Tc Energy Corporation · TSX:TRP
Tc Energy — Investor Presentation (August 2026)
46 slides from Tc Energy's investor presentation, August 2026
Slide 1: Corporate Profile
Corporate Profile August 2026
Slide 2: Forward-looking information and non-GAAP/supplementary financial measures
T C E N E R G Y – C O R P O R AT E P R O F I L E 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. Forward-looking st
Slide 3: Strategic outlook
T C E N E R G Y – C O R P O R AT E P R O F I L E Strategic outlook 3
Slide 4: TC Energy is uniquely positioned
TC Energy is uniquely positioned Focused natural gas and power company Opportunities to capture highest-value projects with visibility to the end of the decade Disciplined capital allocation supports above average growth with below average risk Compressor station in Alberta, Canada 4
Slide 5: Advancing projects through the development pipeline
TFOR C EDISCUSSION N E R G YPURPOSES – C O OF R PTHE O RTTFP A T- ECONFIDENTIAL P R O F I LCOMMUNICATION E Advancing projects through the development pipeline P L A C E D I N S E R V I C E P R O J E C T A N N O U N C E M E N T S P E N D I N G A P P R O VA L ~$2 billion ~$3 billion sanctioned year-to
Slide 6: Demand growth underpins TC Energy's expanding backlog
T C E N E R G Y – C O R P O R AT E P R O F I L E 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 outlook(1) Bcf/d +51 POWER GENERATION Bcf/d +11 Accelerating power demand accounts for mo
Slide 7: Unrivaled footprint aligned to capture market growth
T C E N E R G Y – C O R P O R AT E P R O F I L E Daily delivery records set in 2025 Unrivaled footprint aligned to capture market growth NGTL: 17.8 Bcf FHBC: 3.2 Bcf +51 Bcf/d 25–30% 15 records Mainline: 7.7 Bcf TQM: 1.3 Bcf Natural gas demand growth of LNG feedgas from natural gas pipeline flows by
Slide 8: Low risk portfolio highly aligned to long-term fundamentals
T C E N E R G Y – C O R P O R AT E P R O F I L E Low risk portfolio highly aligned to long-term fundamentals TC Energy business mix Natural gas exposure(2) 2025E comparable EBITDA(1) (% of 2024A comparable EBITDA) Business risk profile:(3) Excellent Strong 3% 7% 100 Peer 1 Natural Gas Pipelines Bruc
Slide 9: Disciplined approach to filling investment capacity
T C E N E R G Y – C O R P O R AT E P R O F I L E 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 c
Slide 10: Targeting upper end of 2026 outlook
TFOR C EDISCUSSION N E R G YPURPOSES – C O OF R PTHE O RTTFP A T- ECONFIDENTIAL P R O F I LCOMMUNICATION E 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 and rate case outcomes Gove
Slide 11: Premium portfolio highly aligned to long-term fundamentals
3 R IPNOVREASTTEO RP RDOAFYI L E T C E N E R G Y 2– 0C2O4 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 EBITDA % 2026E EBITDA % of enterpri
Slide 12: Delivering on 2026 priorities
T C E N E R G Y – C O R P O R AT E P R O F I L E 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 • Announcing ~$0
Slide 13: Natural Gas Pipelines
T C E N E R G Y – C O R P O R AT E P R O F I L E Natural Gas Pipelines 13
Slide 14: Natural gas assets unique among our peers
T C E N E R G Y 2– 0C2O3 R IPNOVREASTTEO RP RDOAFYI L E Natural gas assets unique among our peers Extensive and historic operations across North America Key connectivity to supply and demand centers Transport up to 30% of North American LNG feedgas demand 170 direct connections to power generators a
Slide 15: Strategic growth pillars grounded in fundamentals
T C E N E R G Y 2– 0C2O3 R IPNOVREASTTEO RP RDOAFYI L E 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 for total Record production in WCSB,
Slide 16: Natural gas is central to meeting power generation growth
T C E N E R G Y 2– 0C2O3 R IPNOVREASTTEO RP RDOAFYI L E 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
Slide 17: Strategic position in key U.S. Heartland region
T C E N E R G Y 2– 0C2O3 R IPNOVREASTTEO RP RDOAFYI L E 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 w
Slide 18: Managing methane emissions
TC ENERGY Managing methane emissions Progressing towards our target to reduce methane intensity 40-55% from 2019 by 2035 (1) Near term actions Performance (2025 vs. 2019 baseline) Improving venting management Formalizing venting management best practices that account for differing regulatory, commer
Slide 19: Why we are growing our backlog and capturing growth
T C E N E R G Y – C O R P O R AT E P R O F I L E 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 capacity Cedar
Slide 20: Technology Solutions. Smart Systems. Stronger Performance.
