Enbridge Announces 2026 Financial Guidance, Declares 3% Dividend Increase and Reaffirms Growth Outlook

Executive Summary

• Enbridge issued 2026 adjusted EBITDA guidance of $20.2 billion to $20.8 billion and distributable cash flow (DCF) per share guidance of $5.70 to $6.10, representing a ~4% increase versus the midpoint of its 2025 outlook.
• The company declared its 31st consecutive annual common‑share dividend increase, raising the quarterly payout to $0.97 (annualized $3.88), a 3% rise effective March 1, 2026.
• Enbridge reaffirmed its near‑term growth targets (EBITDA CAGR 7‑9%, EPS CAGR 4‑6%, DCF per share CAGR ~3%) and outlined a $10 billion capital investment plan for 2026, funded primarily by $10 billion of debt issuances with no external equity required.

Key Details

• Adjusted EBITDA Guidance (2026): $20.2 bn – $20.8 bn.
• Distributable Cash Flow per Share (2026): $5.70 – $6.10.
• Quarterly Dividend (2026): $0.97 per share (annualized $3.88), up 3% from $0.9425, payable March 1, 2026 to shareholders of record Feb 17, 2026.
• EBITDA Segment Drivers:
• Liquids Pipelines – ~ $9.6 bn (volumes consistent with 2025).
• Gas Transmission – ~ $5.5 bn (organic projects, higher rates, Matterhorn contributions).
• Gas Distribution & Storage – ~ $4.5 bn (new rates and capital in‑service across multiple regions).
• Renewable Power Generation – ~ $0.7 bn (full Sequoia contributions, offset by loss of Fox Squirrel tax credits).
• Eliminations & Other – ~ $0.2 bn.
• DCF Calculation (2026): Adjusted EBITDA less maintenance capital (~$1.2 bn), financing costs (~$5.425 bn), taxes (~$1.0 bn), non‑controlling interest distributions (~$0.4 bn), cash distributions in excess of equity earnings (~$0.5 bn), other adjustments (~$0.1 bn) → DCF $12.475 bn – $13.275 bn; DCF per share $5.70 – $6.10 (≈2,183 m shares outstanding).
• Capital Investment & Financing Plan: ~ $10 bn of growth capital in 2026 (ex‑maintenance); debt‑to‑EBITDA target 4.5‑5.0× at year‑end; ~$10 bn of debt issuances planned, primarily to refinance $5 bn of maturing debt; no external equity required; portion of anticipated fixed‑rate term‑debt hedged.
• Growth Outlook: Near‑term (2023‑2026) EBITDA CAGR 7‑9%, EPS CAGR 4‑6%, DCF per share CAGR ~3%; post‑2026 growth expected ~5% annually for EBITDA, EPS and DCF per share.
• CEO Comment (Greg Ebel): Emphasized steady, predictable growth driven by new projects (~$8 bn entering service), strong utilization, favorable rate settlements, and the dividend increase reinforcing Enbridge’s “dividend aristocrat” status.

Notable Quotes

“I'm pleased to announce Enbridge's 2026 financial guidance… We have approximately $8 billion of new projects entering service in 2026… This increase reinforces our dividend aristocrat status, is underpinned by our growing cash flows and supports Enbridge's first‑choice investment proposition.” – Greg Ebel, President & CEO

All forward‑looking statements are subject to risks and uncertainties detailed in the full release.