Calgary, Alta. – ENMAX Corporation (ENMAX) today released its financial results for 2025.

For the year ended December 31, 2025, ENMAX’s adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA¹) and Comparable Net Earnings (CNE¹) were $1,055 million and $440 million compared to $922 million and $343 million, respectively, in the prior year. The improved earnings are primarily attributable to an increase in transmission and distribution margins for Versant Power as well as an increase in electricity margin in the competitive business and lower Operations, Maintenance and Administration expenses.

Key Selected Financial Highlights

Year ended December 31, (millions of Canadian dollars)	2025	2024
Total revenue	3,227	3,493
Adjusted EBITDA (¹)	1,055	922
Comparable Net Earnings (¹)	440	343
Net earnings (loss)	507	181
Capital expenditures	675	702

“Our focus is on executing a disciplined strategy that supports long-term stability for ENMAX and real value for The City of Calgary,” said ENMAX President and CEO Mark Poweska. “By growing our regulated businesses and managing our competitive operations responsibly, we’re keeping risk low and generating steady returns that help support the city and the people who live here.”

Highlights for 2025 include:

ENMAX invested $675 million to ensure continued delivery of safe, reliable and affordable electricity. Ninety per cent of total capital expenditure was invested in the regulated businesses, which exceeds ENMAX’s target of 80 per cent.
ENMAX Power achieved a key operational milestone by beginning the energization phase at Substation No. 1. The new facility has begun delivering power to Calgary’s downtown, with full integration expected to be completed mid-2026.
Demand for Calgary residential connections in 2025 reached another record high, with 9,169 lots connected—1,299 more than in 2024—and over 22,467 new meters installed.
During the year, S&P Global upgraded its credit rating of ENMAX Corporation to BBB from BBB- with a Stable Outlook.

In conjunction with the release of its 2025 Financial Report, ENMAX declared a dividend to its shareholder, The City of Calgary (The City), of $64 million.

“As Calgary continues to grow, our role is to provide reliable energy and manage our business responsibly. That approach helps us return value to the City and contribute to the community’s long-term success,” said Poweska.

ENMAX has significantly grown from The City's initial $280 million investment in ENMAX to a shareholder's equity of over $3.5 billion as of December 31, 2025. Overall, ENMAX has delivered over $1.6 billion in dividends to The City of Calgary since operations began in 1998.

Read ENMAX's full 2025 Financial Report

¹ENMAX uses Adjusted EBITDA and CNE as financial performance measures. These measures are non-GAAP financial measures and do not have any standard meaning prescribed by IFRS^® Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards) and may not be comparable to similar measures presented by other companies. These measures are provided to complement IFRS Accounting Standards measures in the analysis of ENMAX's results of operations from management's perspective. A reconciliation of Adjusted EBITDA and CNE to Net earnings under IFRS Accounting Standards can be found in ENMAX's Management's Discussion and Analysis for the year ended December 31, 2025.

All amounts above are in Canadian dollars.

Caution: This news release is intended to be read in conjunction with the 2025 Financial Report, which includes Management's Discussion and Analysis and Financial Statements. The commentary provided here may not be a suitable source of information for readers who are not familiar with ENMAX's operations and is not a substitute for reading the Financial Report.

Jan	Feb	Mar	Apr
May	Jun	Jul	Aug
Sep	Oct	Nov	Dec

News

Supporting Calgary innovation that makes homes more affordable and efficient

News