Tc Energy Corporation · TSX:TRP
Tc Energy — Q1 2026 Earnings Presentation
25 slides from Tc Energy's earnings presentation, May 1, 2026
Slide 1: First Quarter 2026 Conference Call
FIRST QUARTER 2026 CONFERENCE CALL May 1, 2026
Slide 2: Call Participants
TC ENERGY FIRST QUARTER 2026 CONFERENCE CALL François Poirier President and Chief Executive Officer Sean O’Donnell Executive Vice-President and Chief Financial Officer CALL PARTICIPANTS Tina Faraca Executive Vice-President and Chief Operating Officer, Natural Gas Pipelines Greg Grant Executive Vice-
Slide 3: Forward-looking information and non-GAAP/supplementary financial measures
TC ENERGY FIRST QUARTER 2026 CONFERENCE CALL Forward-looking information and non-GAAP/supplementary financial measures This presentation includes certain forward-looking information, including future oriented financial information or financial outlook, which is intended to help current and potential
Slide 4: François Poirier
TC ENERGY FIRST QUARTER 2026 CONFERENCE CALL FRANÇOIS POIRIER President and Chief Executive Officer
Slide 5: Delivering on 2026 priorities
TC ENERGY FIRST QUARTER 2026 CONFERENCE CALL Delivering on 2026 priorities MAXIMIZE THE VALUE OF OUR EXECUTE OUR SELECTIVE ENSURE FINANCIAL ASSETS THROUGH SAFETY AND PORTFOLIO OF GROWTH STRENGTH AND AGILITY OPERATIONAL EXCELLENCE PROJECTS • Achieved best quarterly safety • Announcing ~US$1.5 billion
Slide 6: Strategic position in key U.S. Heartland region
TC ENERGY FIRST QUARTER 2026 CONFERENCE CALL Strategic position in key U.S. Heartland region One of the most concentrated regions for natural gas supply and demand growth TC ENERGY IN THE U.S. HEARTLAND(1) 2 ~20 Bcf/d of our U.S. pipeline deliveries and 27,000 miles of our pipelines are within the H
Slide 7: Project Announcement: Extending Columbia Gas' high-growth corridor
T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 6 5 CONFERENCE CALL Project Announcement: Extending Columbia Gas’ high-growth corridor Appalachia Supply Project Poised for outsized share of future growth Long-term contract anchored by a high-quality, MI Planned data centre(2) investment-g
Slide 8: Open Season success reinforces future growth
3T EI Q T C E N E R G Y F2 I0R2S5 NX U VP A E SR NTTDO EERD D 2Q0A32Y 6C AC LOLN F E R E N C E C A L L Open Season success reinforces future growth Crossroads Open Season 2.5x oversubscribed Great Lakes Supports growing power generation and data centre development across the U.S. Midwest Iroquois In
Slide 9: Bruce Power's execution excellence and financial strength
T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 6 C O N F E R E N C E C A L L Bruce Power’s execution excellence and MCR program success: financial strength underpin next-decade >99% post-MCR availability(2) growth Industry-leading safety performance Bruce Power financial forecast(1) Indu
Slide 10: Sean O'Donnell
T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 6 C O N F E R E N C E C A L L SEAN O’DONNELL Executive Vice-President and Chief Financial Officer
Slide 11: High utilization underpins resilient and repeatable performance
T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 6 C O N F E R E N C E C A L L Q1 HIGHLIGHTS High utilization underpins resilient and repeatable performance CANADIAN NATURAL GAS PIPELINES Comparable EBITDA(2) (1) NGTL system set new all-time delivery record of 18.3 Bcf/d on January 22, 202
Slide 12: Sustainable cash flows enable long-term shareholder value
T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 6 C O N F E R E N C E C A L L Sustainable cash flows enable long-term shareholder value Comparable EBITDA(1) outlook $Billions Key drivers to comparable 12.6 – 13.1 EBITDA outlook 11.6 – 11.8 11.0 • Revenue enhancements and rate case outcome
Slide 13: Consistent execution driving value creation
TC ENERGY FIRST QUARTER 2026 CONFERENCE CALL Next wave LNG Supply access Consistent execution driving Various NGTL Power generation Nuclear value creation Valhalla North & Berland River LDC energy reliability Target Project Build multiple(1) Status ISD VNBR Berland River Unit Q1 2026 10.1% regulated
