Slide 1: Second Quarter Update
Second Quarter Update August 4, 2023 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 • Mid-year Check-in • Business Update • ESG Update • First-choice Investment • Financial Results 3
Slide 4: Mid-Year Check In
Mid-Year Check In Status Strong financial • YTD performance on track, guidance re-affirmed results • Debt/EBITDA in lower half of target range (4.5x-5.0x) • Negotiated Mainline Tolling agreement in Principle • Extended & upsized Flanagan South open season Q4 • Sanctioned Enbridge Houston Oil Termina
Slide 5: Liquids Pipelines Highlights
Liquids Pipelines Highlights Mainline Competitive Liquids System Line 5 • Record 1H Mainline volumes (~3.1mmbpd) • FSP1 open season extended & upsized • Attractive transportation access to 64 refineries; ~75% of N.A. refining capacity2 Flanagan South Features of win-win-win Mainline tolling agreemen
Slide 6: Gas Transmission Highlights
Gas Transmission Highlights Aitken BC Creek Gas T-North TX Venice Ksi Lisims LNG Storage Cameron Extension Extension LNG Canada Tres Plaquemines AB LA CGL1 Texas Palacios Cameron LNG Cedar LNG Montney LNG Basin Eastern Sabine Alliance Pass Calcasieu Pipeline Rio Bravo Freeport LNG Pass LNG T-South D
Slide 7: Gas Distribution Highlights
Gas Distribution Highlights Customer Connections Realized ROEs 3.9+ 12% Base ROE Actual ROE 10% 8% ~3.5 Predictable Consistently 6% achieving rate base growth 4% allowed returns 2% 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023e 2018 2019 2020 2021 2022 2 2023e • 21K customer adds in first half of
Slide 8: Renewables Highlights
London UK Germany Renewables Highlights Paris France Europe Calgary • French Offshore Wind projects under construction – Fécamp (497MW | Q1 2024); First turbine installed – PGL (24MW | Q1 2024); All floaters installed – Calvados (448MW | 2025) North America • >4.5 GW of projects in development Dalla
Slide 9: Published 22nd Sustainability Report
Published 22nd Performance against ESG goals Sustainability Report GHG Emissions Net Zero GHG Intensity Emissions Highlights Intensity Reduction 27%1 18% 35% 2018 2030 2018 2050 • Expanded methane reporting in 2022 • Advancing discussions with key suppliers on Scope 3 emissions Diversity & Inclusion
Slide 10: Industry Leading Cash Flows
Industry Leading Cash Flows Diversified Asset Base Utility-Like Cash Flows of EBITDA from assets (2023e EBTIDA) Fee for service & <2% subject to commodity risk Commodity exposed Take-or-Pay+1 GTM US Transmission2 Regional Oil Sands >95% of customers are Gas Transmission 51% LP US Market Access Pipel
Slide 11: First-Choice Investment Opportunity
First-Choice Investment Opportunity Value Drivers 4 1.2 Diversified Low-Risk $3.55/sh Pipeline / Utility Model 3.5 Capital 1 3 appreciation + dividend growth 0.8 Reliable Cash Flows & Strong Balance Sheet ~12% 2.5 2 0.6 TSR since 28 Years of Annual 1.5 2002 0.4 Dividend Increases 1 0.5 0.2 ~5% Mediu
Slide 12: Q2 Financial Results
Q2 Financial Results Q2 YTD ($ Millions, except per share amounts) 2023 2022 2023 2022 Quarterly Drivers Liquids Pipelines 2,471 2,095 4,825 4,312 Gas Transmission & Midstream 1,033 1,084 2,222 2,142 Record Q2 Mainline volumes Gas Distribution & Storage 367 422 1,083 1,096 Lower provision on Mai
Slide 13: 2023 Guidance Maintained
2023 Guidance Maintained Adjusted EBITDA 1 DCF/share1 Tailwinds/Headwinds Budget Quarterly ($B) to Guidance Profile (Remaining 6 months) Adj. EBITDA & DCF1 $15.9 – $5.25 – $16.5 $5.65 $15.5 $5.42 $14.0 $4.96 Strong operating performance Lower Mainline Toll effective July 1 Higher interest rates 2021
Slide 14: Medium-Term Outlook
Medium-Term Outlook Near-term outlook 2022 to 2025 EBITDA1 CAGR: 4%-6% ~2% Deploying ~5% EPS1 CAGR: 4%-6% Will track approximately CAGR Investment with EBITDA ~1-2% Capacity DCF/s1 CAGR: ~3% Secured • Robust opportunity set Modest headwinds from • Tuck-in M&A tax legislation ~1-2% Organic Growth • S
Slide 15: Disciplined Capital Allocation
Disciplined Capital Allocation Annual Investment Capacity Balance • Preserve financial strength and flexibility ~$11B ~$7B Sheet Strength • Maintain leverage within 4.5x – 5.0x target Sustainable • Dividend growth up to medium-term DCF/share growth ~$2B ~$6B Return of Capital • Opportunistic share r
Slide 16: Secured Capital Program
Secured Capital Program Executing on $19B Project Expected ISD Capital ($B) Secured Program Ingleside Phase VI (Storage) 2024 0.1 USD Liquids Pipelines Enbridge Houston Oil Terminal 2025 0.2 USD ~$13B Modernization Program 2023-2026 2.7 USD Appalachia to Market Phase II 2025 0.1 USD Venice Extension
Slide 17: Key Takeaways
Key Takeaways Resilient low-risk business model Strong supported by scale, diversification, Total Return and high-quality cash flows Returning capital through sustainable and growing dividend & opportunistic share repurchases Predictable Low-Risk Cash Flow Business Growth Growth through business opt
Slide 18: ENBRIDGE
ENBRIDGE