Tc Energy Corporation · TSX:TRP
Tc Energy — Q3 2026 Earnings Presentation
47 slides from Tc Energy's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Conference Call
Q3 2026 | CONFERENCE CALL Third Quarter 2026 Conference Call November 5, 2026
Slide 2: Call participants
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL François Poirier President and Chief Executive Officer Tina Faraca Call participants Executive Vice-President and Chief Operating Officer, Natural Gas Pipelines Greg Grant Executive Vice-President and President, Power and Energy Solutions Sean O'Donnell
Slide 3: Forward-looking information and non-GAAP/supplementary financial measures
TC ENERGY | THIRD QUARTER 2026 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 potenti
Slide 4: François Poirier
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Q3 2026 François Poirier | TC E N E RGY President and Chief Executive Officer
Slide 5: Celebrating 75 years of delivering essential infrastructure
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL SINCE 1951 Celebrating 75 years of delivering essential infrastructure Unrivalled geographical diversification and market reach Unwavering focus on natural gas Uniquely positioned at the intersection of natural gas and power growth 5
Slide 6: One-of-one asset portfolio
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL One-of-one asset portfolio Natural gas and power infrastructure across Canada, the U.S. and Mexico C A N A D I A N N A T U R A L G A S P I P E L I N E S | ~34% COMPARABLE EBITDA(1) 35 Bcf/d installed capacity · 41,000 km (25,500 miles) of pipe 25.3 Bcf/
Slide 7: Incumbency creates opportunity. Culture and strategy deliver value.
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Incumbency creates opportunity. Culture and strategy deliver value. OUR CULTURE OUR STRATEGIC PRIORITIES OUR VALUE PROPOSITION Sets the foundation Focus our execution Delivers for investors Safety in every step Maximize the value of our assets Solid gro
Slide 8: Delivering on our commitments: our strategy is working
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Delivering on our commitments: our strategy is working Total shareholder return(1) 118% 84% 2024 2025 2026 TC Energy Peer average DELIVER VALUE THROUGH OPTIMIZE & DELEVERAGE SIMPLIFY & GROW PROJECT EXECUTION Debt-to-EBITDA(2) on track to 4.55–4.60x Pure
Slide 9: Repeatable growth with proven results
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Repeatable growth with proven results Financial strength, a high-graded project pipeline and repeatable shareholder value ORGANIZATIONAL CAPACITY FINANCIAL CAPACITY HIGH-GRADED PROJECT PIPELINE AND INNOVATION Debt-to-EBITDA(1) Rising returns on sanction
Slide 10: Fundamental and policy tailwinds across all three jurisdictions
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Fundamental and policy tailwinds across all three jurisdictions Constructive policy momentum is enabling our growth opportunities CANADA U.S. MEXICO +8 Bcf/d 2025–2035 (1) +38 Bcf/d 2025–2035 (1) +5 Bcf/d 2025–2035 (1) Bill C-5 – streamline national int
Slide 11: North American power generation needs are accelerating
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL North American power generation needs are accelerating TC Energy holds leadership positions in multiple top power growth markets NATURAL GAS-FIRED ONTARIO NUCLEAR POWER DEMAND +0.5 Bcf/d from power demand growth ~70% (2025-2035) ~18 GW new nuclear capac
Slide 12: Monetizing the intersection of molecules and electrons
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Monetizing the intersection of molecules and electrons Significantly expanded backlog as a result of adding power generation opportunities NET CAPITAL E X P E N D I T U R E S (1,2) ~$30 billion I N O R I G I N A T I O N P R O J E C T S (2) $40+ billion
Slide 13: Converting demand into high-return growth
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Converting demand into high-return growth Enabling repeatable growth in line with risk-return preferences PLACED IN SERVICE PROJECT ANNOUNCEMENTS P E N D I N G A P P R OVA L I N O R I G I N AT I O N ~$2.5 billion ~$6 billion ~$6 billion $40+ billion pla
Slide 14: Extending to a five-year growth outlook
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Extending to a five-year growth outlook Visible growth in comparable EBITDA and dividends, with a disciplined balance sheet DIVIDEND 3%–5% Dividend growth 5–7% BALANCE SHEET <4.75x Debt-to-EBITDA(1) COMPARABLE EBITDA(1) CAGR 2026E–2031E Deep in originat
Slide 15: Tina Faraca
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Q3 2026 Tina Faraca | TC E N E RGY Executive Vice-President and Chief Operating Officer, Natural Gas Pipelines
Slide 16: Our natural gas business is built to outperform
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Our natural gas business is built to outperform Outperformance is driven by contracting, settlement outcomes, execution and efficiency CANADA Incentive-based settlements unlock upside Win-win settlement structures let us share in outperformance NGTL: Be
Slide 17: Competitive advantages and strategic drivers
