Financials Enbridge Inc.

Equities

ENB

CA29250N1050

Oil & Gas Transportation Services

Market Closed - Toronto S.E. Other stock markets 21:16:24 08/07/2025 BST			5-day change	1st Jan Change
60.55 ^CAD	+0.38%		-1.94%	-0.75%

07-08	Enbridge Inc. - Shareholder/Analyst Call
07-04	Canada awaits private sector move on Pacific crude pipeline, minister says	RE

Projected Income Statement: Enbridge Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	39,087	47,071	53,309	43,649	53,473	52,108	50,585	53,933
Change	-	20.43%	13.25%	-18.12%	22.51%	-2.55%	-2.92%	6.62%
EBITDA ¹	13,273	14,001	15,531	16,454	18,620	20,054	20,923	21,942
Change	-	5.48%	10.93%	5.94%	13.16%	7.7%	4.33%	4.87%
EBIT ¹	9,561	10,149	11,104	11,692	13,453	14,103	14,913	15,934
Change	-	6.15%	9.41%	5.3%	15.06%	4.83%	5.74%	6.85%
Interest Paid ¹	-2,790	-2,655	-3,179	-3,812	-4,419	-5,028	-5,072	-5,203
Earnings before Tax (EBT) ¹	4,190	7,729	4,542	7,879	7,299	9,004	9,531	10,175
Change	-	84.46%	-41.23%	73.47%	-7.36%	23.35%	5.86%	6.76%
Net income ¹	2,983	5,816	2,589	5,839	5,053	6,366	6,733	7,281
Change	-	94.97%	-55.48%	125.53%	-13.46%	25.98%	5.77%	8.14%
Announcement Date	12/02/21	11/02/22	10/02/23	09/02/24	14/02/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	7,956	9,110	10,008	12,187	10,948	11,466	12,520	15,097	13,215	11,573	13,424	12,075	10,432	9,844	11,298	11,038	11,336	14,882	16,217	18,502	10,608	11,425	13,371	14,817	9,803	11,251	13,016	13,703
Change	-	14.5%	9.86%	21.77%	-10.17%	4.73%	9.19%	20.58%	-12.47%	-12.43%	15.99%	-10.05%	-13.61%	-5.64%	14.77%	-2.3%	2.7%	31.28%	8.97%	14.09%	-42.67%	7.71%	17.03%	10.82%	-33.84%	14.77%	15.69%	5.28%
EBITDA ¹	3,312	2,997	3,201	3,743	3,302	3,269	3,687	4,147	3,715	3,758	3,911	4,468	4,008	3,871	4,107	4,954	4,335	4,201	5,130	5,828	4,568	4,436	5,238	5,879	4,823	4,676	5,515	6,238
Change	-	-9.51%	6.81%	16.93%	-11.78%	-1%	12.79%	12.48%	-10.42%	1.16%	4.07%	14.24%	-10.3%	-3.42%	6.1%	20.62%	-12.49%	-3.09%	22.11%	13.61%	-21.62%	-2.88%	18.07%	12.22%	-17.96%	-3.04%	17.94%	13.11%
EBIT ¹	2,363	2,062	2,255	2,811	2,373	2,325	2,640	3,082	2,612	2,654	2,756	3,286	2,350	2,707	2,899	3,761	3,062	2,833	3,746	4,420	3,179	2,903	3,620	4,485	3,452	3,269	3,893	4,829
Change	-	-12.74%	9.36%	24.66%	-15.58%	-2.02%	13.55%	16.74%	-15.25%	1.61%	3.84%	19.23%	-28.48%	15.19%	7.09%	29.73%	-18.59%	-7.48%	32.23%	17.99%	-28.07%	-8.69%	24.68%	23.9%	-23.02%	-5.32%	19.09%	24.06%
Charge d'intérêts ¹	-681	-718	-685	-657	-618	-648	-732	-719	-791	-806	-863	-905	-883	-921	-1,103	-905	-1,082	-1,314	-1,121	-1,334	-1,243	-1,248	-1,249	-1,180	-1,178	-1,190	-1,212	-1,158
Earnings before Tax (EBT) ¹	2,368	1,335	2,400	2,497	1,791	1,013	2,428	2,057	740	1,701	-549	2,376	2,520	751	2,232	1,951	2,740	1,759	849	3,187	1,729	1,429	2,453	3,092	1,852	1,681	2,668	3,266
Change	-	-43.62%	79.78%	4.04%	-28.27%	-43.44%	139.68%	-15.28%	-64.03%	129.86%	-132.28%	532.79%	6.06%	-70.2%	197.2%	-12.59%	40.44%	-35.8%	-51.73%	275.38%	-45.76%	-17.36%	71.69%	26.09%	-40.12%	-9.23%	58.72%	22.42%
