TC Energy Delivers Robust 2025 Performance with Record Operations and Dividend Expansion

TC Energy achieved a defining year in 2025, combining safety-first operational excellence with solid financial results and strategic capital deployment. The company’s disciplined approach to growth continues to position it as a leader in North American energy infrastructure. Key highlights include 15 operational records, a 26th consecutive year of dividend increases, and accelerating commercial opportunities that signal sustained value creation through 2030 and beyond.

Safety Excellence Drives 15 Operational Milestones Across Systems

The foundation of TC Energy’s 2025 success rested on its strongest safety performance in five years, directly enabling exceptional operational execution. This safety-focused culture generated 15 delivery records across the company’s diversified pipeline systems throughout 2025.

Canadian natural gas pipelines set new benchmarks, with deliveries averaging 27.2 Bcf/d in Q4 2025—a five percent increase year-over-year—culminating in an all-time record of 33.2 Bcf on January 22, 2026. The NGTL System receipts averaged 15.5 Bcf/d and achieved its own all-time delivery record of 18.3 Bcf on the same date.

U.S. natural gas systems demonstrated equally impressive momentum, with daily average flows reaching 29.6 Bcf/d, up 9.5 percent compared to Q4 2024. The system achieved an all-time delivery record of 39.9 Bcf on January 29, 2026. Deliveries to LNG export facilities surged 21 percent to 3.9 Bcf/d in Q4, driven by robust global demand for liquefied natural gas.

Mexico operations remained stable with flows averaging 2.7 Bcf/d, representing approximately 20 percent of total Mexico gas demand in Q4. The power generation segment also strengthened, with deliveries to power facilities rising 11 percent to 1.2 Bcf/d.

Strong Financial Results and Earnings Growth Reflect Operational Leverage

TC Energy’s financial performance validated the returns generated by its operational excellence. Fourth quarter comparable EBITDA expanded 13 percent to $3.0 billion versus $2.6 billion in Q4 2024, while segmented earnings grew 15 percent to $2.2 billion from $1.9 billion year-over-year.

For the full-year 2025, comparable EBITDA increased nine percent to $11.0 billion compared to $10.0 billion in 2024. Segmented earnings remained stable at $8.0 billion, reflecting the company’s resilient, contracted revenue base. Comparable earnings per share totaled $3.51 for 2025 versus $3.73 in 2024, with Q4 earnings power reaching $0.98 per share.

The company’s financial position strengthened through disciplined capital allocation and project execution. In 2025, TC Energy successfully placed $8.3 billion of projects into service—over 15 percent under budget—demonstrating consistent project delivery excellence. This performance underscores management’s execution discipline and operational expertise.

Project Execution and Capital Deployment Accelerate Growth Pipeline

TC Energy sanctioned $0.6 billion of low-risk, in-corridor expansion projects in Q4 2025, exemplifying its disciplined capital allocation approach. These initiatives strengthen the company’s long-term growth visibility and target build multiples in the five to seven times range.

Critical infrastructure came online during Q4 2025 and early 2026. The VR project on the Columbia system entered service in November 2025 with total costs of approximately $500 million, providing incremental capacity from Greensville County, Virginia to Norfolk delivery points. The WR project on the ANR System in Wisconsin also commenced operations in November 2025 at approximately $700 million, delivering mainline capacity to multiple delivery points.

The Cedar Link project continues tracking ahead of schedule and below its $1.2 billion board-approved budget. Meanwhile, the ANR Storage Optimization project, placed into service in 2025, expands system flexibility for responding to rising U.S. Midwest power generation demand. Looking ahead to 2026, the company expects to deploy approximately $4 billion of capital into service, including the Bison XPress Project on Northern Border Pipeline, completion of the Valhalla North and Berland River Project on the NGTL System, and Bruce Power Unit 3 as part of the MCR program.

Expanding Market Opportunities Signal Continued Growth Through 2030

Commercial momentum accelerated as TC Energy advanced a diverse pipeline of high-quality growth opportunities. On January 9, 2026, the company successfully closed a non-binding expansion project open season on its Columbia Gas Transmission system for up to 0.5 Bcf/d of capacity serving the Columbus area and New Albany. Robust demand from data centre power load growth generated approximately 1.5 Bcf/d of total bids—triple the proposed project capacity—validating strategic footprint value.

Building on this success, TC Energy launched a non-binding open season on February 9, 2026 for its Crossroads Pipeline system, proposing up to 1.5 Bcf/d of new capacity. The potential expansion targets growing markets in Northern Indiana, Illinois, Iowa, and South Dakota, responding to recently announced power generation and data centre developments across the U.S. Midwest. The open season is expected to conclude in mid-March 2026.

These initiatives reflect underlying market fundamentals supporting sustained natural gas demand. Industry analysis projects North American natural gas demand will increase 45 Bcf/d from 2025 to 2035, reaching approximately 170 Bcf/d annually. Key demand drivers include accelerating LNG exports, rising power generation requirements, and increasing reliability needs from local distribution companies.

The company remains confident in its ability to fully allocate $6 billion of net annual capital expenditures through 2030, with meaningful visibility to potentially exceed this investment level in the latter part of the decade. This forward guidance, combined with disciplined capital discipline and proven project execution, positions TC Energy for sustained value creation.

Board Approves 3.2% Dividend Increase, Reinforcing Income Growth Strategy

Reflecting strong financial performance and confidence in future cash generation, TC Energy’s Board of Directors approved a 3.2 percent increase in the quarterly common share dividend, effective the quarter ending March 31, 2026. The new quarterly dividend of $0.8775 per share translates to $3.51 on an annualized basis, with payment scheduled for April 30, 2026.

This increase marks the 26th consecutive year of dividend expansion, underscoring management’s commitment to sustainable shareholder income. The dividend growth demonstrates the company’s financial strength, operational stability, and conviction in long-term value creation supported by contracted, low-risk infrastructure assets.

Strategic Positioning for Sustained Value Creation

TC Energy enters 2026 with reinforced momentum across its North American energy footprint. With 98 percent of comparable EBITDA underpinned by rate-regulated or long-term take-or-pay contracts, the company maintains limited commodity exposure and strong visibility to stable, long-term cash flows. The company’s adjusted debt-to-EBITDA ratio of 4.8x remains on track toward its long-term target, providing financial flexibility for growth capital deployment.

The convergence of operational excellence, project execution capability, favorable market fundamentals, and disciplined financial management positions TC Energy to deliver solid growth, low-risk performance, and repeatable results through the remainder of the decade. The company’s differentiated portfolio of natural gas and power assets, extended through 2030 and beyond, captures exposure to the continent’s fastest-growing energy segments.