Core Viewpoint - Enbridge Inc. demonstrates strong Q3 earnings, reinforcing a bullish outlook on the company as a dividend champion, despite operating in a mature midstream industry [1]. Financial Performance - Enbridge reported solid EBITDA growth, indicating robust financial health and operational efficiency [1]. Management Insights - The management provided insights into future growth strategies, which are expected to sustain the company's performance in the competitive landscape [1].

Core Viewpoint - Enbridge is positioned to continue its long-standing history of dividend growth, supported by a robust pipeline of expansion projects and a strong cash flow outlook [1][10]. Expansion Projects - Enbridge has added CA$7 billion ($5 billion) in new expansion projects in 2023, increasing its total expansion backlog to CA$35 billion ($24.9 billion) [3]. - Key projects include: - Southern Illinois Connector: $500 million investment for 100,000 barrels per day capacity by 2028 [4]. - Canyon System Pipeline: $300 million investment to support BP's Kaskida development by 2029 [4]. - Gas storage expansions: $500 million investment in Egan and Moss Bluff facilities from 2028 to 2033 [4]. - Algonquin Gas Transmission: $300 million enhancement for gas delivery to Northeastern U.S. by 2029 [4]. - Eiger Express Pipeline: New gas pipeline approved for 2028 [4]. - Pelican Carbon Dioxide Hub: $300 million investment in carbon capture and storage by 2029 [4]. Future Growth Potential - Enbridge is advancing projects that could add 150,000 barrels per day of oil capacity by 2027 and another 250,000 barrels per day by the end of the decade [5]. - The company is pursuing over $4 billion in opportunities to expand its gas utility franchise, focusing on 60 projects to supply gas to power generation and data centers [6]. - Additional expansions in gas transmission systems are being explored to meet growing demand from LNG export terminals along the U.S. Gulf Coast [7]. Renewable Energy Investments - Enbridge is investing approximately $2 billion to build 1.4 gigawatts (GW) of new solar energy facilities, expected to be operational by 2027 [8]. - The company has over 1.5 GW of additional renewable projects in development to support future energy needs [8]. Financial Outlook - The ongoing expansion projects are expected to support a 5% compound annual cash flow per share growth after next year, which aligns with the company's dividend growth strategy [3][9].

Financial Data and Key Metrics Changes - The company reported a record third quarter adjusted EBITDA, driven by contributions from U.S. gas utilities and organic growth in gas transmission [7][24] - Adjusted EBITDA increased by $66 million compared to Q3 2024, while EPS decreased from $0.55 to $0.46 due to seasonal lower EBITDA in Q3 [24] - The debt to EBITDA ratio for the quarter is 4.8 times, remaining within the target leverage range of 4.5 to 5 times [7][26] Business Line Data and Key Metrics Changes - In the liquids segment, mainline volumes reached a record average of 3.1 million barrels per day, reflecting strong demand for Canadian crude [10][11] - The gas transmission segment experienced strong performance due to favorable contracting and rate case outcomes, contributing to overall growth [25] - The gas distribution segment benefited from a full quarter contribution from Enbridge Gas North Carolina and quick-turn capital projects in Ohio [25] Market Data and Key Metrics Changes - The company added $3 billion in new growth capital to its secured capital program, showcasing continued execution on commitments [8][9] - The North American energy landscape is evolving with increased demand driven by LNG development, power generation, and data centers [31][32] - The company is positioned to add over 60 BCF of new natural gas storage capacity adjacent to major LNG centers in North America [18][19] Company Strategy and Development Direction - The company aims for 5% growth through the end of the decade, supported by $35 billion in secured capital [31][32] - The focus remains on brownfield, highly strategic projects that are economically viable and supported by underlying energy fundamentals [28][31] - The company is actively pursuing opportunities in gas distribution and storage, particularly in response to power demand and data center growth [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year EBITDA in the upper half of the guidance range of $19.4 billion to $20 billion [26] - The company anticipates continued strong performance despite headwinds from higher interest rates and tight differentials [27] - Management highlighted the importance of strategic positioning in the growing North American storage market to support LNG capacity and power demand growth [19][20] Other Important Information - The company has sanctioned expansions of gas storage facilities to support LNG buildout along the U.S. Gulf Coast [9][17] - The company is advancing a joint venture with Oxy to develop the Pelican CO2 hub in Louisiana, which will provide transportation and sequestration for 2.3 million tons of CO2 per year [9][15] Q&A Session Summary Question: Acceleration in gas distribution and storage - Management noted an acceleration in commercial activity across various regions, particularly in Ohio and Utah, driven by data center demand and power generation [34][35] Question: Construction timeline for Line 5 - Management indicated that permitting for the Wisconsin Reboot and Michigan tunnel is regaining momentum, with completion expected in 2027 [42][43] Question: Mainline optimization phase two - Management confirmed that customer demand and a favorable environment are driving the expedited timing for expanded egress to Canadian producers [48][49] Question: Growth outlook and capital sequencing - Management expressed confidence in maintaining capital spending between $9 billion and $10 billion, with a strong project pipeline supporting growth [55][56] Question: Customer conversations regarding gas storage in Western Canada - Management highlighted strong customer interest in gas storage expansions, with significant contracts already signed for new capacity [70][72] Question: Managing cost risk in power generation projects - Management emphasized prudent capital management and strong contractor relationships to mitigate cost risks in competitive markets [78][80]

