TCANF · TC Energy Corporation

TC Energy delivered strong first quarter 2026 operating and financial results, marked by a 14% increase in comparable EBITDA to $3.1 billion and a 10% rise in segmented earnings to $2.2 billion compared to the same period in 2025. The performance was primarily driven by the U.S. Natural Gas Pipelines and Mexico Natural Gas Pipelines segments, which benefited from higher throughput and favorable rate adjustments. The company achieved seven delivery records across its North American systems, underscoring strong operational execution and demand for natural gas transportation, particularly to LNG export facilities which saw a 12% year-over-year increase in deliveries. While GAAP net income attributable to common shares decreased to $899 million from $978 million, largely due to factors such as lower Allowance for Funds Used During Construction (AFUDC) and the absence of prior-year foreign exchange gains, comparable earnings per share increased to $0.99 from $0.95. Operationally, the company advanced key strategic initiatives, including the approval of the US$1.5 billion Appalachia Supply Project designed to serve growing power and industrial demand, and the execution of commercial agreements for the proposed Coastal GasLink Phase 2 Expansion with limited capital commitments. Management reaffirmed its 2026 financial outlook, projecting comparable EBITDA between $11.6 and $11.8 billion, supported by constructive market conditions and a robust project backlog.