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Competitive advantages and strategic drivers An irreplaceable network advantage that converts demand growth into commercial wins UNMATCHED CONNECTIVITY BUILT-IN RELIABILITY 1 Supply diversity at scale 2 Delivering on peak days WCSB Key supply basin >60%
Slide 18: Columbia Gas (TCO): strategic corridors for repeatable growth
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Columbia Gas (“TCO”): strategic corridors for repeatable growth Where supply, storage, liquid trading and growth corridors meet: a strong foundation to extend TCO’s reach across our network PIPELINES WHY TC ENERGY CAN WIN Columbia Gas (TCO) Largest low-
Slide 19: Midwest Corridor: fundamentals signal future growth potential
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Midwest Corridor: fundamentals signal future growth potential Growth supported by regional reliability, demand diversity, and multi-basin supply optionality WHY TC ENERGY WINS Supply diversity Integrated systems Our footprint delivers gas TC Energy oper
Slide 20: Crossroads Expansion and American Midwest Project
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Crossroads Expansion and American Midwest Project One expansion creates the next: an integrated Midwest growth platform with room to grow SA NCT I O NE D PROJECTS AT A GLANCE 1 Crossroads Expansion CROSSROADS AMERICAN 1.4 Bcf/d expansion and EXPANSION M
Slide 21: Coastal GasLink (CGL) Phase 2
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Coastal GasLink (“CGL”) Phase 2 Captured West Coast LNG growth: a compression-only expansion that doubles CGL capacity PROJECT AT A GLANCE CAPACITY 2.1 → ~4.5(1) Bcf/d (~2x) SCOPE 5 additional compressor stations TC ENERGY OWNERSHIP 35% CONTRACT Wilde L
Slide 22: Efficient conversion, durable value
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Efficient conversion, durable value Every milestone builds conviction and decades of contracted value STEP 01 STEP 02 STEP 03 STEP 04 Scope & design Contract with quality Allocate capital with discipline Engage communities & counterparties regulators Ri
Slide 23: Project sanctions validate our strategy
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Project sanctions validate our strategy CGL Phase 2 On-track delivery with continued backlog growth Multi-Year Growth Plan expansion Cedar Link Project Target ISD(1) Capex ($Billions) Status NGTL System 2027+ 1.0 Under budget & ahead of schedule Northwo
Slide 24: Optimizing our work through active learning
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Optimizing our work through active learning AI tools are now part of how our teams work every day AI PILLARS Diversified AI pipeline 01 Market and capacity optimization 02 Reliability, integrity & efficiency 03 Supply chain efficiency Safety and enterpr
Slide 25: Greg Grant
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Q3 2026 Greg Grant | TC E N E RGY Executive Vice-President and President, Power and Energy Solutions
Slide 26: Power demand growth meets proven execution
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Power demand growth meets proven v execution Complementary solutions across power and natural gas create a differentiated growth platform PORTFOLIO OVERVIEW CANADIAN FOOTPRINT >4,600 MW 118 Bcf ~4,300 MW Generation capacity(1) Non-regulated natural gas
Slide 27: Power opportunities aligned with our risk-return preferences
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Power opportunities aligned with our risk-return preferences Accelerating power demand is unlocking a growing pipeline of investment opportunities STEP 01 STEP 02 STEP 03 STEP 04 Demand growth Large loads secure Secure attractive dedicated power commerc
Slide 28: Innovation and execution excellence expanding financial capacity
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Innovation and execution excellence expanding financial capacity Execution on the Bruce Power MCR program is translating into stronger financial performance LEARNING CURVE $Billions B R U C E P O W E R F I N A N C I A L F O R E C A S T (1) 2.5 Unit 3 MC
Slide 29: Multiple pathways to capture meaningful power growth
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Multiple pathways to capture meaningful power growth Proven execution and operations underpin a multi-decade power growth platform Power & Energy Solutions in origination growth opportunities Bruce Power growth In-flight: Project 2030 MAXIMIZING EXISTIN
Slide 30: Sean O'Donnell
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Q3 2026 Sean O'Donnell | TC E N E RGY Executive Vice-President and Chief Financial Officer
Slide 31: Quarterly results dashboard
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Quarterly results dashboard Strong operational performance driving double-digit growth across key metrics Q 3 2 0 2 6 C O M P A R A B L E E B I T D A (1) Q 3 2 0 2 6 C O M P A R A B L E E P S (1) Comparable EBITDA $Millions +13% $3.0B $0.94 +94 +2 3,004
Slide 32: Raising our 2026 and 2027 outlook
