Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 23

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 23
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ITEM 1. FINANCIAL STATEMENTS

ENBRIDGE INC.

CONSOLIDATED STATEMENTS OF EARNINGS

Three months endedMarch 31,20252024(unaudited; millions of Canadian dollars, except per share amounts)  Operating revenues Commodity sales9,549 4,145 Gas distribution sales3,699 1,960 Transportation and other services5,254 4,933 Total operating revenues (Note 3)18,502 11,038 Operating expensesCommodity costs9,335 4,006 Gas distribution costs1,616 994 Operating and administrative2,471 2,134 Depreciation and amortization1,408 1,193 Total operating expenses14,830 8,327 Operating income3,672 2,711 Income from equity investments729 696 Other income/(expense) (Note 11)120 (551)Interest expense(1,334)(905)Earnings before income taxes3,187 1,951 Income tax expense(697)(386)Earnings2,490 1,565 Earnings attributable to noncontrolling interests(126)(53)Earnings attributable to controlling interests2,364 1,512 Preference share dividends(103)(93)Earnings attributable to common shareholders2,261 1,419 Earnings per common share attributable to common shareholders (Note 5)1.04 0.67 Diluted earnings per common share attributable to common shareholders (Note 5)1.03 0.67 

The accompanying notes are an integral part of these interim consolidated financial statements.

6

ENBRIDGE INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three months endedMarch 31, 20252024(unaudited; millions of Canadian dollars)  Earnings2,490 1,565 Other comprehensive income/(loss), net of taxChange in unrealized gain/(loss) on cash flow hedges(25)116 Change in unrealized loss on net investment hedges(34)(377)Other comprehensive income/(loss) from equity investees and other investments12 (1)Excluded components of fair value hedges4 4 Reclassification to earnings of loss on cash flow hedges6 — Reclassification to earnings of pension and other postretirement benefits (OPEB) amounts(7)(4)Foreign currency translation