2Q 2026 Earnings Recap

Research evidence excerpt

2Q 2026 Earnings Recap

Update

July 30, 2026 01:55 PM GMT

Morgan Stanley & Co. LLCMTC Energy Corp | North America Robert S Kad

Equity Analyst

2Q 2026 Earnings Recap Robert.Kad@morganstanley.comJoy Golub +1 212 761-0065

Research Associate

Joy.Golub@morganstanley.com +1 212 761-4924

AlphaSignals Earnings Reaction Victoria Xiong, CFA

Unchanged Modest upside Largely unchanged Victoria.Xiong@morganstanley.com +1 212 761-0228

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

TC Energy Corp (TRP.TO, TRP CT)

Source: Company data, Morgan Stanley Research

Midstream Energy Infrastructure | Canada

Stock Rating Equal-weight

Key Takeaways Industry View Attractive

Price target C$106.00

Comparable EBITDA: C$2.948Bn (cons: C$2.836Bn / MS: C$2.881Bn), +12.3% y/y, Shr price, close (Jul 29, 2026) C$94.61

Mkt cap, curr (mm) C$98,678

+4.0% vs. cons 52-Week Range C$100.18-64.04

Results were above expectations. The Canadian Natural Gas Pipelines segment

benefited from higher flow-through depreciation on both the NGTL System and the

Canadian Mainline, as well as incentive earnings on NGTL, partly offset by lower

flow-through income taxes on the Canadian Mainline and lower equity earnings

from Coastal GasLink. US Natural Gas Pipelines segment growth was primarily

driven by additional contract sales and higher earnings from ANR and Columbia Gas,

partially offset by lower contract sales on GTN. Mexico Natural Gas growth was

mainly supported by the completion of the Southeast Gateway project and higher

equity earnings from Sur de Texas, driven by peso-denominated financial exposure.

The Power and Energy Solutions business saw higher contributions from Bruce

Power resulting from a higher contract price and increased generation following the