Enbridge Inc. reported a total operating revenue of CAD 22.36 billion for the first quarter of 2026, marking a significant increase of 20.4% from CAD 18.50 billion in the same period of 2025. The company's operating income, however, decreased to CAD 3.23 billion from CAD 3.67 billion year-over-year. Net earnings attributable to common shareholders fell to CAD 1.67 billion, or CAD 0.77 per share, compared to CAD 2.26 billion, or CAD 1.04 per share, in the prior year. This decline in profitability was attributed to a non-cash, net unrealized derivative fair value loss of CAD 743 million, which contrasted sharply with a minimal loss of CAD 17 million in the previous year.
In terms of operational developments, Enbridge's Gas Distribution and Storage segment saw an increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) to CAD 1.71 billion, up from CAD 1.60 billion in 2025, driven by higher distribution margins and improved pricing strategies. The Gas Transmission segment also reported a rise in EBITDA to CAD 1.57 billion, compared to CAD 1.47 billion in the previous year, benefiting from favorable contracting and increased revenues from storage facilities. Conversely, the Liquids Pipelines segment experienced a decline in EBITDA to CAD 1.96 billion from CAD 2.59 billion, primarily due to lower contributions from Mainline operations and the absence of prior equity earnings from a litigation settlement.
Enbridge has been actively pursuing strategic growth through acquisitions, notably the purchase of three U.S. gas utilities from Dominion Energy, which is expected to enhance its market presence and operational capabilities. The company also reported a significant increase in capital expenditures, totaling CAD 2.44 billion for the quarter, compared to CAD 1.72 billion in the same period last year, reflecting ongoing investments in infrastructure and growth projects. The company’s total assets increased to CAD 228.20 billion as of March 31, 2026, up from CAD 218.48 billion at the end of 2025.
Looking ahead, Enbridge anticipates continued growth driven by its diversified portfolio and strategic investments. The company expects to maintain strong liquidity, with available credit facilities totaling CAD 11.02 billion as of March 31, 2026. Enbridge's management remains focused on optimizing its operations and capitalizing on market opportunities, despite the challenges posed by fluctuating commodity prices and regulatory environments. The outlook for the remainder of 2026 includes expectations for improved operational performance and a commitment to delivering shareholder value through sustainable growth initiatives.
About ENBRIDGE INC
Enbridge Inc. is a North American energy infrastructure company specializing in liquids pipelines, natural gas transmission, gas distribution, and renewable power generation. It transports and exports crude oil, natural gas, and renewable energy across Canada and the US, serving global markets and domestic customers. Its core value lies in reliable, low-risk assets, long-term contracts, and a focus on safety, sustainability, and energy transition support.
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