Earnings Reports - Major earnings reports are expected from The Walt Disney Company before the market opens next Thursday and from Applied Materials Inc. after the market closes on the same day [1] - Cisco Systems Inc. will also report earnings after the market closes next Wednesday [1] - This Friday will feature earnings from several utilities and financial companies, including Constellation Energy Corporation, KKR & Co. Inc., and Enbridge Inc. [1] Upcoming Earnings Days - Next Monday and Wednesday are anticipated to be dense earnings days, with significant clusters of reports in sectors such as real estate, technology, financials, and biotechnology [1]

November 7, 2025 Greg Ebel President & CEO Pat Murray EVP & CFO Legal notice Forward Looking Information This presentation includes certain forward-looking statements and information (FLI) to provide potential investors and shareholders of Enbridge Inc. (Enbridge or the Company) with information about Enbridge and its subsidiaries and affiliates, including management's assessment of their future plans and operations, which FLI may not be appropriate for other purposes. FLI is typically identified by words s ...

Enbridge's profit fell in the third quarter largely due to a drop in the estimated value of financial instruments. ...

Financial Performance - Total operating revenues for Q3 2025 were CAD 14,639 million, a slight decrease of 1.6% compared to CAD 14,882 million in Q3 2024[16] - Commodity sales decreased to CAD 8,396 million in Q3 2025 from CAD 8,986 million in Q3 2024, representing a decline of 6.6%[16] - Operating income for the nine months ended September 30, 2025, increased to CAD 8,232 million, up 14.3% from CAD 7,202 million in the same period of 2024[16] - Earnings attributable to common shareholders for Q3 2025 were CAD 682 million, down 47.3% from CAD 1,293 million in Q3 2024[16] - Comprehensive income attributable to common shareholders for the nine months ended September 30, 2025, was CAD 3,357 million, a decrease of 41.5% compared to CAD 5,729 million in the same period of 2024[18] - Total revenues for the nine months ended September 30, 2025, were $47,000 million, compared to $36,531 million for the same period in 2024, representing a significant increase of 28.4%[46] - Earnings before income taxes for the nine months ended September 30, 2025, were $7,337 million, compared to $6,450 million for the same period in 2024, indicating a year-over-year increase of 13.7%[46] - Earnings attributable to common shareholders increased to CAD 5,120 million, up from CAD 4,560 million in the same period of 2024, representing a growth of 12.3%[198] Cash Flow and Expenditures - Net cash provided by operating activities for the nine months ended September 30, 2025, was CAD 9,159 million, an increase from CAD 8,938 million in 2024[22] - Capital expenditures for the nine months ended September 30, 2025, were CAD 5,944 million, compared to CAD 4,165 million in the same period of 2024, reflecting a 42.7% increase[22] - Capital expenditures for the three months ended September 30, 2025, totaled $2,347 million, up from $1,652 million in the same period of 2024, marking an increase of 42.0%[49] Assets and Liabilities - The total equity of Enbridge Inc. as of September 30, 2025, was CAD 68,076 million, a decrease from CAD 68,778 million at the end of 2024[20] - Total assets decreased to CAD 216,973 million as of September 30, 2025, down from CAD 218,973 million at December 31, 2024, representing a decline of 0.91%[24] - Current liabilities decreased significantly from CAD 23,812 million to CAD 15,041 million, a reduction of 36.5%[24] - Total liabilities decreased to CAD 148,161 million as of September 30, 2025, down from CAD 150,080 million at December 31, 2024, a decrease of 1.3%[24] - Long-term debt increased to CAD 100,602 million from CAD 93,414 million, reflecting an increase of 7.8%[24] Dividends and Shareholder Returns - The company declared common share dividends of CAD 2.82 per share for the nine months ended September 30, 2025, up from CAD 2.76 in 2024[20] - The quarterly dividend per share on Preference Shares, Series I decreased to $0.29980 from $0.30058[59] - The quarterly dividend per share on Preference Shares, Series 15 increased to $0.35163 from $0.18644[60] - The Board of Directors declared a quarterly dividend of $0.94250 per common share, payable on December 1, 2025[58] Acquisitions and Investments - The acquisition of Public Service Company of North Carolina was completed for cash consideration of $2.7 billion, with estimated fair values assigned to net assets including $4,147 million in property, plant, and equipment[63][64] - The acquisition of Questar Gas Company was completed for cash consideration of $4.1 billion, with estimated fair values assigned to net assets including $6,013 million in property, plant, and equipment[66][67] - The acquisition of The East Ohio Gas Company was completed for cash consideration of $5.8 billion, with estimated fair values assigned to net assets including $7,276 million in property, plant, and equipment[71][73] - The acquisition of six Morrow Renewables operating landfill gas-to-renewable natural gas production facilities was completed for total consideration of $1.3 billion, with $584 million paid at close[78][79] Risk Management - The company has exposure to commodity price risk, with financial and physical derivative instruments employed to manage this risk[120] - The company has implemented risk management policies to mitigate market risks, including foreign exchange, interest rate, commodity price, and equity price risks[113] - The company actively monitors the financial strength of large industrial customers to mitigate credit risk associated with trade receivables[141] Derivative Instruments and Fair Value - The company reported an unrealized loss on derivatives of CAD 270 million for the three months ended September 30, 2025, compared to a gain of CAD 140 million in the same period of 2024[132] - The total notional amount of foreign exchange contracts for US dollar forwards sold is CAD 18,629 million, with the largest portion maturing in 2026 at CAD 5,872 million[125] - The fair value of Level 1 investments was $838 million, while Level 2 investments were $407 million, compared to $491 million and $507 million respectively as of December 31, 2024[160] - The fair value of Level 3 derivative instruments improved significantly, with a net asset of $190 million at the end of the period, compared to a liability of $52 million at the beginning[155] Taxation - The effective income tax rate for the three months ended September 30, 2025, was 27.2%, an increase from 17.7% in 2024[165] - The effective income tax rate increased due to higher US minimum tax and prior year tax benefits, impacting the overall tax expense which was CAD 1,679 million for the nine months ended September 30, 2025, compared to CAD 1,437 million in 2024[167] Segment Performance - The Liquids Pipelines segment reported earnings of CAD 7,207 million for the nine months ended September 30, 2025, compared to CAD 7,179 million in the prior year, reflecting a slight increase of 0.4%[198] - Gas Distribution and Storage segment earnings rose significantly to CAD 2,670 million for the nine months ended September 30, 2025, compared to CAD 1,854 million in 2024, marking an increase of 44%[198] - The Gas Transmission segment reported EBITDA of $1,270 million for the three months ended September 30, 2025, an increase from $1,146 million in 2024, driven by increased revenues from rate case settlements[207][208] - The Renewable Power Generation segment's EBITDA decreased to $89 million for the three months ended September 30, 2025, down from $102 million in 2024, impacted by lower unrealized gains on derivative instruments[214]

