After C$14B of projects sanctioned last year, ‘we’ll continue to advance our suite of opportunities,’ says Ebel
A dividend aristocrat?
A member of the guidance gentry?
However you want to phrase it, Enbridge delivered on another exceptional financial year in 2025.
During our 2025 fourth-quarter and year-end results announcement on Feb. 13, Enbridge reported record financial results and a robust outlook.
Among the announcements advancing Enbridge’s first-choice value proposition:
- 31 straight years of dividend growth
- 20 consecutive years of achieving or exceeding financial guidance
- Record full-year adjusted EBITDA (earnings before interest, income taxes and depreciation and amortization) of C$20 billion, up 7% from 2024
- Record full-year distributable cash flow (DCF) of C$12.5 billion, up 4% from 2024
“2025 was another milestone year for Enbridge and we are focused on capturing the next set of growth opportunities across the energy landscape,” said Enbridge President and CEO Greg Ebel.
Thanks to growing cash flows, Enbridge now has C$10 to C$11 billion available in annual investment capacity, said Enbridge Chief Financial Officer Pat Murray, which supports investments in growth projects across all four of our core business units.
“We continue to realize improving returns, showcasing our efficient use and deployment of capital,” said Mr. Murray. “Securing projects (with strong returns), combined with cost and revenue optimizations on existing assets, creates a compounding effect which will continue to grow our investment capacity into the future.”
C$14B in projects sanctioned as investment capacity grows
Speaking of investment capacity, Enbridge sanctioned a slate of projects in 2025 worth C$14 billion, the largest single-year total in company history, while also placing C$5 billion worth of assets into service.
Among the projects sanctioned in 2025 were:
- The Mainline Capital Investment program, Mainline Optimization Phase 1 and the Southern Illinois Connector Pipeline in our liquids pipelines business
- U.S. Gulf Coast Storage expansions and Line 31 Texas Eastern Expansion (USGC), Birch Grove Expansion and Aitken Creen Expansion (British Columbia), Canyon System Expansion (offshore) and Algonquin Gas Transmission Enhancement (New England) in gas transmission
- Cowboy Solar and BESS Phase 1 (Wyoming), Clear Fork Solar (Texas) and Easter Wind (Texas) in renewable energy.
"2025 was another milestone year for Enbridge, and we are focused on capturing the next set of growth opportunities across the energy landscape."
Greg Ebel
Enbridge President
and Chief Executive Officer
Project backlog now worth C$39B
All told, that means Enbridge now has a project backlog totaling C$39 billion, about C$8 billion of which we expect to place into service in 2026.
That lengthy list, stretching out to 2033, includes but isn't limited to::
- Gas transmission projects including Ridgeline Expansion in Tennessee, and Aspen Point and Sunrise Expansion in BC
- Gas distribution projects including the Moriah Energy Center and the T15 Reliability Project in North Carolina
- The Enbridge Houston Oil Terminal (EHOT) and the Louisiana-based Pelican CO2 Hub in our liquids pipeline business
- The Courseulles (Calvados) offshore wind project in France
“Today, our total secured backlog sits at $39 billion, up approximately 35% since Enbridge Day (our investor community conference in March 2025),” noted Mr. Ebel.
“We'll continue to advance our suite of opportunities across natural gas, liquids, and renewable power to meet growing energy demand in North America and beyond.”
