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Enbridge (ENB) investor relations material
Enbridge Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q2 2025 results with 7% adjusted EBITDA growth, driven by U.S. gas utility acquisitions, favorable rate settlements, and strong system utilization across all business segments.
Closed key investments, including a 10% stake in Matterhorn Express Pipeline and partnerships with Indigenous groups (12.5% in Westcoast Pipeline), generating $0.7 billion in proceeds.
Advanced and sanctioned major growth projects: Clear Fork Solar (600 MW, US$0.9B, contracted with Meta), Line 31 expansion, and Aitken Creek storage expansion.
Maintained a stable business model with over 98% of EBITDA from regulated or long-term contracted assets.
Debt-to-EBITDA improved to 4.7x as of June 30, 2025, enhancing financial flexibility.
Financial highlights
Q2 2025 adjusted EBITDA reached $4,644M, up 7% year-over-year; adjusted EPS was $0.65; DCF per share was $1.33.
Year-to-date adjusted EBITDA totaled $10,472M, with DCF at $6,680M.
Liquids segment saw strong Mainline volumes (3.0 MMbpd), though Gulf Coast and Bakken volumes were lower.
Gas Distribution growth driven by U.S. utility acquisitions, higher rates, and colder weather.
Renewables segment offset lower European offshore wind with stronger North American wind resources.
Outlook and guidance
2025 adjusted EBITDA guidance reaffirmed at $19.4B–$20.0B, expecting to finish at the upper end; DCF/share guidance at $5.50–$5.90.
Medium-term (post-2026) EBITDA growth targeted at ~5% annually; dividend per share growth expected to align with cash flow growth.
$32B secured capital program underpins growth through the end of the decade, with $9–10B annual investment capacity.
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