Enbridge maintains stable earnings and growth outlook with 5% annual cash flow growth target for 2026.

Enbridge reported flat adjusted EBITDA of C$5.81 billion in Q1 2026, with mixed segment results but increased distributable cash flow per share despite currency challenges. The company reaffirmed its 2026 guidance of C$20.2–C$20.8 billion EBITDA, targeting an 8% compound annual growth rate since 2023, and distributable cash flow per share between C$5.70 and C$6.10, aiming for 5% annual medium-term growth. Management's focus on long-term EBITDA growth and optimization projects supports consistent shareholder returns through dividends. The analyst maintains a Buy rating with a price target range of C$61 to C$64.30, expecting 12–18% upside driven by free cash flow and dividend growth potential.