Canada’s Enbridge unveils 2026 financial guidance

Canada-based pipeline firm Enbridge (ENB) said on December 3 that it was targeting adjusted earnings before interest, income taxes and depreciation (EBITDA) of CAD20.2-20.8bn ($14.5-14.9bn) in 2026.

The company also reaffirmed its 2025 EBITDA guidance, saying it expected to finish the year in the upper half of the CAD19.4-20.0bn (13.9-14.3bn) range it had previously set out. Next year’s guidance represents a slight increase on this.

Enbridge also said it intended to deploy around CAD10bn ($7.2bn) of growth capital in 2026, exclusive of maintenance capital.

“We are forecasting another year of steady and predictable growth driven by new projects entering service, as well as strong utilisation and optimisation of existing assets,” stated Enbridge’s president and CEO, Greg Ebel. “We have approximately CAD8bn [$5.7bn] of new projects entering service in 2026 across our franchises, all of which are underpinned by low-risk commercial frameworks. We also expect strong growth in 2026 from recent rate settlements and rate cases in both Gas Distribution and Gas Transmission. These regulatory outcomes support visible, durable growth through rate escalation and quick-cycle capital recovery mechanisms.”

According to a presentation released alongside Enbridge’s financial guidance, these new projects entering service next year will come on top of around CAD5bn ($3.6bn) worth of projects coming online in 2025. A TPH&Co. research report this week said that some of the major new projects included Tennessee Ridgeline and Aspen Point reaching completion.

The guidance announcement comes less than a month after Enbridge announced a final investment decision (FID) on Phase 1 of its Mainline Optimisation (MLO1) project. Under MLO1, the company will add capacity to its Mainline network and Flanagan South Pipeline (FSP) in an effort to meet growing customer demand. This will also increase deliveries of Canadian heavy oil to refining markets in the US Midwest and Gulf Coast regions – Petroleum Administration for Defense Districts (PADDs) II and III respectively.

MLO1 includes adding 150,000 barrels per day (bpd) of Mainline capacity and 100,000 bpd of FSP capacity at an expected aggregate capital cost of $1.4bn. The new capacity is anticipated to be in service in 2027.