CALGARY, AB, Feb. 13, 2026 /CNW/ – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported fourth quarter 2025 financial results, reaffirmed its 2026 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.)
- Full-year GAAP earnings attributable to common shareholders of $7.1 billion or $3.23 per common share, compared with $5.1 billion or $2.34 per common share in 2024
- Full-year adjusted earnings* of $6.6 billion or $3.02 per common share*, an increase of 9% and 8% respectively, compared with $6.0 billion or $2.80 per common share in 2024
- Full-year adjusted EBITDA* of $20.0 billion, an increase of 7%, compared with $18.6 billion in 2024
- Full-year cash provided by operating activities of $12.3 billion, compared with $12.6 billion in 2024
- Full-year distributable cash flow (DCF)* of $12.5 billion, an increase of 4%, compared with $12.0 billion in 2024
- Achieved financial guidance for the 20th consecutive year, reflecting continued business resilience and predictability across all franchises
- Increased the 2026 quarterly dividend by 3% to $0.97 ($3.88 annualized) per share, reflecting the 31st consecutive annual increase
- Reaffirmed 2026 full year financial guidance and multi-year financial outlook
- Placed $5 billion of organic growth capital into service in 2025
- Sanctioned $14 billion of organic growth projects during 2025
- Sanctioned Mainline Optimization Phase 1 (MLO1), adding 150 kbpd of Mainline system capacity and 100 kbpd of Flanagan South Pipeline (FSP) capacity under long-term take-or-pay contracts, supporting full-path demand, for US$1.4 billion
- Sanctioned the Bay Runner extension to the Whistler Pipeline and upsized the previously announced Eiger Express Pipeline from 2.5 Bcf/d to 3.7 Bcf/d
- Sanctioned Cowboy Phase 1, a 365 MW solar facility and a 135 MW battery energy storage system (BESS), expandable up to 200 MW, under long-term agreements to support a global technology company’s operations in Cheyenne, Wyoming, for US$1.2 billion
- Sanctioned Easter, a 152 MW onshore wind project in Amarillo, Texas supporting Meta Platforms, Inc.’s data center operations under a long-term power purchase agreement, for US$0.4 billion
- Exited the year with Debt-to-EBITDA* of 4.8x, providing significant financial flexibility
CEO Comment
Greg Ebel, President and CEO, commented:
“With the changing dynamics we see in today’s energy sector, our all-of-the-above approach to energy and incumbent asset footprint positions us to capitalize on growing energy demand. This past year, Enbridge continued to benefit from our size and capacity, securing $14 billion of projects across our four businesses.
Sanctioned projects addressed a range of energy demand themes, advancing incremental WCSB egress, expanding natural gas transmission capacity in the U.S. Northeast, bolstering our natural gas storage businesses on the Gulf Coast and in British Columbia, and building on our partnership with Meta in the power space.
Today, our total secured backlog sits at $39 billion, up approximately 35% since Enbridge Day, and we’ll continue to advance our suite of opportunities across natural gas, liquids, and renewable power to meet growing energy demand in North America and beyond.
Despite tariffs and geopolitical tension, 2025 showcased our low-risk commercial framework delivering predictable results amid macroeconomic uncertainty. We’re proud to announce that Enbridge has once again achieved record EBITDA and DCF per share, marking the 20th consecutive year of achieving or exceeding financial guidance.
In Liquids, Mainline volumes averaged 3.1 MMbpd in 2025, and the system was apportioned for nine months of the year. This quarter we sanctioned Mainline Optimization Phase 1, expected to enter service in 2027.
In Gas Transmission, alongside our Whistler Parent JV partners, we sanctioned Bay Runner and continue to advance the pipeline that will serve the Rio Grande LNG facility.
In Gas Distribution, new rates have come into effect for both Enbridge Gas North Carolina and Utah, and we filed a new rate case at Enbridge Gas Ohio.
In Renewable Power, we are sanctioning two new projects that advance our growing partnership with global technology companies. Both projects are secured by long-term power purchase agreements and are expected to be fully in service by 2027.
