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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.
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Q2 2025 earnings summary1 Aug, 2025

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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Frequently asked questions

Enbridge Inc., together with its subsidiaries, operates as an energy infrastructure company in Canada and the United States. It operates through five segments: Liquids Pipelines; Gas Transmission and Midstream; Gas Distribution and Storage; Renewable Power Generation; and Energy Services. The company transports, generates, and distributes energy primarily in North America. It serves customers across the spectrum of industries.

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