Enbridge Inc. (ENB.TO): 3Q26 Preview: Quieter Quarter on Seasonality; Watching the Early Read on 2027 Ahead of December Guidance

Ahead of 3Q26 earnings, we refresh our estimates for Enbridge (ENB.TO/ENB, Neutral). For 3Q26, we expect EBITDA of $4,475m, just below consensus of $4,489m (-0%) and our prior estimate of $4,503m (-1%). Sequentially, we expect normal seasonality in Gas Distribution and Gas Transmission as well as the absence of one-time Liquids benefits realized in 2Q26 to drive lower results QoQ. For the year, we expect C$20.568b, in line vs consensus of C$20.570b - near the midpoint of the guidance range (C$20.2-20.8b). Most in focus will be next steps on organic growth projects and details on M&A. On the former, we will look for progress towards executing the guided C$20b of project announcements 2026-27 (C$9b announced to-date) with a specific focus on gas (Beacon, as example) and next steps on MLO2 amid continued progress on competing WCSB projects. On the latter, the strategic rationale for the pending Permian G&P and PRB/Pony Express transactions (both guided to close in 4Q26 and excluded from o