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May 9, 2025 Greg Ebel President & CEO Pat Murray EVP & CFO
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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 management’s assessment of their future plans and operations, which FLI may not be appropriate for other purposes. FLI is typically identified by words such as “anticipate”, “expect”, “project”, “estimate”, “forecast”, “plan”, “intend”, “target”, “believe”, “likely” and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI. In particular, this presentation contains FLI pertaining to, but not limited to, information with respect to the following: Enbridge’s strategic plan, priorities and outlook; 2025 financial guidance and near and medium term outlooks, including average annual growth rate, distributable cash flow (DCF) per share, adjusted EBITDA and adjusted earnings per share (EPS), and expected growth thereof; expected dividends, dividend growth and dividend policy; expected supply of, demand for, exports of and prices of crude oil, natural gas, natural gas liquids (NGL) , liquefied natural gas (LNG), renewable natural gas (RNG), and renewable energy; energy transition and our approach thereto, including emissions reduction goals; industry and market conditions; anticipated utilization of our assets; expected EBITDA and adjusted EBITDA; expected DCF and DCF per share; expected EPS; expected future cash flows, including free cash flow; expected shareholder returns and returns on capital; expected performance of the Company’s businesses, including customer growth, organic growth opportunities and optimization initiatives; financial strength, capacity and flexibility; financial priorities and outlook; expectations on sources of liquidity and sufficiency of financial resources; expectations on leverage, including debt-to-EBITDA outlook and target range; expected costs, in- service dates and final investment decisions for announced projects, projects under construction and system expansion, optimization and modernization; capital allocation priorities; investment capacity; expected future growth and expansion opportunities, including secured growth program, and development opportunities and strategy, including with respect to the Mainline Capital Investment, Mainline Optimization Phase I, the Matterhorn Pipeline Interest, Traverse Pipeline, and the Birch Grove Expansion; and toll and rate case proceedings and frameworks, including with respect to ongoing and expected rate cases in North Carolina and Utah. Although we believe that the FLI is reasonable based on the information available and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature, FLI involves a variety of assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by the FLI, including, but not limited to, the following: the expected supply of, demand for, export of and prices of crude oil, natural gas, NGL, LNG, RNG and renewable energy; energy transition, including the drivers and pace thereof; global economic growth and trade; anticipated utilization of our assets; exchange rates; inflation; interest rates; tax laws and tax rates; availability and price of labour and construction materials; the stability of our supply chain; operational reliability and performance; customer, regulatory and stakeholder support and approvals; anticipated in-service dates and final investment decisions; weather; announced and potential acquisition, disposition and other corporate transactions and projects; governmental legislation; evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions, or other trade measures; litigation; credit ratings; hedging program; expected EBITDA and adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected future cash flows, including free cash flow; expected future DCF and DCF per share; estimated future dividends; financial strength and flexibility; debt and equity market conditions; general economic and competitive conditions; the ability of management to execute key priorities; and the effectiveness of various actions resulting from the Company’s strategic priorities. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other assumptions, risks and uncertainties can be found in applicable filings with Canadian and U.S. securities regulators. Due to the interdependencies and correlation of these factors, as well as other factors, the impact of any one assumption, risk or uncertainty on FLI cannot be determined with certainty. Except to the extent required by applicable law, we assume no obligation to publicly update or revise any FLI made in this presentation or otherwise, whether as a result of new information, future events or otherwise. All FLI in this presentation and all subsequent FLI, whether written or oral, attributable to Enbridge, or any of its subsidiaries or affiliates, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements. Non-GAAP Measures This presentation makes reference to non-GAAP and other financial measures, including earnings before interest, income taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted earnings and adjusted earnings per share (EPS), distributable cash flow (DCF) and DCF per share, free cash flow and debt-to-EBITDA. Management believes the presentation of these metrics gives useful information to investors and shareholders as they provide increased transparency and insight into the performance of the Company. Adjusted EBITDA represents EBITDA adjusted for unusual, infrequent or other nonoperating factors on both a consolidated and segmented basis. Management uses EBITDA and adjusted EBITDA to set targets and to assess the performance of the Company and its business units. Adjusted earnings represent earnings attributable to common shareholders adjusted for unusual, infrequent or other non-operating factors included in adjusted EBITDA, as well as adjustments for unusual, infrequent or other non-operating factors in respect of depreciation and amortization expense, interest expense, income taxes and non-controlling interests on a consolidated basis. Management uses adjusted earnings as another measure of the Company’s ability to generate earnings. DCF is defined as cash flow provided by operating activities before the impact of changes in operating assets and liabilities (including changes in environmental liabilities) less distributions to non controlling interests, preference share dividends and maintenance capital expenditures, and further adjusted for unusual, infrequent or other non-operating factors. Management also uses DCF to assess the performance of the Company and to set its dividend payout target. Free cash flow represents DCF less dividends and is used by Management as a measure of cash available to spend and in the calculation of Enbridge’s investment capacity, or the Company’s ability to invest cash without increasing leverage above the applicable target range. Debt-to-EBITDA is used as a liquidity measure to indicate the amount of adjusted earnings available to pay debt (as calculated on a GAAP basis) before covering interest, tax, depreciation and amortization. Reconciliations of forward-looking non-GAAP and other financial measures to comparable GAAP measures are not available due to the challenges and impracticability of estimating certain items, particularly certain contingent liabilities and non-cash unrealized derivative fair value losses and gains which are subject to market variability. Because of those challenges, reconciliations of forward-looking non-GAAP and other financial measures are not available without unreasonable effort. The non-GAAP measures described above are not measures that have standardized meaning prescribed by generally accepted accounting principles in the United States of America (U.S. GAAP) and are not U.S. GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other issuers. A reconciliation of historical non-GAAP and other financial measures to the most directly comparable GAAP measures is available on the Company’s website. Additional information on non-GAAP and other financial measures may be found in the Company’s earnings news releases or in additional information on the Company’s website, www.sedarplus.ca or www.sec.gov. Unless otherwise specified, all dollar amounts in this presentation are expressed in Canadian dollars, all references to “dollars” or “$” are to Canadian dollars and all references to “US$” are to US dollars. 2
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Q1 Highlights Executing Disciplined Growth, Resilient Model Business Highlights Financial Performance and Outlook Value Proposition Agenda 3
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4 (1) Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) and debt-to-EBITDA are non-GAAP measures. Reconciliations to the nearest GAAP measures are included in the Q1 earnings release and other documents available at www.enbridge.com; (2) Enbridge Ingleside Energy Center Q1 Highlights Financial Record first quarter financial results; 18% adjusted EBITDA1 growth over Q1/24 Reaffirmed 2025 guidance and outlook T arget leverage unchanged: 4.5x to 5.0x1 Execution & Operations Strong utilization across the business; record Q1 Mainline and EIEC2 exports Announced 100 kbpd open season on Flanagan South Pipeline Orange Grove Solar project in service NEW Growth Acquiring 10% equity interest in the Matterhorn Express Pipeline NEW Sanctioned the Traverse Pipeline in the U.S. Gulf Coast
