TC ENERGY CORP

COMPARABLE EBITDA

Comparable EBITDA for Canadian Natural Gas Pipelines increased by $38 million and $67 million for the three and six months ended June 30, 2026 compared to the same periods in 2025 due to the net effect of:

•higher flow-through depreciation and income taxes as well as higher incentive earnings on the NGTL System

•higher flow-through depreciation, partially offset by lower flow-through income taxes on the Canadian Mainline

•lower equity earnings from Coastal GasLink.

Depreciation and amortization increased by $44 million and $80 million for the three and six months ended June 30, 2026 compared to the same periods in 2025 mainly due to an increase in assets placed in service on the Canadian Mainline and higher depreciation rates and expansion facilities placed in service on the NGTL System.

U.S. Natural Gas Pipelines

1 Includes non-controlling interest. Refer to the Corporate section for additional information.

2 Reflects comparable EBITDA from our ownership in our mineral rights business (CEVCO), North Baja, Gillis Access, Tuscarora, Bison, Crossroads and our share of equity income from Northern Border, Iroquois, Millennium and Hardy Storage, our U.S. natural gas marketing business, as well as general and administrative and business development costs related to our U.S. natural gas pipelines.

U.S. Natural Gas Pipelines segmented earnings increased by $85 million and $51 million for the three and six months ended June 30, 2026 compared to the same periods in 2025 and included the following specific items which have been excluded from our calculation of comparable EBITDA and comparable EBIT:

•a pre-tax expense of $33 million related to a third-party settlement from the resolution of a certain legal matter in our U.S. Natural Gas Pipelines segment in first quarter 2026

•unrealized gains and losses from changes in the fair value of derivatives used in our U.S. natural gas marketing business.

A weaker U.S. dollar for the six months ended June 30, 2026 had a negative impact on the Canadian dollar equivalent segmented earnings from our U.S. dollar-denominated operations compared to the same period in 2025. Refer to the Foreign exchange section for additional information.

Earnings from our U.S. Natural Gas Pipelines operations are generally affected by contracted volume levels, volumes delivered and the rates charged, as well as by the cost of providing services. Columbia Gas and ANR results are also affected by the contracting and pricing of their natural gas storage capacity and incidental commodity sales. Natural gas pipeline and storage volumes and revenues are generally higher in the winter months because of the seasonal nature of the business.