Tc Energy Corporation · TSX:TRP
Tc Energy — Q2 2026 Earnings Presentation
23 slides from Tc Energy's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Conference Call
SECOND QUARTER 2026 CONFERENCE CALL J U LY 3 0 , 2 0 2 6
Slide 2: Call Participants
T C E NE RGY SE CO ND Q UA RT E R 202 6 C ON FE R EN CE CA LL 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 Gran
Slide 3: Forward-looking information and non-GAAP/supplementary financial measures
T C E NE RGY SE CO ND Q UA RT E R 202 6 C ON FE R EN CE CA LL Forward-looking information and non-GAAP/supplementary financial measures This release contains certain information that is forward -looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forw
Slide 4: François Poirier
T C E NE RGY SE CO ND Q UA RT E R 202 6 C ON FE R EN CE CA LL FRANÇOIS POIRIER President and Chief Executive Officer Incumbency fuels competitive advantage Converting demand into high-return growth Safety and execution excellence
Slide 5: Advancing projects through the development pipeline
TFOR C DISCUSSION E N E R G YPURPOSES S E C OOF N THE D Q U A- CONFIDENTIAL TTFP R T E R 2 0 2COMMUNICATION 6 C ON FE R EN CE CA LL Advancing projects through the development pipeline P L AC E D I N S E R V I C E P RO J E C T AN NO UNC E M E NTS P E N DI N G AP P RO VAL ~$2 billion ~$3 billion sanct
Slide 6: Demand growth underpins TC Energy's expanding backlog
TFOR C DISCUSSION E N E R G YPURPOSES S E C OOF N THE D Q U A- CONFIDENTIAL TTFP R T E R 2 0 2COMMUNICATION 6 C ON FE R EN CE CA LL Demand growth underpins TC Energy's expanding backlog North American natural gas demand growth outlook increased to 51 Bcf/d by 2035(1) North America natural gas outloo
Slide 7: Why we are growing our backlog and capturing growth
T C E NE RGY SE CO ND Q UA RT E R 202 6 C ON FE R EN CE CA LL Why we are growing our backlog and capturing growth Competitive advantages New project announcements Multi-Year Growth Central Virginia Capacity Plan expansion Extensive footprint and ~US$0.3 billion capital cost market reach 0.4 Bcf/d ca
Slide 8: Canadian natural gas demand growth supported by market signals
T C E NE RGY SE CO ND Q UA RT E R 202 6 C ON FE R EN CE CA LL Canadian natural gas demand growth supported by market signals Canadian natural gas demand outlook(1) Bcf/d To be captured in TC Energy assets Over potential future offerings 8 Bcf/d >0.5 Bcf/d(2) LNG 2031E in-service +65% Offerings ongoi
Slide 9: Bruce Power execution driving meaningful efficiency gains
TFOR C DISCUSSION E N E R G YPURPOSES S E C OOF N THE D Q U A- CONFIDENTIAL TTFP R T E R 2 0 2COMMUNICATION 6 C ON FE R EN CE CA LL Bruce Power execution driving meaningful efficiency gains 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Unit 6 Unit 3 Unit 4 ~15% redu
Slide 10: Sean O'Donnell
T C E NE RGY SE CO ND Q UA RT E R 202 6 C ON FE R EN CE CA LL SEAN O’DONNELL Executive Vice-President and Chief Financial Officer Tracking upper end of 2026 outlook Opportunity-driven capital allocation Discipline in execution
Slide 11: Operational excellence fuels 12% growth in comparable EBITDA
T C E N E R G Y S2 E0 C2 O 3 NI N D VQE US TA O RRT E DR A 2Y 0 2 6 C O N F E R E N C E C A L L Q2 HIGHLIGHTS Operational excellence fuels 12% growth in comparable EBITDA(1) CANADIAN NATURAL GAS PIPELINES Comparable EBITDA Total system deliveries averaged 24.2 Bcf/d, up 1% vs. Q2 2025 Net income(2)
Slide 12: Targeting upper end of 2026 outlook
TFOR C DISCUSSION E N E R G YPURPOSES S E C OOF N THE D Q U A- CONFIDENTIAL TTFP R T E R 2 0 2COMMUNICATION 6 C ON FE R EN CE CA LL Targeting upper end of 2026 outlook Comparable EBITDA(1) outlook Key drivers to comparable $Billions 12.6 – 13.1 EBITDA outlook 11.6 – 11.8 11.0 Revenue enhancements an
