Trans Mountain Reports Q3 2025 Results

Press Release

November 27, 2025

All financial figures are in Canadian dollars, unless noted otherwise.

Trans Mountain Corporation (“TMC” or “the Company”) today announced its financial and operating results for the third quarter of 2025.

“Strong operating and safety performance and improving capital returns to Canada highlight our third-quarter results,” said Mark Maki, Trans Mountain Chief Executive Officer. “We increased throughput and improved asset utilization to 87%. Year-to-date, we have delivered $1.04 billion in capital returns to Canada through interest payments, dividends and fees. Full year outlook for total capital returns has improved to $1.7 billion. As a result, we are delivering meaningful cash returns to the country, in addition to the broader benefits of the expanded pipeline system, from increased commodity pricing and market access for our customers.”

Third quarter results reflect the continued strong operating performance of TMC following the commencement of commercial operations on the expanded system as of May 1, 2024. Adjusted EBITDA, revenues and operating costs have all increased due to higher transportation volumes.

“As demand for Canadian heavy oil grows across Asia, notably in petrochemicals, Trans Mountain is uniquely and strategically positioned to expand exports, enhance trade diversification and advance Canada’s goal of doubling non-US exports,” Maki added. “Canada’s abundant oil reserves, supported by infrastructure that connects this resource to global markets, represent a strategic advantage that will continue to benefit Canadians for years to come. Looking ahead, our system optimization projects will boost throughput capacity by up to 360,000 barrels per day, enabling Trans Mountain to move more energy to the world and deliver greater returns to Canada.”

Financial Highlights:

• Adjusted EBITDA: Third quarter Adjusted EBITDA increased to $591 million, compared to $512 million in the same period of the prior year due to increased throughput and higher tolls. In the third quarter, transportation revenues increased by 15% while cash operating costs increased by 13%. Year-to-date Adjusted EBITDA increased to $1,717 million compared to $831 million for the same period of the prior year.

• Net Income: Third quarter net income was $127 million compared to a net loss of $68 million in the same period of the prior year as a result of higher transportation volumes resulting in increased Adjusted EBITDA and lower interest expense from a strengthened balance sheet. Year-to-date net income increased by $383 million to $425 million versus $42 million in the same period of the prior year.

• Capital Return: During the third quarter an aggregate of $314 million was paid to Canada TMP Finance Ltd., (“TMP Finance”), the entity which holds the Government of Canada’s investment in TMC, consisting of $151 million in interest payments and $163 million in cash dividends. Year-to-date, $1,043 million has been paid in the form of dividends, interest payments and guarantee fees. These distributions are expected to grow in 2026 and beyond.

Operational Highlights:

• Throughput: During the third quarter, the expanded system had a record average daily throughput of 777,000 barrels per day (bpd), including 444,000 bpd delivered to Westridge Marine Terminal, 101,000 bpd to BC delivery points and 232,000 bpd delivered to Washington State on the Puget Sound Pipeline. The average daily throughput for the prior year quarter was 692,000 bpd. Year-to-date throughput was 746,000 bpd compared to 499,000 bpd in the same period of the prior year. Utilization for the quarter was 87% bringing year-to-date utilization to 84%.

• Vessel Traffic: For the third quarter, 74 vessels were loaded at Westridge Marine Terminal and the same number of vessels were loaded in the prior quarter of this year. Since the commercial commencement of the expanded system on May 1, 2024, TMC has loaded 380 vessels at the Westridge Marine Terminal with 57% of vessels destined for Asia.

Since the commercial commencement of the expanded system, all deliveries have been subject to the expanded system tariff and tolls. Contractually committed revenues associated with the 15- and 20-year transportation service contracts covering approximately 80% of the expanded system’s capacity have resulted in a significant increase to transportation volumes, revenues and Adjusted EBITDA.

Financial and Operating Highlights:

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