T C E N E R G Y – C O R P O R AT E P R O F I L E Technology Solutions. Smart Systems. Stronger Performance. ADVANCED OPERATIONS COMMERCIAL INNOVATION Operational efficiency System optimization Optimize system performance Drive optimal pipeline configurations Ensure equipment reliability and integrit
Slide 21: Project execution enhancements delivering significant value
T C E N E R G Y – C O R P O R AT E P R O F I L E Project execution enhancements delivering significant value Internal project execution strength People & project leadership: experienced 15% Under budget across teams with strong leadership, disciplined projects with 2025 ISD project development and g
Slide 22: Power and Energy Solutions
T C E N E R G Y – C O R P O R AT E P R O F I L E Power and Energy Solutions 22
Slide 23: Power and Energy Solutions enables scalable, complementary options for incremental value creation
TC ENERGY 2 – 0C2O4 R IPNOVREASTTEO RP RDOAFYI L E 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 low-carbon capabilities existing assets powe
Slide 24: Nuclear and storage essential to meet Ontario's growing electricity demand
T C E N E R G Y – C O R P O R AT E P R O F I L E Nuclear and storage essential to meet Ontario’s growing electricity demand Pathway Scenario – Installed Capacity in 2050 (MW)(1) BRUCE POWER MCR PROGRAM • Sanctioned Unit 5 MCR 88,393 • MCR Unit 3 & 4 tracking cost and schedule • MCR Program advances
Slide 25: Ontario & Canada: global leaders in nuclear policy and deployment
T C E N E R G Y – C O R P O R AT E P R O F I L E Ontario & Canada: global leaders in nuclear policy and deployment Canada’s nuclear leadership Tier 1 70+ 15% Public support for nuclear years of nuclear investment tax credit Ontario nuclear energy provider operating experience for nuclear projects Re
Slide 26: Why Bruce Power stands alone commercially
T C E N E R G Y – C O R P O R AT E P R O F I L E Why Bruce Power stands alone commercially Uniquely insulated commercial framework eliminates long-term liabilities and market-driven volatility Contractual and financial risk mitigation ~40-year government-backed revenue framework providing consistent
Slide 27: Bruce Power MCR program efficiency gains drive long-term returns
T C E N E R G Y – C O R P O R AT E P R O F I L E Bruce Power MCR program efficiency gains drive long-term returns 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Unit 6 Unit 3 Unit 4 ~15% reduction Unit 5 in cost Unit 7 Unit 6 → Unit 3 Unit 8 Actual (units 6 & 3) or I
Slide 28: Bruce Power execution excellence unlocking additional value
T C E N E R G Y – C O R P O R AT E P R O F I L E Bruce Power execution excellence unlocking additional value Bruce Power historical performance Unit 6 availability performance Disciplined execution drives reliability $/MWh % 99% 125 95 Realized power price 84% Total generation per unit to increase 5
Slide 29: Bruce Power cash flow engine for TC Energy's next wave of growth
T C E N E R G Y – C O R P O R AT E P R O F I L E Bruce Power cash flow engine for TC Energy’s next wave of growth $Billions Bruce Power financial forecast(1) 2.5 Rising free cash flow to TC Energy enables: 2.0 Bruce C self-funding Increased Natural Gas Pipelines growth 1.5 capital Increased Power &
Slide 30: Financial outlook
T C E N E R G Y – C O R P O R AT E P R O F I L E Financial outlook 30
Slide 31: Sustainable cash flows enable long-term shareholder value
T C E N E R G Y – C O R P O R AT E P R O F I L E Sustainable cash flows enable long-term shareholder value Comparable EBITDA(1) outlook $Billions ✓ Targeting upper end Long-term sustainable dividend growth 12.6 – 13.1 outlook: 3 – 5% 11.6 – 11.8 11.0 • Supported by growth in cash flow per share 10.0
Slide 32: Future capital investment will be driven by project opportunities
