Slides
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Q 3 2 0 2 6 | C O N F E R E N C E C A L L Third Quarter 2026 Conference Call November 5, 2026
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Call participants François Poirier President and Chief Executive Officer Tina Faraca Executive Vice-President and Chief Operating Officer, Natural Gas Pipelines Greg Grant Executive Vice-President and President, Power and Energy Solutions Sean O'Donnell Executive Vice-President and Chief Financial Officer Gavin Wylie Vice-President, Investor Relations and Sustainability T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Forward-looking information and non-GAAP/supplementary financial measures This presentation includes certain forward-looking information, including future-oriented financial information or financial outlook, which is intended to help current and potential investors understand management’s assessment of our future plans and financial outlook, and our future prospects overall. Statements that are forward-looking are based on certain assumptions and on what we know and expect today and generally include words like anticipate, expect, believe, may, will, should, could, estimate, forecast, outlook, target, plan, intend, guidance or other similar words. Our forward-looking information in this presentation includes, but is not limited to, statements related to: expectations with respect to our 2026 and 2027 comparable EBITDA outlooks, including revisions to previously disclosed guidance and the key drivers thereof, our 2031 comparable EBITDA outlook and the expected range thereof, and the expected five-year comparable EBITDA compound annual growth rate from 2026 to 2031, comparable earnings in total and per common share, including our expectation of 2026 comparable EPS, and the sources and drivers thereof, expectations with respect to dividend growth, expectations with respect to anticipated capital expenditures and net capital expenditures, including expected net capital expenditures outlooks and expected spend run-rates, expectations with respect to our current and future funding capacity and the drivers thereof, including the expected incremental funding capacity associated with comparable EBITDA growth, cost savings from artificial intelligence (AI) and innovation initiatives and Bruce Power, expectations with respect to identified, approved and future projects, and associated capital expenditures, build multiples, weighted average unlevered after-tax internal rates of return, contractual underpinnings, timelines, in-service dates, and outcomes, expectations with respect to the approximate value of projects pending approval and opportunities in origination, and our ability to convert such opportunities into sanctioned projects, including our 2027 project announcement and capital sanctioning target, expectations with respect to completed projects and transactions, and expected impacts thereof, expectations regarding benefit-sharing or cost-sharing arrangements in respect of our power generation assets, expectations on rate case settlements, including FERC approval of the GTN Stipulation and Agreement of Settlement, the Columbia Gas settlement and anticipated rate increases thereunder, and timing of approved settlement terms, expectations with respect to the impact of legislative, regulatory and policy developments, including expected reductions in project timelines, expectations with respect to the approximate value of projects to be placed in service, expectations with respect to our AI initiatives, including our AI-driven comparable EBITDA goals, expectations with respect to our strategic priorities, and the execution thereof, expectation on the value of and risk profile of our incremental growth projects, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expectations regarding financial ratio targets such as debt-to-EBITDA, expectations with respect to our debt portfolio and debt maturities, expectations with respect to our environmental and sustainability targets, including our methane emissions intensity reduction target, expectations about energy demand levels and drivers thereof, including expected growth in natural gas demand and power demand, and our ability to meet expected energy demand, expectations regarding the competitive positioning and long-term value contribution of specific assets and our ability to capture growth opportunities, 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 based on certain key assumptions and is subject to risks and uncertainties, including but not limited to: our ability to sanction and complete projects pending approval and to convert opportunities in origination into sanctioned projects at targeted build multiples and expected returns; our ability to execute long-term commercial contracts, including take-or-pay and capacity contracts, on acceptable terms and within expected timeframes; the timing, cost and completion of capital projects, the availability of project-level financing and access to capital markets on acceptable terms; the timing and outcome of rate case settlements and the receipt of regulatory and permitting approvals; changes in legislation, regulation and government policy; growth in natural gas and power demand; the operational performance and availability of our assets; our ability to realize expected cost savings and earnings contributions from AI and other innovation initiatives; our ability to maintain credit ratings and financial ratios consistent with our targets; foreign exchange rates, interest rates, tax rates and inflation; and industry, market, economic and trade conditions over the five-year outlook period. 