Slide 14: Project visibility supports a path beyond $6 billion later in the decade
T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 6 C O N F E R E N C E C A L L Project visibility supports a path beyond $6 billion later in the decade Net capital expenditures(1) 8 Maturing project pipeline 6 ~$2.2 billion High-quality capital sanctioned since Q4 2025 $Billions 4 ~$6 bill
Slide 15: 2026 strategic priorities
TC ENERGY FIRST QUARTER 2026 CONFERENCE CALL 2026 strategic priorities MAXIMIZE THE VALUE OF OUR EXECUTE OUR SELECTIVE ENSURE FINANCIAL ASSETS THROUGH SAFETY AND PORTFOLIO OF GROWTH STRENGTH AND AGILITY OPERATIONAL EXCELLENCE PROJECTS • Exceed safety targets and maximize • Bring projects into servic
Slide 16: Appendix
T C E N E R G Y F2 I0R2S3T I Q NUVA E SR TT O ER D 2 0A 2Y 6 5 CONFERENCE CALL Appendix Appendix A: Year-over-year comparable earnings waterfall Non-GAAP reconciliations Appendix B: Comparable EBITDA Appendix C: Net Income (loss) to comparable earnings Appendix D: Adjusted debt/adjusted comparable E
Slide 17: Appendix A – Year-over-year comparable earnings waterfall
Appendix A – Year-over-year comparable earnings waterfall Comparable earnings(1) $Millions 5% 379 -45 2 -209 11 -18 -24 -48 1,031 983 Reflects the completion of the Southeast Gateway pipeline & capital efficiencies Q1 2025 Comparable Depreciation Interest AFUDC FX gains Interest income Income tax Ne
Slide 18: Appendix B – Non-GAAP reconciliations – Comparable EBITDA
Appendix B – Non-GAAP reconciliations – Comparable EBITDA(1) (Millions of dollars) (1) Comparable EBITDA and comparable earnings are non-GAAP measures. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more
Slide 19: Appendix C – Net Income to comparable earnings
Appendix C – Non-GAAP reconciliations – Net Income (loss) to comparable earnings(1) (Millions of dollars, except per share amounts) (1) Comparable earnings and comparable earnings per common share are non-GAAP measures. See the forward-looking information and non-GAAP/supplementary financial measure
Slide 20: Appendix D: Adjusted debt/adjusted comparable EBITDA
Appendix D: Non-GAAP reconciliations – Adjusted debt/adjusted comparable EBITDA (debt-to-EBITDA) Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to compute the debt-to-EBITDA multiple. Each of adjusted debt and adjusted comparable EBITDA measures does not have any standardize
Slide 21: Appendix D: Adjusted debt/adjusted comparable EBITDA (debt-to-EBITDA)
Appendix D: Non-GAAP reconciliations – Adjusted debt/adjusted comparable EBITDA(1) (debt-to-EBITDA) (Millions of dollars) (1) Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ. (
Slide 22: Appendix E: Segmented earnings and comparable EBITDA
Appendix E: Non-GAAP reconciliations – Segmented earnings and comparable EBITDA(1) Comparable EBITDA(1) outlook ($Billions) 12.6 — 13.1 11.6 – 11.8 11.0 8.0 2025 2025 2026E 2028E Segmented Comparable EBITDA earnings Note: Forecast foreign exchange assumption USD/CAD: 1.36-1.39. (1) Comparable EBITDA
Slide 23: Appendix F: Unlevered after-tax internal rate of return
Appendix F: Non-GAAP measures – Unlevered after-tax internal rate of return Unlevered after-tax internal rate of return represents the expected compound annual return of a project or investment, and prior to any assumption of debt and/or equity financing. Unlevered after-tax internal rate of return
Slide 24: Appendix G: Comparable funds generated from operations
Appendix G: Non-GAAP reconciliations – Comparable funds generated from operations (FGFO) Comparable FGFO or “comparable funds generated from operations” is a non-GAAP measure which does not have any standardized meaning under U.S. GAAP and is therefore unlikely to be comparable to similar measures p
Slide 25: Appendix G – Comparable funds generated from operations
Appendix G – Non-GAAP reconciliations – Comparable funds generated from operations (FGFO) (Millions of dollars) 25