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CALGARY - Enbridge Inc. (NYSE:ENB) reported second-quarter adjusted earnings per share of C$0.65 on Friday, exceeding analyst estimates of C$0.58. The company delivered record quarterly adjusted EBITDA despite ongoing trade uncertainties and geopolitical tensions.
Enbridge’s rose 0.40% in pre-market trading following the announcement.
The Canadian energy infrastructure giant reaffirmed its 2025 financial guidance, stating it expects to finish the year in the upper end of its adjusted EBITDA range of C$19.4 billion to C$20.0 billion. Enbridge also maintained its distributable cash flow (DCF) per share guidance of C$5.50 to C$5.90 for the year.
"We delivered record second quarter results with 7% adjusted EBITDA growth over Q2 2024," said Greg Ebel, President and CEO of Enbridge. "We expect to finish 2025 in the upper end of our EBITDA guidance range and are well on track to meet the mid-point for DCF."
The company reported quarterly adjusted EBITDA of C$4.64 billion, up from C$4.34 billion in the same period last year. Growth was driven by contributions from U.S. utilities acquisitions, favorable Gas Transmission & Midstream rate cases, improved storage utilization, and customer growth at Enbridge Gas Ontario.
During the quarter, Enbridge sanctioned several new projects, including the Clear Fork Solar project, a 600 MW facility near San Antonio to support Meta (NASDAQ:META)’s data center operations, and the Line 31 expansion on Texas Eastern Transmission to serve rising power demand in Mississippi.
The company maintained its near-term outlook of 7-9% CAGR for adjusted EBITDA from 2023-2026, with 4-6% growth for adjusted EPS and approximately 3% for DCF per share. For the medium term beyond 2026, Enbridge expects all metrics to grow at approximately 5% annually.
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