Enbridge Q4 Earnings Call Highlights

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MarketBeat

Fri, February 13, 2026 astatine 10:22 AM CST 9 min read

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Record results and affirmed outlook: Enbridge posted grounds Q4 and full‑year 2025 results, bushed the midpoint of 2025 guidance for EBITDA and DCF, and reaffirmed 2026 guidance of CAD 20.2–20.8 billion adjusted EBITDA and DCF per stock of 570–610 portion raising the dividend for the 31st consecutive year.
Big maturation backlog and superior plan: Management highlighted a secured task backlog of CAD 39 billion done 2033 and accrued yearly concern capableness to CAD 10–11 billion, with plans to wage CAD 40–45 cardinal successful distributions implicit the adjacent 5 years and people a 60–70% DCF payout ratio.
Strong operations and task momentum: Assets were highly utilized (about 3.1 cardinal bpd connected the liquids mainline; grounds state flows connected cardinal systems), and Enbridge precocious large projects — sanctioning Mainline Optimization Phase 1 (+150,000 bpd), winning a favorable ruling and permitting advancement connected Line 5, expanding LNG and state pipeline capacity, and sanctioning ample renewables (Cowboy solar+storage, Easter Wind).
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Enbridge (NYSE:ENB) reported grounds fourth-quarter and full-year 2025 results and reiterated its outlook for continued maturation arsenic absorption highlighted beardown plus utilization, an expanding task backlog, and what it described arsenic a heavy acceptable of opportunities crossed liquids, earthy gas, and renewable power.

President and CEO Greg Ebel said Enbridge exceeded the midpoint of its 2025 guidance for some EBITDA and distributable currency travel (DCF) per share, marking the company’s 20th twelvemonth of achieving oregon beating yearly fiscal guidance. Ebel besides noted Enbridge accrued its dividend for the 31st consecutive year.

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EVP and CFO Pat Murray said the institution delivered grounds fourth-quarter and full-year adjusted EBITDA, DCF, and net per share. Compared to the 4th fourth of 2024, Murray said adjusted EBITDA accrued by CAD 83 million, DCF roseate by CAD 0.06, and net per stock accrued by CAD 0.13.

Murray reaffirmed 2026 guidance archetypal issued successful aboriginal December, citing assurance successful full-year adjusted EBITDA expectations of CAD 20.2 cardinal to CAD 20.8 cardinal and DCF per stock of 570 to 610. He attributed expected 2026 maturation to astir CAD 8 cardinal of caller assets entering work and cross-enterprise outgo savings initiatives, adding that colder-than-normal upwind crossed overmuch of eastbound North America provided “a beardown start” to the year.

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