恩桥 2025年度报告

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirementsfor the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" inRule 12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filerNon-accelerated filer☐Smaller reporting companyEmerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued itsaudit report. Yes☒No☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The aggregate market value of the registrant’s common shares held by non-affiliates computed by reference to the price at which the common equity was lastsold on June 30, 2025, was approximately US$98.8 billion. As at February 6, 2026, the registrant had 2,181,830,165 common shares outstanding. DOCUMENTS INCORPORATED BY REFERENCE:Not applicable. EXPLANATORY NOTE Enbridge Inc., a corporation existing under theCanada Business Corporations Act, qualifies as a foreign private issuerin the United States (US) for purposes of theSecurities Exchange Act of 1934, as amended(the Exchange Act).Although, as a foreign private issuer, Enbridge Inc. is not required to do so, Enbridge Inc. currently files annual reportson Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K with the US Securities and ExchangeCommission (SEC) instead of filing the reporting forms available to foreign private issuers. Enbridge Inc. intends to prepare and file a management information circular and related material under Canadianrequirements. As Enbridge Inc.’s management information circular is not filed pursuant to Regulation 14A, EnbridgeInc. may not incorporate by reference information required by Part III of this Form 10-K from its managementinformation circular. Accordingly, in reliance upon and as permitted by Instruction G(3) to Form 10-K, Enbridge Inc. willbe filing an amendment to this Form 10-K containing the Part III information no later than 120 days after the end of thefiscal year covered by this Form 10-K. PART I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity SecuritiesItem 6.[Reserved]Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations Item 7A.Quantitative and Qualitative Disclosures About Market RiskItem 8.Financial Statements and Supplementary DataItem 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Item 9A.Controls and ProceduresItem 9B.Other InformationItem 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections PART III Item 10.Directors, Executive Officers and Corporate GovernanceItem 11.Executive CompensationItem 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMattersItem 13.Certain Relationships and Related Transactions, and Director IndependenceItem 14.Principal Accounting Fees and Services PART IV Exhibits and Financial Statement SchedulesForm 10-K SummaryIndex of ExhibitsSignatures GLOSSARY Enbridge Inc.Allowance for funds