2025 was another milestone year for Enbridge and we are focused on capturing the next set of growth opportunities across the energy landscape. Our leverage remains within our 4.5x to 5.0x range and our annual investment capacity for additional growth projects now sits between $10 billion and $11 billion.”
Financial Results Summary
Financial results for the three and twelve months ended December 31, 2025 and 2024 are summarized in the table below:
(Unaudited; millions of Canadian dollars, except per share amounts; number of shares in millions)
| Three months ended December 31 |
Twelve months ended December 31 |
|||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| GAAP Earnings attributable to common shareholders | 1,952 | 493 | 7,072 | 5,053 |
| GAAP Earnings per common share | 0.89 | 0.23 | 3.23 | 2.34 |
| Cash provided by operating activities | 3,111 | 3,662 | 12,270 | 12,600 |
| Adjusted EBITDA1 | 5,213 | 5,130 | 19,952 | 18,620 |
| Adjusted Earnings1 | 1,921 | 1,640 | 6,578 | 6,037 |
| Adjusted Earnings per common share1 | 0.88 | 0.75 | 3.02 | 2.80 |
| Distributable Cash Flow1 | 3,208 | 3,074 | 12,454 | 11,991 |
| Weighted average common shares outstanding | 2,181 | 2,178 | 2,180 | 2,155 |
1 Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.
Fourth Quarter and Annual 2025 Financial Results
GAAP earnings attributable to common shareholders for the fourth quarter of 2025 increased by $1.5 billion, or $0.66 per share, compared with the same period in 2024. This increase was primarily due to non-cash, unrealized changes in the value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks. In addition, the increased quarterly operating performance discussed below contributed to the higher earnings.
On a full year basis for 2025, GAAP earnings attributable to common shareholders increased by $2.0 billion, or $0.89 per share, due to the same non-cash, unrealized changes in the value of derivative financial instruments discussed above, partially offset by the absence of the 2024 gain on sale from the disposition of interests in Alliance Pipeline and Aux Sable and an impairment of rate-regulated assets in Enbridge Gas Ohio.
The period-over-period comparability of GAAP earnings attributable to common shareholders is impacted by certain unusual, infrequent or other non-operating factors which are noted in the reconciliation schedule included in Appendix A of this news release. Refer to the Company’s Management’s Discussion & Analysis for 2025 filed in conjunction with the year-end financial statements for a detailed discussion of GAAP financial results.
Adjusted EBITDA in the fourth quarter of 2025 increased by $83 million compared with the same period in 2024. This was due primarily to favorable Gas Transmission contracting and Venice Extension entering service, colder weather and higher rates and customer growth at Enbridge Gas Ontario, partially offset by the absence in 2025 of equity earnings related to investment tax credits from our investment in Fox Squirrel Solar.
Adjusted EBITDA for the year ended December 31, 2025 increased by $1.3 billion compared with the same period in 2024. This was primarily driven by a full year of contributions from the U.S. Gas Utilities, colder weather, higher rates and customer growth at Enbridge Gas Ontario, higher contributions from our Gas Transmission segment from rate case settlements and favorable contracting, and Venice Extension entering service. These factors were partially offset by lower spot volumes on the Flanagan South liquids pipeline, the absence in 2025 of equity earnings related to investment tax credits from our investment in Fox Squirrel Solar, and the absence of contributions from Alliance Pipeline and Aux Sable due to the sale of our interests in April 2024.
Adjusted earnings in the fourth quarter of 2025 increased by $281 million, or $0.13 per share, compared with the same period in 2024, due to EBITDA factors discussed above and lower income tax expense, mainly driven by a lower effective U.S. tax rate primarily from the impacts of higher investment tax credits, partially offset by higher depreciation from assets placed into service since the fourth quarter of 2024.
Adjusted earnings for the year ended December 31, 2025 increased by $541 million, or $0.22 per share, compared with the same period in 2024, primarily due to the same factors discussed above for the fourth quarter, partially offset by higher interest expense, primarily due to higher average debt balance outstanding.
