Group 1 - TC Energy (NYSE/TSX: TRP) is a midstream company that has not yet been reviewed, despite a bullish outlook on the energy infrastructure sector [1] - The energy infrastructure landscape experienced a significant structural shift in 2025 [1] - The focus is on analyzing undervalued and disliked companies or industries with strong fundamentals and good cash flows, particularly in sectors like Oil & Gas and consumer goods [1] Group 2 - Energy Transfer is highlighted as a company that was previously overlooked but has shown potential for substantial returns [1] - The investment strategy emphasizes long-term value investing while also considering deal arbitrage opportunities [1] - There is a preference for businesses that are easily understandable, avoiding high-tech and certain consumer goods sectors [1]

Core Insights - TC Energy Corporation (TRP) reported fourth-quarter 2025 adjusted earnings of 70 cents per share, exceeding the Zacks Consensus Estimate of 65 cents, driven by strong performance in its Canadian, U.S., and Mexico Natural Gas Pipelines segments, although down from 75 cents in the previous year due to weaker results in the Power and Energy Solutions segment [1][9] Financial Performance - Quarterly revenues reached $3 billion, surpassing the Zacks Consensus Estimate by $55 million, but decreased by 16.9% year over year [2] - Comparable EBITDA increased to C$3 billion from C$2.6 billion in the prior year [2] - The board declared a 3.2% quarterly dividend hike to 87.75 Canadian cents per common share, translating to an annualized rate of C$3.51 [2] Segment Performance - Canadian Natural Gas Pipelines reported a comparable EBITDA of C$961 million, up 12.9% year-over-year, with deliveries averaging 27.2 billion cubic feet per day (Bcf/d), a 5% increase [3] - U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1,388 million, a 15.7% increase, with daily average flows of 29.6 Bcf/d, marking a 9.5% increase [4] - Mexico Natural Gas Pipelines reported a comparable EBITDA of C$397 million, up 69.7% year-over-year, with flows averaging 2.7 Bcf/d [5] - Power and Energy Solutions segment reported a comparable EBITDA of C$217 million, down 36.4% from the previous year, impacted by an extended outage [6] Expenditure and Balance Sheet - As of December 31, 2025, capital investments amounted to C$5.3 billion, with cash and cash equivalents of C$168 million and long-term debt of C$45.2 billion, resulting in a debt-to-capitalization ratio of 60% [7] 2026 Guidance - The company anticipates 2026 EBITDA to be between C$11.6 billion and C$11.8 billion, with plans for net capital spending of up to C$6 billion [9][10] - Management expects to place approximately C$4 billion of projects into service during the year, contributing to growth [11] - The company aims to fully allocate its C$6 billion annual net capital expenditure target through 2030, with potential for increased investment later in the decade [12]

Core Viewpoint - TC Energy Corporation (NYSE: TRP) has been downgraded by CIBC from Outperformer to Neutral, despite showing some positive stock movement following its Q4 2025 earnings call [1][5]. Financial Performance - TC Energy's Q4 2025 earnings call provided insights into its financial performance and strategic direction, which are crucial for investors [2][5]. - The company's market capitalization is approximately $66.12 billion, indicating a significant presence in the energy sector [4]. Stock Performance - Following the downgrade, TRP's stock price increased by approximately 3.49%, with a price change of $2.14 [3][5]. - On the day of the report, TRP reached a low of $61.28 and a high of $63.94, marking its highest price over the past year [3]. - The lowest price for TRP in the past year was $43.59 [3]. Market Activity - The trading volume for TRP is 3,341,838 shares, reflecting active investor interest in the stock [4].

