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Enbridge (ENB.TO) said on Tuesday its CEO Greg Ebel will retire at the end of 2026 and ​be succeeded by industry veteran Michele Harradence, with ‌the Canadian pipeline operator changing its leadership after a period of major expansion in U.S. natural gas utilities.

During Ebel's tenure as CEO, Enbridge acquired three ​utilities from Dominion Energy, helping make the company ​one of North America's largest integrated gas utility platforms.

Enbridge ⁠now has a secured growth backlog of C$41 billion ​spanning its liquids pipelines, gas transmission and storage, natural gas ​utilities and renewable power businesses.

Harradence, who joined Enbridge in 2014 after 16 years at Shell, has led the company's gas utilities since 2022 and ​oversaw the integration of the Dominion utility acquisitions. She ​is currently head of Enbridge's gas distribution and storage business.

The businesses serve about ‌7.2 ⁠million homes, schools, hospitals and businesses across Canada and the United States.

She was the senior vice president and chief operating officer of Enbridge's Gas Transmission and Midstream business in ​Houston before ​taking charge of ⁠the company's utility business.

Ebel joined Enbridge in 2017 following its merger with Spectra Energy and became ​president and CEO in January 2023.

As of Monday's ​close, ⁠Enbridge shares have gained about 30% since Ebel took over as CEO, compared with an 86.3% rise in Canada's S&P/TSX ⁠Composite ​Index (.GSPTSE).

Ebel will remain on Enbridge's board ​through December 31 and serve as an advisor to the board and Harradence until May ​2027.

BlackRock Inc. acquired a new position in Enbridge Inc (NYSE:ENB – Free Report) (TSE:ENB) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,387,262 shares of the pipeline company’s stock, valued at approximately $183,623,000. BlackRock Inc. owned approximately 0.16% of Enbridge at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ENB. Deutsche Bank AG purchased a new stake in Enbridge in the 2nd quarter worth $1,850,502,000. Perigon Wealth Management LLC bought a new stake in Enbridge during the second quarter valued at about $570,000. Phillips Wealth Planners LLC purchased a new position in shares of Enbridge in the second quarter valued at about $304,000. Trust Co. of Vermont purchased a new position in shares of Enbridge in the second quarter valued at about $10,103,000. Finally, Principle Wealth Partners LLC bought a new position in shares of Enbridge in the second quarter worth about $796,000. 54.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes Several analysts recently issued reports on ENB shares. Royal Bank Of Canada increased their target price on Enbridge from $79.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a research note on Monday, August 3rd. Wolfe Research set a $50.00 price objective on shares of Enbridge in a report on Tuesday, August 4th. Canadian Imperial Bank of Commerce raised shares of Enbridge from a “neutral” rating to an “outperform” rating in a report on Thursday. Finally, Raymond James Financial downgraded shares of Enbridge from an “outperform” rating to a “market perform” rating in a report on Friday, July 31st. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

Check Out Our Latest Research Report on Enbridge Key Headlines Impacting Enbridge Here are the key news stories impacting Enbridge this week:

Positive Sentiment: Enbridge agreed to form a joint venture with KKR and Apollo to fund approximately C$2.7 billion (US$1.95 billion) of expansions to its Westcoast natural gas pipeline system in British Columbia. The Aspen Point and Sunrise projects are already sanctioned and supported by long-term contracts, while third-party capital reduces Enbridge’s upfront funding requirements and capital burden. Enbridge and KKR form Westcoast pipeline joint venture Positive Sentiment: Enbridge is acquiring Salt Creek Midstream’s crude gathering business in the Delaware Basin for US$600 million. The assets include about 500 miles of infrastructure, full ownership of the Orla and Wink North systems, and a 50% stake in Delaware Crossing. The deal expands Enbridge’s Permian footprint, strengthens its integrated crude export network, and is expected to add contracted earnings and cash flow after closing. Enbridge to buy Salt Creek Midstream crude assets Neutral Sentiment: Air monitoring following a gas leak during work on Enbridge’s Line 5 in Michigan’s Upper Peninsula found no hazardous gas levels. The incident appears contained, but investors may continue to monitor potential safety, regulatory, and operational consequences. Air monitoring after Enbridge Line 5 leak Negative Sentiment: The Salt Creek acquisition requires US$600 million in cash, adding near-term capital outlay to a company that already carries substantial debt. The expected benefits also depend on transaction closing, project execution, and continued activity in the Permian Basin. Enbridge Price Performance Shares of Enbridge stock opened at $49.97 on Friday. The stock has a 50 day moving average of $53.73 and a 200 day moving average of $54.03. Enbridge Inc has a 12 month low of $45.03 and a 12 month high of $58.45. The firm has a market cap of $109.13 billion, a PE ratio of 26.72 and a beta of 0.58. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last released its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $9.70 billion for the quarter, compared to the consensus estimate of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.During the same quarter in the previous year, the company posted $0.65 EPS. On average, research analysts expect that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a yield of 7.8%. Enbridge’s dividend payout ratio is presently 147.06%.

Enbridge Profile (Free Report)

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.

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Bank of New York Mellon Corp acquired a new stake in Enbridge Inc (NYSE:ENB – Free Report) (TSE:ENB) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 7,611,637 shares of the pipeline company’s stock, valued at approximately $412,627,000. Bank of New York Mellon Corp owned about 0.35% of Enbridge at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Arlington Trust Co LLC grew its holdings in shares of Enbridge by 114.6% in the second quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 267 shares during the last quarter. Triumph Capital Management bought a new stake in Enbridge during the 3rd quarter valued at about $26,000. Turning Point Benefit Group Inc. purchased a new stake in Enbridge in the 3rd quarter valued at about $28,000. Inspire Investing LLC purchased a new stake in Enbridge in the 4th quarter valued at about $29,000. Finally, Imprint Wealth LLC bought a new position in Enbridge in the 3rd quarter worth about $31,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance Shares of ENB opened at $50.48 on Friday. The stock has a 50-day moving average of $54.14 and a two-hundred day moving average of $53.99. Enbridge Inc has a one year low of $45.03 and a one year high of $58.45. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72. The stock has a market cap of $110.25 billion, a P/E ratio of 26.99 and a beta of 0.58.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last announced its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $9.70 billion for the quarter, compared to analyst estimates of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.During the same period in the prior year, the company earned $0.65 earnings per share. As a group, research analysts predict that Enbridge Inc will post 2.11 EPS for the current year. Enbridge Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.97 dividend. The ex-dividend date is Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.7%. Enbridge’s dividend payout ratio is presently 147.06%.

Wall Street Analyst Weigh In Several research firms have recently weighed in on ENB. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. US Capital Advisors upgraded Enbridge from a “hold” rating to a “moderate buy” rating in a report on Thursday. Royal Bank Of Canada lifted their target price on Enbridge from $79.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Raymond James Financial cut Enbridge from an “outperform” rating to a “market perform” rating in a report on Friday, July 31st. Finally, Wolfe Research set a $50.00 price target on Enbridge in a research report on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $67.00.

Read Our Latest Report on Enbridge

Enbridge News Roundup Here are the key news stories impacting Enbridge this week:

Positive Sentiment: US Capital Advisors upgraded Enbridge from “hold” to “moderate buy,” signaling improved confidence in the company’s risk-reward profile at recent valuation levels. Zacks.com Positive Sentiment: US Capital Advisors raised its earnings forecasts across several periods. Estimates increased to $0.43 per share for Q3 2026, $0.61 for Q4 2026, $0.48 for Q2 2027, $0.46 for Q3 2027 and $0.69 for Q4 2027. Its FY2027 forecast rose to $2.41 per share from $2.24, above the current full-year consensus of $2.11. These revisions suggest expectations for stronger earnings momentum. MarketBeat analyst estimates Positive Sentiment: Enbridge’s long dividend-growth record remains attractive to income investors. The company has increased its dividend for 31 consecutive years, and the recent share-price pullback may improve its yield and valuation appeal. Enbridge dividend analysis Neutral Sentiment: Some analysis suggests Enbridge is fairly valued after generating roughly a 93% total return over five years, limiting the potential for near-term multiple expansion despite its infrastructure cash flows. Enbridge valuation analysis Negative Sentiment: Risks include weaker second-quarter results, elevated leverage and competition. Enbridge has a roughly CAD 41 billion secured growth backlog, but competing egress pipelines could pressure volumes on its Mainline System, which contributes about one-third of EBITDA. Debt-to-EBITDA of approximately 5.1 times also exceeds the company’s preferred range and leaves earnings more exposed to interest costs. Enbridge growth backlog and Mainline risks Enbridge Profile (Free Report)

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.

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Midstream energy remains one of the few corners of the market where investors can pair mid-single-digit growth outlooks with above-market income. WTI crude has staged a sharp recovery, rallying 17.0% over the past month to $84.77 per barrel, and U.S. LNG export capacity keeps expanding, with the EIA forecasting LNG exports averaging 17.0 Bcf/d in 2026 and 18.2 Bcf/d in 2027. Pipeline operators sit at the toll booth for all of that throughput.

