Strongest safety performance in five years drives 15 flow records and solid financial results

Progress in commercial discussions strengthens line of sight to incremental project announcements in 2026

Raises dividend for 26th consecutive year

CALGARY, Alberta, Feb. 13, 2026 (GLOBE NEWSWIRE) -- TC Energy Corporation ((TSX, NYSE:TRP) (TC Energy or the Company) released its fourth quarter and full-year 2025 results today. François Poirier, TC Energy's President and Chief Executive Officer commented, "Our safety-first culture is driving exceptional operational performance, leading to 15 flow records across our systems in 2025. Strong asset availability and reliability drove a 13 per cent year-over-year increase in fourth quarter comparable EBITDA¹ and a 15 per cent increase in segmented earnings over the same period." Poirier continued, "As commercial discussions advance across a diverse set of high-quality opportunities, we remain confident in our ability in 2026 to fully allocate $6 billion of net annual capital expenditures through 2030 and have greater visibility to potentially surpass this level of investment in the latter part of the decade. Aligned with this momentum and clear line of sight to sustained growth, our Board of Directors approved a 3.2 per cent increase in quarterly common share dividend, marking our 26th consecutive year of dividend growth."

Financial Highlights

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

Fourth quarter 2025 financial results from continuing operations²:
- Comparable earnings¹ of $1.0 billion or $0.98 per common share¹ compared to $1.1 billion or $1.05 per common share in fourth quarter 2024
- Net income attributable to common shares of $1.0 billion or $0.92 per common share compared to $1.1 billion or $1.03 per common share in fourth quarter 2024
- Comparable EBITDA of $3.0 billion compared to $2.6 billion in fourth quarter 2024
- Segmented earnings of $2.2 billion compared to $1.9 billion in fourth quarter 2024
Year ended Dec. 31, 2025 financial results from continuing operations
- Comparable EBITDA of $11.0 billion compared to $10.0 billion in 2024
- Segmented earnings of $8.0 billion compared to $8.0 billion in 2024
TC Energy's Board of Directors approved a 3.2 per cent increase in the quarterly common share dividend of $0.8775 per common share for the quarter ending March 31, 2026, equivalent to $3.51 on an annualized basis. This is the 26th consecutive year of dividend increase
2026 outlook:
- We expect our 2026 comparable EBITDA and comparable earnings per common share (EPS) outlooks to be higher than 2025
- Comparable EBITDA is expected to be $11.6 to $11.8 billion
- Capital expenditures are anticipated to be $6.0 to $6.5 billion prior to adjustments for non-controlling interests, or $5.5 to $6.0 billion of net capital expenditures.³

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1} Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.

²Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.

³Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

Operational Highlights

Canadian Natural Gas Pipelines deliveries averaged 27.2 Bcf/d, up five per cent compared to fourth quarter 2024 and set a new all-time delivery record of 33.2 Bcf on Jan. 22, 2026
- Total NGTL system receipts averaged 15.5 Bcf/d, up two per cent compared to fourth quarter 2024
- NGTL System deliveries set a new all-time delivery record of 18.3 Bcf on Jan. 22, 2026
- Canadian Mainline Western receipts averaged 4.8 Bcf/d, up three per cent compared to fourth quarter 2024
U.S. Natural Gas Pipelines daily average flows were 29.6 Bcf/d, up 9.5 per cent compared to fourth quarter 2024
- U.S. Natural Gas Pipelines achieved an all-time delivery record of 39.9 Bcf on Jan. 29, 2026
- Deliveries to LNG facilities averaged 3.9 Bcf/d, up 21 per cent compared to fourth quarter 2024, and set a new daily record of nearly 4.4 Bcf on Dec. 4, 2025
- Achieved all-time delivery records on Columbia Gulf, GTN and Gillis Access in December 2025
Mexico Natural Gas Pipelines flows in the fourth quarter averaged 2.7 Bcf/d, which was comparable to fourth quarter 2024 and equivalent to approximately 20 per cent of total Mexico gas demand in the fourth quarter
- Deliveries to power generation facilities averaged 1.2 Bcf/d in fourth quarter 2025, up 11 per cent compared to fourth quarter 2024
Bruce Power achieved 85.7 per cent availability in fourth quarter 2025, reflecting an extended planned outage on Unit 2. 2025 full year availability was 91 per cent and availability is expected to be in the low 90 per cent range for full year 2026
Cogeneration power plant fleet achieved 89.5 per cent availability in fourth quarter 2025.

