Slide 1: Third Quarter Update
Third Quarter Update November 3, 2023 Greg Ebel President & CEO Pat Murray EVP & CFO
Slide 2: Legal notice
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 manag
Slide 3: Agenda
Agenda • Highlights • Business Update • Financial Performance • Capital Allocation and Outlook 3
Slide 4: Highlights
Highlights • YTD performance on track, guidance re-affirmed Financial • Over $14B1 of funding in place for US Gas Utilities acquisitions • Debt/EBITDA at lower end of target range (4.5x-5.0x) 2 • High-utilization across the business Operations • Flanagan South Pipeline open season upsized and relaun
Slide 5: Value Proposition
Value Proposition Diversified Low-Risk Stability Pipeline & Utility-Like Earnings Dividend underpinned by stable & reliable cash flows Reliable Cash Flows & Strength Strong Balance Sheet $3.55/sh 28 Years of Annual Capital Consistency Dividend Increases appreciation + dividend growth Growth ~5% Medi
Slide 6: Enhanced Cash Flow Profile
Enhanced Cash Flow Profile 98% Of EBITDA generated from cost-of-service or contracted assets Diversified Asset Base Low-risk Commercial Model (Post Acquisitions Adjusted EBITDA2) of 2024 interest Financial Commodity Alberta COVID ~10% expense exposed to floating rates Crisis Price Forest Collapse Fi
Slide 7: U.S. Gas Utilities Acquisition
2025 Pro Forma: Delivering U.S. Gas Utilities ~9.3tobcf/d Acquisition ~7 million customers Strategic Overview • Regulated assets strengthen commercial profile and Questar2 EOG1 cash flow stability • Low-risk, quick-cycle capital drives predictable annual growth through capex riders PSNC3 • Diversifi
Slide 8: Executable Financing Plan
Executable Financing Plan ~75% Hybrids2 / Bonds Future Funding Options of funding complete $3.7B • Ongoing capital recycling Equity Issuance • DRIP3 To date • ATM4 Program Acquired Utility $19B OpCo Debt1 $4.6B • Hybrids / Bonds $6.2B Purchase Price Majority of financing is complete, significantly d
Slide 9: Liquids Pipelines Highlights
Regional Oil Sands Liquids Pipelines Mainline Highlights Line 5 DAPL Mainline Express Platte • Record Q3 volumes (~3.0mmbpd) Flanagan South • Interim Mainline toll effective July 1 Seaway • Expect to file Mainline Tolling Settlement in Q4 EHOT1 Midcontinent and Gulf Coast • Upsized and relaunched Fl
Slide 10: Gas Transmission Highlights
>$11B Gas Transmission In execution Highlights T-North Aitken Creek Ksi Lisims LNG T-North Gas Storage Canadian Gas T-South LNG Canada Transmission Update CGL • Woodfibre 60% engineering Cedar Montney Basin Alliance LNG Pipeline Algonquin Deep Basin milestones expected 2H 2024 T-South • Closed Aitke
Slide 11: Gas Distribution Highlights
Gas Distribution Highlights Ontario Customer Connections Enbridge Gas Inc Rate Base 3.9+ (MMs) 18,000 16,000 ~3.5 Predictable 14,000 ~$1B customer 12,000 annual capital additions spend 10,000 8,000 6,000 2015 2016 2017 2018 2019 2020 2021 2022 2023e 2018 2019 2020 2021 2022 2023e 2024e • 42K custome
Slide 12: Renewables Highlights
Renewables Highlights Hohe See & Albatros European Offshore Wind NEW 304.5 MW1 UK • Hohe See (497MW) and Albatros (112MW) – Acquiring London additional 24.45% interest from CPPIB Purchase Price: €267MM cash & €358MM assumed debt Germany Government Backed PPA (16 years remaining) Paris European Proje
Slide 13: Acquiring Morrow Renewables Assets
Acquiring Morrow Renewables Assets Advancing RNG Strategy Investment Highlights Total demand growth • Acquiring 7 operating landfill- • High quality operating portfolio of up to U.S. RNG Demand to-RNG facilities located in • Long-term, fixed price offtake Outlook by Sector1 8byBcf/d 2040 Texas and A
Slide 14: Q3 Financial Results
Q3 Financial Results Q3 YTD ($ Millions, except per share amounts) 2023 2022 2023 2022 Quarterly Drivers Liquids Pipelines 2,325 2,269 7,150 6,581 Gas Transmission & Midstream 1,092 1,158 3,314 3,300 Record third quarter Mainline, Gas Distribution & Storage 271 293 1,354 1,389 Gray Oak and EIEC vo
Slide 15: 2023 Guidance Maintained
2023 Guidance Maintained Adjusted EBITDA1 DCF/share1 ($B) Tailwinds/Headwinds $5.25 – $15.9 – $16.5 $5.65 to Guidance $15.5 $5.42 (Remaining 3 months) $4.96 $14.0 Strong operating performance Tuck-in M&A Gas utilities pre-funding Rising interest rates Lower Mainline Toll 2021 2022 2023e 2021 2022 20
Slide 16: Medium-Term Outlook
Medium-Term Outlook Near-term outlook 2022 to 2025 ~2% Deploying ~5% EBITDA1 CAGR: 4%-6% EPS1 CAGR: 4%-6% CAGR Will track approximately Investment with EBITDA. ~1-2% Capacity DCF/s1 CAGR: ~3% • Robust opportunity set Secured • Tuck-in M&A Modest headwinds from tax ~1-2% Organic Growth • Hohe See & A
Slide 17: Disciplined Capital Allocation
Disciplined Capital Allocation Protect • Preserve financial strength and flexibility Capital Allocation Drivers Balance • Ongoing capital recycling program Sheet 4.5x D/EBITDA1,2 5.0x Sustainable • DCF payout range of 60-70% Return of • Dividend supported by lowest risk cash 60% DCF2 payout3 70% Cap
Slide 18: Secured Capital Program
Secured Capital Program Project Expected ISD Capital ($B) Ingleside Phase VI (Storage) 2024 0.1 USD Liquids Pipelines Enbridge Houston Oil Terminal Modernization Program 2025 2023-2026 0.2 USD 2.6 USD Executing on $24B Venice Extension 2024 0.5 USD Secured Program Appalachia to Market Phase II 2025
Slide 19: Key Takeaways
Key Takeaways Resilient low-risk business model supported by scale, diversification, and high-quality cash flows Upcoming Balance sheet remains a priority. Committed to 4.5x-5.0x Debt/EBITDA range Events Priorities unchanged; U.S. Gas Utilities 2024 Financial acquisitions add further diversity and s
Slide 20: ENBRIDGE
ENBRIDGE