Three names stand out: two U.S. MLPs and one large-cap Canadian pipeline operator, all US-listed, all posting record volumes, and all raising distributions.

Enterprise Products Partners (EPD) Enterprise Products Partners (NYSE:EPD | EPD Price Prediction) is a master limited partnership that issues a Schedule K-1, so unitholders should factor tax filing complexity into their decision. Shares closed at $38.61 on August 17, up 25.99% year to date, and the partnership carries a market cap near $82.1 billion. The latest quarterly distribution of $0.56 per unit, annualizing to $2.24, was paid on August 14, 2026.

Q2 2026 delivered record operational DCF of $2.3 billion, up 21% year over year, providing 1.9x coverage of the cash distribution. Adjusted EBITDA hit a record $2.83 billion, up 17% YoY, on record equivalent pipeline volumes of 14.7 million barrels per day and marine terminal volumes of 2.8 million barrels per day. The partnership has $6.5 billion in organic growth projects under construction, headlined by an LPG export terminal expansion on the Houston Ship Channel expected online by year-end 2026. CEO Jim Teague said "Enterprise reported strong volumes, earnings and cash flow for the second quarter of 2026". With a distribution track record stretching from $0.225 in 1999 to $0.56 in 2026, it ranks among the cleanest income compounders in midstream.

Risk to watch: Marine terminal volumes benefited from a Middle East demand surge in April and May and, per management, "returned to normal levels in June and July". Second-half comparisons will be tougher.

Energy Transfer (ET) Energy Transfer (NYSE:ET) is also a K-1-issuing MLP. Units finished at $20.94, up 33.84% year to date, making it the top performer of the three in 2026. The current quarterly distribution of $0.34, or $1.36 annualized, represents the 19th consecutive quarterly increase. The next payment is scheduled for August 19, 2026.

Q2 was strong. EPS of $0.59 topped the $0.37 consensus, a 60.41% beat, with revenue of $34.33 billion versus a $28.86 billion estimate. Adjusted EBITDA came in at $5.07 billion, up 31% YoY. Management raised full-year 2026 adjusted EBITDA guidance to $18.8 billion to $19.1 billion, the second raise this year. The Hugh Brinson Pipeline is in commercial service, with full Phase 1 capacity of 1.5 Bcf/d expected September 1, 2026, and the Nederland NGL export expansion adds 240,000 bpd of ethane plus 55,000 bpd of LPG capacity. Data center demand is layering on top: an Abilene AI factory campus signed a 900 MW natural gas supply agreement. CFO Dylan Bramhall put it plainly: "When we look at this opportunity set, we’re not by any means lowering our return threshold. In fact, I think when we look at these projects, our return threshold is probably going up".

Risk to watch: Q1 2026 EPS missed by 7.60% partly on higher interest expense from an expanded capital structure. Leverage sits at the top of the 4.0x to 4.5x EBITDA target range, leaving less cushion if commodity spreads compress.

Enbridge (ENB) Enbridge (NYSE:ENB) is the diversified pipeline heavyweight, with a market cap of roughly $111.2 billion. Unlike the two MLPs, Enbridge is a Canadian corporation that pays a standard 1099-DIV and declares its dividend in Canadian dollars, introducing FX risk for U.S. holders. The board declared a quarterly dividend of C$0.97, payable September 1, 2026 to holders of record August 14. Shares closed at $50.58, up 10.07% year to date but down 9.59% over the past month, which improves the entry point.

Q2 adjusted EPS of $0.63 beat the $0.60 consensus by 5.63%, adjusted EBITDA rose to $4.78 billion, and DCF reached $2.95 billion. Management reaffirmed 2026 guidance of C$20.2 billion to C$20.8 billion adjusted EBITDA and DCF per share of C$5.70 to C$6.10, alongside a post-2026 growth outlook of roughly 5%. The secured backlog stands at approximately C$41 billion, with C$9 billion sanctioned year to date. CEO Greg Ebel called it the "best macro environment for growth in the last 10 years", pointing to over 50 data center opportunities across North America requiring up to 10 Bcf/d of new takeaway capacity.

Risk to watch: Debt-to-EBITDA sits at an elevated 5.1x, GAAP earnings will remain choppy due to non-cash derivative marks, and CAD-denominated dividends fluctuate with the loonie.

What Investors Should Watch Next All three offer growing distributions backed by fee-based cash flows, visible project backlogs, and direct exposure to LNG export, NGL export, and power/data center demand. EPD offers the most conservative coverage profile, ET the strongest earnings momentum and cheapest valuation, and ENB the broadest diversification and largest project pipeline. Key catalysts into the fall include the Hugh Brinson Phase 1 full commercial in-service on September 1, 2026, EPD’s LPG export expansion coming online by year-end 2026, and Enbridge’s plan to sanction C$10 billion to C$20 billion of new projects over 2026 to 2027.

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Key Takeaways Enbridge's C$41B backlog and C$50B opportunity set support about 5% annual post-2026 growth.ENB trades at 23.1X forward earnings, above its sub-industry, S&P 500 and five-year median.Enbridge's 5.1X debt-to-EBITDA and higher U.S. rates leave less room for project delays. Enbridge Inc. (ENB - Free Report) pairs long-term contracted infrastructure cash flows with a C$41 billion secured backlog and a 5.4% dividend yield. Management also sees about C$50 billion of organic opportunities through 2030, supporting a visible growth runway.

The trade-off is valuation. ENB trades above its sub-industry, the S&P 500 and its own five-year median on forward earnings, while leverage sits near the top of management's target range and higher U.S. interest rates remain a headwind. That puts execution, project timing and cash-flow conversion at the center of the hold-or-wait decision.

Enbridge’s Backlog Supports a 5% Growth PathEnbridge’s secured capital backlog totals C$41 billion, with projects scheduled through 2033. Management also identifies about C$50 billion of organic opportunities through 2030 and has sanctioned approximately C$9 billion of capital in 2026.

That pipeline underpins post-2026 expectations for about 5% average annual growth in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), earnings per share and distributable cash flow per share. The growth case is visible, but realizing it depends on converting a large opportunity set into timely in-service assets.

Image Source: Enbridge

ENB’s Valuation Demands Consistent DeliveryAt 23.1X forward 12-month earnings, ENB trades above the Zacks sub-industry’s 20.5X multiple, the S&P 500’s 20.8X and its five-year median of 17.9X. The premium leaves less room for delays, weaker earnings or prolonged financing pressure.

Investors comparing pipeline exposure may also look at Kinder Morgan, Inc. (KMI - Free Report) , a large North American energy-infrastructure operator with extensive pipeline and storage assets. The Williams Companies, Inc. (WMB - Free Report) offers a more natural-gas-focused alternative spanning transmission, gathering, processing and storage.

Enbridge’s Cash Flow Supports Shareholder ReturnsSecond-quarter distributable cash flow rose 1.6% to C$2.95 billion, while distributable cash flow per share increased to C$1.35 from C$1.33. Lower maintenance capital helped offset higher interest expense.

Enbridge continues to fund the equity portion of its growth program internally. It returned C$4.2 billion through common-share dividends in the first half of 2026, supporting shareholder returns while the capital program advances.

ENB’s Balance Sheet Narrows the Margin for ErrorDebt-to-EBITDA was 5.1 times at the end of the second quarter, including about 0.1 times from foreign exchange. Adjusting for that effect, leverage was within management's 4.5-5.0 times target range.

Management expects leverage to remain near the upper end while construction spending is elevated, then decline as projects enter service and cash flows build. Higher U.S. interest rates remain a 2026 headwind, narrowing the cushion if project timing slips.

Enbridge’s Projects Need to Convert on ScheduleMainline Optimization Phase 1 is expected in 2027 and the Southern Illinois Connector in 2028. Together, the projects target 180,000 barrels per day of incremental egress, making their schedule important to the liquids-growth thesis.

Blackcomb began commissioning in the second quarter and is expected to reach full service by year-end 2026. Sequoia Solar is also scheduled for full service by year-end, giving Enbridge near-term opportunities to turn construction spending into operating contributions.

Enbridge’s Signals Favor a Balanced Valuation ViewEnbridge's risk-reward is balanced. Contracted cash flows, a visible backlog and a 5.4% yield support the case for patience, but the premium multiple, leverage near the top of the target range and financing costs raise the cost of execution mistakes.

