516)		(74)
Net cash from (used for) financing activities	436		(50)
Net cash from financing activities	1,069		289
Net Increase in Cash, Cash Equivalents, and Restricted Cash	28		2
Net Decrease in Cash, Cash Equivalents, and Restricted Cash	(166)		(4)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	250		88
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	~~278~~84	$	9084
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$	~~589~~647	$	~~375~~404

See Combined Notes to Consolidated Financial Statements (Unaudited)

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DTE Energy Company

Consolidated Statements of Changes in Equity (Unaudited)

				Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests
	Common Stock
	Shares	Amount								Total
	(Dollars in millions, shares in thousands)
Balance, December 31, 2025	207,745	$	6,858	$	5,484	$	(39)	$	5	$	12,308
Net Income	—	—		247		—		—		247
Dividends declared on common stock ($1.17 per Common Share)	—	—		(242)		—		—		(242)
Issuance of common stock	66	9		—		—		—		9
Other comprehensive income, net of tax	—	—		—		3				3
Stock-based compensation and other	217	5		(2)		—		—		3
Balance, March 31, 2026	208,028	$	6,872	$	5,487	$	(36)	$	5	$	12,328
Net Income	—	—		282		—		—		282
Dividends declared on common stock ($2.33 per Common Share)	—	—		(485)		—		—		(485)
Issuance of common stock	62	10		—		—		—		10
Other comprehensive income, net of tax	—	—		—		4		—		4
Stock-based compensation and other	(2)	16		(1)		—		—		15
Balance, June 30, 2026	208,088	$	6,898	$	5,283	$	(32)	$	5	$	12,154

				Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests
	Common Stock
	Shares	Amount								Total
	(Dollars in millions, shares in thousands)
Balance, December 31, 2024	207,172	$	6,779	$	4,946	$	(26)	$	5	$	11,704
Net Income	—	—		445		—		—		445
Dividends declared on common stock ($1.09 per Common Share)	—	—		(226)		—		—		(226)
Issuance of common stock	73	9		—		—		—		9
Other comprehensive loss, net of tax	—	—		—		(2)		—		(2)
Stock-based compensation and other	271	(2)		(2)		—		1		(3)
Balance, March 31, 2025	207,516	$	6,786	$	5,163	$	(28)	$	6	$	11,927
Net Income	—	—		229		—		—		229
Dividends declared on common stock ($2.18 per Common Share)	—	—		(453)		—		—		(453)
Issuance of common stock	67	8		—		—		—		8
Other comprehensive income, net of tax	—	—		—		1		—		1
Stock-based compensation and other	5	15		1		—		(1)		15
Balance, June 30, 2025	207,588	$	6,809	$	4,940	$	(27)	$	5	$	11,727

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Electric Company

Consolidated Statements of Operations (Unaudited)

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)				~~(In millions)~~
Operating Revenues — Utility operations	$	1,751	$	1,682	$	13,~~717~~468	$	13,~~454~~136
Operating Expenses
Fuel and purchased power — utility	483		437		~~513~~996		~~415~~852
Operation and maintenance	395		369		~~396~~791		~~343~~712
Depreciation and amortization	414		376		~~400~~814		~~378~~754
Taxes other than income	99		88		~~103~~202		94182
Asset (gains) losses and impairments, net	—		—		2		—
					1,414		1,230
	1,391		1,270		2,805		2,500
Operating Income	360		412		~~303~~663		~~224~~636
Other (Income) and Deductions
Interest expense	157		137		~~145~~302		~~132~~269
Interest income	(4)		(2)		(37)		(13)
Non-operating retirement benefits, net	(2)		(2)		(13)		(13)
Other income	(59)		(42)		(54113)		(3678)
Other expenses	14		14		1832		1226
					105		106
	106		105		211		211
Income Before Income Taxes	254		307		~~198~~452		~~118~~425
Income Tax Benefit	(12)		(11)		(1729)		(314)
Net Income	$	266	$	318	$	~~215~~481	$	~~121~~439

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Electric Company

Consolidated Statements of Comprehensive Income (Unaudited)

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)				~~(In millions)~~
Net Income	$	266	$	318	$	~~215~~481	$	~~121~~439
Other comprehensive income	—		—		—		—
Comprehensive Income	$	266	$	318	$	~~215~~481	$	~~121~~439

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Electric Company

Consolidated Statements of Financial Position (Unaudited)

	March 31,		December 31,
	June 30,		December 31,
	2026		2025
	(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	805	$	81
Restricted cash	4042		42
Accounts receivable (less allowance for doubtful accounts of $41 for both periods)
Accounts receivable (less allowance for doubtful accounts of $46 and $41, respectively)
Customer	~~884~~919		805
Affiliates	2		2
Other	96159		55
Inventories
Fuel	~~111~~133		114
Materials and supplies	~~667~~663		678
Notes receivable
Affiliates	228		—
Other	16		—
Regulatory assets	~~246~~223		158
Other	~~169~~110		116
	2,539		2,051
	2,272		2,051
Investments
Nuclear decommissioning trust funds	2,~~599~~756		2,552
Other	7278		72
	2,671		2,624
	2,834		2,624
Property
Property, plant, and equipment	3435,~~653~~610		33,807
Accumulated depreciation and amortization	(8,~~399~~428)		(8,239)
	26,254		25,568
	27,182		25,568
Other Assets
Regulatory assets	67,~~974~~051		6,821
Securitized regulatory assets	~~601~~582		619
Prepaid postretirement costs — affiliates	~~479~~492		463
Operating lease right-of-use assets	~~232~~228		237
Other	~~604~~617		607
	8,890		8,747
	8,970		8,747
Total Assets	$	4041,~~354~~258	$	38,990

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Electric Company

Consolidated Statements of Financial Position (Unaudited) — (Continued)

	March 31,		December 31,
	June 30,		December 31,
	2026		2025
	(In millions, except shares)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current Liabilities
Accounts payable
Affiliates	$	~~120~~94	$	71
Other	~~942~~985		839
Accrued interest	~~165~~163		135
Current portion long-term debt, including securitization bonds and finance leases	~~755~~937		754
Regulatory liabilities	5030		63
Short-term borrowings
Affiliates	783		—
Other	—		652
Operating lease liabilities	2829		27
Other	~~214~~222		228
	2,274		2,769
	3,243		2,769
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	13,~~436~~138		11,852
Securitization bonds	~~545~~542		561
Finance lease liabilities	3		6
	13,984		12,419
	13,683		12,419
Other Liabilities
Deferred income taxes	3,~~813~~830		3,812
Regulatory liabilities	1,~~876~~874		1,798
Asset retirement obligations	4,~~281~~451		4,217
Unamortized investment tax credit	~~505~~501		402
Nuclear decommissioning	~~412~~440		405
Accrued pension liability — affiliates	~~242~~238		245
Accrued postretirement liability — affiliates	~~229~~232		237
Operating lease liabilities	~~201~~195		206
Other	~~143~~145		66
	11,702		11,388
	11,906		11,388
Commitments and Contingencies (Notes 5 and 12)
Shareholder’s Equity
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods)	8,949		8,949
Retained earnings	3,~~445~~477		3,465
Total Shareholder’s Equity	12,~~394~~426		12,414
Total Liabilities and Shareholder’s Equity	$	4041,~~354~~258	$	38,990

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Electric Company

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	Six Months Ended June 30,
	2026		2025
	(In millions)
Operating Activities
Net Income	$	~~215~~481	$	~~121~~439
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	~~400~~814		~~378~~754
Nuclear fuel amortization	1319		1733
Allowance for equity funds used during construction	(3468)		(2446)
Deferred income taxes	(2635)		(1927)
Asset (gains) losses and impairments, net	2		—
Changes in assets and liabilities:
Accounts receivable, net	(~~127~~226)		(19149)
Inventories	14(4)		25(76)
Accounts payable	~~111~~103		1487
Prepaid postretirement benefit costs — affiliates	(1629)		(1426)
Accrued pension liability — affiliates	(37)		(47)
Accrued postretirement liability — affiliates	(85)		(74)
Regulatory assets and liabilities	65207		88109
Other current and noncurrent assets and liabilities	24(45)		(4556)
Net cash from operating activities	~~630~~1,207		~~511~~1,031
Investing Activities
Plant and equipment expenditures	(12,~~049~~343)		(~~732~~1,535)
Proceeds from sale of nuclear decommissioning trust fund assets	~~213~~475		~~139~~371
Investment in nuclear decommissioning trust funds	(~~215~~477)		(~~142~~373)
Investment in notes receivable	(14)		(3339)
Notes receivable to (from) affiliates	~~(228)~~—		42
Other	(718)		(1330)
Net cash used for investing activities	(12,~~300~~377)		(~~739~~1,564)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	1,~~582~~581		—1,291
Redemption of long-term debt	(16137)		(~~365~~385)
Short-term borrowings, net — affiliates	—783		~~960~~120
Short-term borrowings, net — other	(652)		(~~153~~69)
Dividends paid on common stock	(~~235~~469)		(~~211~~423)
Other	(12)		(11)
Net cash from financing activities	~~667~~1,094		~~220~~523
Net Decrease in Cash, Cash Equivalents, and Restricted Cash	(376)		(810)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	123		59
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	~~120~~47	$	5149
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$	~~525~~550	$	~~300~~313

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Electric Company

Consolidated Statements of Changes in Shareholder's Equity (Unaudited)

				Additional Paid-in Capital		Retained Earnings
	Common Stock
	Shares	Amount						Total
	(Dollars in millions, shares in thousands)
Balance, December 31, 2025	138,632	$	1,386	$	7,563	$	3,465		$	12,414
Net Income	—	—		—		215			215
Dividends declared on common stock	—	—		—		(235)			(235)
Balance, March 31, 2026	138,632	$	1,386	$	7,563	$	3,445		$	12,394
Net Income	—	—		—		266			266
Dividends declared on common stock	—	—		—		(234)			(234)
Balance, June 30, 2026	138,632	$	1,386	$	7,563	$	3,477		$	12,426

				Additional Paid-in Capital		Retained Earnings
	Common Stock
	Shares	Amount						Total
	(Dollars in millions, shares in thousands)
Balance, December 31, 2024	138,632	$	1,386	$	6,609	$	3,159		$	11,154
Net Income	—	—		—		121			121
Dividends declared on common stock	—	—		—		(211)			(211)
Balance, March 31, 2025	138,632	$	1,386	$	6,609	$	3,069		$	11,064
Net Income	—	—		—		318			318
Dividends declared on common stock	—	—		—		(212)			(212)
Balance, June 30, 2025	138,632	$	1,386	$	6,609	$	3,175		$	11,170

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited)

Index of Combined Notes to Consolidated Financial Statements (Unaudited)

The Combined Notes to Consolidated Financial Statements (Unaudited) are a combined presentation for DTE Energy and DTE Electric. The following list indicates the Registrant(s) to which each note applies:

Note 1

Organization and Basis of Presentation

DTE Energy and DTE Electric

Note 2

Significant Accounting Policies

DTE Energy and DTE Electric

Note 3

New Accounting Pronouncements

DTE Energy and DTE Electric

Note 4

Revenue

DTE Energy and DTE Electric

Note 5

Regulatory Matters

DTE Energy and DTE Electric

DTE Energy

DTE Energy and DTE Electric

Note 8

Financial and Other Derivative Instruments

DTE Energy and DTE Electric

Note 9

Long-Term Financings

DTE Energy and DTE Electric

Note 10

Short-Term Credit Arrangements and Borrowings

DTE Energy and DTE Electric

Note 11

Leases

DTE Energy

Note 12

Commitments and Contingencies

DTE Energy and DTE Electric

Note 13

Retirement Benefits and Trusteed Assets

DTE Energy and DTE Electric

Note 14

Segment and Related Information

DTE Energy and DTE Electric

NOTE 1 — ORGANIZATION AND BASIS OF PRESENTATION

Corporate Structure

DTE Energy owns the following businesses:

•DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million customers in southeastern Michigan

•DTE Gas is a public utility engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately 1.4 million customers throughout Michigan and the sale of storage and transportation capacity

•Other businesses include 1) DTE Vantage, which is primarily involved in renewable natural gas projects and providing custom energy solutions to industrial, commercial, and institutional customers, and 2) energy marketing and trading operations

DTE Electric and DTE Gas are regulated by the MPSC. Certain activities of DTE Electric and DTE Gas, as well as various other aspects of businesses under DTE Energy, are regulated by the FERC. In addition, the Registrants are regulated by other federal and state regulatory agencies including the NRC, the EPA, EGLE, and for DTE Energy, the CFTC and CARB.

