Enbridge Reports Strong Third Quarter Results, Announces Accretive Investments and Reaffirms 2025 Financial Guidance

Executive Summary

• Enbridge reported Q3 2025 GAAP earnings of $0.30 per share (down 49% YoY) and adjusted earnings of $0.46 per share, with record adjusted EBITDA of $4.3 bn, reaffirming its 2025 financial guidance.
• The company announced $3 bn of sanctioned growth projects across liquids, gas transmission, storage, and renewable power, adding roughly $35 bn to its secured project backlog.
• Enbridge completed a $1.0 bn hybrid subordinated note offering and an $800 m medium‑term note issuance; declared quarterly dividends on common and multiple series of preference shares.

Key Details

• Financial Highlights (Q3 2025 vs Q3 2024):
• GAAP earnings attributable to shareholders: $0.30 per share vs $0.59 YoY.
• Adjusted earnings*: $0.46 per share vs $0.55 YoY.
• Adjusted EBITDA*: $4.267 bn vs $4.201 bn (record Q3).
• Cash provided by operating activities: C$2.868 bn vs C$2.973 bn.
• Distributable cash flow (DCF): C$2.566 bn, flat YoY.
• Guidance Reaffirmed: Adjusted EBITDA $19.4‑$20.0 bn for full‑year 2025; DCF per share $5.50‑$5.90. Near‑term growth targets of 7‑9% (EBITDA), 4‑6% (EPS), ~3% (DCF) for 2023‑2026; post‑2026 annual growth ~5% for EBITDA, EPS and DCF per share.
• Capital Projects Sanctioned ($3 bn total):
• Southern Illinois Connector – US$0.5 bn, 100 kbpd contracted service (entry 2028).
• Canyon System Pipeline expansion – US$0.3 bn for bp’s Tiber offshore development.
• USGC Storage Growth Program – US$0.5 bn, +23 Bcf capacity (phased 2028‑2033).
• Algonquin Gas Transmission Enhancement – US$0.3 bn, ~75 MMcf/d incremental gas.
• Pelican CO₂ Hub (joint venture with Oxy) – US$0.3 bn.
• Eiger Express Pipeline (Matterhorn JV) – up to 2.5 Bcf/d Permian takeaway.
• Secured Growth Backlog: ~US$35 bn after adding $3 bn of new projects this quarter; annual growth‑capital capacity expected US$9‑10 bn.
• Financing Activity (Sept 2025):
• Completed $1.0 bn 30‑year hybrid subordinated notes – proceeds used to reduce debt, fund capex, general corporate purposes.
• Enbridge Gas Inc. issued $800 m medium‑term notes ($500 m 10‑yr, $300 m 30‑yr) – proceeds for refinancing existing debt.
• Debt Metrics: Debt‑to‑EBITDA = 4.8× at quarter end.
• Rate Case Settlements: Positive settlements for Enbridge Gas North Carolina (effective Nov 1 2025) and Enbridge Gas Utah (expected Jan 1 2026).
• Dividend Declaration (record date Nov 14 2025, payable Dec 1 2025):
• Common share dividend: $0.9425 per share.
• Preference‑share dividends declared across multiple series (e.g., Series A $0.34375, Series B $0.32513, etc.).
• Conference Call: November 7 2025 at 9:00 a.m. ET; webcast link provided.

Notable Quotes

“During the quarter, high utilization across our systems resulted in record Q3 EBITDA, and we're well set up to achieve our financial guidance for the 20th consecutive year.” – Greg Ebel, President & CEO