Slide 13: Future capital investment will be driven by project opportunities
T C E N E R G Y S2 E0 C2 O 3 NI N D VQE US TA O RRT E DR A 2Y 0 2 6 C O N F E R E N C E C A L L Future capital investment will be driven by project opportunities Net capital expenditures (1) In origination(3) growth projects by demand driver through 2034 5% 11% 17% $20+ $Billions billion 67% Canadia
Slide 14: 2025 Sustainability performance highlights
3 NEI N T C E N E R G Y S2 E0 C2 O 5 DX VPQA E USNTADO RER TDE DRQA32Y 0C2A6L LC O N F E R E N C E C A L L 2025 Sustainability performance highlights Enabling solid growth, low risk and repeatable performance 24% Methane intensity $5.4 billion Invested with Indigenous 66% Improvement in HSIF rate(4)
Slide 15: Delivering on 2026 priorities
T C E NE RGY SE CO ND Q UAR TE R 2026 CO NF E RE NC E C AL L 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 • Strong process safety performance with • An
Slide 16: Appendix
T C E N E R G Y SF2 EI0RC2SO 3TNI Q NU D VQEA U SR TAT O RE RT E D 2R0A 2Y 50 2C6O CNOF N ERFEN R EC NE CCEA CL LA L L Appendix Appendix A: Year-over-year comparable earnings waterfall Non-GAAP reconciliations Appendix B: Comparable EBITDA Appendix C: Net Income (loss) to comparable earnings Appendi
Slide 17: Appendix A – Year-over-year comparable earnings waterfall
Appendix A – Year-over-year comparable earnings waterfall Comparable earnings(1) $Millions 16% 323 -66 -13 -54 -27 -15 -22 11 -1 984 848 Q2 2025 Comparable Depreciation and Interest AFUDC FX gains (losses), Interest income Income tax Net (income) Preferred share Q2 2026 EBITDA(1) amortization expens
Slide 18: Appendix B – Non-GAAP reconciliations – Comparable EBITDA
Appendix B – Non-GAAP reconciliations – Comparable EBITDA(1) (Millions of dollars) (1) Comparable EBITDA and comparable earnings are non-GAAP measures. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more
Slide 19: Appendix C – Non-GAAP reconciliations – Net Income (loss) to comparable earnings
Appendix C – Non-GAAP reconciliations – Net Income (loss) to comparable earnings(1) (Millions of dollars, except per share amounts) (1) Comparable earnings and comparable earnings per common share are non-GAAP measures. See the forward-looking information and non-GAAP/supplementary financial measure
Slide 20: Appendix D: Non-GAAP reconciliations – Adjusted debt/adjusted comparable EBITDA
Appendix D: Non-GAAP reconciliations – Adjusted debt/adjusted comparable EBITDA (debt-to-EBITDA) Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to compute the debt-to-EBITDA multiple. Each of adjusted debt and adjusted comparable EBITDA measures does not have any standardize
Slide 21: Appendix D: Non-GAAP reconciliations – Adjusted debt/adjusted comparable EBITDA
Appendix D: Non-GAAP reconciliations – Adjusted debt/adjusted comparable EBITDA(1) (debt-to-EBITDA) (Millions of dollars) (1) Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ. (
Slide 22: Appendix E: Non-GAAP reconciliations – Segmented earnings and comparable EBITDA
Appendix E: Non-GAAP reconciliations – Segmented earnings and comparable EBITDA(1) Comparable EBITDA(1) outlook ($Billions) Comparable EBITDA Note: Forecast foreign exchange assumption USD/CAD: 1.36-1.39. (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP/s
Slide 23: Appendix F: Non-GAAP measures – Unlevered after-tax internal rate of return
Appendix F: Non-GAAP measures – Unlevered after-tax internal rate of return and Weighted average 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/