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

CALGARY, AB, Nov. 7, 2025 /PRNewswire/ – 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.” 

FINANCIAL RESULTS SUMMARY

Financial results for the three and nine months ended September 30, 2025 and 2024 are summarized in the table below:

GAAP earnings attributable to common shareholders for the third quarter of 2025 decreased by $0.6 billion, or $0.29 per share, compared with the same period in 2024. This decrease 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 as well as the quarterly operating performance factors discussed below.

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 Q3 2025 filed in conjunction with the quarter-end financial statements for a detailed discussion of GAAP financial results.

Adjusted EBITDA in the third quarter of 2025 increased by $0.1 billion compared with the same period in 2024. This was due primarily to contributions from the acquisition of Enbridge Gas North Carolina in the fourth quarter of 2024, favorable contracting and rate case settlements on U.S. Gas Transmission assets, and placing Texas Eastern Venice Extension in service. These factors were partially offset by lower contributions from the Liquids Pipelines Gulf Coast and Mid-Continent segment.

Adjusted earnings in the third quarter of 2025 decreased by $0.2 billion, or $0.09 per share, compared with the same period in 2024, due to EBITDA factors discussed above offset by higher financing costs and depreciation expense from the acquisition of Enbridge Gas North Carolina and other capital investments.

DCF for the third quarter of 2025 was comparable with the same period in 2024, primarily due to EBITDA factors discussed above, offset by higher financing costs.

Detailed financial information and analysis can be found below under Third Quarter 2025 Financial Results.

FINANCIAL OUTLOOK

The Company reaffirms its 2025 financial guidance for adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90.

The Company also reaffirms its financial outlook presented at its Investor Day on March 4, 2025;

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; and
Post 2026; adjusted EBITDA, EPS and DCF per share are all expected to grow by approximately 5% annually.

Enbridge does not expect tariffs to have a material impact on our current operations or deployment of capital, though the Company will continue to monitor developments.

FINANCING UPDATE

In September 2025, Enbridge Inc. completed a $1.0 billion offering consisting of 30-year hybrid subordinated notes. Proceeds from this offering were used to pay down existing indebtedness, fund capital expenditures, and for general corporate purposes.

In September 2025, Enbridge Gas Inc. completed an $800 million medium-term note offering consisting of $500 million of 10-year notes and $300 million of 30-year notes. Proceeds from these offerings were used to refinance maturing debt at Enbridge Gas Inc.

The Company’s rolling 12 month Debt-to-EBITDA metric at the end of the quarter was 4.8x.

SECURED GROWTH PROJECT EXECUTION UPDATE

Enbridge added approximately $3 billion of new projects to its secured growth backlog this quarter:

Southern Illinois Connector; US$0.5B
Canyon System Pipelines; US$0.3B
USGC Storage Growth Program; US$0.5B
AGT Enhancement; US$0.3B
Pelican CO2 Hub; US$0.3B
Eiger Express Pipeline

The secured growth backlog now sits at approximately $35 billion. Financing of the secured growth program is expected to be provided through the Company’s anticipated $9-10 billion of annual growth capital investment capacity.

THIRD QUARTER BUSINESS UPDATES

Liquids Pipelines: Southern Illinois Connector

Enbridge has sanctioned the construction of the Southern Illinois Connector, connecting the Platte Pipeline to our jointly owned Energy Transfer Crude Oil Pipeline (ETCOP). Once complete, the project will offer 100 kbpd of long-haul, contracted service to shippers, including 30 kbpd of incremental egress out of the WCSB via an expansion on Express-Platte and utilizing 70 kbpd of existing capacity on Spearhead Pipeline. A new 24-inch pipeline will connect 56 miles from Wood River, Illinois to Patoka, Illinois, offering service to Nederland, Texas in the Gulf Coast and will be 50% jointly owned with Energy Transfer. In addition, new pump stations will add incremental capacity to the Platte system. The 100 kbpd is secured under long-term take-or-pay agreements with investment grade customers. The project is expected to cost US$0.5 billion and enter service in 2028.

Liquids Pipelines: Pelican CO2 Hub

Enbridge has entered into a definitive agreement with a subsidiary of Oxy to design, construct and operate a 2.3 MTPA CO2 transportation and sequestration hub in the Louisiana Mississippi River corridor. The transaction has been structured as a 50/50 joint venture, with Enbridge managing the pipeline and Oxy managing the sequestration portions of the CO2 Hub. The project is supported by a 25-year take-or-pay offtake agreement with an investment grade counterparty. Enbridge expects its share of the project to cost approximately US$0.3 billion, and enter service in 2029.