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. This presentation refers to certain non-GAAP measures, non-GAAP ratios and/or supplementary financial measures, namely: comparable EBITDA, adjusted comparable EBITDA, comparable EBITDA CAGR, comparable earnings, comparable earnings per share, adjusted debt, debt-to-EBITDA, build multiple, net capital expenditures and weighted average after-tax internal rate of return (ATIRR), each of which does not have any standardized meaning as prescribed by U.S. GAAP and therefore may not be comparable to similar measures presented by other entities. The most directly comparable measures presented in the financial statements are: (i) in respect of comparable EBITDA and adjusted comparable EBITDA, segmented earnings, (ii) in respect of comparable earnings and comparable earnings per common share (EPS), net income (loss) attributable to common shares and net income (loss) per share, respectively and (iii) in respect of adjusted debt, debt. Comparable EBITDA CAGR represents the compound annual growth rate in comparable EBITDA over the applicable period, calculated using beginning-period and ending-period comparable EBITDA. Debt-to-EBITDA is a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. Build multiple is a non-GAAP ratio which is calculated using capital expenditures and comparable EBITDA, of which comparable EBITDA is a non-GAAP measure. We believe debt-to- EBITDA ratios provide investors with a useful credit measure as they reflect our ability to service our debt and other long-term commitments. We believe build multiple provides investors with a useful measure to evaluate capital projects. For reconciliations and usefulness of comparable EBITDA to segmented earnings, comparable earnings to net income (loss) attributable to common shares and comparable earnings per share to net income per common share, refer to the applicable business segment in our management’s discussion and analysis (MD&A) for the applicable period, which sections are incorporated by reference herein and to the Appendices hereto. For composition and usefulness of net capital expenditures refer to the supplementary financial measures section in our MD&A for the applicable period, which sections are incorporated by reference herein and to the Appendices hereto. For the remaining reconciliations for non-GAAP measures, non-GAAP ratios and supplementary financial measures, refer to the Appendices hereto. 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, which section of the MD&A is incorporated by reference. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile. The presentation further refers to net capital expenditures and weighted average ATIRR, each of which are supplementary financial measures. 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. ATIRR represents the expected compound annual return of a project or investment, and prior to any assumption of debt and/or equity financing. Weighted average ATIRR is calculated across all projects based on each project’s capital expenditures. We believe weighted average ATIRR and ATIRR are useful measures to evaluate expected project returns relative to established hurdle rates and/or alternative projects being considered for capital allocation purposes. This presentation contains statistical data, market research and industry forecasts that were obtained from third-party sources, industry publications and publicly available information. We believe that the market and industry data presented throughout this presentation is accurate and, with respect to data prepared by us or on our behalf, that our estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market and industry data presented throughout this presentation is not guaranteed and we make no representation as to the accuracy of such information. Although we believe it to be reliable, we have not independently verified any of the data from third-party sources referred to in this presentation or analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying economic and other assumptions relied upon by such sources and we make no representation as to the accuracy of such data. Actual outcomes may vary materially from those forecast in such reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. Market and industry data is subject to variations and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L 3
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Q 3 2 0 2 6 | T C E N E R G Y François Poirier President and Chief Executive Officer T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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S I N C E 1 9 5 1 Celebrating 75 years of delivering essential infrastructure Unrivalled geographical diversification and market reach Unwavering focus on natural gas Uniquely positioned at the intersection of natural gas and power growth 5 T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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One-of-one asset portfolio Natural gas and power infrastructure across Canada, the U.S. and Mexico C A N A D I A N N A T U R A L G A S P I P E L I N E S | ~34% COMPARABLE EBITDA(1) 35 Bcf/d installed capacity · 41,000 km (25,500 miles) of pipe 25.3 Bcf/d 2025 avg. deliveries (+6% YoY) ~80% of WCSB production transported by NGTL U . S . N A T U R A L G A S P I P E L I N E S | ~45% COMPARABLE EBITDA 47 Bcf/d installed capacity · 49,600 km (30,800 miles) of pipe 28.1 Bcf/d 2025 avg. deliveries (+4% YoY) 532 Bcf working gas storage M E X I C O N A T U R A L G A S P I P E L I N E S | ~12% COMPARABLE EBITDA 9.2 Bcf/d installed capacity · 3,600 km (2,200 miles) of pipe 3.2 Bcf/d 2025 avg. deliveries (+5% YoY) 1.5 Bcf/d average deliveries in support of natural gas-fired generation (+4% YoY) P O W E R A N D E N E R G Y S O L U T I O N S | ~9% COMPARABLE EBITDA >4,600 MW generating capacity(2) 48.3% equity ownership in Bruce Power (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. Segment breakdown based on 2025 comparable EBITDA. (2) Our share of generation capacity. 118 Bcf owned/operated non-regulated gas storage T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L 6
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Incumbency creates opportunity. Culture and strategy deliver value. O U R C U L T U R E Sets the foundation Safety in every step Personal accountability One team Active learning O U R S T R A T E G I C P R I O R I T I E S Focus our execution Maximize the value of our assets Execute our selective portfolio of growth projects Ensure financial strength and agility O U R V A L U E P R O P O S I T I O N Delivers for investors Solid growth Low risk Repeatable performance T R U S T E D L E A D E R I N N O R T H A M E R I C A N E N E R G Y 7 T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Delivering on our commitments: our strategy is working O P T I M I Z E & D E L E V E R A G E Debt-to-EBITDA(2) on track to 4.55–4.60x by end of 2026 Met or exceeded comparable EBITDA (2) outlook every year since 2021 ~$8 billion in debt reduction in 2024 Financial strength & flexibility S I M P L I F Y & G R O W Pure-play natural gas and power: South Bow spinoff completed in 2024 Structurally integrated natural gas business across technical, safety, and project groups Low-risk, executable growth at above-average returns D E L I V E R V A L U E T H R O U G H P R O J E C T E X E C U T I O N De-risked project definition: mature project design and estimates Execution excellence drives competitive advantage 8 Assembly-line growth: repeatable in-corridor expansions (1) Total shareholder return calculated from Jan. 1, 2024 to Oct. 30, 2026. Assumed reinvestment of dividends on ex-dividend date. South Bow spinoff reflected as a $5.81 per share distribution reinvested on Oct. 2, 2024. (2) Debt-to-EBITDA is a non-GAAP ratio calculated using adjusted debt and adjusted comparable EBITDA. Represents comparable EBITDA from continuing operations. Comparable EBITDA is a non-GAAP measure. Non-GAAP measures and ratios do not have any standardized meaning under U.S. GAAP and may not be comparable to similar measures presented by other companies. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. Total shareholder return(1) Earlier stakeholder engagement: risks identified and addressed earlier Competitive procurement: leveraging scale and contractor relationships 118% 84% T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L 2024 2025 2026 TC Energy Peer average
