TC Energy(US:TRP)2025-11-06 13:30Financial Performance & Outlook - The company delivered approximately 8% comparable EBITDA growth year-over-year for the first 9 months of 2025[15] - The company is on track to deliver a long-term target of 475x debt-to-EBITDA[15] - The company expects to deliver 2026E comparable EBITDA of $116 - $118 billion[86] - The company is targeting $6 - $7 billion annual net capital expenditures through 2030 with build multiples in the 5 – 7x range[78, 86] - The company expects approximately 6% – 8% comparable EBITDA growth from 2025 to 2026 and extending growth outlook of approximately 5% – 7% 3-year CAGR[76] Growth Projects & Capital Allocation - The company placed approximately $8 billion of assets into service year-to-date, with 2025 projects tracking approximately 15% under budget[15, 60] - The company sanctioned approximately $51 billion of new projects in the last twelve months at an average build multiple of approximately 60x[15] - The company is announcing approximately $07 billion of new growth projects serving power generation & data center demand[15] - The company's natural gas demand growth is projected to increase by 45 Bcf/d by 2035[21] Strategic Priorities & Market Position - The company's total system deliveries averaged 230 Bcf/d, up 2% vs Q3 2024[74] - The company's deliveries to LNG facilities averaged 37 Bcf/d, up 15% vs Q3 2024[74]