Basis of Presentation

The Consolidated Financial Statements should be read in conjunction with the Combined Notes to Consolidated Financial Statements included in the combined DTE Energy and DTE Electric 2025 Annual Report on Form 10-K.

The accompanying Consolidated Financial Statements of the Registrants are prepared using accounting principles generally accepted in the United States of America. These accounting principles require management to use estimates and assumptions that impact reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from the Registrants' estimates.

The Consolidated Financial Statements are unaudited but, in the Registrants' opinions, include all adjustments necessary to present a fair statement of the results for the interim periods. All adjustments are of a normal recurring nature, except as otherwise disclosed in these Consolidated Financial Statements and Combined Notes to Consolidated Financial Statements. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2026.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The information in these combined notes relates to each of the Registrants as noted in the Index of Combined Notes to Consolidated Financial Statements. However, DTE Electric does not make any representation as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself.

Certain prior year balances for the Registrants were reclassified to match the current year's Consolidated Financial Statements presentation.

Principles of Consolidation

The Registrants consolidate all majority-owned subsidiaries and investments in entities in which they have controlling influence. Non-majority owned investments are accounted for using the equity method when the Registrants are able to significantly influence the operating policies of the investee. When the Registrants do not influence the operating policies of an investee, the equity investment is valued at cost minus any impairments, if applicable. These Consolidated Financial Statements also reflect the Registrants' proportionate interests in certain jointly-owned utility plants. The Registrants eliminate all intercompany balances and transactions.

The Registrants evaluate whether an entity is a VIE whenever reconsideration events occur. The Registrants consolidate VIEs for which they are the primary beneficiary. If a Registrant is not the primary beneficiary and an ownership interest is held, the VIE is accounted for under the equity method of accounting. When assessing the determination of the primary beneficiary, a Registrant considers all relevant facts and circumstances, including: the power, through voting or similar rights, to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. The Registrants perform ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed.

Legal entities within the DTE Vantage segment enter into long-term contractual arrangements with customers to supply energy-related products or services. The entities are generally designed to pass-through the commodity risk associated with these contracts to the customers, with DTE Energy retaining operational and customer default risk. These entities generally are VIEs and consolidated when DTE Energy is the primary beneficiary. In addition, DTE Energy has interests in certain VIEs through which control of all significant activities is shared with partners, and therefore are generally accounted for under the equity method.

The Registrants hold ownership interests in certain limited partnerships. The limited partnerships include investment funds which support regional development and economic growth, and an operational business providing energy-related products. These entities are generally VIEs as a result of certain characteristics of the limited partnership voting rights. The ownership interests are accounted for under the equity method as the Registrants are not the primary beneficiaries.

DTE Energy has variable interests in VIEs through certain of its long-term purchase and sale contracts. DTE Electric has variable interests in VIEs through certain of its long-term purchase contracts. As of ~~March~~June 3130, 2026, the carrying amount of assets and liabilities in DTE Energy's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase and sale contracts are predominantly related to working capital accounts and generally represent the amounts owed by or to DTE Energy for the deliveries associated with the current billing cycle under the contracts. As of ~~March~~June 3130, 2026, the carrying amount of assets and liabilities in DTE Electric's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase contracts are predominantly related to working capital accounts and generally represent the amounts owed by DTE Electric for the deliveries associated with the current billing cycle under the contracts. The Registrants have not provided any significant form of financial support associated with these long-term contracts. There is no material potential exposure to loss as a result of DTE Energy's variable interests through these long-term purchase and sale contracts. In addition, there is no material potential exposure to loss as a result of DTE Electric's variable interests through these long-term purchase contracts.

DTE Electric ~~previously~~also ~~financed~~has ~~regulatory~~variable ~~assets~~interests ~~for~~in ~~deferred~~VIEs ~~costs~~through ~~related~~long-term tobattery ~~certain~~storage ~~retired~~tolling ~~generation~~contracts ~~plants~~which ~~and~~will ~~its~~be ~~tree~~accounted ~~trimming~~for ~~surge~~as ~~program~~leases. As ~~through~~of ~~the~~June 30, ~~sale~~2026, ofthere ~~bonds~~are byno ~~wholly-owned~~assets ~~special~~or ~~purpose~~liabilities ~~entities,~~in DTE ~~Securitization~~Electric's IConsolidated ~~and~~Statements ~~DTE~~of ~~Securitization~~Financial IIPosition ~~(collectively~~that "are related to the ~~DTE~~battery ~~Securitization~~storage ~~entities"). The~~tolling ~~DTE~~contracts ~~Securitization~~as ~~entities~~lease ~~are~~commencement ~~VIEs~~has not yet occurred. DTE Electric has ~~the~~not ~~power~~provided toany ~~direct the most~~ significant ~~activities~~form of ~~these~~financial ~~entities,~~support ~~including~~associated ~~performing~~with ~~servicing~~the ~~activities~~battery ~~such~~storage astolling ~~billing and collecting surcharge revenue~~contracts. ~~Accordingly~~Upon lease commencement, DTE Electric iswill ~~the~~have ~~primary~~right-of-use ~~beneficiary~~assets and ~~the~~lease ~~DTE Securitization entities are consolidated by the Registrants~~liabilities. ~~Securitization~~Refer ~~bond~~to ~~holders~~Note ~~have~~11 ~~no recourse~~ to the ~~Registrants'~~Consolidated ~~assets~~Financial Statements, ~~except~~"Leases," for ~~those~~additional ~~held~~information byon the ~~DTE~~battery ~~Securitization~~storage ~~entities~~tolling contracts. ~~Surcharges collected by~~ DTE Electric todoes ~~pay~~not ~~for~~have ~~bond~~additional ~~servicing~~potential ~~and~~exposure ~~other~~to ~~qualified~~loss ~~costs~~beyond ~~reflect~~such ~~securitization~~right-of-use ~~property~~assets ~~solely owned by the DTE Securitization entities. These surcharges are remitted to a trustee~~ and ~~are~~lease ~~not available to other creditors of the Registrants~~liabilities.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

DTE Electric previously financed regulatory assets for deferred costs related to certain retired generation plants and its tree trimming surge program through the sale of bonds by wholly-owned special purpose entities, DTE Securitization I and DTE Securitization II (collectively "the DTE Securitization entities"). The DTE Securitization entities are VIEs. DTE Electric has the power to direct the most significant activities of these entities, including performing servicing activities such as billing and collecting surcharge revenue. Accordingly, DTE Electric is the primary beneficiary and the DTE Securitization entities are consolidated by the Registrants. Securitization bond holders have no recourse to the Registrants' assets, except for those held by the DTE Securitization entities. Surcharges collected by DTE Electric to pay for bond servicing and other qualified costs reflect securitization property solely owned by the DTE Securitization entities. These surcharges are remitted to a trustee and are not available to other creditors of the Registrants.

The maximum risk exposure for consolidated VIEs is reflected on the Registrants' Consolidated Statements of Financial Position. For non-consolidated VIEs, the maximum risk exposure of the Registrants is generally limited to their investment and notes receivable.

The table below summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of ~~March~~June 3130, 2026 and December 31, 2025. All assets and liabilities of a consolidated VIE are presented where it has been determined that a consolidated VIE has either (1) assets that can be used only to settle obligations of the VIE or (2) liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. Assets and liabilities of the DTE Securitization entities have been aggregated due to their similar nature and are separately stated in the table below, comprising the entirety of the DTE Electric amounts. For all other VIEs, assets and liabilities are also aggregated due to their similar nature and presented together with the DTE Securitization entities in the DTE Energy amounts below. VIEs, in which DTE Energy holds a majority voting interest and is the primary beneficiary, that meet the definition of a business and whose assets can be used for purposes other than the settlement of the VIE's obligations have been excluded from the table.

Amounts for the Registrants' consolidated VIEs are as follows:

	March 31, 2026				December 31, 2025
	June 30, 2026				December 31, 2025
	DTE Energy		DTE Electric		DTE Energy		DTE Electric
	(In millions)
ASSETS
Cash and cash equivalents	$	73	$	—	$	5	$	—
Restricted cash	4042		4042		42		42
Accounts receivable	1012		47		10		6
Securitized regulatory assets	~~601~~582		~~601~~582		619		619
Notes receivable(a)	6664		—		68		—
Other current and long-term assets	—1		—		1		—
	$	~~724~~704	$	~~645~~631	$	745	$	667
LIABILITIES
Accrued interest	$	411	$	411	$	11	$	11
Regulatory liabilities — current	24		24		23		23
Securitization bonds(b)	~~620~~599		~~620~~599		636		636
Other current and long-term liabilities	42		—		4		—
	$	~~652~~636	$	~~648~~634	$	674	$	670

_______________________________________

(a)At both ~~March~~June 3130, 2026 and December 31, 2025, Notes receivable includes $2 million, reported in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position.

(b)Includes $57 million and $75 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for both the periods ended ~~March~~June 3130, 2026 and December 31, 2025, respectively.

DTE Energy has Investments in equity method investees relating to non-consolidated VIEs of $5251 million and $63 million at ~~March~~June 3130, 2026 and December 31, 2025, respectively.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

Other Income

The following is a summary of DTE Energy's Other income:

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)				~~(In millions)~~
Allowance for equity funds used during construction	$	35	$	22	$	3570	$	2446
Contract services	12		11		1729		920
Equity earnings of equity method investees					3		7
Investment income(a)	9		7		10		8
Investment income(a)					1		1
Equity earnings of equity method investees	4		4		7		11
Other	6		5		39		38
	$	66	$	49	$	59125	$	4493

_______________________________________

(a)Investment losses are recorded separately to Other expenses on the Consolidated Statements of Operations.

The following is a summary of DTE Electric's Other income:

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)				~~(In millions)~~
Allowance for equity funds used during construction	$	34	$	22	$	3468	$	2446
Contract services	13		11		1629		920
Investment income(a)	8		6		19		17
Other	4		3		37		25
	$	59	$	42	$	54113	$	3678

_______________________________________

(a)Investment losses are recorded separately to Other expenses on the Consolidated Statements of Operations.

For information on equity earnings of equity method investees by segment, see Note 14 to the Consolidated Financial Statements, "Segment and Related Information."

Changes in Accumulated Other Comprehensive Income (Loss)

Comprehensive income (loss) is the change in common shareholders' equity during a period from transactions and events from non-owner sources, including Net Income. The amounts recorded to Accumulated other comprehensive income (loss) for DTE Energy include changes in benefit obligations, consisting of deferred actuarial losses and prior service costs, unrealized gains and losses from derivatives accounted for as cash flow hedges, and foreign currency translation adjustments, if any. DTE Energy releases income tax effects from accumulated other comprehensive income when the circumstances upon which they are premised cease to exist.

Changes in Accumulated other comprehensive income (loss) are presented in DTE Energy's Consolidated Statements of Changes in Equity and DTE Electric's Consolidated Statements of Changes in Shareholder's Equity, if any. For the three and six months ended ~~March~~June 3130, 2026 and 2025, reclassifications out of Accumulated other comprehensive income (loss) were not material.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Income Taxes

Tax rates are affected by estimated annual permanent items, production and investment tax credits, regulatory adjustments, and discrete items that may occur in any given period, but are not consistent from period to period. The tables below summarize how the Registrants' effective income tax rates have varied from the statutory federal income tax rate:

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
DTE Energy
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%	21.0	%
Increase (decrease) due to:
State and local income taxes, net of federal benefit	3.9		4.2		65.61		4.2
Investment tax credits	(20.9)		(13.7)		(3527.42)		(13.12)
Production tax credits	(13.8)		(10.2)		(2117.31)		(10.54)
TCJA regulatory liability amortization	(4.8)		(4.8)		(75.49)		(4.56)
AFUDC equity	(2.1)		(2.0)		(32.9)		(1.56)
Nondeductible EES Coke penalty(a)	—		—		94.83		—
Other					(0.3)		0.2
Enactment of Illinois income tax legislation, net of federal benefit	—		5.9		—		2.1
Effective income tax rate					(30.9)	%	(4.2)	%
Other	(0.3)		—		(0.3)		(0.1)
Effective income tax rate	(17.0)	%	0.4	%	(23.0)	%	(2.6)	%

_______________________________________

(a)For further discussion of the EES Coke legal matter, see Note 12 to the Consolidated Financial Statements, "Commitments and Contingencies."