The stock currently carries a Zacks Rank #3 (Hold). Its Value Score of C, VGM Score of C and Growth Score of D are mixed, while the Momentum Score of A is the strongest style reading. Because Style Scores complement the Zacks Rank, the combination does not present a uniformly favorable buy signal despite solid momentum characteristics.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

TOPSHOT - Sections of the Enbridge Line 3 pipeline are seen on the construction site near La Salle Lake State Park in Solway, Minnesota on August 7, 2021. Climate activists and Anishinaabe tribal community members are taking 2 weeks to walk to the Minnesota State Capitol Building to raise awareness for water rights and to rally against Line 3, a proposed pipeline expansion to bringing tar sands from Alberta, Canada to Superior, Wisconsin. (Photo by Kerem Yucel / AFP) (Photo by KEREM YUCEL/AFP via Getty Images)

AFP via Getty Images

On Friday, July 31, 2026 the Michigan Supreme Court vacated a key permit for the tunnel project that allows Canadian pipeline company Enbridge to traverse its Line 5 Pipeline through the Straits of Mackinac between the Upper and Lower Peninsulas of Michigan. The ruling throws the project back into limbo, as the Michigan Public Service Commission now must redo its analysis, further delaying a process that began in 2018. (Source).

In a 6-1 ruling, the Michigan Court, per Justice Elizabeth Welch, stated that …”(t)o accurately assess the environmental consequences of the Replacement Project, the PSC should have determined whether the project would be the proximate cause of Line 5’s continued operation and its alleged attendant harms.”

Line 5, which is 73 years old, runs from Superior, Wisconsin, down through Michigan and into Ontario, ending at the refineries in Sarnia, Ontario. In response to growing concerns that the pipeline needed to be modernized, especially in the freshwaters of the Straits of Mackinac, Enbridge reached an agreement with then Michigan Governor Rick Snyder on its modernization. When Democrat Gretchen Whitmer replaced Rick Snyder in 2019, she sought to shut down the pipeline entirely, which among other things may violate the 1977 Canada-United States Transit Pipelines Treaty governing uninterrupted transmission of hydrocarbons between the two nations. (Source).

The attempt by Governor Whitmer to shut the pipeline down entirely has led to contentious litigation now both in Federal Appellate Court in Michigan and in Michigan State Court. Also on July 31, both the federal governments of the United States and Canada asked the court to block any attempt by Michigan to shut the pipeline down. This continues another part of this drama that goes back to the early days of the Whitmer Administration when her State Attorney General, Dana Nessel, filed a lawsuit in Michigan state court seeking closure of the pipeline. In April 2006 the United States Supreme Court ruled unanimously that the federal government had waited too long to try to transfer the lawsuit to federal court, returning the matter to Michigan state jurisdiction. (Source).

As if all of this wasn’t enough, on July 30, 2026 the U.S. Court of Appeals for the Seventh Circuit upheld a ruling that Enbridge trespassed on the Bad River Bend of Lake Superior Chippewa’s reservation in northern Wisconsin and ordered the pipeline rerouted. (Source).

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The Court ruled that easements permitting the location of Line 5 across Tribal lands expired in 2013 and Enbridge in effect has been trespassing since.

Built in 1953, Line 5 transports up to 540,000 barrels of crude oil and natural gas liquids. It also is a critical conduit for jet fuel for airports such as Detroit Wayne County and Toronto’s Lester Pearson International Airport. As this drama plays out in all of its forms, the one thing that absolutely is clear is that the pipeline is not getting any younger.

Energy Stocks Surge on Oil Spike: Buy, Hold, or Take Profits?Enbridge NYSE: ENB said it completed the first half of 2026 with a solid second quarter, supported by high utilization across its four business units, and reaffirmed its full-year guidance. The company also outlined a growing project pipeline spanning liquids transportation, natural gas transmission, gas utilities and renewable power.

President and CEO Greg Ebel said second-quarter Mainline volumes averaged 3.1 million barrels per day. The company began commissioning the Blackcomb Pipeline during the quarter and expects the project to enter service by year-end. Enbridge also placed the Enbridge Houston Oil Terminal into service, sanctioned the Wisconsin Line 5 relocation project and signed an option agreement to acquire the TTC Connector pipeline serving Freeport LNG.

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4 Canadian Oil Stocks That Are Filling the Heavy Crude Gap“We are well on track to secure up to CAD 20 billion in new projects in the 2026-2027 timeframe,” Ebel said. The company has sanctioned approximately CAD 9 billion of capital so far in 2026 and cited a CAD 50 billion organic-growth opportunity set through 2030.

Financial performance and capital outlook Chief Financial Officer Pat Murray said adjusted EBITDA increased by more than CAD 130 million from the second quarter of 2025. Higher Seaway Pipeline spot volumes, stronger Mainline and Line 9 volumes, and optimization initiatives supported Liquids Pipelines results, partly offset by lower Line 9 tolls.

Is Energy Transfer Undervalued or a Value Trap?In Gas Transmission, EBITDA benefited from a rate-case outcome at East Tennessee and a phased increase under a previously announced Texas Eastern rate settlement. Gas Distribution results were helped by higher base rates following rate cases at Enbridge Gas Utah and Enbridge Gas North Carolina.

Distributable cash flow per share increased with the operating performance and lower maintenance capital, Murray said. Earnings per share declined slightly year over year, however, due to higher depreciation from assets entering service and increased interest expense tied to higher debt principal.

Enbridge exited the second quarter with debt-to-EBITDA of 5.1 times. Murray said the measure was affected by the quarter-end Canadian-U.S. exchange rate, and would have been within the company’s 4.5-to-5-times target range after adjusting for the foreign-exchange impact.

The company’s CAD 41 billion secured capital backlog provides a growth runway through the decade, according to Murray. He said Enbridge expects to return between CAD 40 billion and CAD 45 billion to shareholders over the next five years, following CAD 38 billion returned over the past five years.

Liquids projects and Western Canada opportunities Enbridge is advancing Mainline Optimization Phase I and the Southern Illinois Connector, projects expected to add 180,000 barrels per day of incremental capacity. Ebel said these are the first Canadian liquids egress expansions to reach final investment decision since 2017.

The company also sanctioned the roughly CAD 1 billion Wisconsin Line 5 relocation project, with construction underway and an expected in-service date in early 2027.

Management said it is adjusting the sequencing of its Mainline Optimization Phase II, or MLO2, plans as Canadian producers and governments work through policy, fiscal and regulatory frameworks that could support future Western Canadian production growth. Colin Gruending, Enbridge’s president of Liquids Pipelines, said the company is prioritizing Chicago South market-access segments, which would move existing egress volumes farther south toward lower PADD 2 and PADD 3 refining centers and U.S. Gulf Coast export outlets.

Gruending said the downstream-focused approach would require significant capital but would have a simpler scope and better initial economics than the broader MLO2 plan. Enbridge expects any temporary imbalance created by adding downstream capacity before further Mainline expansion to be manageable.

The company also sees potential investment opportunities in its regional oil sands, condensate and diluent systems. Gruending said Enbridge has available capacity on its Southern Lights and Norlite systems before requiring twinning, while adding that rising oil sands production would eventually require additional imported condensate.

Natural gas growth tied to LNG, power and industry Enbridge highlighted growing gas demand associated with LNG exports, utilities, industrial development, power generation and data centers. The company said an open season for Project Beacon in the U.S. Northeast materially exceeded its initial expectations.

Matthew Akman, president of Gas Transmission, said Enbridge is working with utility, power and data-center customers to secure binding commitments and advance permitting. He said the potential project could be multiple times the size of an existing 70,000-dekatherm-per-day Algonquin Gas Transmission project.

In the Gulf Coast region, Enbridge signed an exclusive option to acquire TTC Connector, a pipeline connecting its Tres Palacios gas-storage facility with Freeport LNG. The project is supported by long-term take-or-pay contracts with BP, and Enbridge intends to exercise its option when the facility enters service, expected around year-end.

Alongside WhiteWater joint-venture partners, Enbridge sanctioned the Bay Runner Twin project to serve additional liquefaction capacity at Rio Grande LNG. The company also started construction of the CAD 4 billion Sunrise expansion of its BC Pipeline system, intended to serve residential, commercial, power-generation and LNG-export demand.

Utilities and renewable power Enbridge said its utility businesses continue to benefit from regulatory mechanisms including capital-investment riders, revenue decoupling and performance-based rates. The company has one active rate case, at Enbridge Gas Ohio, where it recently received what management described as a constructive staff response from the Public Utilities Commission of Ohio. New rates are expected to take effect in early 2027.

Michele Harradence, president of Gas Distribution and Storage, said Enbridge forecasts rate-base growth above 8% across its utilities, including growth tied to data centers, industrial activity, manufacturing and residential development. She said Enbridge Gas Ohio remains the lowest-cost provider among the state’s four local distribution companies.

In Renewable Power, Enbridge is constructing more than 2 gigawatts of generation across North America and Europe. Its Sequoia Solar project is expected to be fully in service by year-end. Through four projects with Meta, Enbridge expects to construct more than 1.4 gigawatts of solar and onshore wind generation and provide 1.6 gigawatt-hours of battery storage.