T C E N E R G Y – C O R P O R AT E P R O F I L E 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% Canadian Natural Gas Pipelines Mexico Natural Gas Pipel
Slide 33: Funding our capital program 2026E – 2028E
T C E N E R G Y – C O R P O R AT E P R O F I L E 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 incremental debt-to-EBITDA(2) Gross sanction
Slide 34: Low-risk, utility-like business supports leverage
T C E N E R G Y 2– 0C2O4 R IPNOVREASTTEO RP RDOAFYI L E Low-risk, utility-like business supports leverage Average debt-to-EBITDA(1) vs. credit rating % rate-regulated or take-or-pay vs. average debt-to-EBITDA(1) 100 % rate-regulated or take-or-pay 2026E comparable EBITDA(2) Utilities Peer Debt-to-EB
Slide 35: One-of-one portfolio: a compelling investment proposition
T C E N E R G Y – C O R P O R AT E P R O F I L E One-of-one portfolio: a compelling investment proposition Solid growth Low risk 2025 comparable EBITDA growth(1,2) Rate regulated or take-or-pay(4) TC Energy advantage 2024 to 2025E as % of 2025E EBITDA 9% 98% Above-average comparable EBITDA 6% 58% gr
Slide 36: Appendix
Appendix Appendix A: Modelling notes Appendix B: Debt portfolio notes Non-GAAP reconciliations Appendix C: Comparable EBITDA Appendix D: Net Income (loss) to comparable earnings Appendix E: Adjusted debt/adjusted comparable EBITDA (debt-to-EBITDA) Appendix F: Segmented earnings and comparable EBITDA
Slide 37: Appendix A: Modelling notes
Appendix A: Modelling notes Debt portfolio ~90% fixed rate; long-term debt with average term of ~19 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 38: 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 $Billions 6% 90% fixed-rate debt Weighted average rate of ~5% 4% 6.6 10% floating-rate debt 4.7 Weighted average rate of 2% ~6% 2.2 Rate-regulated businesses
Slide 39: Appendix C: Non-GAAP reconciliations – Comparable EBITDA
Appendix C: Non-GAAP reconciliations – Comparable EBITDA(1) (Millions of dollars) (1) Comparable EBITDA and comparable earnings are non-GAAP measures. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more i
Slide 40: Appendix D: Non-GAAP reconciliations – Net income to comparable earnings
Appendix D: Non-GAAP reconciliations – Net income (loss) to comparable earnings(1) (Millions of dollars, except per share amounts) (1) Comparable earnings and comparable earnings per common share are non-GAAP measures. See the forward-looking information and non-GAAP/supplementary financial measures
Slide 41: Appendix E: Adjusted debt/adjusted comparable EBITDA
Appendix E: Non-GAAP reconciliations – Adjusted debt/adjusted comparable EBITDA (debt-to-EBITDA) Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to compute the debt-to-EBITDA multiple. Each of adjusted debt and adjusted comparable EBITDA measures does not have any standardize
Slide 42: Appendix E: Adjusted debt/adjusted comparable EBITDA
Appendix E: Non-GAAP reconciliations – Adjusted debt/adjusted comparable EBITDA(1) (debt-to-EBITDA) (Millions of dollars) (1) Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ. (
Slide 43: Appendix F: Segmented earnings and comparable EBITDA
Appendix F: Non-GAAP reconciliations – Segmented earnings and comparable EBITDA(1) Comparable EBITDA(1) outlook ($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 44: Appendix G: Unlevered after-tax internal rate of return
Appendix G: 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/
Slide 45: Appendix H: Comparable funds generated from operations
Appendix H: 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 46: Appendix H: Comparable funds generated from operations
Appendix H: Non-GAAP reconciliations – Comparable funds generated from operations (FGFO) (Millions of dollars) 46