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
DTE Electric
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%	21.0	%
Increase (decrease) due to:
State and local income taxes, net of federal benefit	5.4		5.6		5.65		5.76
Investment tax credits	(18.6)		(16.3)		(2119.59)		(16.62)
Production tax credits	(6.1)		(6.6)		(6.42)		(76.08)
TCJA regulatory liability amortization	(4.0)		(4.7)		(4.21)		(4.6)
AFUDC equity	(2.2)		(2.1)		(2.64)		(12.80)
Other	(0.2)		(0.3)		(0.43)		(0.43)
Effective income tax rate	(4.7)	%	(3.4)	%	(86.54)	%	(23.93)	%

DTE Electric had state income tax receivables with DTE Energy of $1 million at March 31, 2026. Income tax receivables with DTE Energy are included in Accounts receivable — Affiliates on the DTE Electric Consolidated Statements of Financial Position. DTE Electric had federal income tax payables with DTE Energy of ~~$12 million~~ ~~and~~ $1 million at ~~March 31, 2026 and~~ December 31, 2025~~, respectively~~. Income tax payables with DTE Energy are included in Accounts payable — Affiliates on the DTE Electric Consolidated Statements of Financial Position.

Unrecognized Compensation Costs

As of ~~March~~June 3130, 2026, DTE Energy had $~~111~~102 million of total unrecognized compensation cost related to non-vested stock incentive plan arrangements. That cost is expected to be recognized over a weighted-average period of 2.10 years.

Allocated Stock-Based Compensation

DTE Electric received an allocation of costs from DTE Energy associated with stock-based compensation of $1311 million and $109 million for the three months ended ~~March~~June 3130, 2026 and 2025, respectively, while such allocation was $24 million and $19 million for the six months ended June 30, 2026 and 2025, respectively.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents include cash on hand, cash in banks, and temporary investments purchased with maturities of three months or less. Restricted cash includes funds held in separate bank accounts and principally consists of amounts at DTE Securitization I and DTE Securitization II to pay for debt service and other qualified costs. Restricted cash designated for payments within one year is classified as a Current Asset.

Financing Receivables

Financing receivables are primarily composed of trade receivables, notes receivable, and unbilled revenue. The Registrants' financing receivables are stated at net realizable value.

The Registrants monitor the credit quality of their financing receivables on a regular basis by reviewing credit quality indicators and monitoring for trigger events, such as a credit rating downgrade or bankruptcy. Credit quality indicators include, but are not limited to, ratings by credit agencies where available, collection history, collateral, counterparty financial statements and other internal metrics. Utilizing such data, the Registrants have determined three internal grades of credit quality. Internal grade 1 includes financing receivables for counterparties where credit rating agencies have ranked the counterparty as investment grade. To the extent credit ratings are not available, the Registrants utilize other credit quality indicators to determine the level of risk associated with the financing receivable. Internal grade 1 may include financing receivables for counterparties for which credit rating agencies have ranked the counterparty as below investment grade; however, due to favorable information on other credit quality indicators, the Registrants have determined the risk level to be similar to that of an investment grade counterparty. Internal grade 2 includes financing receivables for counterparties with limited credit information and those with a higher risk profile based upon credit quality indicators. Internal grade 3 reflects financing receivables for which the counterparties have the greatest level of risk, including those in bankruptcy status.

The following represents the Registrants' financing receivables by year of origination as determined by the date the original agreement was executed, classified by internal grade of credit risk, including current year-to-date gross write-offs, if any. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through ~~March~~June 3130, 2026.

	DTE Energy
	Year of Origination
	2026		2025		2024 and Prior		Total
	(In millions)
Notes receivable
Internal grade 1	$	1438	$	247	$	30	$	~~291~~315
Internal grade 2	12		1114		1,~~212~~268		1,~~224~~284
Total notes receivable(a)	$	1540	$	~~258~~261	$	1,~~242~~298	$	1,~~515~~599
Net investment in leases
Internal grade 1	$	—	$	—	$	34	$	34
Internal grade 2	—		—		1		1
Total net investment in leases(a)	$	—	$	—	$	35	$	35

_______________________________________

(a)The current portion is included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position.

	DTE Electric
	Year of Origination
	2026		2025		2024 and Prior		Total
	(In millions)
Note receivable — Internal grade 1(a)	$	~~243~~14	$	247	$	27	$	~~517~~288

_______________________________________

(a)The noncurrent portion is included in Other Assets — Other on DTE Electric's Consolidated Statements of Financial Position.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The allowance for doubtful accounts on accounts receivable for the utility entities is generally calculated using an aging approach that utilizes rates developed in reserve studies. DTE Electric and DTE Gas establish an allowance for uncollectible accounts based on historical losses and management's assessment of existing and future economic conditions, customer trends and other factors. Customer accounts are generally considered delinquent if the amount billed is not received by the due date, which is typically in 21 days, however, factors such as assistance programs may delay aggressive action. DTE Electric and DTE Gas generally assess late payment fees on trade receivables based on past-due terms with customers. Customer accounts are written off when collection efforts have been exhausted. The time period for write-off is 150 days after service has been terminated.

The customer allowance for doubtful accounts for non-utility businesses and other receivables for both utility and non-utility businesses is generally calculated based on specific review of probable future collections based on receivable balances generally in excess of 30 days. Existing and future economic conditions, customer trends and other factors are also considered. Receivables are written off on a specific identification basis and determined based upon the specific circumstances of the associated receivable.

Notes receivable for DTE Energy are primarily comprised of loans, MISO deposits, and finance lease receivables that are included in Notes Receivable and Other current assets on DTE Energy's Consolidated Statements of Financial Position. Notes receivable for DTE Electric are primarily comprised of MISO deposits and loans that are included in current Notes receivable and Other long-term assets on DTE Electric's Consolidated Statements of Financial Position.

The Registrants establish an allowance for credit loss for principal and interest amounts due that are estimated to be uncollectible in accordance with the contractual terms of the note receivable. In determining the allowance for credit losses for notes receivable, the Registrants consider the historical payment experience and other factors that are expected to have a specific impact on the counterparty's ability to pay including existing and future economic conditions. Notes receivable are typically considered delinquent when payment is not received for periods ranging from 60 to 120 days. If amounts are no longer probable of collection, the Registrants may consider the note receivable impaired, adjust the allowance, and cease accruing interest (nonaccrual status).

Cash payments received on nonaccrual status notes receivable, that do not bring the account contractually current, are first applied to the contractually owed past due interest, with any remainder applied to principal. Accrual of interest is generally resumed when the note receivable becomes contractually current.

The following tables present a roll-forward of the activity for the Registrants' financing receivables credit loss reserves:

	DTE Energy				DTE Electric
	Trade accounts receivable		Other receivables(a)			Total		Trade and other accounts receivable
	(In millions)
Beginning reserve balance, January 1, 2026	$	59	$	3		$	62	$	41
Current period provision	2758		—			2758		1430
Write-offs charged against allowance	(2956)		—			(2956)		(2038)
Recoveries of amounts previously written off	1019		—			1019		613
Ending reserve balance, March 31, 2026	$	67	$	3		$	70	$	41
Ending reserve balance, June 30, 2026	$	80	$	3		$	83	$	46

_______________________________________

(a)Other receivables includes reserves on notes receivable and Accounts receivable — Other.


	DTE Energy				DTE Electric
	Trade accounts receivable		Other receivables(a)			Total		Trade and other accounts receivable
	(In millions)
Beginning reserve balance, January 1, 2025	$	69	$	3		$	72	$	46
Current period provision	69		—			69		44

Write-offs charged against allowance	(116)		—			(116)		(74)
Recoveries of amounts previously written off	37		—			37		25
Ending reserve balance, December 31, 2025	$	59	$	3		$	62	$	41

_______________________________________

(a)Other receivables includes reserves on notes receivable and Accounts receivable — Other.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Uncollectible expense for the Registrants is primarily comprised of the current period provision for allowance for doubtful accounts and is summarized as follows:

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)				~~(In millions)~~
DTE Energy	$	31	$	20	$	2758	$	2646
DTE Electric	$	17	$	13	$	1330	$	1023

There are no material amounts of past due financing receivables for the Registrants as of ~~March~~June 3130, 2026.

NOTE 3 — NEW ACCOUNTING PRONOUNCEMENTS

Recently Adopted Pronouncements

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. The Registrants adopted the ASU effective January 1, 2026 on a prospective basis and elected not to apply the practical expedient, with no impact on the Registrants' financial position or results of operations.

Recently Issued Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as amended. The amendments in this update require disaggregated disclosure of income statement expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU is effective for the Registrants for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. The guidance may be applied on a prospective or retrospective basis. Early adoption is permitted. The Registrants will apply the guidance upon the effective date.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update modernize the accounting guidance for the costs to develop software for internal use. The amendments remove all references to a sequential software development method (referred to as "project stages") throughout ASC 350-40 and clarifies the threshold entities should apply to begin capitalizing eligible costs. The ASU is effective for the Registrants for annual and interim periods beginning after December 15, 2027. The guidance may be applied on a prospective, retrospective, or modified transition basis. Early adoption is permitted. The Registrants are currently assessing the impact of this standard on their Consolidated Financial Statements.

In May 2026, the FASB issued ASU No. 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818). The amendments in this update provide recognition, measurement, presentation, and disclosure requirements for all entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. The ASU is effective for the Registrants for annual periods beginning after December 15, 2027. The guidance will be applied on a retrospective basis as required by the ASU. Early adoption is permitted. The Registrants are currently assessing the impact of this standard on their Consolidated Financial Statements.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 4 — REVENUE

Disaggregation of Revenue

The following is a summary of revenues disaggregated by segment for DTE Energy:

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)				~~(In millions)~~
Electric(a)
Residential	$	817	$	733	$	~~780~~1,597	$	~~720~~1,453
Commercial	629		536		~~572~~1,201		~~529~~1,065
Industrial	200		164		~~167~~367		~~160~~324
Other(b)	129		253		~~225~~354		50303
Total Electric operating revenues	$	1,775	$	1,686	$	13,~~744~~519	$	13,~~459~~145
Gas
Gas sales	$	225	$	229	$	~~695~~920	$	~~692~~921
End User Transportation	53		51		91144		91142
Intermediate Transportation	16		16		3955		3147
Other(b)	21		20		~~107~~128		6282
Total Gas operating revenues	$	315	$	316	$	~~932~~1,247	$	~~876~~1,192
Other segment operating revenues
DTE Vantage	$	200	$	169	$	~~227~~427	$	~~188~~357
Energy Trading	$	1,153	$	1,324	$	23,~~351~~504	$	23,~~026~~350

_______________________________________

(a)Revenues generally represent those of DTE Electric, except $2724 million and $54 million of Other revenues related to DTE Sustainable Generation for the three months ended ~~March~~June 3130, 2026 and 2025, respectively, and $51 million and $9 million for the six months ended June 30, 2026 and 2025, respectively.

(b)Includes revenue adjustments related to various regulatory mechanisms, including the PSCR at the Electric segment and GCR at the Gas segment, and interconnection sales in the Electric segment. Revenues related to these mechanisms may vary based on changes in the cost of fuel, purchased power, and gas.

Revenues included the following which were outside the scope of Topic 606:

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)				~~(In millions)~~
Electric — Alternative Revenue Programs	$	2	$	—	$	13	$	1
Electric — Other revenues	$	6	$	5	$	1218	$	510
Gas — Other revenues	$	4	$	4	$	48	$	37
DTE Vantage — Leases	$	14	$	14	$	1226	$	1529
Energy Trading — Derivatives	$	791	$	966	$	12,~~612~~403	$	12,~~499~~465

Deferred Revenue

The following is a summary of deferred revenue activity for DTE Energy:

	Three Months Ended March 31,
	Six Months Ended June 30,
	2026		2025
	(In millions)
Beginning Balance, January 1	$	170	$	138
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period	63106		51109
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	(6877)		(4345)
Ending Balance, March 31	$	165	$	146
Ending Balance, June 30	$	199	$	202

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Deferred revenues are included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position. Deferred revenues generally represent amounts paid by or receivables from customers for which the associated performance obligation has not yet been satisfied. Deferred revenues include amounts associated with REC performance obligations under certain wholesale full requirements power contracts. Deferred revenues related to RECs are recognized as revenue when control of the RECs has transferred. Other performance obligations associated with deferred revenues include providing products and services related to customer prepayments. Deferred revenues associated with these products and services are recognized when control has transferred to the customer.

The following table represents deferred revenue amounts for DTE Energy that are expected to be recognized as revenue in future periods:

	DTE Energy
	(In millions)
2026	$	~~145~~153
2027	2045
2028	—1
2029	—
2030	—
2031 and thereafter	—
	$	~~165~~199

Transaction Price Allocated to the Remaining Performance Obligations

In accordance with optional exemptions available under Topic 606, the Registrants did not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less, (2) with the exception of fixed consideration, contracts for which revenue is recognized at the amount to which the Registrants have the right to invoice for goods provided and services performed, and (3) contracts for which variable consideration relates entirely to an unsatisfied performance obligation.

