TC Energy Delivers Record Performance in 2025 with Safety-Led Growth and 26th Year of Dividend Increases

TC Energy Corporation closed 2025 with a standout operational and financial performance, as its unwavering commitment to safety culture translated into record-breaking pipeline delivery achievements and a milestone dividend announcement. The company approved a 3.2 per cent increase to its quarterly common share dividend—marking its 26th consecutive year of dividend growth—while posting strong comparable EBITDA and earnings that underpin its strategy of disciplined capital deployment through the end of the decade.

The energy infrastructure leader’s emphasis on operational excellence produced tangible results: 15 delivery records across its natural gas and power systems during 2025, including all-time highs on its U.S. and Canadian pipelines of 39.9 and 33.2 billion cubic feet per day respectively, driven by surging demand from data centres, coal-to-gas conversions, and liquefied natural gas exports.

Safety Culture Unlocks Operational Milestones and Asset Reliability

TC Energy’s strongest safety performance in five years enabled exceptional asset availability across its portfolio, directly translating into operational records that define the company’s competitive positioning. During the fourth quarter alone, comparable EBITDA climbed 13 per cent year-over-year to $3.0 billion, while segmented earnings grew 15 per cent to $2.2 billion—reflecting the productivity gains embedded in its utility-like, rate-regulated business model.

For the full year 2025, comparable EBITDA reached $11.0 billion versus $10.0 billion in 2024, representing nine per cent growth. The company’s diversified asset base—with 98 per cent of comparable EBITDA backed by rate regulation or long-term take-or-pay contracts—provided resilience amid geopolitical uncertainties and market volatility. This risk profile positions TC Energy to capitalize on the continent’s expanding natural gas demand, projected to increase 45 billion cubic feet per day to approximately 170 billion cubic feet per day between 2025 and 2035.

On the power generation front, Bruce Power achieved 85.7 per cent availability in Q4 2025 despite a planned outage, with full-year availability reaching 91 per cent. The company’s cogeneration fleet similarly delivered 89.5 per cent Q4 availability, underscoring consistent operational strength across its portfolio.

Capital Discipline and Project Execution Excellence Drive Growth Visibility

During 2025, TC Energy successfully brought $8.3 billion of capital projects into service—exceeding 15 per cent under the Board-approved budget—demonstrating project execution discipline that strengthens confidence in the company’s ability to deploy capital at targeted build multiples in the five to seven times return range. Notable completions included the Virginia Ridge project on the Columbia system and the Wisconsin Ridge project on the ANR system, each delivered on schedule and within budget.

Looking ahead, the company sanctioned $0.6 billion of low-risk, in-corridor expansion projects in the fourth quarter, including $0.5 billion allocated to the Multi-Year Growth Plan to drive incremental NGTL System capacity for 2028 in-service delivery. An equity contribution of $0.1 billion supported a brownfield compression expansion expected to deliver a five times build multiple by 2028.

The company’s project pipeline continues to expand as commercial discussions advance. In January 2026, TC Energy closed a successful open season on its Columbia Gas Transmission system, receiving approximately 1.5 billion cubic feet per day of total bids—triple the proposed capacity—for incremental service to the Columbus area. Robust demand from data-centre-driven power load growth highlighted the market strength supporting the company’s strategic footprint. In February, the company launched an open season on its Crossroads Pipeline for up to 1.5 billion cubic feet per day of capacity, targeting Northern Indiana, Illinois, Iowa, and South Dakota markets responding to announced power generation and data centre developments across the U.S. Midwest.

Path to $6 Billion Annual Capital Deployment Strengthens 2026 and Beyond Outlook

TC Energy remains confident in its ability to fully allocate $6 billion of net annual capital expenditures through 2030, with greater visibility to potentially surpass this level in the decade’s latter years. The 2026 outlook reflects this trajectory: anticipated comparable EBITDA of $11.6 to $11.8 billion and capital spending of $6.0 to $6.5 billion, with approximately $4 billion of capital projects scheduled for in-service placement including the Bison XPress Project on the Northern Border Pipeline, remainder of the Valhalla North and Berland River Project on the NGTL system, and Bruce Power Unit 3 as part of the Maintenance Capital Refurbishment program.

The dividend increase to $0.8775 per common share quarterly—or $3.51 annualized—reflects the company’s confidence in generating sustained cash flows from its diversified, low-risk growth opportunities. With adjusted debt-to-EBITDA of 4.8 times, TC Energy maintains financial flexibility while positioning itself to capture meaningful value from its differentiated exposure to the continent’s fastest-growing energy segments: natural gas infrastructure and reliable power generation.

The company’s strategic priorities remain anchored on maximizing asset value through safety and operational excellence, executing its selective portfolio of growth projects, and ensuring financial strength and agility—a disciplined framework that delivered results in 2025 and sets the foundation for durable, long-term value creation through the end of the decade and beyond.