Project Highlights

Sanctioned $0.6 billion of low risk, in-corridor expansion projects including:
- $0.5 billion of expansion facilities as part of the Multi-Year Growth Plan (MYGP). The $0.5 billion of additional expansion projects is designed to deliver incremental growth on the NGTL System, with an expected in-service date in 2028. As at Dec. 31, 2025, approximately $1.1 billion of MYGP expansion facilities have received FID
- A $0.1 billion equity contribution in support of a brownfield compression expansion project in the U.S. The project is expected to deliver a five times build multiple¹ and has an anticipated in-service date in 2028
On Jan. 9, 2026, we closed a successful non-binding expansion project open season on our Columbia Gas Transmission system for up to 0.5 Bcf/d of incremental capacity to serve the Columbus area, including New Albany. Strong market interest, driven by significant power load growth from data centre development, resulted in approximately 1.5 Bcf/d of total bids. We continue to advance commercial discussions with customers
On Feb. 9, 2026, we launched a non-binding expansion project open season on our Crossroads Pipeline system for up to 1.5 Bcf/d of capacity. The potential Crossroads Expansion project would serve growing markets in Northern Indiana, Illinois, Iowa, and South Dakota, in response to recently announced power generation and data centre developments in the U.S. Midwest. The open season is expected to close in mid-March 2026
The Cedar Link project is progressing ahead of schedule and tracking below the Board approved final investment decision budget of $1.2 billion
The VR project on our Columbia system was placed in service in November 2025, with total project costs of approximately US$0.5 billion. The project is designed to provide incremental capacity from Greensville County, Virginia to delivery points in Norfolk, Virginia
The WR project, providing mainline capacity to multiple points of delivery on our ANR System in Wisconsin, was placed into service in November 2025, with a total project cost of approximately US$0.7 billion.

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1} Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

	three months ended December 31						year ended December 31
(millions of $, except per share amounts)		2025			2024			2025			2024

Income
Net income (loss) attributable to common shares from continuing operations		959			1,069			3,612			4,199
per common share – basic	$	0.92		$	1.03		$	3.47		$	4.05

Segmented earnings (losses)
Canadian Natural Gas Pipelines		564			506			2,164			2,016
U.S. Natural Gas Pipelines		1,110			918			3,927			4,053
Mexico Natural Gas Pipelines		377			214			1,186			929
Power and Energy Solutions		136			276			773			1,102
Corporate		1			(16	)		(14	)		(136	)
Total segmented earnings (losses)		2,188			1,898			8,036			7,964

Comparable EBITDA from continuing operations
Canadian Natural Gas Pipelines		961			851			3,687			3,388
U.S. Natural Gas Pipelines		1,388			1,200			4,906			4,511
Mexico Natural Gas Pipelines		397			234			1,365			999
Power and Energy Solutions		217			341			1,008			1,214
Corporate		1			(7	)		(14	)		(63	)
Comparable EBITDA from continuing operations		2,964			2,619			10,952			10,049
Depreciation and amortization		(719	)		(639	)		(2,769	)		(2,535	)
Interest expense included in comparable earnings		(874	)		(836	)		(3,409	)		(3,176	)
Allowance for funds used during construction		36			233			453			784
Foreign exchange gains (losses), net included in comparable earnings		29			(44	)		96			(85	)
Interest income and other		58			120			205			324
Income tax (expense) recovery included in comparable earnings		(266	)		(168	)		(1,112	)		(772	)
Net (income) loss attributable to non-controlling interests included in comparable earnings		(175	)		(163	)		(643	)		(620	)
Preferred share dividends		(35	)		(28	)		(119	)		(104	)
Comparable earnings from continuing operations		1,018			1,094			3,654			3,865
Comparable earnings per common share from continuing operations	$	0.98		$	1.05		$	3.51		$	3.73

	three months ended December 31				year ended December 31
(millions of $, except per share amounts)	2025		2024		2025		2024

