Enbridge Inc. · TSX:ENB
Enbridge — Investor Day (March 2025)
61 slides from Enbridge's investor day presentation, Mar 4, 2025
Slide 1: Investor Day
Investor Day March 4, 2025 ENBRIDGE
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: Safety moment
Safety moment Building Evacuation Procedures 3
Slide 4: Agenda
Agenda Eastern Time Welcome & Introduction Rebecca Morley 9:00 Strategic Overview & Priorities Greg Ebel 9:10 Liquids Pipelines Colin Gruending 9:30 Gas Transmission Cynthia Hansen 9:55 Gas Distribution & Storage Michele Harradence 10:20 Renewable Power Matthew Akman 10:40 Financial Outlook Pat Murr
Slide 5: Investor Day - Greg Ebel
Investor Day Greg Ebel President & CEO March 4, 2025 ENBRIDGE
Slide 6: First-choice energy provider
First-choice energy provider UK Germany France Strategically positioned L to serve all forms of energy demand Visible growth through end of the decade Liquids pipeline Natural Gas pipeline Disciplined capital allocation Liquids storage Natural Gas storage Wind farms - onshore & offshore Solar energy
Slide 7: Key accomplishments over the past two years
Key accomplishments over the past two years Strong execution increased growth visibility and supported strong shareholder returns Execution on commitments Strategic extensions Closed and financed the $19B generational Added ~120 Bcf of natural gas storage acquisition of three U.S. gas utilities thro
Slide 8: All forms of energy needed globally
All forms of energy needed globally Diversified business mix is ideally positioned to meet growing demand Natural gas & oil remain essential energy for supporting Global Energy Demand economic expansion and population growth globally Oil | Natural Gas | Renewables | Coal | Other1 | – Enbridge is con
Slide 9: Significant natural gas demand growth in N.A.
Significant natural gas demand growth in N.A. Reliable and affordable energy required to support growing demand N.A. natural gas opportunities1 Growing N.A. Natural Gas Demand1 LNG & Mexico exports • 100% connected to USGC operating +23 Bcf/d LNG export capacity Baseload gas-fired generation • 45% o
Slide 10: Four core franchises offer visible growth
Four core franchises offer visible growth Business diversification extends growth through the decade Liquids • Critical, demand-pull infrastructure ~$50B Pipelines • Capital efficient, low-multiple expansions ~$10B of growth opportunities through 2030 • Strategically positioned assets L Gas Transmis
Slide 11: Disciplined capital allocation
Disciplined capital allocation Strong financial position supports growth and return of capital to shareholders Balance sheet Sustainable Further strength return of capital growth • Low-risk, utility-like model • Maintain 60-70% DCF1 • Prioritizing low-multiple, generates stable cash flow payout rang
Slide 12: First-choice investment opportunity
First-choice investment opportunity Value proposition supports delivery of attractive long-term shareholder returns Stability Low-risk, utility-like business profile Strong Total Predictable cash flows support Return Strength strong balance sheet 30 consecutive years of annual Consistency dividend i
Slide 13: Colin Gruending
Norman Wells Regional Oil Sands Edmonton Hardisty Mainline Express Bakken Line 5 Line 9 DAPL Line 78 Platte Flanagan South | Spearhead Cushing ETCOP Colin Gruending Seaway Liquids pipeline Gray Oak EVP & President, Liquids storage Cactus II Liquids Pipelines Refinery EIEC
Slide 14: First-choice for Liquids delivery
First-choice for Liquids delivery Critical, diversified demand-pull infrastructure with embedded long-term growth Execution of key priorities in 2024 Scale of business Strong Mainline volumes (3.0+ MMbpd) Record volumes at EIEC and Gray Oak Sanctioned Gray Oak expansion Largest crude transportation
Slide 15: Reliable growth through all cycles
Reliable growth through all cycles Resilient track record of execution and EBITDA growth Liquids segmented EBITDA1 Unparalleled asset footprint ~8% ($B) generates opportunities 12 Commodity Alberta COVID-19 Price Forest 10-year Collapse Fires EBITDA Strong fundamentals support 10 CAGR continued inve
Slide 16: Fundamentals support need for additional egress
Fundamentals support need for additional egress System connects rising WCSB supply to growing global demand WCSB >1MMbpd heavy demand opportunity via USGC requires ~1MMbpd WCSB supply to grow by >1MMbpd by 2035 of additional egress by Competitive path connected to global markets via 2035 USGC export
Slide 17: WCSB development pipeline
WCSB development pipeline Scale and connectivity provide vast opportunity set underpinned by attractive returns 1 Mainline capital investment 4 Mainline / Market Access • Up to $2.0B | 2025-2028 NEW 3 optimization – multi phase • Supports operational efficiencies and system reliability ~$4B • Phase
Slide 18: Fundamentals support USGC growth
