Slide 1: Q4 2024 Earnings Presentation
February 14, 2025 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 2024 Recap Resilient Business Model & Diversified Energy Offering Business Highlights Financial Performance & Capital Allocation Takeaways 3
Slide 4: 2024 Recap
2024 Recap Executing on strategic priorities throughout the business Record financial results; >13% EBITDA1 growth vs. 2023 Delivering 30 consecutive years of growing dividends Value ~37% total shareholder return in 2024 Closed $19B acquisition of three premier U.S. natural gas utilities Cap
Slide 5: Resilient and Predictable Business Model
Resilient and Predictable Business Model Each franchise underpinned by low-risk commercial frameworks Predictable Cash Flows Liquids • Regulated Mainline ROE 2 collar and L3R ratchet Guidance range Actual results Pipelines • Take-or-pay contracts underpin cash flows Financial Commodity Alberta Covid
Slide 6: Diversified Energy Offering
Diversified Energy Offering Serving customers across our footprint to meet accelerating N.A. electric power and natural gas infrastructure demand Gas Transmission MMcf/d Added over L $5B of U.S. gas & Tennessee Ridgeline Canyon Pipeline 300 125 Net 0.8Bcf/d power projects Sparta Pipeline 30 in 2024
Slide 7: Liquids 2024 Highlights
>3MMbpd Liquids 2024 Highlights average Mainline High-utilization creating new opportunities for throughput in 2024 capital efficient expansions Canadian Franchise • Critical infrastructure largely insulated from Canada-U.S. trade Regional Oil Sands negotiations • Mainline throughput above 3 MMbpd |
Slide 8: GTM 2024 Highlights
Gas Transmission Jan’ 25 records: • Two highest peak delivery days in history for total US system GTM 2024 Highlights • Texas Eastern, M&N and AGT recorded Ideally positioned to capitalize on strong ‘top 10’ days for volumes • Egan Hub Storage recorded two ‘top 10’ North American demand fundamentals
Slide 9: GDS 2024 Highlights
GDS 2024 Highlights Generational acquisitions complete, diversifying utility footprint and capital backlog Largest North American Utility Franchise • Closed $19 billion acquisition of three premier U.S. gas utilities at historically low valuation • Delivering 9+ Bcf/d of natural gas to over 7 millio
Slide 10: Renewable Power 2024 Highlights
Renewable Power 2024 Highlights Executing industry leading corporate power UK purchase agreements Fécamp Germany Calvados Wind farms (New ) Solar farms (New ) France North America • Placed Fox Squirrel Phase 2 (250 MW1) and Phase 3 PGL (177 MW1) into service – All production backed by long-term PPA
Slide 11: Quarterly Financial Results
Quarterly Financial Results Record financial performance, exceeding top end of recast EBITDA guidance Q4 YTD 4th Quarter Drivers ($ Millions, except per share amounts) 2024 20231 2024 20231 U.S. Utilities Acquisitions Liquids Pipelines1 2,395 2,365 9,654 9,435 Fox Squirrel contributions, German
Slide 12: 2025 Financial Guidance Reaffirmed
2025 Financial Guidance Reaffirmed All franchises driving significant growth in 2025 and beyond Adjusted EBITDA1 DCF/share1 Tailwinds/Headwinds ($B) to Guidance $5.50 – (Full-Year) $19.4 – $20.0 $5.60 $5.90 $5.35 $5.45 $18.0 $4.85 $16.2 USD/CAD >1.35 $15.3 $14.1 Colder Weather U.S. Interest Rates 20
Slide 13: Capital Allocation Priorities
Capital Allocation Priorities Strong adherence to disciplined capital investment philosophy Balance Sustainable Further sheet strength return of capital growth • Preserve financial strength • 60-70% DCF1 payout range • Prioritize low-multiple and flexibility brownfield opportunities • Dividend Arist
Slide 14: First-Choice Investment
First-Choice Investment Record financial performance and highly utilized asset base Upcoming Dividend Aristocrat with 30 consecutive years of Events dividend increases Visible growth outlook supported by $26B Secured Growth Program Portfolio enables cross-franchise synergies and diverse opportunitie
Slide 15: Appendix
Appendix ENBRIDGE
Slide 16: Secured Capital Program
Secured Capital Program Diversified secured capital program with limited inflation risk Project Expected ISD Capital ($B) Gray Oak & Ingleside Expansion 2025-2026 0.1 USD Liquids Pipelines Enbridge Houston Oil Terminal UPDATED 2026 0.3 USD Modernization Program UPDATED 2025-2028 2.8 USD Appalachia t
Slide 17: Q&A