Cash flows¹
Net cash provided by operations²		1,894		2,084		7,346		7,696
Comparable funds generated from operations^2,3		2,293		1,665		7,996		7,890
Capital spending⁴		1,643		2,307		6,337		7,904
Proceeds from sales of assets, net of transaction costs		—		—		—		791
Disposition of equity interest, net of transaction costs⁵		—		—		—		419
Dividends declared
per common share⁶	$	0.85	$	0.8225	$	3.40	$	3.7025
Basic common shares outstanding(millions)
– weighted average for the period		1,041		1,038		1,040		1,038
– issued and outstanding at end of period		1,041		1,039		1,041		1,039

Includes continuing and discontinued operations.
Includes nine months of Liquids earnings for the year ended December 31, 2024. Refer to the Discontinued Operations section for additional information.
Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measure is net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.
Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments. For the year ended December 31, 2024, Contributions to equity investments was net of Other distributions from equity investments of $3.1 billion in the Canadian Natural Gas Pipelines segment. Refer to Note 5, Segmented information, Note 10, Equity investments and Note 11, Loans with affiliates, of our 2025 Consolidated financial statements for additional information.
Included in the Financing activities section of the Condensed consolidated statement of cash flows.
Dividends declared in the fourth quarter 2024 and thereafter reflect TC Energy's proportionate allocation following the Spinoff Transaction.

CEO Message

This was a defining year for TC Energy. Our 2025 performance demonstrates the strength of our strategy and reflects disciplined execution against a clear set of strategic priorities. During a period marked by heightened geopolitical risks, trade policy uncertainty and market volatility, our utility‑like, low‑risk business model continues to prove resilient. With 98 per cent of comparable EBITDA underpinned by rate regulated or long-term take-or-pay contracts, we maintain limited commodity exposure and strong visibility to stable, long-term cash flows. For the three months ending Dec. 31, 2025, comparable EBITDA increased approximately 13 per cent, and segmented earnings increased by approximately 15 per cent compared to the same period in 2024. For the twelve months ending Dec. 31, 2025, comparable EBITDA increased approximately nine per cent and segmented earnings increased by approximately one per cent compared to the same period in 2024.

Our financial results are directly enabled by our strongest safety performance in the last five years. This focus is driving exceptional performance from our operations and has allowed us to set 15 delivery records across our systems in 2025. In the fourth quarter 2025 and early 2026, record power demand from data centres, coal-to-gas conversions and LNG exports drove all-time delivery records across our U.S. and Canadian Natural Gas Pipeline Systems of 39.9 Bcf and 33.2 Bcf, respectively. The strong availability and reliability of our assets enable us to consistently meet incremental customer demand and underscores the value of our commitment to safety and operational excellence.

In 2025 we successfully placed $8.3 billion of projects into service on time, over 15 per cent under budget – demonstrating our ongoing commitment to project execution excellence. During the fourth quarter, we placed critical infrastructure projects into service, including the VR project on our Columbia system and the WR project on our ANR system in Wisconsin. Following our ninth consecutive year of fully contracted storage capacity, we added incremental value by placing the ANR Storage Optimization project into service. This enhancement expands our ability to respond to rising power generation demand in the U.S. Midwest, strengthening system flexibility and reinforcing the long‑term value of our storage portfolio. Looking ahead to 2026, we continue to expect to place approximately $4 billion of capital into service. This includes the Bison XPress Project on our Northern Border Pipeline, the remainder of the Valhalla North and Berland River Project on the NGTL System, as well as Bruce Power Unit 3 as part of the MCR program. Bruce Power's consistent and strong track record of execution continue to position the asset to deliver stable, enduring value while meeting Ontario's growing need for affordable, non-emitting, reliable power.

Strong results and consistent delivery on our capital program continue to strengthen our financial position and enhance our flexibility. We remain on track to deliver our long-term debt-to-EBITDA¹ target. We believe this continued discipline positions us to capture meaningful growth opportunities emerging from our differentiated exposure to the fastest growing segments of the energy market – natural gas and power. Our outlook for North American natural gas demand expects an increase of 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035, driven by LNG exports, rising power generation and increasing reliability needs from local distribution companies. Building on these favourable underlying fundamentals, we are advancing opportunities to deploy capital and unlock incremental value across our existing footprint.

As commercial discussions advance across a diverse set of high-quality opportunities, we remain confident in our ability in 2026 to fully allocate $6 billion of net annual capital expenditures through 2030 and have greater visibility to potentially surpass this level of investment in the latter part of the decade. We will remain disciplined in our capital allocation, targeting build multiples in the five to seven times range, and continue to de-risk these opportunities ahead of sanctioning. This further strengthens our conviction in announcing additional projects in 2026.