Gas Transmission: Tiber Offshore Extension to Canyon Pipelines

Enbridge has expanded its Canyon System Pipelines project to serve bp’s Tiber offshore production facility in the U.S. Gulf Coast. This project will include both crude oil and natural gas pipeline extensions and is underpinned by long-term contracts. The Canyon Systems Pipelines project was previously sanctioned to support bp’s Kaskida offshore development and now includes 24/26″ oil pipeline which will connect to Shell Pipeline Company LP’s Green Canyon 19 Platform and a 12″ gas pipeline connecting to Enbridge’s existing Magnolia Gas Gathering Pipeline for both Tiber and Kaskida. The project extension is expected to cost US$0.43 billion, bringing the combined system cost to US$1.0 billion, and enter service in 2029.

Gas Transmission: USGC Storage Growth Program

Enbridge has sanctioned the expansion of two natural gas storage facilities in the US Gulf Coast to support the growing power demand and LNG market. Egan Storage will be expanded over two phases, with the first 8 Bcf phase expected to enter service in 2030. Construction will involve the addition of nearby caverns, adding 16 Bcf of total capacity by 2033. Enbridge has also sanctioned an expansion of Moss Bluff Storage, which is expected to increase storage capability by 7 Bcf and enter service in 2028. Together, these expansions will offer vital storage capacity to Gulf Coast LNG and power generation facilities during periods of high demand. The total cost of both projects is expected to be US$0.5 billion.

Gas Transmission: Eiger Express Pipeline

Enbridge announced it would participate in the construction of the Eiger Express Pipeline via its interest in the Matterhorn joint venture. Eiger is an up to 2.5 Bcf/d pipeline from the Permian Basin to the Katy area and will serve the growing U.S. Gulf Coast LNG market. The project is complementary to the Whistler JV assets and is backed by long-term contracts with predominantly investment grade counterparties. The project is expected to enter service in 2028.

Gas Transmission: AGT Enhancement

Enbridge has sanctioned the Algonquin Gas Transmission Reliable Affordable Resilient Enhancement project (AGT Enhancement), which will deliver approximately 75 Mmcf/d of incremental natural gas to the U.S. Northeast under long-term contracts with investment-grade counterparties. The expanded system will enhance supply reliability and improve affordability by reducing winter price volatility for customers. The project is expected to cost US$0.3 billion and enter service in 2029.

Gas Distribution & Storage: Enbridge Gas North Carolina Rate Settlement

Enbridge has filed a joint stipulated settlement on the Enbridge Gas North Carolina rate case and is pending approval from the North Carolina Utilities Commission. Interim rates were approved and effective November 1, 2025. As a result of the settlement, return on equity increased from 9.60% to 9.65% and equity thickness increased from 52% to 54% resulting in an increase to the annual revenue requirement of $34 million.

Gas Distribution & Storage: Enbridge Gas Utah Rate Settlement

Enbridge has filed a settlement on the Enbridge Gas Utah rate case, increasing the annual revenue requirement by $62 million. A decision on the filing is expected from the Public Service Commission of Utah before the end of the year with new rates expected to take effect on January 1, 2026.

THIRD QUARTER 2025 FINANCIAL RESULTS

GAAP Segment EBITDA and Cash Flow from Operations

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, which allow management and investors to more accurately compare the Company’s performance across periods, 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

Adjusted EBITDA generated from U.S. dollar denominated businesses was translated to Canadian dollars at a higher average exchange rate (C$1.38/US$) in the third quarter of 2025 when compared with the same quarter in 2024 (C$1.36/US$). 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

Liquids Pipelines adjusted EBITDA decreased $36 million compared with the third quarter of 2024, primarily related to:

lower contributions from the Flanagan South Pipeline and Spearhead Pipeline.

Gas Transmission

Gas Transmission adjusted EBITDA increased $108 million compared with the third quarter of 2024, primarily related to:

favorable contracting and successful rate case settlements on certain U.S. Gas Transmission assets;
contributions from the Venice Extension project which entered service in the fourth quarter of 2024; and
contributions from the acquisitions of an interest in the Matterhorn Express Pipeline in the second quarter of 2025 and the Delaware Basin Residue Pipeline in the fourth quarter of 2024; partially offset by
lower contributions from renewable natural gas assets due to lower Renewable Identification Number (RIN) pricing and timing of RIN sales.

Gas Distribution and Storage

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