Canada · Delayed Price · Currency is CAD Enbridge Earnings Call Transcripts
Fiscal Year 2025
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Record 2025 results exceeded guidance, with strong growth across all segments and a 31st consecutive dividend increase. Project backlog and investment capacity both rose, supporting a 5% annual growth outlook through the decade, underpinned by robust demand and disciplined capital allocation.
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Record Q3 adjusted EBITDA was driven by strong mainline volumes and growth in U.S. gas utilities. New projects across all segments and positive regulatory outcomes support guidance for upper-range EBITDA and continued dividend growth. Balance sheet and capital allocation remain disciplined.
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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% adjusted EBITDA growth, and successful US Gas Utilities integration. 2024 EBITDA guidance was raised, with strong outlooks across all segments and a focus on self-funded growth and disciplined capital allocation.