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Canada's Enbridge Q3 EBITDA rises on higher gas transmission, distribution rates

By Reuters News


Overview

  • Canada energy infrastructure firm's Q3 adjusted net income missed analyst expectations

  • Q3 adjusted EBITDA rose yr/yr, driven by higher gas transmission and distribution rates

  • Company reaffirmed 2026 financial guidance and placed over $3 bln in gas projects into service


Outlook

  • Enbridge reaffirms 2026 adj EBITDA guidance of C$20.2 bln to C$20.8 bln

  • Company maintains 2026 DCF per share guidance of C$5.70 to C$6.10

  • Enbridge reiterates medium-term 5% average annual growth outlook for adj EBITDA, DCF/share, and EPS


Result Drivers

  • GAS TRANSMISSION RATES - Co said higher revenues from East Tennessee and Texas Eastern rate settlements, and favorable contracting, drove gas transmission segment growth

  • GAS DISTRIBUTION RATE INCREASES - Higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina, and higher rates and customer growth at Enbridge Gas Ontario, contributed to gas distribution and storage segment growth

  • LOWER LIQUIDS PIPELINES VOLUMES - Co said liquids pipelines segment was hurt by lower Mainline volumes, lower tolls on Line 9 deliveries, and underutilized contracts to U.S. Gulf Coast


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Adjusted Net Income

Miss

C$1.07 bln

C$1.10 bln (5 Analysts)

Q3 Adjusted EBITDA

C$4.43 bln


Reuters Recommended Reads

  • Nov 5 - TC Energy raises 2026 profit outlook, announces C$3 bln in pipeline projects

  • Nov 5 - Canada's TC Energy raises 2026 EBITDA outlook after strong Q3 earnings

  • Nov 4 - Western Midstream Q3 adjusted EBITDA rises 12% on record gas throughput


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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