Ebel said the company’s diversified infrastructure footprint and 31 consecutive years of dividend increases position it to pursue demand for reliable and affordable energy across North America.

About Enbridge (NYSE:ENB)Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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, /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported second quarter 2026 financial results, reaffirmed its 2026 financial guidance and provided a quarterly business update.

Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.)

Second quarter GAAP earnings attributable to common shareholders of $1.4 billion or $0.64 per common share, compared with GAAP earnings attributable to common shareholders of $2.2 billion or  $1.00 per common share in 2025  Adjusted earnings* of $1.4 billion or $0.63 per common share*, compared with $1.4 billion or $0.65 per common share in 2025  Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $4.8 billion, compared to $4.6 billion in 2025  Cash provided by operating activities of $4.1 billion, compared with $3.2 billion in 2025  Distributable cash flow (DCF)* of $2.9 billion, in-line with results in 2025  Reaffirmed 2026 full year financial guidance and medium-term financial outlook  Sanctioned and began construction of the US$1.0 billion Line 5 Relocation project in Wisconsin, supporting the continued safe and reliable delivery of energy to the Midwest, Ontario and Quebec  Signed exclusive option to acquire TTC Connector Pipeline (TTC Connector), expanding existing U.S. Gulf Coast footprint and increasing connectivity between Tres Palacios and Freeport LNG  Sanctioned the 2.6 Bcf/d Bay Runner Twin Pipeline (Bay Runner Twin), providing Permian natural gas supply to the Rio Grande LNG facility under long-term take-or-pay agreements  Completed Project Beacon open season for increased capacity on Algonquin Gas Transmission with demand exceeding initial expectations; working to commercialize potential expansion CEO COMMENT
Greg Ebel, President and CEO commented the following:

"Shaped by ongoing geopolitical developments around the world, energy markets have remained volatile in recent months. While supply disruptions persist and uncertainty continues, one thing is clear; energy security, reliability, and affordability are more important than ever. Against this backdrop, Enbridge's scale, connectivity, and portfolio of strategic infrastructure assets position us to help strengthen North America's energy future while delivering value for customers and shareholders. We are advancing projects all across our businesses and in the second quarter added $1 billion to our now $41 billion growth project backlog. Year-to-date, we have sanctioned $9 billion of new projects and are well on track to meet our targeted $10-20 billion of new project announcements over the 2026 to 2027 timeframe. 

"We continue to see a wide array of high-quality opportunities in our Gas Transmission business, driven by customer demand across the continent. In the U.S. Northeast, we completed an open season for Project Beacon, a proposed expansion of our Algonquin Gas Transmission system, which received significantly more interest than our initial expectations. We also signed an exclusive option to acquire the TTC Connector Pipeline. This pipeline will connect Enbridge's Tres Palacios Gas Storage facility to Freeport LNG and is expected to enter service by the end of the year. Lastly in our Permian JV, the Blackcomb Pipeline has begun commissioning and we've sanctioned the Bay Runner Twin to service additional trains at Rio Grande LNG.

"The accelerating momentum we're seeing in Canada to support growth in the Western Canadian Sedimentary Basin presents a differentiated opportunity for Enbridge. As production continues to increase, Enbridge is ideally positioned to help enable that growth through new WCSB egress, including various Mainline Optimizations, as well as opportunities on our other industry-leading Liquids assets. Our Regional Oil Sands system serves around 50% of all Alberta oil sands production, while our Southern Lights and Norlite systems provide critical diluent supply and are expandable alongside future production growth. These assets will become increasingly important to our growth profile as Canadian oil production rises in response to favourable market fundamentals and the implementation of more supportive policies by Canadian governments. As a result, Mainline Optimization Phase 2 has evolved into a broader suite of expansion opportunities, and as greater clarity emerges around policies supporting production growth later this year, Enbridge is well positioned to provide the egress solutions our customers require. This quarter we sanctioned and began construction on the Line 5 Relocation project in Wisconsin, which we expect to enter service in early 2027. The relocation reinforces the long-term reliability of Line 5, which remains essential to delivering secure, affordable energy to the Great Lakes region.

"Our Gas Distribution and Storage business continues to provide year-round reliable and affordable service to over 7 million customers. This quarter the Public Utilities Commission of Ohio Staff filed its report on our Enbridge Gas Ohio rate case. The report was constructive and we look forward to working with the Commission towards a settlement in 2027.

"Lastly, our Renewable Power segment continues to advance over 1.5 GW of safe harboured opportunities. This builds on the momentum we've seen over the past 12 months, which saw us sanction over 1.4 GW of solar and onshore wind generation capacity and 1.6 GWh of battery storage capacity, all underpinned by long-term power purchase agreements with Meta. We expect to sanction additional safe harboured projects during the remainder of the year. 

"As our secured capital backlog continues to grow, our teams also remain focused on execution. This quarter we began construction on our largest project, the $4 billion Sunrise Expansion of our B.C. Pipeline system. This is in addition to a number of projects that are progressing well, including Tennessee Ridgeline, Aspen Point and the second phase of Sequoia Solar, all which are expected to enter service later this year.

"Looking ahead, we remain committed to being the first choice for our customers, policymakers, and regulators to advance essential infrastructure across North America under our all-of-the-above approach to energy investment. With an unmatched incumbent footprint, a $41 billion secured capital backlog, and $10 to $11 billion of annual growth investment capacity, Enbridge is well positioned to capitalize on the best macro environment for growth in the last 10 years. We will continue to add visibility to, and extend, our 5% growth outlook further into the future. Enbridge remains on track to deliver on our financial guidance this year, reinforcing the strength of our first-choice investment proposition."

FINANCIAL RESULTS SUMMARY

Financial results for the three months and six months ended June 30, 2026 and 2025 are summarized in the table below:

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars, except per share amounts; number   
   of shares in millions)

GAAP Earnings attributable to common shareholders

1,396

2,177

3,067

4,438

GAAP Earnings per common share

0.64

1.00

1.41

2.04

Cash provided by operating activities

4,111

3,238

6,453

6,291

Adjusted EBITDA1

4,776

4,644

10,586

10,472

Adjusted Earnings1

1,382

1,418

3,512

3,660

Adjusted Earnings per common share1

0.63

0.65

1.61

1.68

Distributable Cash Flow1

2,948

2,903

6,799

6,680

Weighted average common shares outstanding

2,184

2,180

2,183

2,180

1 Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.

GAAP earnings attributable to common shareholders for the second quarter of 2026 decreased by $0.8 billion, or $0.36 per share, compared with the same period in 2025. This decrease was primarily due to non-cash, unrealized changes in the value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks. In addition, a non-cash pre-issuance hedge loss was recorded on an exchange of medium-term notes and a non-cash adjustment to crude oil inventory was recorded in our Liquids Pipelines segment. This was partially offset by the absence of an impairment of rate-regulated assets in Enbridge Gas Ohio and the operating performance items discussed below.

The period-over-period comparability of GAAP earnings attributable to common shareholders is impacted by certain unusual, infrequent or other non-operating factors which are noted in the reconciliation schedule included in Appendix A of this news release. Refer to the Company's Management's Discussion & Analysis for Q2 2026 filed in conjunction with the quarter-end financial statements for a detailed discussion of GAAP financial results.

Adjusted EBITDA in the second quarter of 2026 increased by $132 million compared with the same period in 2025. This was primarily as a result of the increased revenues attributable to the East Tennessee, Texas Eastern, and the Enbridge Gas Utah rate cases.

Adjusted earnings in the second quarter of 2026 decreased by $36 million, or $0.02 per share, compared with the same period in 2025, due to higher depreciation from assets placed into service and higher interest expense on incremental debt balances, partially offset by the operating performance discussed above.

DCF for the second quarter of 2026 increased $45 million compared with the same period in 2025, due primarily to EBITDA factors discussed above and the timing of maintenance capital expenditures, partially offset by higher incremental debt balances driving higher interest expense.

Detailed financial information and analysis can be found below under Second Quarter 2026 Financial Results.

FINANCIAL OUTLOOK

The Company reaffirms its 2026 financial guidance for adjusted EBITDA between $20.2 billion and $20.8 billion and DCF per share between $5.70 and $6.10.

The Company also reaffirms its post-2026 adjusted EBITDA, DCF per share, and EPS near-term average compound annual growth rate of approximately 5%.

FINANCING UPDATE

The Company's rolling 12-month Debt-to-EBITDA metric at the end of the second quarter of 2026 was 5.1x, elevated in part due to the period end debt balance translating at a 1.42 CAD/USD foreign exchange rate compared to EBITDA translating at an average trailing 12-month rate of 1.38.

SECURED GROWTH PROJECT EXECUTION UPDATE

Enbridge added over $1 billion to its secured growth backlog through the sanctioning of the Line 5 Relocation project. In addition, the Enbridge Houston Oil Terminal entered service during the quarter.

