TC Energy Corporation

Thank you for standing by. This is the conference operator. Welcome to the TC Energy fourth quarter 2025 results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. I would now like to turn the conference over to Gavin Wiley, Vice President of Investor Relations. Please go ahead.

Thank you. I'd like to welcome you to TC Energy's fourth quarter 2025 conference call. Joining me are Francois Poirier, President and Chief Executive Officer, Sean O'Donnell, Executive Vice President and Chief Financial Officer, along with other members of our senior leadership team. Francois and Sean will begin today with some comments on our financial results and operational highlights. A copy of the slide presentation is available on our website under the Investors section. Following remarks will take questions from the investment community. Please limit yourself to two questions, and if you're a member of the media, please contact our media team. Today's remarks will include forward-looking statements that are subject to important risks and uncertainties. For more information, please see reports filed by TC Energy with Canadian Securities Regulators and with the U.S. Securities Exchange Commission. Finally, we will refer to certain non-GAAP measures that may not be comparable to similar measures presented by other entities. A reconciliation is contained in the appendix of the presentation. With that, I'll turn the call to Press Wong.

Thanks, Gavin, and good morning, everyone. 2025 was a defining year for TC Energy. We laid out a clear set of strategic priorities, and we delivered. First, I'm exceptionally proud of the team's safety performance. our best in five years. And that is directly enabling our strong operational and financial results reflected in our 9% year-over-year increase in comparable EBITDA. Importantly, in less than 18 months since we spun off our liquids business, we have replaced nearly all of this EBITDA with high-quality natural gas and power projects. On execution, we placed $8.3 billion of projects into service on schedule and over 15% under budget. That same focus is evident at Bruce Power, where Unit 3 remains on track for a return to service this year. As we enter 2026, we're building on our strong base business performance, consistent execution, and disciplined capital allocation that continues to deliver solid growth low risk, and repeatable performance. Driven by LNG exports, rising power generation, and increasing reliability needs for local distribution companies, we expect North American natural gas demand to increase by 45 BCF per day from 2025 to 2035. This is equivalent, for context, to adding the entirety of the European gas market over the next 10 years. and demand is materializing real-time. As the only major energy infrastructure company focused solely on natural gas and power across Canada, the U.S., and Mexico, we have an advantage to capture outsized value from our diversified portfolio. We serve seven LNG facilities representing 30% of North American LNG feed gas across three countries. We serve 170 power plants positioned near high growth markets like PJM and MISO, and we are proximate to 60% of projected US data center growth. We are also the only midstream company to have a stake in the world class nuclear facility, Bruce Power, in a market where electricity demand is expected to grow by 65% through 2050. Our competitive position combined with this compelling backdrop is creating for us a broad set of opportunities across geographies, customers, and each of our strategic growth pillars. In the fourth quarter, we advanced $5 billion of projects at various stages. We placed $2 billion of assets into service on time and under budget, and we expect to place approximately $4 billion into service this year. We continue to optimize our capital plan, shifting half a billion dollars of capital forward into 2026 to capture in-year EBITDA while creating capacity for higher return growth in the outer years. We added $600 million of new projects in the fourth quarter, including additional NGTL expansion facilities and a brownfield U.S. compression expansion project at a five-times build multiple. we continue to advance commercial discussions with customers across a diverse set of high quality opportunities, moving roughly $2 billion of late stage de-risked opportunities into our pending approval bucket. With recent sanctioning and ongoing optimization of our opportunity set, our high conviction pending approval portfolio now sits at about $8 billion. Sean will walk you through how this will impact our capital spend through the end of the decade. Outside pending approval, we see an additional $12 billion of projects in origination, supported in part by our recent non-binding open season on Columbia Gas that was three times oversubscribed. That $12 billion represents a relatively conservative view. It doesn't, for instance, include potential developments like Bruce C., where feasibility and early development work are progressing. Importantly, the projects we're pursuing are consistent with our targeted bill multiple range of five to seven times. Collectively, this progress reinforces our confidence in 2026 to fully allocate our $6 billion annual target in net capital expenditures through 2030, and I believe our opportunity set gives us the optionality to surpass this level of investment sanctioned this year for the latter part of the decade. Widescale electrification, ongoing coal retirements, and the rapidly growing energy needs of AI and data centers are driving a significant and sustained increase in North American electricity demand. Our strategy has been very intentional to capture this growth without increasing our risk exposure. Our primary focus is on brownfield and corridor expansions that leverage our existing footprint to primarily serve investment-grade utility customers, particularly in regions where we hold long-standing incumbent positions. Notably, the majority of the 10 BCF per day of expected growth in power demand is concentrated in markets that directly overlap our footprint. Recent project announcements like TECO Connector, Northwoods, Pulaski, and Maysville are all strong examples of this strategy in practice. Our resilience is anchored by long-term take-or-pay contracts that further benefit from a diverse and durable set of demand drivers. This low-risk strategy positions us well to deliver sustained value for our shareholders, and this same opportunity extends to Bruce Power, which I'll turn to next. Bruce Power's top focus remains delivering the highest level of reliability, availability, and safety performance across all eight units. Alongside the major component replacement program, the team is executing a proactive, targeted initiative to strengthen the reliability of critical equipment. The net benefit of these initiatives is improving plant reliability and availability that has a meaningful financial impact. Every day a unit remains available, it leads to roughly $1 million per day of incremental revenue for TC Energy. And as shown in the chart on the right, Bruce Power's availability has steadily improved, with expected availability in the low 90% range for 2026. As realized power prices also trend higher, we continue to strengthen our financial performance. And with that, I'll turn it over to Sean to walk through the numbers.