Executive Summary

Record Q2 adjusted EBITDA of C$4.644B (+7% YoY), adjusted EPS of C$0.65, GAAP EPS C$1.00; management reaffirmed FY25 guidance and said results should finish near the upper end of the range .
Versus Wall Street consensus (S&P Global), ENB delivered a strong beat on revenue ($10.91B vs $7.78B) and EPS ($0.48 vs $0.42), while EBITDA was below consensus ($2.99B vs $3.31B), reflecting definitional differences (adjusted vs reported) and hedge settlements [GetEstimates]* .
Segment mix: Gas Transmission (+C$302MM YoY) and Gas Distribution (+C$273MM YoY) drove growth; Liquids Pipelines (-C$120MM YoY) and Renewables (-C$27MM YoY) were headwinds .
Growth catalysts: Clear Fork Solar (US$0.9B) contracted with Meta, Line 31 expansion (US$0.1B), North Aitken Creek storage ($0.3B), Traverse upsized to 2.5 Bcf/d; Mainline Optimization Phase 1 FID targeted later this year .
Balance sheet and capital returns: Debt/EBITDA 4.7x, quarterly common dividend C$0.9425 declared; management emphasized $9–$10B annual investment capacity and continued dividend growth .

What Went Well and What Went Wrong

What Went Well

Strong utility and gas transmission performance: Adjusted EBITDA in Gas Transmission rose C$302MM YoY on revised U.S. rates, acquisitions, and higher BC volumes/storage utilization . “Our strong first half of 2025 gives us confidence that we'll finish the year in the upper end of our EBITDA guidance range” — CEO Greg Ebel .
Strategic growth sanctioned: Clear Fork Solar (600 MW, US$0.9B) fully backed by Meta; Line 31 expansion; Aitken Creek 40 Bcf storage expansion; Traverse upsized to 2.5 Bcf/d to meet demand .
Reaffirmed guidance and stable frameworks: FY25 adjusted EBITDA C$19.4–C$20.0B, DCF/share C$5.50–C$5.90; ~98% EBITDA under regulated/long-term contracts; negligible tariff exposure cited .

What Went Wrong

Liquids Pipelines softness: Adjusted EBITDA fell C$120MM YoY on lower volumes at Flanagan South/Spearhead and Bakken .
Hedge settlements impacted corporate segment: Eliminations & Other adjusted EBITDA down C$119MM YoY due to higher realized FX hedge losses .
Ohio utility impairment and rate case complexity: Regulatory asset impairment in Enbridge Gas Ohio and rehearing filed; CFO/management acknowledged legal issues and plan for updated filings .

Financial Results

Headline Metrics (USD, S&P Global)

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD)	$8.28B*	$12.87B*	$10.91B*
EBITDA ($USD)	$2.63B*	$3.58B*	$2.99B*
EBITDA Margin (%)	31.70%*	27.85%*	27.44%*
Net Income ($USD)	$1.42B*	$1.64B*	$1.67B*
Net Income Margin (%)	17.14%*	12.78%*	15.32%*

Values retrieved from S&P Global.*

Segment Adjusted EBITDA (CAD, Q2)

Segment	Q2 2024	Q2 2025
Liquids Pipelines	C$2,456MM	C$2,336MM
Gas Transmission	C$1,082MM	C$1,384MM
Gas Distribution & Storage	C$567MM	C$840MM
Renewable Power	C$147MM	C$120MM
Eliminations & Other	C$83MM	(C$36MM)
Total Adjusted EBITDA	C$4,335MM	C$4,644MM

KPIs and Cash Flow (CAD)

KPI	Q2 2024	Q2 2025
Mainline volumes (mmbpd, avg)	—	3.0
Debt/EBITDA (rolling 12M)	—	4.7x
DCF	C$2,858MM	C$2,903MM
Cash from Operations	C$2,814MM	C$3,238MM

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EBITDA	FY 2025	C$19.4–C$20.0B	C$19.4–C$20.0B	Maintained
DCF per Share	FY 2025	C$5.50–C$5.90	C$5.50–C$5.90	Maintained
Dividend (Common)	Q3 2025 payable Sept 1	C$0.9425/qtr	C$0.9425/qtr	Maintained
Management Qualitative	FY 2025	—	Expect finish near upper end of EBITDA range	Raised bias

