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Research Alert: Trp: Q1 Beat, And Strength In Mexico

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

TRP posted Q1 adjusted EPS of CAD0.99 vs. consensus CAD0.95, beating by CAD0.02, while comparable EBITDA rose 14% to CAD3.1B and segment earnings increased 10% to CAD2.2B. All segments delivered Y/Y growth with Mexico Natural Gas Pipelines leading at 84% earnings surge to CAD389M, driven by Southeast Gateway pipeline and higher Sur de Texas equity earnings. The company announced the strategic USD1.5B Appalachia Supply Project, expanding Columbia Gas system capacity by 0.8 Bcf/d with 2030 in-service target and expected 7.3x build multiple. Management reaffirmed 2026 guidance with comparable EBITDA of CAD11.6B-CAD11.8B and capex of CAD6.0B-CAD6.5B. Net cash from operations surged 92% to CAD2.6B while comparable funds from operations rose 20% to CAD2.3B, as capital spending decreased to CAD1.3B from CAD1.8B due to major project completions. TRP achieved seven delivery records during Winter Storm Fern while maintaining best safety performance in six years.

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