Distributable Cash Flow (DCF) for the fourth quarter of 2025 increased by $134 million compared with the same period in 2024, primarily due to EBITDA factors discussed above in addition to lower maintenance capital spend related to supply chain optimization and lower current taxes due to higher investment tax credits, partially offset by higher average debt principal, resulting in higher interest expense.
DCF for the year ended December 31, 2025 increased by $463 million, compared with the same period in 2024, primarily due to EBITDA factors discussed above, partially offset by higher interest expense primarily due to higher average debt balance outstanding, higher current taxes on higher earnings, and higher maintenance capital from the acquired U.S. Gas Utilities.
Per share metrics in 2025, relative to 2024, are negatively impacted by the at-the-market (ATM) issuances of common shares in the second quarter of 2024 as part of the funding plan for the U.S. Gas Utilities.
Detailed financial information and analysis can be found below under Fourth Quarter and Annual 2025 Financial Results.
Financial Outlook
The Company reaffirms its 2026 financial guidance for adjusted EBITDA between $20.2 billion and $20.8 billion and DCF per share between $5.70 and $6.10.
Enbridge increased its 2026 quarterly dividend by 3% to $0.97 ($3.88 annualized) per share, commencing with the dividend payable on March 1, 2026 to shareholders of record on February 17, 2026. This marks the 31st consecutive dividend increase for the Company.
The Company also reaffirms its 2023 to 2026 near-term growth of 7–9% for adjusted EBITDA, 4–6% for adjusted earnings per share (EPS) and approximately 3% for DCF per share. Post-2026, adjusted EBITDA, EPS and DCF per share are all expected to grow by approximately 5% annually.
Financing Update
In November 2025, Enbridge Inc. issued US$1.5 billion of senior notes consisting of US$500 million of 3-year notes, US$500 million of 5-year notes, and US$500 million of 10-year notes. Proceeds from these offerings were used to pay down existing indebtedness, finance capital expenditures, and for general corporate purposes.
The Company’s rolling 12-month Debt-to-EBITDA metric at the end of the year was 4.8x, within our Debt-to-EBITDA target range of 4.5–5.0x.
Secured Growth Project Execution Update
Enbridge brought approximately $5 billion of growth projects into service in 2025, including:
- $2.2B – Gas Distribution Utility Growth Capital across all four utilities
- US$0.7B – Gas Transmission Modernization program
- US$0.6B – Sequoia Solar Phase 1
- $0.5B – Mainline Capital Investment
- US$0.3B – Orange Grove Solar
- US$0.1B – Appalachia to Market II
- US$0.1B – Enbridge Ingleside Energy Center VII and Gray Oak expansions
Enbridge added approximately $14 billion of projects to its secured growth backlog in 2025:
Liquids Pipelines
- $2.0B – Mainline Capital Investment
- US$1.4B – Mainline Optimization Phase 1
- US$0.5B – Southern Illinois Connector Pipeline
- US$0.3B – Pelican CO₂ Hub
Gas Transmission
- US$0.5B – U.S. Gulf Coast Storage program
- $0.4B – Birch Grove Expansion
- US$0.3B – Canyon System Expansion
- US$0.3B – Algonquin Gas Transmission Enhancement
- $0.3B – Aitken Creek Expansion
- US$0.2B – Gas Transmission Modernization
- US$0.1B – Line 31 Texas Eastern Expansion
Gas Distribution and Storage
- $2.8B – Utility Growth Capital
Renewable Power
- US$1.2B – Cowboy Phase 1
- US$0.9B – Clear Fork Solar
- US$0.4B – Easter
The secured growth backlog now sits at approximately $39 billion and we expect to place $8 billion into service in 2026. Financing of the secured growth program is expected to be provided through the Company’s anticipated $10–11 billion of annual growth capital investment capacity.
Fourth Quarter Business Updates
Liquids Pipelines: Mainline Optimization Phase 1
During the quarter, Enbridge sanctioned Mainline Optimization Phase One, a US$1.4 billion expansion of the Mainline and FSP systems to meet customer demand for incremental egress, increasing deliveries of Canadian heavy oil to key refining markets in the U.S. Midwest (PADD II) and Gulf Coast (PADD III).