The secured growth backlog now sits at approximately $41 billion. Financing of the secured growth program is expected to be provided through the Company's anticipated $10 to $11 billion of annual growth capital investment capacity.

SECOND QUARTER BUSINESS UPDATES

Liquids Pipelines: Line 5 Relocation Project

Enbridge has sanctioned and begun construction of the Line 5 Relocation project in Wisconsin, which involves a 41-mile re-route of the existing pipeline system. Upon entering service, Recoverable Line 5 Capital will be added to Mainline rate base. All key state and federal permits have been secured, including right-of-way agreements and the U.S. Army Corps of Engineers' Clean Water Act permit.  Enbridge expects the project to cost US$1.0 billion and enter service in early 2027.

Gas Transmission: TTC Connector

Enbridge has signed an exclusive option agreement to purchase the TTC Connector, an under-construction natural gas development connecting Tres Palacios Gas Storage to the Coastal Bend Header pipeline for delivery to Freeport LNG. TTC Connector is a 25-mile, 300 MMcf/d greenfield pipeline with direct connection to Tres Palacios Gas Storage. The development is supported by long-term service agreements with bp for all available capacity. Upon the pipeline entering service, Enbridge has the option to acquire TTC Connector at an accretive valuation.

Gas Transmission: Bay Runner Twin

Within the Whistler Joint Venture, Enbridge and partners have sanctioned the Bay Runner Twin, a twinning of the under-construction Bay Runner extension project delivering Permian natural gas supply to NextDecade's Rio Grande LNG facility in Texas. The project will run along Bay Runner's existing right-of-way, offering up to 2.6 Bcf/d of incremental capacity between Agua Dulce and Rio Grande. The Bay Runner Twin is underpinned by long-term take-or-pay agreements for all incremental service capacity, and is expected to enter service by 2030.

SECOND QUARTER 2026 FINANCIAL RESULTS

GAAP Segment EBITDA and Cash Flow from Operations

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Liquids Pipelines

2,623

2,331

4,580

4,924

Gas Transmission

1,433

1,442

3,003

2,915

Gas Distribution and Storage

878

510

2,587

2,110

Renewable Power Generation

118

109

306

332

Eliminations and Other

(216)

1,167

(620)

1,207

EBITDA1

4,836

5,559

9,856

11,488

Earnings attributable to common shareholders   

1,396

2,177

3,067

4,438

Cash provided by operating activities

4,111

3,238

6,453

6,291

1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

For purposes of evaluating performance, the Company makes adjustments to GAAP reported earnings, segment EBITDA and cash flow provided by operating activities for unusual, infrequent or other non-operating factors, which allow management and investors to more accurately compare the Company's performance across periods, normalizing for factors that are not indicative of underlying business performance. Tables incorporating these adjustments follow below. Schedules reconciling EBITDA, adjusted EBITDA, adjusted EBITDA by segment, adjusted earnings, adjusted earnings per share and DCF to their closest GAAP equivalent are provided in the Appendices to this news release.

Adjusted EBITDA By Segment

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

Liquids Pipelines

2,341

2,336

4,644

4,957

Gas Transmission

1,421

1,384

2,939

2,823

Gas Distribution and Storage

878

840

2,587

2,440

Renewable Power Generation

131

120

333

361

Eliminations and Other

5

(36)

83

(109)

Adjusted EBITDA1

4,776

4,644

10,586

10,472

Adjusted Earnings1

1,382

1,418

3,512

3,660

1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Adjusted EBITDA generated from U.S. dollar denominated businesses was translated to Canadian dollars at a similar average exchange rate (C$1.38/US$) in the second quarter of 2026 when compared with the same quarter in 2025 (C$1.38/US$). A significant portion of U.S. dollar earnings are hedged under the Company's enterprise-wide financial risk management program.

Liquids Pipelines

Three months ended
June 30,

Six months ended
June 30,

2026

2025

20261

20251

(unaudited; millions of Canadian dollars)

Mainline & Market Access Systems2

1,567

1,491

3,016

3,160

Regional Oil Sands & Express-Platte Systems   

351

376

741

725

Gulf Coast & Other Systems3

423

469

887

1,072

Adjusted EBITDA4

2,341

2,336

4,644

4,957

1

Effective January 1, 2026, to better align with our operational structure, Enbridge reorganized the reporting sub-segments of Liquids Pipelines. Prior year comparatives have also been restated to reflect the reporting change.

2

Consists of Mainline System, Flanagan South Pipeline, Spearhead Pipeline, and Seaway Pipeline.

3

Consists of Gray Oak Pipeline, Cactus II Pipeline, Enbridge Ingleside Energy Center, Southern Lights, Bakken System, and others.

4

Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Liquids Pipelines adjusted EBITDA increased $5 million compared with the second quarter of 2025, primarily related to:

higher Mainline volumes, net of earnings sharing, higher Line 9 volumes, and benefits from system optimization initiatives; and  higher equity earnings from Seaway Pipeline due to higher spot volumes; partially offset by  lower Mainline tolls on Line 9 deliveries; and  lower revenue from Southern Lights following expiry of cost of service agreements on June 30, 2025. Gas Transmission

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

U.S. Gas Transmission

1,175

1,098

2,351

2,269

Canadian Gas Transmission

143

150

365

317

Other1

103

136

223

237

Adjusted EBITDA2

1,421

1,384

2,939

2,823

1

Other consists of Tomorrow RNG, Gulf Offshore assets, our investment in DCP Midstream, and others.

2

Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Gas Transmission adjusted EBITDA increased $37 million compared with the second quarter of 2025, primarily related to:

increased revenues attributable to East Tennessee rate case settlement and Texas Eastern previously approved rate increase; partially offset by  lower equity earnings from our investment in DCP Midstream. Gas Distribution and Storage

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

Enbridge Gas Ontario1

481

499

1,432

1,368

U.S. Gas Utilities1

380

335

1,113

1,050

Other

17

6

42

22

Adjusted EBITDA2

878

840

2,587

2,440

1

Enbridge Gas Inc. doing business as Enbridge Gas Ontario. U.S. Gas Utilities consist of The East Ohio Gas Company (doing business as Enbridge Gas Ohio), Questar Gas Company (doing business as Enbridge Gas Utah) and Public Service Company of North Carolina Incorporated (doing business as Enbridge Gas North Carolina).

2

Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Adjusted EBITDA for Enbridge Gas Ontario, Enbridge Gas Utah and Enbridge Gas North Carolina typically follows a seasonal profile. EBITDA is generally highest in the first and fourth quarters of the year. Seasonal profiles for Enbridge Gas Ontario, Enbridge Gas Utah and Enbridge Gas North Carolina reflect greater volumetric demand during the heating season and the magnitude of the seasonal adjusted EBITDA fluctuations will vary from year-to-year in Ontario reflecting the impact of colder or warmer than normal weather on distribution volumes. Enbridge Gas Ohio's earnings are largely decoupled from volumes and less impacted by weather fluctuations. Enbridge Gas Utah and Enbridge Gas North Carolina have revenue decoupling mechanisms that are not impacted by weather or gas volume variability, but revenues are shaped to align with the seasonal usage profile.

Gas Distribution and Storage adjusted EBITDA increased $38 million compared with the second quarter of 2025 primarily related to:

higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina due to recent rate cases. When compared with the normal weather forecast embedded in rates, the positive impact of weather to adjusted EBITDA for Enbridge Gas Ontario was approximately $9 million in the second quarter of 2026, net of sharing, in line with the a positive impact of approximately $10 million in the same period of 2025.

Renewable Power Generation

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

Adjusted EBITDA1

131

120

333

361

1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Renewable Power Generation adjusted EBITDA increased $11 million compared with the second quarter of 2025 primarily related to:

contributions from assets placed into service since the second quarter of 2025. Eliminations and Other

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Operating and administrative recoveries

79

94

162

225

Realized foreign exchange hedge settlement (loss)/gain   

(74)

(130)

(79)

(334)

Adjusted EBITDA1

5

(36)

83

(109)

1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Operating and administrative recoveries captured in this segment reflect the cost of centrally delivered services (including depreciation of corporate assets) inclusive of amounts recovered from business units for the provision of those services. U.S. dollar denominated earnings within operating segment results are translated at average foreign exchange rates during the quarter, and the impact of settlements made under the Company's enterprise foreign exchange hedging program are captured in this corporate segment.

