Strong Financial Performance and Guidance: TC Energy delivered a 12% year-over-year increase in comparable EBITDA for Q2 2025, achieving a range of $10.8 billion to $11 billion for the full year, representing a 9% increase over 2024. This positive outlook is underpinned by strong operational results and pricing.

Columbia Gas Settlement: A significant settlement in principle with customers on the Columbia Gas system is expected to lead to a 26% increase in pre-filed firm transportation rates, with rate adjustments planned over three defined periods, enhancing revenue visibility and predictability.

Project Execution and Growth Opportunities: The company has sanctioned projects totaling approximately $30 billion and expects to place $8.5 billion of assets into service in 2025, focused primarily on brownfield expansions. The ongoing conversations with 30+ data center developers indicate robust demand growth for natural gas, which may lead to larger project sizes than initially planned.