Enbridge Inc. (TSX: ENB), Canada’s leading energy infrastructure company, announced on Wednesday an increase to its quarterly dividend alongside an ambitious C$10 billion growth capital program aimed at driving steady earnings and cash flow growth in the coming year.
Effective March 1, the company will raise its quarterly dividend from C$0.9425 to C$0.97 per share, translating into an annualized yield of approximately 5.8% based on Tuesday’s closing share price.
In its updated outlook, Enbridge forecasts adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to range between C$20.2 billion and C$20.8 billion in 2026, with around C$9.6 billion expected from its liquids pipelines segment, which is anticipated to perform on par with 2025 levels. Distributable cash flow per share is projected to be between C$5.70 and C$6.10 next year, representing a 4% increase from the midpoint of its 2025 guidance.
“We are forecasting another year of steady and predictable growth driven by new projects entering service, as well as strong utilization and optimization of existing assets,” said Greg Ebel, CEO of Enbridge, in a press release.
Enbridge has demonstrated solid business performance over the past twelve months, with revenue rising 33%, operating earnings up 19%, and operating cash flow increasing 0.56%. The company maintains robust profitability metrics, including a 41.6% gross margin and a 9.5% return on equity.
The company plans to bring approximately C$8 billion of new projects into service in 2026 across its franchises, supported by low-risk commercial frameworks. Notable projects include natural gas pipeline expansions in Tennessee and British Columbia.
Last month, Enbridge greenlit a US$1.4 billion initiative to increase the flow of oilsands crude to the United States. The first phase of its Mainline Optimization project will add 150,000 barrels per day of capacity to the cross-Canada pipeline system, with a potential second phase adding another 250,000 bpd in 2028 by utilizing the existing Dakota Access Pipeline. Additionally, the Flanagan South system will see a 100,000 bpd capacity increase, enabling greater volumes to reach the U.S. Gulf Coast refining complex.
Enbridge operates roughly 21,000 kilometers of pipeline across North America, supplying the majority of Canadian oil and gas exports to the U.S. and 75% of the natural gas consumed in Ontario. The combined dividend increase and targeted growth investments reinforce Enbridge’s position as a high-yield, steadily expanding energy infrastructure leader.
