Slide 1: Second Quarter Update
Second Quarter Update Greg Ebel Pat Murray President & CEO EVP & CFO July 31, 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: Q2 Recap
Q2 Recap • Record second quarter Adjusted EBITDA1 Financial • Reaffirmed 2026 Guidance and medium-term outlook • Strong utilization across all businesses Operational • Began commissioning of Blackcomb pipeline; EHOT2 entered service • Sanctioned Line 5 Relocation Project in Wisconsin • Announced an
Slide 4: Fundamentals Support Growth Through 2030
Fundamentals Support Growth Through 2030 On track to sanction up to $20B of opportunities through 2027 Sanctioned (FID) YTD 2026 FID opportunities through 2027 UK Sustained growth driven by data centers, ~of$50 B Germany Gas LNG, onshoring, and coal-to-gas conversion Transmission ~$1.5B opportunitie
Slide 5: Liquids Pipelines Highlights
Liquids Pipelines Highlights Oil sands production development supports multiple growth opportunities across Enbridge's asset base Regional Oil Sands Franchise v Woodland Athabasca Terminal • Pursuing a growing opportunity set across our 30-pipeline system, driven Wood Buffalo Cheecham Terminal by si
Slide 6: Gas Transmission Highlights
Gas Transmission Highlights Advancing opportunities to meet growing LNG, power, and utility demand across North America U.S. Gas Transmission v Advancing projects across our footprint to support rising power and Natural gas pipeline natural gas demand, LNG expansion, and data center opportunities Ga
Slide 7: Gas Distribution & Storage Highlights
Gas Distribution & Storage Highlights Regulatory engagement and modern recovery mechanisms support attractive risk-adjusted returns and predictable investment throughout the decade Stable, Predictable Regulatory Constructs • Enbridge Gas Ohio – Straight-fixed variable rate design U.S. Utility Rate B
Slide 8: Renewable Power Highlights
Renewable Power Highlights Over 2 GW of power generation capacity under construction in North America and Europe >1.5GW of additional safe harboured opportunities 2026 2027 Sequoia Cowboy Cone Phase 1 Easter Clear Fork Courseulles 815MW 365MW 1 300MW • Abilene, TX 152MW 600MW • Lubbock, TX 448MW 3 •
Slide 9: Financial Results
Financial Results Record second-quarter adjusted EBITDA driven by strong asset utilization Q2 YTD ($ Millions, except per share amounts) 2026 2025 2026 2025 2nd Quarter Drivers Liquids Pipelines 2,341 2,336 4,644 4,957 Gas Transmission 1,421 1,384 2,939 2,823 Higher contributions on 878 840 2,587
Slide 10: Guidance Reaffirmed
Guidance Reaffirmed Positioned to deliver full-year results at the midpoint of guidance Adjusted EBITDA 1 DCF/share 1 Full Year Tailwinds/Headwinds ($B) Favorable Contracting in our $5.70 – $20.2 – $6.10 Gas Transmission assets $20.8 $5.70 $19.7 $5.45 $5.60 Higher spot volumes on Seaway $18.0 in
Slide 11: Capital Allocation Priorities
Capital Allocation Priorities Continued focus on low-risk business frameworks $10-11B Annual Growth Capital Investment Capacity Balance • Equity self-funding model ~$5B $6-7B sheet • Regulated & ToP1 assets support cash flow streams Additional Organic strength • Maintain target leverage of 4.5x to 5
Slide 12: First-choice Investment Opportunity
First-choice Investment Opportunity Enbridge positioned to capture substantial energy demand tailwind amid improving business risk and stronger return environment Low-risk, utility-like Stability business profile Predictable cash flows support Strength strong balance sheet 31 consecutive years of Co
Slide 13: Appendix
Appendix ENBRIDGE
Slide 14: Secured Capital Program
Secured Capital Program Project Expected ISD Capital ($B)1 Line 5 Relocation NEW 2027 1.0 USD Mainline Optimization 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 Program 2026-20