Executive Summary

Q3 delivered record third‑quarter Adjusted EBITDA of C$4.27B (+1.6% y/y) with DCF at C$2.57B (flat y/y), while Adjusted EPS declined to C$0.46 (from C$0.55) on higher interest and D&A; 2025 guidance reaffirmed: Adjusted EBITDA C$19.4–20.0B and DCF/share C$5.50–5.90 .
Operations were strong: Mainline volumes averaged ~3.1 mmbpd (Q3 record), though Gulf Coast/Mid‑Con liquids contributions were soft on tighter diffs and strong PADD II demand; Gas Transmission benefited from rate settlements and Venice Extension .
Capital execution/catalysts: ~C$3B of new projects sanctioned in Q3; secured backlog now ~C$35B. Post‑quarter, Enbridge reached FID on Mainline Optimization Phase 1 (adds 150 kbpd Mainline; 2027 in‑service) .
Near‑term stock catalysts: December 3 guidance update timing flagged on the call; MLO1 FID announced Nov 14; open season details on MLO2 early in the new year .

What Went Well and What Went Wrong

What Went Well

Record Q3 Adj. EBITDA and continued high utilization: “high utilization across our systems resulted in record Q3 EBITDA… we’re well set up to achieve our financial guidance for the 20th consecutive year.” – CEO Greg Ebel .
Strong Gas Transmission momentum: +C$108MM y/y Adj. EBITDA on favorable contracting/rate case outcomes, Venice Extension, and JV additions (Matterhorn/DBR) .
Growth pipeline advanced: C$3B of projects sanctioned (Southern Illinois Connector; Canyon expansion; USGC storage expansions; AGT Enhancement; Pelican CO2 Hub; Eiger Express), lifting secured backlog to ~C$35B . Quote: “We also sanctioned $3 billion of attractive projects, leveraging our footprint, scale and diversification.” – CEO .

What Went Wrong

Liquids Gulf Coast/Mid‑Con softness: lower contributions from Flanagan South and Spearhead weighed on the liquids segment . CFO added tight diffs and strong PADD II refining as headwinds expected into Q4 .
EPS pressure from financing/D&A: Adjusted EPS fell to C$0.46 (from C$0.55) primarily on higher interest expense and depreciation from acquisitions and new assets .
Hedging headwind: higher realized FX hedge losses reduced Eliminations & Other Adj. EBITDA (C$38MM vs C$96MM a year ago) .

Financial Results

All figures C$, unaudited, unless stated; periods are fiscal quarters.

Consolidated quarterly metrics (sequential trend)

Metric	Q1 2025	Q2 2025	Q3 2025
Adjusted EBITDA (C$B)	5.828	4.644	4.267
Adjusted EPS (C$)	1.03	0.65	0.46
GAAP EPS (C$)	1.04	1.00	0.30
DCF (C$B)	3.777	2.903	2.566
Cash from Ops (C$B)	3.052	3.238	2.868

Year-over-year comparison (Q3 only)

Metric	Q3 2024	Q3 2025
Adjusted EBITDA (C$B)	4.201	4.267
Adjusted EPS (C$)	0.55	0.46
GAAP EPS (C$)	0.59	0.30
DCF (C$B)	2.596	2.566
Cash from Ops (C$B)	2.973	2.868

Segment Adjusted EBITDA (Q3)

Segment (C$MM)	Q3 2024	Q3 2025
Liquids Pipelines	2,343	2,307
Gas Transmission	1,154	1,262
Gas Distribution & Storage	522	560
Renewable Power Generation	86	100
Eliminations & Other	96	38
Total Adjusted EBITDA	4,201	4,267

Selected KPIs

KPI	Q3 2025	Notes
Mainline throughput (mmbpd)	~3.1 (record Q3)	Apportioned; strong demand for Canadian crude
Debt-to-EBITDA (rolling 12M)	4.8x	Within 4.5–5.0x target
Weighted avg diluted shares (MM)	2,181	2,177 in Q3’24

Results vs. Wall Street consensus (S&P Global, USD) – Q3 2025

Metric (USD)	Consensus	Actual	Surprise
Primary EPS	$0.366*	$0.330*	-$0.036*
Revenue	$8.51B*	$10.51B*	+$2.00B*
EBITDA	$3.08B*	$2.69B*	-$0.39B*
Free Cash Flow	$0.224B*	$0.597B*	+$0.373B*

Note: Company emphasizes Adjusted EBITDA (non‑GAAP, C$) and DCF; S&P EBITDA/FCF definitions and USD FX conversion differ from company non‑GAAP metrics.
*Values retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EBITDA	FY 2025	C$19.4–20.0B	C$19.4–20.0B	Maintained
DCF per share	FY 2025	C$5.50–5.90	C$5.50–5.90	Maintained
Multi‑year outlook	2023–26	Adj. EBITDA +7–9% CAGR; EPS +4–6%; DCF/share ~+3%	Same	Maintained
Post‑2026 growth	2027+	~+5% annually (Adj. EBITDA, EPS, DCF/share)	Same	Maintained
Leverage	Ongoing	Target 4.5–5.0x	4.8x at Q3; target unchanged	Maintained
Dividend	Quarterly	C$0.9425/share (Sep 1)	C$0.9425/share (Dec 1)	Maintained

