TC Energy Corp 2025年度报告

☐REGISTRATION STATEMENT PURSUANT TO SECTION12 OF THE SECURITIES EXCHANGE ACT OF1934OR☒ANNUAL REPORT PURSUANT TO SECTION13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the fiscal year ended December 31, 2025TC ENERGY CORPORATION(Commission File Number1-31690)TRANSCANADA PIPELINES LIMITED(Commission File Number1-8887)(Exact name of Registrant as specified in its charter)Canada(Province or other jurisdiction of incorporation or organization)4922, 4923, 4924, 5172(Primary Standard Industrial Classification Code Number (ifapplicable))Not Applicable(TC Energy Corporation)(I.R.S. Employer Identification Number (ifapplicable))52-2179728 For annual reports, indicate by check mark the information filed with this Form: ☒Audited annual financial statements ☒Annual information form Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period At December 31, 2025, 1,040,835,168common shares;18,424,004Cumulative Redeemable First Preferred Shares, Series1;3,575,996Cumulative Redeemable First Preferred Shares, Series2;11,715,228Cumulative Redeemable First Preferred Shares, Series3;2,284,772 Cumulative Redeemable First Preferred Shares, Series 4;12,070,593Cumulative Redeemable First Preferred Shares, Series5; At December 31, 2025, 992,720,977common shares of TransCanada PipeLines Limited,which were all owned by TC Energy Corporation, were issued and outstanding. Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or15(d) of the Exchange Actduring the preceding 12months (orsuch shorter period that the Registrant was required to file such reports) and (2)has been subject to Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act. If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if theRegistrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† †The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based The documents (orportions thereof) forming part of this Form40-F are incorporated by reference into the following registration FormTC Energy CorporationS-8 TransCanada PipeLines LimitedF-10 333-267323333-283633 EXPLANATORY NOTE TransCanada PipeLines Limited (“TransCanada PipeLines”) is a wholly owned subsidiary of TC Energy Corporation (“TC Energy”). Asof the date of filing of this Form 40-F, TransCanada PipeLines is relying on the continuous disclosure documents filed by TC Energypursuant to an exemption from the requirements of National Instrument 51-102 - Continuous Disclosure Obligations and as provided inthe decision of the Alberta Securities Commission and the Ontario Securities Commission inRe TransCanada Corporation,2019 AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND Except sections specifically referenced below which shall be deemed incorporated by reference herein and filed, no other portion of theTC Energy 2025 Management's discussion and analysis and audited consolidated financial statements to shareholders, except as A.Audited Consolidated Financial Statements For audited consolidated financial statements, including the auditors' report, see pages 129 through 215 of the TC Energy 2025Management's discussion and analysis and audited consolidated financial statements included herein. B.Management's Discussion and Analysis For management's discussion and analysis, see pages 9 through 128 of the TC Energy 2025 Management's discussion and analysisand audited consolidated financial statements included herein under the heading "Management's Discussion and Analysis". C.Management's Report on Internal Control over Financial Reporting For management's report on internal control over financial reporting, see "Management's Report on Internal Control over FinancialReporting" that accompanies the audited consolidated financial statements on page 129 of the TC Energy 2025 Management's UNDERTAKING