Tc Energy Corporation · TSX:TRP
Tc Energy — Q3 2025 Earnings Presentation
38 slides from Tc Energy's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Conference Call
THIRD QUARTER 2025 CONFERENCE CALL November 6, 2025
Slide 2: Call Participants
TC ENERGY THIRD QUARTER 2025 CONFERENCE CALL François Poirier President and Chief Executive Officer Tina Faraca Executive Vice-President and Chief Operating Officer, Natural Gas Pipelines CALL PARTICIPANTS Greg Grant Executive Vice-President and President, Power and Energy Solutions Sean O’Donnell E
Slide 3: Forward-looking information and non-GAAP/supplementary financial measures
TC ENERGY THIRD 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 potential
Slide 4: François Poirier
TC ENERGY THIRD QUARTER 2025 CONFERENCE CALL FRANÇOIS POIRIER President and Chief Executive Officer
Slide 5: Delivering on 2025 strategic priorities
TC ENERGY THIRD QUARTER 2025 CONFERENCE CALL Delivering on 2025 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 • Safety incident rates(1) continuing to trend • Pl
Slide 6: Tailwinds shifting toward clearer and faster permitting
TC ENERGY THIRD QUARTER 2025 CONFERENCE CALL Tailwinds shifting toward clearer and faster permitting Bill C-5 (Building Canada Act) – streamline Regulatory clarity from PHMSA and EPA Plan México 2030 – position México among national interest projects top 10 world economies Streamlining at FERC LNG C
Slide 7: Unrivaled footprint aligned to capture market growth
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL Daily delivery records set in last twelve months Unrivaled footprint aligned to capture market growth NGTL: 17.8 Bcf FHBC: 3.2 Bcf +45 Bcf/d 25–30% 14 records Mainline: 7.7 Bcf TQM: 1.3 Bcf Natural gas dema
Slide 8: Project announcements confirm our strategy is working
TC ENERGY THIRD QUARTER 2025 CONFERENCE CALL Project announcements confirm our strategy is working Project CAPEX(1) Build 8 Key basin Contract Counterparty Expected (Sanctioned LTM) (Billions) multiple(2) ISD TCO Connector 1 $0.5 20-year take or pay Utility 2030E Midwest Connector 2 $0.1 5.9x 20-yea
Slide 9: Disciplined approach to filling investment capacity
TC ENERGY THIRD QUARTER 2025 CONFERENCE CALL Disciplined approach to filling investment capacity Weighted average unlevered after-tax IRR(1) of growth projects sanctioned by year Returns increasing while maintaining conservative Characteristics of projects % risk preferences ~12.5 competing for capi
Slide 10: Premium portfolio highly aligned to long-term fundamentals
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL Premium portfolio highly aligned to long-term fundamentals Natural gas & power Take-or-pay / Natural gas(1) Long-haul pipe(1) Power generation(1) capital program(2) cost-of-service(1) % 2026E EBITDA % 2026E
Slide 11: Tina Faraca
TC ENERGY THIRD QUARTER 2025 CONFERENCE CALL TINA FARACA Executive Vice-President and Chief Operating Officer, Natural Gas Pipelines
Slide 12: Natural gas is central to meeting power generation growth
TC ENERGY THIRD QUARTER 2025 CONFERENCE CALL Natural gas is central to meeting power generation growth TC Energy holds leadership positions in multiple top power growth markets U.S. operating coal capacity forecast(3) Alberta AESO data centre 40 GW interconnection queue(1) 3.5x 170 GW 130 GW 2025 20
Slide 13: New project announcements at compelling build multiples
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL New project announcements at compelling build multiples Valhalla North $0.7B 5.9x Berland River New sanctioned capital(1) Average build multiple(2) Cedar Link Multi-Year Growth Program ANR Northwoods ANR He
Slide 14: Strategic growth pillars grounded in fundamentals
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL Strategic growth pillars grounded in fundamentals POWER NEXT WAVE LDC ENERGY SUPPLY GENERATION LNG EXPORTS RELIABILITY ACCESS Electrification, data centres, North America continues to 7 of 10 strongest days
Slide 15: Technology Solutions. Smart Systems. Stronger Performance.
