10-QPeriod: Q3 FY2025

ENBRIDGE INC Quarterly Report for Q3 Ended Sep 30, 2025

Filed November 7, 2025For Securities:ENBENBMFEBBGFEBRGFEBRZFENBGFENBRFENFFFEBGEFENBFFENBHFENBNFENBOFENBSFEBBNFENNPF

Summary

Enbridge Inc. (ENB) reported its third-quarter 2025 financial results, showcasing a strong operational performance despite some headwinds. The company's diversified business segments, including Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation, collectively contributed to the reported earnings. A significant focus this quarter was the continued integration of recent acquisitions in the US Gas Utilities sector, which are adding to revenue and operational scale. While overall earnings per common share saw a decrease compared to the prior year's comparable period, this was largely driven by non-cash, unrealized derivative fair value losses and the absence of prior-year favorable items. Underlying operational performance remained robust, with notable contributions from Gas Transmission due to rate case settlements and new projects coming online. Financially, Enbridge maintained a strong liquidity position with substantial available credit facilities and managed its debt effectively through a combination of new issuances and repayments. The company continues to advance its growth projects, with several key infrastructure developments progressing on schedule across its segments. Investors should note the ongoing legal proceedings related to Line 5, which are progressing through the court system, though management currently believes their resolution will not have a material impact on the company's financial position.

Key Highlights

  • 1Earnings attributable to common shareholders decreased to $682 million ($0.30 per share) for Q3 2025, down from $1,293 million ($0.59 per share) in Q3 2024, primarily due to non-cash derivative fair value losses and the absence of prior year tax benefits.
  • 2EBITDA for the quarter was $3.823 billion, a decrease from $4.390 billion in Q3 2024, largely impacted by unrealized derivative fair value losses and lower contributions from certain pipeline systems.
  • 3The Gas Distribution and Storage segment saw EBITDA increase by $38 million to $560 million, driven by full-quarter contributions from Enbridge Gas North Carolina and increased revenue recovery at Enbridge Gas Ohio.
  • 4The Gas Transmission segment's EBITDA increased by $124 million to $1.270 billion, benefiting from rate case settlements on Algonquin and Texas Eastern, and contributions from new projects.
  • 5Enbridge reported a strong liquidity position with $10.023 billion in available committed credit facilities and $1.4 billion in unrestricted cash and cash equivalents as of September 30, 2025.
  • 6Capital expenditures for the first nine months of 2025 totaled $5.944 billion, primarily directed towards Gas Transmission and Gas Distribution and Storage projects.
  • 7The company continues to manage its debt profile, completing significant long-term debt issuances and repayments during the period, and remains in compliance with all debt covenants.

Frequently Asked Questions

The decrease in earnings attributable to common shareholders to $0.30 per share in Q3 2025 from $0.59 per share in Q3 2024 is primarily attributed to a non-cash, net unrealized derivative fair value loss of $394 million in the current quarter, compared to a net unrealized gain in the prior year. Additionally, the absence of a prior year deferred tax recovery related to the acquisition of Public Service Company of North Carolina, Incorporated (PSNC) also contributed to the decrease.

The acquisitions of US Gas Utilities are contributing positively, particularly to the Gas Distribution and Storage segment. Enbridge Gas North Carolina provided a full quarter of contributions, and Enbridge Gas Ohio saw increased revenue recovery from capital investments, leading to an EBITDA increase in the segment. These acquisitions are enhancing the company's scale and diversification.

The legal proceedings concerning the Line 5 pipeline are ongoing. The US Court of Appeals for the Sixth Circuit ruled that a case should proceed in state court, but Enbridge has petitioned the US Supreme Court to review this decision. Separately, Enbridge has a case in federal court seeking to prevent interference with Line 5 operations, which is also progressing through appeals. While these proceedings are active, management believes their ultimate resolution will not materially impact the company's financial position.

Enbridge's portfolio of commercially secured growth projects is progressing as planned across its business segments. Key projects in Liquids Pipelines, Gas Transmission (including expansions and new pipelines like Woodfibre LNG and Canyon System Pipelines), and Renewable Power Generation are in various stages of construction or pre-construction, with expected in-service dates ranging from 2025 through 2033. These projects are underpinned by commercial agreements and strategic investments in energy transition.