TC Energy Delivers Record-Breaking 2025 Performance While Raising Dividend for 26th Consecutive Year

Canada’s energy infrastructure leader TC Energy announced strong 2025 results driven by exceptional operational performance and strategic capital deployment. The company set 15 delivery records across its North American pipeline systems, marking its strongest safety performance in five years. Reinforcing shareholder confidence, TC Energy’s Board approved a 3.2% dividend increase—the 26th consecutive year of growth—as the company positions itself to capitalize on surging energy demand across the continent.

Safety Culture Drives Exceptional Operational Results

At the core of TC Energy’s 2025 success was an unwavering commitment to operational excellence rooted in safety. With record-low incident rates, the company achieved unprecedented delivery milestones across its vast network spanning Canada, the U.S., and Mexico. Canadian Natural Gas Pipelines deliveries averaged 27.2 billion cubic feet per day (Bcf/d), up 5% year-over-year, culminating in an all-time delivery record of 33.2 Bcf on January 22, 2026. This surge reflects robust demand from multiple sectors including liquefied natural gas (LNG) exporters, power generation facilities, and local distribution companies adapting to rising energy needs.

The U.S. Natural Gas Pipelines segment demonstrated equally impressive momentum, with flows averaging 29.6 Bcf/d and reaching an all-time record of 39.9 Bcf on January 29, 2026. Deliveries to LNG facilities climbed 21% compared to the fourth quarter of 2024, averaging 3.9 Bcf/d. This dynamic reflects North America’s growing role in global energy markets and strengthens TC Energy’s positioning within the fastest-growing segments of the energy infrastructure sector.

Bruce Power, TC Energy’s complementary power generation asset, achieved 85.7% availability in Q4 2025, with full-year 2026 availability expected in the low 90% range. The cogeneration fleet maintained 89.5% availability during the same period, providing stable, low-emissions power generation to support regional demands.

Strong Financial Performance Supports Long-Term Growth

TC Energy’s financial results reflected the operational strength underpinning its business model. In the fourth quarter of 2025, comparable EBITDA surged to $3.0 billion from $2.6 billion a year earlier—a 13% increase—while segmented earnings rose 15% to $2.2 billion. For the full year, comparable EBITDA reached $11.0 billion versus $10.0 billion in 2024, demonstrating consistent cash generation capability.

The company’s resilient earnings model stems from its diversified, low-risk revenue foundation: approximately 98% of comparable EBITDA is underpinned by rate-regulated contracts or long-term take-or-pay arrangements. This structural advantage provides visibility to stable cash flows even amid geopolitical uncertainties and market volatility. Management guided for 2026 comparable EBITDA of $11.6 to $11.8 billion, reflecting confidence in sustaining this growth trajectory.

Supporting ongoing shareholder returns, the quarterly dividend increased to $0.8775 per common share (annualized at $3.51), underscoring management’s conviction in long-term value creation. The consecutive 26-year dividend growth streak positions TC Energy among North America’s most reliable income-generating infrastructure companies.

Strategic Capital Deployment in High-Demand Markets

With $6.0 to $6.5 billion in anticipated capital expenditures for 2026, TC Energy advanced a disciplined expansion strategy targeting energy-critical corridors experiencing explosive demand growth. During 2025, the company successfully placed $8.3 billion of projects into service—exceeding 15% under budget—demonstrating operational execution excellence. Sanctioned projects for 2026 include approximately $4.0 billion of capital deployment across several flagship initiatives.

Key projects entering service or advancing include the Bison XPress Project on Northern Border Pipeline, continuation of the Valhalla North and Berland River expansion on the NGTL System, and progress on Bruce Power’s Unit 3 MCR program. Completed 2025 initiatives included the VR project on the Columbia system (approximately US$0.5 billion) and the WR project in Wisconsin on the ANR system (approximately US$0.7 billion), both enhancing system flexibility and regional reliability.

Market interest in new expansion capacity remained robust. A January 2026 non-binding open season on Columbia Gas Transmission attracted 1.5 Bcf/d of bids—three times the proposed project capacity—reflecting surging demand from data-centre power requirements around Columbus, Ohio. Subsequently, in February 2026, TC Energy launched a non-binding open season for the Crossroads Pipeline expansion (up to 1.5 Bcf/d), targeting Northern Indiana, Illinois, Iowa, and South Dakota to serve announced data-centre and power-generation projects. These market dynamics underpin management’s confidence in exceeding the $6 billion annual capital allocation threshold during the latter part of the decade.

Navigating Energy Transition with Infrastructure Leadership

TC Energy’s strategic positioning reflects North American energy demand forecasts projecting a 45 Bcf/d increase through 2035, driven by LNG exports, renewable-energy-paired natural gas peaking capacity, and resilience investments by local distribution companies. The company’s complementary ownership in power generation—particularly Bruce Power’s non-emitting supply—positions it to benefit from both cleaner-burning natural gas expansion and low-carbon electricity growth.

Looking forward, management committed to maintaining disciplined capital allocation, targeting build multiples of 5-7 times EBITDA on project investments and de-risking opportunities ahead of final investment decisions. This disciplined approach, combined with TC Energy’s 30% share of North American natural gas flows and strategic geographic footprint, creates a durable foundation for announcing incremental projects throughout 2026.

The company remains on track to achieve its long-term debt-to-EBITDA target while funding growth initiatives, providing confidence in financial flexibility amid evolving energy markets. Through consistent execution on its core priorities—maximizing asset value through safety and excellence, executing growth projects, and maintaining financial strength—TC Energy is well-positioned to deliver sustained shareholder value while enabling North America’s energy transition.