In This Article:
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Adjusted EBITDA: Up 18% compared to Q1 2024.
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DCF per Share: Increased by 6% year-over-year.
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Earnings per Share: Rose by 12% from Q1 2024.
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Mainline Volumes: Record first quarter volumes of almost 3.2 million barrels per day.
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Gas Transmission: Up 13% year-over-year despite asset sales in 2024.
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Gas Distribution EBITDA: Increased by $170 million compared to Q1 2024.
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Capital Projects: Secured $3 billion of accretive low-risk projects year-to-date.
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Debt-to-EBITDA Ratio: Target range of 4.5x to 5x.
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Dividend Growth: Increased for 30 consecutive years.
Release Date: May 09, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Enbridge Inc (NYSE:ENB) reported record first-quarter EBITDA, DCF per share, and earnings per share, driven by strong volumes and contributions from recently acquired US utilities.
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The company reaffirmed its 2025 financial guidance, indicating confidence in its ability to meet targets despite global trade tensions and tariffs.
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Enbridge Inc (NYSE:ENB) continues to expand its renewable energy portfolio, with the Orange Grove solar facility entering service on time and on budget.
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The company is actively pursuing growth opportunities, securing $3 billion in low-risk projects year-to-date, including investments in the mainline and the Matterhorn Express Pipeline.
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Enbridge Inc (NYSE:ENB) maintains a strong balance sheet with a debt-to-EBITDA ratio target of 4.5 to 5 times, supporting its investment-grade credit rating and financial flexibility.
Negative Points
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The company faces ongoing regulatory challenges and uncertainties, particularly in relation to permitting reforms in the US and Canada.
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Enbridge Inc (NYSE:ENB) is exposed to commodity price volatility, which could impact future financial performance despite current resilience.
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There are concerns about the potential impact of higher US interest rates on the company's financial outlook.
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The integration of recently acquired US utilities is still ongoing, with disentanglement from Dominion yet to be fully completed.
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The dynamic policy landscape for renewables presents challenges, potentially affecting the timing and approval of future projects.
Q & A Highlights
Q: Are you encouraged by the recent Canadian and US government efforts on permitting reform for infrastructure development? A: Gregory Ebel, President and CEO, expressed enthusiasm about the discussions on energy infrastructure in both Canada and the US. He noted the importance of turning campaign rhetoric into actual permitting reform, highlighting the company's readiness to capitalize on policy changes that support infrastructure development.