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4’24, Q1’25)	Current Period (Q2’25)	Trend
AI/data center power demand	Highlighted 2+ GW solar PPAs (Amazon, AT&T, Toyota); building Permian “gas super system”	Clear Fork Solar (Meta) sanctioned; 10+ data center opportunities late-stage; Texas Eastern interconnects (Homer City) in commercialization	Accelerating
Tariffs/macro volatility	Tariff exposure deemed negligible; low-risk frameworks; reaffirmed guidance	Reiterated negligible impact; 98% EBITDA regulated/contracted; bonus depreciation supportive	Stable/benign
Liquids Mainline optimization	Announced up to C$2B reliability capital; FSP open season	FSP oversubscribed; Phase 1 150 kbpd expansion targeting FID later this year	Advancing to FID
Regulatory/legal (utilities)	Ontario Phase II rebasing; new U.S. rate cases	Ohio decision (9.8% ROE; equity thickness 51.9%); impairment, rehearing filed; Utah/NC rate cases in progress	Mixed but constructive
Storage/LNG connectivity	Tres Palacios expansion; Venice Extension IS	Aitken Creek +40 Bcf; multiple Gulf Coast storage open seasons; LNG connectivity growth	Expanding

Management Commentary

“Enbridge reported record Q2 EBITDA and we expect to finish the year in the upper end of that guidance range… well on track to meet the mid-point of our per share metrics in 2025” — Greg Ebel, CEO .
“We sanctioned the US$0.9 billion Clear Fork Solar project… fully backed by a long-term offtake agreement with Meta. We don’t currently expect the changes to renewable tax credits… to impact Clear Fork or any of our other late-stage development projects.” .
“Alongside our partners, we upsized the Traverse Pipeline from 1.75 bcf/d to 2.5 bcf/d… provides bidirectional service between Agua Dulce and Katy” .
“We’re laser focused on disciplined capital allocation… leverage has improved and now sits at 4.7x… $9 to $10 billion of annual investment capacity… execute on our $32 billion backlog” .

Q&A Highlights

Power demand and data centers: 35+ GTM opportunities totaling ~11 Bcf/day; 10+ specific data center opportunities; Texas Eastern near Homer City with ~10 Bcf/day underutilized receipts enabling economical expansions .
Mainline expansion gating: Flanagan South open season oversubscribed; path to include rate base treatment under CTS/MTS with precedent; FID later this year .
Ohio rate case and impairment: Strong framework (ROE ~9.8%, equity thickness 51.9%); impairment primarily pension asset treatment; rehearing filed; management confident in utility growth .
Permian and Gulf Coast strategy: JV with WhiteWater progressing; Traverse upsized; optionality between Agua Dulce/Katy; storage expansions under review .
Contracting frameworks for data center-related builds: Preference for utility or investment-grade counterparties under long-term take-or-pay; smaller hyperscalers require LC’s/aid-to-construct .

Estimates Context

Metric (USD)	Consensus (Q2 2025)	Actual (Q2 2025)	Surprise
Primary EPS	$0.42	$0.48	Bold beat
Revenue	$7.78B	$10.91B	Bold beat
EBITDA	$3.31B	$2.99B	Miss

Consensus detail: EPS (12 est), Revenue (3 est). Values retrieved from S&P Global.*

Context: Management reported adjusted EBITDA of C$4.644B (+7% YoY) and adjusted EPS C$0.65; differences vs S&P reported EBITDA reflect non‑GAAP adjustments and FX hedges captured in Eliminations & Other .

Key Takeaways for Investors

Estimate beats on revenue and EPS, with EBITDA under S&P consensus; Street may revise models to incorporate stronger utility/gas transmission contributions and FX-hedge impacts (positive for per-share metrics) [GetEstimates]* .
Near-term catalysts: Mainline Optimization Phase 1 FID; further data center-related gas expansions and storage contracts; continued project sanctions across segments .
Liquids headwinds localized (FSP/Spearhead/Bakken volumes) but Mainline volumes remained robust at 3.0 mmbpd; optimization investments should support utilization and ROE within collar .
Balance sheet healthy at 4.7x Debt/EBITDA, supporting $9–$10B annual investable capacity and sustained dividend growth; common dividend C$0.9425 declared .
Regulatory outlook constructive overall: Ohio outcome mixed but ROE/equity thickness supportive; Utah/NC rate cases progressing; Ontario rebasing framework in place .
Strategic positioning to serve rising North American power demand via “all-of-the-above” approach (gas transmission, storage, renewables); marquee customers (Meta, Amazon, AT&T) increase visibility .
Medium-term thesis: diversified, low-risk cash flows (~98% protected) and $32B secured backlog underpin ~5% annual growth post-2026; watch for LNG/storage leverage and Permian egress optionality .

Notes on Non-GAAP: ENB’s adjusted metrics exclude unrealized derivative fair value changes, impairments, realized hedge losses, and other items (see reconciliation tables); Eliminations & Other captures FX hedge settlements that can swing reported versus adjusted EBITDA .

Values retrieved from S&P Global where indicated.*

ENBRIDGE INC (ENB)·Q2 2025 Earnings Summary