This article first appeared on GuruFocus.
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Adjusted EBITDA: Increased by $167 million versus Q3 2025, reflecting continued strength across the business.
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Liquids Pipelines: Lower results on reduced Line 9 tolls and lower Flanagan South throughput due to high PADD 2 utilization and market pricing dynamics.
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Gas Transmission: Year-over-year results benefited from favorable contracting and US rate case settlements.
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Gas Distribution: Higher rates in Enbridge Gas Utah and North Carolina from recent rate cases, plus customer growth in Enbridge Gas Ontario.
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Renewable Power: Up slightly as first phase of Sequoia Solar entered service at end of 2025.
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Distributable Cash Flow (DCF): Year-over-year increase driven by higher adjusted EBITDA and reduced maintenance capital, partly offset by higher financing costs from incremental debt issuances.
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2026 Guidance: Reaffirmed; results expected to finish at the midpoint of the range (21st consecutive year of achieving guidance).
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Debt-to-EBITDA: 5.1 times at end of Q3 2026, driven by quarter-end FX movements (CAD/USD spot at 1.42); within target range on an FX-adjusted basis.
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Equity Offering: Completed a $3 billion common equity offering to de-risk financing of recent acquisitions.
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Growth Backlog: Approximately $38 billion of secured capital; base annual organic investment of $10 billion to $11 billion.
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Shareholder Returns: $39 billion returned via dividends over the past five years; $40 billion to $45 billion expected over the next five years.
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Capital Recycling: Closed $2.7 billion Westcoast joint venture with KKR and Apollo, adding financial flexibility beyond base annual investment.
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Long Lake Expansion: Sanctioned at expected cost of $200 million, with service expected in 2028.
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Renewable Power Portfolio: More than 8 gigawatts across North America and Europe, including over 2 gigawatts under construction (1.4 gigawatts contracted with Meta).
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Gas Storage: Almost 90 Bcf of natural gas storage projects already sanctioned.
Release Date: November 06, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Enbridge Inc (NYSE:ENB) delivered strong operational and financial performance, positioning it to achieve 2026 financial guidance for the 21st consecutive year.
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Enbridge Inc (NYSE:ENB) has a $38 billion secured growth backlog and expects 5% growth through the end of the decade, with significant organic opportunities across all four businesses.
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Enbridge Inc (NYSE:ENB) completed strategic acquisitions (Tallgrass crude business, Salt Creek Midstream) and closed the Westcoast partnership with KKR and Apollo, enhancing financial flexibility and expanding its liquids footprint.
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Enbridge Inc (NYSE:ENB) maintains a strong balance sheet with a debt-to-EBITDA ratio of 5.1x (within target on an FX-adjusted basis) and completed a $3 billion equity offering to fund growth.
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Enbridge Inc (NYSE:ENB) has a diversified all-of-the-above strategy across liquids, gas transmission, gas distribution, and renewables, providing multiple growth avenues and resilience to market cycles.
Negative Points
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Enbridge Inc (NYSE:ENB) experienced lower tolls on Line 9 deliveries and reduced throughput on the Flanagan South Pipeline due to high PADD 2 utilization and market pricing dynamics, impacting Liquids Pipelines results.
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Enbridge Inc (NYSE:ENB) faces higher financing costs associated with incremental debt issuances, which partially offset higher adjusted EBITDA and reduced maintenance capital.
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Enbridge Inc (NYSE:ENB) encountered construction challenges on the Tennessee Ridgeline Project, although it still entered service on time.
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Enbridge Inc (NYSE:ENB) has a lower-returning B.C. pipeline system and is seeking higher returns in toll settlement negotiations, highlighting return challenges in some assets.
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Enbridge Inc (NYSE:ENB) is exposed to policy uncertainty in Canada, which delayed the MLO2 expansion and required disaggregation of the project, affecting timing of upstream capital investment.
Q & A Highlights
Q: Robert Catellier of CIBC asked incoming CEO Michele Harradence what investors should expect to remain the same under her leadership and where capital allocation priorities and portfolio construction could evolve after the transition.A: Harradence, EVP and President of Gas Distribution and Storage, said her vision is grounded in Enbridge’s 75-year history of disciplined capital allocation, exceptional project development, and top-tier operations, which has produced predictable, durable cash flows and 31 consecutive years of dividend increases. She emphasized operating existing businesses exceptionally well, maintaining safety, reliability, cost discipline, and capital efficiency, and continuin
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