Eliminations and Other adjusted EBITDA increased $41 million compared with the second quarter of 2025 primarily due to:

Lower realized foreign exchange losses on hedge settlements in 2026. Distributable Cash Flow

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars; number of shares in millions)

Liquids Pipelines

2,341

2,336

4,644

4,957

Gas Transmission

1,421

1,384

2,939

2,823

Gas Distribution and Storage

878

840

2,587

2,440

Renewable Power Generation

131

120

333

361

Eliminations and Other

5

(36)

83

(109)

Adjusted EBITDA1,3

4,776

4,644

10,586

10,472

Maintenance capital

(227)

(316)

(445)

(545)

Interest expense1

(1,283)

(1,202)

(2,530)

(2,449)

Current income tax1

(232)

(227)

(581)

(617)

Distributions to noncontrolling interests and redeemable noncontrolling interest1

(116)

(95)

(215)

(195)

Cash distributions in excess of equity earnings1

135

190

247

197

Preference share dividends

(105)

(104)

(212)

(206)

Other receipts of cash not recognized in revenue2

17

43

(41)

53

Other non-cash adjustments1

(17)

(30)

(10)

(30)

DCF3

2,948

2,903

6,799

6,680

Weighted average common shares outstanding

2,184

2,180

2,183

2,180

1

Presented net of adjusting items.

2

Consists of cash received, net of revenue recognized, for contracts under make-up rights and similar deferred revenue arrangements.

3

Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.

Second quarter 2026 DCF increased $45 million compared with the same period of 2025 due to factors discussed above contributing to higher adjusted EBITDA, and:

lower maintenance capital due to timing; partially offset by higher interest expense due to incremental debt issuances. Adjusted Earnings

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars; except per share amounts)   

Adjusted EBITDA1,2

4,776

4,644

10,586

10,472

Depreciation and amortization

(1,482)

(1,441)

(2,967)

(2,900)

Interest expense2

(1,288)

(1,213)

(2,541)

(2,474)

Income taxes2

(450)

(429)

(1,201)

(1,138)

Noncontrolling interests and redeemable noncontrolling interest2

(69)

(41)

(153)

(95)

Preference share dividends

(105)

(102)

(212)

(205)

Adjusted earnings1

1,382

1,418

3,512

3,660

Adjusted earnings per common share1

0.63

0.65

1.61

1.68

1 Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.

2 Presented net of adjusting items.

Adjusted earnings decreased $36 million and adjusted earnings per share decreased by $0.02 when compared with the second quarter of 2025, due to:

higher interest expense due to incremental debt issuances; and higher depreciation from assets placed into service since the second quarter of 2025; partially offset by higher adjusted EBITDA due to the operating factors discussed above.  CONFERENCE CALL

Enbridge will host a conference call and webcast on July 31, 2026 at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to provide a business update and review 2026 second quarter results. Analysts, members of the media and other interested parties can access the call toll free at 1-800-606-3040. The call will be webcast live at https://events.q4inc.com/attendee/193728984/. It is recommended that participants dial in or join the webcast fifteen minutes prior to the scheduled start time. A webcast replay will be available soon after the conclusion of the event and a transcript will be posted to the website. The replay will be available for seven days after the call toll-free 1-(800)-606-3040 (conference ID: 9581867).

The conference call format will include prepared remarks from the executive team followed by a question and answer session for the analyst and investor community only. Enbridge's media and investor relations teams will be available after the call for any additional questions.

DIVIDEND DECLARATION

On July 27, 2026, our Board of Directors declared the following quarterly dividends. All dividends are payable on September 1, 2026 to shareholders of record on August 14, 2026.

Dividend per share

Common Shares

$0.9700

Preference Shares, Series A

$0.34375

Preference Shares, Series B

$0.32513

Preference Shares, Series D

$0.33825

Preference Shares, Series F

$0.34613

Preference Shares, Series G1

$0.30247

Preference Shares, Series H

$0.38200

Preference Shares, Series I2

$0.27789

Preference Shares, Series L

US$0.36612

Preference Shares, Series N

$0.41850

Preference Shares, Series P

$0.36988

Preference Shares, Series R

$0.39463

Preference Shares, Series 1

US$0.41898

Preference Shares, Series 3

$0.33050

Preference Shares, Series 43       

$0.29427

Preference Shares, Series 5

US$0.41769

Preference Shares, Series 7

$0.37425

Preference Shares, Series 9

$0.35450

Preference Shares, Series 11

$0.34231

Preference Shares, Series 13

$0.33719

Preference Shares, Series 15

$0.35163

Preference Shares, Series 19

$0.38825

1

The quarterly dividend per share paid on Preference Shares, Series G was increased to $0.30247 from $0.29616 on June 1, 2026 due to the reset of the dividend on a quarterly basis.

2

The quarterly dividend per share paid on Preference Shares, Series I was increased to $0.27789 from $0.27159 on June 1, 2026 due to the reset of the dividend on a quarterly basis.

3

The quarterly dividend per share paid on Preference Shares, Series 4 was increased to $0.29427 from $0.28797 on June 1, 2026 due to the reset of the dividend on a quarterly basis.

FORWARD-LOOKING INFORMATION

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''believe'', "estimate'', ''expect'', ''forecast'', ''intend'', "likely", ''plan'', ''project'', ''target'', and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: our corporate vision and strategy, including our strategic priorities and enablers; 2026 financial guidance and near-term outlook, including projected DCF per share, EPS and adjusted EBITDA and expected growth thereof; expected dividends, dividend growth and payout policy; expected supply of, demand for, exports of and prices of crude oil, natural gas, natural gas liquids (NGL), liquefied natural gas (LNG), renewable natural gas (RNG) and renewable energy; industry and market conditions; anticipated utilization of our assets; expected EBITDA and adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected DCF and DCF per share; expected future cash flows; expected shareholder returns and asset returns; expected performance of Enbridge's businesses; financial strength, capacity and flexibility; financing costs and plans; expectations on leverage, including Debt-to-EBITDA ratio; expectations on sources of liquidity and sufficiency of financial resources; expected costs, benefits and in-service dates related to announced projects and projects under construction; investable capacity and capital allocation priorities; impact of weather and seasonality; expected future growth, development and expansion opportunities, including with respect to the Line 5 Relocation, Bay Runner Twin, and the TTC Connector; the characteristics, anticipated benefits, financing and timing of our acquisitions, dispositions and other transactions; government trade policies, as well as possible impacts of potential and announced tariffs, duties, fees, economic sanctions, or other trade measures and the timing thereof; expected future actions and decisions of regulators and courts and the timing and impact thereof; and toll and rate case discussions and proceedings and anticipated outcomes, timelines and impacts therefrom.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: the expected supply of, demand for, export of and prices of crude oil, natural gas, NGL, LNG, RNG and renewable energy; energy transition, including the drivers and pace thereof; global economic growth and trade; anticipated utilization of our assets; exchange rates; inflation; interest rates; tax laws and tax rates; evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions, or other trade measures; availability and price of labour and construction materials; the stability of our supply chain; operational reliability and performance; maintenance of support and regulatory approvals for our projects and transactions; anticipated in-service dates and final investment decisions; weather; the timing, terms and closing of announced and potential acquisitions, dispositions and other transactions and projects and the anticipated benefits thereof; governmental legislation; litigation; credit ratings; capital project funding; hedging program; expected EBITDA and adjusted EBITDA; expected earnings/ (loss) and adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; expected future cash flows; expected future DCF and DCF per share; estimated future dividends; financial strength and flexibility; debt and equity market conditions; general economic and competitive conditions. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL, LNG, RNG and renewable energy and the prices of these commodities are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for our services. Similarly, exchange rates, inflation, interest rates and tariffs impact the economies and business environments in which we operate and may impact levels of demand for our services and cost of inputs and are therefore inherent in all forward-looking statements. The most relevant assumptions associated with forward-looking statements regarding announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labour and construction materials; the stability of our supply chain; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; the impact of weather; and customer, government, court and regulatory approvals on construction and in-service schedules and cost recovery regimes.

Enbridge's forward-looking statements are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities; operating performance; legislative and regulatory parameters and decisions; litigation; acquisitions, dispositions and other transactions and the realization of anticipated benefits therefrom; evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions or other trade measures; operational dependence on third parties; project approval and support; renewals of rights-of-way; weather; economic and competitive conditions; global geopolitical conflicts and conditions; political decisions; public opinion; dividend policy; changes in tax laws and tax rates; exchange rates; interest rates; inflation; commodity prices; access to and cost of capital; our ability to maintain adequate insurance in the future at commercially reasonable rates and terms; and supply of, demand for, and prices of commodities and other alternative energy, including but not limited to those risks and uncertainties discussed in this news release and in Enbridge's other filings with Canadian and U.S. securities regulators. The impact of any one assumption, risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty, as these are interdependent, and our future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statement made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.

ABOUT ENBRIDGE INC.

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

None of the information contained in, or connected to, Enbridge's website is incorporated in or otherwise forms part of this news release.

FOR FURTHER INFORMATION PLEASE CONTACT:

Enbridge Inc. – Media

Enbridge Inc. – Investment Community

Jesse Semko

Marlon Samuel

Toll Free: (888) 992-0997

Toll Free: (800) 481-2804

Email: [email protected]    

Email: [email protected] 

NON-GAAP RECONCILIATIONS APPENDICES

This news release contains references to EBITDA, adjusted EBITDA, adjusted earnings, adjusted earnings per common share (EPS) and DCF per share. Management believes the presentation of these metrics gives useful information to investors and shareholders, as they provide increased transparency and insight into the performance of the Company.

