Overview

* TC Energy ( TRP ) Q3 net income drops to C$0.8 bln from C$1.3 bln yr/yr

* Adjusted EPS for Q3 misses analyst expectations

* Comparable EBITDA rises to C$2.7 bln from C$2.4 bln yr/yr

Outlook

* TC Energy ( TRP ) projects 2026 comparable EBITDA of C$11.6 to C$11.8 bln, a 6-8% increase over 2025

* Company expects 2028 comparable EBITDA of C$12.6 to C$13.1 bln, with 5-7% annual growth

* TC Energy ( TRP ) maintains 2025 comparable EBITDA outlook at C$10.8 to C$11.0 bln

Result Drivers

* NEW GROWTH PROJECTS - Co sanctioned C$0.7 bln of new growth projects in Q3, totaling over C$5 bln in low-risk projects in past year

* STRONG ASSET PERFORMANCE - Driven by robust North American energy fundamentals and strong asset performance, per CEO François Poirier

* PROJECT EXECUTION - Successful project execution with C$8 bln of assets placed into service on time and under budget

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss C$0.77 C$0.80

Adjusted (14

EPS Analysts

)

Q3 Net C$813

Income mln

Q3 C$0.85

DIVIDEND

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 8 "hold" and 2 "sell" or "strong sell"

* The average consensus recommendation for the oil & gas transportation services peer group is "buy"

* Wall Street's median 12-month price target for TC Energy Corp ( TRP ) is C$76.00, about 6.4% above its November 5 closing price of C$71.10

* The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 18 three months ago

Press Release:

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)