Net income was C$0.59 a share, compared with C$682 million, or C$0.30 a share, in the same quarter a year earlier. Enbridge said the increase was largely driven by unrealized gains in the fair value of derivatives used to hedge foreign exchange, interest-rate and commodity-price risks.

Adjusted earnings, excluding one-off items and exceptional costs, came to C$0.49 a share. Analysts polled by FactSet had expected C$0.48 a share.

Distributable cash flow, a measure of cash available for dividends, increased to C$2.69 billion from C$2.57 billion a year earlier. Enbridge reiterated its 2026 targets: adjusted earnings before interest, taxes, depreciation and amortization of C$20.2 billion to C$20.8 billion, and distributable cash flow per share of C$5.70 to C$6.10.