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Raising our 2026 and 2027 outlook Strong execution supports continued outperformance 2026 comparable EBITDA(1) outlook 2027 comparable EBITDA outlook $Billions $Billions 12.3 – 12.5 11.2 – 11.5 11.6 – 11.8 11.8 – 12.0 11.7 – 11.9 Original 2026E Previous
Slide 33: Demonstrating capital backlog conversion
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Demonstrating capital backlog conversion Net capital expenditures(1) by segment and status, 2027–2031 SECURED CAPITAL Net capital expenditures Canadian Natural Gas Pipelines $Billions U.S. Natural Gas Pipelines 16 Mexico Natural Gas Pipelines 14 Power a
Slide 34: Five-year 5–7% compound annual growth outlook
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Five-year 5–7% compound annual growth outlook Low end of outlook underpinned by sanctioned and pending approval projects and business optimization HEADWINDS/TAILWINDS Comparable EBITDA(1) outlook waterfall TO COMPARABLE EBITDA $Billions ~7% ~7% growth C
Slide 35: Funding generational growth
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Funding generational growth Growing our funding capacity within disciplined capital guardrails CAPACITY GROWTH DRIVERS NET CAPEX GUARDRAILS Disciplined capital allocation Project execution 01 EBITDA growth AI & innovation Bruce Power excellence Every $5
Slide 36: Solid growth, low risk and best positioned for natural gas & power growth
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Solid growth, low risk and best positioned for the natural gas & power growth wave Purest-play midstream name on natural gas and power exposure Tied #1 #1 #1 98% 91% 9% of comparable EBITDA(1) from rate regulated Natural gas transmission comparable EBIT
Slide 37: A premium value proposition built for the opportunity ahead
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL A premium value proposition built for the opportunity ahead Stable, visible, proven and ready for the natural gas and power growth wave STABLE VISIBLE PROVEN Resilient, contracted cash flows A clear path to growth A repeatable execution track record 98%
Slide 38: Appendix
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Appendix 01 GENERAL APPENDICES Appendix A: Modelling notes Appendix B: Debt portfolio notes Appendix C: Year-over-year comparable earnings waterfall 02 NON-GAAP RECONCILIATIONS Appendix D: Comparable EBITDA Appendix E: Net income (loss) to comparable ea
Slide 39: Appendix A: Modelling notes
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Appendix A: Modelling notes 01 INTEREST RATES Debt portfolio ~80-90% fixed rate; long-term debt with average term of ~18 years to final maturity Regulatory and commercial arrangements mitigate impact of rate movements 2027 interest rate sensitivity on s
Slide 40: Appendix B: Debt portfolio notes
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Appendix B: Debt portfolio notes PORTFOLIO WEIGHTED DEBT MATURITIES D E B T P O R T F O L I O (1) AVERAGE PRE-TAX 2 0 2 7 E – 2 0 2 9 E (1) COUPON VS. 10-YEAR YIELDS 6% $Billions 83% fixed-rate debt Weighted average rate of 6.7 ~5% 4% 4.3 2.8 17% floati
Slide 41: Appendix C: Year-over-year comparable earnings waterfall
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Appendix C: Year-over-year comparable earnings waterfall Comparable earnings(1) $Millions +22% 350 -48 -35 9 -11 -31 -43 -13 0 983 805 Q3 2025 Comparable Depreciation and Interest AFUDC FX gains (losses), Interest income Income tax Net (income) Preferre
Slide 42: Appendix D: Non-GAAP reconciliations – Comparable EBITDA
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Appendix D: Non-GAAP reconciliations – Comparable EBITDA(1) (Millions of dollars) 42 (1) Comparable EBITDA and comparable earnings are non-GAAP measures. See the forward-looking information and non-GAAP/supplementary financial measures slide at the fron
Slide 43: Appendix E: Net income (loss) to comparable earnings
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Appendix E: Non-GAAP reconciliations – Net income (loss) to comparable earnings(1) (Millions of dollars) 43 (1) Comparable earnings and comparable earnings per common share are non-GAAP measures. See the forward-looking information and non-GAAP/suppleme
Slide 44: Appendix F: Adjusted debt/adjusted comparable EBITDA (debt-to-EBITDA)
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL 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 comparabl
Slide 45: Appendix F: Adjusted debt/adjusted comparable EBITDA (debt-to-EBITDA)
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Appendix F: 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. Indiv
Slide 46: Appendix G: Segmented earnings and comparable EBITDA
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Appendix G: Non-GAAP reconciliations – Segmented earnings and comparable EBITDA(1) Comparable EBITDA outlook $Billions 12.3 – 12.5 11.8 – 12.0 11.0 8.0 2025 2025 2026E 2027E Segmented Comparable EBITDA earnings Note: Forecast foreign exchange assumption
Slide 47: Appendix H: Unlevered after-tax internal rate of return
TC ENERGY | THIRD QUARTER 2026 CONFERENCE CALL Appendix H: 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 inves