Slide 1: Q3 2024 Earnings Presentation
November 1, 2024 Greg Ebel Pat Murray President & CEO 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 Updates Financial Performance Capital Allocation and Outlook 3
Slide 4: Third-Quarter Updates
Third-Quarter Updates • Strong Q3 financial results • EBITDA1 and DCF1/share guidance reaffirmed; near top end for EBITDA & midpoint for DCF/share Financial • Debt-to-EBITDA1 of 4.5x to 5.0x; anticipate lower leverage as full-year U.S. Utilities EBITDA realized • Equity-self funding • Strong utiliza
Slide 5: Designed to Succeed in All Market Cycles
Designed to Succeed in All Market Cycles ENB represents Sustainable return of capital and visible growth underpin a 10-12% TSR ~10% of total TSX 60 Yield2 dividends paid1 ENB Dividend Aristocrat | 29 Consecutive Annual Increases 6.5% 98% Contracted / Cost of Service Cash Flows CAD10yr UST10yr 3.3% 4
Slide 6: Positioned to Serve Gas and Power Demand
Positioned to Serve Gas and Power Demand Enbridge infrastructure ideally situated to benefit from electric power, LNG, and industrial growth Electric Power & Industrial Growth • 45% of N.A. gas-fired-gen within 50 miles of ENB network Up to – TN: 1.5GW, ~US$1.1B coal-to-gas Tennessee Ridgeline proje
Slide 7: Liquids Highlights
CANADA | ~2 MMbpd1 Connected to >75% Liquids Highlights Unparallelled connectivity to demand PADD II | 4 MMbpd1 Western Canadian Sedimentary Basin Connected to >90% PADD IV | ~1MMbpd1 • Expecting to exceed Mainline volume forecast of Connected to >90% PADD III | 10 MMbpd1 3 MMbpd Connected to ~90% •
Slide 8: GTM Highlights
GTM Highlights Connecting new supply to key demand centers and extending Permian gas value chain U.S. Gulf Coast • Offshore pipelines – Canyon pipelines will service bp’s Kaskida offshore operations (~US$0.7 billion) ▪ Backed by long-term contracts ▪ Targeting 2029 ISD; adds end of decade capital to
Slide 9: GDS Highlights
GDS Highlights Largest natural gas utility in North America primed to serve growing gas demand immediately Enbridge Gas Enbridge Gas Enbridge Gas Enbridge Gas 9GW of data center Ontario ONTARIO Ohio1 Utah2 ID WY North Carolina3 VA NV opportunities Cleveland across utility Toronto OHIO Salt Lake City
Slide 10: Renewable Power Highlights
Renewable Power Highlights Significant backlog growth with blue-chip customers across the U.S. >6GW1 of onshore N.A. Fox Squirrel Solar Sequoia Solar opportunities Up to Cleveland 577MW1 Sequoia Solar Farm 815 MW1 OHIO Dallas TEXAS Columbus Fox Squirrel Solar • Phase II complete, Phase III construct
Slide 11: Quarterly Financial Results
Quarterly Financial Results Strong financial results across the company Q3 YTD 3rd Quarter Drivers ($ Millions, except per share amounts) 2024 20231 2024 20231 Liquids Pipelines1 2,343 2,299 7,259 7,070 Mainline toll escalator Gas Transmission & Midstream 1,154 1,092 3,510 3,314 Contributions fr
Slide 12: Reaffirming Guidance and Multi-Year Outlook
Reaffirming Guidance and Multi-Year Outlook Trending towards top end of range for EBITDA and midpoint for DCF/share Adjusted EBITDA1 DCF/share1 Near-term outlook ($billions) 2023-2026 EBITDA1 CAGR: 7%-9% $17.7 – $18.3 $5.40 – $5.80 EPS1 CAGR: 4%-6% Slightly lower due to higher interest costs DCF/s1
Slide 13: Capital Allocation Priorities
Capital Allocation Priorities Disciplined capital allocation within leverage target drives stable cash-flow and dividend growth • Preserve financial strength and flexibility $8 to $9 billion of Annual Balance • Ongoing capital recycling program Investment Capacity2 sheet strength • Maintain leverage
Slide 14: First-Choice Investment
First-Choice Investment Enbridge is positioned to succeed in all market conditions Upcoming Scale and diversification driving competitive advantages across complementary franchises Events Industry-leading footprint and world-class execution positions Enbridge to benefit from substantial 2025 Financi
Slide 15: Appendix
Appendix ENBRIDGE
Slide 16: Secured Capital Program
Secured Capital Program Diversified secured capital program with limited inflation risk Project Expected ISD Capital ($B) Gray Oak & Ingleside Expansion 2025-2026 0.1 USD Liquids Pipelines Enbridge Houston Oil Terminal 2025 0.2 USD Modernization Program 2024-2027 2.9 USD Venice Extension 2024 0.5 US
Slide 17: Q&A