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Repeatable growth with proven results Financial strength, a high-graded project pipeline and repeatable shareholder value F I N A N C I A L C A P A C I T Y H I G H- G R A D E D P R O J E C T P I P E L I N E Rising returns on sanctioned projects Weighted average unlevered after-tax IRR(1) of growth projects sanctioned by year(2) O R G A N I Z A T I O N A L C A P A C I T Y A N D I N N O V A T I O N Execution results that scale Projects in development(3) are on or ahead of schedule 0 2 4 6 8 10 12 2020 2021 2022 2023 2024 2025 2026 YTD 3.5x 4.0x 4.5x 5.0x 5.5x 5 6 7 8 9 10 11 12$Billions 2022 2023 2024 2025 2026E Debt-to-EBITDA(1) Comparable EBITDA(1) from continuing operations 9% CAGR 4.55–4.60x 9 Debt-to-EBITDA (1) Comparable EBITDA is a non-GAAP measure. Debt-to-EBITDA is a non-GAAP ratio calculated using adjusted debt and adjusted comparable EBITDA. Unlevered after-tax internal rate of return (IRR) is a supplementary financial measure. Non-GAAP measures and ratios do not have any standardized meaning under U.S. GAAP and may not be comparable to similar measures presented by other companies. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. (2) 2025 ATIRR includes metrics for projects upsized in 2025 and excludes Bruce Power 3A. 2026 excludes CGL Phase 2 and American Midwest project. (3) Recently sanctioned or in construction. % >10% Cumulative under budget on projects placed in service since 2025 – 2026 YTD >95% $100 million 2026 optimization & AI-driven comparable EBITDA target: on track to achieve T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L 12% 8%
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Fundamental and policy tailwinds across all three jurisdictions Constructive policy momentum is enabling our growth opportunities C A N A D A +8 Bcf/d 2025–2035(1) U . S . +38 Bcf/d 2025–2035(1) M E X I C O +5 Bcf/d 2025–2035(1) 10 (1) TC Energy internal data and forecast 2026. (2) Second quarter 2026 government presentations on power sector, reflecting 2025-2030 in service of CFE projects from public tenders. Bill C-5 – streamline national interest projects Expedited government support and funding for nuclear expansion N E W S I N C E Q 3 2 0 2 5 U P D A T E : Bill C-39 → 1-2 years faster project timelines Proposed Productivity Mega Deduction Canada–Alberta MOU Powering Canada Strong Regulatory clarity from PHMSA & EPA Streamlining at FERC Tax certainty with One Big Beautiful Bill NEPA scope of review clarifications Cross-Border Energy Infrastructure Act Plan México 2030 CFE-aligned contracts to 2055, public/private partnership-aligned policy Government energy strategy signals a long-term commitment to natural gas Canada Nuclear Energy Strategy Bipartisan American Affordability & Jobs Act Sanctioned LNG Canada Phase 2 Decree for Immediate Authorizations of Investments → expedited federal permitting Good Neighbor Plan stayed pending litigation → >US$500 million of potential multi-year compliance costs deferred 10 GW new generation capacity from natural gas plants(2) → ~75% supported by TC Energy LNG Canada Phase 2 added to Major Projects list T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Source: TC Energy internal data and forecast 2026 unless otherwise specified. (1) Ontario IESO, Pathways to Decarbonization Report; Pathway Scenario – Installed Capacity in 2050. +0.5 Bcf/d from power demand growth (2025-2035) +9 Bcf/d from power demand growth (2025-2035) Pathway scenario - Ontario’s installed capacity in 2050(1) 8.7 26.517.8 0 20 40 60 80 100 Capacity remaining in 2050 Total capacity in 2050 19.6 68.8 88.4 GW 3X Installed nuclear capacity Nuclear Other sources North American power generation needs are accelerating TC Energy holds leadership positions in multiple top power growth markets N A T U R A L G A S - F I R E D P O W E R D E M A N D ~70% of forecast natural gas power demand growth to come from U.S. Heartland, Alberta, and Mexico (2025–2035) O N T A R I O N U C L E A R ~18 GW new nuclear capacity required by 2050 to meet long-term sustainability and energy goals(1) 11 Key jurisdictions with natural gas growth from power demand Key jurisdiction with nuclear power growth +1.6 Bcf/d from power demand growth (2025-2035) T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L 0 2,000 4,000 6,000 8,000 2015 2025 2035 Natural Gas Other North American power generation +83% Gas-fired power generation TWh
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Monetizing the intersection of molecules and electrons Significantly expanded backlog as a result of adding power generation opportunities N E T C A P I T A L E X P E N D I T U R E S( 1 , 2 ) ~$30 billion I N O R I G I N A T I O N P R O J E C T S( 2 ) $40+ billion B Y S T A T U S Sanctioned ~$24 billion Pending ~$6 billion B Y S E G M E N T Natural gas ~$25 billion P&ES(3) ~$5 billion B Y S T R A T E G I C G R O W T H P I L L A R Power generation ~50% Other⁽4⁾ ~50% T O T A L In origination $40+ billion B Y S E G M E N T Natural gas $25+ billion P&ES $15+ billion B Y S T R A T E G I C G R O W T H P I L L A R Power generation ~80% Other(4) ~20% T W O- T H I R D S O F P R O J E C T F U N N E L T I E D T O S E R V I N G P O W E R D E M A N D (1) Reflects sanctioned and pending net capital spend 2027-2031. (2) Reflects Net capital expenditures. Net capital expenditures is adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. (3) Power and Energy Solutions (4) Maintenance/modernization, supply access, LDC energy reliability, next wave LNG and other. 