TC Energy Corporation

Thank you for standing by. This is the conference operator. Welcome to the TC Energy First Quarter 2026 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 1 on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star, then 0. I would now like to turn the conference over to Gavin Mairi, Vice President, Investor Relations. Please go ahead.

Thank you. I'd like to welcome you to TC Energy's first quarter 2026 conference call. Joining me are Francois Poirier, President and Chief Executive Officer, Sean O'Donnell, Executive Vice President, 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 the remarks, we'll take questions from the investment community. We ask that you please limit yourself to two questions, and if you are 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'll 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 this presentation. With that, I'll now turn the call to Francois.

Thanks, Gavin, and good morning, everybody. We entered 2026 with strong momentum, delivering against a clear and consistent set of strategic priorities. First and foremost, we had our best safety performance in six years. We generated over $3 billion of comparable EBITDA, up 14% year over year, demonstrating strong, stable results amid ongoing market and geopolitical volatility. We reached settlement agreements with customers on our Canadian mainline, ANR, and Great Lakes assets, with outcomes largely in line with expectations further supporting our comparable EBITDA outlook. Today, I'm pleased to announce a strategic investment on our Columbia Gas System, the US $1.5 billion Appalachia Supply Project, which extends our reach into a high-demand corridor and creates a scalable platform for future growth. Customer demand continues to validate our strategy, with consecutive open seasons in Ohio and on our crossroads system seeing strong response, supporting incremental growth visibility. In Canada, we reached an important milestone with new commercial agreements for Coastal GasLink Phase 2 under a disciplined risk allocation framework, while execution of the Bruce Power MCR program remains firmly on track. These outcomes reinforce our confidence in delivering on our 2026 comparable EBITDA outlook, maintaining disciplined capital spending and preserving balance sheet strength as we continue to deliver solid growth, low risk, and repeatable performance. The U.S. heartland is one of the most strategically important regions in our portfolio and one where we have a clear competitive advantage. With over 27,000 miles of pipeline infrastructure, we operate more natural gas pipeline and storage in the region than any other company offering unmatched access to low-cost supply and key demand markets. Today, the Heartland represents approximately three-quarters of our U.S. deliveries, with natural gas demand expected to grow an additional 40 percent through 2035, driven by diversified demand from power generation, including data centers, LDCs, and LNG exports. Our ANR system sits at the core of our Heartland footprint and exemplifies the strength of our incumbent position in the US Midwest. Including our Heartland and Northwoods projects, we've announced nearly US $3 billion of investment on ANR over the last six years, adding more than 1.1 BCF per day of incremental capacity by leveraging existing rights-of-way and infrastructure. On our Columbia gas system, Natural gas demand across the footprint has increased by approximately 50%, and we expect an additional 4 BCF a day of incremental demand by 2035. We expect this momentum to continue to unlock additional accretive growth opportunities further reinforced by the strategic investment being made today in our Appalachia supply project. This project further extends our reach into this high-value, high-growth market. The U.S. $1.5 billion expansion project on our Columbia gas system is supported by a long-term, 20-year take-or-pay contract backed by an investment-grade utility and is expected to deliver solid risk-adjusted returns and a 7.3 times build multiple. The project will add 0.8 BCF per day of capacity to support new power generation development with an anticipated in-service date of 2030. But importantly, the project will be capable of up to 2 BCF a day of total capacity through future expansions, creating line of sight for capital-efficient growth projects relating to overall economic development, demand from data centers, and as broader electrification continues to scale. This strategic investment reinforces the strength of the Columbia gas system while positioning us for several potential follow-on accretive opportunities. Accelerating power-related load growth is driving customer demand across our footprint, and it's reflected in the results of our two most recent open seasons. As we noted in our fourth quarter earnings call, the Columbus, Ohio open season was approximately three times oversubscribed. This strong response reflects Ohio's projected natural gas demand growth of more than 30% over the next decade, the largest increase nationally outside of LNG exporting states. Growth is being driven by power generation, industrial expansion, and grid reliability needs, including significant incremental load from more than 40 new data centers, positioning Ohio as a top five U.S. data center market. Our crossroads open season received a similarly strong response, with bids exceeding two and a half times the capacity offering. What's important is not just the level of demand we're seeing, but how we're well positioned to capture it. We are intentionally strengthening connections across our systems, linking assets with access to premium low-cost supply, such as Columbia Gas, to systems serving high-quality, long duration demand such as ANR. In corridor expansion opportunities on established systems like crossroads allow us to respond quickly to customer needs, deploy capital efficiently and meaningfully reduce execution risk. Turning to Bruce Power, the MCR program continues to execute safely, reliably and with improving economics. we've seen successive MCR costs come down by applying lessons learned and using new tools like robotics for removal and installation activities. That execution excellence underpins the long-term visibility of cash flows from the asset. By 2030, distributions will begin to meaningfully exceed capital spend. And by 2032, Bruce is expected to generate approximately $1 billion of annual free cash flow, increasing to approximately $2 billion once the MCR program is complete in 2035. Strong execution reinforces confidence in the team's ability to deliver significant free cash flow growth from Bruce Power that creates further optionality, supporting growth across our entire portfolio as well as the potential expansion of Bruce C. And with that, I'll turn it over to Sean to walk through the numbers.