Financial Data and Key Metrics Changes - TC Energy reported a 13% year-over-year growth in comparable EBITDA for the fourth quarter, reaching nearly CAD 3 billion [13] - The company achieved a 9% year-over-year increase in comparable EBITDA for the full year 2025 [4] - The board declared a first quarter 2026 dividend of CAD 0.8775 per common share, marking a 3.2% year-over-year increase [20] Business Line Data and Key Metrics Changes - In Canada, EBITDA increased by CAD 110 million due to higher incentive earnings and flow-through depreciation [14] - In the U.S., EBITDA rose by CAD 188 million, primarily from the Columbia Gas settlement and additional contract sales [14] - In Mexico, EBITDA increased by CAD 163 million, a 70% increase year-over-year, attributed to the completion of Southeast Gateway [14] Market Data and Key Metrics Changes - North American natural gas demand is expected to increase by 45 Bcf/d from 2025 to 2035, equivalent to adding the entire European gas market over the next decade [5] - The company serves seven LNG facilities, representing 30% of North American LNG feed gas across Canada, the U.S., and Mexico [5] - Electricity demand in North America is projected to grow by 65% through 2050 [6] Company Strategy and Development Direction - TC Energy's strategy focuses on maximizing asset value through safety and operational excellence while leveraging commercial and technological innovation, including AI [22] - The company aims to prioritize low-risk, high-return growth, with a target of CAD 6 billion in net annual capital expenditures through 2030 [22] - The company is optimizing its capital plan by shifting CAD 500 million of capital forward into 2026 to capture in-year EBITDA [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver solid growth, low risk, and repeatable performance, supported by a strong project pipeline [23] - The company anticipates strong EBITDA momentum heading into 2026, with CAD 4 billion in projects expected to go into service [16] - Management highlighted the importance of maintaining financial strength and agility to support long-term value creation [22] Other Important Information - The company advanced CAD 5 billion of projects at various stages in the fourth quarter and placed CAD 2 billion of assets into service on time and under budget [6] - The pending approval portfolio now sits at about CAD 8 billion, with an additional CAD 12 billion of projects in origination [9] - Bruce Power's availability is expected to improve to the low 90s% range for 2026, contributing to financial performance [11] Q&A Session Summary Question: Can you provide insights on the balance sheet capacity for 2031? - Management indicated a deep pipeline of opportunities, with about CAD 12 billion in projects ranging from CAD 200 million to over CAD 1 billion [27] Question: What is the strategic rationale behind the Crossroads project? - The Crossroads expansion is primarily driven by power generation requirements, including data center demand and coal to gas switching [31] Question: Can you discuss the characteristics of the CAD 8 billion pending approval projects versus the CAD 12 billion in origination? - Pending projects are characterized as 90% or more likely to be sanctioned, while the origination projects are in earlier stages of development [57]

分组1 - TC Energy reported quarterly earnings of $0.7 per share, exceeding the Zacks Consensus Estimate of $0.65 per share, but down from $0.75 per share a year ago, representing an earnings surprise of +7.03% [1] - The company posted revenues of $2.99 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.88%, and up from $2.56 billion year-over-year [2] - TC Energy shares have increased approximately 11.6% since the beginning of the year, while the S&P 500 has declined by 0.2% [3] 分组2 - The earnings outlook for TC Energy is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The estimate revisions trend for TC Energy was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The current consensus EPS estimate for the upcoming quarter is $0.75 on revenues of $2.97 billion, and for the current fiscal year, it is $2.80 on revenues of $11.6 billion [7] 分组3 - The outlook for the Alternative Energy - Other industry, where TC Energy operates, is currently in the bottom 32% of over 250 Zacks industries, which may impact stock performance [8] - Another company in the same industry, FuelCell Energy, is expected to report a quarterly loss of $0.65 per share, with revenues projected to be $41.19 million, reflecting a year-over-year increase of 116.8% [9]

FOURTH QUARTER 2025 CONFERENCE CALL F e b r u a r y 1 3 , 2 0 2 6 T C E N E R G Y F O U R T H Q U A R T E R 2 0 2 5 C O N F E R E N C E C A L L CALL PARTICIPANTS François Poirier President and Chief Executive Officer Sean O'Donnell Executive Vice-President and Chief Financial Officer Tina Faraca Executive Vice-President and Chief Operating Officer, Natural Gas Pipelines Forward-looking information and non-GAAP/supplementary financial measures This presentation includes certain forward-looking information, i ...

Core Insights - TC Energy Corporation has filed its Form 40-F for the year ended December 31, 2025, with the U.S. Securities and Exchange Commission, in addition to filings with Canadian securities authorities [1] - The company is a leader in North American energy infrastructure, moving over 30% of the cleaner-burning natural gas used across the continent [3] Company Overview - TC Energy operates across Canada, the U.S., and Mexico, focusing on energy infrastructure and power generation [3] - The company emphasizes partnerships with communities and businesses to create long-term opportunities [4] - TC Energy's common shares are traded on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP [4] Financial Information - Shareholders can request a paper copy of the audited Consolidated Financial Statements for free by contacting the company [2][6] - The company has made its financial documents available on its website and through regulatory platforms [2]