12 T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Converting demand into high-return growth Enabling repeatable growth in line with risk-return preferences P L A C E D I N S E R V I C E ~$2.5 billion placed in service year-to-date P R O J E C T A N N O U N C E M E N T S ~$6 billion sanctioned year-to-date P E N D I N G A P P R O V A L ~$6 billion of projects in pending approval I N O R I G I N AT I O N $40+ billion of additional projects in origination Bruce Power Unit 3 MCR Berland River Leming Lake Bison XPress Gillis Access – Extension Other capital projects Crossroads Expansion American Midwest Project Central Virginia Capacity Appalachia Supply Project Coastal GasLink Phase 2 MYGP(1) expansion facilities Other capital projects ~$3.4 billion expected to be placed in service in 2026 ~12% weighted average ATIRR(2) ~ $ 3 B I L L I O N O F C A P I TA L S A N C T I O N E D I N Q 3 2 0 2 6 (1) Multi-year Growth Plan - comprised of multiple distinct programs with various targeted in-service dates beginning in 2026, subject to final company and regulatory approvals. (2) Unlevered after-tax internal rate of return is a supplementary financial measure. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. Excludes CGL Phase 2 and American Midwest project. 2 0 2 7 S T R AT E G I C P R I O R I T Y ~$8 billion of additional project announcements targeted Continues to fill unallocated capital capacity, delivering our longer-term growth outlook 13 ANR Optimization T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Extending to a five-year growth outlook Visible growth in comparable EBITDA and dividends, with a disciplined balance sheet 5–7% COMPARABLE EBITDA(1) CAGR 2026E–2031E D I V I D E N D 3%–5% Dividend growth B A L A N C E S H E E T <4.75x Debt-to-EBITDA(1) 14 Note: Forecast foreign exchange assumption USD/CAD: 1.38-1.40. (1) Comparable EBITDA is a non-GAAP measure. Comparable EBITDA CAGR represents the compound annual growth rate in comparable EBITDA over the applicable period, calculated using beginning-period and ending-period comparable EBITDA. Debt-to-EBITDA is a non-GAAP ratio calculated using adjusted debt and adjusted comparable EBITDA. Non-GAAP measures and ratios do not have any standardized meaning under U.S. GAAP and may not be comparable to similar measures presented by other companies. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. Deep in origination pipeline to monetize our molecule and electron advantage T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Q 3 2 0 2 6 | T C E N E R G Y Tina Faraca Executive Vice-President and Chief Operating Officer, Natural Gas Pipelines T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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NGTL: Berland in service early (400 MMcf/d) CGL: Phase 2 sanctioned Mainline: net income +8% YoY on incentive earnings Iroquois: short- term contracts and weather-driven sales Columbia Gas: +5% YoY comparable EBITDA on settlement rates ANR: +72% YoY comparable EBITDA (1) on new contracting and higher utilization Columbia Gulf: +10% YoY comparable EBITDA on new projects, lower O&M Mexico pipelines: 1.5 Bcf/d supply to power plants in Q3 2026 GTN: settlement filed in October Our natural gas business is built to outperform Outperformance is driven by contracting, settlement outcomes, execution and efficiency C A N A D A Incentive-based settlements unlock upside Win-win settlement structures let us share in outperformance Higher discretionary revenue on the Mainline turns into earnings Early in-service grows rate base sooner U . S . Commercial strength across the network New contracting/recontracting as customer needs change Storage captures value from volatility Cost discipline across our major systems M E X I C O Contracted stability Assets delivering as contracted Strong availability and operating discipline 8 Win-win settlements reached since 2024 10 Asset flow records set year-to-date 16 (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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U N M A T C H E D C O N N E C T I V I T Y Supply diversity at scale >60% of 2035 North American supply from TC Energy-connected basins(1) Nearly 30% of Appalachian natural gas moved by TC Energy ~80% of WCSB natural gas moved by TC Energy 200+ utility connections on ANR Only footprint to directly link four basins to the Midwest B U I L T - I N R E L I A B I L I T Y Delivering on peak days 532 Bcf of U.S. storage, one of the largest in the U.S. 1.5–2.0x Midwest peak-to-average LDC demand drives short-term contracting upside 39.9 Bcf U.S. all-time daily delivery record 50+ GW U.S. power projects in origination 21 17 (1) TC Energy internal data and forecast 2026. WCSB Appalachia Haynesville Bakken P O S I T I O N E D T O W I N T H E N E X T W A V E O F D E M A N D Market reach supports energy needs across all sectors: LDC, power, industrial and LNG 3 +20 Bcf/d U.S. Heartland growth in natural gas demand by 2035(1) +~40% U.S. Heartland growth in natural gas demand by 2035(1) Competitive advantages and strategic drivers An irreplaceable network advantage that converts demand growth into commercial wins T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L U.S. Heartland demand region Key supply basin
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Columbia Gas (“TCO”): strategic corridors for repeatable growth Where supply, storage, liquid trading and growth corridors meet: a strong foundation to extend TCO’s reach across our network P I P E L I N E S P O W E R & D A T A Coal operating Nat. gas operating Nat. gas planned Data centre (ann./UC) O T H E R W H Y T C E N E R G Y C A N W I N Largest low-cost supply ~20% of Appalachia production moves on TCO; direct connect to North America’s largest basin Liquidity & network effects TCO pool is a key trading hub with established pricing, connectivity and counterparties Storage & deliverability ~285 Bcf of working natural gas storage capacity supports peak-day reliability Leading regional footprint Columbia Gas’ footprint spans more than 11,500 miles, dating back to the 1930s TC Energy internal data and forecast 2026; Enverus (announced and under construction data centres); U.S. EIA; Number icons and arrows for illustrative purposes only. Columbia Gas (TCO) Columbia Gulf ANR Third-party pipelines Crossroads 18 1 2 3 GULF COASTMID-ATLANTICOHIO Access to power and LNG demand centers along the Columbia Gulf corridor Structurally short; growth for new power generation requirements Strong concentration of supply access and demand growth MULTIPLE MARKET PATHWAYS 4 MIDWEST Strong electricity demand via data centres and coal retirements 3 1 2 Crossroads Columbia Gulf ANR Columbia Gas 4 Cove Point LNG Marcellus Shale TC Energy storage U P S I Z I N G T A R G E T: Appalachia Supply Project 0.8 → 2.0 Bcf/d via compression upgrades T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Midwest Corridor: fundamentals signal future growth