Slide 1: Fourth Quarter Update
Fourth Quarter Update February 9, 2024 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 • 2023 Recap • Value Proposition • Business Update • Financial Performance • Capital Allocation and Outlook 3
Slide 4: 2023 Highlights
2023 Highlights Exceeded mid-point of 2023 EBITDA and DCF/share guidance Financial Increased dividend for 29th consecutive year Debt/EBITDA1 of 4.1x, comfortably below 4.5x – 5.0x target range Leading safety performance across all business units Operations High utilization of all systems
Slide 5: 2023 Financial Highlights
2023 Financial Highlights Adjusted EBITDA1 DCF/share1 Debt/EBITDA1,2 +6% YoY +1% YoY 4.1X ($16.5B vs $15.5B) ($5.48 vs $5.42) (target 4.5x to 5.0x) Annual EBITDA increased 6%. DCF increased 1% including pre-funding dilution impact (1) Adjusted earnings before interest, taxes, depreciation and amorti
Slide 6: Value Proposition
Value Proposition Diversified Low-Risk Stability Pipeline & Utility-Like Earnings Strong Total Return Reliable Cash Flows & Strength Strong Balance Sheet 29 Years of Annual Consistency Dividend Increases ~5% Medium-Term Growth Growth Outlook Predictable Low-Risk Cash Flow Business Growth Lower-Carbo
Slide 7: Low-Risk Cash Flow Profile
Low-Risk Cash Flow Profile 98% of EBITDA generated from cost-of-service or contracted assets Predictable Results 18th >95% of customers are Financial Commodity Alberta COVID Consecutive Investment Grade2 Crisis Price Forest Year Achieving Guidance Collapse Fires of EBITDA has 80% inflation protectio
Slide 8: Liquids Pipelines Highlights
Regional Oil Sands Liquids Pipelines Highlights 3.1mmbpd Mainline Line 5 Highly Utilized Asset Portfolio • Record Mainline throughput in 2023 – 3.1mmbpd (Q4 3.2 mmbpd) Average Mainline Throughput • Record Gray Oak volumes in 2023 in 2023 DAPL • Record Ingleside exports in 2023 • Concluded an oversub
Slide 9: Gas Transmission Highlights
Gas Transmission Highlights Canadian Gas U.S. Gas Expanded RNG Transmission Update Transmission Update Portfolio Aitken TX Tres Ksi Lisims T-North Palacios LNG Creek Gas LNG Canada Storage Texas Sabine Cameron Plaquemines CGL Montney Eastern Pass LNG Cedar LNG LNG Basin LNG Calcasieu Freeport Pass L
Slide 10: Gas Distribution Highlights
Gas Distribution Highlights Enbridge Gas Inc. U.S. Natural Gas Utilities Acquisitions Funding Options • Added ~46,000 new customers in 2023 Hybrids3 / Asset Sales Bonds • $1.2 billion growth capital program added to $1.6 B • Capital recycling rate base $19B Equity $3.7B To date • DRIP4 Issuance To d
Slide 11: Renewables Highlights
Renewables Highlights European Offshore Wind North America Onshore R UK H CC CRR Germany RR R 2.5GW >3GW Fox Squirrel France Wind farms - onshore & offshore Gross Late-stage R Solar energy operations In operation generating development RR R R R RNG Under construction capacity opportunities C CNG Fue
Slide 12: 2023 Financial Results
2023 Financial Results Q4 YTD Guidance ($ Millions, except per share amounts) 2023 2022 2023 2022 4th Quarter Drivers Achieved even including Liquids Pipelines 2,393 2,327 9,543 8,908 Record fourth quarter impact of share Gas Transmission & Midstream 1,084 1,117 4,398 4,417 Mainline, Gray Oak issu
Slide 13: 2024 Base Business Guidance
2024 Base Business Guidance Adjusted EBITDA1,2 DCF/share1,2 Sensitivities & Assumptions ($B) $16.6 – • Guidance excludes impact of $5.40 – acquiring U.S. Gas Utilities1 $17.2 $5.80 $16.5 $15.5 $5.42 $5.48 • Mainline volumes of ~3.0mmbpd $14.0 $4.96 – TMX in-service end of Q1 2024 • Sale of Alliance
Slide 14: Indicative EBITDA Impact as Gas Utilities Close
Indicative EBITDA Impact as Gas Utilities Close 2024 Segmented EBITDA1 growth above the 2023 midpoint ~4.5% ($ millions) Base Business EBITDA All 3 gas utilities acquisitions Growth expected to close in 2024 Gas Renewable Distribution Power E&O Gas & Storage $100 2024e Guidance 2024 is expected
Slide 15: Secured Capital Program
Secured Capital Program Project Expected ISD Capital ($B) Ingleside Phase VI (Storage) 2024 0.1 USD Liquids Pipelines Enbridge Houston Oil Terminal 2025 0.2 USD Executing on $24B Modernization Program Updated 2024-2027 2.7 USD Secured Program Venice Extension 2024 0.5 USD ~$16B Appalachia to Market
Slide 16: Capital Allocation Priorities
Capital Allocation Priorities • Preserve financial strength and flexibility Protect Balance • Ongoing capital recycling program Capital Allocation Drivers Sheet • Maintain leverage within 4.5x – 5.0x 4.0x D/EBITDA2 4.5x 5.0x → Target Range ← Sustainable • DCF payout range of 60-70% Actual 4.1x Adjus
Slide 17: First Choice Investment / Upcoming Events
First Choice Investment Another successful year of operational and financial performance in 2023 Announced once-in-a-generation acquisition Upcoming of three premier U.S. gas utilities Events Resilient low-risk business model supported by scale, diversification, and high-quality cash flows Balance s
Slide 18: Enbridge
ENBRIDGE