Enbridge | North America 2Q 2026 Earnings Recap

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M

Update

July 31, 2026 04:09 PM GMT

Enbridge | North America

Morgan Stanley & Co. LLC

Robert S Kad

Equity Analyst

2Q 2026 Earnings Recap

Joy Golub

Research Associate

Key Takeaways

Adjusted EBITDA: C$4.776Bn (cons: C$4.715Bn / MS: C$4.759Bn), +1.3% vs. cons

2Q26 results were in-line. Liquids Pipelines was driven by higher Mainline

volumes, net of earnings sharing, increased Line 9 volumes, benefits from system

optimization initiatives, and higher equity earnings from Seaway Pipeline due to

stronger spot volumes, partially offset by lower Mainline tolls on Line 9 deliveries

and reduced revenue from Southern Lights following the expiry of cost of service

agreements. Gas Transmission was driven by increased revenues from the East

Victoria Xiong, CFA

Research Associate

Enbridge (ENB.TO, ENB CT)

Midstream Energy Infrastructure | Canada

Stock Rating

Industry View

Price target

Shr price, close (Jul 30, 2026)

Mkt cap, curr (mm)

52-Week Range

Equal-weight

Attractive

C$86.00

C$77.68

C$170,431

C$80.65-61.99

Tennessee rate case settlement and the previously approved Texas Eastern rate

increase, partially offset by lower equity earnings from the investment in DCP

Midstream. Gas Distribution and Storage was driven by higher base rates at

Enbridge Gas Utah and Enbridge Gas North Carolina following recent rate cases.

Renewable Power Generation was driven by contributions from assets placed into

service since the second quarter of 2025.

Reaffirmed 2026 guidance:

• Adjusted EBITDA: $20.2 billion to $20.8 billion (cons: C$20.566Bn / MS: C

$20.535Bn)

• DCF/share: $5.70 to $6.10 (cons: C$5.84 / MS: C$5.78)

Reaffirmed post 2026 guidance:

• ENB reaffirmed its post-2026 adjusted EBITDA, DCF per share, and EPS nearterm average compound annual growth rate of approximately 5%.

Project Announcements and Updates:

• Sanctioned and began construction of the US$1.0 billion Line 5 Relocation

project in Wisconsin, supporting the continued safe and reliable delivery of

energy to the Midwest, Ontario and Quebec

• Signed exclusive option to acquire TTC Connector Pipeline (TTC Connector),

expanding existing U.S.…