Such contracts consist of varying types of performance obligations across the segments, including the supply and delivery of energy related products and services. Contracts with variable volumes and/or variable pricing, including those with pricing provisions tied to a consumer price or other index, have also been excluded as the related consideration under the contract is variable at inception of the contract. Contract lengths vary from cancellable to multi-year.

The Registrants expect to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted:

	DTE Energy		DTE Electric
	(In millions)
2026	$	~~150~~98	$	117
2027	~~193~~206		1
2028	~~137~~147		—
2029	~~108~~119		—
2030	91100		—
2031 and thereafter	~~312~~316		—
	$	~~991~~986	$	128

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 5 — REGULATORY MATTERS

2025 Electric Rate Case Filing

DTE Electric filed a rate case with the MPSC on April 24, 2025 requesting an increase in base rates of $574 million based on a projected twelve-month period ending December 31, 2026, and an increase in return on equity from 9.9% to 10.75%. The requested increase in base rates was primarily due to capital investments required to support continued reliability improvements and the ongoing transition to cleaner energy. On February 19, 2026, the MPSC issued an order approving an annual revenue increase of $242 million for services rendered on or after March 5, 2026 and a return on equity of 9.9%.

2025 Electric Depreciation Case Filing

DTE Electric filed a depreciation case with the MPSC on December 23, 2025 requesting an increase in depreciation rates of $147 million when compared to current depreciation rates for plant in service balances as of December 31, 2023. While there is no required timing for an MPSC order in a depreciation case, updated depreciation rates will be implemented coinciding with an order in the first DTE Electric general rate case filed following an order in this case.

2025 Gas Rate Case Filing

DTE Gas filed a rate case with the MPSC on November 13, 2025 requesting a net increase in base rates of $163 million based on a projected twelve-month period ending September 30, 2027, and an increase in return on equity from 9.8% to 10.25%. The net increase is based on a total revenue deficiency of $238 million, net of the IRM roll-in of $75 million. The requested net increase in base rates was primarily due to continued infrastructure investment and increasing operations and maintenance costs needed to ensure the continued safe and reliable delivery of natural gas to customers. A final MPSC order in this case is expected in September 2026.

2026 Electric Rate Case Filing

DTE Electric filed a rate case with the MPSC on April 28, 2026 requesting an increase in base rates of $474 million based on a projected twelve-month period ending February 29, 2028, and an increase in return on equity from 9.9% to 10.25%. The requested increase in base rates was primarily due to capital investments required to support continued reliability improvements and the ongoing transition to cleaner energy. A final MPSC order in this case is expected in February 2027.

2026 Securitization Filing

On May 8, 2026, DTE Electric filed an application with the MPSC requesting a financing order to approve the securitization of $601 million of qualified costs primarily related to the net book value of the Belle River generating plant and tree trimming surge program costs. The filing requests recovery of these qualifying costs from DTE Electric's customers. A final MPSC order is expected by August 2026.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 6 — EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income, adjusted for income allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution that would occur if any potentially dilutive instruments were exercised or converted into common shares. DTE Energy’s participating securities are restricted shares under the stock incentive program that contain rights to receive non-forfeitable dividends. Performance shares do not receive cash dividends; as such, these awards are not considered participating securities.

The following is a reconciliation of DTE Energy's basic and diluted income per share calculation:

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions, except per share amounts)				~~(In millions, except per share amounts)~~
Basic Earnings per Share
Net Income Attributable to DTE Energy Company	$	282	$	229	$	~~247~~529	$	~~445~~674
Less: Allocation of earnings to net restricted stock awards	2		1		—2		12
Net income available to common shareholders — basic	$	280	$	228	$	~~247~~527	$	~~444~~672
Average number of common shares outstanding — basic	208		207		~~207~~208		207
Basic Earnings per Common Share	$	1.35	$	1.10	$	12.1954	$	23.1425
Diluted Earnings per Share
Net Income Attributable to DTE Energy Company	$	282	$	229	$	~~247~~529	$	~~445~~674
Less: Allocation of earnings to net restricted stock awards	2		1		—2		12
Net income available to common shareholders — diluted	$	280	$	228	$	~~247~~527	$	~~444~~672
Average number of common shares outstanding — basic	208		207		~~207~~208		207
Average performance share awards and ATM dilutive shares					1		—
Average number of common shares outstanding — diluted	208		207		208		207
Average number of common shares outstanding — diluted					208		207
Diluted Earnings per Common Share	$	1.35	$	1.10	$	2.53	$	3.24
Diluted Earnings per Common Share					$	1.19	$	2.14

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 7 — FAIR VALUE

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Registrants make certain assumptions they believe that market participants would use in pricing assets or liabilities, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. Credit risk of the Registrants and their counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at ~~March~~June 3130, 2026 and December 31, 2025. The Registrants believe they use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs.

A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. The Registrants classify fair value balances based on the fair value hierarchy defined as follows:

•Level 1 — Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date.

•Level 2 — Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.

•Level 3 — Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints.

The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis:

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

	March 31, 2026												December 31, 2025
	Level1		Level2		Level3		Other(a)		Netting(b)		Net Balance		Level1		Level2		Level3		Other(a)		Netting(b)		Net Balance
	(In millions)
Assets
Cash equivalents and Restricted cash(c)	$	228	$	—	$	—	$	—	$	—	$	228	$	176	$	—	$	—	$	—	$	—	$	176
Nuclear decommissioning trusts
Equity securities	953		—		—		242		—		1,195		987		—		—		201		—		1,188
Fixed income securities	146		479		—		136		—		761		133		460		—		133		—		726
Private equity and other	—		—		—		368		—		368		—		—		—		358		—		358
Hedge funds and similar investments	227		18		—		—		—		245		228		17		—		—		—		245
Cash equivalents	30		—		—		—		—		30		35		—		—		—		—		35
Other investments(d)
Equity securities	83		—		—		—		—		83		84		—		—		—		—		84
Fixed income securities	9		2		—		—		—		11		9		2		—		—		—		11
Cash equivalents	44		—		—		—		—		44		38		—		—		—		—		38
Derivative assets
Commodity contracts(e)
Natural gas	139		51		99		—		(170)		119		207		56		109		—		(235)		137
Electricity	192		149		16		—		(285)		72		127		115		33		—		(194)		81
Environmental & Other	5		59		4		—		(64)		4		—		46		11		—		(46)		11
Other contracts	—		9		—		—		—		9		—		3		—		—		—		3
Total derivative assets	336		268		119		—		(519)		204		334		220		153		—		(475)		232
Total	$	2,056	$	767	$	119	$	746	$	(519)	$	3,169	$	2,024	$	699	$	153	$	692	$	(475)	$	3,093
Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas	$	(223)	$	(31)	$	(79)	$	—	$	210	$	(123)	$	(196)	$	(51)	$	(82)	$	—	$	227	$	(102)
Electricity	(176)		(85)		(109)		—		280		(90)		(124)		(59)		(52)		—		186		(49)
Environmental & Other	(4)		(42)		—		—		55		9		(1)		(31)		—		—		32		—
Other contracts	—		(1)		—		—		—		(1)		—		(1)		—		—		—		(1)
Total	$	(403)	$	(159)	$	(188)	$	—	$	545	$	(205)	$	(321)	$	(142)	$	(134)	$	—	$	445	$	(152)
Net Assets (Liabilities) at end of period	$	1,653	$	608	$	(69)	$	746	$	26	$	2,964	$	1,703	$	557	$	19	$	692	$	(30)	$	2,941
Assets
Current	$	483	$	217	$	64	$	—	$	(399)	$	365	$	426	$	130	$	102	$	—	$	(339)	$	319
Noncurrent	1,573		550		55		746		(120)		2,804		1,598		569		51		692		(136)		2,774
Total Assets	$	2,056	$	767	$	119	$	746	$	(519)	$	3,169	$	2,024	$	699	$	153	$	692	$	(475)	$	3,093
Liabilities
Current	$	(292)	$	(126)	$	(138)	$	—	$	412	$	(144)	$	(240)	$	(106)	$	(67)	$	—	$	327	$	(86)
Noncurrent	(111)		(33)		(50)		—		133		(61)		(81)		(36)		(67)		—		118		(66)
Total Liabilities	$	(403)	$	(159)	$	(188)	$	—	$	545	$	(205)	$	(321)	$	(142)	$	(134)	$	—	$	445	$	(152)
Net Assets (Liabilities) at end of period	$	1,653	$	608	$	(69)	$	746	$	26	$	2,964	$	1,703	$	557	$	19	$	692	$	(30)	$	2,941

The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis:


	June 30, 2026												December 31, 2025
	Level 1		Level 2		Level 3		Other(a)		Netting(b)		Net Balance		Level 1		Level 2		Level 3		Other(a)		Netting(b)		Net Balance
	(In millions)
Assets
Cash equivalents and Restricted cash(c)	$	12	$	—	$	—	$	—	$	—	$	12	$	176	$	—	$	—	$	—	$	—	$	176
Nuclear decommissioning trusts
Equity securities	1,036		—		—		248		—		1,284		987		—		—		201		—		1,188
Fixed income securities	161		507		—		138		—		806		133		460		—		133		—		726
Private equity and other	—		—		—		378		—		378		—		—		—		358		—		358
Hedge funds and similar investments	237		18		—		—		—		255		228		17		—		—		—		245
Cash equivalents	33		—		—		—		—		33		35		—		—		—		—		35
Other investments(d)
Equity securities	93		—		—		—		—		93		84		—		—		—		—		84
Fixed income securities	10		2		—		—		—		12		9		2		—		—		—		11
Cash equivalents	38		—		—		—		—		38		38		—		—		—		—		38

Derivative assets
Commodity contracts(e)
Natural gas	159		40		94		—		(176)		117		207		56		109		—		(235)		137
Electricity	318		265		26		—		(489)		120		127		115		33		—		(194)		81
Environmental & Other	14		47		23		—		(61)		23		—		46		11		—		(46)		11


Other contracts	—		15		—		—		—		15		—		3		—		—		—		3
Total derivative assets	491		367		143		—		(726)		275		334		220		153		—		(475)		232
Total	$	2,111	$	894	$	143	$	764	$	(726)	$	3,186	$	2,024	$	699	$	153	$	692	$	(475)	$	3,093

Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas	$	(220)	$	(18)	$	(75)	$	—	$	240	$	(73)	$	(196)	$	(51)	$	(82)	$	—	$	227	$	(102)
Electricity	(270)		(138)		(170)		—		444		(134)		(124)		(59)		(52)		—		186		(49)
Environmental & Other	(16)		(33)		—		—		49		—		(1)		(31)		—		—		32		—


Other contracts	—		(1)		—		—		—		(1)		—		(1)		—		—		—		(1)

Total	$	(506)	$	(190)	$	(245)	$	—	$	733	$	(208)	$	(321)	$	(142)	$	(134)	$	—	$	445	$	(152)
Net Assets (Liabilities) at end of period	$	1,605	$	704	$	(102)	$	764	$	7	$	2,978	$	1,703	$	557	$	19	$	692	$	(30)	$	2,941
Assets
Current	$	412	$	278	$	89	$	—	$	(582)	$	197	$	426	$	130	$	102	$	—	$	(339)	$	319
Noncurrent	1,699		616		54		764		(144)		2,989		1,598		569		51		692		(136)		2,774
Total Assets	$	2,111	$	894	$	143	$	764	$	(726)	$	3,186	$	2,024	$	699	$	153	$	692	$	(475)	$	3,093
Liabilities
Current	$	(405)	$	(150)	$	(184)	$	—	$	582	$	(157)	$	(240)	$	(106)	$	(67)	$	—	$	327	$	(86)
Noncurrent	(101)		(40)		(61)		—		151		(51)		(81)		(36)		(67)		—		118		(66)
Total Liabilities	$	(506)	$	(190)	$	(245)	$	—	$	733	$	(208)	$	(321)	$	(142)	$	(134)	$	—	$	445	$	(152)
Net Assets (Liabilities) at end of period	$	1,605	$	704	$	(102)	$	764	$	7	$	2,978	$	1,703	$	557	$	19	$	692	$	(30)	$	2,941

_______________________________________

(a)Amounts represent assets valued at NAV as a practical expedient for fair value.

(b)Amounts represent the impact of master netting agreements that allow DTE Energy to net gain and loss positions and cash collateral held or placed with the same counterparties.

(c)Amounts include $~~23 million and $~~10 million recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at ~~March~~both June 3130, 2026 and December 31, 2025~~, respectively~~. All other amounts are included in Cash and cash equivalents on DTE Energy's Consolidated Statements of Financial Position.