Reflecting the sustained increase in natural gas demand, in the fourth quarter we sanctioned $0.6 billion of in-corridor projects that strengthen the long-term visibility of our growth profile and exemplify our disciplined approach to capital allocation. Building on this progress, we are also advancing early-stage commercial initiatives supported by growing market interest. On Jan. 9, 2026, we successfully closed a non-binding expansion project open season on our Columbia Gas Transmission system for up to 0.5 Bcf/d of incremental capacity to serve the Columbus area, including New Albany. Robust demand from power‑load growth driven by data centres resulted in approximately 1.5 Bcf/d of total bids – three times the proposed project capacity – highlighting the strength of the market and the value of our strategic footprint. In addition, on Feb. 9, 2026, we launched a non-binding expansion project open season on our Crossroads Pipeline system for up to 1.5 Bcf/d of capacity. The potential Crossroads Expansion project would serve growing markets in Northern Indiana, Illinois, Iowa, and South Dakota, in response to recently announced power generation and data centre developments in the U.S. Midwest. The open season is expected to close in mid-March 2026. These developments reinforce our visibility into durable, long-term value creation.

Through disciplined capital allocation and consistent project execution, TC Energy has built a differentiated portfolio supported by diversified, low-risk growth opportunities that extend through the end of the decade and beyond. As we turn to 2026, we will build on this momentum with the same discipline that delivered results in 2025. Our priorities remain unchanged: delivering solid growth, low risk and repeatable performance by maximizing the value of our assets through safety and operational excellence, executing our selective portfolio of growth projects, and ensuring financial strength and agility.

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1} Debt-to-EBITDA is a non-GAAP ratio. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to calculate debt-to-EBITDA. For more information on non-GAAP measures, refer to the non-GAAP measures of this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies.

Dividends

Consistent with our outlook, TC Energy's Board of Directors approved a 3.2 per cent increase in the quarterly common share dividend of $0.8775 per common share for the quarter ending March 31, 2026, equivalent to $3.51 on an annualized basis. The common share dividend is payable on April 30, 2026, to shareholders of record at the close of business on March 31, 2026. This marks the 26^th consecutive year of dividend increase.

The Board of Directors also declared dividends on the outstanding Cumulative First Preferred Shares (preferred shares). Information related to the preferred shares dividends are available on our website under TC Energy – Shareholder Information.

Teleconference and Webcast

We will hold a teleconference and webcast on Friday, Feb. 13th at 6:30 a.m. (MT) / 8:30 a.m. (ET) to discuss our fourth quarter 2025 financial results. Presenters will include François Poirier, President and Chief Executive Officer; Sean O'Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

Members of the investment community and other interested parties are invited to participate by calling 1-833-752-3826 (Canada/U.S. toll free) or 1-647-846-8864 (International toll). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

A live webcast of the teleconference will be available on TC Energy's website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/14392. The webcast will be available for replay following the meeting.

A replay of the teleconference will be available two hours after the conclusion of the call until midnight ET on Friday, Feb. 20, 2026. Please call 1-855-669-9658 (Canada/U.S. toll free) or 1-412-317-0088 (International toll) and enter passcode 2190660.

The audited annual consolidated financial statements and Management's Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

About TC Energy

We are a leader in North American energy infrastructure, spanning Canada, the U.S. and Mexico. Every day, our dedicated team proudly connects the world to the energy it needs, moving over 30 per cent of the cleaner-burning natural gas used across the continent. Complemented by strategic ownership and low-risk investments in power generation, our infrastructure fuels industries and generates affordable, reliable and sustainable power across North America, while enabling LNG exports to global markets.

Our business is based on the connections we make. By partnering with communities, businesses and leaders across our extensive energy network, we unlock opportunity today and for generations to come.

