Enbridge Inc. (ENB.TO): Almost Half Way There In a Quarter of the Time

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Enbridge Inc. (ENB.TO): Almost Half Way There In a Quarter of the Time

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31 Jul 2026 08:29:59 ET │ 11 pages

Enbridge Inc. (ENB.TO)

Almost Half Way There In a Quarter of the Time

CITI'S TAKE

Buy ENB reported adj EBITDA of C$4.78bln, beating the C$4.67bln Citi

estimate and C$4.71bln Street mean (FactSet). ENB continued to add to Price (30 Jul 26 16:00) C$77.68

the growth backlog, which now sits at C$41bln. The Line 5 relocation Target price C$77.00

($1.0bln) was the primary addition, more than offsetting EHOT entering Expected share price return -0.9%

service. Several LNG-driven announcements with the Bay Runner Twin Expected dividend yield 5.0%

sanctioned (Whistler JV) and an announced option to acquire the TTC Expected total return 4.1%

Pipeline (connects Tres Palacios to Freeport LNG). Otherwise, the

Market Cap C$169,656M opportunity set continues to develop ahead of schedule. ENB has

US$121,084M sanctioned ~C$9bln YTD and pointed to being on track to sanction up to

C$20bln through 2027. Among these opportunities, ENB highlighted a

successful open season for an Algonquin expansion (Project Beacon).

MLO2 continues to progress with ENB actually pointing to a growing Spiro DounisAC

opportunity set with regard to the project. Finally, Blackcomb began +1-212-816-6926

commissioning - earlier than we anticipated, though slides still point to spiro.dounis@citi.com

4Q26 completion.

Douglas Irwin

+1-212-816-9525

Implications — We expect a relatively neutral reaction. Capital program additions douglas.irwin@citi.com

are a positive, but ENB signaled the Line 5 relocation on the last earnings call. A

slight beat on the quarter is also positive though annual guidance is unchanged and Charles Bryant

beats alone have yet to be enough to garner a positive reaction on prints.