DTE Energy Company

All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I will now turn the call over to Matt Kropinski. Please begin.

Thank you and good morning everyone before we get started, I'd like to remind you to read the safe harbor statement on page 2 of the presentation, including the reference to forward looking statements. Our presentation also includes references to operating earnings, which is a non gap financial measure. Please refer to the reconciliation of gap earnings to operating earnings provided in the appendix. With us this morning are Jerry Garcia, chairman and CEO. Joy Harris president and CEO. and Dave Rude, Executive Vice President and CFO. And now I'll turn it over to Jerry to start our call this morning.

Thanks, Matt. Good morning, everyone, and thanks for joining us. I hope everyone is having a healthy and safe year so far. This morning, we will discuss the achievements we've made this year as we continue to deliver for all of our key stakeholders. Joy will provide an update on our business strategy, highlighting the significant improvements we are making to enhance reliability for our customers and the progress we are making on renewable energy investments supporting our path to cleaner generation. Joy will also provide an update on data center opportunities that provide potential upside to the plan. And Dave will provide a financial update and wrap things up before we take your questions. So to start, I'm sure you're all aware that I will be turning over the CEO role to Joy Harris effective September 8th of this year. As I'm sure that you have seen over the last few years, we have been preparing for this structured transition for some time. I've worked with Joy for over 20 years and I've been watching her to continue to deliver and really over deliver in every role and challenge that she has taken on at DTE. And particularly in these last couple years where she has been serving as president and COO, she has just continued to excel in leading our company to be successful in all of our most critical areas. So it has just become obvious to me, to our board, and to our entire company that Joy is ready for this role and ready to lead our company to continued excellence. It has been a real honor to be DTE's CEO for the last six years, and I'm extremely proud of what we have accomplished over that time. As Joy transitions to the CEO role, I will be serving as Executive Chairman. SUPPORTING JOY AND THE COMPANY, HOPING TO ENSURE THE CONTINUED SUCCESS OF DTE FOR ALL OF OUR STAKEHOLDERS. I AM CONFIDENT THAT WE WILL CONTINUE TO DELIVER AND ARE WELL POSITIONED FOR LONG-TERM GROWTH WITH SOLID OPPORTUNITIES ACROSS ALL OF OUR BUSINESS UNITS. I'LL PROVIDE A BRIEF OVERVIEW OF SLIDE FOUR HIGHLIGHTING OUR KEY SUCCESSES AND THE OPPORTUNITIES THAT REINFORCE MY CONFIDENCE IN OUR CONTINUED PROGRESS TOWARDS OUR GOALS. we have had a strong first half of 2025 and are well positioned to meet our targets this year. Our success is a testament to our dedicated and engaged team committed to serving our customers and communities. As I mentioned last quarter, this year we were recognized by the Gallup organization for the 13th consecutive year with a great workplace award. And our employee engagement ranks in the 94th percentile globally among thousands of organizations. As I mentioned before, our high level of employee engagement is our secret sauce for continued success. We remain committed to making significant investments to enhance the grid and improve reliability for our customers. And we see that these investments and process improvements deliver results. We saw nearly 70% improvement in reliability in 2024 when compared to 2023. And we continue to make progress in 2025 as we work towards our goal of reducing outages by 30% and the amount of time customers spend without power by 50% by 2029. We continue to successfully execute significant investments in cleaner generation for our customers, which will continue over the next five years and into the next decade, significantly increasing our solar and wind investments, as well as battery storage. Joy will share more details on our renewable investment strategy support both our voluntary program and Michigan's clean energy goals. Our 2025 operating APS guidance is $7.09 to $7.23, and we remain well positioned to achieve the higher end of the range this year and continue to use additional favorability to extinguish backlogs that supports future years. Our long-term operating EPS growth rate remains at 68% with 2025 original guidance as the basis for this growth. And with the 45Z production tax credits from our RNG projects coming into the plan this year, we have confidence we will reach the higher end of our targeted range 2025 through 2027. As I'm sure you are aware, the budget bill that passed recently did extend the RNG tax credits through 2029. This is definitely a positive for DTE. We plan to update our five-year plan this fall and we'll provide more detail at that time. I'll say at this time that this gives us even more confidence that we will be able to deliver on our targets over the next five years and beyond. So I'm feeling really positive about 2025 and the position we are in to continue to achieve long-term success. And as we have said, data center opportunities will provide upside to our current five-year plan. We are in late-stage discussions with multiple data centers for a significant new load, which Joy will provide more details on shortly. We continue to maintain a strong balance sheet and investment-grade credit ratings to support our customer-focused capital investment plan. We remain committed to deliver premium shareholder returns that our investors have come to expect. And our 2025 annualized dividend of $4.36 per share aligns with our practice of providing a growing dividend consistent with EPS growth. Now I'll turn it over to Joy. Joy, over to you.