NEWS RELEASE Enbridge Reports Strong Third Quarter Results, Announces Accretive Investments and Reaffirms 2025 Financial Guidance (All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.) 1 • Third quarter GAAP earnings attributable to common shareholders of $0.7 billion or $0.30 per common share, compared with GAAP earnings attributable to common shareholders of $1.3 billion or $0.59 p ...

Core Insights - Enbridge Inc. reported strong third quarter 2025 financial results, achieving record EBITDA and reaffirming its financial guidance for the year [3][5][17] - The company continues to capitalize on growing energy demand across North America, leveraging its extensive infrastructure to deliver gas, liquids, and renewable power [2][8] Financial Performance - GAAP earnings attributable to common shareholders for Q3 2025 were $0.7 billion or $0.30 per share, down from $1.3 billion or $0.59 per share in Q3 2024 [5][9] - Adjusted earnings for Q3 2025 were $1.0 billion or $0.46 per share, compared to $1.2 billion or $0.55 per share in the same period last year [5][51] - Adjusted EBITDA for Q3 2025 increased to $4.3 billion from $4.2 billion in Q3 2024, driven by acquisitions and favorable contracting [14][34] Project Developments - Enbridge sanctioned $3 billion in new projects during the quarter, including the Southern Illinois Connector and expansions in gas storage facilities [3][5][22] - The Southern Illinois Connector project will provide 100 kbpd of long-haul service and is expected to cost $0.5 billion, entering service in 2028 [4][22] - The company is advancing multiple expansion opportunities in the Liquids segment, including Mainline Optimization Phase 1 and Phase 2, which will add significant capacity [4][8] Growth Outlook - Enbridge has added approximately $7 billion to its secured project backlog, totaling $35 billion in sanctioned growth capital expected to enter service through 2030 [8][21] - The company reaffirms its 2025 financial guidance for adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90 [17][19] Business Segments Performance - Liquids Pipelines segment reported adjusted EBITDA of $2.3 billion, slightly down from $2.34 billion in Q3 2024, primarily due to lower contributions from certain pipelines [36][37] - Gas Transmission segment saw adjusted EBITDA increase to $1.26 billion from $1.15 billion in the previous year, attributed to successful rate case settlements and new projects [38][39] - Gas Distribution and Storage segment's adjusted EBITDA rose to $560 million from $522 million, reflecting strong performance from U.S. gas utilities [40][43] Renewable Energy Initiatives - Enbridge is advancing over 1.4 GW of solar projects expected to be operational by 2027, targeting technology and data center clients [7][8] - The company is also involved in carbon capture projects, including the Pelican CO2 Hub in Louisiana, expected to cost $0.3 billion and enter service in 2029 [5][23]