potential Growth supported by regional reliability, demand diversity, and multi-basin supply optionality 19Source: TC Energy internal data and forecast 2026; Enverus (announced and under construction data centres); U.S. EIA. (1) Top 25 LDC customers by revenue on ANR Pipeline, ANR Storage, Great Lakes, Crossroads, and Northern Border, by parent company. (2) Average annual natural gas demand growth across IN, IL, IA. P I P E L I N E S TC Energy Third-party pipelines P O W E R P L A N T S Coal operating Nat. gas operating Nat. gas planned O T H E R Data centre (ann./UC) S U P P L Y WCSB, Bakken ANR Crossroads S U P P L Y Midcon Northern Border S U P P L Y Appalachia Basin Columbia Gas Great Lakes Columbia Gulf W H Y T C E N E R G Y W I N S Supply diversity Our footprint delivers gas from Appalachia, Bakken, WCSB and Midcon Integrated systems TC Energy operates 247 Bcf of storage off ANR and Great Lakes Deep customer relationships 30+ year relationships with top 25 LDC shippers in area(1) Access to premium markets Network reaches Chicago, Ventura and surrounding areas TC Energy storage M A R K E T O P P O R T U N I T Y >20% +1.5 Bcf/d corridor gas demand growth to 2035(2) Driven by electricity demand, data centers and coal retirements ~2x Midwest peak-to-average demand, among the highest (U.S. average: 1.6x) Provides short-term contracting opportunities with commercial upside D E M A N D G R O W T H P E A K D A Y R E L I A B I L I T Y T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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B E N E F I T S F O R T C E N E R G Y Midwest growth platform Links our systems to growing Midwest demand B E N E F I T S F O R C U S T O M E R S Crossroads Expansion and American Midwest Project One expansion creates the next: an integrated Midwest growth platform with room to grow XRDS = Crossroads; NBPL = Northern Border Pipeline; TCO = Columbia Gas Transmission (1) TC Energy share of equity contributions; total project cost ~US$0.4B. (2) Capacity figures are not additive. (3) Build multiple reflect both projects combined. Build multiple is a metric calculated by dividing expected capital expenditures by expected comparable EBITDA, which is a non-GAAP measure. Non-GAAP measures do not have any standardized meaning under GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. 20 SANCTIONED Crossroads Expansion 1.4 Bcf/d expansion and extension of XRDS SANCTIONED American Midwest 1.0 Bcf/d extension of NBPL NEXT IN ORIGINATION Future build Upstream or downstream future expansions 1 2 3 P R O J E C T S A T A G L A N C E C R O S S R O A D S E X P A N S I O N A M E R I C A N M I D W E S T ~US$1.8B C A P I T A L C O S T ~US$0.1B(1) C A P A C I T Y( 2 ) 1.4 Bcf/d 1.0 Bcf/d A L L T O G E T H E R BUILD MULTIPLE ~6.0x(3) IN -SERVICE 2030E CONTRACT TERMS 20-year take-or-pay One operator Fewer tolls from supply to market Supply diversity Integrated storage for peak days T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L C A P A C I T Y( 2 ) C A P I T A L C O S T
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Coastal GasLink (“CGL”) Phase 2 Captured West Coast LNG growth: a compression-only expansion that doubles CGL capacity Wilde Lake compressor station P R O J E C T A T A G L A N C E C A P A C I T Y 2.1 → ~4.5(1) Bcf/d (~2x) S C O P E 5 additional compressor stations T C E N E R G Y O W N E R S H I P 35% C O N T R A C T 100% take-or-pay H O W I T ' S D E - R I S K E D 21 Capped capital & liability LNG Canada leads execution; CGL advises TC Energy/CGL remains operator and permit holder Lower risk: compression only; permitted sites (1) 0.4 Bcf/d attributed to the Cedar Link project. T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Efficient conversion, durable value Every milestone builds conviction and decades of contracted value S T E P 0 1 Scope & design Right-size with customers to optimize and upsize capacity S T E P 0 2 Contract with quality counterparties Securing long-term, high-quality customer contracts Sanctioning when returns are underpinned S T E P 0 3 Allocate capital with discipline Deploy capital toward the highest risk-adjusted returns Targeting ~5–7x build multiples(1) S T E P 0 4 Engage communities & regulators Indigenous, stakeholder and permitting work de-risks on-time, on-budget delivery R E S U L T S ~80% Upsized Natural gas capital sanctioned YTD De-risked delivery Disciplined development supports execution 22 Route, facilities and cost estimates refined to high confidence before sanctioning ~$3 billion Sanctioned Natural gas capital since Q2 2026 (1) Build multiple is a metric calculated by dividing expected capital expenditures by expected comparable EBITDA, which is a non-GAAP measure. Non-GAAP measures do not have any standardized meaning under GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L PROJECT EXECUTION
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Project Target ISD(1) Capex ($Billions) Status NGTL System 2027+ 1.0 Under budget & ahead of schedule CGL Phase 2 Expansion 2030+ 0.2 New project announcement Cedar Link 2028 0.1 Under budget & ahead of schedule Heartland project 2027 US 0.9 On budget & schedule Northwoods project 2029 US 0.9 On budget & schedule Pulaski, Maysville and Clark projects 2028–2029 US 0.9 On budget & schedule Central Virginia Capacity project 2028–2030 US 0.3 On budget & schedule Crossroads Expansion project 2030 US 1.8 New project announcement American Midwest project 2030 US 0.1 New project announcement Appalachia Supply project 2030 US 1.5 On budget & schedule SE Virginia Energy Storage project 2030 US 0.3 On budget & schedule Bruce Power – Unit 4 MCR 2027 0.9 Under budget & ahead of schedule Bruce Power – Unit 5 MCR 2030 1.1 Outage commenced November 2026 CGL Phase 2 Cedar Link Multi-Year Growth Plan expansion Heartland project Northwoods project Appalachia Supply project Central Virginia Capacity SE Virginia Energy Storage Pulaski project Maysville project Clark project U.S. portfolio weighted-average build multiple(2) of 6.3x Project sanctions validate our strategy On-track delivery with continued backlog growth TCO Optimization Note: project locations shown for illustrative purposes. (1) In-service date (2) Weighted average build multiple is calculated across all projects based on each project's capital expenditures. Build multiple is a metric calculated by dividing expected capital expenditures by expected comparable EBITDA, which is a non-GAAP measure. Non-GAAP measures do not have any standardized meaning under GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. (3) Recently sanctioned or in construction. Bruce Power MCR T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L American Midwest project Crossroads Expansion project Under budget (Natural gas projects)~5% 23 >95% On or ahead of schedule Projects in development(3)
