Slide 1: Q2 2024 Earnings Presentation
August 2, 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 Mid Year Check-In Business Update First-Choice Energy Footprint Financial Performance Capital Allocation and Outlook 3
Slide 4: Mid-Year Update
Mid-Year Update Status • Acquisitions funding complete through $2.5 billion of ATM & hybrid issuances • Cancelled ATM program; return to equity self funding Financial • Base business performance on track, guidance recast to include U.S. Gas Utilities • Debt-to-EBITDA1 of 4.7x; well within target ran
Slide 5: U.S. Gas Utilities Acquisitions Execution
U.S. Gas Utilities Acquisitions Execution On track to close all three Acquisitions within approximately one year Status Federal Approvals (HSR, FCC, CFIUS) Diversified Utility Franchise EOG Public Utilities Commission of Ohio Approval Closing EGI Questar Gas Utah Public Service Commission Approval W
Slide 6: Liquids Highlights
Liquids Highlights Additional WCSB pipeline capacity required by 2026 (MMbpd) Potential ENB expansions WCSB supply1 Record Q2 Mainline and Ingleside volumes Uncontracted Contracted2 Enbridge Mainline Canadian Franchise • Mainline apportioned for all months in 2024 to date – Q2 throughput: 3.1mbpd 20
Slide 7: GTM Highlights
GTM Highlights Expanding Permian Infrastructure TX LA Texas Eastern Rate Settlement Tres Texas Eastern Waha Palacios • Reached a negotiated settlement with shippers, Hub Venice Extension to be effective October 1: Blackcomb – Base rates +6% through 2025 and an additional Whistler Plaquemines LNG +3%
Slide 8: GDS Highlights
GDS Highlights Creating the largest natural gas utility in North America1 ID WY Enbridge ONTARIO Gas Ontario • >3.9MM customers TORONTO Salt Lake City NV HAMILTON • New customers and MICHIGAN modernization drive rate Denver base growth UT CO • Equity Thickness: 38% Enbridge • ROE: 9.2% Gas Utah Las
Slide 9: Renewable Power Highlights
Renewable Power Highlights Continued execution on growth commitments laid out at Investor Day UK Seven Stars Energy Project Located near Weyburn, Saskatchewan REGINA 497 MW Fécamp placed 1 Germany • FID expected in 2025; ISD 2027 Seven Stars • Working toward securing PPA with SaskPower Wind into ser
Slide 10: First-Choice Energy Provider
First-Choice Energy Provider Driving competitive advantages across complementary franchises Ireland UK Germany Incumbent Multi-franchise footprint, extended value France chain, and exposure to key N.A growth Footprint platforms Stakeholder Long-standing relationships with federal and Relationships l
Slide 11: Scale and Connectivity Extends Growth
Scale and Connectivity Extends Growth Service optionality is creating value for high quality customers Data centers and gas-fired generation opportunities driving power demand GDS • 50 MW under contract with a data center in Utah; numerous inquiries to serve up to additional 1.5 GW Liquids pipelines
Slide 12: Quarterly Financial Results
Quarterly Financial Results Strong financial results across every business unit Q2 YTD ($ Millions, except per share amounts) 2024 20231 2024 20231 2nd Quarter Drivers Liquids Pipelines1 2,456 2,429 4,916 4,771 Gas Transmission & Midstream 1,082 1,033 2,356 2,222 Liquids volumes Gas Distribution &
Slide 13: Recasting 2024 Financial Outlook
Recasting 2024 Financial Outlook Adding the U.S. Gas Utilities and associated financing to guidance; reaffirming near-term outlook Adjusted EBITDA1 DCF/share1 Assumptions: ($B) • Base business guidance maintained $17.7 – $18.3 • PSNC closes in Q3 $16.6 – $17.2 $5.40 - $5.80 $5.40 - $5.80 Tailwinds/H
Slide 14: Financing Update
Financing Update U.S. Gas Utilities funding complete; expect leverage to remain well within 4.5x - 5.0x target range Upgrades “Planned acquisitions of the U.S. gas Debt-to-EBITDA1 Enbridge utilities provides more stable cash flow A (low) generation with lower risk compared to ENB’s existing business
Slide 15: Capital Allocation Priorities
Capital Allocation Priorities Maintaining balance sheet strength remains the top priority Balance • Preserve financial strength and flexibility $8 to $9 billion of Annual sheet • Return to equity self financing model Investment Capacity strength • Ongoing capital recycling program $8-9B Distributabl
Slide 16: First Choice Investment
First Choice Investment Sustainable return of capital and visible growth underpin a 10-12% TSR Dividend Industry-leading DCF Growth1 3-5% per share financial risk profile $3.66 Dividend Yield ~7% 98% cost-of-service/ contracted cash flows TSR 10-12% >95% of customers are investment grade2 ~80% of EB
Slide 17: Appendix
Appendix ENBRIDGE
Slide 18: Secured Capital Program
Secured Capital Program Diversified secured capital program with limited inflation risk Project Expected ISD Capital ($B) Liquids Pipelines Gray Oak & Ingleside Expansion 2025-2026 0.1 USD Executing on Expect to deploy Enbridge Houston Oil Terminal 2025 0.2 USD $24B secured Modernization Program Ven