Core Insights - TC Energy Corporation reported strong financial results for Q4 and full-year 2025, driven by a safety-first culture that led to exceptional operational performance and 15 flow records across its systems [2][12][13] - The company raised its quarterly common share dividend by 3.2%, marking the 26th consecutive year of dividend growth [2][21] - TC Energy is confident in its ability to allocate $6 billion of net annual capital expenditures through 2030, with potential for increased investment in the latter part of the decade [2][17] Financial Highlights - Comparable EBITDA for Q4 2025 was $3.0 billion, a 13% increase from Q4 2024, while segmented earnings rose 15% to $2.2 billion [6][12] - For the full year 2025, comparable EBITDA reached $11.0 billion, up from $10.0 billion in 2024, with segmented earnings remaining stable at $8.0 billion [6][12] - Net income attributable to common shares for Q4 2025 was $1.0 billion or $0.92 per common share, compared to $1.1 billion or $1.03 per common share in Q4 2024 [6][11] Operational Highlights - Canadian Natural Gas Pipelines deliveries averaged 27.2 Bcf/d, a 5% increase compared to Q4 2024, with a record delivery of 33.2 Bcf on January 22, 2026 [5][10] - U.S. Natural Gas Pipelines daily average flows were 29.6 Bcf/d, up 9.5% from Q4 2024, achieving an all-time delivery record of 39.9 Bcf on January 29, 2026 [10][13] - Deliveries to LNG facilities averaged 3.9 Bcf/d, a 21% increase compared to Q4 2024, setting a new daily record of nearly 4.4 Bcf on December 4, 2025 [10][13] Project Highlights - In 2025, TC Energy successfully placed $8.3 billion of projects into service, over 15% under budget, including critical infrastructure projects [14] - The company sanctioned $0.6 billion of low-risk, in-corridor expansion projects, with an expected in-service date in 2028 [10][18] - The Cedar Link project is progressing ahead of schedule and below budget, while the VR project on the Columbia system was placed in service in November 2025 [10][14] Market Outlook - The company anticipates a significant increase in North American natural gas demand, expecting an increase of 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035 [15] - TC Energy is advancing commercial discussions for high-quality opportunities, reinforcing its visibility into durable, long-term value creation [17][18] - The company remains disciplined in capital allocation, targeting build multiples in the five to seven times range [17][19]

Core Insights - TC Energy Corporation (TRP) is scheduled to report its fourth-quarter earnings on February 13, with earnings estimated at 65 cents per share and revenues at $2.93 billion [1][7]. Group 1: Recent Performance - In the last reported quarter, TRP's adjusted earnings were 56 cents per share, aligning with consensus estimates, driven by strong performance in its Canadian, U.S., and Mexico Natural Gas Pipelines segments [2]. - TRP's quarterly revenues reached $3.7 billion, exceeding the Zacks Consensus Estimate by $49 million [2]. Group 2: Earnings Surprise History - TRP has beaten consensus estimates in two of the past four quarters, matched in one, and missed once, resulting in an average surprise of 2.49% [3]. - The Zacks Consensus Estimate for fourth-quarter 2025 earnings has experienced one upward and three downward revisions in the past 30 days, indicating a projected 13.33% year-over-year decrease in earnings, while revenues are expected to increase by 14.79% [3]. Group 3: Factors Influencing Q4 Performance - TRP generates income by operating a vast network of pipelines for natural gas and oil transportation, charging fees for these services, and also earns from natural gas storage and power generation [4]. - The company is expected to see improved revenues in the upcoming quarter, but rising expenses may negatively impact its bottom line, as total costs and expenses were higher in the previous quarter [5][7]. Group 4: Earnings Prediction Model - The current model does not predict an earnings beat for TRP this season, as the Earnings ESP is -0.23% and the company holds a Zacks Rank of 3 [6][8].

Core Viewpoint - TC Energy Corporation announced a conversion of its preferred shares, with significant changes in the outstanding shares of Series 5 and Series 6, impacting the company's capital structure and dividend payments [1][2][3]. Share Conversion Details - 109,800 of the 12,070,593 Series 5 Shares will convert to Series 6 Shares, while 1,089,726 of the 1,929,407 Series 6 Shares will convert to Series 5 Shares on January 30, 2026 [1][2]. - Following the conversions, there will be 14,000,000 Series 5 Shares outstanding, which will continue to be listed on the Toronto Stock Exchange under the symbol TRP.PR.C [3]. Dividend Information - The Series 5 Shares will pay a fixed dividend at an annualized rate of 4.501% on a quarterly basis for a five-year period starting January 30, 2026 [4]. Future Conversion Opportunities - Holders of Series 5 Shares will have the opportunity to convert their shares again on January 30, 2031, and every fifth year thereafter as long as the shares remain outstanding [5]. Company Overview - TC Energy is a leader in North American energy infrastructure, operating across Canada, the U.S., and Mexico, and is responsible for moving over 30% of the continent's cleaner-burning natural gas [6]. - The company focuses on strategic ownership and low-risk investments in power generation, contributing to affordable and sustainable energy across North America [6].