Enbridge Inc. · TSX:ENB
Enbridge — Q2 2025 Earnings Presentation
16 slides from Enbridge's earnings presentation, Aug 1, 2025
Slide 1: Q2 2025 Earnings Call
August 1, 2025 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 Mid-Year Check-In Predictable Business Model Serving Rising Power Demand Business Update Financial Performance and Capital Allocation First Choice Investment 3
Slide 4: Mid-Year Check-In
Mid-Year Check-In Status • Record 2nd quarter results; 7% adjusted EBITDA1 growth over Q2/24 • Expect to finish 2025 in the upper end of EBITDA1 guidance range; well on track Financial to meet mid-point for DCF • Q2/25 Debt-to-EBITDA1 of 4.7x; target leverage unchanged: 4.5x to 5.0x • Strong s
Slide 5: Predictable Business Model in Uncertain Times
Predictable Business Model in Uncertain Times Each franchise underpinned by low-risk commercial frameworks Geopolitical Rising Energy Tariffs & Inflation Tax Policies Unrest Demand ✓Canadian oil and gas ✓Ability to benefit from ✓Virtually no exposure ✓Gas footprint enables delivered to the U.S. the
Slide 6: Serving Rising Power Demand
Serving Rising Power Demand An all-of-the-above approach provides a first-choice service offering to blue-chip customers Projects Constructing Tennessee Ridgeline Expansion; 2026 ISD support • US$1.1B expansion of ETNG2, connecting to TVA’s3 gas-fired generation plant L ~6GW 1 Gas Transmission Sanct
Slide 7: Liquids Highlights
Liquids Highlights Providing customers with needed egress and optionality to the most attractive markets Mainline Franchise Liquids pipeline • Strong Q2 Mainline volumes of 3.0 MMbpd Liquids storage • Investing up to $2B towards Mainline Capital Investment Refinery – Extends useful life, supports op
Slide 8: Gas Transmission Highlights
Gas Transmission Highlights Executing growth projects to support rising industrial and power demand U.S. Gas Transmission Target average build • Sanctioned 160 MMcf/d TETCO1 Line 31 expansion, multiples of Aitken Creek serving rising industrial and power demand in MS – US$0.1B; 2028 ISD Storage Expa
Slide 9: Gas Distribution & Storage Highlights
Gas Distribution & Storage Highlights Progressing rate cases in all jurisdictions Enbridge Gas Ontario • Rebasing phase 2 complete; rates set until end of 2028 Enbridge Gas Ohio • Decision announced in June 2025; maintained a strong Enbridge Gas ROE1 of ~10%, equity thickness increased to ~52% Ontar
Slide 10: Renewable Power Highlights
Renewable Power Highlights Backlog of accretive projects supporting data centers UK Albatros Hohe & blue-chip customers Rampion LONDON See Calvados Fécamp Germany North America Saint-Nazaire PARIS France • Sanctioned Clear Fork Solar, a 600 MW facility near San Antonio, TX to support Spain Provence
Slide 11: Quarterly Financial Results
Quarterly Financial Results Delivered record Q2 EBITDA despite continued trade uncertainty and geopolitical events Q2 YTD ($ Millions, except per share amounts) 2025 20241 2025 20241 2nd Quarter Drivers Liquids Pipelines1 2,336 2,456 4,957 4,916 Gas Transmission & Midstream 1,384 1,082 2,823 2,356
Slide 12: Guidance Reaffirmed
Guidance Reaffirmed Expect to finish 2025 in the upper end of EBITDA guidance range 2025 Adjusted EBITDA1 Guidance Full Year Tailwinds/Headwinds ($B) 10% Interest in Matterhorn Express 2025 2025 2025 Mainline Volumes Lower Guide Midpoint Upper Guide USD/CAD FX Rate U.S. Interest Rates $19.4
Slide 13: Capital Allocation Priorities
Capital Allocation Priorities Strengthening the balance sheet while increasing visibility of growth through the end of the decade Debt-to-EBITDA • Preserve financial strength and flexibility 2 Balance Post LDC Closures • Maintain leverage of 4.5x to 5.0x debt-to-EBITDA1 sheet strength • Completed 12
Slide 14: First-choice Investment
First-choice Investment Consistent business results, in all cycles, drive strong shareholder returns Low-risk, utility like business profile Financial Commodity Alberta Covid Rising Global Crisis Price Forest Inflation Trade Predictable cash flows support Collapse Fires Conflict strong balance sheet
Slide 15: Appendix
Appendix ENBRIDGE
Slide 16: Secured Capital Program
Secured Capital Program Project Expected ISD Capital ($B)1 Gray Oak & Ingleside Expansion 2025-2026 0.1 USD Liquids Pipelines Enbridge Houston Oil Terminal 2026 0.3 USD Mainline Capital Investment 2025-2028 2.0 CAD Modernization Program 2025-2028 2.8 USD Appalachia to Market Phase II 2025 0.1 USD Lo