Enbridge (ENB) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 earnings and adjusted EBITDA growth, driven by U.S. gas utility acquisitions, favorable rate settlements, and strong system utilization across all business segments.

• Closed major investments, including a 10% stake in Matterhorn Express Pipeline, a 12.5% Indigenous partnership in Westcoast/BC Pipeline, and expanded the regulated gas utility and renewables portfolio.

• Advanced and sanctioned key growth projects: Clear Fork Solar (600 MW, contracted with Meta), Line 31 expansion, Aitken Creek storage, and Traverse Pipeline upsize.

• Maintained a stable business model with over 98% of EBITDA from regulated or long-term contracted assets.

• Significant noncontrolling interest investment by First Nations Partnership in the BC Pipeline System, enhancing stakeholder alignment.

Financial highlights

• Q2 2025 adjusted EBITDA reached $4.644B–$5.56B, up 7% year-over-year; adjusted EPS was $0.65, and DCF per share was $1.33.

• Operating revenues for Q2 2025 were $14.9B, up from $11.3B in Q2 2024; net income attributable to common shareholders was $2.18B ($1.00/share).

• Year-to-date adjusted EBITDA totaled $10.47B–$11.49B, with DCF at $6.68B.

• Cash flow from operations for H1 2025 was $6.29B, up from $5.97B in 2024.

• Debt-to-EBITDA at 4.7x as of June 30, 2025, within target range.

Outlook and guidance

• 2025 adjusted EBITDA guidance reaffirmed at $19.4B–$20.0B, with DCF/share guidance of $5.50–$5.90; expected to finish at the upper end of the range.

• Near-term (2023–2026) growth targets: 7–9% for adjusted EBITDA, 4–6% for EPS, ~3% for DCF/share; post-2026, ~5% annual growth expected.

• $32B secured capital program and $9–10B annual investment capacity underpin growth outlook.

• Management expects strong liquidity and no need to access capital markets for the next 12 months.