(d)Excludes cash surrender value of life insurance investments and certain securities classified as held-to-maturity that are recorded at amortized cost and not material to the consolidated financial statements.

(e)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of:

	March 31, 2026										December 31, 2025
	June 30, 2026										December 31, 2025
	Level 1		Level 2		Level 3		Other(a)		Net Balance		Level 1		Level 2		Level 3		Other(a)		Net Balance
	(In millions)
Assets
Cash equivalents and Restricted cash(b)	$	9510	$	—	$	—	$	—	$	9510	$	83	$	—	$	—	$	—	$	83
Nuclear decommissioning trusts
Equity securities	~~953~~1,036		—		—		~~242~~248		1,~~195~~284		987		—		—		201		1,188
Fixed income securities	~~146~~161		~~479~~507		—		~~136~~138		~~761~~806		133		460		—		133		726
Private equity and other	—		—		—		~~368~~378		~~368~~378		—		—		—		358		358
Hedge funds and similar investments	~~227~~237		18		—		—		~~245~~255		228		17		—		—		245
Cash equivalents	3033		—		—		—		3033		35		—		—		—		35
Other investments
Equity securities	3136		—		—		—		3136		33		—		—		—		33
Fixed income securities	—		2		—		—		2		—		2		—		—		2
Cash equivalents	27		—		—		—		27		26		—		—		—		26
Derivative assets — FTRs	—		—		423		—		423		—		—		11		—		11
Total	$	1,~~509~~540	$	~~499~~527	$	423	$	~~746~~764	$	2,~~758~~854	$	1,525	$	479	$	11	$	692	$	2,707
Assets
Current	$	9510	$	—	$	423	$	—	$	9933	$	83	$	—	$	11	$	—	$	94
Noncurrent	1,~~414~~530		~~499~~527		—		~~746~~764		2,~~659~~821		1,442		479		—		692		2,613
Total Assets	$	1,~~509~~540	$	~~499~~527	$	423	$	~~746~~764	$	2,~~758~~854	$	1,525	$	479	$	11	$	692	$	2,707

_______________________________________

(a)Amounts represent assets valued at NAV as a practical expedient for fair value.

(b)Amounts include $~~23 million and $~~10 million recorded in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at ~~March~~both June 3130, 2026 and December 31, 2025~~, respectively~~. All other amounts are included in Cash and cash equivalents on DTE Electric's Consolidated Statements of Financial Position.

Cash Equivalents

Cash equivalents include investments with maturities of three months or less when purchased. The cash equivalents shown in the fair value table are comprised of short-term investments in money market funds.

Nuclear Decommissioning Trusts and Other Investments

The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly, as well as publicly-traded commingled funds, are valued using quoted market prices in actively traded markets. Non-exchange traded fixed income securities are valued based upon quotations available from brokers or pricing services.

Non-publicly traded commingled funds holding exchange-traded equity or debt securities are valued based on stated NAVs. There are no significant restrictions for these funds and investments may be redeemed with 7 to 65 days notice depending on the fund. There is no intention to sell the investment in these commingled funds.

Private equity and other assets include a diversified group of funds that are primarily classified as NAV assets. These funds primarily invest in limited partnerships, including private equity, private real estate and private credit. Distributions are received through the liquidation of the underlying fund assets over the life of the funds. There are generally no redemption rights. The limited partner must hold the fund for its life or find a third-party buyer, which may need to be approved by the general partner. The funds are established with varied contractual durations generally in the range of 7 years to 12 years. The fund life can often be extended by several years by the general partner, and further extended with the approval of the limited partners. Unfunded commitments related to these investments totaled $~~190~~170 million and $179 million as of ~~March~~June 3130, 2026 and December 31, 2025, respectively.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Hedge funds and similar investments utilize a diversified group of strategies that attempt to capture uncorrelated sources of return. These investments include publicly traded mutual funds that are valued using quoted prices in actively traded markets, as well as insurance-linked and asset-backed securities that are valued using quotations from broker or pricing services and limited partnerships that are classified as NAV assets.

For pricing the nuclear decommissioning trusts and other investments, a primary price source is identified by asset type, class, or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary source of a given security if the trustee determines that another price source is considered preferable. The Registrants have obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices.

Derivative Assets and Liabilities

Derivative assets and liabilities are comprised of physical and financial derivative contracts, including futures, forwards, options, and swaps that are both exchange-traded and over-the-counter traded contracts. Various inputs are used to value derivatives depending on the type of contract and availability of market data. Exchange-traded derivative contracts are valued using quoted prices in active markets. The Registrants consider the following criteria in determining whether a market is considered active: frequency in which pricing information is updated, variability in pricing between sources or over time, and the availability of public information. Other derivative contracts are valued based upon a variety of inputs including commodity market prices, broker quotes, interest rates, credit ratings, default rates, market-based seasonality, and basis differential factors. The Registrants monitor the prices that are supplied by brokers and pricing services and may use a supplemental price source or change the primary price source of an index if prices become unavailable or another price source is determined to be more representative of fair value. The Registrants have obtained an understanding of how these prices are derived. Additionally, the Registrants selectively corroborate the fair value of their transactions by comparison of market-based price sources. Mathematical valuation models are used for derivatives for which external market data is not readily observable, such as contracts which extend beyond the actively traded reporting period. The Registrants have established a Risk Management Committee whose responsibilities include directly or indirectly ensuring all valuation methods are applied in accordance with predefined policies. The development and maintenance of the Registrants' forward price curves has been assigned to DTE Energy's Risk Management Department, which is separate and distinct from the trading functions within DTE Energy.

The following ~~table~~tables ~~presents~~present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:

	Three Months Ended March 31, 2026								Three Months Ended March 31, 2025
	Three Months Ended June 30, 2026								Three Months Ended June 30, 2025
	Natural Gas		Electricity		Other		Total		Natural Gas		Electricity		Other		Total
	(In millions)
Net Assets (Liabilities) as of December 31	$	27	$	(19)	$	11	$	19	$	(18)	$	24	$	7	$	13
Net Assets (Liabilities) as of March 31	$	20	$	(93)	$	4	$	(69)	$	—	$	(91)	$	2	$	(89)
Transfers into Level 3 from Level 2	—		—		—		—		2		—		—		2
Transfers from Level 3 into Level 2	—		—		—		—		—		—		2		2
Total gains (losses)
Included in earnings(a)	~~(72)~~19		~~(85)~~45		35		~~(154)~~69		(2220)		~~(37)~~182		—2		~~(59)~~164
Recorded in Regulatory liabilities	—		—		~~(3)~~24		~~(3)~~24		—		—		~~(2)~~28		~~(2)~~28
Purchases, issuances, and settlements
Settlements	65(20)		11(96)		(710)		69(126)		389		(7899)		(51)		(4591)
Net Assets (Liabilities) as of March 31	$	20	$	(93)	$	4	$	(69)	$	—	$	(91)	$	2	$	(89)
Net Assets (Liabilities) as of June 30	$	19	$	(144)	$	23	$	(102)	$	(9)	$	(8)	$	31	$	14
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31(a)	$	2	$	(53)	$	—	$	(51)	$	(17)	$	(92)	$	(1)	$	(110)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30(a)	$	9	$	(54)	$	—	$	(45)	$	(11)	$	72	$	2	$	63
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31	$	—	$	—	$	1	$	1	$	—	$	—	$	—	$	—
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30	$	—	$	—	$	—	$	—	$	—	$	—	$	30	$	30

_______________________________________

(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)


	Six Months Ended June 30, 2026								Six Months Ended June 30, 2025
	Natural Gas		Electricity		Other		Total		Natural Gas		Electricity		Other		Total
	(In millions)
Net Assets (Liabilities) as of December 31	$	27	$	(19)	$	11	$	19	$	(18)	$	24	$	7	$	13
Transfers into Level 3 from Level 2	—		—		—		—		4		—		—		4
Transfers from Level 3 into Level 2	—		—		—		—		—		—		2		2
Total gains (losses)
Included in earnings(a)	(53)		(40)		7		(86)		(43)		146		2		105
Recorded in Regulatory liabilities	—		—		21		21		—		—		26		26
Purchases, issuances, and settlements


Settlements	45		(85)		(16)		(56)		48		(178)		(6)		(136)
Net Assets (Liabilities) as of June 30	$	19	$	(144)	$	23	$	(102)	$	(9)	$	(8)	$	31	$	14
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30(a)	$	8	$	(106)	$	—	$	(98)	$	(21)	$	(7)	$	1	$	(27)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30	$	—	$	—	$	—	$	—	$	—	$	—	$	30	$	30

_______________________________________

(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations.

The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric:

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)				~~(In millions)~~
Net Assets as of beginning of period	$	4	$	3	$	11	$	9
Total losses recorded in Regulatory liabilities					(3)		(2)
Total gains recorded in Regulatory liabilities	24		28		21		26
Purchases, issuances, and settlements
Settlements	(5)		(1)		(49)		(45)
Net Assets as of March 31					$	4	$	3
Net Assets as of June 30	$	23	$	30	$	23	$	30
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31					$	1	$	—
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30	$	—	$	30	$	—	$	30

Derivatives are transferred between levels primarily due to changes in the source data used to construct price curves as a result of changes in market liquidity. Transfers in and transfers out are reflected as if they had occurred at the beginning of the period. There were no transfers from or into Level 3 for DTE Electric during the three and six months ended ~~March~~June 3130, 2026 and 2025.

The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities:

	March 31, 2026
	June 30, 2026
Commodity Contracts	Derivative Assets		Derivative Liabilities		Valuation Techniques	Unobservable Input	Range						Weighted Average
	(In millions)
Natural Gas	$	9994	$	(7975)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(1.1811)	—	$	4.9061	/MMBtu	$	(0.1817)	/MMBtu
Electricity	$	1626	$	(~~109~~170)	Discounted Cash Flow	Forward basis price (per MWh)	$	(4055.4516)	—	$	2055.4025	/MWh	$	(913.0574)	/MWh

	December 31, 2025
Commodity Contracts	Derivative Assets		Derivative Liabilities		Valuation Techniques	Unobservable Input	Range						Weighted Average
	(In millions)
Natural Gas	$	109	$	(82)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(1.35)	—	$	9.33	/MMBtu	$	(0.13)	/MMBtu
Electricity	$	33	$	(52)	Discounted Cash Flow	Forward basis price (per MWh)	$	(21.82)	—	$	17.79	/MWh	$	(5.58)	/MWh

The unobservable inputs used in the fair value measurement of the electricity and natural gas commodity types consist of inputs that are less observable due in part to lack of available broker quotes, supported by little, if any, market activity at the measurement date or are based on internally developed models. Certain basis prices (i.e., the difference in pricing between two locations) included in the valuation of natural gas and electricity contracts were deemed unobservable. The weighted average price for unobservable inputs was calculated using the average of forward price curves for natural gas and electricity and the absolute value of monthly volumes.

The inputs listed above would have had a direct impact on the fair values of the above security types if they were adjusted. A significant increase (decrease) in the basis price would have resulted in a higher (lower) fair value for long positions, with offsetting impacts to short positions.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)


	December 31, 2025
Commodity Contracts	Derivative Assets		Derivative Liabilities		Valuation Techniques	Unobservable Input	Range						Weighted Average
	(In millions)
Natural Gas	$	109	$	(82)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(1.35)	—	$	9.33	/MMBtu	$	(0.13)	/MMBtu
Electricity	$	33	$	(52)	Discounted Cash Flow	Forward basis price (per MWh)	$	(21.82)	—	$	17.79	/MWh	$	(5.58)	/MWh

Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments for DTE Energy:

	March 31, 2026								December 31, 2025
	June 30, 2026								December 31, 2025
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(In millions)
Notes receivable(a), excluding lessor finance leases	$	1,~~513~~597	$	—	$	—	$	1,~~500~~604	$	1,453	$	—	$	—	$	1,482
Short-term borrowings	$	—	$	—	$	—	$	—	$	882	$	—	$	882	$	—
Notes payable(b)	$	2223	$	—	$	—	$	2223	$	28	$	—	$	—	$	28
Long-term debt(c)	$	2627,~~695~~569	$	1,~~234~~241	$	2223,~~634~~628	$	1,~~225~~087	$	25,123	$	1,285	$	21,204	$	1,351

_______________________________________

(a)Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position. Carrying value includes credit loss reserves on Notes receivable.

(b)Included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position.

(c)Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.