Fundamentals support USGC growth Permian supply growth drives need for USGC exports and additional growth opportunities Permian Supply1 (MMbpd) Permian Seaway EIEC best advantaged to capture USGC 7.5 export growth TEXAS 5.9 ETCOP Gray Oak Permian supply growth supported by Cactus II top-tier basin e
Slide 19: USGC development pipeline
USGC development pipeline Integrated value chain enhances competitiveness and returns 1 Gray Oak expansion TEXAS Permian • 120 kbpd • ~$50M | 2025-2026 Seaway Gray Oak ETCOP EIEC phase VII storage expansion Cactus II 1 2 • ~2.5 MMbbls Eagle Houston Sanctioned Ford • ~$80M | 2026 In development Refin
Slide 20: Visible growth through end of the decade
Visible growth through end of the decade Diversified growth underpinned by attractive, executable, capital efficient returns Avg. EV/EBITDA1 Serving new Projects Opportunities build multiple energy demand • Southern Lights • Regional Oil Sands • Connecting growing supply ~$2B ~4-6X expansions • Main
Slide 21: Cynthia Hansen
T-North Aitken Creek Storage T-South Woodfibre LNG L Maritimes & Northeast Vector Algonquin Nexus East Tennessee Texas Eastern Cynthia Hansen DBR Sabal Trail Natural Gas pipeline Natural Gas storage Renewable Natural Gas EVP & President, Waha Whistler SESH L LNG Terminal Gas Transmission Storage L H
Slide 22: First-choice for natural gas delivery
First-choice for natural gas delivery Strategically positioned network with unparalleled connectivity to growing demand Execution of key priorities in 2024 Scale of business ~31 Bcf/d of peak deliveries Extensive ~71,000 miles ~$2.2B of Permian and offshore investment 1 pipeline system connectivity
Slide 23: Secured projects tied to growing demand
Secured projects tied to growing demand Diversified growth of ~$12B1 driven by size and scope of the business Avg. EV/EBITDA2 Serving new Projects Capital investment build multiple gas demand • Appalachia to Market Phase II Attractive • Tennessee Ridgeline ~$6.0B ~6-8X ~5Bcf/d return, capital • Wood
Slide 24: Base business growth
Base business growth Timely rate proceedings ensure cost recovery of investments in strategic assets $3.8B to be invested through ~$500M 1 2028 on modernization of EBITDA2 added through successful Investment supports system rate proceedings safety and reliability in 2020-2023 Saltville 3 Texas AGT 4
Slide 25: Western Canada growth drivers
Western Canada growth drivers ~$8B under construction supported by growing LNG exports Investment approach • Long-lived resource with competitive break-even cost 1 5 • Rate-regulated cost-of-service model; brownfield expansions T-North Aitken Creek • Focus on strengthening relationships with Indigen
Slide 26: Execution of Permian strategy
Execution of Permian strategy Strategic natural gas pipeline and storage network with embedded growth opportunities 2024 MAR JUL NOV Future Whistler JV attractive Growth entry point Whistler JV Blackcomb DBR Financial and leverage accretive DBR deal providing immediate cash flow Extends value chain
Slide 27: U.S. Gulf Coast competitive footprint
U.S. Gulf Coast competitive footprint Asset footprint connected to rising domestic and LNG demand drives growth LNG Connectivity Offshore Storage • Ability to deliver • Largest transporter of • Enbridge owns ~4 Bcf/d, accounting for offshore volumes, 622 Bcf of net ~7% of global volumes delivering ~
Slide 28: Development pipeline – U.S. Gulf Coast
Development pipeline – U.S. Gulf Coast Optionality and diverse range of growth opportunities 1 Permian growth • Embedded future organic expansion opportunities ~$9B 1 within asset footprint of growth opportunities • Egress from the Permian to support additional demand by 2030 In development 2 Storag
Slide 29: Well-positioned to serve power generation customers
Well-positioned to serve power generation customers Opportunities driven by scale and connectivity of asset footprint 35+ opportunities to serve up to ~11 Bcf/d of new demand Coal Plants1 Data Center Under Construction1 Data Center Planned1 45% of all N.A. natural gas power generation within 50 mile
Slide 30: Development pipeline – power demand related
Development pipeline – power demand related Growth opportunities driven by rising power demand ~11Bcf/d of opportunities Late-stage 1 TETCO1 lateral #1 Projects to serve: ~$14B 2 5 of growth 2 TETCO expansion Regional opportunities baseload growth by 2032 Mid-stage 3 SESH expansion New gas-fired (CO
Slide 31: Visible growth through end of the decade
Visible growth through end of the decade Potential to FID $3-5B1 of opportunities in next 6-18 months Avg. EV/EBITDA2 Serving new Projects Opportunities build multiple gas demand • Permian growth • Storage expansions U.S. Gulf Coast (2026-2030) • LNG connectivity • Industrial growth ~$9B 1 ~6-8X ~12
Slide 32: Michele Harradence
Enbridge Gas Ontario Enbridge Gas Québec Enbridge Gas Idaho Enbridge Gas Wyoming Enbridge Gas Ohio Enbridge Gas Utah Enbridge Gas North Carolina Michele Harradence EVP & President, Gas Distribution & Storage
Slide 33: First-choice for natural gas distribution in N.A.
