Tc Energy Corporation · TSX:TRP
Tc Energy — Q4 2025 Earnings Presentation
25 slides from Tc Energy's earnings presentation, Feb 13, 2026
Slide 1: Fourth Quarter 2025 Conference Call
FOURTH QUARTER 2025 CONFERENCE CALL February 13, 2026
Slide 2: Call Participants
TC ENERGY FOURTH 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
Slide 3: Forward-looking information and non-GAAP/supplementary financial measures
TC ENERGY FOURTH 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
Slide 4: François Poirier
TC ENERGY FOURTH QUARTER 2025 CONFERENCE CALL FRANÇOIS POIRIER President and Chief Executive Officer
Slide 5: Execution of 2025 strategic priorities is driving momentum into 2026
TC ENERGY FOURTH QUARTER 2025 CONFERENCE CALL Execution of 2025 strategic priorities is driving momentum into 2026 MAXIMIZE THE VALUE OF OUR EXECUTE OUR SELECTIVE ENSURE FINANCIAL ASSETS THROUGH SAFETY AND PORTFOLIO OF GROWTH STRENGTH AND AGILITY OPERATIONAL EXCELLENCE PROJECTS • Achieved best annua
Slide 6: Leading growth portfolio in opportunity-rich environment
TC ENERGY FOURTH QUARTER 2025 CONFERENCE CALL Leading growth portfolio in opportunity-rich environment North American natural gas demand forecast to increase 45 Bcf/d by 2035(1) TC Energy Strategic pillar In development(2) TC Energy growth capital program(5) (2026 – 2029) Next wave LNG Serve 7 LNG f
Slide 7: Advancing over $5 billion of projects across various stages
T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 5 C O N F E R E N C E C A L L Advancing over $5 billion of projects across various stages P L A C E D I N S E R V I C E O P T I M I Z AT I O N N E W P R O J E C T S I N O R I G I N AT I O N ~$2 billion placed in service in Q4 ~$0.5 bi
Slide 8: Supporting power demand growth through utility-backed strategy
TC ENERGY FOURTH QUARTER 2025 CONFERENCE CALL Supporting power demand growth through utility-backed strategy Our primary approach to serving load growth: Partner with investment-grade utilities to provide incremental gas supply to meet electricity needs North America natural gas power Low-risk chara
Slide 9: Improving plant reliability to drive higher availability at Bruce Power
TC ENERGY FOURTH QUARTER 2025 CONFERENCE CALL Improving plant reliability to drive higher availability at Bruce Power Planned outages enhance reliability of critical equipment Bruce Power historical performance $/MWh % Plant reliability strategy reflects ongoing commitment to 125 95 improving plant
Slide 10: Sean O'Donnell
T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 5 C O N F E R E N C E C A L L SEAN O’DONNELL Executive Vice-President and Chief Financial Officer
Slide 11: Natural gas performance fuels 13% increase in comparable EBITDA
T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 5 C O N F E R E N C E C A L L Q4 HIGHLIGHTS Natural gas performance fuels 13% increase in comparable EBITDA(1) CANADIAN NATURAL GAS PIPELINES Comparable EBITDA Set new all-time delivery record of 33.2 Bcf/d on January 22, 2026 Net inc
Slide 12: Project visibility supports a path beyond $6 billion later in the decade
T C E N E R G Y 2F O 0 2U3R TI N H VQE US TA O RRT E DR A 2Y 0 2 5 C O N F E R E N C E C A L L Project visibility supports a path beyond $6 billion later in the decade Net capital expenditures(1) 2026E 2027E 2028E 2029E 2030E Filling our investment capacity Advancing Accelerating Ongoing efforts to
Slide 13: Sustainable cash flows enable long-term shareholder value
T C E N E R G Y 2F O 0 2U3R TI N H VQE US TA O RRT E DR A 2Y 0 2 5 C O N F E R E N C E C A L L Sustainable cash flows enable long-term shareholder value Comparable EBITDA(1) outlook $Billions Long-term sustainable dividend growth 12.6 – 13.1 outlook: 3 – 5% 11.6 – 11.8 • Supported by growth in cash
Slide 14: One-of-one portfolio: a compelling investment proposition
TC ENERGY FOURTH QUARTER 2025 CONFERENCE CALL 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 2024-2025E as % of 2025E EBITDA 9% 98% Above-average comparable 6% 58% EBITDA growth w
Slide 15: 2026 strategic priorities
T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 5 C O N F E R E N C E C A L L 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 safet
Slide 16: Appendix
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: Segmented earnings and comparable EBITDA App
Slide 17: Appendix A: Year-over-year comparable earnings waterfall
Appendix A: Year-over-year comparable earnings waterfall Comparable earnings(1) $Millions -7% 345 -80 -38 -197 73 -62 -98 1,094 -12 -7 1,018 Reflects the completion of the Southeast Gateway pipeline & capital efficiencies Q4 2024 Comparable Depreciation Interest AFUDC FX gains Interest Income tax Ne
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 i
Slide 19: Appendix C: 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 measures
Slide 20: Appendix D: Adjusted debt/adjusted comparable EBITDA (debt-to-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: Adjusted debt/adjusted comparable EBITDA (debt-to-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: Segmented earnings and comparable EBITDA
Appendix E: Non-GAAP reconciliations – Segmented earnings and comparable EBITDA(1) Comparable EBITDA(1) outlook (Billions of dollars) 12.6 — 13.1 11.6 – 11.8 11.0 8.0 2025 2025 2026E 2028E Segmented Comparable EBITDA earnings Note: Forecast foreign exchange assumption USD/CAD: 1.36-1.39. (1) Compara
Slide 23: Appendix F: 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
Slide 24: Appendix G: Comparable funds generated from operations (FGFO)
Appendix G: 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 25: Appendix G: Comparable funds generated from operations (FGFO)
Appendix G: Non-GAAP reconciliations – Comparable funds generated from operations (FGFO) (Millions of dollars) Includes continuing and discontinued operations. Includes nine months of Liquids Pipelines earnings in. Refer to our 2025 Annual Report for additional information. 25