Canada's Enbridge Q3 EBITDA rises on higher gas transmission, distribution rates
ENB•Enbridge's third-quarter adjusted EBITDA rose year over year to C$4.43 billion, driven by higher gas transmission and distribution rates, while adjusted net income of C$1.07 billion missed the C$1.10 billion analyst estimate. The company reaffirmed its 2026 financial guidance.
1. Quarterly results
Enbridge reported third-quarter adjusted EBITDA of C$4.43 billion, up year over year, while adjusted net income was C$1.07 billion, below the C$1.10 billion analyst estimate. Higher revenues from East Tennessee and Texas Eastern rate settlements, favorable contracting, and rate increases and customer growth at Enbridge Gas businesses contributed to growth in gas transmission, distribution and storage.
2. Guidance and projects
The company reaffirmed its 2026 adjusted EBITDA guidance of C$20.2 billion to C$20.8 billion and maintained its distributable cash flow per share guidance of C$5.70 to C$6.10. It reiterated its medium-term outlook for average annual growth of 5% in adjusted EBITDA, distributable cash flow per share and earnings per share, and said it placed more than C$3 billion in gas projects into service.
3. Liquids pipeline pressures
Enbridge said lower Mainline volumes, lower tolls on Line 9 deliveries and underutilized contracts to the U.S. Gulf Coast weighed on its liquids pipelines segment.
