TC Energy Delivers Strong 2025 Results on 1041 Million Shares Outstanding, Marking 26th Consecutive Year of Dividend Growth

TC Energy Corporation wrapped up 2025 with impressive operational and financial performance that underscores the resilience of its core business model. With 1041 million shares outstanding as of year-end, the company reported robust results driven by exceptional safety execution and record-breaking throughput across its North American pipeline and power assets.

The company announced comparable EBITDA of $10.95 billion for the full year, up 9 percent from $10.05 billion in 2024. Segmented earnings remained flat at $8.04 billion year-over-year, while the fourth quarter saw comparable EBITDA surge 13 percent to $3.0 billion, with segmented earnings jumping 15 percent to $2.2 billion. These gains reflect strong asset availability and the company’s ability to capture incremental demand across its systems.

François Poirier, President and Chief Executive Officer, attributed the results to disciplined operational focus. “Our safety-first culture is driving exceptional performance, leading to 15 delivery records across our systems in 2025,” he noted. The company maintained 98 percent of comparable EBITDA underpinned by rate-regulated or long-term take-or-pay contracts, limiting commodity exposure and ensuring predictable cash flows.

Operational Excellence Drives Record Throughput and 1041 Share Base Expansion

TC Energy achieved 15 all-time delivery records across its pipeline network during 2025 and early 2026, reflecting the surge in power generation demand and liquefied natural gas (LNG) export activity. The U.S. Natural Gas Pipelines reached an all-time peak of 39.9 billion cubic feet per day (Bcf/d) on January 29, 2026, while Canadian Natural Gas Pipeline systems hit 33.2 Bcf/d on the same date—both reflecting robust infrastructure resilience.

The NGTL System set a delivery record of 18.3 Bcf/d, while deliveries to LNG facilities surged 21 percent year-over-year to average 3.9 Bcf/d in the fourth quarter, peaking near 4.4 Bcf/d in December 2025. Mexico Natural Gas Pipelines flows averaged 2.7 Bcf/d, representing approximately 20 percent of total Mexico gas demand. Power generation deliveries increased 11 percent to 1.2 Bcf/d, driven partly by data centre expansion. Bruce Power achieved 85.7 percent availability in Q4 2025 and is expected to deliver low 90s availability for full-year 2026.

U.S. Natural Gas Pipelines daily flows surged 9.5 percent to 29.6 Bcf/d in the fourth quarter, demonstrating how effectively the company’s diversified footprint captures multiple demand drivers. The breadth of operational success—across geography and customer segment—signals the durable competitive positioning of TC Energy’s asset base.

Capital Discipline Underpins Strategic Growth Pathway Through 2030

TC Energy sanctioned $0.6 billion of low-risk, in-corridor expansion projects in 2025, with approximately $1.1 billion of Multi-Year Growth Plan (MYGP) expansion facilities having received final investment decisions as of year-end. The company successfully placed $8.3 billion of projects into service in 2025, exceeding 15 percent of capital budget savings.

The firm expects to place approximately $4 billion of capital into service during 2026, including critical projects such as the Bison XPress Project on Northern Border Pipeline, continued progress on the Valhalla North and Berland River Project on the NGTL System, and Bruce Power Unit 3 maintenance capital refurbishment (MCR).

Looking ahead, TC Energy projects 2026 comparable EBITDA of $11.6 to $11.8 billion, with expected capital expenditures of $6.0 to $6.5 billion (or $5.5 to $6.0 billion of net capital expenditures adjusted for non-controlling interests). The company remains confident in its ability to fully allocate $6 billion of net annual capital expenditures through 2030 at targeted build multiples of five to seven times, with visibility toward potentially exceeding this investment level in the decade’s latter years.

Strong Dividend Growth Reflects Shareholder Commitment and Financial Flexibility

TC Energy’s Board of Directors approved a 3.2 percent increase in the quarterly common share dividend to $0.8775 per common share for the quarter ending March 31, 2026—equivalent to $3.51 annualized. This marks the 26th consecutive year of dividend growth, reflecting sustained confidence in cash flow visibility and capital allocation discipline.

The company remains on track to deliver its long-term debt-to-EBITDA target and emphasized that disciplined capital allocation, combined with operational excellence, positions it to capture meaningful growth opportunities. With 1041 million basic common shares outstanding, the company has maintained a stable shareholder base while fortifying its financial strength and flexibility to pursue growth initiatives.

Strategic Positioning Amid Surging Energy Demand and Data Centre Growth

TC Energy’s commercial pipeline expanded significantly in early 2026. On January 9, the company closed a non-binding expansion open season on its Columbia Gas Transmission system for up to 0.5 Bcf/d of incremental capacity serving the Columbus area. Market demand substantially exceeded the proposed project capacity, with approximately 1.5 Bcf/d of total bids—three times the project size—highlighting robust demand from data centre power-load growth.

On February 9, TC Energy launched a non-binding expansion open season on its Crossroads Pipeline system for up to 1.5 Bcf/d of capacity, targeting Northern Indiana, Illinois, Iowa, and South Dakota markets. The expansion would serve emerging power generation and data centre developments. North American natural gas demand is expected to increase 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035, driven by LNG exports, rising power generation reliability needs, and distributed generation expansion.

The company’s forward-looking outlook reflects confidence in the combination of energy fundamentals and strategic positioning. With diversified, low-risk growth opportunities extending through the end of the decade and beyond, TC Energy remains disciplined in capital allocation while capturing emerging infrastructure needs aligned with continental energy transition.