Slide 1: Enbridge Q3 2025 Earnings Presentation
November 7, 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 Q3 Recap Value Proposition Business Update Financial Performance and Capital Allocation First Choice Investment 3
Slide 4: Third-Quarter Update
Third-Quarter Update • Strong third quarter results • Reaffirmed 2025 guidance; expect EBITDA1 to be in the upper end of guidance Financial range and on track to meet mid-point for DCF1 • Q3/25 Debt-to-EBITDA1 of 4.8x; target leverage unchanged: 4.5x to 5.0x • Strong system utilization across the bu
Slide 5: Value Proposition Delivers in All Cycles
Value Proposition Delivers in All Cycles Future interest rate cuts and improving business environment positions Enbridge to continue delivering industry-leading returns Diversified High Quality EBITDA Sources ▪ Cashflow from >200 asset streams and businesses 20 years of delivering superior risk adju
Slide 6: Liquids Highlights
Liquids Highlights Providing customers with needed egress and optionality to the most attractive markets Mainline and Market Access Franchise • Record Q3 Mainline volumes of 3.1 MMbpd Liquids pipeline – Apportioned throughout the quarter Liquids storage • Sanctioned Southern Illinois Connector Refin
Slide 7: Gas Transmission Highlights
Gas Transmission Highlights Executing growth projects to support LNG demand and rising energy needs U.S. Gas Transmission Target average build • Sanctioned Tiber Offshore development multiples of ~6-8x – Extends previously announced Canyon System project to bp’s Tiber development for US$0.3B – Under
Slide 8: North American Storage Spotlight
North American Storage Spotlight N.A. LNG export and power demand growth driving further expansions in our >600 Bcf natural gas storage footprint Bobcat Gas Moss Bluff Storage ~26Bcf2 Storage ~20Bcf Aitken Creek ~117Bcf2 Aitken • Advancing over 60Bcf Creek of natural gas storage Gas TX Texas LA Stor
Slide 9: Capitalizing on Gas Fundamentals
Capitalizing on Gas Fundamentals Growth opportunities driven by domestic gas demand and increasing LNG exports T-North Aitken Creek Gas Over $3B GTM announcements since Investor Day Storage LNG Canada MAR Birch Grove (T-North) | 2028 Cedar LNG CGL APR Traverse | 2027 T-South MAY Matterhorn | Operati
Slide 10: Gas Distribution & Storage Highlights
Gas Distribution & Storage Highlights Advancing data center and power generation opportunities across our gas distribution footprint Data Center and Power Demand • 50+ mid, late-stage, and secured opportunities with Up to ~5Bcf/d up to ~$4B of capital through 2030; • ~1 Bcf/d power generation projec
Slide 11: Renewable Power Highlights
Renewable Power Highlights Backlog of accretive projects supporting data centers & blue-chip customers 2024 2025 2026 2027 Orange Grove Clear Fork Fox Squirrel Sequoia In Development 130 MW 600 MW 577 MW 1 815 MW >1.5 GW • Easter Wind • Corpus Christi, TX • San Antonio, TX • Cowboy Solar • Madison C
Slide 12: Quarterly Financial Results
Quarterly Financial Results Resilient results driven by asset optimization and addition Q3 YTD ($ Millions, except per share amounts) 2025 20241 2025 20241 3rd Quarter Drivers Liquids Pipelines1 2,307 2,343 7,264 7,259 Gas Transmission & Midstream 1,262 1,154 4,085 3,510 Contributions from favorab
Slide 13: Guidance Reaffirmed
Guidance Reaffirmed Expect to finish 2025 in the upper end of EBITDA guidance range 2025 Adjusted EBITDA1 Guidance Full Year Tailwinds/Headwinds ($B) Mainline Volumes 2025 2025 2025 USD/CAD FX Rate Lower Guide Midpoint Upper Guide 10% interest in Matterhorn Express U.S. Interest Rates LP G
Slide 14: Capital Allocation Priorities
Capital Allocation Priorities Strengthening the balance sheet while increasing visibility of growth through the end of the decade 1 Target Leverage Balance • Equity self-funding model Debt/EBITDA sheet • Regulated assets support cashflow streams 4.8x Today strength • Maintain leverage of 4.5x to 5.0
Slide 15: First-choice Investment Opportunity
First-choice Investment Opportunity Value proposition supports delivery of attractive long-term shareholder returns Events Stability Low-risk, utility-like business profile 2026 Financial Predictable cash flows support strong Guidance Release Strength balance sheet December 3, 2025 30 consecutive ye
Slide 16: Appendix
Appendix ENBRIDGE
Slide 17: Secured Capital Program
Secured Capital Program Project Expected ISD Capital ($B)1 Gray Oak & Ingleside Expansion 2025-2026 0.1 USD Enbridge Houston Oil Terminal 2026 0.3 USD Liquids Pipelines Southern Illinois Connector NEW 2028 0.5 USD Mainline Capital Investment 2025-2028 2.0 CAD Pelican CO2 Hub NEW 2029 0.3 USD Moderni