Financial Data and Key Metrics Changes - The company reported record third quarter adjusted EBITDA, driven by contributions from U.S. gas utilities and organic growth in gas transmission [7][24] - Adjusted EBITDA increased by $66 million compared to Q3 2024, while EPS decreased from $0.55 to $0.46 due to seasonal lower EBITDA in Q3 [24][26] - Debt to EBITDA ratio stands at 4.8 times, remaining within the target leverage range of 4.5 to 5 times [7][26] Business Line Data and Key Metrics Changes - Liquids segment achieved record mainline volumes of approximately 3.1 million barrels per day, reflecting strong demand for Canadian crude [10][11] - Gas transmission experienced strong performance with favorable contracting outcomes and contributions from new projects [25] - Gas distribution segment benefited from a full quarter contribution from Enbridge Gas North Carolina and quick-turn capital projects in Ohio [25][21] Market Data and Key Metrics Changes - The company added $3 billion in new growth capital to its secured capital program, showcasing continued execution on growth commitments [8][29] - The North American energy landscape is evolving with increased demand driven by LNG development, power generation, and data centers [31][70] Company Strategy and Development Direction - The company aims for 5% growth through the end of the decade, supported by $35 billion in secured capital [31][26] - Focus on brownfield projects that are capital efficient and strategically aligned with energy fundamentals [29][31] - The company is positioned to capitalize on the growing demand for natural gas and renewable energy projects [22][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year EBITDA in the upper half of the guidance range of $19.4 billion to $20 billion [26][31] - Positive rate settlements in gas distribution are expected to enhance revenue and support continued investment [21][26] - The company is optimistic about the future growth potential in the renewable energy sector, particularly in solar projects [22][97] Other Important Information - The company has sanctioned expansions in gas storage to meet increasing LNG-related demand, adding over 60 Bcf of new natural gas storage capacity [18][19] - The management team is focused on maintaining a disciplined capital allocation strategy while pursuing growth opportunities [28][29] Q&A Session Summary Question: Acceleration in gas distribution and storage - Management noted an increase in commercial activity across various regions, particularly in Ohio and Utah, driven by data center demand and power generation [34][35] Question: Construction timeline for Line 5 - Permitting for the Wisconsin Reboot and Michigan tunnel is regaining momentum, with completion expected in 2027 [42][43] Question: Mainline optimization phase two - Management confirmed that customer demand is driving the expedited timing for expanded egress to Canadian producers [48][49] Question: Growth outlook and capital sequencing - Management expressed confidence in maintaining capital spending between $9 billion and $10 billion, with a strong project backlog supporting growth [55][56] Question: Renewable energy portfolio - The company is well-positioned in the solar market, with strong customer demand and several projects in development [96][97]

