Enbridge Inc. reported a total operating revenue of CAD 14.639 billion for the third quarter of 2025, a slight decrease from CAD 14.882 billion in the same period last year. The company's earnings attributable to common shareholders were CAD 682 million, or CAD 0.30 per share, down from CAD 1.293 billion, or CAD 0.59 per share, in the prior year. For the nine months ending September 30, 2025, total operating revenue increased to CAD 48.017 billion from CAD 37.256 billion, while earnings attributable to common shareholders rose to CAD 5.120 billion from CAD 4.560 billion.
The financial performance reflects several significant changes compared to the previous fiscal period. Notably, the decrease in quarterly earnings was attributed to a non-cash, net unrealized derivative fair value loss of CAD 394 million in 2025, contrasting with a gain of CAD 112 million in 2024. Additionally, the absence of a deferred tax recovery of CAD 59 million in 2025 further impacted earnings. Despite these challenges, the nine-month results benefited from contributions from newly acquired U.S. gas utilities, which bolstered the Gas Distribution and Storage segment.
Strategically, Enbridge has made several acquisitions, including the Public Service Company of North Carolina, Questar Gas Company, and The East Ohio Gas Company, which have diversified its gas distribution operations. The company also acquired six landfill gas-to-renewable natural gas production facilities, aligning with its lower-carbon strategy. These acquisitions are expected to enhance Enbridge's operational scale and geographic diversity, providing a platform for future growth.
Operationally, Enbridge's customer base and engagement metrics have shown positive trends. The company reported increased contributions from its Gas Transmission segment, driven by favorable rate case settlements and new projects. The total assets of Enbridge as of September 30, 2025, stood at CAD 216.973 billion, with a long-term debt of CAD 100.602 billion. The company maintained a strong liquidity position, with net available liquidity totaling CAD 11.4 billion, ensuring it can fund its capital projects and operational needs.
Looking ahead, Enbridge anticipates continued growth driven by its strategic acquisitions and ongoing capital projects. The company expects to leverage its diversified portfolio to navigate market conditions and enhance shareholder value. Enbridge's management remains focused on maintaining financial strength and flexibility, with plans to utilize cash from operations and access capital markets as needed to support its 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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