Enbridge Poised to Capitalize on Multiple Growing Energy Demand Themes; Extends Growth Outlook through the End of the Decade; Reaffirms Financial Outlook

CALGARY, AB, March 4, 2025 – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) is reiterating its strategic priorities, demonstrating the visibility of its growth outlook, and reaffirming its financial outlook which will be discussed further at the Company’s investor conference today in New York. A virtual broadcast of the event is also available for registered participants (link).

Highlights

• Growing secured investment backlog to $29 billion; $2.5 billion of new accretive investments:
  • Up to $2.0 billion of Mainline capital investment through 2028 to further reliability and efficiency given continuing demands on the system
  • Sanctioned the $0.4 billion Birch Grove brownfield expansion of the T-North Pipeline in British Columbia, adding critical natural gas egress out of the Montney basin, with an expected in-service date in 2028
  • Sanctioned a $0.1 billion expansion of the T15 project in North Carolina in February, which is expected to double the capacity of the original project
• Evaluating approximately $50 billion of diversified future investment opportunities through 2030 including, but not limited to:
  • Liquids Pipelines: Mainline optimizations, market access extensions, U.S. Gulf Coast expansions, and lower-carbon opportunities
  • Gas Transmission: Permian and U.S. Gulf Coast expansions and power demand related projects
  • Gas Distribution: Extending foundational utility rate base investment through 2030
  • Renewables: Over 3 GW of late- and mid-stage renewable power projects
• Generating annual investment capacity¹ of $9–$10 billion while maintaining a strong balance sheet and staying within the target debt-to-EBITDA range of 4.5x-5.0x*
• Reaffirming average annual growth rate through 2026 of:
  • 7-9% for adjusted earnings before interest, income taxes and depreciation (EBITDA)*
  • 4-6% for adjusted earnings per share (EPS)*; and
  • ~3% for distributable cash flow (DCF)* per share
• Reaffirming 5% average annual growth rates for adjusted EBITDA, adjusted EPS and DCF per share post-2026 and through the decade
• Expecting to return approximately $40–$45 billion to shareholders over the next five years through steadily growing dividends²
• Reaffirming 2025 full year financial guidance:
  • Adjusted EBITDA of $19.4–$20.0 billion
  • DCF per share of $5.50–$5.90

CEO Comment

“Global energy demand is growing and will require all forms of energy. Enbridge’s diversified infrastructure footprint is uniquely positioned to meet this demand, delivering a balance of oil, natural gas and renewable power across 5 countries, 43 states, and 8 provinces. Our Liquids super systems provide 6 million barrels per day of oil egress from North America’s three most prolific oil basins, and our Ingleside facility exported over 1.2 million barrels per day during the second half of 2024. Our Gas Transmission infrastructure is connected to every operating LNG export facility on the Gulf Coast and is within 50 miles of over 40 billion cubic feet per day of data center and power-generation opportunities. Our Gas Distribution customer base is now over 7 million and growing, driven by residential, industrial and power demand. Our Renewables business currently generates over 5 GW of lower-carbon electricity, which continues to be in high demand from both governments and large blue-chip customers. All four of our growing franchises are opportunity-rich, and we’re seeing approximately $50 billion of combined new growth opportunities through 2030.

“We are excited to announce $2.5 billion of accretive investments. In Liquids, Enbridge will invest up to $2 billion in the Mainline through 2028 to support the growing need for ratable egress out of Alberta. This investment will maximize existing operating capacity so that our customers have an even safer, and more reliable, cost-effective path to deliver their product to market. In Gas Transmission we are announcing Birch Grove, a 179 million cubic feet per day expansion of T-North Pipeline, which is expected to provide additional egress to our customers in Northern British Columbia and support LNG exports off Canada’s west coast. This $0.4 billion expansion is expected to enter service in 2028, bringing the total capacity of T-North to 3.7 billion cubic feet per day. Finally in Gas Distribution, Enbridge also sanctioned a second phase of the T15 project in North Carolina, which should double the capacity of natural gas delivered to Duke’s Roxboro plant, as it transitions to gas-fired generation.