Financial Data and Key Metrics Changes - Enbridge reported a record third quarter adjusted EBITDA, driven by contributions from U.S. gas utilities and organic growth in gas transmission [6][24] - The debt to EBITDA ratio for the quarter was 4.8 times, remaining within the target leverage range of 4.5 to 5 times [6][27] - Compared to Q3 2024, adjusted EBITDA increased by $66 million, while EPS decreased from $0.55 to $0.46 per share due to seasonal lower EBITDA in Q3 [24][25] Business Line Data and Key Metrics Changes - Liquids segment achieved record mainline volumes of 3.1 million barrels per day, reflecting strong demand for Canadian crude [10][11] - Gas transmission experienced strong performance with favorable contracting outcomes and contributions from new projects [24] - Gas distribution segment benefited from a full quarter contribution from Enbridge Gas North Carolina and quick-turn capital projects in Ohio [24] Market Data and Key Metrics Changes - The U.S. Northeast is experiencing increased demand for natural gas, with expansions in the Algonquin pipeline to address supply shortages [15][17] - The North American storage market is tightening, with Enbridge positioned to add over 60 BCF of new natural gas storage capacity [17][18] Company Strategy and Development Direction - Enbridge's strategy focuses on executing a diverse range of growth projects across all business segments, with a commitment to maintaining a low-risk business model [10][28] - The company anticipates achieving 5% growth through the end of the decade, supported by $35 billion in secured capital [28][29] - Enbridge is advancing projects that align with energy demand growth driven by LNG development, power generation, and data centers [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's resilience and the ability to deliver strong results through various economic cycles [25][28] - The company noted improving policy support for energy infrastructure investments, which is expected to enhance growth opportunities [28][55] Other Important Information - Enbridge has sanctioned $3 billion in new growth capital projects during the quarter, showcasing continued execution on growth commitments [7][27] - The company has maintained a consistent dividend growth for 30 consecutive years, reflecting the stability of its business fundamentals [27] Q&A Session Summary Question: Acceleration in gas distribution and storage - Management noted an acceleration in commercial activity driven by demand from data centers and power generation, particularly in Ohio and Utah [30][31] Question: Line 5 construction and permitting - Management indicated that permitting for the Wisconsin Reboot and Michigan tunnel is regaining momentum, with expectations to complete the Wisconsin Reboot by 2027 [34] Question: Mainline optimization phase two - Management confirmed that the optimization is not an acceleration but a continuation of efforts to meet customer demand, with significant supply growth expected from Canadian producers [37][39] Question: Growth outlook and capital sequencing - Management expressed confidence in maintaining capital spending between $9 billion and $10 billion, with a strong project pipeline supporting growth [42][44] Question: LNG Canada and gas storage opportunities - Management highlighted strong customer interest in gas storage expansions, with significant contracts already signed for new capacity [49] Question: Managing cost risk in hot markets - Management emphasized prudent capital management and strong contractor relationships to mitigate cost risks in competitive areas [51][52]

Core Insights - Enbridge reported quarterly earnings of $0.33 per share, missing the Zacks Consensus Estimate of $0.39 per share, and down from $0.40 per share a year ago [1][2] - The company posted revenues of $10.63 billion for the quarter, missing the Zacks Consensus Estimate by 2.1% and down from $10.91 billion year-over-year [3] - Enbridge's stock has increased approximately 10.5% year-to-date, compared to a 14.3% gain for the S&P 500 [4] Earnings Performance - The earnings surprise for the quarter was -15.38%, contrasting with a previous quarter where the company exceeded expectations by +14.63% [2] - Over the last four quarters, Enbridge has surpassed consensus EPS estimates three times [2][3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.57 on revenues of $11.59 billion, and for the current fiscal year, it is $2.16 on revenues of $41.88 billion [8] - The Zacks Rank for Enbridge is currently 3 (Hold), indicating expected performance in line with the market [7] Industry Context - The Oil and Gas - Production and Pipelines industry is currently in the top 24% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [9]

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 ...

Core Viewpoint - Enbridge's profit decreased in the third quarter primarily due to a decline in the estimated value of financial instruments [1] Financial Performance - The company's profit fell significantly in the third quarter, indicating potential challenges in financial management and market conditions [1]

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 ...