Canada · Delayed Price · Currency is CAD Enbridge Earnings Call Transcripts
Fiscal Year 2026
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The acquisitions of Tallgrass and Salt Creek assets for CAD 4.5 billion enhance scale, connectivity, and growth potential in key North American crude basins. The deals are expected to be accretive, preserve balance sheet strength, and support long-term strategic goals.
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Strong Q2 performance driven by high utilization and project execution across all segments, with adjusted EBITDA up over CAD 130 million year-over-year. The company reaffirmed 2026 guidance, highlighted a robust secured capital backlog, and expects continued growth in Liquids, Gas, Utilities, and Renewables.
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Strong Q1 2026 performance with record Mainline volumes, reaffirmed 2026 guidance, and robust growth across all segments. Major expansions in storage and pipelines, continued partnership with Meta, and a CAD 40 billion capital backlog support visible growth through 2030.
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The meeting covered strong financial results, board elections, and approval of all resolutions with high shareholder support. Strategic investments in gas, liquids, and renewables were highlighted, along with a focus on safety, Indigenous partnerships, and addressing geopolitical and regulatory challenges.
Fiscal Year 2025
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Record 2025 results exceeded guidance, with strong growth in all segments and a 31st consecutive dividend increase. Project backlog and investment capacity expanded, supporting a 5% growth outlook through the decade, underpinned by robust demand in liquids, gas, and renewables.
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Record Q3 adjusted EBITDA was achieved, driven by strong mainline volumes and growth in gas transmission and distribution. The company reaffirmed full-year guidance, advanced $3 billion in new projects, and expects 5% growth through the decade, supported by a robust secured capital program.
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Record Q2 EBITDA and EPS growth were driven by U.S. gas utility acquisitions and strong asset utilization. The company reaffirmed 2025 guidance, advanced major projects across all segments, and maintained a robust balance sheet, with a focus on disciplined capital allocation and stable, regulated cash flows.
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Record Q1 results with double-digit growth in EBITDA, DCF per share, and EPS, driven by strong volumes and U.S. utility contributions. Guidance for 2025 is reaffirmed, with robust project sanctioning and continued dividend growth expected.
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The meeting featured strong financial results, a 13% EBITDA increase, and a 37% shareholder return. All directors and proposals were approved by wide margins, and a new board chair was appointed. Strategic focus remains on growth, infrastructure, and emission reduction.
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Management outlined a robust, diversified growth outlook with over $50 billion in capital-efficient opportunities, targeting 5% annual cash flow and dividend growth. The business units are focused on brownfield expansions, disciplined capital allocation, and leveraging strong demand tailwinds, especially in gas and renewables.
Fiscal Year 2024
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Record 2024 results included a 13% EBITDA increase, 37% total shareholder return, and major U.S. utility acquisitions. Guidance for 2025 was reaffirmed, with strong growth expected from new assets and continued capital discipline.
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Record Q3 EBITDA and strong DCF per share were driven by high asset utilization and new U.S. gas utilities. Guidance for 2024 is reaffirmed, with robust growth across all segments and a focus on capital-efficient expansions and renewables.
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Q2 saw record Mainline and Ingleside volumes, 8% EBITDA growth, and successful US Gas Utilities acquisitions. 2024 guidance was raised, with strong outlooks across all segments and a robust balance sheet. Data center demand and renewables are driving new growth opportunities.