Net income ¹	-	990	1,775	1,900	1,394	682	1,840	1,927	450	1,279	-1,067	1,733	1,848	532	1,726	1,419	1,848	1,293	493	2,261	1,286	1,153	1,795	2,247	1,307	1,177	1,927	2,716
Change	-	-	79.29%	7.04%	-26.63%	-51.08%	169.79%	4.73%	-76.65%	184.22%	-183.42%	262.42%	6.64%	-71.21%	224.44%	-17.79%	30.23%	-30.03%	-61.87%	358.62%	-43.12%	-10.36%	55.73%	25.16%	-41.86%	-9.89%	63.66%	40.96%
Announcement Date	29/07/20	06/11/20	12/02/21	07/05/21	30/07/21	05/11/21	11/02/22	06/05/22	29/07/22	04/11/22	10/02/23	05/05/23	04/08/23	03/11/23	09/02/24	10/05/24	02/08/24	01/11/24	14/02/25	09/05/25	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Enbridge Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	66,445	75,354	80,119	75,298	99,869	107,137	110,310	111,496
Change	-	13.41%	6.32%	-6.02%	32.63%	7.28%	2.96%	1.08%
Announcement Date	12/02/21	11/02/22	10/02/23	09/02/24	14/02/25	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Enbridge Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	5,405	7,818	4,647	4,654	6,711	8,469	8,868	7,395
Change	-	44.64%	-40.56%	0.15%	44.2%	26.2%	4.71%	-16.61%
Free Cash Flow (FCF) ¹	4,376	1,438	6,583	9,547	5,889	4,461	6,615	8,891
Change	-	-67.14%	357.79%	45.03%	-38.32%	-24.25%	48.29%	34.4%
Announcement Date	12/02/21	11/02/22	10/02/23	09/02/24	14/02/25	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Enbridge Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	33.96%	29.74%	29.13%	37.7%	34.82%	38.49%	41.36%	40.68%
EBIT Margin (%)	24.46%	21.56%	20.83%	26.79%	25.16%	27.07%	29.48%	29.54%
EBT Margin (%)	10.72%	16.42%	8.52%	18.05%	13.65%	17.28%	18.84%	18.87%
Net margin (%)	7.63%	12.36%	4.86%	13.38%	9.45%	12.22%	13.31%	13.5%
FCF margin (%)	11.2%	3.05%	12.35%	21.87%	11.01%	8.56%	13.08%	16.49%
FCF / Net Income (%)	146.7%	24.72%	254.27%	163.5%	116.54%	70.08%	98.25%	122.1%
Profitability
ROA	1.84%	3.53%	3.27%	3.19%	3.02%	3.37%	3.77%	4.15%
ROE	7.68%	9.52%	9.43%	9.47%	9.48%	10.2%	11.3%	12.66%
Financial Health
Leverage (Debt/EBITDA)	5.01x	5.38x	5.16x	4.58x	5.36x	5.34x	5.27x	5.08x
Debt / Free cash flow	15.18x	52.4x	12.17x	7.89x	16.96x	24.02x	16.67x	12.54x
Capital Intensity
CAPEX / Current Assets (%)	13.83%	16.61%	8.72%	10.66%	12.55%	16.25%	17.53%	13.71%
CAPEX / EBITDA (%)	40.72%	55.84%	29.92%	28.28%	36.04%	42.23%	42.38%	33.7%
CAPEX / FCF (%)	123.51%	543.67%	70.59%	48.75%	113.96%	189.85%	134.05%	83.17%
Items per share
Cash flow per share ¹	4.796	5.374	5.535	5.783	5.9	6.227	6.617	6.85
Change	-	12.06%	2.99%	4.49%	2.03%	5.53%	6.26%	3.53%
Dividend per Share ¹	3.24	3.34	3.44	3.55	3.66	3.772	3.885	4.013
Change	-	3.09%	2.99%	3.2%	3.1%	3.06%	3.01%	3.29%
Book Value Per Share ¹	30.29	30.07	29.52	28.92	30.26	27.54	26.78	26.16
Change	-	-0.73%	-1.83%	-2.02%	4.63%	-8.99%	-2.76%	-2.32%
EPS ¹	1.48	2.87	1.28	2.84	2.34	2.94	3.131	3.341
Change	-	93.92%	-55.4%	121.87%	-17.61%	25.66%	6.47%	6.73%
Nbr of stocks (in thousands)	2,025,219	2,026,085	2,024,819	2,125,574	2,178,051	2,180,285	2,180,285	2,180,285
Announcement Date	12/02/21	11/02/22	10/02/23	09/02/24	14/02/25	-	-	-