Slide 1: Q4 2022 Financial Results & Business Update
Greg Ebel Vern Yu President & EVP, Corporate Development, CFO & Q4 2022 Financial Results & Business Update Chief Executive Officer President, New Energy Technologies
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 • 2022 Recap • Business Highlights • Financial Performance & Outlook Saint Nazaire 3
Slide 4: Why Invest in Enbridge
Why Invest in Enbridge Ireland UK Germany ~2 Tcf Diversified Low-Risk of natural gas delivered to France Pipeline / Utility Model ~3.9 MM customers Strong Balance Sheet Vancouver 30% of N. America’s oil transported 2.2 GW2 28 years of Annual & exported of renewable Toronto Boston generation capacity
Slide 5: 2022 Highlights
2022 Highlights Safety and • Achieved leading safety performance across the enterprise Reliability • Executed over $1B in integrity programs • Maintained balance sheet strength and financial flexibility Strong Balance • Achieved lower half of Debt/EBITDA range 4.7x1 Sheet • Rated BBB+ stable from al
Slide 6: Liquids Pipelines Highlights
Liquids Pipelines Highlights Liquids pipelines Solar Self-Power – In Operation • Record mainline throughput in 2022 Solar Self-Power – Sanctioned – Mainline tolling discussions ongoing CO2 Carbon Capture & Storage – Development • Advanced USGC strategy CO2 NH3 Ammonia Opportunities – Development H2
Slide 7: Gas Transmission Highlights
Gas Transmission Highlights • Strong operating results including winter storm Elliott West Coast LNG Export Strategy • Successful rate case settlements & re-contracting – Texas Eastern Transmission & B.C. Pipeline – 100% of contract renewals on US pipes U.S. Northeast • Placed US$0.9B of assets into
Slide 8: Gas Distribution Highlights
Gas Distribution Highlights 8 • Successfully growing the business RNG projects in service or under – Added >45k new customers in 2022 construction Thunder Bay ONTARIO Montreal – $1.2B growth capital program added to rate base • Filed incentive rate application for 2024-28 Ottawa Sault Ste. Marie H2
Slide 9: Renewable Power Highlights
Renewable Power Highlights Ireland UK • 2.2 GW1 net generating capacity Portfolio equivalent to powering Germany • 480 MW St. Nazaire OSW entered service ~960,000 – On time/on budget (~€2.4B)2 homes France • ~$2B of growth capital in execution3 – 497 MW Fécamp wind farm – 448 MW Calvados wind farm –
Slide 10: 2022 Financial Results
2022 Financial Results Q4 YTD Quarterly Drivers ($ Millions, except per share amounts) 2022 2021 2022 2021 Liquids Pipelines 2,327 2,108 8,908 7,731 Strong operational performance Gas Transmission & Midstream 1,117 922 4,417 3,850 Gas Distribution & Storage 467 450 1,856 1,853 Full quarter contr
Slide 11: Resilient Business Model
Resilient Business Model Industry-Leading Financial Risk Profile Predictable Financial Results 98% Cost-of-service/contracted cash flows Financial Crisis Commodity Alberta Price Forest COVID 19 Collapse Fires ~80% Of EBITDA has inflation protections 1 BBB+ credit rating 17th Consecutive year achievi
Slide 12: 2023 Financial Guidance
2023 Financial Guidance Adjusted EBITDA1 DCF/share1 Dividends/share ($B) $15.9 – $5.25 – $16.5 $5.65 $15.5 $5.42 $3.55 $3.34 $3.44 $4.96 $14.0 • 28th consecutive annual dividend increase • 65% DCF Payout3 • Strong balance sheet; ~4.7x Debt/EBITDA 2021 2022 2023e 2021 2022 2023e 2021 2022 2023e 2023
Slide 13: Secured Organic Capital Program
Secured Organic Capital Program Project Expected ISD Capital ($B) Modernization Program 2022-2025 2.2 USD Other Expansions 2022-2025 0.5 USD Secured Capital Program ($ Billions by in-service date) Venice Extension 2023-2024 0.4 USD Gas Transmission T-North Expansion (Aspen Point) 2026 1.2 CAD ~$11B
Slide 14: Capital Allocation Priorities
Capital Allocation Priorities Capital Allocation Drivers Protect Balance • Preserve financial strength and 1 Sheet flexibility 4.5x D/EBITDA1 5.0x Sustainable • Ratable dividend increases 60% DCF2 payout3 70% 2 Return of Capital • Opportunistic share repurchases • Prioritize low-capital intensity &
Slide 15: 2022 ESG Performance Update
2022 ESG Performance Update GHG Emission Indigenous Reconciliation Intensity Reduction $0.9B Sustainability Linked Bond Issued 281% 13 Solar Self Power Projects in service or East-West Tie Line: sanctioned Up to 20% ownership by 6 Indigenous communities 2018 35% Diversity & Wabamun Carbon Hub: Over
Slide 16: Enbridge Investor Day
Investor Day Enbridge Day Greg Ebel Vern Yu Cynthia Hansen President & CEO EVP, CFO & President NET EVP & President GTM Toronto, ON March 1, 2023 (In-Person Event, with Live Audio Webcast) New York, NY March 2, 2023 Colin Gruending Michele Harradence Matthew Akman (1:1 Meetings and a Group Lunch) EV
Slide 17: Takeaways
Takeaways • Another solid year in 2022 • Strong fundamentals and policies are supportive • We are advancing our key strategic priorities • Exciting conventional & low-carbon opportunities continue to emerge • Committed to our low-risk value proposition Enbridge Ingleside Energy Saint Nazaire Center
Slide 18: Qs&A
Qs&A CENBRIDGE