The following table presents the carrying amount and fair value of financial instruments for DTE Electric:

	March 31, 2026								December 31, 2025
	June 30, 2026								December 31, 2025
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(In millions)
Notes receivable — Affiliates	$	228	$	—	$	—	$	228	$	—	$	—	$	—	$	—
Notes receivable — Other(a)	$	288	$	—	$	—	$	311	$	274	$	—	$	—	$	289
Notes receivable — Other(a)	$	289	$	—	$	—	$	309	$	274	$	—	$	—	$	289
Short-term borrowings — Affiliates	$	783	$	—	$	—	$	783	$	—	$	—	$	—	$	—
Short-term borrowings — Other	$	—	$	—	$	—	$	—	$	652	$	—	$	652	$	—
Notes payable(b)	$	16	$	—	$	—	$	16	$	24	$	—	$	—	$	24
Long-term debt(c)	$	14,~~733~~614	$	—	$	13,~~420~~453	$	~~131~~—	$	13,165	$	—	$	12,048	$	131

_______________________________________

(a)Noncurrent portion included in Other Assets — Other on DTE Electric's Consolidated Statements of Financial Position.

(b)Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position.

(c)Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.

For further fair value information on financial and derivative instruments, see Note 8 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments."

Nuclear Decommissioning Trust Funds

DTE Electric has a legal obligation to decommission its nuclear power plants following the expiration of its operating licenses. This obligation is reflected as an Asset retirement obligation on DTE Electric's Consolidated Statements of Financial Position. Rates approved by the MPSC provide for the recovery of decommissioning costs of Fermi 2 and the disposal of low-level radioactive waste.

The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets:

	March 31, 2026		December 31, 2025
	(In millions)
Fermi 2	$	2,569	$	2,523
Fermi 1	3		3
Low-level radioactive waste	27		26
	$	2,599	$	2,552

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Nuclear Decommissioning Trust Funds

The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets:


	June 30, 2026		December 31, 2025
	(In millions)
Fermi 2	$	2,724	$	2,523
Fermi 1	3		3
Low-level radioactive waste	29		26
	$	2,756	$	2,552

The costs of securities sold are determined on the basis of specific identification. The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)				~~(In millions)~~
Realized gains	$	53	$	5	$	2275	$	813
Realized losses	$	(5)	$	(9)	$	(813)	$	(817)
Proceeds from sale of securities	$	262	$	232	$	~~213~~475	$	~~139~~371

Realized gains and losses from the sale of securities and unrealized gains and losses incurred by the Fermi 2 trust are recorded to Regulatory assets and the Nuclear decommissioning liability. Realized gains and losses from the sale of securities and unrealized gains and losses on the low-level radioactive waste funds are recorded to the Nuclear decommissioning liability.

The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds:

	March 31, 2026						December 31, 2025
	June 30, 2026						December 31, 2025
	FairValue		UnrealizedGains		UnrealizedLosses		FairValue		UnrealizedGains		UnrealizedLosses
	(In millions)
Equity securities	$	1,~~195~~284	$	~~767~~854	$	(137)	$	1,188	$	742	$	(10)
Fixed income securities	~~761~~806		2527		(1918)		726		25		(17)
Private equity and other	~~368~~378		~~131~~129		(89)		358		125		(7)
Hedge funds and similar investments	~~245~~255		710		(108)		245		8		(6)
Cash equivalents	3033		—		—		35		—		—
	$	2,~~599~~756	$	~~930~~1,020	$	(5042)	$	2,552	$	900	$	(40)

The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity:

	March 31, 2026
	(In millions)
Due within one year	$	18
Due after one through five years	99
Due after five through ten years	139
Due after ten years	369
	$	625

Fixed income securities held in nuclear decommissioning trust funds include $136 million of non-publicly traded commingled funds that do not have a contractual maturity date.

Other Securities

At March 31, 2026 and December 31, 2025, DTE Energy securities included in Other investments on the Consolidated Statements of Financial Position consisted primarily of investments within DTE Energy's rabbi trust. The rabbi trust is comprised primarily of trading securities recorded at fair value, as well as debt securities classified as held-to-maturity and recorded at amortized cost. The trust was established to fund certain non-qualified pension benefits, and therefore changes in market value of the trading securities and interest on the held-to-maturity securities are recognized in earnings. Gains and losses are allocated from DTE Energy to DTE Electric and are included in Other Income or Other Expense, respectively, in the Registrants' Consolidated Statements of Operations. Gains (losses) related to the trading securities were immaterial for the three months ended March 31, 2026 and 2025.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity:


	June 30, 2026
	(In millions)
Due within one year	$	9
Due after one through five years	113
Due after five through ten years	141
Due after ten years	405
	$	668

Fixed income securities held in nuclear decommissioning trust funds include $138 million of non-publicly traded commingled funds that do not have a contractual maturity date.

Other Securities

At June 30, 2026 and December 31, 2025, DTE Energy securities included in Other investments on the Consolidated Statements of Financial Position consisted primarily of investments within DTE Energy's rabbi trust. The rabbi trust is comprised primarily of trading securities recorded at fair value, as well as debt securities classified as held-to-maturity and recorded at amortized cost. The trust was established to fund certain non-qualified pension benefits, and therefore changes in market value of the trading securities and interest on the held-to-maturity securities are recognized in earnings. Gains and losses are allocated from DTE Energy to DTE Electric and are included in Other Income or Other Expense, respectively, in the Registrants' Consolidated Statements of Operations. Gains (losses) related to the trading securities were immaterial for the three and six months ended June 30, 2026 and 2025.

NOTE 8 — FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS

The Registrants recognize all derivatives at their fair value as Derivative assets or liabilities on their respective Consolidated Statements of Financial Position unless they qualify for certain scope exceptions, including the normal purchases and normal sales exception. Further, derivatives that qualify and are designated for hedge accounting are classified as either hedges of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge); or as hedges of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). For cash flow hedges, the derivative gain or loss is deferred in Accumulated other comprehensive income (loss) and later reclassified into earnings when the underlying transaction occurs. For fair value hedges, changes in fair values for the derivative and hedged item are recognized in earnings each period. For derivatives that do not qualify or are not designated for hedge accounting, changes in fair value are recognized in earnings each period.

The Registrants' primary market risk exposure is associated with commodity prices, credit, and interest rates. The Registrants have risk management policies to monitor and manage market risks. The Registrants use derivative instruments to manage some of the exposure. DTE Energy uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil, certain environmental contracts, forwards, futures, options, swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas and environmental inventory, pipeline transportation contracts, certain environmental contracts, and natural gas storage assets.

DTE Electric — DTE Electric generates, purchases, distributes, and sells electricity. DTE Electric uses forward contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Other derivative contracts are MTM and recoverable through the PSCR mechanism when settled. This results in the deferral of unrealized gains and losses as Regulatory assets or liabilities until realized.

DTE Gas — DTE Gas purchases, stores, transports, distributes, and sells natural gas, and buys and sells transportation and storage capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2029. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method.

DTE Vantage — DTE Vantage manages and operates renewable gas recovery projects, power generation assets, and other customer specific energy solutions. Long-term contracts and hedging instruments are used in the marketing and management of the segment assets. These contracts and hedging instruments are generally not derivatives and are therefore accounted for under the accrual method.

Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, natural gas physical products, and energy financial instruments, and provides energy and asset management services utilizing energy commodity derivative instruments. Forwards, futures, options, and swap agreements are used to manage exposure to the risk of market price and volume fluctuations in its operations. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met.

Energy Trading — Foreign Currency Exchange Risk — Energy Trading has foreign currency exchange forward contracts to economically hedge fixed Canadian dollar commitments existing under natural gas and power purchase and sale contracts and natural gas transportation contracts. Energy Trading enters into these contracts to mitigate price volatility with respect to fluctuations of the Canadian dollar relative to the U.S. dollar. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met.

Corporate and Other — Interest Rate Risk — DTE Energy may use interest rate swaps, treasury locks, and other derivatives to hedge the risk associated with interest rate market volatility.

Credit Risk — DTE Energy maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, including the viability of underlying productive assets, credit rating, collateral requirements, or other credit enhancements such as letters of credit or guarantees. DTE Energy generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. DTE Energy maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on DTE Energy's credit policies and its March 31, 2026 provision for credit losses, DTE Energy’s exposure to counterparty nonperformance is not expected to have a material adverse effect on DTE Energy's Consolidated Financial Statements.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Corporate and Other — Interest Rate Risk — DTE Energy may use interest rate swaps, treasury locks, and other derivatives to hedge the risk associated with interest rate market volatility.

Credit Risk — DTE Energy maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, including the viability of underlying productive assets, credit rating, collateral requirements, or other credit enhancements such as letters of credit or guarantees. DTE Energy generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. DTE Energy maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on DTE Energy's credit policies and its June 30, 2026 provision for credit losses, DTE Energy’s exposure to counterparty nonperformance is not expected to have a material adverse effect on DTE Energy's Consolidated Financial Statements.

Derivative Activities

DTE Energy manages its MTM risk on a portfolio basis based upon the delivery period of its contracts and the individual components of the risks within each contract. Accordingly, it records and manages the energy purchase and sale obligations under its contracts in separate components based on the commodity (e.g. electricity or natural gas), the product (e.g. electricity for delivery during peak or off-peak hours), the delivery location (e.g. by region), the risk profile (e.g. forward or option), and the delivery period (e.g. by month and year). The following describes the categories of activities represented by their operating characteristics and key risks:

•Asset Optimization — Represents derivative activity associated with assets owned and contracted by DTE Energy, including forward natural gas purchases and sales, natural gas transportation, and storage capacity. Changes in the value of derivatives in this category typically economically offset changes in the value of underlying non-derivative positions, which do not qualify for fair value accounting. The difference in accounting treatment of derivatives in this category and the underlying non-derivative positions can result in significant earnings volatility.

•Marketing and Origination — Represents derivative activity transacted by originating substantially hedged positions with wholesale energy marketers, producers, end-users, utilities, retail aggregators, and alternative energy suppliers.

•Fundamentals Based Trading — Represents derivative activity transacted with the intent of taking a view, capturing market price changes, or putting capital at risk. This activity is speculative in nature as opposed to hedging an existing exposure.

•Other — Includes derivative activity at DTE Electric related to FTRs. Changes in the value of derivative contracts at DTE Electric are recorded as Derivative assets or liabilities, with an offset to Regulatory assets or liabilities as the settlement value of these contracts will be included in the PSCR mechanism when realized.

The following table presents the fair value of derivative instruments for DTE Energy:

	March 31, 2026				December 31, 2025
	DerivativeAssets		Derivative Liabilities		DerivativeAssets		Derivative Liabilities
	(In millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	8	$	—	$	3	$	—
Foreign currency exchange contracts	—		(1)		—		(1)
Total derivatives designated as hedging instruments	$	8	$	(1)	$	3	$	(1)
Derivatives not designated as hedging instruments
Commodity contracts
Natural gas	$	289	$	(333)	$	372	$	(329)
Electricity	357		(370)		275		(235)
Environmental & Other	68		(46)		57		(32)
Foreign currency exchange contracts	1		—		—		—
Total derivatives not designated as hedging instruments	$	715	$	(749)	$	704	$	(596)
Current	$	536	$	(556)	$	482	$	(413)
Noncurrent	187		(194)		225		(184)
Total derivatives	$	723	$	(750)	$	707	$	(597)

The fair value of derivative instruments at DTE Electric was $4 million and $11 million at March 31, 2026 and December 31, 2025, respectively, comprised of FTRs recorded to Current Assets — Other on the Consolidated Statements of Financial Position and not designated as hedging instruments.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The following table presents the fair value of derivative instruments for DTE Energy:


	June 30, 2026				December 31, 2025
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(In millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	14	$	—	$	3	$	—
Foreign currency exchange contracts	—		—		—		(1)
Total derivatives designated as hedging instruments	$	14	$	—	$	3	$	(1)

Derivatives not designated as hedging instruments
Commodity contracts
Natural gas	$	293	$	(313)	$	372	$	(329)
Electricity	609		(578)		275		(235)
Environmental & Other	84		(49)		57		(32)
Foreign currency exchange contracts	1		(1)		—		—
Total derivatives not designated as hedging instruments	$	987	$	(941)	$	704	$	(596)

Current	$	767	$	(739)	$	482	$	(413)
Noncurrent	234		(202)		225		(184)
Total derivatives	$	1,001	$	(941)	$	707	$	(597)

The fair value of derivative instruments at DTE Electric was $23 million and $11 million at June 30, 2026 and December 31, 2025, respectively, comprised of FTRs recorded to Current Assets — Other on the Consolidated Statements of Financial Position and not designated as hedging instruments.

