ENB · Enbridge Inc.

Enbridge's first quarter 2026 results reflect the resilience of its diversified business model amid volatile energy markets. GAAP earnings attributable to common shareholders fell to $1.7 billion ($0.77 per share) from $2.3 billion ($1.04 per share) in the prior year, primarily due to non-cash, unrealized changes in derivative values and lower operating performance. Adjusted EBITDA was nearly flat at $5.8 billion, as higher contributions from Gas Distribution and Storage (driven by rate escalators and recent rate case settlements) and U.S. Gas Transmission (favorable contracting) were offset by the absence of equity earnings from investment tax credits in Renewable Power and a litigation settlement in Liquids Pipelines. Adjusted earnings per share decreased slightly to $0.98 from $1.03, impacted by higher depreciation and income taxes. Distributable cash flow improved to $3.9 billion from $3.8 billion, benefiting from higher cash distributions and lower current taxes. Management reaffirmed 2026 adjusted EBITDA guidance of $20.2-$20.8 billion and DCF per share of $5.70-$6.10, along with a post-2026 growth outlook of ~5% CAGR. The company sanctioned $2 billion in new projects, including the 300 MW Cone wind facility (supporting Meta), a 25 Bcf Tres Palacios storage expansion, a Vector Pipeline expansion, and an 8 Bcf Dawn Hub storage project, growing the secured backlog to $40 billion. Liquids Pipelines segment EBITDA declined to $1.96 billion from $2.59 billion, reflecting the absence of a prior-year litigation settlement and lower equity earnings, though Mainline volumes averaged 3.2 million bpd with full apportionment. Gas Transmission EBITDA rose to $1.57 billion from $1.47 billion, and Gas Distribution & Storage increased to $1.71 billion from $1.60 billion. Renewable Power EBITDA fell to $188 million from $223 million due to the absence of investment tax credits. The company also completed $4 billion in debt issuances during the quarter, maintaining a Debt-to-EBITDA ratio of 5.0x, within its target range.