Enbridge — Q3 2026 Earnings Summary

Financial Performance:

• GAAP earnings attributable to common shareholders for Q3 2026 were $1.3 billion ($0.59 per share), up from $0.7 billion ($0.30 per share) in Q3 2025.
• Adjusted earnings for Q3 2026 were $1.1 billion ($0.49 per share), compared to $1.0 billion ($0.46 per share) in Q3 2025.
• Adjusted EBITDA for Q3 2026 was $4.4 billion, compared to $4.3 billion in Q3 2025.
• Distributable cash flow (DCF) for Q3 2026 was $2.7 billion, compared to $2.6 billion in Q3 2025.
• Cash provided by operating activities for Q3 2026 was $2.7 billion, down from $2.9 billion in Q3 2025.
• Liquids Pipelines adjusted EBITDA decreased $101 million to $2.2 billion in Q3 2026 from $2.3 billion in Q3 2025, driven by lower Mainline volumes and tolls, partially offset by favorable foreign exchange translation.
• Gas Transmission adjusted EBITDA increased $165 million to $1.4 billion in Q3 2026 from $1.3 billion in Q3 2025, driven by rate settlements and higher allowance for equity during construction.
• Gas Distribution and Storage adjusted EBITDA increased $105 million to $665 million in Q3 2026 from $560 million in Q3 2025, driven by higher base rates and customer growth.
• Renewable Power Generation adjusted EBITDA increased $27 million to $127 million in Q3 2026 from $100 million in Q3 2025.
• The rolling 12-month Debt-to-EBITDA metric was 5.1x at the end of Q3 2026.

Guidance and Future Outlook:

• Reaffirmed 2026 full-year adjusted EBITDA guidance of $20.2 billion to $20.8 billion.
• Reaffirmed 2026 full-year DCF per share guidance of $5.70 to $6.10.
• Reaffirmed medium-term outlook for adjusted EBITDA, DCF per share, and EPS average compound annual growth rate of approximately 5%.
• Secured growth backlog stands at $38 billion.
• Target for new project announcements through 2027 is $10–20 billion.
• Annual investment capacity is expected to be $10 to $11 billion.

Business Segments and Product Lines:

• Liquids Pipelines: Announced the US$2.6 billion acquisition of Tallgrass Energy LP's crude oil business, including the Pony Express Pipeline and PXP2 growth project. Closed the US$0.6 billion acquisition of Salt Creek Midstream's crude oil gathering business in the Permian basin. Sanctioned the $0.2 billion Long Lake Expansion project, expected to enter service in 2028.
• Gas Transmission: Placed the Aspen Point expansion of B.C. Pipeline and Tennessee Ridgeline projects into service. Secured a $2 billion commitment from KKR and Apollo to support Aspen Point and Sunrise Expansion Programs on the Westcoast B.C. Pipeline system.
• Gas Distribution and Storage: Announced a US$0.5 billion agreement to acquire Laramie Energy assets to expand natural gas supply for Enbridge Gas Utah. Filed for new rates in Ohio seeking an annual revenue requirement increase of approximately US$145 million.
• Renewable Power: Construction continues on more than 2 GW of generation capacity; the second phase of Sequoia Solar is expected to enter service by year-end.

Market and Competitive Landscape:

• Energy demand is accelerating due to AI infrastructure, advanced manufacturing, and broader economic growth.
• Natural gas demand across North America continues to support a robust pipeline of opportunities.
• Electricity and LNG demand are accelerating, increasing the strategic importance of natural gas transportation and storage.

Risks and Challenges:

• Forward-looking statements involve risks including commodity price volatility, exchange rates, inflation, interest rates, and regulatory approvals.
• Potential impacts from government trade policies, tariffs, duties, and economic sanctions.
• Operational risks related to supply chain stability, labor availability, and construction material costs.
• Risks associated with the timing and closing of announced acquisitions and projects.

Management Commentary and Tone:

• CEO Greg Ebel highlighted the company's "all-of-the-above" approach and strong secured growth backlog of $38 billion.
• Management expressed confidence in delivering on the 5% growth outlook and achieving financial guidance for the 21st consecutive year.
• Greg Ebel announced his retirement in January 2027 and expressed confidence in successor Michele Harradence.
• Management noted the ability to selectively deploy capital into high-quality assets to enhance the existing footprint and create long-term shareholder value.

Other Key Points:

• Completed a $3.0 billion common equity offering to partially fund the Tallgrass and Salt Creek Midstream acquisitions.
• Closed an initial $0.7 billion investment by KKR and Apollo in the Westcoast system, with an additional $2 billion commitment secured.
• Declared a quarterly dividend of $0.9700 per common share, payable December 1, 2026.
• Enbridge Gas North Carolina completed a US$500 million medium-term note offering to refinance maturing debt.
• Enbridge Gas Ontario completed a $1.0 billion medium-term note offering to refinance maturing debt.