Enbridge Inc. · TSX:ENB
Enbridge — Q1 2025 Earnings Presentation
17 slides from Enbridge's earnings presentation, May 9, 2025
Slide 1: Q1 2025 Earnings Presentation
May 9, 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 Q1 Highlights Executing Disciplined Growth, Resilient Model Business Highlights Financial Performance and Outlook Value Proposition 3
Slide 4: Q1 Highlights
Q1 Highlights Record first quarter financial results; 18% adjusted EBITDA1 growth over Q1/24 Financial Reaffirmed 2025 guidance and outlook Target leverage unchanged: 4.5x to 5.0x1 Strong utilization across the business; record Q1 Mainline and EIEC2 exports Execution & Announced 100 kbpd o
Slide 5: Executing Disciplined Growth Across Footprint
Executing Disciplined Growth Across Footprint $3B of accretive, low risk projects added to the backlog year-to-date Birch Grove Sanctioned Mainline Capital Investment Expansion • Up to $2B through 2028 supporting Mainline operational efficiencies, system reliability and longevity of the system Liqui
Slide 6: Resilient Business Model in All Economic & Commodity Cycles
Resilient Business Model in All Economic & Commodity Cycles Renewables 2 Diversified High Quality EBITDA Sources Cashflow from >200 asset streams and businesses GDS LP 1 Low-risk Commercial Structure >98% regulated or take-or-pay contracted EBITDA LP (99%) | GTM (97%) | GDS (100%) | RP (97%) 202
Slide 7: Liquids Highlights
Liquids Highlights Contracted and regulated frameworks underpin 99% of LP’s EBITDA Canadian Franchise Norman • Record first quarter Mainline volumes of 3.2 MMbpd Wells • Sanctioned up to $2B Mainline Capital Investment Regional Oil Sands (2025 to 2028) – Supports operational efficiencies and system
Slide 8: Gas Transmission Highlights
Gas Transmission Highlights Diversified natural gas platform enabling ~8 Bcf/d of sanctioned growth through 2030 U.S. Gas Transmission Aitken • Acquiring 10% equity interest in fully contracted T-North Creek Storage Matterhorn Pipeline Birch Grove Natural Gas pipeline – Up to 2.5 Bcf/d operating nat
Slide 9: Gas Transmission – Permian Spotlight
Gas Transmission – Permian Spotlight Strategic natural gas pipeline and storage network with attractive growth profile Permian Franchise 2025 Future 2024 2025 MAR JUL OCT APR MAY Growth • 7.5 Bcf/d of long-haul Permian Basin takeaway capacity1 Whistler JV Blackcomb DBR Traverse Matterhorn • 1.75 Bcf
Slide 10: Gas Distribution & Storage Highlights
Gas Distribution & Storage Highlights Constructive regulatory outcomes inform capital allocation strategy Enbridge Gas Ontario • St Laurent Pipeline Replacement ($0.2B) – Leave to construct received in March – ISD in 25/26; fully included in rates upon entering service Enbridge Gas Enbridge Gas Ohio
Slide 11: Renewable Power Highlights
Renewable Power Highlights Opportunistic and disciplined investment underpins strong returns UK Albatros Hohe See Rampion LONDON North America Calvados Fécamp Germany PARIS • On track to place over 500 MW of solar generation Saint-Nazaire into service in 2025 France – Long-term PPA’s1 with investmen
Slide 12: Quarterly Financial Results
Quarterly Financial Results Record results despite ongoing volatility Q1 1st Quarter Drivers ($ Millions, except per share amounts) 2025 20241 Liquids Pipelines1 2,621 2,460 U.S. Utilities Acquisitions; colder weather Gas Transmission & Midstream 1,439 1,274 in Ontario Gas Distribution & Storage 1
Slide 13: Guidance Reaffirmed
Guidance Reaffirmed Reaffirming growth outlook across all metrics1 Full Year Tailwinds/Headwinds 10% Interest in Matterhorn Express USD/CAD FX Rate Adjusted EBITDA2 DCF/share2 ($B) U.S. Interest Rates $5.70 2025 Budget Sensitivities $19.7 $5.60 • +/- $0.01 CAD/USD $18.0 – +/- $50M Adjusted EBI
Slide 14: Capital Allocation Priorities
Capital Allocation Priorities Disciplined growth supported by low-risk business model $9-10 Billion Annual Investment Capacity Balance • Preserve financial strength and flexibility sheet • Ongoing capital recycling program strength • Maintain leverage of 4.5x to 5.0x debt-to-EBITDA1 $1-2B Excess Cap
Slide 15: First-choice Investment
First-choice Investment Consistent business results, in all cycles, drive strong shareholder returns Low-risk, utility like business profile Financial Commodity Alberta Covid Rising Global Crisis Price Forest Inflation Trade Predictable cash flows support Collapse Fires Conflict strong balance sheet
Slide 16: Appendix
Appendix ENBRIDGE
Slide 17: Secured Capital Program
Secured Capital Program Project Expected ISD Capital ($B) Gray Oak & Ingleside Expansion 2025-2026 0.1 USD Liquids Pipelines Enbridge Houston Oil Terminal 2026 0.3 USD Mainline Capital Investment 2025-2028 2.0 CAD Modernization Program 2025-2028 2.8 USD Appalachia to Market Phase II 2025 0.1 USD Lon