TC Energy Delivers Record Safety Performance and Solid Financial Growth in 2025, Paving Path for Continued Expansion

TC Energy Corporation announced its fourth quarter and full-year 2025 results on February 13, 2026, showcasing exceptional operational achievements and robust financial performance driven by industry-leading safety standards. The company achieved 15 flow records across its pipeline systems throughout 2025, underlining the strength of its diversified energy infrastructure portfolio spanning Canada, the United States, and Mexico.

François Poirier, President and Chief Executive Officer of TC Energy, highlighted the company’s transformative year: “Our safety-first culture is driving exceptional operational performance, leading to 15 flow records across our systems in 2025. Strong asset availability and reliability drove a 13 per cent year-over-year increase in fourth quarter comparable EBITDA and a 15 per cent increase in segmented earnings over the same period.”

Financial Performance Reflects Operational Excellence

For the fourth quarter of 2025, TC Energy reported comparable EBITDA of $3.0 billion, representing a significant jump from $2.6 billion in the same period of 2024. Segmented earnings reached $2.2 billion compared to $1.9 billion in Q4 2024. On a per-share basis, comparable earnings totaled $0.98 per common share, down marginally from $1.05 in the prior year quarter, primarily reflecting operational adjustments.

The full-year 2025 results demonstrated sustained momentum, with comparable EBITDA reaching $11.0 billion versus $10.0 billion in 2024—a nine per cent year-over-year increase. Segmented earnings remained stable at $8.0 billion, consistent with 2024 levels. These results underscore TC Energy’s resilient business model, with approximately 98 per cent of comparable EBITDA underpinned by rate-regulated or long-term take-or-pay contracts, providing visibility to stable, long-term cash flows regardless of commodity price volatility.

Capital deployment remains disciplined. For 2025, the company spent $6.3 billion on capital projects, successfully placing $8.3 billion worth of projects into service—more than 15 per cent under budget—demonstrating world-class project execution capabilities. Looking ahead to 2026, TC Energy anticipates capital expenditures of $6.0 to $6.5 billion, with expectations for comparable EBITDA to reach $11.6 to $11.8 billion, continuing the upward trajectory.

Record-Breaking Operational Milestones Across North America

TC Energy’s operational achievements in 2025 and early 2026 reflect the tangible benefits of its safety-first culture and operational excellence initiatives. The company’s Canadian Natural Gas Pipelines system recorded deliveries averaging 27.2 Bcf/d in Q4 2025, up five per cent year-over-year, culminating in an all-time delivery record of 33.2 Bcf on January 22, 2026. The NGTL (Northern Gateway Liquids) System, a critical component of TC Energy’s portfolio, set its own all-time record with deliveries of 18.3 Bcf on the same date.

In the U.S. market, TC Energy’s Natural Gas Pipelines achieved exceptional performance, with average daily flows of 29.6 Bcf/d during Q4 2025—a remarkable 9.5 per cent increase compared to the prior year quarter. On January 29, 2026, the system established an all-time delivery record of 39.9 Bcf, reflecting surging demand from data centre power requirements and LNG export facilities. Deliveries to LNG facilities alone averaged 3.9 Bcf/d, a 21 per cent surge compared to Q4 2024, with a new daily record of nearly 4.4 Bcf achieved on December 4, 2025.

Mexico’s Natural Gas Pipelines maintained steady performance, with Q4 2025 flows averaging 2.7 Bcf/d, representing approximately 20 per cent of total Mexico gas demand. Additionally, deliveries to power generation facilities increased 11 per cent to 1.2 Bcf/d, reflecting accelerating electrification and data centre infrastructure buildout across North America.

TC Energy’s power generation assets demonstrated strong availability metrics. Bruce Power achieved 85.7 per cent availability in Q4 2025, with full-year 2025 availability of 91 per cent. The company’s cogeneration fleet maintained 89.5 per cent availability in Q4, reinforcing the stability of these complementary revenue streams.