First-choice for natural gas distribution in N.A. Stable and visible growth underpinned by attractive risk-adjusted returns Execution of key priorities in 2024 Largest gas utility in N.A. 1 Connected to Completed ~$19B acquisition of three ~7MM 8.0 7.0 U.S. gas utilities ahead of expectations Custom
Slide 34: Investment thesis for U.S. Gas Utilities playing out
Investment thesis for U.S. Gas Utilities playing out Opportunistic acquisition of “must have” infrastructure supported by rising valuations Generational acquisition …at opportune time of gas utilities… U.S. gas Deal utilities Acquired three premier utilities for $19B multiple average2 at historicall
Slide 35: Industry-leading utility platform
Industry-leading utility platform Strong growth outlook through the end of the decade Combined Rate Base Track record of reaching Growth CAGR may fair regulatory outcomes be extended and ~$36B enhanced by: ~70% • Baseload need • Strong government and of capex is stakeholder relationships in rider el
Slide 36: Diversified growth drivers
Diversified growth drivers Strong growth and execution capabilities across jurisdictions Enbridge Gas Enbridge Gas Enbridge Gas Enbridge Gas Ontario Ohio1 Utah2 North Carolina3 ~3Bcf/d ID WY VA of power demand ONTARIO Cleveland NV opportunities Salt Lake City across utility Toronto OHIO Raleigh foot
Slide 37: Long-term growth tailwinds
Long-term growth tailwinds Utilities are well-positioned to serve rising power demand from various sources Late-stage (COD 2025-2027) Up to 40+ opportunities to serve up Opportunities Bcf/d $B ~$4B to ~3 Bcf/d of new demand Data centers 0.5 0.4 of growth through 2030 ~50% driven by baseload growth T
Slide 38: Visible growth through end of the decade
Visible growth through end of the decade Expect to invest $2-3B in growth annually; capital efficient investment underpinned by strong risk-adjusted returns Serving new Projects Opportunities Rate-regulated ROEs gas demand • CAD utility growth capital • Delivering reliable and • Transmission/storage
Slide 39: Matthew Akman
Albatros UK Hohe See Rampion LONDON Calvados Fécamp Germany PARIS Saint-Nazaire France Provence Spain Grand Large CALGARY Lac Alfred Blackspring Ridge Alberta Solar One Magrath Chin Chute Massif-du-Sud Greenwich St. Robert Cruickshank Portage Underwood TORONTO Neal Hot Springs Sarnia Talbot Adams NE
Slide 40: First-choice for Renewable Power
First-choice for Renewable Power Well-positioned for growth through disciplined investment Execution of key priorities in 2024 Operating capacity 0.9 GW1 brought into service (GW) 6.6GW 2 in operation and Sanctioned ~$2.6B of new solar projects 6.6 under construction Secured 3 new blue-chip customer
Slide 41: Rising power demand supports long-term growth
Rising power demand supports long-term growth Positive fundamentals underpin large opportunity set U.S. corporate renewable Sanctioned U.S. onshore projects energy demand1 (GW) • Corporate demand driven Fox Squirrel Solar by manufacturing growth, Partnered with EDF Renewables to complete a phased ne
Slide 42: Strategically located to capture new demand
Strategically located to capture new demand Complementary franchises positioned to capture power demand growth Regional integrated resource plans – All forms of energy will be required growth in capacity • Gas and renewables capacity expected to (GW) grow by ~22 GW and ~37 GW, respectively, Natural
Slide 43: Growing renewables portfolio
Growing renewables portfolio Visible development pipeline sustains expected profitable growth Renewable asset portfolio Strong EBITDA2 CAGR of (Gross GW) Potential ~14% over the past 5 years growth to ~11GW 1 12 European N.A. N.A. Offshore Wind Onshore Wind Solar Disciplined capital allocation by 20
Slide 44: Strong risk-adjusted returns supported by blue-chip customers
Strong risk-adjusted returns supported by blue-chip customers Projects generate attractive returns with execution reliability for customers Factors underpinning PPA customers supporting new development attractive returns • Economies of scale provide purchasing power • Ability to use attractive tax a
Slide 45: European update
European update Disciplined utility-like investment over time; retaining long-term optionality Business growth underpinned by strict investment criteria Project 2018 2019 2020 2022 2024 2024 2027e Future development in-service Rampion Hohe Albatros Saint- Fécamp Provence Calvados Strong European See