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Optimizing our work through active learning AI tools are now part of how our teams work every day 24 A I P I L L A R S Diversified AI pipeline 01 Market and capacity optimization 02 Reliability, integrity & efficiency 03 Supply chain efficiency 04 Safety and enterprise effectiveness T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Greg Grant Executive Vice-President and President, Power and Energy Solutions T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L Q 3 2 0 2 6 | T C E N E R G Y
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vPower demand growth meets proven execution Complementary solutions across power and natural gas create a differentiated growth platform >4,600 MW Generation capacity(1) 118 Bcf Non-regulated natural gas storage 26 C A N A D I A N E L E C T R I C I T Y O U T L O O K ~2x Electricity supply required by 2050(2) >$1 trillion Electricity infrastructure investment required by 2050(2) P R O V E N E X E C U T I O N & O P E R A T I O N S Unlocks an attractive power growth platform C O G E N E R A T I O N 25 years Power generation experience 100% Peak price availability year-to-date 0.5% Forced outage rate year-to-date N U C L E A R ~50 years Safe, reliable operations at Bruce Power 99% Post-MCR unit availability(4) 0.7% Forced outage rate year-to-date C A N A D I A N F O O T P R I N T ~4,300 MW Generation capacity(1) ~41,000 km Natural gas pipelines 118 Bcf Natural gas storage P O R T F O L I O O V E R V I E W (1) Our share of generation capacity. (2) Government of Canada, Powering Canada Strong: A National Strategy for an Electrified Canadian Economy, 2026. (3) Canada Energy Regulator, Canada’s Energy Future 2026, Higher Scenario. (4) Reflects Unit 6 and Unit 3 performance. ~25% electricity demand growth by 2050 from data centres(3) Unregulated natural gas storage Nuclear power generation Natural gas power generation Wind power generation Solar power generation T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Power opportunities aligned with our risk-return preferences Accelerating power demand is unlocking a growing pipeline of investment opportunities S T E P 0 1 Large loads secure dedicated power Bring-your-own-power requirements are emerging across jurisdictions Speed and reliability are increasingly critical to development S T E P 0 2 Secure attractive commercial structures Low counterparty risk: creditworthy counterparties Dedicated supply creates greater revenue visibility S T E P 0 3 Deploy capital selectively Earn a return on and of capital through infrastructure-like structuresLimited merchant and commodity exposure S T E P 0 4 W H Y I T F I T S RETURN On and of capital ✓ LOW RISK Selective capital deployment 27 Demand growth spans all sources Canadian electricity demand is expected to increase nearly 120% by 2050(1) Multiple reinforcing demand drivers: data centres, electrification, transportation, industrial activity and residential/commercial load(1) (1) Government of Canada, Powering Canada Strong: A National Strategy for an Electrified Canadian Economy. Net Zero scenario. Leveraging our natural gas footprint T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L High-quality cash flows CONTRACTED
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0.0 0.5 1.0 1.5 2.0 2.5 2020 2026E 2030E 2032E 2035E Innovation and execution excellence expanding financial capacity Execution on the Bruce Power MCR program is translating into stronger financial performance L E A R N I N G C U R V EPerformance Time Unit 3 MCR Robotic tooling pioneered 15% cost reduction; completed 7 months ahead of original IESO schedule Unit 4 MCR → Tracking ahead of schedule & under budget Unit 5 MCR Unit 7 MCR Unit 8 MCR U N I T 4 M C R World record 20 calandria tubes installed in a 24-hour period 25 days saved on installation vs. Unit 3 Unit 6 MCR Completed ahead of schedule & on budget 28 Chart for illustrative purposes only. B R U C E P O W E R F I N A N C I A L F O R E C A S T( 1 ) Capital investment Distributions $Billions (1) Reflects TC Energy’s 48.3% ownership interest. investment capacity for TC Energy unlocked starting in the early 2030s $2–3 billion/year T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Multiple pathways to capture meaningful power growth Proven execution and operations underpin a multi-decade power growth platform In-flight: Project 2030 M A X I M I Z I N G E X I S T I N G I N F R A S T R U C T U R E ~7,000 MW B R U C E P O W E R S I T E N E T P E A K G O A L Potential new build: Bruce C S T A G E D , D E - R I S K E D D E V E L O P M E N T ~$435 million P R E - D E V E L O P M E N T F U N D I N G U P T O 4,800 MW P O T E N T I A L C A P A C I T Y 29 Bruce Power growthPower & Energy Solutions in origination growth opportunities T O T A L O P P O R T U N I T Y ~$15+ billion P O T E N T I A L C A P A C I T Y ~3.5 GW P R O J E C T S W I T H C O N T R A C T E D R A T E S 100% C A P I T A L G E N E R A T I N G E B I T D A S T A R T I N G B E F O R E 2 0 3 1 ~80% O N T C E N E R G Y N A T U R A L G A S F O O T P R I N T (1) ~80% C O N T R A C T D U R A T I O N 10–25 years 3% output increase(2) S T A G E 3 A (1) Reflective of projects with the potential future opportunity to connect to TC Energy’s natural gas pipeline system. (2) Regulator approved increase per unit in first planned outage after MCR completed. T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Sean O'Donnell Executive Vice-President and Chief Financial Officer T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L Q 3 2 0 2 6 | T C E N E R G Y
