Enbridge Inc: Thoughts into 2Q26: Seasonal Step-Down as Expected; NE Gas Pipe Development and MLO2 Progress in Focus

Research evidence excerpt

Enbridge Inc: Thoughts into 2Q26: Seasonal Step-Down as Expected; NE Gas Pipe Development and MLO2 Progress in Focus

J P M O R G A N North America Equity Research

07 July 2026

Enbridge Inc

Thoughts into 2Q26: Seasonal Step-Down as Neutral

Expected; NE Gas Pipe Development and MLO2 ENB.TO, ENB CN

Progress in Focus Price (06 Jul 26):C$75.91

▲Price Target (Dec-27):C$82.00

Prior (Dec-26):C$78.00

After speaking with the company (including at our conference) and marking to

market commodity prices, we model 2Q26 adj EBITDA of ~$4.68bn. The estimate Head of North America Power,

Utilities, Midstream, LNG, andcompares to $4.77/4.62bn Street median/prior JPMe and reflects typical

Nuclear

seasonality after a strong 1Q. In Liquids, we model a $2,301mm result factoring

in lower EIEC volumes due to heavy USGC competition and other one-time Jeremy Tonet, CFA AC

headwinds, largely offset by double-digit Mainline apportionment figures. Gas (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

Transmission reflects normal seasonality where we model $1,380mm (-$138mm

North American Midstream

QoQ). We expects GDS to contribute ~18% of full-year EBITDA in 2Q consistent

with quarterly shaping across the utilities, underpinning our $829mm segment Vrathan Reddy

contribution. Renewable Power tracks toward a ~$700mm full-year contribution, (1-212) 622-4692

vrathan.reddy@jpmchase.com

adding $120mm in the quarter. On the call, we await NE gas pipeline expansion

Eli Jossen, CFA

developments given new political tailwinds, MLO2 commercial progress, Line 5

(1-212) 622-4113

project sanctioning, LNG logistics opportunities, and broader updates on the ~ eli.jossen@jpmchase.com

$50bn unsanctioned opportunity set. Weighing the above, we establish a C$82 Francina Kolluri

Dec-27 PT, up from our C$78 Dec-26 PT.