Enbridge Reports Strong Third Quarter Results, Announces Accretive Investments and Reaffirms 2025 Financial Guidance
CALGARY, AB, Nov. 7, 2025 – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported third quarter 2025 financial results, reaffirmed its 2025 financial guidance and provided a quarterly business update.
Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.)
- Third quarter GAAP earnings attributable to common shareholders of $0.7 billion or $0.30 per common share, compared with GAAP earnings attributable to common shareholders of $1.3 billion or $0.59 per common share in 2024
- Adjusted earnings* of $1.0 billion or $0.46 per common share*, compared with $1.2 billion or $0.55 per common share in 2024
- Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $4.3 billion, compared with $4.2 billion in 2024
- Cash provided by operating activities of $2.9 billion, compared with $3.0 billion in 2024
- Distributable cash flow (DCF)* of $2.6 billion compared with the same amount in 2024
- Reaffirmed 2025 full year financial guidance and multi-year financial outlook
- Sanctioned Southern Illinois Connector connecting Wood River to Patoka, IL, creating 100 kbpd of long-haul, contracted service to Nederland, TX via a 30 kbpd expansion on Express-Platte and utilizing 70 kbpd of existing capacity on Spearhead for US$0.5B
- Sanctioned expansion of the Canyon System Pipeline to serve bp’s Tiber Offshore development for an incremental US$0.3B
- Sanctioned expansions of Egan and Moss Bluff natural gas storage facilities to support increasing natural gas demand in the USGC, adding 23 Bcf of incremental capacity for US$0.5B, to be delivered in stages from 2028-2033
- Sanctioned the Algonquin Gas Transmission (AGT) Enhancement project to serve rising local natural gas demand for US$0.3B
- Sanctioned the Eiger Express Pipeline, alongside our joint venture partners, adding up to 2.5 Bcf/d of Permian takeaway within Matterhorn Express’ existing pathway
- Reached positive rate case settlements at Enbridge Gas North Carolina and at Enbridge Gas Utah
- Sanctioned the Pelican CO2 Hub in Louisiana in partnership with Occidental Petroleum Corporation (Oxy) for US$0.3B
- Exited the quarter with Debt-to-EBITDA* of 4.8x
CEO COMMENT
Greg Ebel, President and CEO commented the following:
“Energy demand continues to grow in North America and beyond. Throughout North America, we have an abundant supply of natural resources. Enbridge is the only company with a large incumbent footprint positioned to deliver gas, liquids and renewable power to customers across the continent and to new markets. Our ‘all-of-the-above’ approach enables us to capitalize on growing demand for all forms of energy, providing first-choice service for customers both today and in the future.
“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. We also sanctioned $3 billion of attractive projects, leveraging our footprint, scale and diversification.
“In Liquids, we reached a positive final investment decision on the Southern Illinois Connector project, which is backed by 100 kbpd of long-term contracts for full-path service from Western Canada to Nederland, Texas. The project includes a 30 kbpd expansion of Express-Platte and 56 miles of new pipe that connects Wood River to Patoka, Illinois, as well as utilization of 70 kbpd of existing capacity on Spearhead Pipeline. Looking ahead, we are also advancing another 400 kbpd of expansion opportunities to add incremental Western Canadian Sedimentary Basin egress to key North American refining markets. Mainline Optimization Phase 1, which will add 150 kbpd, is in the final stages of customer negotiations and we expect to make an announcement this quarter. The team is also actively advancing Mainline Optimization Phase 2. Utilizing the existing Mainline system, in combination with the Dakota Access Pipeline[1], Mainline Optimization Phase 2 would add another 250 kbpd of incremental full-path capacity before the end of the decade. Enbridge will continue to provide quick-cycle, capital efficient expansions to support our customers’ growth.
“In Gas Transmission, we sanctioned $2 billion of investment across our footprint to support growing natural gas, power, and LNG demand. Following two successful gas storage open seasons, we are proceeding with a 7 bcf expansion of Moss Bluff and a 16 bcf expansion of Egan. Upon completion, these projects will further enhance Enbridge’s storage presence which already provides critical flexibility for the tightening U.S. Gulf Coast gas market. We are also expanding the Canyon System offshore pipeline project that was previously announced to support bp’s Kaskida development, tying to bp’s recently sanctioned Tiber development. Earlier in the quarter, we announced the AGT Enhancement, which is expected to deliver approximately 75 Mmcf/d of incremental natural gas under long-term contracts to the U.S. Northeast. This US$0.3 billion project is designed to increase reliable supply and improve affordability by reducing winter price volatility for customers. Finally, through our Matterhorn joint venture, we reached a final investment decision on the Eiger Express Pipeline, an up to 2.5 bcf/d pipeline from the Permian Basin to the Katy, Texas area to serve the growing U.S. Gulf Coast LNG market.
“In Gas Distribution, we completed our first full year of ownership of the three U.S. gas utilities acquired in 2024. We remain very pleased with their performance and have now completed rate cases in all three major jurisdictions. During the third quarter, Enbridge Gas North Carolina and Enbridge Gas Utah both reached positive rate settlements, and new rates are effective November 1, 2025, and expected to be effective January 1, 2026, respectively. As data center investment continues to accelerate, we see more avenues for growth in our utility franchise than originally anticipated. Our Gas Distribution teams are now advancing more than $4 billion of data center and power generation opportunities across 60 different projects to serve our customers’ growing energy needs through the end of the decade.
“In Renewable Power, we have more than 1.4 GW of solar projects expected to enter service through 2027. Enbridge will continue to invest opportunistically, providing power to a growing list of technology and data center players that include Meta and Amazon. We are continuing to monitor the policy environment, but don’t expect any of our sanctioned or late-stage development projects to be impacted by legislative changes to renewable tax credits.
“All four of our premier franchises continue to deliver strong results and generate new growth opportunities, reinforcing our ability to win in multiple ways. Year-to-date, Enbridge has added approximately $7 billion to its secured project backlog. We now have $35 billion of sanctioned growth capital entering service through 2030, as we continue to add visibility to our post-2026 5% annual growth outlook for EBITDA, EPS and DCF/share. Looking ahead, we remain committed to disciplined capital allocation, protecting the balance sheet and growing our dividend. We believe that our formula of steady cash flow growth and annual dividend increases will continue to drive strong shareholder returns and positions Enbridge as a first-choice investment.”
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