Operational Performance & Asset Reliability

Emphasized in Q1 with record earnings, high asset availability and reliability " " " " and in Q2 with a focus on safety, operational excellence, and record volumes " " " "

Q4 call showcased the best safety performance in five years, 99% availability at Bruce Power, and record-setting natural gas deliveries " "

Consistent focus with improved safety and reliability metrics, reinforcing its importance in overall performance.

Data Center Demand Growth Opportunities

In Q1, discussed significant load potential, pipeline connectivity, and anticipated gas demand increases " " ; Q2 focused on geographic positioning, power demand details, and U.S. versus global opportunities " "

Q4 call provided a bullish outlook with explicit infrastructure advantages, detailing specific projects and multi-billion-dollar potential "

Growing bullish sentiment with increasing strategic detail and emphasis on long‐term growth in the data center segment.

Nuclear Expansion & Bruce C Project Developments

Q1 highlighted nuclear investments as part of a $6–7 billion capital commitment and detailed Bruce Power’s reliability and MCR progress " ; Q2 mentioned the early impact assessment for Bruce C "

Q4 call emphasized a bullish outlook on nuclear expansion in Ontario and described Bruce C as in its early development stage with focus on traditional cost models " "

Steady focus on nuclear as a key future driver with evolving project details and a reinforced long-term strategic vision.

Mexico Market Dynamics & SGP Execution

Q1 discussed strong throughput in Mexico and early-stage SGP progress " " ; Q2 addressed Mexico’s growth potential, LNG opportunities, and detailed offshore and onshore SGP construction progress " " "

Q4 call confirmed SGP’s in-service date (May 1, 2025), emphasized solid partnerships with CFE, and discussed strategies to manage exposure in Mexico " "

An evolving narrative with increasing concreteness in project execution and exposure management, underscoring a major growth market.

Deleveraging Strategy & Asset Sales

Q1 outlined a strategy to hit a 4.75x debt-to-EBITDA target using operational performance and asset divestitures (e.g., PNGTS sale) " " " " " ; Q2 detailed ongoing asset sales, capital expenditure savings, and progress toward deleveraging targets " " " "

Q4 highlighted a 0.6x reduction in debt-to-EBITDA through asset divestitures and operational efficiencies, with updated ratio metrics "

A consistent deleveraging effort, showing measurable progress and enhanced balance sheet strength over time.

Regulatory Uncertainty & Rate Case Risks

No discussion in Q1; Q2 addressed rate filings, depreciation adjustments, and legal contingencies, including pending cases " " "

Q4 focused on the Columbia Gas rate case, detailing the submission of top sheets and upcoming negotiations "

An emerging and maturing topic; while absent in Q1, it gained prominence in Q2 and remains a key risk management focus in Q4.

Dependence on External Parties for LNG Projects

Q1 discussed risk allocation in the Cedar LNG project and evolving external party engagement " ; Q2 referenced LNG exports and ancillary project potential indirectly "

Q4 emphasized reliance on external decisions for Coastal GasLink’s LNG terminal FID and the critical public‐private partnership for SGP with CFE " "

A persistent concern with evolving details; the topic remains critical as risk-sharing arrangements continue to shape project outcomes.

One-Time Performance Impacts & Market Anomalies

Q1 mentioned an isolated impact from a severe weather event driving outperformance in the Alberta natural gas storage business " ; not emphasized in Q2

Q4 discussed several one-time impacts including a $200M incentive payment, FX timing differentials, and higher interest expense, affecting financial metrics " "

A periodic theme that has gained more detailed discussion in Q4, reflecting its notable impact on reported performance.

Liquids Segment Sustainability Challenges

Q1 noted challenges such as narrowing arbitrage and market dynamics affecting profitability on the Keystone system " ; Q2 highlighted sustainability challenges due to anticipated WCSB egress and lower marketing contributions "

Not mentioned in Q4

The explicit discussion diminished in Q4, suggesting either resolution of earlier concerns or a shift in messaging focus, though challenges persist from prior periods.