TC Energy (TRP) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of Indigenous lands and commitment to shared prosperity, commencing at 10 a.m. MDT on May 8, 2025.

• Agenda included review of financial statements, election of directors, appointment of auditors, executive compensation, shareholder rights plan, strategic outlook, and Q&A.

• Voting procedures and Q&A process were explained, with scrutineers from Computershare Trust Company of Canada appointed.

Financial performance review

• Achieved 6% comparable EBITDA growth from continuing operations in 2024 versus 2023.

• Total net capital expenditures in 2024 were $7.4 billion, about 10% below the original outlook.

• Debt-to-EBITDA ratio improved to 4.8x at year-end 2024, down from 5.1x in 2023.

• Closed $1.6 billion in net proceeds from asset sales, including PNGTS and TGNH.

• Placed approximately $7 billion of assets into service in 2024, including the Coastal GasLink pipeline.

Board and executive committee updates

• Two new directors, Scott Bonham and Dawn Madahbee Leach, were welcomed, bringing expertise in governance, technology, and Indigenous relations.

• Two directors, Dr. Indira Samarasekera and David MacNaughton, retired after years of service.

• The board set the number of directors at 13 for the coming year.

• All 13 director nominees were elected with strong majorities, each receiving over 97% of votes in favor.

• Detailed voting results for each nominee were disclosed, with the lowest support at 97.81%.