Earnings Call Themes & Trends

Topic	Q1 2025 (May)	Q2 2025 (Aug)	Q3 2025 (Nov)	Trend
Mainline optimization/egress	Launched FSP open season to support MLO1; up to C$2B Mainline capital through 2028	Flanagan South open season oversubscribed; Southern Illinois Connector open season launched	MLO1 near sanction; MLO2 enlarged to 250 kbpd using DAPL; post‑quarter MLO1 FID adds 150 kbpd in 2027	Accelerating; larger scope
Gas Transmission growth (LNG, storage)	Birch Grove (T‑North) sanctioned; Traverse FID; MXP 10% stake announced	Aitken Creek +40 Bcf; Line 31 expansion; Traverse upsized to 2.5 Bcf/d	Sanctioned Egan/Moss Bluff +23 Bcf; Canyon expansion; AGT Enhancement; Eiger Express JV	Robust, diversified
Utilities/data center demand	Rate cases filed NC/UT; utility portfolio integration	Ohio rate case order; ongoing NC/UT	Positive NC/UT settlements; >C$4B pipeline across ~60 DC/power projects	Strengthening
Renewables (tech PPAs)	Orange Grove in service; Sequoia phase on track	Clear Fork 600MW sanctioned (Meta)	>1.4 GW solar by 2027; serving Meta/Amazon; opportunistic stance amid policy shifts	Healthy pipeline
Regulatory/legal	N/A in Q1 PR	Reaffirmed tariff impact immaterial	Line 5: WI reboot 2027; tunnel a few years later; improving US permitting tone	Gradual progress

Management Commentary

“During the quarter, high utilization across our systems resulted in record Q3 EBITDA, and we’re well set up to achieve our financial guidance for the 20th consecutive year.” – Greg Ebel, CEO .
“We sanctioned $2 billion of investment across our [Gas Transmission] footprint to support growing natural gas, power, and LNG demand.” – CEO (press release highlights) .
“Mainline volumes had another strong quarter, delivering a record 3.1 million barrels per day on average for Q3.” – CEO (call) .
“We remain confident we will achieve full year EBITDA in the upper half of our guidance range of $19.4 billion to $20 billion… DCF per share at the midpoint of our $5.50 to $5.90 per share guidance range.” – CFO .
“Year‑to‑date, Enbridge has added approximately $7 billion to its secured project backlog… we now have $35 billion of sanctioned growth capital entering service through 2030.” – CEO .

Q&A Highlights

Utilities/data centers: Management sees accelerating DC/power gen opportunities across OH/UT/ON (up to ~8 GW in early‑stage across OH/UT; >6 GW mid‑stage), with multiple major capex projects advancing (e.g., T15 in NC) .
Mainline Optimization: MLO1 on track (150 kbpd, 2027); MLO2 expanded (250 kbpd, 2028) leveraging DAPL; further brownfield phases (MLO3/4) being scoped for upside .
Liquids Gulf Coast/Mid‑Con softness: Viewed as temporary; PADD II ran hard to refill products; long‑term full‑path demand intact (oversubscribed open seasons) .
Storage contracting: Initial Egan cavern ~50% contracted; typical 2–5 year terms with portfolio optimization; strong pricing backdrop given LNG/power demand .
Line 5: Permitting momentum improving; Wisconsin “Reboot” targeted for 2027; Michigan tunnel a few years later .

Estimates Context

Versus S&P Global consensus (USD), ENB missed on quarterly Primary EPS but beat on revenue and FCF; S&P EBITDA metric was below consensus and not directly comparable to company Adjusted EBITDA (non‑GAAP, C$). Currency, methodology (GAAP vs non‑GAAP), and definition differences drive variances. Management continues to anchor on achieving FY Adjusted EBITDA near the upper half of the range and DCF/share around the midpoint .
Where estimates may adjust: Liquids segment near‑term assumptions likely reflect continued tight diffs/strong PADD II demand; Gas Transmission outlook benefits from rate cases and recent project in‑service (Venice Extension). FY guide reaffirmation limits model drift for 2025 aggregates .
*Values retrieved from S&P Global.

Key Takeaways for Investors

Core resiliency intact: Record Q3 Adjusted EBITDA and reaffirmed FY guide despite liquids mix headwinds; leverage at 4.8x within target band .
Visible multi‑year growth: Secured backlog ~C$35B, with brownfield egress projects (MLO1 FID; MLO2 in development) and gas storage/LNG adjacency underpinning ~5% post‑2026 growth across EBITDA, EPS, and DCF/share .
Utilities optionality: Constructive rate outcomes (NC/UT) and accelerating data center/power demand support incremental regulated investment at attractive returns .
Watch near‑term liquids mix: Gulf Coast/Mid‑Con contributions sensitive to diffs/refinery runs; management frames softness as temporary with full‑path demand strong .
Upcoming catalysts: December guidance update; MLO2 open season early in the new year; continued project sanctions across GTM/storage .
Dividend visibility: Quarterly dividend maintained at C$0.9425; 30‑year dividend growth record sustained within 60–70% DCF payout target .

Appendix – Notable Q3‑period Press Releases

Q3 results PR (Nov 7): Detailed financials, reaffirmed guidance, project sanctions .
Dividend declaration (Nov 5): C$0.9425/share payable Dec 1, 2025 .
Post‑quarter: MLO1 FID (Nov 14): Adds 150 kbpd Mainline and 100 kbpd FSP capacity; 2027 in‑service .

ENBRIDGE INC (ENB)·Q3 2025 Earnings Summary