Market Sentiment - The CNN Money Fear and Greed index increased to 23.6, indicating a shift to the "Extreme Fear" zone from a previous reading of 30.2 [5][6] - U.S. stocks experienced a decline, with the Nasdaq Composite dropping over 400 points, reflecting a risk-off sentiment particularly affecting AI-linked stocks and crypto markets [1] Earnings Reports - Robinhood Markets Inc. (NASDAQ:HOOD) saw a decline of more than 10% despite beating Wall Street expectations, continuing a trend where strong earnings lead to weak stock price reactions for high-flying stocks like Palantir Technologies Inc. (NYSE:PLTR) and Advanced Micro Devices Inc. (NASDAQ:AMD) [2] - Qualcomm Inc. (NASDAQ:QCOM) also exceeded estimates but fell approximately 4% due to management's guidance of slightly weaker licensing revenue [2] Employment Data - U.S.-based employers announced 153,074 job cuts in October, a significant increase from 54,064 in the previous month, indicating potential economic challenges [3] Sector Performance - Most sectors in the S&P 500 closed negatively, with communication services, consumer discretionary, and information technology stocks experiencing the largest losses, while energy and health care stocks performed better, closing higher [3]

Earnings Reports - Six Flags Entertainment Corp. is expected to report quarterly earnings of $2.24 per share on revenue of $1.34 billion [2] - Archer Aviation Inc. reported a third-quarter loss of 20 cents per share, beating analyst estimates of a loss of 31 cents per share [2] - Fluor Corp. is anticipated to post quarterly earnings of 45 cents per share on revenue of $4.20 billion [2] - Enbridge Inc. is expected to report quarterly earnings of 39 cents per share on revenue of $10.86 billion [2] Stock Performance - Six Flags Entertainment shares rose 0.7% to $18.51 in after-hours trading [2] - Archer Aviation shares dipped 9.9% to $8.00 in after-hours trading [2] - Fluor shares rose 5.4% to $47.00 in after-hours trading [2] - Take-Two Interactive shares fell 6.5% to $236.00 in after-hours trading [2] - Enbridge shares fell 0.1% to $46.85 in after-hours trading [2] Company Announcements - Archer Aviation announced the signing of definitive agreements to acquire Hawthorne Airport in Los Angeles for $126 million in cash [2] - Take-Two Interactive confirmed that the release of "Grand Theft Auto VI" is set for November 19, 2026 [2]

Core Insights - Enbridge Inc. is a leading energy infrastructure company in North America, with a significant role in connecting consumers to essential energy resources and expanding its European offshore wind portfolio [1] Financial Performance - Enbridge is set to release its third-quarter 2025 earnings on November 7, with expected earnings per share (EPS) of $0.39 and revenue of $10.86 billion, reflecting slight declines from the previous year due to increased financing and maintenance costs [2] - In the previous quarter, Enbridge reported adjusted earnings of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.41, driven by strong contributions from its Gas Transmission and Gas Distribution and Storage segments [3] - The company has consistently exceeded earnings expectations over the last four quarters, with an average surprise of 5.61% [3][6] Dividend Information - Enbridge's Board of Directors declared a quarterly dividend of $0.9425 per common share, payable on December 1, 2025, consistent with the previous dividend declared on September 1, 2025 [4] Financial Metrics - Enbridge has a price-to-earnings (P/E) ratio of approximately 21.77, a price-to-sales ratio of about 2.24, and an enterprise value to sales ratio of around 3.79 [5] - The enterprise value to operating cash flow ratio is approximately 18.89, with an earnings yield of about 4.59% [5] - The debt-to-equity ratio stands at approximately 1.54, indicating financial leverage, while the current ratio is about 0.75, suggesting the company's ability to cover short-term liabilities with short-term assets [5][6]

Core Insights - Enbridge Inc. (ENB) is scheduled to report its third-quarter 2025 results on November 7, before market opening [1] Group 1: Q2 Earnings Performance - In the last reported quarter, Enbridge's adjusted earnings were 47 cents per share, exceeding the Zacks Consensus Estimate of 41 cents, driven by higher contributions from Gas Transmission and Gas Distribution and Storage segments [2] - Enbridge has surpassed the Zacks Consensus Estimate in each of the last four quarters, with an average surprise of 5.61% [2] Group 2: Q3 Estimates and Trends - The Zacks Consensus Estimate for third-quarter earnings per share is 39 cents, reflecting a 2.5% decline from the prior year's reported figure [3] - The estimated revenue for the third quarter is $10.86 billion, indicating a 0.5% decrease from the year-ago figure of $10.91 billion [3][5] Group 3: Business Model and Performance Factors - Enbridge's low-risk business model, with over 98% of its EBITDA generated from regulated or long-term take-or-pay contracts, is expected to support stable earnings and cash flows [4] - Increased financing costs and higher maintenance expenses for midstream assets are anticipated to negatively impact overall profitability in the upcoming quarter [5][6] Group 4: Earnings Prediction - The current Earnings ESP for Enbridge is -3.42%, indicating that the model does not predict an earnings beat for this quarter [7] - Enbridge holds a Zacks Rank of 3, suggesting a neutral outlook [8]