Slide 46: Visible growth through end of the decade
Visible growth through end of the decade Executing on growth commitments and poised to continue to deliver Serving new Projects Opportunities Returns power demand Late-stage • Clear Fork Solar Development (2026-2027) • Cowboy Solar • Seven Stars ~$3.0B Mid-teens ~1.6GW1 • Cone Wind • Easter Wind Mid
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Slide 48: Attractive accretion and build multiples
Attractive accretion and build multiples Renewable projects compete for capital across the enterprise Illustrative DCF1 accretion… …at attractive build multiples EBITDA EBITDA EV/EBITDA1 Cash flow Interest Interest Cash tax Utilization of tax attributes Lower cash tax ~10-12X Recognition of ~7-9X DC
Slide 49: Pat Murray
Pat Murray EVP & Chief Financial Officer
Slide 50: Stable business model
Stable business model Low-risk business profile drives predictable results Predictable cash flows >95% Guidance range Actual results of customers are Investment Grade2 Financial Commodity Alberta COVID Rising Crisis Price Forest Inflation Collapse Fires of EBITDA from 19 Consecutive year th 80% asse
Slide 51: Capital allocation priorities
Capital allocation priorities Maintaining ideal balance between growth and returning capital to shareholders Protect • Target leverage range of 4.5x to 5.0x D/EBITDA1 balance • Industry-leading business risk profile sheet • Ongoing capital recycling program • Dividend payout range of 60% to 70% of D
Slide 52: Investment capacity
Investment capacity Equity-self funding $9-10 billion of annual investment capacity Creates Opportunistic Allocation Excess $9-10B $1-2B Capacity • New organic projects of balance sheet $6-7B • Accretive tuck-ins ~$5B capacity Allocated to: • Organic Projects Excess Allocation Organic • Rate Base Gr
Slide 53: Growth outlook: secured backlog
Growth outlook: secured backlog ~$23 billion of projects entering service through 2027 drives annual EBITDA1 growth Capital entering service by year2 Excess Allocation Foundational Allocation ~$9B ~$9B • Gray Oak Expansion • EIEC VII Storage • Tennessee Ridgeline • Aspen Point • Woodfibre LNG • Calv
Slide 54: Flexible opportunity set
Flexible opportunity set ~$50 billion of opportunities adds growth visibility to back-end of the decade Permian expansions U.S. Gulf Coast investment Power demand related projects Foundational investment Diversified: • Commodity 2025 2026 2027 2028 2029 2030 • Location • Regulatory Future WCSB/USGC
Slide 55: Growth outlook: optimization and efficiency
Growth outlook: optimization and efficiency Asset optimization and cost efficiency driving recurring EBITDA growth Rate Escalation: Enhancing Acquired Assets • Mainline inflators • Ingleside: ~8x4 • Enbridge Gas Ontario IRM1 • Aitken Creek: ~7x4 • Rate cases • Tres Palacios: ~5x4 $600-900M of EBITDA
Slide 56: Growth outlook
Growth outlook Reaffirming growth outlook; EBITDA, EPS and DCFPS growth rates converge to 5% in 2027 2023-26 Post 2026 Drivers EBITDA 1 7-9% CAGR 2 5% $23B of secured growth capital expected to enter service EPS 1 4-6% CAGR 5% through 2027 DCFPS1 3% CAGR 5% Cash tax rate $600-900M levels out of EBIT
Slide 57: Long-term value creation
Long-term value creation 30-year history of annual dividend increases underpinned by steady growth 30 Years 12% of dividend increases $3.77 /share Total shareholder return1 since 2005 12.3% Price | Dividends 11.7% 4% CAGR since 10.4% 8.8% 2019 8.1% 1995 2025e ENB Midstream S&P 500 Utilities TSX (1)
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Slide 59: Secured capital program
Secured capital program Diversified secured capital program with limited inflation risk Project Expected ISD Capital ($B) Gray Oak & Ingleside Expansion 2025-2026 0.1 USD Liquids Pipelines Enbridge Houston Oil Terminal 2026 0.3 USD Mainline Capital Investment NEW 2025-2028 2.0 CAD Modernization Prog
Slide 60: Investor Day - Closing Remarks
Investor Day Greg Ebel President & CEO Closing Remarks ENBRIDGE
Slide 61: First-choice energy provider
First-choice energy provider UK Germany France Strategically positioned L to serve all forms of energy demand Visible growth through end of the decade Liquids pipeline Natural Gas pipeline Disciplined capital allocation Liquids storage Natural Gas storage Wind farms - onshore & offshore Solar energy