TC Energy's common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

Forward-Looking Information

This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate" or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to expectations with respect to expected comparable EBITDA, comparable earnings in total and per common share and the sources and drivers thereof, expectations regarding financial ratio targets, expectations with respect to anticipated capital expenditures and net capital expenditures and the timing thereof, expectations with respect to identified approved projects, expectations regarding future project announcements and the timing thereof; including associated capital expenditures, timelines, and outcomes, expectations with respect to completed projects and expected impacts thereof, expectations with respect to our ability to deploy capital at targeted build multiples and achieve expected returns on invested capital, expectations with respect to the approximate value of projects to be placed in-service in 2026 and subsequent years, expectations with respect to our strategic priorities, and the execution thereof, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about energy demand levels and drivers thereof, expectations regarding the competitive positioning and long-term value contribution of specific assets and our ability to capture growth opportunities, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver low-risk, solid growth and repeatable performance, expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management's assessment of TC Energy's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TC Energy's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2025 Annual Report filed under TC Energy's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the "Forward-looking information" section of our Report on Sustainability which is available on our website at www.TCEnergy.com.

Non-GAAP and Supplementary Financial Measure

This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. It also contains references to debt-to-EBITDA, a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy's profile.

With respect to non-GAAP measures used in the calculation of debt-to-EBITDA, adjusted debt is defined as the sum of Reported total debt, including Notes payable, Long-term debt, Current portion of long-term debt and Junior subordinated notes, as reported on our Consolidated balance sheet as well as Operating lease liabilities recognized on our Consolidated balance sheet and 50 per cent of Preferred shares as reported on our Consolidated balance sheet due to the debt-like nature of their contractual and financial obligations, less Cash and cash equivalents as reported on our Consolidated balance sheet and 50 per cent of Junior subordinated notes as reported on our Consolidated balance sheet due to the equity-like nature of their contractual and financial obligations. Adjusted comparable EBITDA is calculated as the sum of comparable EBITDA from continuing operations and comparable EBITDA from discontinued operations excluding Operating lease costs recorded in Plant operating costs and other in our Consolidated statement of income and adjusted for Distributions received in excess of (income) loss from equity investments and a Loan from affiliate as reported in our Consolidated statement of cash flows which we believe is more reflective of the cash flows available to TC Energy to service our debt and other long-term commitments. Beginning in 2025, we entered into a subordinated demand revolving credit facility to borrow funds from the Sur de Texas joint venture and received proceeds totaling $111 million during the year. We believe that debt-to-EBITDA provides investors with useful information as it reflects our ability to service our debt and other long-term commitments. See the Reconciliation section for reconciliations of adjusted debt and adjusted comparable EBITDA for the years ended Dec. 31, 2023, 2024 and 2025.

This release contains references to build multiple, which is non-GAAP ratio which is calculated using capital expenditures and comparable EBITDA, of which comparable EBITDA is a non-GAAP measure. We believe build multiple provides investors with a useful measure to evaluate capital projects.

This release also contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

Reconciliation

The following is a reconciliation of adjusted debt and adjusted comparable EBITDA¹.

	year ended December 31
(millions of Canadian $)	2025		2024		2023

Reported total debt	60,086		59,366		63,201
Management adjustments:
Debt treatment of preferred shares²	1,128		1,250		1,250
Equity treatment of junior subordinated notes³	(6,047	)	(5,524	)	(5,144	)
Cash and cash equivalents	(168	)	(801	)	(3,678	)
Operating lease liabilities	431		511		457
Adjusted debt	55,430		54,802		56,086

Comparable EBITDA from continuing operations⁴	10,952		10,049		9,472
Comparable EBITDA from discontinued operations⁴	—		1,145		1,516
Operating lease cost	112		117		105
Distributions received in excess of (income) loss from equity investments	342		67		(123	)
Loan from affiliate	111		—		—
Adjusted Comparable EBITDA	11,517		11,378		10,970

Adjusted Debt/Adjusted Comparable EBITDA¹	4.8		4.8		5.1

Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
50 per cent debt treatment on $2.3 billion of preferred shares as of Dec. 31, 2025.
50 per cent equity treatment on $12.1 billion of junior subordinated notes as of Dec. 31, 2025. U.S. dollar-denominated notes translated at Dec. 31, 2025, USD/CAD foreign exchange rate of 1.37.
Comparable EBITDA from continuing operations and Comparable EBITDA from discontinued operations are non-GAAP financial measures. See the Forward-looking information and Non-GAAP measures sections in our 2025 Annual Report for more information. Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.

Download full report here: tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2025/tce-2025-q4-quarterly-report.pdf

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TC Energy reports fourth quarter and full-year 2025 results