TC Energy Corporation

Thank you for standing by. This is the conference operator. Welcome to the TC Energy second quarter 2026 results conference call. As a reminder, all participants are in a listen-only mode, and the conference call 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, you may reach an operator by pressing star then 0. I would now like to turn the conference over to Mr. Gavin Wylie, Vice President, Investor Relations. Please go ahead.

Thank you. I'd like to welcome you to TC Energy's second quarter 2026 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 operational and financial 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'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 the 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, everyone. I'd like to begin today with an update on the strong momentum we continue to see across our businesses. We're capitalizing on the competitive advantages afforded by our incumbent footprint and some of the highest growth markets in North America and converting strong demand into high return growth projects. Our consistent focus on safety and execution excellence is the foundation that delivers reliable service, it wins new business and it ultimately drives higher financial performance that continues to create long-term shareholder value. Through the first half of 2026, we've made meaningful progress on our development pipeline. We placed approximately $2 billion of assets into service, largely on time and on budget or better, and we expect to place approximately $3.5 billion into service by the end of the year. Including approximately $700 million of new natural gas pipeline projects we announced this quarter, we've now sanctioned Our late-stage pending approval bucket now stands at approximately $7 billion, up $1 billion from last quarter. This portfolio reflects multiple projects in advanced stages of commercial discussions with large anchor customers and now includes our Crossroads project. where we have executed precedent agreements subject to board approval with multiple anchor customers and are in advanced discussions with several other potential shippers. We continue to evaluate opportunities to expand the project scope with additional shippers and expect to sanction the project in the fourth quarter of this year. Looking further out, we have over $20 billion of additional projects in advanced stages of origination that align with our targeted five to seven times build multiple range, further supporting our long-term growth visibility. Collectively, this progress reinforces our ability to grow our capital investments while maintaining our disciplined approach to project execution, risk-adjusted returns, and balance sheet strength. Our expanding capital backlog is anchored by fundamental demand growth driven by the next wave of LNG, accelerating power and data center load, LDC reliability, and connectivity between low-cost supply and high-value markets, each aligning to a strategic pillar of our portfolio. Our latest outlook now points to an approximately 51 BCF per day of incremental North American natural gas demand by 2035. And that's a 40% increase over 2025 levels and represents an 11 BCF a day increase from our original outlook. Accelerating power demand accounts for more than half of this increase and now represents approximately 16 BCF per day of incremental growth through 2035. Importantly, Nearly 70% of this demand growth is concentrated in the U.S. heartland, Alberta, and Mexico, regions where TC Energy has a strong incumbent position and significant existing infrastructure. Additionally, customers are increasingly prioritizing supply diversity and reliability. And by 2035, more than 60% of North American natural gas production will originate from TC Energy connected basins primarily Appalachia and the WCSB. But why are we growing our backlog and capturing growth? In the majority of premium markets we serve, we are the incumbent, often the largest provider, and that allows us to develop cost-competitive expansions, converting this strong fundamental backdrop into our growing capital backlog. Our extensive footprint and our integrated storage capability and longstanding customer relationships allow us to develop innovative commercial solutions that meet evolving customer needs. Today's project announcements are a clear example of these advantages in action, reflecting growing demand from natural gas-fired power generation and data center development. The two U.S. projects on our Columbia system were sanctioned at a weighted average billed multiple of approximately 5.8 times, demonstrating the quality of our opportunity set. And in Canada, we continue to serve growing customer demand through our multi-year growth program with the latest expansion project on our NGPL system. Across our systems, we continue to see high quality, low risk, and highly executable opportunities with more to come. Fundamentals in Canada are strengthening, and customer demand continues to validate our strategy. Our outlook calls for over eight BCF per day of additional Canadian natural gas demand through 2035, driven by Next Wave LNG, including Coastal Gas Link Phase 2, industrial growth, and evolving power and data center load. Our extensive natural gas franchise is uniquely positioned to capture this growth with the NGTL system serving as the primary conduit connecting Western Canadian supply to expanding markets within Alberta and across North America. The market signals we're seeing today reinforce this view. Our recent 2029 Greater Edmonton area offering closed fully subscribed and our 2030 to 2032 intra-Alberta offering saw record amounts of participation by data center developers. Given this strong customer interest, we are exploring opportunities to expand this offering to better meet customer demand. With additional receipt and export offerings currently in market, we will look to convert visible demand into incremental projects across our Canadian assets. Our focus is straightforward. Understand customer demand, invest where the market is growing at competitive returns, and continue to deliver low-risk, repeatable performance. On to Bruce Power. We are seeing similar momentum in Ontario power markets where power demand is expected to grow significantly over the coming decades. Against this backdrop, Bruce Power continued execution excellence is strengthening its ability to competitively serve this growing demand. As a testament to this, Bruce Power returned Unit 3 to service following its major component replacement, more than seven months ahead of the ISO schedule and approximately 15% below the cost of Unit 6. The result was driven by a strong focus on innovation and a repeatable stage build approach, capturing learnings from each refurbishment to improve productivity, reduce risk, and enhance execution certainty. Disciplined upfront planning and design maturity continue to improve cost, schedule, and execution certainty across the program. New technologies and automation have already provided meaningful productivity gains, including our Unit 4 recently achieving the most efficient can-do defuel on record. The Bruce Power story continues to resonate strongly, and I'd encourage anyone looking for a deeper dive to review the Bruce Power investor teaching available on our website. And with that, I'll turn it over to Sean to walk through the numbers.