Q2 2026 TC Energy Corp Earnings Call Transcript

Jul 30, 2026 / 12:30 PM GMT

Release Date Price: C$22

Transcript

Key Points

Positve

Comparable EBITDA grew 12% year-over-year in Q2 2026, driven by strong asset performance across all business units.
Sanctioned approximately $3 billion of growth projects year-to-date with a weighted average unlevered after-tax IRR of about 12%.
Bruce Power returned Unit 3 to service more than 7 months ahead of schedule and 15% below the cost of Unit 6, demonstrating execution excellence.
Increased the late-stage pending approval project backlog to approximately $7 billion, up from $6 billion last quarter, including the Crossroads project.
Now targeting the upper end of the 2026 comparable EBITDA outlook range of $11.6 to $11.8 billion, reflecting strong operational performance and confidence in execution plans.

Negative

The long-term regulatory and return framework for future NGTL investments in Canada remains undetermined, creating uncertainty for project underwriting.
Funding for the anticipated growth capital ramp in 2029-2030 requires a bridge solution before Bruce Power's cash flow inflection in 2031-2032.
The timing of final investment decisions (FID) on the $20 billion origination backlog remains dynamic and subject to customer and regulatory developments.
Data center development faces regional stakeholder pushback in some US states, which could slow the pace of project sanctioning.
Supply chain and contractor availability are being actively monitored, though no current issues are seen, the market could become more constrained as industry growth accelerates.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TRP.TO - TC Energy Corp
Q2 2026 TC Energy Corp Earnings Call
Jul 30, 2026 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by.

This is the conference operator.

Welcome to the TC Energy second quarter 2026 results conference call, as a reminder, all participants are in a listen-only mode, and the conference call is being recorded.

After the presentation, there will be an opportunity to ask questions.

To join the question queue, you may press than one on your telephone keypad, should you need assistance during the car then.

I would now like to turn the conference over to Mr.

Gavin Wiley, Vice President in Investor relations.

Please go ahead.

Thank you.

I'd like to welcome you to TC Energy's second quarter 2026 conference call.

Joining me are Francois

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