01—Abstract
Summary
Summary of the 8-K filed December 3, 2025. Cited figures are marked; the original filing is the authoritative source.
Enbridge Inc. (NYSE/TSX: ENB) furnished a Regulation FD news release on December 3, 2025 setting out its 2026 financial guidance and a 3%a increase in its common share dividend, effective with the March 1, 2026 payment.
The company guided 2026 adjusted EBITDA to $20.2b–$20.8 billion and DCF per share to $5.70–$6.10, representing roughly a 4% increase from the midpoints of 2025 guidance. Growth is attributed to roughly $8 billion of projects entering service in 2026, full-year Matterhorn contributions, rate escalation in Gas Distribution and Gas Transmission, and higher allowance for equity during construction. The quarterly dividend rises from $0.9425 to $0.97 per share ($3.88 annualized), marking the 31st consecutive annual increase, which management frames as reinforcing its dividend-aristocrat status.
Enbridge also reaffirmed its 2025 guidance, expecting EBITDA in the upper half of the $19.4c–$20.0 billion range and DCF per share at the midpoint, along with its 2023–2026 CAGR outlook of 7–9% for EBITDA, 4–6% for adjusted EPS and about 3% for DCF per share, and about 5% annual growth post-2026. Financially, the plan calls for roughly $10 billion of growth capital and about $10 billion of debt issuance in 2026, with approximately $5 billion earmarked for refinancing maturities and no external equity required. Year-end 2026 debt-to-EBITDA is expected within the 4.5–5.0x target range.
Guidance assumes a CAD/USD rate of 1.37, and the company states that substantially all budgeted 2026 USD DCF exposure is hedged. Because the filing is furnished under Item 7.01 and Exhibit 99.1, it is not deemed filed under Section 18 of the Exchange Act.
02—Key points
Key Highlights
- 2026 adjusted EBITDA guidance of $20.2–$20.8 billion, with segment guidance of ~$9.6B Liquids Pipelines, ~$5.5B Gas Transmission, ~$4.5B Gas Distribution & Storage, and ~$0.7B Renewable Power Generation
- 2026 DCF per share guidance of $5.70–$6.10 (DCF of roughly $12.5–$13.3 billion on ~2,183 million shares), about 4% above 2025 guidance midpoints
- Quarterly common dividend raised 3% to $0.97 ($3.88 annualized) from $0.9425, effective March 1, 2026; the 31st consecutive annual increase
- Reaffirmed 2025 guidance: EBITDA expected in the upper half of $19.4–$20.0 billion; DCF per share expected at the midpoint of its range
- Approximately $8 billion of new projects entering service in 2026 and ~$10 billion of growth capital planned, supported by low-risk commercial frameworks and rate settlements
- Financing plan of ~$10 billion of 2026 debt issuance, mainly to refinance $5 billion of maturities, with no external equity required and year-end debt-to-EBITDA targeted at 4.5–5.0x
- Long-term outlook reaffirmed: 2023–2026 CAGR of 7–9% EBITDA, 4–6% adjusted EPS, ~3% DCF per share; ~5% annual growth post-2026
03—Questions
Frequently Asked Questions
How much is the dividend increasing and when does it take effect?
The quarterly common share dividend rises 3% from $0.9425 to $0.97 per share, or $3.88 annualized from $3.77. The increase applies to the dividend payable March 1, 2026, to shareholders of record on February 17, 2026. It marks Enbridge's 31st consecutive annual dividend increase.
What growth is Enbridge forecasting for 2026?
Enbridge guides 2026 adjusted EBITDA to $20.2–$20.8 billion and DCF per share to $5.70–$6.10, about a 4% increase from the midpoints of 2025 guidance. Drivers include roughly $8 billion of projects entering service, full-year Matterhorn contributions, rate increases in Gas Transmission and Gas Distribution, and higher AFUDC on projects under construction.
Is Enbridge's dividend and growth plan funded without issuing new equity?
Yes. The company plans about $10 billion of growth capital and about $10 billion of debt issuance in 2026, with roughly $5 billion earmarked for refinancing maturities. Management states no external equity is required, and year-end 2026 debt-to-EBITDA is expected to remain within its 4.5–5.0x target range.
What are the main risks to the guidance?
Key sensitivities include the CAD/USD exchange rate (guidance assumes 1.37), interest rates on refinancing and new debt, and operational and regulatory timing for projects entering service. The company says it has substantially hedged its budgeted 2026 USD DCF exposure and has less than 15% of its debt exposed to interest rate variability. The filing also cites tariff and trade policy risk and general forward-looking statement risks.
Does the 2026 guidance change Enbridge's prior outlook?
No. The release reaffirms 2025 guidance and the 2023–2026 outlook of 7–9% EBITDA CAGR, 4–6% adjusted EPS CAGR and about 3% DCF per share growth. It also reiterates an expected ~5% annual growth rate for EBITDA, EPS and DCF per share after 2026.
04—Continue