TC Energy Reports Record Safety Performance and Robust 2026 Growth Strategy Amid Record Dividends

TC Energy Corporation (TSX, NYSE: TRP) delivered strong closing results for 2025, marking a pivotal year for North America’s leading energy infrastructure operator. The company released its fourth quarter and full-year 2025 financial results on February 13, 2026, showcasing operational excellence driven by an exceptional safety culture and strategic capital allocation aligned with continental energy demand trends.

Safety Culture Drives Operational Excellence and 15 Flow Records Across Systems

The company’s commitment to safety-first operations delivered tangible results, with TC Energy achieving its strongest safety performance in five years during 2025. This cultural foundation enabled unprecedented operational performance across the company’s diversified pipeline network.

Throughout 2025, TC Energy set 15 delivery records across its natural gas pipeline systems in Canada and the United States. Most notably, in late January 2026, the Canadian Natural Gas Pipelines system reached an all-time delivery milestone of 33.2 billion cubic feet per day (Bcf/d) on January 22, while the U.S. Natural Gas Pipelines system achieved 39.9 Bcf/d on January 29, 2026. These records reflect surging demand from data centre power requirements, coal-to-gas conversions, and liquefied natural gas (LNG) exports to global markets.

The NGTL System delivered an all-time record of 18.3 Bcf/d during the same period, while specialized delivery routes including Columbia Gulf, GTN, and Gillis Access each established new performance benchmarks in December 2025. Deliveries to LNG facilities averaged 3.9 Bcf/d in the quarter, up 21 percent year-over-year, reflecting the acceleration of continental LNG export capacity utilization.

Financial Performance Strengthens with 13% Comparable EBITDA Growth in Q4

TC Energy’s financial results demonstrate the resilience of its diversified, rate-regulated business model. Comparable EBITDA for the fourth quarter reached $3.0 billion, representing a 13 percent increase compared to $2.6 billion in Q4 2024. Segmented earnings grew 15 percent to $2.2 billion in the same period, significantly outpacing comparable earnings of $1.0 billion or $0.98 per common share.

For the full year 2025, comparable EBITDA reached $11.0 billion, up 9 percent from $10.0 billion in 2024. This growth was driven by strong asset availability and reliability across the company’s Canadian and U.S. natural gas pipeline segments, complemented by stable power generation contributions. With 98 percent of comparable EBITDA underpinned by rate-regulated or long-term take-or-pay contracts, TC Energy maintains limited commodity exposure and sustained visibility to stable, long-term cash flows.

The company generated comparable funds from operations of $8.0 billion in 2025, while deploying $6.3 billion in capital expenditures against its disciplined investment framework. This financial strength enabled TC Energy to maintain its industry-leading debt-to-EBITDA ratio trajectory.

Robust Capital Deployment: $6 Billion Annual Investment Strategy Through 2030

Building on its strong execution track record, TC Energy sanctioned $0.6 billion in low-risk, in-corridor expansion projects during the fourth quarter. These projects exemplify the company’s disciplined capital allocation approach, targeting build multiples in the 5-7x range—a metric reflecting capital efficiency in deployed projects.

The Multi-Year Growth Plan (MYGP) expansion facilities on the NGTL System represent a cornerstone of near-term capital deployment. Approximately $1.1 billion in MYGP expansion facilities had received final investment decision approval by year-end 2025, with an anticipated in-service date of 2028. This expansion is engineered to deliver incremental throughput capacity on the continent’s most critical natural gas corridor.

Looking ahead to 2026 and beyond, TC Energy outlined an ambitious capital allocation framework: the company expects to fully allocate $6.0 billion of net annual capital expenditures through 2030, with growing visibility to potentially exceed this level in the latter portion of the decade. This forward-looking framework positions 1,041 million common shares (weighted average basis) to benefit from sustained dividend growth and compounding shareholder returns.

A $0.1 billion equity contribution supporting a brownfield compression expansion project in the U.S. is designed to deliver a 5x build multiple, with an anticipated in-service date of 2028. This selective approach to capital deployment ensures disciplined entry into high-return opportunities.

