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Enbridge holds 2026 guidance as leverage reaches 5.1 times EBITDA
Second-quarter adjusted EBITDA of C$4,776 million rose from C$4,644 million, DCF was C$2,948 million and the secured backlog reached about C$41 billion; the quarter also brought a US$1.0 billion Line 5 relocation in Wisconsin and a 2.6 Bcf/d Gulf Coast gas line on take-or-pay contracts.
Enbridge reported second-quarter 2026 adjusted EBITDA (management's non-GAAP measure) of C$4,776 million, up from C$4,644 million a year earlier, distributable cash flow of C$2,948 million against C$2,903 million, and cash from operations of C$4,111 million against C$3,238 million [2]. GAAP earnings attributable to common shareholders fell to C$1.4 billion, or C$0.64 a share, from C$2.2 billion and C$1.00, while adjusted earnings were C$0.63 a share against C$0.65 [1]. The company reaffirmed 2026 guidance of C$20.2 billion to C$20.8 billion of adjusted EBITDA and C$5.70 to C$6.10 of DCF a share, and declared the C$0.97 quarterly dividend payable September 1 [1].
Every segment grew: Liquids Pipelines earned C$2,341 million, Gas Transmission C$1,421 million, Gas Distribution and Storage C$878 million on new base rates in Utah and North Carolina, and Renewable Power C$131 million [2]. In the quarter the company sanctioned the US$1.0 billion, 41-mile Line 5 relocation in Wisconsin for service in early 2027 and the 2.6 Bcf/d Bay Runner Twin to Rio Grande LNG for 2030, backed by long-term take-or-pay agreements, taking the secured backlog to about C$41 billion [1].
The number a dividend holder should note is leverage. Debt to EBITDA was 5.1 times at quarter end, above the company's own 4.5 to 5.0 times range; Enbridge attributes part of the gap to translating period-end debt at 1.42 Canadian dollars per U.S. dollar while EBITDA translated at 1.38 [1][3].
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Enbridge Reports Strong Second Quarter Results, Reaffirms 2026 Guidance and Grows Secured Backlog to $41B
GAAP earnings C$1.4B, C$0.64/share (C$2.2B, C$1.00); adjusted earnings C$0.63 (C$0.65); adjusted EBITDA C$4.8B (C$4.6B); DCF C$2.9B; 2026 guidance reaffirmed at adjusted EBITDA C$20.2–20.8B and DCF C$5.70–6.10/share; dividend C$0.97 payable Sept 1; Debt-to-EBITDA 5.1x with FX note; backlog ~C$41B, >C$1B added; Line 5 Wisconsin relocation US$1.0B, early 2027; Bay Runner Twin 2.6 Bcf/d for 2030 with take-or-pay; TTC Connector option; Sunrise C$4B; Ohio rate case staff report, settlement 2027; Utah and North Carolina base rates; segment EBITDA.
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Exhibit 99.1 to Form 6-K: Enbridge second quarter 2026 results
Exact figures: adjusted EBITDA C$4,776M (C$4,644M); DCF C$2,948M (C$2,903M); cash from operations C$4,111M (C$3,238M); segment EBITDA Liquids C$2,341M (C$2,336M), Gas Transmission C$1,421M (C$1,384M), Gas Distribution C$878M (C$840M), Renewables C$131M (C$120M); dividend declared July 27, record August 14.
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Enbridge Announces 2026 Financial Guidance, Declares 3% Dividend Increase and Reaffirms Growth Outlook
Debt-to-EBITDA target range 4.5–5.0x; dividend C$0.97 quarterly, 31st consecutive annual increase.
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