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL Technology Solutions. Smart Systems. Stronger Performance. ADVANCED OPERATIONS COMMERCIAL INNOVATION Operational efficiency System optimization Optimize system performance Drive optimal pipeline configurati
Slide 16: Project execution enhancements delivering significant value
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL Project execution enhancements delivering significant value Internal project execution strength People & project leadership: experienced 15% 23 out of 25 Under budget across Projects in development are team
Slide 17: Greg Grant
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL GREG GRANT Executive Vice-President and President, Power and Energy Solutions
Slide 18: Power and Energy Solutions enables scalable, complementary options for incremental value creation
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL Power and Energy Solutions enables scalable, complementary options for incremental value creation Near-term Mid-term Long-term Maximizing the value of our Capture opportunities that leverage Capitalize on l
Slide 19: Bruce Power driving repeatable value creation
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL Bruce Power driving repeatable value creation Bruce Power historical performance Innovation and disciplined execution driving near term value $/MWh % Completed ahead of schedule and on budget Unit 6 MCR 125
Slide 20: Bruce Power investment poised to support next decade growth
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL Bruce Power investment poised to support next decade growth Bruce Power financial forecast(1) $Millions 2,500 ~$8 Billion Bruce Power MCR 2,000 Net distributions to TC Energy (2025 – 2035) program extends 1
Slide 21: Sean O'Donnell
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL SEAN O’DONNELL Executive Vice-President and Chief Financial Officer
Slide 22: Natural gas performance fuels 10% increase in comparable EBITDA growth
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL Q3 HIGHLIGHTS Natural gas performance fuels 10% increase in comparable EBITDA(1) growth CANADIAN NATURAL GAS PIPELINES Comparable EBITDA from continuing operations • Total system deliveries averaged 23.0 Bc
Slide 23: Long-term financial outlook
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL Long-term financial outlook Comparable EBITDA(1) outlook $Billions Extending growth outlook of Tailwinds & headwinds to ~5% – 7% comparable EBITDA ~6% – 8% 3-year CAGR 2025 to 2026 12.6 – 13.1 Revenue enhan
Slide 24: Capital backlog underpins growth visibility through end of decade
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL Capital backlog underpins growth visibility through end of decade Net capital expenditures(1) Expect to allocate remaining investment $Billions capacity through 2030 by year end 2026 Targeted $6 – $7 billio
Slide 25: Funding our capital program 2026E – 2028E
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE CALL Funding our capital program 2026E – 2028E $Billions Net long-term debt, Comparable EBITDA(2) growth 98% of comparable EBITDA hybrids & other: 6 in timeframe implies <4x underpinned by rate-regulation and/or
Slide 26: 2026 strategic priorities
T C E N E R G Y 2T H 3 DEI NX 0 2I R5 QVPUA EASNRTDTOERD R DQ 2A03Y2 C5 ACL O L NFERENCE 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
Slide 27: Appendix
Appendix Appendix A: Modelling notes Appendix B: Debt portfolio notes Appendix C: Year-over-year comparable earnings waterfall Non-GAAP reconciliations Appendix D: Comparable EBITDA Appendix E: Net Income (loss) to comparable earnings Appendix F: Adjusted debt/adjusted comparable EBITDA (debt-to-EBI
Slide 28: Appendix A: Modelling notes
Appendix A: Modelling notes Debt portfolio ~86% fixed rate; long-term debt with average term of ~18 years to final maturity Regulatory and commercial arrangements mitigate impact of rate movements Interest rates Interest rate sensitivity: Δ +/- 25 bps • Financial charges: ~$8 million • Comparable EP
Slide 29: Appendix B: Debt portfolio notes
Appendix B: Debt portfolio notes Portfolio weighted average pre-tax Debt maturities 2026E – 2028E Debt portfolio(1) coupon vs. 10-year yields $Billions 86% fixed-rate debt Weighted average rate of ~5% 6.7 5.7 4.3 14% floating-rate debt Weighted average rate of ~5% Rate-regulated businesses have inte
Slide 30: Appendix C: Year-over-year comparable earnings waterfall
Appendix C: Year-over-year comparable earnings waterfall Comparable earnings(1) from continuing operations $Millions -10% 242 -73 -71 -155 894 55 -14 -80 9 -2 805 Reflects the completion of the Southeast Gateway pipeline & capital efficiencies Q3 2024(2) Comparable Depreciation Interest AFUDC FX gai
Slide 31: Appendix D: Non-GAAP reconciliations – Comparable EBITDA
Appendix D: 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 i
Slide 32: Appendix E: Non-GAAP reconciliations – Net income (loss) to comparable earnings
Appendix E: 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 measures
Slide 33: Appendix F: Non-GAAP reconciliations – Adjusted debt/adjusted comparable EBITDA
Appendix F: 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 34: Appendix F: Non-GAAP reconciliations – Adjusted debt/adjusted comparable EBITDA
Appendix F: 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
Slide 35: Appendix G: Non-GAAP reconciliations – Segmented earnings and comparable EBITDA
Appendix G: Non-GAAP reconciliations – Segmented earnings and comparable EBITDA(1) Comparable EBITDA(1) outlook from continuing operations (Billions of dollars) 12.6 — 13.1 10.8 – 11.0 10.0 8.0 2024 2024 2025E 2028E Segmented Comparable EBITDA earnings Note: Forecast foreign exchange assumption USD/
Slide 36: Appendix H: Non-GAAP measures – Unlevered after-tax internal rate of return
Appendix H: 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 37: Appendix I: Non-GAAP reconciliations – Comparable funds generated from operations (FGFO)
Appendix I: 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 38: Appendix I: Non-GAAP reconciliations – Comparable funds generated from operations (FGFO)
Appendix I: Non-GAAP reconciliations – Comparable funds generated from operations (FGFO) Year ended December 31 (Millions of dollars) 2024 2023 Net cash provided by operations 7,696 7,268 Increase (decrease) in operating working capital (199) (207) Funds generated from operations 7,497 7,061 Specifi