Tc Energy Corporation · TSX:TRP

Tc Energy — Q2 2025 Earnings Presentation

22 slides from Tc Energy's earnings presentation, Jul 31, 2025

  1. Slide 1: Second quarter 2025 conference call

    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Second quarter 2025 conference call J U LY 3 1 , 2 0 2 5

  2. Slide 2: Call participants

    TC ENERGY SECOND QUARTER 2025 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

  3. Slide 3: Forward-looking information and non-GAAP/supplementary financial measures

    TC ENERGY SECOND QUARTER 2025 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 potentia

  4. Slide 4: François Poirier

    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL FRANÇOIS POIRIER President and Chief Executive Officer

  5. Slide 5: Delivering on 2025 priorities

    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Delivering on 2025 priorities MAXIMIZING THE VALUE OF OUR EXECUTE OUR SELECTIVE ENSURE FINANCIAL ASSETS THROUGH SAFETY AND PORTFOLIO OF GROWTH STRENGTH AND AGILITY OPERATIONAL EXCELLENCE PROJECTS • Safety incident rates(1) continuing to trend • Placed ~7

  6. Slide 6: Surging demand fuels opportunity-rich environment

    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Surging demand fuels opportunity-rich environment (1) North American natural gas demand forecast to increase 45 Bcf/d by 2035 TC Energy Strategic pillar In development(2) Next wave LNG 4+ Bcf/d North America LNG connectivity across Canada, the U.S. and M

  7. Slide 7: Delivering growth in essential markets

    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Strategic pillars Next wave LNG Supply access Delivering growth in Power generation LDC energy reliability Maintenance & modernization essential markets Valhalla North & Berland River Assets expected to be placed in-service in 2025 Project Target Capacit

  8. Slide 8: Disciplined approach to filling investment capacity

    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Disciplined approach to filling investment capacity Weighted average unlevered after-tax IRR(1) of growth projects sanctioned by year Potential for higher returns as we % continue to high-grade projects ~12.0 Characteristics of projects ~11.0 competing f

  9. Slide 9: Bruce Power: long-lived value serving Ontario’s energy future

    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Bruce Power: long-lived value serving Ontario’s energy future Bruce Power historical performance $/MWh % Reliability gained through the MCR Program and 125 Realized power price 100 Project 2030 underpin the value of Bruce Power: 5-year average availabili

  10. Slide 10: Sean O’Donnell

    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL SEAN O’DONNELL Executive Vice-President and Chief Financial Officer

  11. Slide 11: High utilization underpins resilient and repeatable performance

    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Q2 HIGHLIGHTS High utilization underpins resilient and repeatable performance CANADIAN NATURAL GAS PIPELINES Comparable EBITDA from continuing operations • Total system deliveries averaged 23.4 Bcf/d, up 5% vs. Q2 2024 Net income(1) $Millions • Canadian

  12. Slide 12: Increasing 2025E comparable EBITDA outlook

    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Increasing 2025E comparable EBITDA(1) outlook Comparable EBITDA(1) from continuing operations ~9% growth(2) $Billions from 2024 10.8 – 11.0 10.7 – 10.9 2025E comparable EBITDA outlook increased to $10.8 billion – $11.0 billion • Strong asset availability

  13. Slide 13: Advancing our sustainability commitments

    T C E N E R G Y S2 E0 C2 O 3 NI N D VQE US A TOR TR E DR A 2Y 0 2 5 C O N F E R E N C E C A L L Advancing our sustainability commitments Highlights from the 2025 Report on Sustainability Reduced absolute methane emissions by 12% between 2019 – 2024 while increasing throughput by 15% and natural gas

  14. Slide 14: 2025 Strategic priorities

    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL 2025 Strategic priorities MAXIMIZING THE VALUE OF OUR EXECUTE OUR SELECTIVE ENSURE FINANCIAL ASSETS THROUGH SAFETY AND PORTFOLIO OF GROWTH STRENGTH AND AGILITY OPERATIONAL EXCELLENCE PROJECTS • Promote safe operating practices to • Prioritize low-risk, e

  15. Slide 15: Appendix

    TC ENERGY SECOND QUARTER 2025 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 EBITDA (Debt-to-EBITDA) Appendix E

  16. Slide 16: Appendix A – Year-over-year comparable earnings waterfall

    Appendix A – Year-over-year comparable earnings waterfall Comparable earnings(1) from continuing operations $Millions +3% 277 -38 -64 -19 106 -151 -70 -14 -1 848 822 Reflects the completion of the Southeast Gateway pipeline Q2 2024(2) Comparable Depreciation Interest AFUDC FX gains Interest income I

  17. Slide 17: Appendix B – Non-GAAP reconciliations – Comparable EBITDA

    Appendix B – Non-GAAP reconciliations – Comparable EBITDA(1) (Millions of dollars) Three months ended June 30 2025 2024 (2 ) Total segmented earnings (losses) 1,954 1,736 Interest expense (847) (783) Allowance for funds used during construction 114 184 Foreign exchange gains (losses), net 69 (67) In

  18. Slide 18: Appendix C – Non-GAAP reconciliations – Net Income (loss) to comparable earnings

    Appendix C – Non-GAAP reconciliations – Net Income (loss) to comparable earnings(1) (Millions of dollars, except per share amounts) Three months ended June 30 (2 ) 2025 2024 Net income (loss) attributable to common shares from continuing operations 862 804 Specific items (pre tax): (Gain) loss on sa

  19. Slide 19: Appendix D – Non-GAAP reconciliations – 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 standardiz

  20. Slide 20: Appendix D – Non-GAAP reconciliations – Adjusted Debt/Adjusted Comparable EBITDA

    Appendix D – Non-GAAP reconciliations – Adjusted Debt/Adjusted Comparable EBITDA(1) (Debt-to-EBITDA) (Millions of dollars) Year ended December 31 2024 2023 2022 Reported total debt 59,366 63,201 58,300 Management adjustments: (2 ) Debt treatment of preferred shares 1,250 1,250 1,250 Equity treatment

  21. Slide 21: Appendix E – Non-GAAP reconciliations – Segmented earnings and Comparable EBITDA

    Appendix E – Non-GAAP reconciliations – Segmented earnings and Comparable EBITDA(1) Comparable EBITDA(1) outlook from continuing operations (Billions of dollars) 11.7 — 11.9 10.8 – 11.0 10.0 8.0 2024 2024 2025E 2027E Segmented Comparable EBITDA earnings (1) Comparable EBITDA is a non-GAAP measure. S

  22. Slide 22: Appendix F – Non-GAAP measures – 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

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