Tc Energy Corporation · TSX:TRP
Tc Energy — Shareholder Meeting (May 2025)
31 slides from Tc Energy's shareholder meeting presentation, May 8, 2025
Slide 1: Annual Meeting of Shareholders
Annual Meeting of Shareholders Meeting will start at 10 a.m. MDT MAY 8, 2025
Slide 2: Welcome
2025 ANNUAL MEETING OF SHAREHOLDERS MAY 8, 2025 Welcome TO THE 2025 ANNUAL MEETING OF SHAREHOLDERS
Slide 3: Land acknowledgement
2025 ANNUAL MEETING OF SHAREHOLDERS Land acknowledgement MAY 8, 2025 3
Slide 4: Welcome
2025 ANNUAL MEETING OF SHAREHOLDERS MAY 8, 2025 Welcome TO THE 2025 ANNUAL MEETING OF SHAREHOLDERS
Slide 5: Forward looking information and non-GAAP measures
2025 ANNUAL MEETING OF SHAREHOLDERS MAY 8, 2025 Forward looking information and non-GAAP measures This presentation includes certain forward-looking information, including future oriented financial information or financial outlook, This presentation refers to certain non-GAAP measures, non-GAAP rati
Slide 6: Agenda
2025 ANNUAL MEETING OF SHAREHOLDERS Financial statements and auditors’ report Election of directors Appointment of auditors Executive compensation Agenda Shareholder rights plan Announcement of voting results TC Energy strategic outlook: François Poirier, President and CEO Q&A MAY 8, 2025 6
Slide 7: Questions and voting
2025 ANNUAL MEETING OF SHAREHOLDERS Questions and voting Voting Information Questions or Technical Support: 1-403-920-2050 MAY 8, 2025 7
Slide 8: Conduct of meeting
2025 ANNUAL MEETING OF SHAREHOLDERS Conduct of meeting • Appointment of scrutineers (Computershare Trust Company of Canada) • Notice of meeting and votes by ballot • Constitution of meeting MAY 8, 2025 8
Slide 9: Financial statement and auditor's report
2025 ANNUAL MEETING OF SHAREHOLDERS Financial statement and auditor’s report MAY 8, 2025 9
Slide 10: Director nominees
2025 ANNUAL MEETING OF SHAREHOLDERS Director nominees SCOTT BONHAM CHERYL F. CAMPBELL MICHAEL R. CULBERT WILLIAM D. JOHNSON SUSAN C. JONES JOHN E. LOWE DAWN MADAHBEE LEACH FRANÇOIS L. POIRIER UNA POWER MARY PAT SALOMONE SIIM A. VANASELJA THIERRY VANDAL DHEERAJ “D” VERMA MAY 8, 2025 10
Slide 11: Retiring directors
2025 ANNUAL MEETING OF SHAREHOLDERS Retiring directors INDIRA SAMARASEKERA DAVID MACNAUGHTON MAY 8, 2025 11
Slide 12: Director nominees
2025 ANNUAL MEETING OF SHAREHOLDERS Director nominees SCOTT BONHAM CHERYL F. CAMPBELL MICHAEL R. CULBERT WILLIAM D. JOHNSON SUSAN C. JONES JOHN E. LOWE DAWN MADAHBEE LEACH FRANÇOIS L. POIRIER UNA POWER MARY PAT SALOMONE SIIM A. VANASELJA THIERRY VANDAL DHEERAJ “D” VERMA MAY 8, 2025 12
Slide 13: Appointment of auditors
2025 ANNUAL MEETING OF SHAREHOLDERS Appointment of auditors KPMG LLP, Chartered Professional Accountants MAY 8, 2025 13
Slide 14: Executive compensation
2025 ANNUAL MEETING OF SHAREHOLDERS Executive compensation Advisory vote on TC Energy’s approach to executive compensation. MAY 8, 2025 14
Slide 15: Shareholder rights plan
2025 ANNUAL MEETING OF SHAREHOLDERS Shareholder rights plan Continuation and approval of amendments to our shareholder rights plan. MAY 8, 2025 15
Slide 16: Complete balloting now
2025 ANNUAL MEETING OF SHAREHOLDERS Complete balloting now Item of business Board recommendation Election of directors For Appointment of the auditors For Advisory vote on executive compensation For Shareholder rights plan For MAY 8, 2025 16
Slide 17: Chair's closing remarks
2025 ANNUAL MEETING OF SHAREHOLDERS Chair’s closing remarks MAY 8, 2025 17
Slide 18: Strategic outlook
2025 ANNUAL MEETING OF SHAREHOLDERS Strategic outlook François Poirier President and Chief Executive Officer MAY 8, 2025 18
