Enbridge | North America 2Q 2026 Earnings Recap

Research evidence excerpt

Enbridge | North America 2Q 2026 Earnings Recap

Update

July 31, 2026 04:09 PM GMT

Morgan Stanley & Co. LLCMEnbridge | North America Robert S Kad

Equity Analyst

2Q 2026 Earnings Recap Robert.Kad@morganstanley.comJoy Golub +1 212 761-0065

Research Associate

Joy.Golub@morganstanley.com +1 212 761-4924

Key Takeaways Victoria Xiong, CFA

Adjusted EBITDA: C$4.776Bn (cons: C$4.715Bn / MS: C$4.759Bn), +1.3% vs. cons Victoria.Xiong@morganstanley.com +1 212 761-0228

Enbridge (ENB.TO, ENB CT)

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

Midstream Energy Infrastructure | Canada

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

Stock Rating Equal-weight

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

Price target C$86.00

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

Shr price, close (Jul 30, 2026) C$77.68

and reduced revenue from Southern Lights following the expiry of cost of service Mkt cap, curr (mm) C$170,431

52-Week Range C$80.65-61.99

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

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)