Enbridge(US:ENB)2026-02-13 12:02Financial Performance - Full-year GAAP earnings attributable to common shareholders reached $7.1 billion or $3.23 per share, a 39% increase from $5.1 billion or $2.34 per share in 2024[3] - Full-year adjusted earnings were $6.6 billion or $3.02 per share, reflecting a 9% increase compared to $6.0 billion or $2.80 per share in 2024[3] - Full-year adjusted EBITDA was $20.0 billion, up 7% from $18.6 billion in 2024[3] - DCF for the year increased by $463 million compared to 2024, primarily due to EBITDA growth[20] - Adjusted EBITDA for Q4 2025 was $5,213 million, up from $5,130 million in Q4 2024, with full year adjusted EBITDA at $19,952 million compared to $18,620 million in 2024[59] - Adjusted earnings for Q4 2025 increased by $281 million to $1,921 million, with adjusted earnings per share rising to $0.88 from $0.75 in Q4 2024[60] - Full year 2025 DCF was impacted by lower maintenance capital spend and lower current taxes due to higher investment tax credits[58] - DCF for the twelve months ended December 31, 2025, was CAD 12,454 million, compared to CAD 11,991 million in 2024, indicating a growth of 3.9%[92] Growth and Investments - The secured backlog grew to $39 billion, an increase of approximately 35% since Enbridge Day[4] - Enbridge sanctioned $14 billion of organic growth projects in 2025, including Mainline Optimization Phase 1 for US$1.4 billion, adding 150 kbpd of capacity[3] - The company plans to invest approximately $3 billion annually in growth capital across its utilities[8] - Enbridge sanctioned Cowboy Phase 1, a US$1.2 billion solar and battery energy storage project expected to enter service by the end of 2027, with a total capacity of 365 MW solar and 135 MW battery storage[33] - The company is advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage as part of its growth strategy[73] Dividends and Shareholder Returns - The quarterly dividend was increased by 3% to $0.97 per share, marking the 31st consecutive annual increase[3] - The quarterly dividend per common share was increased by 3% to $0.9700, effective March 1, 2026[66] Segment Performance - Enbridge's Liquids Pipelines adjusted EBITDA for Q4 2025 was C$2,446 million, a C$51 million increase from Q4 2024, with full year 2025 adjusted EBITDA at C$9,710 million, up C$56 million year-over-year[40] - Gas Transmission adjusted EBITDA for Q4 2025 was C$1,312 million, a C$40 million increase from Q4 2024, with full year 2025 adjusted EBITDA at C$5,397 million, up C$615 million year-over-year[44] - Gas Distribution and Storage adjusted EBITDA for Q4 2025 was C$1,139 million, a C$124 million increase from Q4 2024, with full year 2025 adjusted EBITDA at C$4,139 million, up C$1.3 billion year-over-year[47] - Enbridge's Renewable Power Generation adjusted EBITDA for Q4 2025 was C$211 million, a decrease of C$97 million from Q4 2024, with full year 2025 adjusted EBITDA at C$672 million, down C$148 million year-over-year[51] Debt and Financial Ratios - The company's Debt-to-EBITDA ratio at the end of 2025 was 4.8x, within the target range of 4.5-5.0x[25] Future Outlook - Enbridge reaffirmed 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[23] - The company anticipates continued growth in 2026, with projected increases in DCF per share, EPS, and adjusted EBITDA[68] - Enbridge will host a conference call on February 13, 2026, to discuss the fourth quarter results and future outlook[62] Currency Impact - The favorable effect of translating U.S. dollar earnings at a higher average exchange rate in 2025 positively impacted adjusted EBITDA across segments compared to 2024[38] Other Financial Metrics - Net cash provided by operating activities for Q4 2025 was CAD 3,111 million, a decrease from CAD 3,662 million in Q4 2024[92] - Eliminations and Other adjusted EBITDA decreased by $35 million in Q4 2025 compared to Q4 2024, totaling a decrease of $461 million for the full year 2025 compared to 2024[55]