Exhibit 2.5
Enbridge Inc.
Consolidating Summary Financial Information – Credit Supporter Disclosure(1)
For the three months ended March 31, 2026 and 2025(2)
| Consolidating | Total Consolidated | |||||||||||||||||||||||||||||||||||||||
| (millions of | Corporation | Guarantors | Non-Guarantors | Adjustments(3) | Amounts | |||||||||||||||||||||||||||||||||||
| Canadian dollars) | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | ||||||||||||||||||||||||||||||
| Operating Revenue | — | — | — | — | 22,357 | 18,502 | — | — | 22,357 | 18,502 | ||||||||||||||||||||||||||||||
| Earnings/(loss) | 1,778 | 2,364 | 1,081 | 570 | 3,102 | 3,113 | (4,183 | ) | (3,557 | ) | 1,778 | 2,490 | ||||||||||||||||||||||||||||
As at March 31, 2026 and December 31, 2025(2)
| Consolidating | Total Consolidated | |||||||||||||||||||||||||||||||||||||||
| (millions of | Corporation | Guarantors | Non-Guarantors | Adjustments(3) | Amounts | |||||||||||||||||||||||||||||||||||
| Canadian dollars) | Q1 2026 | YE 2025 | Q1 2026 | YE 2025 | Q1 2026 | YE 2025 | Q1 2026 | YE 2025 | Q1 2026 | YE 2025 | ||||||||||||||||||||||||||||||
| Current assets | 7,660 | 6,968 | 4,300 | 4,002 | 15,261 | 9,727 | (8,362 | ) | (7,502 | ) | 18,859 | 13,195 | ||||||||||||||||||||||||||||
| Non-current assets | 154,843 | 149,678 | 36,966 | 35,693 | 265,775 | 260,541 | (248,242 | ) | (240,632 | ) | 209,342 | 205,280 | ||||||||||||||||||||||||||||
| Current liabilities | 5,553 | 7,467 | 4,387 | 4,221 | 22,318 | 17,255 | (8,947 | ) | (7,939 | ) | 23,311 | 21,004 | ||||||||||||||||||||||||||||
| Non-current liabilities | 92,255 | 87,270 | 14,804 | 14,222 | 118,597 | 116,757 | (89,254 | ) | (86,702 | ) | 136,402 | 131,547 | ||||||||||||||||||||||||||||
Notes:
(1) In the tables above, “Corporation” refers to Enbridge Inc, the legal entity, on an unconsolidated basis; “Guarantors” refers to Spectra Energy Partners, L.P. and Enbridge Energy Partners, L.P., the legal entities, on an unconsolidated basis; “Non-Guarantors” refers to other subsidiaries of Enbridge Inc. that are not Guarantors; and “Consolidating Adjustments” represents consolidating adjustments and eliminations required to consolidate the Corporation and its subsidiaries, including the Guarantors. For the purposes of the consolidating summary financial information, investments in subsidiaries are accounted for using the equity method.
(2) The information in this table has been prepared in accordance with securities regulatory requirements and has not been audited or the subject of a review by the Corporation’s auditor.
(3) This column includes the necessary amounts to eliminate the intercompany balances between the Corporation, the Guarantors and other subsidiaries to arrive at the information for the Corporation on a consolidated basis.