Expanding Natural Gas Infrastructure Amid Data Centre and LNG Export Surge

Recent commercial initiatives underscore strong market demand for incremental natural gas transportation capacity. On January 9, 2026, TC Energy completed a non-binding expansion project open season on the Columbia Gas Transmission system, proposing up to 0.5 Bcf/d of incremental capacity to serve the Columbus, Ohio area including New Albany. The response was exceptional: total bids reached approximately 1.5 Bcf/d—three times the proposed project capacity—reflecting robust demand from data centre power load growth.

Building on this momentum, on February 9, 2026, TC Energy launched a second non-binding expansion open season for up to 1.5 Bcf/d of capacity on the Crossroads Pipeline system. This potential expansion project would serve high-growth markets in Northern Indiana, Illinois, Iowa, and South Dakota, responding to recently announced power generation and data centre infrastructure developments across the U.S. Midwest region. The open season is expected to close in mid-March 2026.

These developments align with analyst forecasts expecting North American natural gas demand to increase by approximately 45 Bcf/d to reach 170 Bcf/d by 2035—driven by LNG export expansion, rising power generation needs, and increasing reliability requirements from local distribution companies.

Strategic Projects Advancing Ahead of Schedule and Under Budget

During 2025, TC Energy placed $8.3 billion in capital projects into service, delivering execution 15 percent under the approved budget. This track record demonstrates the company’s project management discipline and operational capability.

In the fourth quarter, two critical infrastructure projects reached operational status. The VR project on the Columbia system was placed in service in November 2025 with total project costs of approximately US$0.5 billion, providing incremental capacity from Greensville County, Virginia to Norfolk delivery points. The WR project on the ANR System in Wisconsin commenced operations in November 2025 with a total investment of approximately US$0.7 billion, delivering mainline capacity to multiple delivery points.

The ANR Storage Optimization project was also activated during the quarter, expanding system flexibility to respond to rising power generation demand in the U.S. Midwest. This enhancement strengthens the long-term value proposition of TC Energy’s storage portfolio following nine consecutive years of fully contracted storage capacity.

Looking ahead to 2026, TC Energy expects to place approximately $4.0 billion in capital into service. Major projects expected to reach operational status include the Bison XPress Project on the Northern Border Pipeline, completion of the Valhalla North and Berland River expansion on the NGTL System, and Bruce Power Unit 3 as part of the MCR program.

26 Consecutive Years of Dividend Increases Signal Shareholder Confidence

TC Energy’s Board of Directors approved a 3.2 percent increase in the quarterly common share dividend, effective for the quarter ending March 31, 2026. The new quarterly dividend rate of $0.8775 per common share equates to $3.51 on an annualized basis.

This marks the 26th consecutive year of dividend increases, reflecting consistent earnings growth, disciplined capital allocation, and management confidence in long-term cash flow generation. The common share dividend is payable on April 30, 2026, to shareholders of record at the close of business on March 31, 2026.

This dividend track record positions TC Energy among a select group of North American energy companies with multi-decade histories of annual distribution growth. The increase reinforces shareholder alignment and reflects the durability of the company’s contracted revenue base and capital efficiency.

Forward Outlook: Building Differentiated Growth Portfolio

TC Energy’s strategic positioning reflects differentiated exposure to the fastest-growing segments of the North American energy market: natural gas transportation and power generation. With over 30 percent of continental natural gas consumption flowing through its infrastructure on a daily basis, the company maintains critical connectivity to energy markets undergoing structural transformation.

The company anticipates 2026 comparable EBITDA in the range of $11.6 billion to $11.8 billion, representing continued year-over-year growth. Capital expenditures are anticipated in the range of $6.0 billion to $6.5 billion prior to adjustments for non-controlling interests.

Executives, including President and Chief Executive Officer François Poirier and Executive Vice-President and Chief Financial Officer Sean O’Donnell, outlined strategic priorities for 2026: delivering solid, repeatable growth through operational excellence and safety culture, executing the selective portfolio of growth projects identified, and maintaining financial strength with disciplined capital discipline.

The company will hold a teleconference and webcast on February 13, 2026 at 6:30 a.m. (MT) / 8:30 a.m. (ET) to discuss fourth quarter results. The audited annual consolidated financial statements and Management’s Discussion and Analysis are available on TC Energy’s website at www.TCEnergy.com and filed on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR.