TC Energy Corp: 2Q EBITDA Matches; Eyeing Upper End of 2026 Guide; $0.7bn Backlog Additions

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TC Energy Corp: 2Q EBITDA Matches; Eyeing Upper End of 2026 Guide; $0.7bn Backlog Additions

J P M O R G A N North America Equity Research

30 July 2026

TC Energy Corp Overweight

TRP.TO, TRP CN

2Q EBITDA Matches; Eyeing Upper End of 2026 Guide; Price (29 Jul 26):C$94.22

$0.7bn Backlog Additions

Head of North America Power,

TRP reported 2Q26 comparable EBITDA of $2,948mm, versus the $2,884mm Utilities, Midstream, LNG, and

Nuclear

JPMe and $2,839mm Street median. Power & Energy Solutions outperformed,

while NatGas Pipelines landed in line across US, CAD, and MX. TRP sanctioned Jeremy Tonet, CFA AC

$0.7bn of new in-corridor expansion projects, including the Central Virginia (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

Capacity project and the Clark project, both on Columbia and backed by 20 year

North American Midstream

take-or-pay contracts at a weighted average build multiple of ~5.8x. TRP pointed

to the upper end of the $11.60–$11.80bn 2026 comparable EBITDA range Vrathan Reddy

($11,867mm JPMe and $11,822mm Street median), with 2026 net capex (1-212) 622-4692

vrathan.reddy@jpmchase.com

maintained at $5.50–$6.0bn. On the call, we look for further details around

Eli Jossen, CFAcommercialization progress on Crossroads and NGTL open seasons, potential

(1-212) 622-4113

improvement in CAD regulated ROE/equity layer for new projects, the shape of eli.jossen@jpmchase.com

the broader growth backlog through 2030, MX asset monetization strategy

Francina Kolluri

updates, B/S positioning and color on the CGL Phase 2 commercial structure. (1-212) 270-5796

Overall, we see tracking the high end of the 2026 EBITDA guide as conservative, francina.kolluri@jpmchase.com

though the ~$0.7bn backlog additions appears a bit light. Ultimately, call J.P. Morgan Securities LLC