MLO1 is expected to add 150 kbpd of Mainline system capacity and 100 kbpd of FSP capacity via increased horsepower, upstream optimizations and terminal enhancements. The combined project is expected to enter service in 2027.
The FSP expansion is underpinned by long-term, take-or-pay contracts providing full-path service from Edmonton, Alberta to Houston, Texas. In addition, the majority of existing customers elected to extend their existing FSP full-path contracts beyond 2040.
Gas Transmission: Permian Joint Venture Strategic Update
Enbridge has sanctioned the Bay Runner extension to the Whistler Pipeline to serve natural gas demands from NextDecade’s Rio Grande LNG development. This new system will offer incremental service between the Agua Dulce hub and Brownsville in combination with the Rio Bravo Pipeline project for a total capacity of up to 5.3 Bcf/d.
In November, the Matterhorn joint venture announced it had upsized the previously sanctioned Eiger Express Pipeline to 3.7 Bcf/d from 2.5 Bcf/d, secured by additional firm transportation agreements. The new capacity will not impact the expected in-service date in 2028.
Gas Distribution & Storage: Enbridge Gas Ohio Rate Case Application
In December 2025, Enbridge Gas Ohio filed a base rate case application proposing an annual revenue requirement increase of US$163 million, to be effective in early 2027. The base rate increase was proposed to recover investment in distribution infrastructure and other costs to serve, including operating expenses and debt servicing costs.
Renewable Power: Cowboy Phase 1
Enbridge has sanctioned Cowboy Phase 1, a greenfield development in Cheyenne, Wyoming, consisting of 365 MW of solar generation capacity and 135 MW of battery energy storage, expandable up to 200 MW with further utility review and approval.
Cheyenne Light Fuel and Power (CLFP), through Wyoming’s Large Power Contract Service (LPCS) tariff, will deliver power generated from the project to a global technology company under a long-term power purchase agreement. The BESS capacity is contracted under a long-term fixed-price battery tolling agreement with CLFP, and the batteries will be supplied and maintained by Tesla.
Enbridge expects to invest US$1.2 billion to construct both the Cowboy solar facility and the BESS, both of which are expected to enter service by the end of 2027.
Renewable Power: Easter
Enbridge has sanctioned Easter, an onshore wind project near Amarillo, Texas. Easter is expected to have 152 MW of wind generation capacity and Meta has signed a power purchase agreement for the renewable output from the project.
Enbridge expects the project to cost US$0.4 billion with phased project completions expected in 2026 and 2027.
Fourth Quarter and Annual 2025 Financial Results
GAAP Segment EBITDA and Cash Flow from Operations
(Unaudited; millions of Canadian dollars)
| Three months ended December 31 |
Twelve months ended December 31 |
|||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Liquids Pipelines | 2,189 | 2,352 | 9,396 | 9,531 |
| Gas Transmission | 1,306 | 1,150 | 5,491 | 5,656 |
| Gas Distribution and Storage | 1,139 | 1,015 | 3,809 | 2,869 |
| Renewable Power Generation | 199 | 236 | 620 | 733 |
| Eliminations and Other | 333 | (1,402) | 1,161 | (1,904) |
| EBITDA1 | 5,166 | 3,351 | 20,477 | 16,885 |
| Earnings attributable to common shareholders | 1,952 | 493 | 7,072 | 5,053 |
| Cash provided by operating activities | 3,111 | 3,662 | 12,270 | 12,600 |
1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.
For purposes of evaluating performance, the Company makes adjustments to GAAP reported earnings, segment EBITDA and cash flow provided by operating activities for unusual, infrequent or other non-operating factors. These adjustments allow management and investors to more accurately compare the Company’s performance across periods by normalizing for factors that are not indicative of underlying business performance.
Tables incorporating these adjustments follow below. Schedules reconciling EBITDA, adjusted EBITDA, adjusted EBITDA by segment, adjusted earnings, adjusted earnings per share and DCF to their closest GAAP equivalent are provided in the Appendices to this news release.
