Canada · Delayed Price · Currency is CAD TC Energy Earnings Call Transcripts
Fiscal Year 2026
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The meeting covered strong 2025 financial results, successful project execution, and robust governance, including enhanced board oversight of indigenous relations. All voting items passed, and strategic priorities remain focused on disciplined growth and stakeholder engagement.
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Delivered record Q1 results with 14% EBITDA growth and over CAD 3 billion in comparable EBITDA, driven by strong pipeline and power performance. Project backlog and capital allocation support continued growth, with robust demand in U.S. and Canadian markets.
Fiscal Year 2025
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Delivered 13% year-over-year EBITDA growth in Q4 2025, placed CAD 8.3 billion of projects into service under budget, and reaffirmed strong multi-year guidance. Capital allocation remains disciplined, with robust project pipelines and a focus on low-risk, high-return growth.
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Q3 saw a 10% year-over-year rise in comparable EBITDA, driven by strong pipeline performance and new project execution. The company reaffirmed 2025-2026 EBITDA growth guidance and expects to maintain a 5%-7% CAGR through 2028, supported by robust project backlogs and favorable market conditions.
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Q2 2025 saw a 12% year-over-year EBITDA increase, with full-year guidance raised to CAD 10.8–11 billion. Strong project execution, robust demand from LNG and data centers, and disciplined capital allocation underpin a positive outlook and targeted deleveraging to 4.75x by 2026.
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The meeting covered director elections, auditor appointment, executive compensation, and a shareholder rights plan amendment, all of which passed with strong shareholder participation. Strategic updates included a renewed focus on natural gas and power, major project completions, and a 3.3% dividend increase. Methane emissions management and transparency remain key priorities.
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Strong Q1 2025 results with record throughput, major projects delivered under budget, and reaffirmed EBITDA guidance. Growth driven by data center demand, disciplined capital allocation, and robust project pipeline, with deleveraging expected from 2026.
Fiscal Year 2024
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Record annual EBITDA, strong operational performance, and project execution drove 2024 results, with 6% EBITDA growth and a 3.3% dividend increase. Outlook remains robust with disciplined capital allocation, new project growth, and continued deleveraging.
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Disciplined capital allocation and portfolio transformation have positioned the company for 5–7% annual EBITDA growth through 2027, driven by North American gas and power demand, LNG exports, and major projects like Southeast Gateway and Bruce Power. Brownfield expansions, strict leverage targets, and a focus on regulated, high-return assets underpin a low-risk, repeatable growth model.
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Q3 2024 saw a 6% year-over-year rise in comparable EBITDA, reduced CapEx, and strong project execution, including the Southeast Gateway cost reduction and the Liquids Pipelines spinoff. The company is on track to meet its 4.75x debt-to-EBITDA target and expects robust growth into 2025.
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South Bow is positioned as a critical energy corridor with 88% contracted EBITDA and strong investment-grade customer base. Growth is underpinned by capital-efficient projects like Blackrod, a robust financial strategy targeting deleveraging, and a stable dividend policy. Trading begins in October, with 2025 guidance to follow.
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Comparable EBITDA rose 9% year-over-year, supported by system expansions, asset sales, and strong demand. Major milestones include the NGTL settlement, Indigenous equity partnership, and progress on Southeast Gateway. 2024 guidance and deleveraging targets are reaffirmed.
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A landmark CAD 1 billion loan guarantee enables up to 72 Indigenous communities to acquire equity in major pipeline assets, marking the largest Indigenous partnership in Canadian history and setting a new standard for economic reconciliation and shared prosperity. This model is expected to influence future deals across sectors.
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Shareholders approved the spin-off of the liquids pipeline business, elected directors, and passed all formal items except a shareholder proposal on Indigenous consent. Record financial results and a 24th consecutive dividend increase were highlighted, with a continued focus on project execution and Indigenous partnerships.