11:18 AM EST, 03/04/2025 (MT Newswires) -- (Adds comment and updates shares.)

Enbridge ( ENB ) said Tuesday it is extending its financial growth outlook through the end of the decade.

Post-2026 and through the end of the decade, Enbridge ( ENB ) expects to book an average annual growth of about 5% for adjusted EBITDA, discounted cash flow per share and adjusted earnings per share.

This was after Enbridge ( ENB ) reaffirmed its growth average annual growth target of 7-9% for EBITDA, 3% for discounted cash flow per share, and 4%-6% for earnings per share.

"Global energy demand is growing and will require all forms of energy," chief executive Gregory Ebel said. "Enbridge's ( ENB ) diversified infrastructure footprint is uniquely positioned to meet this demand."

Over the next five years, Enbridge ( ENB ) said it expects to return about $40 billion-$45 billion to shareholders through steadily growing dividends.

The company also reiterated its 2025 financial guidance for adjusted EBITDA and DCF per share.

Among its new projects, Enbridge ( ENB ) said it plans to invest up to $2 billion in the Mainline pipeline system through 2028. The system carries the lion's share of Canada's crude oil exports to the United States.

The company will also proceed with a 179-million cubic feet per day expansion of its BC Pipeline in British Columbia. It is expected to enter service in 2028.

The expanded T15 project is also expected to enter service in 2027/2028.

"Our continued commitment to operational excellence gives us confidence that we'll continue our track record of securing attractive projects and leading the way as we deliver safe, reliable and affordable energy everywhere people need it," Ebel said.

National Bank of Canada maintained its sector-perform rating and $63.00 price target after the update.

National Bank said Enbridge's ( ENB ) newly announced investments continue to compound the company's strategy as an integral part of its long-term growth profile, which is a key driver to return $40 billion-$45 billion to shareholders over the next five years.

Enbridge ( ENB ) shares were last seen down $1.13 to $60.74 on the Toronto Stock Exchange.

Price: 60.61, Change: -1.27, Percent Change: -2.04