Adjusted EBITDA By Segment
(Unaudited; millions of Canadian dollars)
| Three months ended December 31 |
Twelve months ended December 31 |
|||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Liquids Pipelines | 2,446 | 2,395 | 9,710 | 9,654 |
| Gas Transmission | 1,312 | 1,272 | 5,397 | 4,782 |
| Gas Distribution and Storage | 1,139 | 1,015 | 4,139 | 2,869 |
| Renewable Power Generation | 211 | 308 | 672 | 820 |
| Eliminations and Other | 105 | 140 | 34 | 495 |
| Adjusted EBITDA1 | 5,213 | 5,130 | 19,952 | 18,620 |
| Adjusted Earnings1 | 1,921 | 1,640 | 6,578 | 6,037 |
1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.
Adjusted EBITDA generated from U.S. dollar denominated businesses was translated to Canadian dollars at a lower average exchange rate (C$1.39/US$) in the fourth quarter of 2025 compared with the same quarter in 2024 (C$1.40/US$). On a full year basis, adjusted EBITDA from U.S. dollar businesses was translated at C$1.40/US$, compared with C$1.37/US$ in 2024.
A significant portion of U.S. dollar earnings are hedged under the Company’s enterprise-wide financial risk management program. The hedge settlements are reported within Eliminations and Other.
Liquids Pipelines
(Unaudited; millions of Canadian dollars)
| Three months ended December 31 |
Twelve months ended December 31 |
|||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Mainline System | 1,410 | 1,339 | 5,506 | 5,342 |
| Regional Oil Sands System | 249 | 232 | 978 | 925 |
| Gulf Coast and Mid-Continent Systems1 | 348 | 369 | 1,400 | 1,596 |
| Other Systems2 | 439 | 455 | 1,826 | 1,791 |
| Adjusted EBITDA3 | 2,446 | 2,395 | 9,710 | 9,654 |
1 Consists of Flanagan South Pipeline, Seaway Pipeline, Gray Oak Pipeline, Cactus II Pipeline, Enbridge Ingleside Energy Center, and others.
2 Consists of Southern Lights Pipeline, Express-Platte System, Bakken System, and others.
3 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.
Liquids Pipelines adjusted EBITDA increased $51 million compared with the fourth quarter of 2024, primarily related to:
- Higher Mainline System contributions as a result of higher demand, annual escalators and surcharge effective July 1, 2025, and lower power costs from operational efficiencies and lower mill rates, net of earnings sharing;
- Higher contributions from Line 9 due to higher volumes;
- Partially offset by lower contributions from the Gulf Coast and Mid-Continent Systems primarily due to lower spot volumes on the Flanagan South Pipeline.
Full year 2025 Liquids Pipelines adjusted EBITDA increased by $56 million compared with 2024 and was primarily impacted by the same factors discussed above as well as:
-
- Equity earnings attributable to a litigation settlement;
- The favorable effect of translating U.S. dollar earnings at a higher average exchange rate in 2025 compared to 2024;
- Partially offset by lower contributions from the Bakken System due to lower volumes.
Gas Transmission
(Unaudited; millions of Canadian dollars)
| Three months ended December 31 |
Twelve months ended December 31 |
|||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| U.S. Gas Transmission | 997 | 1,009 | 4,336 | 3,795 |
| Canadian Gas Transmission | 190 | 157 | 629 | 552 |
| Other1 | 125 | 106 | 432 | 435 |
| Adjusted EBITDA2 | 1,312 | 1,272 | 5,397 | 4,782 |
1 Other consists of Tomorrow RNG, Gulf Offshore assets, our investment in DCP Midstream, and others.
2 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.
Gas Transmission adjusted EBITDA increased $40 million compared with the fourth quarter of 2024, primarily related to:
-
-
- Contributions from placing Venice Extension into service and the acquisition of an interest in Matterhorn Express Pipeline;
- Higher revenues at Aitken Creek due to favorable storage spreads;
- Favorable contracting and successful rate case settlements on our U.S. Gas Transmission assets;
- Partially offset by timing of operating costs on our U.S. Gas Transmission assets.
