“In Liquids Pipelines, we entered into two transactions to grow our leading North American footprint. The acquisition of Tallgrass Energy’s crude oil business will expand our presence in the Bakken, Powder River and Denver-Julesburg basins by adding a highly contracted pipeline with connectivity from Guernsey, WY to Cushing, OK. This acquisition is expected to provide us with a new corridor through the U.S. Rockies, complementing our existing assets, including Express-Platte and Seaway. In October, we closed our acquisition of Salt Creek Midstream’s crude oil gathering business, extending our position deeper into the Permian basin through the addition of long-term contracted crude oil gathering infrastructure located in the core of the Delaware basin. These gathering assets create a wellhead-to-water platform when combined with transportation on our Gray Oak Pipeline and export at our Enbridge Ingleside Energy Center. We also sanctioned the Long Lake Expansion within our Alberta Regional Oil Sands business, with an expected in-service date of 2028. The project consists of a new lateral pipeline and storage tank while expanding capacity on the Waupisoo and Wood Buffalo Extension pipelines. Together, these investments are building a more connected, flexible and resilient network that gives customers multiple pathways from major producing basins to key storage, refining and export markets. They also demonstrate our ability to selectively deploy capital into high-quality assets that enhance our existing footprint, increase customer optionality, and create long-term opportunities for continued growth.
“We continue to see a broad range of high-quality opportunities across our Gas Transmission business, underpinned by accelerating electricity and LNG demand, increasing the strategic importance of natural gas transportation and storage. This quarter we placed two projects into service, Tennessee Ridgeline and B.C. Pipeline’s Aspen Point expansion. The team is focused on executing our $15 billion portfolio of sanctioned projects across the continent, including the $4 billion Sunrise expansion of the B.C. Pipeline system and nearly 90 Bcf of natural gas storage expansions along the U.S. Gulf Coast and B.C. Looking ahead, strong natural gas demand across North America continues to support a robust pipeline of opportunities that we are actively advancing.
“In Gas Distribution and Storage, we are engaging with customers, power generators, and regulators to identify the infrastructure required to enable growth while protecting affordability and reliability for existing customers. Our acquisition of Laramie Energy’s assets will expand Wexpro’s cost-of-service natural gas supply, supporting affordability for our Enbridge Gas Utah customers. In Ohio, we filed for new rates that will support continued investment in the safety, reliability and modernization of our system. These investments demonstrate the important role our utilities play in delivering affordable and reliable energy to customers across North America.
“In Renewable Power, construction continues on more than 2 GW of generation capacity, with the second phase of Sequoia Solar expected to enter service by year-end. Since 2002, we’ve built the business to more than 8 GW, with another 1.5 GW of safe-harbored opportunities under development.
“Looking ahead, the opportunity set across our businesses remains as strong as we’ve seen in years. With our extensive incumbent footprint, $38 billion secured capital backlog and growing annual investment capacity, we are well positioned to support increasing energy demand. Our focus remains on executing our secured backlog and extending visibility to our 5% growth outlook. We’re advancing the next generation of energy investments within our $10–11 billion annual investment capacity, while recycling capital opportunistically, through transactions like the $2.7 billion commitment from KKR and Apollo in the Westcoast system. We remain on track to achieve our financial guidance for the 21st consecutive year, reinforcing Enbridge’s ability to perform across varying macro-economic conditions and our first-choice investment proposition.
“Finally, as I get set to retire in January, I want to express my sincere appreciation to our investors and those in the investment community for your great support over the last couple of decades in my previous and current roles. It has been an honor to have been able to participate in building such a high quality company over the years. In the last four years we have been able to profitably grow Enbridge’s position in both Canada and the United States and secure an impressive backlog of growth projects across the company that will continue to fuel Enbridge’s growth and investor returns for years to come. I am thrilled that Michele Harradence will be leading Enbridge forward at this time of great opportunity. Michele is a proven leader who has a deep understanding of our strategy, business, and industry and I have incredible confidence in her leading the Enbridge team in this exciting next chapter of our growth. Finally, let me thank our employees, customers, and Board of directors for their loyalty, support, and amazing business partnerships over the years.”
FINANCIAL RESULTS SUMMARY
Financial results for the three months and nine months ended September 30, 2026 and 2025 are summarized in the table below:
Three months ended
September 30,
Nine months ended
September 30,
2026
2025
2026
2025
(unaudited; millions of Canadian dollars, except per share amounts; number
of shares in millions)
GAAP Earnings attributable to common shareholders
1,288
682
4,355
5,120
GAAP Earnings per common share
0.59
0.30
2.00
2.34
Cash provided by operating activities
2,703
2,868
9,156
9,159
Adjusted EBITDA1
4,434
4,267
15,020
14,739
Adjusted Earnings1
1,074
997
4,586
4,657
Adjusted Earnings per common share1
0.49
0.46
2.10
2.14
Distributable Cash Flow1
2,689
2,566
9,488
9,246
Weighted average common shares outstanding
2,192
2,181
2,186
2,180
1
Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.
GAAP earnings attributable to common shareholders for the third quarter of 2026 increased by $0.6 billion, or $0.29 per share, compared with the same period in 2025. This increase was primarily due to non-cash, unrealized changes in the value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks, net of tax, in addition to the operating performance items discussed below.
The period-over-period comparability of GAAP earnings attributable to common shareholders is impacted by certain unusual, infrequent or other non-operating factors which are noted in the reconciliation schedule included in Appendix A of this news release. Refer to the Company’s Management’s Discussion & Analysis for Q3 2026 filed in conjunction with the quarter-end financial statements for a detailed discussion of GAAP financial results.
Adjusted EBITDA in the third quarter of 2026 increased by $167 million compared with the same period in 2025. This was primarily as a result of incre
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