Core Insights - Trans Mountain Corporation reported strong operational performance and improved return on invested capital for Q3 2025, with a total capital return of CAD 1.04 billion, leading to an increased total capital return forecast of CAD 1.7 billion for the full year [2][3] Financial Highlights - Revenue for Q3 2025 reached CAD 765 million, up from CAD 666 million in Q3 2024, while year-to-date revenue increased to CAD 2.213 billion from CAD 1.187 billion [8] - Adjusted EBITDA for Q3 2025 was CAD 591 million, compared to CAD 512 million in Q3 2024, with year-to-date adjusted EBITDA rising to CAD 1.717 billion from CAD 831 million [6][8] - Net income for Q3 2025 was CAD 127 million, a significant recovery from a net loss of CAD 68 million in Q3 2024, with year-to-date net income increasing to CAD 425 million from CAD 42 million [6][8] - Total payments to TMP Finance amounted to CAD 314 million in Q3 2025, including CAD 151 million in interest payments and CAD 163 million in cash dividends [6][8] Operational Highlights - The average throughput for the expanded network reached a record 777,000 barrels per day (b/d) in Q3 2025, compared to 692,000 b/d in the previous year [5][8] - The utilization rate for the pipeline was 87% in Q3 2025, up from 78% in Q3 2024, with a year-to-date utilization of 84% compared to 79% in the previous year [7][8] - Since the commercial operation of the expanded network began on May 1, 2024, Trans Mountain has loaded 380 vessels at the Westridge marine terminal, with 57% of shipments destined for Asia [7] Future Outlook - Trans Mountain is exploring optimization projects to increase pipeline capacity by up to 360,000 b/d, which may include the use of friction-reducing agents and other operational improvements [10] - The company is currently in discussions with shippers regarding provisional rates and has requested a suspension of the ongoing regulatory process to allow for further negotiations [9]