-
Full year 2025 Gas Transmission adjusted EBITDA increased by $615 million compared with 2024 and was primarily impacted by the same factors discussed above as well as:
-
-
- Higher earnings from our investment in DCP Midstream;
- The favorable effect of translating U.S. dollar earnings at a higher average exchange rate in 2025 compared to 2024;
- Partially offset by the absence of contributions from Alliance Pipeline and Aux Sable due to the sale of our interests in April 2024;
- Lower earnings at Tomorrow RNG primarily due to lower RIN pricing and lower production volumes.
-
Gas Distribution and Storage
(Unaudited; millions of Canadian dollars)
| Three months ended December 31 |
Twelve months ended December 31 |
|||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Enbridge Gas Ontario1 | 586 | 502 | 2,246 | 1,872 |
| U.S. Gas Utilities1 | 535 | 502 | 1,843 | 947 |
| Other | 18 | 11 | 50 | 50 |
| Adjusted EBITDA2 | 1,139 | 1,015 | 4,139 | 2,869 |
1 Enbridge Gas Inc. doing business as Enbridge Gas Ontario. U.S. Gas Utilities consist of The East Ohio Gas Company (doing business as Enbridge Gas Ohio), Questar Gas Company (doing business as Enbridge Gas Utah) and Public Service Company of North Carolina Incorporated (doing business as Enbridge Gas North Carolina).
2 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.
Adjusted EBITDA for Enbridge Gas Ontario, Enbridge Gas Utah and Enbridge Gas North Carolina typically follows a seasonal profile, with EBITDA generally highest in the first and fourth quarters. Seasonal fluctuations reflect heating demand and weather variability. Enbridge Gas Ohio’s earnings are largely decoupled from volumes and less impacted by weather fluctuations.
Gas Distribution and Storage adjusted EBITDA increased $124 million compared with the fourth quarter of 2024 primarily due to:
-
-
- Higher distribution margin resulting from increased rates and customer base at Enbridge Gas Ontario;
- Higher storage optimization and pricing at Enbridge Gas Ontario;
- Increased revenue requirement from recovery of capital investments at Enbridge Gas Ohio and higher base rates at Enbridge Gas North Carolina.
-
When compared with the normal forecast embedded in rates, the positive impact of weather to Adjusted EBITDA for Enbridge Gas Ontario was approximately $18 million in the fourth quarter of 2025, net of sharing, compared to a negative impact of approximately $23 million in the same period of 2024.
Full year 2025 Gas Distribution and Storage adjusted EBITDA increased by $1.3 billion compared with 2024, primarily due to the same factors discussed above as well as a full year of contributions from the U.S. Gas Utilities and colder than normal weather in 2025, which positively impacted Enbridge Gas Ontario EBITDA by approximately $159 million year over year, net of sharing.
When compared with the normal forecast embedded in rates, the positive impact of weather for Enbridge Gas Ontario was approximately $30 million in 2025, net of sharing, compared to a negative impact of approximately $129 million in 2024.
Renewable Power Generation
(Unaudited; millions of Canadian dollars)
| Three months ended December 31 |
Twelve months ended December 31 |
|||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Adjusted EBITDA1 | 211 | 308 | 672 | 820 |
1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.
Renewable Power Generation adjusted EBITDA decreased $97 million compared with the fourth quarter of 2024 primarily related to:
- The absence in 2025 of equity earnings related to investment tax credits from our investment in Fox Squirrel Solar; partially offset by
- Strong wind resources at European offshore wind facilities.
Full year 2025 Renewable Power adjusted EBITDA decreased by $148 million compared with 2024 and was primarily impacted by lower equity earnings related to investment tax credits from our investment in Fox Squirrel Solar.
Eliminations and Other
(Unaudited; millions of Canadian dollars)
| Three months ended December 31 |
Twelve months ended December 31 |
|||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Operating and administrative recoveries | 179 | 206 | 493 | 587 |
| Realized foreign exchange hedge settlement (loss)/gain | (74) | (66) | (459) | (92) |
| Adjusted EBITDA1 | 105 | 140 | 34 | 495 |
1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.