Strategic Capital Deployment Across Diversified Growth Projects

TC Energy’s project portfolio reflects disciplined capital allocation targeting build multiples in the five to seven times range, ensuring strong returns on invested capital. During 2025, the company sanctioned $0.6 billion in low-risk, in-corridor expansion projects designed to meet growing energy demand across its footprint.

Key project advances include the Multi-Year Growth Plan (MYGP) expansion facilities on the NGTL System, with $0.5 billion of expansion projects sanctioned and scheduled for in-service by 2028. As of December 31, 2025, approximately $1.1 billion of MYGP expansion facilities have received final investment decision approval. Additionally, TC Energy approved a $0.1 billion equity contribution toward a brownfield compression expansion project in the U.S., expected to deliver a five-times build multiple with an anticipated 2028 in-service date.

Recent commercial initiatives demonstrate robust market demand for TC Energy’s infrastructure. On January 9, 2026, the company closed a non-binding expansion open season on its Columbia Gas Transmission system for up to 0.5 Bcf/d of capacity serving the Columbus area. Market response was exceptional, with approximately 1.5 Bcf/d of total bids—three times the proposed project capacity—reflecting powerful demand from data centre power load growth. Building on this momentum, TC Energy launched another non-binding expansion open season on February 9, 2026, for its Crossroads Pipeline system, seeking up to 1.5 Bcf/d of capacity to serve Northern Indiana, Illinois, Iowa, and South Dakota markets in response to announced power generation and data centre developments. The open season is expected to close in mid-March 2026.

The Cedar Link project continues advancing ahead of schedule and below the Board-approved final investment decision budget of $1.2 billion. Two significant projects were placed into service during Q4 2025: the VR project on the Columbia system (with total project costs of approximately US$0.5 billion) and the WR project on the ANR System in Wisconsin (approximately US$0.7 billion). These projects enhance TC Energy’s ability to respond to incremental customer demand while strengthening system flexibility and long-term value creation.

Strategic Direction: Capitalizing on Structural Energy Demand Growth

TC Energy’s management projects North American natural gas demand will increase 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035, driven by LNG exports, rising power generation from data centres, and increasing reliability needs from local distribution companies. This structural growth trajectory provides a compelling foundation for the company’s capital deployment strategy.

“We remain confident in our ability in 2026 to fully allocate $6 billion of net annual capital expenditures through 2030 and have greater visibility to potentially surpass this level of investment in the latter part of the decade,” Poirier stated. The company’s disciplined approach to capital allocation, combined with early-stage commercial initiatives supported by strong market interest, strengthens conviction in announcing additional projects throughout 2026.

TC Energy’s differentiated portfolio of low-risk growth opportunities—underpinned by long-term contracts and regulatory frameworks—extends through the end of the decade and beyond. The company’s priorities remain unchanged: delivering solid growth and repeatable performance through safety and operational excellence, executing selective portfolio expansion projects, and maintaining financial strength and strategic agility.

Dividend Growth Continues: 26th Consecutive Year of Increases

Reflecting sustained operational momentum and confidence in long-term cash generation, TC Energy’s Board of Directors approved a 3.2 per cent increase in the quarterly common share dividend to $0.8775 per common share for the quarter ending March 31, 2026, equivalent to $3.51 on an annualized basis. The dividend will be payable on April 30, 2026, to shareholders of record as of March 31, 2026.

This marks the 26th consecutive year of dividend increase, demonstrating TC Energy’s commitment to returning value to shareholders while maintaining financial flexibility for strategic investments. The company remains on track to deliver its long-term debt-to-EBITDA target, positioning itself to capture meaningful growth opportunities emerging from its differentiated exposure to the fastest-growing segments of the North American energy market.

TC Energy’s 2025 results showcase the power of disciplined execution, operational excellence, and strategic capital allocation in navigating a complex energy market landscape. As the company advances its portfolio of growth projects and capitalizes on structural energy demand growth, it is well-positioned to deliver sustained value creation for shareholders and stakeholders throughout the decade and beyond.