EBITDA represents earnings before interest, tax, depreciation and amortization.

Adjusted EBITDA represents EBITDA adjusted for unusual, infrequent or other non-operating factors on both a consolidated and segmented basis. Management uses EBITDA and adjusted EBITDA to set targets and to assess the performance of the Company and its business units.

Adjusted earnings represent earnings attributable to common shareholders adjusted for unusual, infrequent or other non-operating factors included in adjusted EBITDA, as well as adjustments for unusual, infrequent or other non-operating factors in respect of depreciation and amortization expense, interest expense, income taxes, noncontrolling interests and redeemable noncontrolling interests on a consolidated basis. Management uses adjusted earnings as another measure of the Company's ability to generate earnings and uses EPS to assess performance of the Company.

DCF is defined as cash flow provided by operating activities before the impact of changes in operating assets and liabilities (including changes in environmental liabilities) less distributions to noncontrolling interests and redeemable noncontrolling interests, preference share dividends and maintenance capital expenditures and further adjusted for unusual, infrequent or other non-operating factors. Management also uses DCF to assess the performance of the Company and to set its dividend payout target.

This news release also contains references to Debt-to-EBITDA, a non-GAAP ratio which utilizes adjusted EBITDA as one of its components. Debt-to-EBITDA is used as a liquidity measure to indicate the amount of adjusted earnings to pay debt, as calculated on the basis of generally accepted accounting principles in the United States of America (U.S. GAAP), before covering interest, tax, depreciation and amortization.

Reconciliations of forward-looking non-GAAP financial measures and non-GAAP ratios to comparable GAAP measures are not available due to the challenges and impracticability of estimating certain items, particularly certain contingent liabilities and non-cash unrealized derivative fair value losses and gains subject to market variability. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures and non-GAAP ratios is not available without unreasonable effort.

Our non-GAAP financial measures and non-GAAP ratios described above are not measures that have standardized meaning prescribed by U.S. GAAP and are not U.S. GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other issuers.

The tables below provide a reconciliation of the non-GAAP measures to comparable GAAP measures.

APPENDIX A
NON-GAAP RECONCILIATIONS – ADJUSTED EBITDA AND ADJUSTED EARNINGS
CONSOLIDATED EARNINGS

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Liquids Pipelines

2,623

2,331

4,580

4,924

Gas Transmission

1,433

1,442

3,003

2,915

Gas Distribution and Storage

878

510

2,587

2,110

Renewable Power Generation

118

109

306

332

Eliminations and Other

(216)

1,167

(620)

1,207

EBITDA

4,836

5,559

9,856

11,488

  Depreciation and amortization

(1,429)

(1,391)

(2,862)

(2,799)

  Interest expense

(1,395)

(1,181)

(2,617)

(2,515)

  Income tax expense

(442)

(666)

(1,029)

(1,363)

  Earnings attributable to noncontrolling interests and   
     redeemable noncontrolling interest

(69)

(42)

(69)

(168)

  Preference share dividends

(105)

(102)

(212)

(205)

Earnings attributable to common shareholders

1,396

2,177

3,067

4,438

ADJUSTED EBITDA TO ADJUSTED EARNINGS

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars; except per share amounts)   

Liquids Pipelines

2,341

2,336

4,644

4,957

Gas Transmission

1,421

1,384

2,939

2,823

Gas Distribution and Storage

878

840

2,587

2,440

Renewable Power Generation

131

120

333

361

Eliminations and Other

5

(36)

83

(109)

Adjusted EBITDA

4,776

4,644

10,586

10,472

Depreciation and amortization

(1,482)

(1,441)

(2,967)

(2,900)

Interest expense

(1,288)

(1,213)

(2,541)

(2,474)

Income tax expense

(450)

(429)

(1,201)

(1,138)

Earnings attributable to noncontrolling interests and
   redeemable noncontrolling interest

(69)

(41)

(153)

(95)

Preference share dividends

(105)

(102)

(212)

(205)

Adjusted earnings

1,382

1,418

3,512

3,660

Adjusted earnings per common share

0.63

0.65

1.61

1.68

EBITDA TO ADJUSTED EARNINGS

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars; except per share amounts)   

EBITDA

4,836

5,559

9,856

11,488

Adjusting items:

Change in unrealized derivative fair value (gain)/loss

(276)

(1,323)

496

(1,481)

Gain on sale of assets

—

—

—

(114)

Realized hedge loss

—

—

—

139

Asset impairments

—

330

—

330

Other

216

78

234

110

Total adjusting items

(60)

(915)

730

(1,016)

Adjusted EBITDA

4,776

4,644

10,586

10,472

Depreciation and amortization

(1,429)

(1,391)

(2,862)

(2,799)

Interest expense

(1,395)

(1,181)

(2,617)

(2,515)

Income tax expense

(442)

(666)

(1,029)

(1,363)

Earnings attributable to noncontrolling interests and
   redeemable noncontrolling interest

(69)

(42)

(69)

(168)

Preference share dividends

(105)

(102)

(212)

(205)

Adjusting items in respect of:

Depreciation and amortization

(53)

(50)

(105)

(101)

Interest expense

107

(32)

76

41

Income tax expense

(8)

237

(172)

225

Earnings attributable to noncontrolling interests

—

1

(84)

73

Adjusted earnings

1,382

1,418

3,512

3,660

Adjusted earnings per common share

0.63

0.65

1.61

1.68

APPENDIX B
NON-GAAP RECONCILIATION – ADJUSTED EBITDA TO SEGMENTED EBITDA
LIQUIDS PIPELINES

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Adjusted EBITDA

2,341

2,336

4,644

4,957

Change in unrealized derivative fair value gain/(loss)   

432

33

80

38

Other

(150)

(38)

(144)

(71)

Total adjustments

282

(5)

(64)

(33)

EBITDA

2,623

2,331

4,580

4,924

GAS TRANSMISSION

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Adjusted EBITDA

1,421

1,384

2,939

2,823

Change in unrealized derivative fair value gain/(loss)   

17

40

36

(21)

Gain on sale of assets

—

—

—

87

Other

(5)

18

28

26

Total adjustments

12

58

64

92

EBITDA

1,433

1,442

3,003

2,915

GAS DISTRIBUTION AND STORAGE

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

Adjusted EBITDA

878

840

2,587

2,440

Asset impairment

—

(330)

—

(330)

Total adjustments

—

(330)

—

(330)

EBITDA

878

510

2,587

2,110

RENEWABLE POWER GENERATION

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Adjusted EBITDA

131

120

333

361

Change in unrealized derivative fair value gain/(loss)   

—

—

—

105

Realized hedge loss

—

—

—

(139)

Gain on sale of assets

—

—

—

27

Other

(13)

(11)

(27)

(22)

Total adjustments

(13)

(11)

(27)

(29)

EBITDA

118

109

306

332

ELIMINATIONS AND OTHER

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Adjusted EBITDA

5

(36)

83

(109)

Change in unrealized derivative fair value gain/(loss) -
   Foreign exchange

(194)

1,216

(622)

1,286

Other

(27)

(13)

(81)

30

Total adjustments

(221)

1,203

(703)

1,316

EBITDA

(216)

1,167

(620)

1,207

APPENDIX C
NON-GAAP RECONCILIATION – CASH PROVIDED BY OPERATING ACTIVITIES TO DCF

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Net cash provided by operating activities

4,111

3,238

6,453

6,291

Adjusted for changes in operating assets and liabilities1

(1,234)

(58)

687

841

2,877

3,180

7,140

7,132

Distributions to noncontrolling interests and redeemable   
   noncontrolling interest

(116)

(95)

(215)

(195)

Preference share dividends

(105)

(104)

(212)

(206)

Maintenance capital

(227)

(316)

(445)

(545)

Significant adjusting items:

Other receipts of cash not recognized in revenue

17

43

(41)

53

Distributions from equity investments in excess of
   cumulative earnings2

183

208

425

396

Other items

319

(13)

147

45

DCF

2,948

2,903

6,799

6,680

1 Changes in operating assets and liabilities, net of recoveries.

2 Presented net of adjusting items.

SOURCE Enbridge Inc.

A view of Enbridge’s Mackinaw facility, servicing the company’s existing underwater Line 5 pipeline and its planned replacement tunnel through the Straits of Mackinac between lakes Michigan... Purchase Licensing Rights, opens new tab Read more

SummaryCompanies7th Circuit gives Enbridge a grace period to reroute Line 5 pipelineDamages must be recalculated to avoid 'double-counting'Rights-of-way under tribal land expired in 2013July 30 (Reuters) - A U.S. appeals court found Enbridge (ENB.TO), opens new tab liable for trespass ​for running a pipeline under land belonging to a northern Wisconsin tribe, but gave the ‌Canadian energy company more time to reroute the pipeline and ordered a recalculation of damages.

