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- **5-7% EBITDA growth through 2030**: Disciplined capital allocation with 12.5%+ IRR threshold.
- **$6-7B annual capex**: Maintaining 5-7x EBITDA build multiple.
- **Robotics/AI cost savings**: Targeting 20% O&M reduction by 2030.
- **LNG expansion**: Coastal GasLink Phase 2 FID expected H2 2024.

**【CEO Summary Section】**
- CEO highlights 5-7% EBITDA growth through 2030, driven by $6-7B annual capital program and project execution excellence.
- Emphasizes disciplined capital allocation with 12.5%+ IRR threshold for new projects.
- Robotics and AI initiatives targeting 20%+ O&M cost reduction by 2030.

**【CFO Financial Commentary】**
- 2023 Q3 EBITDA $1.2B, +12% YoY; 2023 guidance $4.6B, +6% YoY.
- 5-7x EBITDA build multiple maintained through 2030.
- 4.75x leverage target preserved via $6B+ annual capex, supporting dividend growth 3-5% range.

**【Q&A Key Highlights】**
- LNG Canada Phase 2 FID expected H2 2024, supported by federal funding.
- Coastal GasLink expansion to 1.5x capacity for West Coast LNG exports.
- 2024-2030 capex $6B+ annually, prioritizing 12.5%+ IRR projects.
- Robotics/AI initiatives to reduce O&M costs 20%+ by 2030.

TC Energy Corp (TRP) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TRP

TRP fundamentals

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