“In combination with the $8 billion of projects we sanctioned in 2024, Enbridge’s secured growth now sits at $29 billion. We expect to place approximately $23 billion of that secured backlog into service through 2027 and the remainder is slated to enter service through 2029. Enbridge will continue to be disciplined as we continuously high-grade our $50 billion opportunity set through the end of the decade. Rigorous investment criteria, including project-specific hurdle rates and low-risk commercial models, allow us to capture strong risk-adjusted returns and maximize value for our investors.

“Looking ahead, we’ll maintain our capital discipline and financial flexibility. Our long-held target debt-to-EBITDA range of 4.5x to 5.0x remains the sweet spot for Enbridge and our steadily growing business can equity self-fund $9–$10 billion of annual growth capital. The visibility of our growth profile is as strong as ever. We are reaffirming our 2023 to 2026 outlook of 7-9% EBITDA growth, 3% DCF per share growth and 4-6% EPS growth, as well as our post-2026 outlook of 5% average annual growth across all three metrics.

“Growing demand for all forms of energy is creating opportunities across all four of our franchises, emphasizing the value of scale and diversification. Our continued commitment to operational excellence gives us confidence that we’ll continue our track record of securing attractive projects and leading the way as we deliver safe, reliable and affordable energy everywhere people need it. Reliable cash flows and our visible growth outlook are expected to support consistent dividend increases and predictable capital returns to shareholders, and we believe that our strategic and financial plans offer a first-choice investment opportunity. At Enbridge, Tomorrow is On!”

Financial Outlook

The Company is reaffirming its financial outlook for EBITDA of 7-9% average annual growth through 2026 and its average annual DCF per share and EPS growth outlooks of 3% and 4-6%, respectively, through 2026. Post-2026, and through the end of the decade, Enbridge expects average annual growth of ~5% for adjusted EBITDA, DCF per share and adjusted EPS.

The Company also reaffirms its 2025 financial guidance for adjusted EBITDA and DCF per share.

New Growth Projects and Investments

Liquids Pipelines: Mainline Capital Investment

Enbridge is announcing plans to invest up to $2 billion in the Mainline through 2028. These investments will be focused on further enhancing and sustaining reliability and efficiency aimed at ensuring the Mainline system continues to operate safely and at full capacity to support maximum throughput for years to come.

Mainline investments are expected to earn attractive risk-adjusted returns within the Mainline Tolling Settlement and enter service ratably through 2028.

Gas Transmission: Birch Grove

In June 2024, Westcoast Energy Inc. completed a successful open season to provide additional egress for natural gas producers in northeastern British Columbia to access markets for their growing production, mainly from the prolific Montney formation. As a result, the Company will be proceeding with a 179 million cubic feet per day expansion of its BC Pipeline in northern British Columbia. The Birch Grove project includes pipeline looping and ancillary station modifications, within existing rights of ways, which are expected to be complete in 2028. Including the previously announced Aspen Point expansion, the Birch Grove project is expected to increase the total capacity of the T-North section of the BC Pipeline to ~3.7 billion cubic feet per day.

The project is underpinned by a cost-of-service commercial model and is expected to cost $0.4 billion and enter service in 2028.

Gas Distribution: T-15 Phase 2

In February, Enbridge sanctioned $0.1 billion to expand the scope of T15 to install additional compression, doubling the capacity of the original T15 project. The expanded T15 project is expected to deliver approximately 510 million cubic feet per day of natural gas to Duke Energy’s Roxboro plant in North Carolina. Both phases of T15 are expected to cost an aggregate US$0.7 billion and enter service in 2027/2028.

Details of Enbridge’s Investor Conference

Enbridge’s investor conference will be held today at 7:00 a.m. MT (9:00 a.m. ET).  The conference will be webcast live.

Presentations and supporting materials are posted on Enbridge’s website in ‘Events and Presentations’ within the Investor Relations section.

A webcast replay and transcript will be available and posted to Enbridge’s website approximately 48 hours after the event.

About Enbridge Inc.

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We’re investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power to advance new technologies including hydrogen, renewable natural gas and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge’s common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

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