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4Q 2024 Results Presentation – TC Energy Corp.

TC Energy Corp. · Feb 14, 2025 · 26 slides

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Slides

  1. 4Q 2024 Results Presentation – TC Energy Corp. – slide 1
    T C E N E R G Y 2F 0O 2U3R TI N H VQE U S TAOR RT EDRA Y2 0 2 4 C O N F E R E N C E C A L L Fourth quarter 2024 conference call February 14, 2025
  2. 4Q 2024 Results Presentation – TC Energy Corp. – slide 2
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Call participants Franois Poirier President and Chief Executive Officer Sean ODonnell Executive Vice-President and Chief Financial…
  3. 4Q 2024 Results Presentation – TC Energy Corp. – slide 3
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Franois Poirier President and Chief Executive Officer
  4. 4Q 2024 Results Presentation – TC Energy Corp. – slide 4
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Delivering on 2024 priorities MAXIMIZING THE VALUE OF OUR PROJECT EXECUTION ENHANCING BALANCE SHEET ASSETS THROUGH SAFETY AND…
  5. 4Q 2024 Results Presentation – TC Energy Corp. – slide 5
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L MAJOR PROJECT EXECUTION Aligned with CFE on May 1, 2025 Southeast Gateway in-service SOUTHEAST GATEWAY PIPELINE HIGHLIGHTED PLAN MXICO…
  6. 4Q 2024 Results Presentation – TC Energy Corp. – slide 6
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Multiple drivers support a long runway of growth North American natural gas demand forecast to increase 40 Bcf/d by 2035(1) 2023…
  7. 4Q 2024 Results Presentation – TC Energy Corp. – slide 7
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L POWER AND ENERGY SOLUTIONS - DEVELOPMENTS Nuclear and storage essential to meet Ontarios growing electricity demand Pathway Scenario…
  8. 4Q 2024 Results Presentation – TC Energy Corp. – slide 8
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Disciplined and strategic sanctioned capital spending Net capital expenditures(1) Billions Ability to sanction Average project…
  9. 4Q 2024 Results Presentation – TC Energy Corp. – slide 9
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Contractually insulated from potential tariffs Tariff mitigants Muted impacts due to contractual structures Comparable EBITDA(1)…
  10. 4Q 2024 Results Presentation – TC Energy Corp. – slide 10
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Sean ODonnell Executive Vice-President and Chief Financial Officer
  11. 4Q 2024 Results Presentation – TC Energy Corp. – slide 11
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Q4 HIGHLIGHTS Strong utilization enabled through safety and operational excellence CANADIAN NATURAL GAS PIPELINES Comparable EBITDA…
  12. 4Q 2024 Results Presentation – TC Energy Corp. – slide 12
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Comparable earnings Comparable earnings(1) Millions from continuing operations -8% 1,192 -96 101 -84 85 -35 -7 -59 -4 1,094…
  13. 4Q 2024 Results Presentation – TC Energy Corp. – slide 13
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Comparable EBITDA(1) outlook demonstrates solid, repeatable growth Comparable EBITDA Incremental comparable EBITDA 1.50 from…
  14. 4Q 2024 Results Presentation – TC Energy Corp. – slide 14
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Leverage remains on track despite foreign exchange volatility Year-end debt-to-EBITDA(1) Achieved significant deleveraging in 2024…
  15. 4Q 2024 Results Presentation – TC Energy Corp. – slide 15
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Dividend growth supported by operational excellence 3.84 Dividend growth outlook: +3.3% 3.40(1) 0.85 3 5% 0.8225 3.40…
  16. 4Q 2024 Results Presentation – TC Energy Corp. – slide 16
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L 2025 Strategic priorities MAXIMIZING THE VALUE OF OUR EXECUTE OUR SELECTIVE ENSURE FINANCIAL ASSETS THROUGH SAFETY AND PORTFOLIO…
  17. 4Q 2024 Results Presentation – TC Energy Corp. – slide 17
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Recent leadership appointments Tina Faraca Greg Grant Executive Vice-President and Executive Vice-President and President, Chief…
  18. 4Q 2024 Results Presentation – TC Energy Corp. – slide 18
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L 2025 outlook by business unit CANADIAN NATURAL GAS PIPELINES U.S. NATURAL GAS PIPELINES Comparable EBITDA(1) expected to be higher…
  19. 4Q 2024 Results Presentation – TC Energy Corp. – slide 19
    T C E N E R G Y F2 O 0 2U3R TI N H VQE US TA O R TR E DR A 2Y 0 2 4 C O N F E R E N C E C A L L Appendix Non-GAAP reconciliations Appendix A: Comparable EBITDA Appendix B: Net Income (loss) to comparable earnings Appendix…
  20. 4Q 2024 Results Presentation – TC Energy Corp. – slide 20
    Appendix A Non-GAAP reconciliations Comparable EBITDA(1) Three months Year ended (Millions of dollars) ended December 31 December 31 2024 2023(2) 2024 2023(2) Total segmented earnings (losses) 1,898 2,026 7,964 5,097 Interest…
  21. 4Q 2024 Results Presentation – TC Energy Corp. – slide 21
    Appendix B Non-GAAP reconciliations Net Income (loss) to comparable earnings(1) (Millions of dollars, except per share amounts) Three months ended Year ended December 31 December 31 2024 2023(2) 2024 2023(2) Net income (loss)…
  22. 4Q 2024 Results Presentation – TC Energy Corp. – slide 22
    Appendix C Non-GAAP reconciliations Net cash provided by operations to Comparable funds generated from operations(1,2,3) Three months Year ended (Millions of dollars) ended December 31 December 31 2024 2023 2024 2023 Net cash…
  23. 4Q 2024 Results Presentation – TC Energy Corp. – slide 23
    Appendix D Non-GAAP reconciliations Adjusted Debt/Adjusted Comparable EBITDA (Debt-to-EBITDA) Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to compute the debt-to-EBITDA multiple. Each of adjusted debt and…
  24. 4Q 2024 Results Presentation – TC Energy Corp. – slide 24
    Appendix D Non-GAAP reconciliations Adjusted Debt/Adjusted Comparable EBITDA(1) (Debt-to-EBITDA) (Millions of dollars) Year ended December 31 2024 2023 2022 Reported total debt 59,366 63,201 58,300 Management adjustments: Debt…
  25. 4Q 2024 Results Presentation – TC Energy Corp. – slide 25
    Appendix E Non-GAAP reconciliations Segmented earnings and Comparable EBITDA Comparable EBITDA(1) outlook from continuing operations (Billions of dollars) 11.7 11.9 10.7 10.9 10.0 8.0 Canadian Natural Gas Pipelines U.S.…
  26. 4Q 2024 Results Presentation – TC Energy Corp. – slide 26
    Appendix F Non-GAAP measures Unlevered after-tax internal rate of return Unlevered after-tax internal rate of return represents the expected compound annual return of a project or investment, and prior to any assumption of debt and/or…

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