Enbridge. The name itself doesn’t exactly sing, does it? More of a low hum, like the pipelines they run. But that’s the point. They’re not looking for a song and dance. They deliver. And they’ve been doing it for a long time. Last year’s numbers came in – a record, naturally – and they hit their guidance. Again. Twenty years in a row. In this town, that’s practically a miracle. A quiet one, but a miracle nonetheless. Thirty-one years of dividend increases. That’s not luck, that’s a system. And systems, when they work, are beautiful in their own way.
They call it a low-risk business. I call it knowing what you’re doing. It’s not glamorous, hauling energy across borders. But it’s necessary. And when something is necessary, people will pay for it. Predictability. That’s what Enbridge sells. And in a world gone mad, predictability is worth a premium.
The Numbers Tell a Story
Twenty billion Canadian dollars in adjusted EBITDA. That’s a hefty sum, even when you convert it. Up seven percent from last year. They moved twelve and a half billion in distributable cash flow. Another four percent jump. Then they boosted the dividend by three percent. Pushing the yield to 5.2%. It’s not going to make you a millionaire overnight. But it’s honest money. The kind you can count on. The kind that doesn’t vanish into thin air.
Ninety-eight percent of their earnings are backed by stable agreements. Long-term contracts. That’s not a gamble. That’s a carefully constructed fortress. They’re not swinging for the fences. They’re building a wall. A solid, unglamorous wall. And in this market, a wall is a good thing to have.
They put five billion Canadian dollars of new projects into service last year. Smart investments. Practical ones. They even snagged an interest in the Matterhorn Express Pipeline. A small win, maybe, but every little bit helps. They’re not chasing rainbows. They’re collecting rain.
The Pipeline Ahead
They keep sixty to seventy percent of their cash flow. The rest goes to shareholders. Smart. They reinvest the rest. Expanding operations. Building more walls. They have a strong balance sheet. Plenty of financial flexibility. Ten to eleven billion Canadian dollars in annual investment capacity. That’s a war chest. A quiet one, but a war chest nonetheless.
They’ve secured fourteen billion Canadian dollars in new projects. Bringing the backlog to thirty-nine billion. Solar investments. Gas utility growth. Pipeline expansions. They’ve got projects lined up through 2033. That’s not a forecast. That’s a plan. A long-term, meticulously crafted plan.
They expect around three percent growth in distributable cash flow per share this year. Five percent beyond 2026. Supporting a similar dividend growth rate. It’s not explosive. It’s not going to set the world on fire. But it’s consistent. And in this business, consistency is king.
A Steady Hand
You can count on Enbridge. They’ve hit their guidance for twenty straight years. Thirty-one years of dividend increases. A strong financial profile. A low-risk business model. Plenty of growth on the horizon. They’re not promising you the moon. They’re offering you a steady return. A quiet, reliable income stream. In a world full of noise, that’s a rare and valuable thing. It’s not a thrilling story. It’s just a good one.
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2026-02-15 19:12