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2Q 2025 Conference Call – TC Energy Corp.

TC Energy Corp. · Jul 31, 2025 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2Q 2025 Conference Call – TC Energy Corp. – slide 1
    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Second quarter 2025 conference call J U LY 3 1 , 2 0 2 5
  2. 2Q 2025 Conference Call – TC Energy Corp. – slide 2
    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Franois Poirier President and Chief Executive Officer Sean ODonnell Executive Vice-President and Chief Financial Officer CALL PARTICIPANTS Tina Faraca Executive Vice-President and…
  3. 2Q 2025 Conference Call – TC Energy Corp. – slide 3
    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL FRANOIS POIRIER President and Chief Executive Officer
  4. 2Q 2025 Conference Call – TC Energy Corp. – slide 4
    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Delivering on 2025 priorities MAXIMIZING THE VALUE OF OUR EXECUTE OUR SELECTIVE ENSURE FINANCIAL ASSETS THROUGH SAFETY AND PORTFOLIO OF GROWTH STRENGTH AND AGILITY OPERATIONAL…
  5. 2Q 2025 Conference Call – TC Energy Corp. – slide 5
    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Surging demand fuels opportunity-rich environment (1) North American natural gas demand forecast to increase 45 Bcf/d by 2035 TC Energy Strategic pillar In development(2) Next wave…
  6. 2Q 2025 Conference Call – TC Energy Corp. – slide 6
    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Strategic pillars Next wave LNG Supply access Delivering growth in Power generation LDC energy reliability Maintenance & modernization essential markets Valhalla North & Berland…
  7. 2Q 2025 Conference Call – TC Energy Corp. – slide 7
    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Disciplined approach to filling investment capacity Weighted average unlevered after-tax IRR(1) of growth projects sanctioned by year Potential for higher returns as we % continue to…
  8. 2Q 2025 Conference Call – TC Energy Corp. – slide 8
    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Bruce Power: long-lived value serving Ontarios energy future Bruce Power historical performance /MWh % Reliability gained through the MCR Program and 125 Realized power price 100…
  9. 2Q 2025 Conference Call – TC Energy Corp. – slide 9
    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL SEAN ODONNELL Executive Vice-President and Chief Financial Officer
  10. 2Q 2025 Conference Call – TC Energy Corp. – slide 10
    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Q2 HIGHLIGHTS High utilization underpins resilient and repeatable performance CANADIAN NATURAL GAS PIPELINES Comparable EBITDA from continuing operations Total system deliveries…
  11. 2Q 2025 Conference Call – TC Energy Corp. – slide 11
    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Increasing 2025E comparable EBITDA(1) outlook Comparable EBITDA(1) from continuing operations 9% growth(2) Billions from 2024 10.8 11.0 10.7 10.9 2025E comparable EBITDA outlook…
  12. 2Q 2025 Conference Call – TC Energy Corp. – slide 12
    T C E N E R G Y S2 E0 C2 O 3 NI N D VQE US A TOR TR E DR A 2Y 0 2 5 C O N F E R E N C E C A L L Advancing our sustainability commitments Highlights from the 2025 Report on Sustainability Reduced absolute methane emissions by…
  13. 2Q 2025 Conference Call – TC Energy Corp. – slide 13
    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL 2025 Strategic priorities MAXIMIZING THE VALUE OF OUR EXECUTE OUR SELECTIVE ENSURE FINANCIAL ASSETS THROUGH SAFETY AND PORTFOLIO OF GROWTH STRENGTH AND AGILITY OPERATIONAL EXCELLENCE…
  14. 2Q 2025 Conference Call – TC Energy Corp. – slide 14
    TC ENERGY SECOND QUARTER 2025 CONFERENCE CALL Appendix Appendix A: Year-over-year comparable earnings waterfall Non-GAAP reconciliations Appendix B: Comparable EBITDA Appendix C: Net Income (loss) to comparable earnings…
  15. 2Q 2025 Conference Call – TC Energy Corp. – slide 15
    Appendix A Year-over-year comparable earnings waterfall Comparable earnings(1) from continuing operations Millions +3% 277 -38 -64 -19 106 -151 -70 -14 -1 848 822 Reflects the completion of the Southeast Gateway…
  16. 2Q 2025 Conference Call – TC Energy Corp. – slide 16
    Appendix B Non-GAAP reconciliations Comparable EBITDA(1) (Millions of dollars) Three months ended June 30 2025 2024 (2 ) Total segmented earnings (losses) 1,954 1,736 Interest expense (847) (783) Allowance for funds used during…
  17. 2Q 2025 Conference Call – TC Energy Corp. – slide 17
    Appendix C Non-GAAP reconciliations Net Income (loss) to comparable earnings(1) (Millions of dollars, except per share amounts) Three months ended June 30 (2 ) 2025 2024 Net income (loss) attributable to common shares from…
  18. 2Q 2025 Conference Call – TC Energy Corp. – slide 18
    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…
  19. 2Q 2025 Conference Call – TC Energy Corp. – slide 19
    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: (2 )…
  20. 2Q 2025 Conference Call – TC Energy Corp. – slide 20
    Appendix E Non-GAAP reconciliations Segmented earnings and Comparable EBITDA(1) Comparable EBITDA(1) outlook from continuing operations (Billions of dollars) Comparable EBITDA (1) Comparable EBITDA is a non-GAAP measure.…
  21. 2Q 2025 Conference Call – TC Energy Corp. – slide 21
    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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