Enbridge Inc: 2Q26: Slight Beat; Reaffirmed 2026 and Longer-Term Guidance; Bonds Now In Line w/ HQ Peers, Moving to Neutral

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Enbridge Inc: 2Q26: Slight Beat; Reaffirmed 2026 and Longer-Term Guidance; Bonds Now In Line w/ HQ Peers, Moving to Neutral

North Carolina in Gas Distribution. Most segments beat

expectations on adj EBITDA, including Gas Transmission, Gas Distribution & Storage

and Liquids Pipelines, while Renewable Power Generation modestly underperformed

estimates. Gas Transmission generated adj EBITDA of C$1.42bn (vs C$1.36bn est), up

C$37mm y/y mainly due to increased revenues from East Tennessee and Texas Eastern

rate cases, partially offset by lower equity earnings from DCP. Gas Distribution & Storage

reported adj EBITDA of C$878mm (vs C$867mm est), up C$38mm y/y due to higher

base rates for Enbridge Gas Utah and Enbridge Gas North Carolina following recent rate

cases. Liquids Pipelines adj EBITDA of C$2.34bn (vs C$2.32bn est), up C$5mm y/y due

to higher volumes and Seaway Pipeline equity earnings, partially offset by lower

Mainline tolls and revenue from Southern Lights. Renewable Power Generation

EBITDA was C$131mm, below estimates of C$143mm, though this was up C$11mm y/y

due to contributions from assets placed into service since 2Q25.

• Maintained 2026 and Longer-Term Outlook: ENB maintained its 2026 guidance for

adj EBITDA of C$20.2-$20.8bn and DCF/sh of C$5.70-$6.10/sh. The company also

reaffirmed its post-2026 near-term financial outlook, targeting an average compound

annual growth rate of ~5% for adj EBITDA, DCF per share and EPS.

• Attractive Project Backlog: The secured growth project backlog stood at ~C$41bn at

2Q26 (C$40bn 1Q26) as the company added over C$1bn to its secured growth backlog

through the sanctioning of the Line 5 Relocation project. Financing of the secured growth

program is expected to be provided through the company’s C$10-$11bn of annual growth