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Quarterly results dashboard Strong operational performance driving double-digit growth across key metrics Q 3 2 0 2 6 C O M P A R A B L E E B I T D A(1) $3.0B +13% vs. Q3 2025 Q 3 2 0 2 6 C O M P A R A B L E E P S(1) $0.94 +22% vs. Q3 2025 Y T D 2 0 2 6 C O M P A R A B L E E B I T D A $9.0B +13% vs. 2025 Y T D 2 0 2 6 C O M P A R A B L E E P S $2.88 +14% vs. 2025 Comparable EBITDA $Millions 2,654 +40 +184 +30 +94 +2 3,004 Q3 2025 Canadian Natural Gas Pipelines U.S. Natural Gas Pipelines Mexico Natural Gas Pipelines Power and Energy Solutions Corporate Q3 2026 +13% +17% vs. Q3 2025 (1) Comparable EBITDA and comparable earnings per share are non-GAAP measures. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. +35% vs. Q3 2025 31 T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Raising our 2026 and 2027 outlook Strong execution supports continued outperformance 2026 comparable EBITDA(1) outlook $Billions Canadian Natural Gas Pipelines U.S. Natural Gas Pipelines Mexico Natural Gas Pipelines Power and Energy Solutions Original 2026E (2023 Investor Day) Previous 2026E (2025 Q3) New 2026E outlook 11.2 – 11.5 11.6 – 11.8 11.8 – 12.0 Canadian Natural Gas Pipelines U.S. Natural Gas Pipelines Mexico Natural Gas Pipelines Power and Energy Solutions Original 2027E (2024 Investor Day) New 2027E outlook 11.7 – 11.9 12.3 – 12.5 2027 comparable EBITDA outlook $Billions K E Y D R I V E R S O F O U T P E R F O R M A N C E Note: Current forecast foreign exchange assumption USD/CAD: 1.38. (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. 32 Asset availability Commercial innovation Project execution AI initiatives T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Demonstrating capital backlog conversion Net capital expenditures(1) by segment and status, 2027–2031 Net capital expenditures $Billions Canadian Natural Gas Pipelines U.S. Natural Gas Pipelines Mexico Natural Gas Pipelines Power and Energy Solutions Pending approval In origination(2) Backlog conversion Pending and in origination capital converts to secured capital over time 33Note: Forecast foreign exchange assumption USD/CAD: 1.38-1.40. (1) Net capital expenditures is adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. (2) Represents most advanced in origination projects. 0 2 4 6 8 10 12 14 16 2027E 2028E 2029E 2030E 2031E S E C U R E D C A P I T A L U N A L L O C A T E D C A P I T A L B A C K L O G T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Five-year 5–7% compound annual growth outlook Low end of outlook underpinned by sanctioned and pending approval projects and business optimization ~$11.8–$12.0 billion ~5% ~6% ~7% 2026E Sanctioned + pending approval & optimization 2031E $Billions Deliverable across the range while adhering to our debt-to-EBITDA(1) target of 4.75x 34 $8–10 billion net capital spend run-rate 2029–2031 Revenue enhancements and rate case outcomes Regulatory & permitting environment e.g., faster timelines via Bill C-39 Project performance cost and schedule Technological innovations including AI-enabled solutions Commercial marketing between natural gas and power Capacity & operational efficiencies across our asset base Foreign exchange USD/CAD and USD/MXN movements Comparable EBITDA(1) outlook waterfall Note: Forecast foreign exchange assumption USD/CAD: 1.38–1.40. (1) Comparable EBITDA is a non-GAAP measure. Debt-to-EBITDA is a non-GAAP ratio calculated using adjusted debt and adjusted comparable EBITDA. Non-GAAP measures and ratios do not have any standardized meaning under U.S. GAAP and may not be comparable to similar measures presented by other companies. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. ~5% growth ~6% growth ~7% growth H E A D W I N D S / T A I L W I N D S T O C O M P A R A B L E E B I T D A T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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Funding generational growth Growing our funding capacity within disciplined capital guardrails C A P A C I T Y G R O W T H D R I V E R S EBITDA growth Every $500 million of EBITDA growth adds ~$2.4 billion of funding capacity AI & innovation Every $100 million of value-added drives ~$0.5 billion of funding capacity Bruce Power Adding long-term funding capacity starting in the early 2030s F U T U R E F U N D I N G C A P A C I T Y (2029–2031) $8–10 billion / year N E T C A P E X G U A R D R A I L S Disciplined capital allocation 01 Project execution excellence 02 Compelling risk- adjusted returns 03 Balance sheet strength T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L 35
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T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L Solid growth, low risk and best positioned for the natural gas & power growth wave Purest-play midstream name on natural gas and power exposure 9%98% of comparable EBITDA(1) from rate regulated assets or long-term take-or-pay contracts #1 91% Natural gas transmission comparable EBITDA(1) exposure 36 45.4% 2025–2026 YTD (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. TC Energy comparable EBITDA segment breakdown based on 2025 results. (2) Company reports and internal analysis. (3) Total shareholder return calculated from Jan. 1, 2025 to Oct. 30, 2026. Assumed reinvestment of dividends on ex-dividend date. (4) S&P business risk profile as of Oct. 30, 2026. Tied #1 #1 Power generation comparable EBITDA(1) exposure P e e r a v e r a g e ( 2 ) ~57% P e e r a v e r a g e ( 2 ) ~34% C l o s e s t p e e r ( 2 ) ~3% T O T A L S H A R E H O L D E R R E T U R N( 3 ) P e e r a v e r a g e 30.8% B U S I N E S S R I S K P R O F I L E( 4 ) Excellent C R E D I T R A T I N G BBB+
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A premium value proposition built for the opportunity ahead Stable, visible, proven and ready for the natural gas and power growth wave S T A B L E Resilient, contracted cash flows 98% of comparable EBITDA(1) from rate-regulated or take-or-pay Investment-grade customers in every jurisdiction 26 consecutive years of dividend growth V I S I B L E A clear path to growth 5–7% comparable EBITDA CAGR 2026–2031 ~$6 billion of projects pending approval More than $40 billion in origination P R O V E N A repeatable execution track record ~$11 billion of assets placed into service 2025–2026 YTD Projects >10% under budget 2025–2026 YTD Sanctioned ~$6 billion of capital YTD (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. 37 T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L
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T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L Appendix 38 0 1 G E N E R A L A P P E N D I C E S 0 2 N O N - G A A P R E C O N C I L I A T I O N S Appendix A: Modelling notes Appendix B: Debt portfolio notes Appendix C: Year-over-year comparable earnings waterfall Appendix D: Comparable EBITDA Appendix E: Net income (loss) to comparable earnings Appendix F: Adjusted debt/adjusted comparable EBITDA (debt-to-EBITDA) Appendix G: Segmented earnings and comparable EBITDA Appendix H: Unlevered after-tax internal rate of return and Weighted average unlevered after-tax internal rate of return