Certain of DTE Energy's derivative positions are subject to netting arrangements which provide for offsetting of asset and liability positions as well as related cash collateral. Such netting arrangements generally do not have restrictions. Under such netting arrangements, DTE Energy offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces DTE Energy's Total Assets and Liabilities. Cash collateral is allocated between the fair value of derivative instruments and customer accounts receivable and payable with the same counterparty on a pro-rata basis to the extent there is exposure. Any cash collateral remaining, after the exposure is netted to zero, is reflected in Accounts receivable and Accounts payable as collateral paid or received, respectively.

DTE Energy also provides and receives collateral in the form of letters of credit which can be offset against net Derivative assets and liabilities as well as Accounts receivable and payable. DTE Energy had letters of credit of $5 million and $2 million issued and outstanding at ~~March~~June 3130, 2026 and December 31, 2025 respectively, which could be used to offset net Derivative liabilities. Letters of credit received from third parties which could be used to offset net Derivative assets were $1619 million at ~~March~~June 3130, 2026 and $17 million at December 31, 2025. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in DTE Energy's Consolidated Statements of Financial Position.

For contracts with certain clearing agents, the fair value of derivative instruments is netted against realized positions with the net balance reflected as either 1) a Derivative asset or liability or 2) an Account receivable or payable. Other than certain clearing agents, Accounts receivable and Accounts payable that are subject to netting arrangements have not been offset against the fair value of Derivative assets and liabilities.

The following table presents net cash collateral offsetting arrangements for DTE Energy:

	March 31, 2026		December 31, 2025
	(In millions)
Cash collateral netted against Derivative assets	$	(18)	$	(35)
Cash collateral netted against Derivative liabilities	44		5
Cash collateral recorded in Accounts receivable(a)	30		20
Cash collateral recorded in Accounts payable(a)	(13)		(28)
Total net cash collateral posted (received)	$	43	$	(38)

_______________________________________

(a)Amounts are recorded net by counterparty.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The following table presents net cash collateral offsetting arrangements for DTE Energy:


	June 30, 2026		December 31, 2025
	(In millions)
Cash collateral netted against Derivative assets	$	(27)	$	(35)
Cash collateral netted against Derivative liabilities	34		5
Cash collateral recorded in Accounts receivable(a)	43		20
Cash collateral recorded in Accounts payable(a)	(5)		(28)
Total net cash collateral posted (received)	$	45	$	(38)

_______________________________________

(a)Amounts are recorded net by counterparty.

The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:

	March 31, 2026						December 31, 2025
	June 30, 2026						December 31, 2025
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position		Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
	(In millions)
Derivative assets
Commodity contracts(a)
Natural gas	$	~~289~~293	$	(~~170~~176)	$	~~119~~117	$	372	$	(235)	$	137
Electricity	~~357~~608		(~~285~~489)		72119		275		(194)		81
Environmental & Other	6885		(6461)		424		57		(46)		11
Interest rate contracts	814		—		814		3		—		3
Foreign currency exchange contracts	1		—		1		—		—		—
Total derivative assets	$	~~723~~1,001	$	(~~519~~726)	$	~~204~~275	$	707	$	(475)	$	232
Derivative liabilities
Commodity contracts(a)
Natural gas	$	(~~333~~313)	$	~~210~~240	$	(~~123~~73)	$	(329)	$	227	$	(102)
Electricity	(~~370~~578)		~~280~~444		(90134)		(235)		186		(49)
Environmental & Other	(4649)		5549		9—		(32)		32		—
Foreign currency exchange contracts	(1)		—		(1)		(1)		—		(1)
Total derivative liabilities	$	(~~750~~941)	$	~~545~~733	$	(~~205~~208)	$	(597)	$	445	$	(152)

_______________________________________

(a)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.

The following table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position:

	March 31, 2026								December 31, 2025
	June 30, 2026								December 31, 2025
	Derivative Assets				Derivative Liabilities				Derivative Assets				Derivative Liabilities
	Current		Noncurrent		Current		Noncurrent		Current		Noncurrent		Current		Noncurrent
	(In millions)
Total fair value of derivatives	$	~~536~~767	$	~~187~~234	$	(~~556~~739)	$	(~~194~~202)	$	482	$	225	$	(413)	$	(184)
Counterparty netting	(~~383~~564)		(~~118~~135)		~~383~~564		~~118~~135		(325)		(115)		325		115
Collateral adjustment	(1618)		(29)		2918		1516		(14)		(21)		2		3
Total derivatives as reported	$	~~137~~185	$	6790	$	(~~144~~157)	$	(6151)	$	143	$	89	$	(86)	$	(66)

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows:

	Location of Gain (Loss) Recognized in Income on Derivatives	Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended June 30,		~~Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended March 31,~~		Gain (Loss) Recognized in Income on Derivatives for the Six Months Ended June 30,
		2026		2025		2026		2025
		(In millions)				~~(In millions)~~
Commodity contracts
Natural gas	Operating Revenues — Non-utility operations	$	(4)	$	(10)	$	(~~112~~116)	$	9484
Natural gas	Fuel, purchased power, gas, and other — non-utility	30		(46)		2555		(~~100~~146)
Electricity	Operating Revenues — Non-utility operations	44		111		(539)		45156
Environmental & Other	Operating Revenues — Non-utility operations	(6)		14		4(2)		923
Foreign currency exchange contracts	Operating Revenues — Non-utility operations	(1)		—		1—		—
Total		$	63	$	69	$	(~~135~~72)	$	48117

Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the MTM method with unrealized and realized gains and losses recorded in Operating Revenues — Non-utility operations. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the MTM method with unrealized and realized gains and losses for sales recorded in Operating Revenues — Non-utility operations and purchases recorded in Fuel, purchased power, gas, and other — non-utility.

The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of ~~March~~June 3130, 2026:

Commodity						Number of Units
Natural gas (MMBtu)						2,~~631~~625,~~297~~986,~~631~~076
Electricity (MWh)						4845,~~023~~340,~~462~~648
Foreign currency exchange ($ CAD)						8363,~~060~~581,~~811~~485
FTR (MWh)						31123,~~491~~329
Renewable Energy Certificates (MWh)						13,~~528~~325,~~697~~517
Carbon emissions (Metric Tons)						~~817~~768,~~859~~229
Interest rate contracts ($ USD)						550,000,000

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~~June 3130, 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~~358 million.

As of ~~March~~June 3130, 2026, DTE Energy had $~~667~~870 million of derivatives in net liability positions, for which hard triggers exist. There is no$32 million of collateral that has been posted against such liabilities, including cash and letters of credit. Associated derivative net asset positions for which contractual offset exists were $~~492~~698 million. The net remaining amount of $~~175~~140 million is derived from the $~~459~~358 million noted above.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 9 — LONG-TERM FINANCINGS

Debt Issuances

Refer to the table below for debt issued through ~~March~~June 3130, 2026:

Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Electric	February	Mortgage Bonds(a)	4.85%	2036	$	800
DTE Electric	February	Mortgage Bonds(a)	5.55%	2056	800
					$	1,600
DTE Energy	June	Junior Subordinated Debentures(b)	6.20%	2058	1,000
					$	2,600

_______________________________________

(a)Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes.

(b)Proceeds used for the repayment of short-term borrowings and for other general corporate purposes.

Debt Redemptions

Refer to the table below for debt redeemed through ~~March~~June 3130, 2026:

Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Electric	March	Securitization Bonds	5.97%	2026	$	16
DTE Electric	June	Mortgage Bonds	3.77%	2026	100
DTE Electric	June	Securitization Bonds	2.64%	2026	21
					$	137

Equity At-the-Market Program

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 at-the-market program, including an equity forward sales component. During the ~~three~~first ~~months~~quarter ~~ended~~of ~~March 31,~~ 2026, DTE Energy entered into equity forward sale agreements for approximately 2.5 million shares at a weighted average forward price of $144.41, aswhich includes expected sales commissions. During the second quarter of ~~March 31~~2026, ~~2026~~DTE Energy entered into equity forward sale agreements for approximately 1.2 million shares at a weighted average forward price of $141.96, which includes expected sales commissions. There were no issuances under the ATM program for the three and six months ended ~~March 31~~June 30, 2026.

The forward sale agreements require DTE Energy to, at its election prior to December 31, 2026, either (i) physically settle the transactions by issuing shares of its Common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or (ii) net settle the transactions in whole or in part through the delivery to the forward counterparties or receipt from the forward counterparties of cash or shares in accordance with the provisions of the agreements.

No amounts have been or will be recorded on DTE Energy's Consolidated Financial Statements until settlements of the equity forward sale agreements occur. The initial forward sale prices are subject to daily adjustments prior to settlement. Until settlement of the equity forwards, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. ~~Refer~~There towas ~~Note~~no 6material toearnings ~~the Consolidated Financial Statements, "Earnings~~ per ~~Share,"~~share impact for ~~additional~~the ~~information~~three ~~regarding~~and ~~the~~six ~~diluted~~months ~~earnings~~ended ~~per~~June 30, ~~share calculation~~2026.

~~NOTE~~Energy 10Dominance —Financing ~~SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS~~Program

~~DTE~~In ~~Energy,~~June ~~DTE Electric~~2026, ~~and~~the ~~DTE~~U.S. ~~Gas~~Department ~~have~~of ~~unsecured~~Energy's ~~revolving~~Office ~~credit~~granted ~~agreements~~a ~~that~~$1.6 billion ~~can~~loan beto ~~used~~DTE ~~for~~Gas ~~general corporate borrowings, but are intended~~ to ~~provide liquidity~~ support ~~for~~modernization ~~each~~ of ~~the~~DTE ~~companies’~~Gas' ~~commercial~~natural ~~paper~~gas ~~programs. Borrowings~~infrastructure under the ~~revolvers~~Energy ~~are~~Dominance ~~available~~Financing atprogram ~~prevailing short-term interest rates~~(EDF). ~~Letters~~There ofhave ~~credit~~been ofno updraws toon ~~$500~~this ~~million~~loan ~~may~~as ~~also be issued under the DTE Energy revolver. DTE Energy and DTE Electric also have other facilities to support letter~~ of ~~credit~~June 30, ~~issuance and increase liquidity~~2026.

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DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

~~The~~NOTE ~~unsecured~~10 ~~revolving~~— credit agreements require a total funded debt to capitalization ratio of no more than 0.70 to 1 for DTE Energy and 0.65 to 1 for DTE Electric and DTE Gas. In the agreements, "total funded debt" means all indebtedness of each respective company and their consolidated subsidiaries, including finance lease obligations, hedge agreements, and guarantees of third parties’ debt, but excluding contingent obligations, nonrecourse and junior subordinated debt, and certain equitySHORT-~~linked~~TERM ~~securities~~CREDIT ~~and,~~ARRANGEMENTS ~~except~~AND for calculations at the end of the second quarter, certain DTE Gas short-term debt. "Capitalization" means the sum of (a) total funded debt plus (b) "consolidated net worth," which is equal to consolidated total equity of each respective company and their consolidated subsidiaries (excluding pension effects under certain FASB statements), as determined in accordance with accounting principles generally accepted in the United States of America. At March 31, 2026, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric, and DTE Gas were 0.67 to 1, 0.53 to 1, and 0.48 to 1, respectively, and were in compliance with this financial covenant.BORROWINGS

~~The~~DTE ~~availability~~Energy, DTE Electric, and DTE Gas have unsecured revolving credit agreements that can be used for general corporate borrowings, but are intended to provide liquidity support for each of the companies’ commercial paper programs. Borrowings under ~~these~~the ~~facilities~~revolvers asare available at prevailing short-term interest rates. Letters of ~~March 31,~~credit ~~2026~~of isup ~~shown~~to in$500 million may also be issued under the ~~following~~DTE ~~table:~~Energy revolver. DTE Energy and DTE Electric also have other facilities to support letter of credit issuance and increase liquidity.

