Canada · Delayed Price · Currency is CAD TC Energy Earnings Call Transcripts
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 amendments to the shareholder rights plan, all of which passed with strong shareholder participation. Strategic updates included a renewed focus on natural gas and power, a 3.3% dividend increase, and ongoing leadership in methane management.
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Strong Q1 performance with record throughput, reaffirmed 2025–2027 EBITDA guidance, and major projects like Southeast Gateway and Northwoods advancing under budget. Capital discipline, robust demand from data centers, and a focus on long-term contracts underpin growth and financial strength.
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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Management outlined a disciplined growth strategy focused on natural gas and power, targeting 5–7% annual EBITDA growth through 2027, with a $6–$7 billion annual capital program and a strong focus on brownfield, high-return projects. Leverage is set to decline to 4.75x, and no new equity issuance is planned.
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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. The deal sets a new standard for economic reconciliation, providing generational prosperity and a model for future collaborations.
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The meeting approved a major spin-off, elected directors, and increased the dividend for the 24th year. All resolutions passed except a shareholder proposal on Indigenous consent. Record financial results and strategic asset divestitures were highlighted.