TC Energy reports strong second quarter 2025 operating and financial results

Solid execution and asset performance support higher 2025 financial outlook

Market fundamentals drive customer demand for incremental capacity projects

CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation ((TSX, NYSE:TRP) (TC Energy or the Company) released its second quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “Our commitment to safety and operational excellence continues to drive strong reliability, availability and financial performance, and we now expect our 2025 comparable EBITDA¹ outlook to be higher, in the range of $10.8 to $11.0 billion.” Poirier continued, “Compelling fundamentals are unlocking further growth opportunities across our North American portfolio. To meet this unprecedented demand, we have announced $4.5 billion of new growth projects over the past nine months, including requests for incremental capacity on projects already announced — a trend we’re seeing on several projects currently in development. Our focus on project execution is also delivering tangible results and we expect to place approximately $8.5 billion of capital projects into service this year, on time and are tracking approximately 15 per cent below budget. We remain highly confident in our disciplined strategy and our ability to capture high-value, low-risk opportunities across North America that drive long-term shareholder value.”

Financial Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted)

• Second quarter 2025 financial results from continuing operations²:
  • Comparable earnings¹ of $0.8 billion or $0.82 per common share compared to $0.8 billion or $0.79 per common share in second quarter 2024
  • Net income attributable to common shares of $0.9 billion or $0.83 per common share compared to $0.8 billion or $0.78 per common share in second quarter 2024
  • Comparable EBITDA of $2.6 billion, compared to $2.3 billion in second quarter 2024
  • Segmented earnings of $2.0 billion compared to $1.7 billion in second quarter 2024
• 2025 outlook:
  • Comparable EBITDA is now expected to be higher, in the range of $10.8 to $11.0 billion³, compared to previous outlook of $10.7 to $10.9 billion
  • Comparable earnings per common share (EPS) outlook remains consistent with our 2024 Annual Report, and is expected to be lower than 2024
  • Capital expenditures are anticipated to be $6.1 to $6.6 billion on a gross basis, or $5.5 to $6.0 billion of net capital expenditures⁴
• Declared a quarterly dividend of $0.85 per common share for the quarter ending September 30, 2025.

Operational Highlights

• Canadian Natural Gas Pipelines deliveries averaged 23.4 Bcf/d, up five per cent compared to second quarter 2024
  • Total NGTL System receipts set a new record of 15.5 Bcf on April 13, 2025
  • Canadian Mainline – Western receipts averaged 4.4 Bcf/d, up seven per cent compared to second quarter 2024
• U.S. Natural Gas Pipelines daily average flows were 25.7 Bcf/d, in line with second quarter 2024
  • Deliveries to LNG facilities averaged 3.5 Bcf/d, up six per cent compared to second quarter 2024
• Mexico Natural Gas Pipelines flows averaged 3.6 Bcf/d, three per cent higher than second quarter 2024
  • Set a daily flow record of 4.4 Bcf on April 22, 2025
• Bruce Power achieved 98 per cent availability in second quarter 2025
• Cogeneration power plant fleet achieved 93.4 per cent availability in second quarter 2025.

Project Highlights

• The Southeast Gateway pipeline is in service and we commenced the collection of tolls from the Comisión Federal de Electricidad (CFE) beginning May 2025. In July 2025, the newly constituted Comisión Nacional de Energía (CNE) approved our regulated rates required to provide service to potential future interruptible service users on the Southeast Gateway pipeline other than the CFE
• The East Lateral XPress (ELXP) project, an expansion project on the Columbia Gulf system that connects supply to U.S. Gulf Coast LNG export markets, was placed in service in May 2025, with total project costs of approximately US$0.3 billion
• On July 1, 2025, Columbia Gas notified FERC that it has reached a settlement-in-principle on the Columbia Gas Section 4 Rate Case. Columbia Gas expects the final settlement to include an increase relative to pre-filed rates, subject to revision following completion and approval of settlement terms, anticipated in fourth quarter 2025
• Upsized capacity on the previously announced Maysville and Pulaski projects — mainline extension projects off Columbia Gulf — to support incremental load growth in the region, including data centre development
• Reached positive FID on $0.4 billion of expansion projects as part of the Multi-Year Growth Plan (MYGP). With in-service dates expected in 2027, the projects are designed to serve system demand growth and new supply on the NGTL System.