Slide 19: Delivering on our 2024 priorities
2025 ANNUAL MEETING OF SHAREHOLDERS TRP stock performance in 2024(4) Delivering on our 2024 priorities Solid execution and focused priorities Maximizing the value of our assets Project execution Enhancing balance sheet through safety and operational excellence on time and on budget strength and flex
Slide 20: The world needs more energy to meet wide-scale electrification
2025 ANNUAL MEETING OF SHAREHOLDERS The world needs more energy to meet wide-scale electrification Cumulative final energy consumption(1) MMtoe, calculated from actual 2023 levels North American natural gas demand forecast to reach ~170 Bcf/d by 2035(2) Natural gas 300 +45 Bcf/d 250 Bcf/d 200 2024:
Slide 21: A focused natural gas and power company
2025 ANNUAL MEETING OF SHAREHOLDERS - A focused natural gas and power company Unique footprint and portfolio mix 93,000 km 3 countries +6,500 MW (1) Key facts Incumbent positions in key The only company delivering Nuclear power generation natural gas supply and natural gas in Canada, the providing n
Slide 22: A strategic vision for the future
2025 ANNUAL MEETING OF SHAREHOLDERS A strategic vision for the future Our 2025 strategic priorities MAXIMIZE THE VALUE OF OUR EXECUTE OUR ENSURE ASSETS THROUGH SAFETY AND SELECTIVE PORTFOLIO OF FINANCIAL STRENGTH OPERATIONAL EXCELLENCE GROWTH PROJECTS AND AGILITY Promote safe operating practices to
Slide 23: Our commitment
2025 ANNUAL MEETING OF SHAREHOLDERS Our commitment Solid growth. Low risk. Repeatable performance. Approved the Advanced the Bruce Power The Southeast Gateway Northwoods Major Component pipeline project is ready Project. Replacement program. for service. MAY 8, 2025 23
Slide 24: Living by our values
2025 ANNUAL MEETING OF SHAREHOLDERS Living by our values Shape our culture moving forward SAFETY IN EVERY STEP I put safety first to protect myself, my teammates, the public and the environment. PERSONAL ACCOUNTABILITY I act with integrity and own my commitments and outcomes. ONE TEAM I am a part of
Slide 25: Q&A Questions
2025 ANNUAL MEETING OF SHAREHOLDERS Q&A Questions Technical Support: 1-403-920-2050 MAY 8, 2025
Slide 26: Closing remarks
2025 ANNUAL MEETING OF SHAREHOLDERS Closing remarks MAY 8, 2025
Slide 27: Appendix: Non-GAAP reconciliations
2T0C2 5E N AENR NG Y L F2M UA I0RE2SE3TT II Q N GU N VAEOSRF TTSO EHRA RD 2 E0AH2YO5L DC EORNS F E R E N C E CALL Appendix Non-GAAP reconciliations Appendix A: Comparable EBITDA Appendix B: Net Income (loss) to comparable earnings Appendix C: Adjusted Debt/Adjusted Comparable EBITDA (Debt-to-EBITDA)
Slide 28: Appendix A – Comparable EBITDA
Appendix A – Non-GAAP reconciliations – Three months ended March 31 Comparable EBITDA(1) Total segmented earnings (losses) 2025 1,966 2024(2) 1,947 (Millions of dollars) Interest expense (840) (780) Allowance for funds used during construction 248 157 Foreign exchange gains (losses), net 43 27 Inter
Slide 29: Appendix B – Net income (loss) to comparable earnings
Appendix B – Non-GAAP reconciliations – Net Income (loss) to comparable earnings(1) (Millions of dollars, except per share amounts) Three months ended March 31 2025 2024(2) Net income (loss) attributable to common shares from continuing operations 978 988 Specific items (pre tax): Foreign exchange (
Slide 30: Appendix C – Adjusted Debt/Adjusted Comparable EBITDA
Appendix C – 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
Slide 31: Appendix C – Adjusted Debt/Adjusted Comparable EBITDA
Appendix C – 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: Debt treatment of preferred shares(2) 1,250 1,250 1,250 Equity treatment o