[SCHEDULE 13G/A] Enbridge, Inc SEC Filing

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Equity Research Analyst

TL;DR: Revenue up on M&A, but earnings, margins and cash flow deteriorated; leverage now elevated—overall negative.

The 9% sales lift is acquisition-led; organic demand is lacklustre, particularly at CPI. Gross and operating margins compressed materially as SAT integration costs, amortisation and inflation offset pricing. EPS fell 40% and cash generation weakened, raising concerns about the sustainability of dividend growth and buybacks. Net leverage (≈2.8× EBITDA pro forma) rises after drawing £300 m of term debt; higher rates magnify interest costs. Without faster synergy capture or CPI volume recovery, valuation multiples could compress. I rate the quarter negative.

M&A / Strategy Specialist

TL;DR: Strategic logic of DLR/OpSec solid, but integration drag will persist through 2025; payoff hinges on synergy execution.

DLR expands SAT’s portfolio and geographic reach; paying ~2.1× 2024 sales is sensible if projected synergies materialise. Non-controlling interest structure in Ghana adds complexity but offers emerging-market upside. Management expects $10-15 m of one-time integration cost—modest relative to deal size. However, immediate EPS dilution and debt load highlight execution risk. If SAT realises cross-selling potential and CPI stabilises, CXT could regain double-digit EPS growth from 2026. Near-term view is neutral-to-cautiously positive.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Enbridge Inc.

(Name of Issuer)

Preferred Shares

(Title of Class of Securities)

29250N790

(CUSIP Number)

05/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 29250N790

1

Names of Reporting Persons

Picton Mahoney Asset Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,000,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,000,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.54 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The percentages used herein are calculated based upon 16,000,000 Preferred shares outstanding as of June 4.,2025 as sourced from Bloomberg

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Enbridge Inc.
(b)	Address of issuer's principal executive offices: 425-1st Street SW, Calgary, CANADA (FEDERAL LEVEL), T2P 3L8
Item 2.
(a)	Name of person filing: Picton Mahoney Asset Management
(b)	Address or principal business office or, if none, residence: 33 Yonge Street #320
(c)	Citizenship: CANADA
(d)	Title of class of securities: Preferred Shares
(e)	CUSIP No.: 29250N790
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Investment Fund Manager
Item 4.	Ownership
(a)	Amount beneficially owned: 1,029,400
(b)	Percent of class: 6.43 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,029,400
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,029,400
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or infuencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to [insert particular category of institutional investor] is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Picton Mahoney Asset Management

Signature:	Catrina Duong
Name/Title:	General Counsel and Chief Compliance Officer
Date:	08/06/2025

Comments accompanying signature: After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.