Operating and administrative recoveries captured in this segment reflect the cost of centrally delivered services (including depreciation of corporate assets) inclusive of amounts recovered from business units for the provision of those services. U.S. dollar denominated earnings within operating segment results are translated at average foreign exchange rates during the quarter, and the impact of settlements made under the Company’s enterprise foreign exchange hedging program are captured in this corporate segment.
Eliminations and Other adjusted EBITDA decreased $35 million compared with the fourth quarter of 2024 due to lower investment income from our wholly-owned captive insurance subsidiary.
Full year 2025 Eliminations and Other adjusted EBITDA decreased by $461 million compared with 2024 primarily due to the same factor discussed above, in addition to higher realized foreign exchange losses on hedge settlements and lower investment income in 2025 compared to 2024, which benefited from the pre-funding of the U.S. Gas Utilities acquisitions.
Distributable Cash Flow (DCF)
(Unaudited; millions of Canadian dollars; number of shares in millions)
| Three months ended December 31 |
Twelve months ended December 31 |
|||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Liquids Pipelines | 2,446 | 2,395 | 9,710 | 9,654 |
| Gas Transmission | 1,312 | 1,272 | 5,397 | 4,782 |
| Gas Distribution and Storage | 1,139 | 1,015 | 4,139 | 2,869 |
| Renewable Power Generation | 211 | 308 | 672 | 820 |
| Eliminations and Other | 105 | 140 | 34 | 495 |
| Adjusted EBITDA1,3 | 5,213 | 5,130 | 19,952 | 18,620 |
| Maintenance capital | (336) | (370) | (1,184) | (1,118) |
| Interest expense1 | (1,268) | (1,247) | (4,964) | (4,475) |
| Current income tax1 | (243) | (278) | (1,014) | (875) |
| Distributions to noncontrolling interests1 | (101) | (88) | (377) | (333) |
| Cash distributions in excess of equity earnings1 | 68 | 47 | 403 | 394 |
| Preference share dividends | (108) | (101) | (419) | (388) |
| Other receipts of cash not recognized in revenue2 | (29) | 8 | 60 | 97 |
| Other non-cash adjustments1 | 12 | (27) | (3) | 69 |
| DCF3 | 3,208 | 3,074 | 12,454 | 11,991 |
| Weighted average common shares outstanding | 2,181 | 2,178 | 2,180 | 2,155 |
1 Presented net of adjusting items.
2 Consists of cash received, net of revenue recognized, for contracts under make-up rights and similar deferred revenue arrangements.
3 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.
Fourth quarter 2025 DCF increased $134 million compared with the same period of 2024 primarily due to higher adjusted EBITDA, lower maintenance capital spend related to supply chain optimization, and lower current taxes due to higher investment tax credits and benefits from the One Big Beautiful Bill Act; partially offset by higher debt principal resulting in higher interest expense.
Full year 2025 DCF increased $463 million compared with 2024 results primarily due to higher adjusted EBITDA, partially offset by higher debt principal resulting in higher interest expense, higher current taxes due to higher earnings, and higher maintenance capital from a full year of the acquired U.S. Gas Utilities.
Dividend Declaration
On December 2, 2025, the Board of Directors of Enbridge Inc. declared the following quarterly dividends. All dividends are payable on March 1, 2026 to shareholders of record on February 17, 2026.
