10-K/APeriod: FY2025

ENBRIDGE INC Annual Report (Amendment), Year Ended Dec 31, 2025

Filed March 10, 2026For Securities:ENBENBMFEBBGFEBRGFEBRZFENBGFENBRFENFFFEBGEFENBFFENBHFENBNFENBOFENBSFEBBNFENNPF

Summary

Enbridge Inc.'s (ENB) 2025 10-K filing, filed March 10, 2026, highlights a year of strong financial performance and strategic growth. The company achieved record adjusted EBITDA and placed over $5 billion of assets into service while sanctioning $14 billion in new projects, extending its growth pipeline past 2030. Notably, Enbridge completed the acquisition of an interest in the Matterhorn Express Pipeline and a significant investment by 38 First Nations groups in the Westcoast Pipeline System. Executive compensation remains tightly aligned with company performance, with a significant portion of pay being 'at risk.' Payouts for Named Executive Officers (NEOs) ranged from 130% to 146% of target, reflecting strong results against financial, strategic, and operational objectives, including a 20th consecutive year of meeting or exceeding financial guidance and the 31st consecutive annual dividend increase. The Board of Directors is composed of 11 independent nominees out of 12, demonstrating a strong commitment to corporate governance and oversight.

Key Highlights

  • 1Achieved record adjusted EBITDA of $19.95 billion and placed over $5 billion of capital into service in 2025.
  • 2Sanctioned $14 billion of new organic growth projects, extending the secured capital program beyond 2030.
  • 3Completed strategic acquisitions, including an interest in the Matterhorn Express Pipeline, and welcomed a 12.5% investment by 38 First Nations groups in the Westcoast Pipeline System.
  • 4Announced the 31st consecutive annual dividend increase, demonstrating a consistent commitment to shareholder returns.
  • 5Executive compensation is strongly tied to performance, with NEO payouts ranging from 130% to 146% of target, reflecting achievement across financial, strategic, and operational goals.
  • 6The Board of Directors comprises 11 independent nominees out of 12, underscoring robust corporate governance practices.
  • 7Strong overall safety performance with no fatalities and continued focus on serious injury prevention.

Frequently Asked Questions

In 2025, Enbridge reported record adjusted EBITDA of $19.95 billion and successfully placed over $5 billion of secured growth capital into service. The company also sanctioned $14 billion of new organic growth projects, extending its development pipeline, and maintained a strong balance sheet with a debt-to-EBITDA ratio within its target range. Safety performance remained strong with no fatalities.

Enbridge's executive compensation is guided by a rigorous pay-for-performance philosophy. A significant portion of executive compensation is 'at risk' and tied to both financial metrics (like Adjusted EBITDA and DCF per share) and strategic/operational objectives (including safety and emissions intensity reduction). In 2025, this alignment resulted in payouts for Named Executive Officers ranging from 130% to 146% of their target compensation, reflecting strong company performance.

Key strategic growth initiatives in 2025 included the acquisition of an interest in the Matterhorn Express Pipeline, enhancing the Permian natural gas franchise, and the closing of a 12.5% investment by 38 First Nations groups in the Westcoast Pipeline System. The company also sanctioned significant capital projects across its business units, including pipeline expansions and renewable energy projects.

Enbridge emphasizes strong corporate governance, with 11 out of 12 director nominees being independent. The Board operates with a majority of independent directors, and each standing committee is comprised entirely of independent members. The company follows robust governance practices aligned with Canadian and U.S. requirements, including a comprehensive Statement on Business Conduct (SOBC) and annual director independence assessments.