Slide 1: Q1 2026 Earnings Presentation
Greg Ebel Pat Murray President & CEO EVP & CFO May 8, 2026
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: Q1 Recap
Q1 Recap • Strong first quarter financial results Financial • Reaffirmed 2026 Guidance and medium-term outlook • Leverage remains aligned with Debt-to-EBITDA target • High utilization across all businesses; record LP1 Mainline volumes; USGT2 & GDS3 peak days Operational • EIEC VII4 and Gray Oak expa
Slide 4: Connecting Supply with Energy Demand
Connecting Supply with Energy Demand Leveraging an extensive footprint to deliver reliable, secure and affordable energy to North America and beyond WCSB4 supply to grow v Aitken Creek ~1MMbpd5 by 2035 Liquids pipeline Natural Gas pipeline ✓ Sanctioned 30 kbpd Express-SIC6 project Liquids storage ✓
Slide 5: Consistent Execution Within Volatile Markets
Consistent Execution Within Volatile Markets Enbridge continues to deliver strong shareholder returns, driven by a business model underpinned by contractual safeguards and embedded revenue escalators Renewable Power High Quality Predictable results from >200 asset streams, supported Gas Liquids Cash
Slide 6: Liquids Pipelines Highlights
Liquids Pipelines Highlights Advancing egress and storage expansions to meet rising demand Mainline and Market Access v Liquids pipeline • Advancing Mainline Optimization Phase 2, supporting Entering Service (2026) incremental WCSB1 capacity through the end of the decade Liquids storage Refinery – T
Slide 7: Gas Transmission Highlights
Gas Transmission Highlights Diversified gas demand themes driving opportunities across our asset footprint Gas Transmission v • Continued execution across footprint, supporting rising demand Natural Gas pipeline for electric and natural gas utility service, LNG connections, Sanctioned Gas pipeline p
Slide 8: Gas Distribution & Storage Highlights
Gas Distribution & Storage Highlights Continued rate base investment supporting reliable service Canadian Gas Distribution Storage Program NEW • Adding 8 Bcf of additional unregulated natural gas storage to the Dawn Storage Hub; 2029 ISD Rate Case Update • Enbridge Gas Ohio – Filed new rate case on
Slide 9: Renewable Power Highlights
Renewable Power Highlights Meta partnership and blue-chip customers underpin high-quality projects UK LONDON Courseulles Sequoia Germany >1.5GW 2026 • 815 MW total; 400 MW in-service PARIS • US$1.1B, late 2026 ISD France Easter of additional safe harbored • 152 MW opportunities Spain • US$0.4B; 2026
Slide 10: Financial Results
Financial Results Strong operating results despite macroeconomic volatility Q1 ($ Millions, except per share amounts) 2026 2025 1st Quarter Drivers Liquids Pipelines 2,303 2,621 Higher rates at Enbridge Gas Utah Gas Transmission 1,518 1,439 and North Carolina and rate Gas Distribution & Storage 1,
Slide 11: Guidance Reaffirmed
Guidance Reaffirmed Strong start to 2026 driven by high asset utilization Full Year Tailwinds/Headwinds Favorable Contracting in our Gas Transmission assets Adjusted EBITDA 1 DCF/share 1 ($B) Lower Liquids Pipelines Market $5.70 – Access Contributions $20.2 – $6.10 $20.8 $5.70 Medium-term outloo
Slide 12: Capital Allocation Priorities
Capital Allocation Priorities Disciplined investment frameworks guiding outlook $10-11B Annual Investment Capacity Balance • Equity self-funding model ~$5B $6-7B sheet • Regulated & ToP1 assets support cashflow streams Additional debt capacity Organic Projects strength • Maintain leverage of 4.5x to
Slide 13: First-choice Investment Opportunity
First-choice Investment Opportunity Value proposition supports continued delivery of superior shareholder 2026 Global returns through all geopolitical and market conditions Energy Crisis 2025 U.S. Declares Low-risk, utility-like Stability business profile Global Tariffs ENB 2016 2022 Peak U.S. Shale
Slide 14: Appendix
Appendix ENBRIDGE
Slide 15: Secured Capital Program
Secured Capital Program Project Expected ISD Capital ($B)1 Enbridge Houston Oil Terminal 2026 0.3 USD Mainline Optimalization Phase 1 2027 1.4 USD Liquids Pipelines Southern Illinois Connector 2028 0.5 USD Mainline Capital Investment 2025-2028 2.0 CAD Pelican CO2 Hub 2029 0.3 USD Modernization Progr