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T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L Appendix A: Modelling notes 39 0 1 I N T E R E S T R A T E S Debt portfolio ~80-90% fixed rate; long-term debt with average term of ~18 years to final maturity Regulatory and commercial arrangements mitigate impact of rate movements 2027 interest rate sensitivity on short-term and floating rate debt: Δ +/- 25 bps: Financial charges: ~$9 million Comparable EPS(1): ~$0.01 0 2 I N C O M E T A X Expected normalized income tax rate in the mid to high twenties Split between current and deferred oscillates in 40% – 60% band 0 3 D E P R E C I A T I O N On average represents ~2.5% of gross plant, property and equipment per annum Lever to manage return of capital based on expected economic life of assets 0 4 F O R E I G N E X C H A N G E Structurally long ~US$1.4 billion per annum after-tax income; actively hedge residual exposure over rolling 36-months 2026 comparable EPS hedged at an average rate of 1.36 2027 foreign exchange sensitivity: Δ +/- $0.01 USD/CAD: EBITDA: ~$55 million Comparable EPS: minimal impact 0 5 L E V E R A G E S E N S I T I V I T Y ( 2 0 2 7 ) ~$200 million comparable EBITDA(1) = 0.08x debt-to-EBITDA(1) ~$0.5 billion capital or debt reduction = 0.04x debt-to-EBITDA Note: As of third quarter 2026 financial results. (1) Comparable EBITDA and comparable EPS are non-GAAP measures. Debt-to-EBITDA is a non-GAAP ratio calculated using adjusted debt and adjusted comparable EBITDA. Non-GAAP measures and ratios do not have any standardized meaning under U.S. GAAP and may not be comparable to similar measures presented by other companies. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information.
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T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L Appendix B: Debt portfolio notes 40 P O R T F O L I O W E I G H T E D A V E R A G E P R E - T A X C O U P O N V S . 1 0 - Y E A R Y I E L D S D E B T M A T U R I T I E S 2027E – 2029E ( 1 ) D E B T P O R T F O L I O ( 1 ) Rate-regulated businesses have interest rate pass-through mechanisms Average term of ~18 years to final maturity of long-term debt TC Energy weighted average pre-tax coupon Average Government of Canada 10-year yield 0% 2% 4% 6% 2021 2022 2023 2024 2025 $Billions FXCAD USD Hybrid first call (USD) Hybrid first call (CAD) 2.8 6.7 4.3 83% fixed-rate debt Weighted average rate of ~5% 17% floating-rate debt Weighted average rate of ~6% (1) As of third quarter 2026 financial results. Note: Forecast foreign exchange assumption USD/CAD: 1.38. 2027 2028 20292027 2028 2029
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T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L Appendix C: Year-over-year comparable earnings waterfall 41 805 983 350 9 Comparable EBITDA(1) from continuing operations Preferred share dividends Q3 2026 -48 -35 Interest expense incl. in comparable earnings AFUDC -11 FX gains (losses), net incl. in comparable earnings -31 -43 Interest income and other incl. in comparable earnings Income tax (expense) recovery incl. in comparable earnings -13 Depreciation and amortization Q3 2025 0 +22% (1) Comparable EBITDA and comparable earnings are non-GAAP measures. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. Net (income) loss attributable to non-controlling interests incl. in comparable earnings $Millions Comparable earnings(1)
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T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L Appendix D: Non-GAAP reconciliations – Comparable EBITDA(1) 42 (1) Comparable EBITDA and comparable earnings are non-GAAP measures. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. (Millions of dollars)
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T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L Appendix E: Non-GAAP reconciliations – Net income (loss) to comparable earnings(1) 43 (Millions of dollars) (1) Comparable earnings and comparable earnings per common share are non-GAAP measures. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information.
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T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L Appendix F: Non-GAAP reconciliations – Adjusted debt/adjusted comparable EBITDA (debt-to-EBITDA) 44 Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to compute the debt-to-EBITDA multiple. Each of adjusted debt and adjusted comparable EBITDA measures does not have any standardized meaning prescribed by U.S. GAAP and therefore, may not be comparable to similar measures presented by other companies. 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.
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T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L Appendix F: Non-GAAP reconciliations – Adjusted debt/adjusted comparable EBITDA(1) (debt-to-EBITDA) 45 (Millions of dollars) (1) Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ. (2) 50 per cent debt treatment on $2.3 billion of preferred shares as of Dec. 31, 2025. (3) 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. (4) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. (5) Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of earnings in 2023.
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T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L Appendix G: Non-GAAP reconciliations – Segmented earnings and comparable EBITDA(1) 46Note: Forecast foreign exchange assumption USD/CAD: 1.38. (1) Comparable EBITDA is a non-GAAP measure. See the forward-looking information and non-GAAP/supplementary financial measures slide at the front of this presentation and the Appendix for more information. 2025 2025 2026E 2027E Segmented earnings Comparable EBITDA 8.0 11.0 11.8 – 12.0 12.3 – 12.5 Comparable EBITDA outlook $Billions
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T C E N E R G Y | T H I R D Q U A R T E R 2 0 2 6 C O N F E R E N C E C A L L Appendix H: Non-GAAP measures – Unlevered after-tax internal rate of return and Weighted average unlevered after-tax internal rate of return 47 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 equity financing. Unlevered after-tax internal rate of return may be calculated using different assumptions depending on the project or business segment. Unlevered after-tax internal rate of return is a supplementary financial measure which does not have any standardized meaning under U.S. GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. See the forward-looking information and non- GAAP measures slide at the front of the presentation for more information. Weighted average unlevered after-tax internal rate of return is calculated across all projects based on each project’s capital expenditures. We believe both Weighted average unlevered after-tax internal rate of return and Unlevered after-tax internal rate of return are useful measures to evaluate expected project returns relative to established hurdle rates and/or alternative projects being considered for capital allocation purposes.