Nine months ended September 30,

2026

2025

(millions of Canadian dollars)

Class A units

Balance at beginning of period

736

—

Proceeds from investment by redeemable noncontrolling interest in subsidiary

—

736

Transaction costs, net of tax benefit

—

(27

)

Earnings attributable to redeemable noncontrolling interest

41

16

Distributions declared to unitholder

(51

)

(17

)

Contributions from unitholder

16

—

Redemption value adjustment

(6

)

28

736

736

Class II units

Balance at beginning of period

—

—

Proceeds from investment by redeemable noncontrolling interest in subsidiary

729

—

Transaction costs, net of tax benefit

(22

)

—

Other

(10

)

—

697

—

Balance at end of period

1,433

736