Thursday's decision by the 7th U.S. Circuit Court of Appeals in Chicago addressed appeals from a federal district judge's June 2023 order that Enbridge pay the Bad ​River Band of the Lake Superior Tribe of Chippewa Indians $5.15 million in restitution plus an additional ​sum for ongoing trespass, and move the pipeline within three years.

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That deadline expired last ⁠month, but had been put on hold. Circuit Judge Michael Scudder urged the district judge to adopt ​measures to ensure that Enbridge reroute the pipeline "as soon as possible."

Enbridge had no immediate comment. Josh Handelsman, a ​lawyer for the tribe, said his client is reviewing the decision.

Built in 1953, the Line 5 pipeline carries up to 540,000 barrels of oil per day through the Great Lakes region from Canada, including about 12 miles (19 km) under the Bad ​River Reservation.

U.S. District Judge William Conley in Madison, Wisconsin, awarded damages and ordered a reroute following a ​non-jury trial. Bad River Band had warned a shutdown was needed because spring rains had eroded a riverbank protecting the ‌pipeline.

DELAY 'DOES NOT ⁠REFLECT OUR APPROVAL'Writing for a three-judge panel, Scudder said the three-year timetable to move the pipeline was too aggressive, but a shutdown risked harming consumers, sparking international fallout with Canada, and violating a 1977 U.S.-Canadian treaty governing transit pipelines.

"Make no mistake: Enbridge must remove the pipeline from the [tribe's land]," Scudder wrote. "The grace period ​we direct the district court ​to afford Enbridge is ⁠the product of the broader public context in which the pipeline operates, and it does not reflect our approval of the company’s behavior."

As to damages, Scudder said ​Conley abused his discretion for "double-counting," by taking into account Enbridge’s profits attributable to ​the trespass ⁠as well as the company’s economic benefit from deferring expenses for a reroute.

A recalculation should consider the ongoing nature of Enbridge's trespass, interest that may be owed, and both sides' conduct concerning a reroute, Scudder said.

The appeals ⁠court refused ​to hold Enbridge liable for nuisance, saying federal law preempted the ​tribe's claim.

Though Enbridge's easement for the pipeline over some tribal land parcels ran through 2043, its rights-of-way over other parcels expired in ​2013.

The tribe sued in 2019 after out-of-court negotiations failed.

Reporting by Jonathan Stempel in New York Editing by Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced that its Board of Directors has declared a quarterly dividend of $0.9700 per common share, payable on September 1, 2026 to shareholders of record on August 14, 2026. The amount of the dividend is consistent with the June 1, 2026 dividend.

The Board also declared the following quarterly dividends for Enbridge Preferred Shares. All dividends are payable on September 1, 2026 to shareholders of record on August 14, 2026. All amounts shown are in Canadian dollars unless otherwise specified.

Common Shares

$0.9700

Preference Shares, Series A

$0.34375

Preference Shares, Series B

$0.32513

Preference Shares, Series D

$0.33825

Preference Shares, Series F

$0.34613

Preference Shares, Series G

$0.30247

Preference Shares, Series H

$0.38200

Preference Shares, Series I

$0.27789

Preference Shares, Series L

US$0.36612

Preference Shares, Series N

$0.41850

Preference Shares, Series P

$0.36988

Preference Shares, Series R

$0.39463

Preference Shares, Series 1

US$0.41898

Preference Shares, Series 3

$0.33050

Preference Shares, Series 4

$0.29427

Preference Shares, Series 5

US$0.41769

Preference Shares, Series 7

$0.37425

Preference Shares, Series 9

$0.35450

Preference Shares, Series 11

$0.34231

Preference Shares, Series 13

$0.33719

Preference Shares, Series 15

$0.35163

Preference Shares, Series 19

$0.38825

About Enbridge Inc. 

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power to advance new technologies including hydrogen, renewable natural gas, and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

SOURCE Enbridge Inc.

Key Takeaways Enbridge secures a key Michigan water permit for its $800 million Great Lakes Tunnel Project. Enbridge's tunnel will replace the aging underwater Line 5 pipelines to improve safety and reliability. Enbridge still requires additional federal and state approvals before construction can proceed. Enbridge Inc. (ENB - Free Report) has moved a step closer to advancing its $800 million Great Lakes Tunnel Project ("GLTP") after the Michigan Department of Environment, Great Lakes and Energy ("EGLE") reissued a key water resources permit. The permit allows construction activities in sensitive environmental areas and revives a project that had stalled after an earlier permit expired while Enbridge and the state spent nearly eight years in litigation.

The GLTP will replace the aging 73-year-old dual Line 5 pipelines beneath the Straits of Mackinac with a tunnel housing a new pipeline segment. Line 5 is a strategically important asset, transporting approximately 23 million gallons of crude oil and natural gas liquids per day from western Canada through Michigan to refining and distribution hubs, including Sarnia, Ontario. Replacing the underwater pipeline with a tunnel is expected to improve the system's long-term safety and operational reliability while preserving a critical energy transportation corridor.

The latest permit follows a 16-month environmental review. During this time, EGLE reviewed more than 70,000 public comments, consulted Tribal Nations and assessed the findings of an independent engineering firm. EGLE imposed additional conditions on ENB, including an enhanced wetland mitigation plan and measures to protect cultural resources. Despite ongoing opposition from environmental and Native American groups, the regulator concluded that the project's benefits outweigh competing public interest concerns.

While securing the permit is a positive milestone for Enbridge, it is not the final hurdle. The project still requires approvals from the U.S. Army Corps of Engineers, the Michigan Department of Natural Resources and the Michigan Public Service Commission, alongside a pending NPDES permit renewal. Nonetheless, this regulatory headway significantly reduces the risks of constructing one of Enbridge's key long-term infrastructure projects. If completed, the tunnel is expected to generate additional fee-based revenues from Enbridge’s liquids transportation network, strengthening its business model and boosting investor appeal.

ENB's Zacks Rank & Key PicksEnbridge currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the energy sector are NOV Inc. (NOV - Free Report) , Natural Gas Services Group, Inc. (NGS - Free Report) and National Energy Services Reunited Corp. (NESR - Free Report) . NOV currently carries a Zacks Rank #2 (Buy), while NESR and NGS sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

NOV is a global provider of equipment, technologies and services for the oil and gas drilling and production industries, operating across 548 locations on six continents. In the first quarter of 2026, the company achieved record profits from its subsea flexible pipe and process systems businesses, reflecting strong demand in offshore energy markets. NOV reported record bookings in the first quarter of 2026 for its composite solutions business and maintains a strong subsea flexible pipe backlog extending through 2028, providing long-term revenue visibility.

Headquartered in Southlake, TX, Natural Gas Services Group manufactures, fabricates, sells, rents and services natural gas compressors to enhance well production, alongside manufacturing flare and ignition systems used in production facilities. In June 2026, the company significantly expanded its operational footprint in the Permian Basin and Eagle Ford regions by acquiring Flatrock Compression Holdings. This strategic acquisition expanded NGS’ fleet of large-horsepower and electric-driven compression solutions, broadened its customer base and immediately boosted key financial metrics.

National Energy Services Reunited delivers integrated drilling and reservoir services across the Middle East, North Africa and Asia-Pacific, helping producers maximize output and efficiency. With rising global demand for electricity fueling a shift toward natural gas, NESR is well-positioned to capitalize on growing upstream energy investments.

Enbridge (ENB - Free Report) closed the most recent trading day at $53.47, moving -1.13% from the previous trading session. This change lagged the S&P 500's daily gain of 0.72%. On the other hand, the Dow registered a gain of 0.3%, and the technology-centric Nasdaq increased by 1.12%.

Heading into today, shares of the oil and natural gas transportation and power transmission company had lost 3.96% over the past month, outpacing the Oils-Energy sector's loss of 7.89% and lagging the S&P 500's loss of 0.9%.

The upcoming earnings release of Enbridge will be of great interest to investors. The company's earnings report is expected on July 31, 2026. In that report, analysts expect Enbridge to post earnings of $0.44 per share. This would mark a year-over-year decline of 6.38%. Meanwhile, the latest consensus estimate predicts the revenue to be $11.03 billion, indicating a 2.59% increase compared to the same quarter of the previous year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.16 per share and a revenue of $50.87 billion, representing changes of 0% and +9.19%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Enbridge. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.95% lower. As of now, Enbridge holds a Zacks Rank of #3 (Hold).

Looking at its valuation, Enbridge is holding a Forward P/E ratio of 25.01. Its industry sports an average Forward P/E of 17.78, so one might conclude that Enbridge is trading at a premium comparatively.

The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 184, placing it within the bottom 26% of over 250 industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.