TC Energy (TRP) investor relations material

Executive summary

• Q3 comparable EBITDA was $3.004B, up 13% YoY; comparable EPS was $0.94, up 22%, and all four business segments grew YoY.

• 2026 comparable EBITDA guidance rose to $11.8B–$12.0B; the 2026–2031 growth target is 5%–7% annually.

• Approximately $3B of projects were announced in Q3; sanctioned and pending spend reached ~$30B through 2031, with more than $40B in origination opportunities.

Financial highlights

• Q3 comparable earnings were $983M versus $805M a year earlier; net income from continuing operations was $1.026B versus $813M.

• Nine-month comparable EBITDA was $9.040B versus $7.988B; comparable EPS was $2.88 versus $2.53.

• Q3 comparable funds generated from operations were $2.236B versus $1.790B; net cash provided by operations was $1.782B versus $1.920B.

• Since 2022, comparable EBITDA growth compounded at 9% annually; projects placed in service from 2025 through Q3 2026 were more than 10% under budget in aggregate.

Outlook and guidance

• 2026 comparable EBITDA guidance increased to $11.8B–$12.0B; 2027 outlook is $12.3B–$12.5B.

• Comparable EBITDA is targeted to grow 5%–7% annually through 2031; the low end is supported by sanctioned and pending projects plus base-business optimization.

• The five-year outlook assumes $8B–$10B annual net capital spending; the midpoint assumes ~15% conversion of the >$40B origination pipeline.

• Annual common dividend growth target is 3%–5%; debt-to-EBITDA is targeted below 4.75x, with 2026 year-end expected at 4.55x–4.60x.

• Projects placed in service are expected to total $3.4B in 2026 and $4.5B–$5.0B in 2027.