10-QPeriod: Q1 FY2025

ENBRIDGE INC Quarterly Report for Q1 Ended Mar 31, 2025

Filed May 9, 2025For Securities:ENBENBMFEBBGFEBRGFEBRZFENBGFENBRFENFFFEBGEFENBFFENBHFENBNFENBOFENBSFEBBNFENNPF

Summary

Enbridge Inc. (ENB) reported strong financial results for the first quarter of 2025, demonstrating robust performance across its key business segments. Total operating revenues surged to $18.5 billion, a significant increase from $11.0 billion in the prior year period, driven by higher commodity sales and gas distribution revenues. Earnings attributable to common shareholders rose substantially to $2.26 billion ($1.04 per share) from $1.42 billion ($0.67 per share) in Q1 2024. The company saw substantial EBITDA growth, reaching $5.9 billion, up from $4.7 billion in the prior year. This growth was fueled by contributions from recent acquisitions, improved performance in Liquids Pipelines and Gas Transmission segments, and a favorable impact from colder weather in Gas Distribution. Enbridge also highlighted its continued focus on strategic growth projects and maintaining financial flexibility, with substantial liquidity available through its committed credit facilities.

Key Highlights

  • 1Total operating revenues increased significantly to $18.5 billion in Q1 2025 from $11.0 billion in Q1 2024.
  • 2Earnings attributable to common shareholders grew to $2.26 billion ($1.04 per share) in Q1 2025, up from $1.42 billion ($0.67 per share) in Q1 2024.
  • 3EBITDA surged to $5.9 billion in Q1 2025, a notable increase from $4.7 billion in Q1 2024, driven by acquisitions and segment performance.
  • 4The Gas Distribution and Storage segment showed a substantial EBITDA increase, partly due to full-quarter contributions from acquired utilities and favorable weather conditions.
  • 5Liquids Pipelines and Gas Transmission segments reported improved EBITDA, benefiting from higher throughput, favorable contracting, and rate case settlements.
  • 6Enbridge maintained strong liquidity, with $13.4 billion in net available liquidity as of March 31, 2025.
  • 7The company announced plans to invest up to $2.0 billion in its Mainline System through 2028.

Frequently Asked Questions

Enbridge's revenue growth was primarily driven by an increase in commodity sales, which more than doubled year-over-year, and a significant rise in gas distribution sales. Higher transportation and other services revenue also contributed to the overall increase.

Recent acquisitions, particularly the Gas Utilities (Enbridge Gas Ohio, Enbridge Gas Utah, and Enbridge Gas North Carolina), provided full-quarter contributions in the first quarter of 2025, significantly boosting the Gas Distribution and Storage segment's EBITDA. The acquisition of Tomorrow RNG also contributed to the company's lower-carbon strategy.

The Liquids Pipelines segment saw improved performance driven by higher Mainline and Line 9 throughput and favorable equity earnings. The Gas Transmission segment also reported strong results, benefiting from favorable contracting on US assets, rate case settlements (Algonquin and Texas Eastern), and contributions from recent project additions. Enbridge also announced plans for up to $2.0 billion in investments in its Mainline System through 2028 to enhance its service life, reliability, and efficiency.

Enbridge maintained a strong liquidity position with $13.4 billion in net available liquidity as of March 31, 2025, comprising available credit facilities and unrestricted cash. The company also actively manages its debt profile, having issued $2.8 billion in long-term debt during the quarter while repaying approximately $1.9 billion in US dollar-denominated debt. Approximately 8% of its total debt is exposed to floating rates after considering interest rate swap hedges.