Enbridge (ENB) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 results with adjusted EBITDA up 13% to $18.6B and DCF up 6% to $12.0B year-over-year, and a 37% total shareholder return.

• Closed $19B acquisition of three major U.S. natural gas utilities, creating the largest gas utility franchise in North America.

• Added over $8B in newly sanctioned organic projects to the backlog, diversified across all business units.

• Increased dividend for the 30th consecutive year, maintaining Dividend Aristocrat status.

• Over $3B in capital recycling at attractive valuations.

Financial highlights

• Q4 2024 adjusted EBITDA was $5,130M, up from $4,107M in Q4 2023; full-year adjusted EBITDA reached $18,620M, up from $16,454M in 2023.

• Q4 DCF per share rose to $1.41, a 10% year-over-year increase; adjusted EPS up 17% to $0.75.

• Full-year DCF was $12.0B ($5.57/share), up from $11.3B ($5.48/share) in 2023.

• Paid $8B in dividends in 2024, maintaining a 60-70% DCF payout range.

• Cash from operations: $12.6B, down from $14.2B in 2023.

Outlook and guidance

• 2025 adjusted EBITDA guidance reaffirmed at $19.4B–$20.0B, with DCF per share guidance of $5.50–$5.90.

• Near-term (2023–2026) growth outlook: 7–9% adjusted EBITDA CAGR, 4–6% adjusted EPS CAGR, ~3% DCF/share CAGR.

• Full-year contributions from new U.S. gas utilities and cost-saving initiatives expected to drive 2025 growth.

• Growth supported by $26B secured capital program and $8–9B annual low-risk investment capacity.

• Midterm outlook reaffirmed, with further details to be discussed at upcoming Investor Day.