	DTE Energy		DTE Electric		DTE Gas		Total
	(In millions)
Unsecured revolving credit facility, expiring October 2030	$	1,500	$	1,000	$	300	$	2,800
Unsecured letter of credit facility, expiring June 2026(a)	150		—		—		150
Unsecured letter of credit facility, expiring February 2027	200		—		—		200
Unsecured letter of credit facilities, expiring June 2028	150		—		—		150
Unsecured letter of credit facility(b)	—		75		—		75
Unsecured letter of credit facilities, expiring December 2026	—		150		—		150
Unsecured letter of credit facility(b)	—		225		—		225
Unsecured letter of credit facility(c)	—		150		—		150
	2,000		1,600		300		3,900
Amounts outstanding at March 31, 2026
Letters of credit	364		414		—		778
	364		414		—		778
Net availability at March 31, 2026	$	1,636	$	1,186	$	300	$	3,122

The unsecured revolving credit agreements require a total funded debt to capitalization ratio of no more than 0.70 to 1 for DTE Energy and 0.65 to 1 for DTE Electric and DTE Gas. In the agreements, "total funded debt" means all indebtedness of each respective company and their consolidated subsidiaries, including finance lease obligations, hedge agreements, and guarantees of third parties’ debt, but excluding contingent obligations, nonrecourse and junior subordinated debt, and certain equity-linked securities and, except for calculations at the end of the second quarter, certain DTE Gas short-term debt. "Capitalization" means the sum of (a) total funded debt plus (b) "consolidated net worth," which is equal to consolidated total equity of each respective company and their consolidated subsidiaries (excluding pension effects under certain FASB statements), as determined in accordance with accounting principles generally accepted in the United States of America. At June 30, 2026, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric, and DTE Gas were 0.67 to 1, 0.54 to 1, and 0.49 to 1, respectively, and were in compliance with this financial covenant.

The availability under these facilities as of June 30, 2026 is shown in the following table:


	DTE Energy		DTE Electric		DTE Gas		Total
	(In millions)
Unsecured revolving credit facility, expiring October 2030	$	1,500	$	1,000	$	300	$	2,800
Unsecured letter of credit facility, expiring May 2028(a)	200		—		—		200
Unsecured letter of credit facility, expiring February 2027	200		—		—		200
Unsecured letter of credit facilities, expiring June 2028	225		—		—		225
Unsecured letter of credit facility(b)	—		75		—		75
Unsecured letter of credit facilities, expiring December 2026	—		150		—		150
Unsecured letter of credit facility(b)	—		225		—		225
Unsecured letter of credit facility(c)	—		150		—		150

	2,125		1,600		300		4,025
Amounts outstanding at June 30, 2026



Letters of credit	516		567		—		1,083
	516		567		—		1,083
Net availability at June 30, 2026	$	1,609	$	1,033	$	300	$	2,942

_______________________________________

(a)Uncommitted letter of credit facility.

(b)Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration. DTE Energy may also utilize availability under this facility.

(c)Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration.

In ~~February~~conjunction ~~2026~~with maintaining certain exchange-traded risk management positions, DTE Energy ~~entered~~may ~~into~~be ~~two~~required ~~unsecured~~to ~~term~~post ~~loan~~collateral ~~agreements~~with ~~for~~a clearing agent. DTE Energy has a ~~total~~demand offinancing ~~$550 million~~agreement ~~and~~with ~~borrowed~~its clearing agent, which allows the ~~full~~right ~~amount~~of ~~under~~setoff ~~each~~with ~~agreement~~posted collateral. ~~The~~At ~~term~~June 30, ~~loans~~2026, ~~contain~~the ~~terms~~capacity ~~and~~under ~~conditions~~the ~~consistent~~facility ~~with~~was ~~those~~$200 ofmillion. The ~~DTE~~amounts ~~Energy's~~outstanding ~~unsecured~~under ~~revolving~~demand ~~credit~~financing agreements~~. In~~ ~~March~~were $84 million and $94 million at June 30, 2026 and December 31, ~~full~~2025, ~~repayment~~respectively, ofand ~~the~~were ~~$550 million~~fully ~~term~~offset ~~loans~~by ~~was~~posted ~~made~~collateral.

In conjunction with maintaining certain exchange-traded risk management positions, DTE Energy may be required to post collateral with a clearing agent. DTE Energy has a demand financing agreement with its clearing agent, which allows the right of setoff with posted collateral. At March 31, 2026, the capacity under the facility was $200 million. The amounts outstanding under demand financing agreements were $110 million and $94 million at March 31, 2026 and December 31, 2025, respectively, and were fully offset by posted collateral.

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DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 11 — LEASES

Lessee

As of June 30, 2026, DTE Electric has entered into various energy storage agreements that represent leases, but have not yet commenced; thus, no right-of use assets and lease liabilities have been recorded. The expected total consideration paid for these agreements will approximate $2.4 billion over the terms of the agreements. The leases will begin commencement during the second quarter of 2027 through the fourth quarter of 2028, with lease terms expiring through the fourth quarter of 2048.

Lessor

DTE Energy’s lease income associated with operating leases, included in Operating Revenues — Non-utility operations in the Consolidated Statements of Operations, was as follows:

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)				~~(In millions)~~
Fixed payments	$	3	$	3	$	47	$	47
Variable payments	11		11		819		1122
	$	14	$	14	$	1226	$	1529

NOTE 12 — COMMITMENTS AND CONTINGENCIES

Environmental

DTE Electric

Air — DTE Electric is subject to the EPA ozone and fine particulate transport and acid rain regulations that limit power plant emissions of SO2 and NOX. The EPA and the state of Michigan have also issued emission reduction regulations relating to ozone, fine particulate, regional haze, mercury, and other air pollution. These rules have led to controls on fossil-fueled power plants to reduce SO2, NOX, mercury, and other emissions. Additional rule making may occur over the next few years which could require additional controls for SO2, NOX, and other hazardous air pollutants.

In March 2024, the EPA finalized the NAAQS for fine particulate matter, particles of pollution with diameters generally 2.5 micrometers and smaller (PM2.5). It is likely that areas of Michigan in which DTE Electric operates will be designated as non-attainment in the future, and the state will be required to develop a SIP for such areas. However, the EPA has announced its intention to review the standard. No impact is expected in the near term, and any long-term financial impacts cannot be assessed at this time.

In April 2024, the EPA finalized new rules to address emissions of GHGs from existing, new, modified, or reconstructed sources in the power sector. In June 2025, the EPA proposed a rule to repeal the GHG standards along with an alternative to eliminate various portions of the standards. The EPA intends to finalize the repeal or alternative in 2026. The financial impacts of the new rules are still being assessed.

Pending or future legislation or other regulatory actions could have a material impact on DTE Electric's operations and financial position and the rates charged to its customers. Potential impacts include expenditures for environmental equipment beyond what is currently planned, financing costs related to additional capital expenditures, the purchase of emission credits from market sources, higher costs of purchased power, and the retirement of facilities where control equipment is not economical. DTE Electric would seek to recover these incremental costs through increased rates charged to its utility customers, as authorized by the MPSC.

ToWater ~~comply~~— In response to EPA regulations and in accordance with ~~air~~the ~~pollution~~Clean ~~requirements~~Water Act section 316(b), DTE Electric ~~has~~was ~~spent~~required ~~approximately~~to $2examine alternatives for reducing the environmental impacts of the cooling water intake structures at several of its facilities.4 A ~~billion~~final rule became effective in October 2014, which required studies to be completed and submitted as part of the NPDES permit application process to determine the type of technology needed to reduce impacts to fish. DTE Electric ~~does~~has ~~not~~submitted ~~anticipate~~all ~~additional~~required ~~capital~~reports. Final ~~expenditures~~compliance for ~~air~~the ~~pollution~~installation ~~requirements,~~of ~~subject~~any required technology to reduce the ~~results~~impacts of ~~future~~water ~~rulemakings~~intake structures will be determined by the state on a case by case, site specific basis.

Water — In response to EPA regulations and in accordance with the Clean Water Act section 316(b), DTE Electric was required to examine alternatives for reducing the environmental impacts of the cooling water intake structures at several of its facilities. A final rule became effective in October 2014, which required studies to be completed and submitted as part of the NPDES permit application process to determine the type of technology needed to reduce impacts to fish. DTE Electric has completed the required studies and submitted reports for most of its generation plants, and a final study was submitted to EGLE in April 2025 for Monroe power plant. Final compliance for the installation of any required technology to reduce the impacts of water intake structures will be determined by the state on a case by case, site specific basis.

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DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

As part of the Monroe power plant NPDES permit, EGLE has added an option to evaluate the thermal discharge of the facility as it relates to Clean Water Act section 316(a) regulations in order to establish an appropriate temperature discharge limit. DTE Electric has completed biological studies in accordance with an EGLE approved study plan to evaluate the thermal discharge impacts to an aquatic community. The data is being processed and compiled into a comprehensive report. At the present time, DTE Electric cannot predict the outcome of this evaluation or financial impact.

Contaminated and Other Sites — Prior to the construction of major interstate natural gas pipelines, gas for heating and other uses was manufactured locally from processes involving coal, coke, or oil. The facilities, which produced gas, have been designated as MGP sites. DTE Electric conducted remedial investigations at contaminated sites, including three former MGP sites. The investigations at the former MGP sites have revealed contamination related to the by-products of gas manufacturing. Cleanup of one of the MGP sites is complete, and that site is closed. DTE Electric has also completed partial closure of one additional site. Cleanup activities associated with the remaining sites will continue over the next several years. In addition to the MGP sites, DTE Electric is also in the process of cleaning up other contaminated sites, including the area surrounding an ash landfill, electrical distribution substations, electric generating power plants, and underground and above ground storage tank locations. The findings of these investigations indicated that the estimated cost to remediate these sites is expected to be incurred over the next several years. At ~~both March~~June 3130, 2026 and December 31, 2025, DTE Electric had $10 million accrued for remediation. These costs are not discounted to their present value. Any change in assumptions, such as remediation techniques, nature and extent of contamination, and regulatory requirements, could impact the estimate of remedial action costs for the sites and affect DTE Electric’s financial position and cash flows. DTE Electric believes the likelihood of a material change to the accrued amount is remote based on current knowledge of the conditions at each site.

Coal Combustion Residuals and Effluent Limitations Guidelines — A final EPA rule for the disposal of coal combustion residuals, commonly known as coal ash, became effective in October 2015 and has continued to be updated in subsequent years. The rule is based on the continued listing of coal ash as a non-hazardous waste and relies on various self-implementation design and performance standards. DTE Electric currently owns and operates multiple coal ash storage facilities to manage coal ash from coal-fired power plants that are subject to federal, state, and local CCR and solid waste regulations. At certain facilities, the rule required ongoing sampling and testing of monitoring wells, compliance with groundwater standards, and closure.

On May 8, 2024, the EPA finalized a new rule to regulate legacy CCR surface impoundments and CCR management units. The rule expands the reach of the CCR rule to inactive electric generation sites and previously unregulated CCR at any active facility. The rule also extends the dewatering and stabilization criteria of the closure in place performance standards to existing CCR landfills. DTE Electric has no legacy CCR surface impoundments, but has other regulated CCR units and is evaluating sites for CCR management units. Challenges to the rule have been filed, and DTE Electric will continue to monitor for regulatory developments. The D.C. Circuit Court has held the pending litigation in abeyance to accommodate the EPA's reconsideration of the rule. The EPA recently announced their desire to revise the CCR regulations. While a draft is currently under interagency review with the Office of Management and Budget, the effective date and extent of any revisions are unknown. In February 2026, the EPA published a rule that extends certain compliance deadlines for CCR management units until 2027 and beyond. The current cost estimate to comply with the revised rule is approximately $~~415~~420 million as of ~~March~~June 3130, 2026, and is recorded to Asset retirement obligations. The estimate will continue to be updated as necessary when site-specific details are more fully known. These costs are expected to be recoverable under the regulatory construct as part of removal costs. In April 2026, the EPA published a proposed rule to amend certain legacy CCR surface impoundments and CCR management unit provisions. The effective date and extent of any final revisions are unknown.

At the state level, legislation was signed in December 2018 and provides for further regulation of the CCR program in Michigan. Additionally, the statutory revision provides the basis of a CCR program that EGLE has submitted to the EPA for approval to fully regulate the CCR program in Michigan in lieu of a federal permit program. The EPA is currently working with EGLE in reviewing the submitted state program, and DTE Electric will work with EGLE to implement the state program that may be approved in the future.

The EPA ~~updated~~continues to update and ~~revised~~revise the ELG ~~in 2015, 2020,~~ and ~~2024. In each revision, the EPA has~~ re-~~established~~establish technology-based standards applicable to wastewaters created at facilities with an electrical generating unit. InEach ~~each~~ revision, asestablishes ~~well as an additional 2025 revision, the EPA also established~~ new applicability dates.

The ELGs provide additional compliance opportunities with compliance subcategories that allow cessation of coal as a compliance option. In addition to cessation of coal, the ELGs established the Voluntary Incentives Program (VIP) for FGD wastewater compliance only. If a facility applies for the VIP, they must meet more stringent standards, but are allowed an extended time period to meet the compliance requirements by December 1, 2028. Changes to the ELGs in 2020 provided new opportunities for DTE Electric to evaluate existing ELG compliance strategies and make any necessary adjustments to ensure full compliance with the ELGs in a cost-effective manner.

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DTE Energy Company — DTE Electric Company

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