Slide 1: Q1 2024 Earnings Presentation
May 10, 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 Q1 Recap Business Update Financial Performance Capital Allocation and Outlook 3
Slide 4: Q1 Highlights
Q1 Highlights Commitment to execution driving record financial performance; guidance maintained Record financial results; guidance reaffirmed Financial Adjusted EBITDA1 increased 11% compared to Q1/23 High asset utilization and reliability across franchises; safety remains top priority Close
Slide 5: Quarterly Financial Highlights
Quarterly Financial Highlights Year-over-year EBITDA increased 11%; DCF per share increased 4% Adjusted EBITDA1 DCF/share1 Debt/EBITDA1 Q1 Actuals +11% +4% 4.7x ($5.0B vs $4.5B) ($1.63 vs $1.57) (Target 4.5x to 5.0x) Adjusted EBITDA1 DCF/share1 Debt/EBITDA1 Base Business +8% +8% 4.6x ($4.8B vs $4.5B
Slide 6: Committed to Low-Risk Model
Committed to Low-Risk Model Industry leading business risk supports target leverage range of 4.5x to 5.0x Industry-leading 7.0x financial risk profile 6.0x ENB’s Debt/EBITDA1 Target Range: 4.5 - 5.0x 5.0x 98% cost-of-service/ contracted cash flows 4.0x >95% of customers are 3.0x investment grade
Slide 7: Liquids Highlights
Liquids Highlights Strong Mainline throughput; advancing Permian export strategy Mainline WCSB • Another strong quarter for utilization (3.1 mmbpd) Ft. McMurray • Mainline Tolling Settlement approved by CER Edmonton Advanced USGC Strategy Bakken • Acquired two docks and nearby land adjacent to Montr
Slide 8: GTM Highlights
GTM Highlights Aitken T-North Creek Expanding and diversifying natural gas infrastructure Ksi Lisims LNG Gas Storage to support increasing N.A. and global demand LNG Canada Cedar LNG CGL Montney Basin Canadian Gas Transmission Update T-South Deep Basin • Woodfibre 60% engineering milestones expected
Slide 9: Whistler JV Spotlight
Whistler JV Spotlight Ownership in integrated Permian natural gas network connecting supply to growing LNG and USGC demand Complements super system strategy • 19% interest1 in network connecting Permian basin Currently delivers 90% Contracted to growing LNG demand ~2.5Bcfd cash flows • Diversifies c
Slide 10: GDS Highlights
GDS Highlights Closed Enbridge Gas Ohio acquisition; Enbridge Gas Inc rebasing decision under review U.S. Gas Utilities – Enbridge QUEBEC Enbridge Gas Ohio Cleveland Gas Ontario ONTARIO TORONTO DAWN HAMILTON HUB MICHIGAN Hamilton Growth Dawn to Corunna Closed March 6, 2024 Rebasing update • Fully re
Slide 11: Renewable Power
Renewable Power French OSW projects coming online; all backed by long-term government contracts Calvados Fécamp Provence Grand Large (Courseulles sur Mer) • All turbines installed & over • All floaters & turbines installed • Under construction 80% commissioned • 24MW1 | 25% ownership • 448MW1 | 21.7
Slide 12: ESG Targets Dashboard
ESG Targets Dashboard On track to meet or exceed all sustainability targets GHG emissions Diversity, equity and inclusion Goal: By 2025, increase workforce representation to: 105% 20% 72% 76% 78% 94% of our goal of our goal of our goal of our goal of our goal of our goal Goal: Goal: 6% people with 7
Slide 13: Quarterly Financial Results
Quarterly Financial Results Record quarterly results; re-affirming 2024 guidance and medium-term outlook Q1 1st Quarter Drivers ($ Millions, except per share amounts) 2024 20231 Liquids volumes Liquids Pipelines 2,460 2,342 1,274 1,189 GTM gas storage & RNG acquisitions Gas Transmission & Midstr
Slide 14: Visible Growth Drivers
Visible Growth Drivers $25B Secured capital program and optimizations expected to drive growth through 2028 3% Annual growth from secured growth backlog 1-2% Annual growth from optimizations/cost savings $2B Asset optimizations • Fécamp • Flanagan South open season $8B • PGL • Calvados • Rate fili
Slide 15: Capital Allocation Priorities
Capital Allocation Priorities Fortifying the balance sheet to optimize shareholder returns remains the top priority Investment Capacity Outlook Balance • Preserve financial strength and flexibility $8-9B sheet • Ongoing capital recycling program Maintains strength • Maintain leverage of 4.5x-5.0x1 l
Slide 16: First Choice Investment
First Choice Investment Sustainably returning capital to shareholders remains a key part of our value proposition Dividend/share Value drivers $3.66 Diversified low-risk Capital pipeline / utility model appreciation + dividend growth Reliable cash flows & strong ~12% balance sheet TSR1 since 2004 29
Slide 17: Appendix
Appendix ENBRIDGE
Slide 18: Secured Capital Program
Secured Capital Program Diversified secured capital program with limited inflation risk Project Expected ISD Capital ($B) Liquids Pipelines Ingleside Phase VII (Storage) 2025 0.1 USD Executing on Expect to $25B secured Enbridge Houston Oil Terminal 2025 0.2 USD invest Modernization Program 2024-2027