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Enbridge forecasts EBITDA up to CAD20.8bn for 2026 and raises dividend

Enbridge has announced a 3% increase in its annual dividend for 2026 and expects steady revenue growth, with up to CAD20.8bn ($15.2bn) in EBITDA and CAD10bn ($7.3bn) in capital investment.

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Enbridge Inc. has released its financial outlook for 2026, targeting adjusted EBITDA between CAD20.2bn and CAD20.8bn ($14.7bn to $15.2bn), supported by the commissioning of new projects and higher utilisation of existing infrastructure. The board of directors has approved a 3% increase in the annual dividend, raising it to CAD3.88 ($2.83) per share, marking the 31st consecutive increase.

A growth strategy focused on regulated assets

The company plans to commission approximately CAD8bn ($5.8bn) in new projects in 2026, spanning liquids pipelines, gas transmission, and gas distribution. These projects are backed by low-risk commercial frameworks, including accelerated capital recovery mechanisms and approved rate increases in several U.S. states, including Ohio, Utah, and North Carolina. Enbridge also expects higher contributions from the Matterhorn pipeline and favourable contract renewals on its U.S. gas transmission assets.

Distributable cash flow forecasts and debt management

The Canadian company targets distributable cash flow (DCF) per share between CAD5.70 and CAD6.10 ($4.15 to $4.44), after accounting for CAD1.2bn ($880mn) in maintenance capital and approximately CAD5.4bn ($3.9bn) in financing costs. Total distributable cash flow for 2026 is projected between CAD12.475bn and CAD13.275bn ($9.1bn to $9.7bn). Enbridge stated that less than 15% of its debt portfolio will remain exposed to interest rate fluctuations due to its hedging programme.

A financing plan excluding equity markets

Enbridge plans to issue approximately CAD10bn ($7.3bn) in debt in 2026, primarily to refinance CAD5bn ($3.7bn) in maturing obligations. The company does not anticipate any equity issuance during the year. The net debt-to-EBITDA ratio is expected to remain between 4.5x and 5.0x, in line with the group’s financial policy.

Growth targets maintained through 2026

The guidance confirms the company’s compound annual growth targets for the 2023–2026 period: 7–9% for adjusted EBITDA, 4–6% for adjusted earnings per share, and approximately 3% for DCF per share. Beyond 2026, Enbridge expects adjusted EBITDA, earnings per share, and DCF per share to grow by approximately 5% annually.

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