| Security | Dividend per Share |
|---|---|
| Common Shares1 | $0.9700 |
| Preference Shares, Series A | $0.34375 |
| Preference Shares, Series B | $0.32513 |
| Preference Shares, Series D | $0.33825 |
| Preference Shares, Series F | $0.34613 |
| Preference Shares, Series G2 | $0.29836 |
| Preference Shares, Series H | $0.38200 |
| Preference Shares, Series I3 | $0.27432 |
| Preference Shares, Series L | US$0.36612 |
| Preference Shares, Series N | $0.41850 |
| Preference Shares, Series P | $0.36988 |
| Preference Shares, Series R | $0.39463 |
| Preference Shares, Series 1 | US$0.41898 |
| Preference Shares, Series 3 | $0.33050 |
| Preference Shares, Series 44 | $0.29034 |
| Preference Shares, Series 5 | US$0.41769 |
| Preference Shares, Series 7 | $0.37425 |
| Preference Shares, Series 9 | $0.35450 |
| Preference Shares, Series 11 | $0.34231 |
| Preference Shares, Series 13 | $0.33719 |
| Preference Shares, Series 15 | $0.35163 |
| Preference Shares, Series 19 | $0.38825 |
1 The quarterly dividend per common share was increased 3% to $0.9700 from $0.9425, effective March 1, 2026.
2 The quarterly dividend per share paid on Preference Shares, Series G was decreased to $0.29836 from $0.32411 on December 1, 2025 due to reset on a quarterly basis.
3 The quarterly dividend per share paid on Preference Shares, Series I was decreased to $0.27432 from $0.29980 on December 1, 2025 due to reset on a quarterly basis.
4 The quarterly dividend per share paid on Preference Shares, Series 4 was decreased to $0.29034 from $0.31601 on December 1, 2025 due to reset on a quarterly basis.
Forward-Looking Information
Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. and its subsidiaries and affiliates, including management’s assessment of future plans and operations. This information may not be appropriate for other purposes.
Forward-looking statements are typically identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “plan,” “project,” “target” and similar expressions suggesting future outcomes or outlook statements.
Forward-looking statements included in this document include, but are not limited to, statements regarding:
- Corporate vision, strategy and strategic priorities;
- 2026 financial guidance and outlook, including projected DCF per share, EPS and adjusted EBITDA;
- Expected dividends, dividend growth and payout policy;
- Supply, demand, exports and pricing for crude oil, natural gas, NGL, LNG, RNG and renewable energy;
- Industry and market conditions;
- Expected utilization and performance of assets;
- Future cash flows, shareholder returns and leverage metrics;
- Capital allocation priorities and investable capacity;
- Expected costs, benefits and in-service dates of projects under construction;
- Impacts of weather and seasonality;
- Acquisitions, dispositions and other transactions;
- Government trade policies, tariffs and regulatory decisions.
Although Enbridge believes these forward-looking statements are reasonable based on information available at the time, they are not guarantees of future performance. By their nature, these statements involve assumptions, risks and uncertainties that may cause actual results to differ materially.
Material assumptions include, but are not limited to, expectations regarding commodity prices and demand, exchange rates, inflation, interest rates, tariffs, labour availability, construction materials, regulatory approvals, project timelines, weather conditions and general economic conditions.
Except as required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are expressly qualified in their entirety by these cautionary statements.
About Enbridge Inc.
At Enbridge, we safely connect millions of people to the energy they rely on every day through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We are investing in modern energy delivery infrastructure to sustain access to secure, affordable energy while advancing new technologies including hydrogen, renewable natural gas and carbon capture and storage.
Headquartered in Calgary, Alberta, Enbridge’s common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges.
None of the information contained in, or connected to, Enbridge’s website is incorporated into or otherwise forms part of this news release.
Contact Information
| Media | Investment Community |
|---|---|
| Jesse Semko Toll Free: (888) 992-0997 Email: media@enbridge.com |
Marlon Samuel Toll Free: (800) 481-2804 Email: investor.relations@enbridge.com |
Non-GAAP Reconciliations Appendices
This news release contains references to EBITDA, adjusted EBITDA, adjusted earnings, adjusted earnings per common share (EPS), DCF and Debt-to-EBITDA, which are non-GAAP financial measures and ratios. Management believes these measures provide useful information to investors by increasing transparency and insight into performance.
These measures do not have standardized meanings under U.S. GAAP and may not be comparable to similar measures presented by other issuers. Reconciliations to the most directly comparable GAAP measures are provided in the appendices included in this release.
Reconciliations of forward-looking non-GAAP financial measures are not available due to the impracticability of estimating certain items, including contingent liabilities and non-cash derivative fair value adjustments.
Source: Enbridge Inc.