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5 (1) Mainline Optimization; (2) Letter of Intent Executing Disciplined Growth Across Footprint Liquids Pipelines Sanctioned Mainline Capital Investment • Up to $2B through 2028 supporting Mainline operational efficiencies, system reliability and longevity of the system Announced Flanagan South Open Season • Up to 100 kbpd of incremental capacity supporting MLO 1 Phase 1 Signed LOI 2 to support WCSB egress with Gov. of Alberta • Established working group to accelerate expansion opportunities Gas Transmission Acquiring Matterhorn Pipeline Interest • 2.5 Bcf/d natural gas pipeline serving growing Permian egress needs Sanctioned Traverse Pipeline • Up to 1.75 Bcf/d natural gas pipeline providing shippers optionality between Katy Hub and Agua Dulce demand destinations Sanctioned Birch Grove Expansion • 179 MMcf/d expansion of T-North system supporting west coast LNG $3B of accretive, low risk projects added to the backlog year-to-date L Traverse Birch Grove Expansion Mainline Capital Investment Matterhorn
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6 (1) Mainline earns within 11-14.5% Return on Equity collar under Mainline Tolling Settlement; (2) Adjusted EBITDA is a non-GAAP measure. Reconciliations to the nearest GAAP measures are included in the Q1 earnings release and other documents available at www.enbridge.com; (3) Investment grade or equivalent; (4) EBITDA derived from assets with revenue inflators or regulatory mechanisms for recovering rising costs Resilient Business Model in All Economic & Commodity Cycles 2025e Business Mix GDS GTM LP 1 Renewables Diversified High Quality EBITDA 2 Sources Cashflow from >200 asset streams and businesses Low-risk Commercial Structure >98% regulated or take-or-pay contracted EBITDA LP (99%) | GTM (97%) | GDS (100%) | RP (97%) Investment Grade Credit Profile >95% of customers are investment grade 3 Inflation Protected ~80% of EBITDA inflation protected 4 Negligible Commodity Exposure <1% of EBITDA tied to commodity pricing BBB+ BBB+ Baa2 A (low)
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7(1) Final investment decision Liquids Highlights Contracted and regulated frameworks underpin 99% of LP’s EBITDA Canadian Franchise • Record first quarter Mainline volumes of 3.2 MMbpd • Sanctioned up to $2B Mainline Capital Investment (2025 to 2028) – Supports operational efficiencies and system reliability – Earns 11.0-14.5% within ROE performance collar • MLO Phase 1 (150 kbpd) FID1 expected in 2025 – Flanagan South Pipeline open season announced for up to 100kbpd, supporting growing demand for full-path egress • Advancing significant future opportunities – 150 kbpd of incremental Mainline expansion capacity – 150+ kbpd Regional Oil Sands expansions – 30+ kbpd Express-Platte expansions – Wabamun Carbon Hub Permian Franchise • Record quarterly EIEC exports • EIEC Phase VII on track to enter service in 2025 – Storage capacity expected to increase from 15.3 MMbbls in 2021 to 20.1 MMbbls by year end 2025 Liquids pipeline Liquids storage Refinery Mainline HARDISTY EDMONTON Express Norman Wells Platte Bakken Line 5 Cushing Line 78 Line 9 Seaway Gray Oak Cactus II EIEC DAPL ETCOP Regional Oil Sands Flanagan South | Spearhead
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L L 8(1) Federal Energy Regulatory Commission Gas Transmission Highlights Diversified natural gas platform enabling ~8 Bcf/d of sanctioned growth through 2030 U.S. Gas Transmission • Acquiring 10% equity interest in fully contracted Matterhorn Pipeline – Up to 2.5 Bcf/d operating natural gas pipeline from Permian Basin to Katy – Expected to close in Q2 2025 • Sanctioned Traverse Pipeline – Up to 1.75 Bcf/d bi-directional natural gas pipeline connecting Katy to Agua Dulce – 2027 In-service date • Ridgeline Expansion Project received FERC1 certificate – Up to 0.3 Bcf/d expansion of serving power generation – 2026 In-service date • Completed open seasons for natural gas storage expansions at Tres Palacios, Egan & Moss Bluff Canadian Gas Transmission • Sanctioned ~$0.4B Birch Grove expansion T-South Aitken Creek StorageT-North Woodfibre LNG Texas Eastern DBR Whistler Sabal Trail Algonquin Maritimes & Northeast East Tennessee Vector Valley Crossing Gulfstream Waha Nexus SESH Matterhorn Natural Gas pipeline Natural Gas storage Renewable Natural Gas LNG Terminal L Birch Grove Expansion Ridgeline TX Traverse Texas Eastern Valley Crossing DBR Whistler Blackcomb Waha Storage Hub Tres Palacios Moss Bluff ADCC Rio Bravo BIG Matterhorn Katy Hub Agua Dulce Hub
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9 (1) Up to 7.5 Bcf/d of long-haul Permian Basin takeaway capacity by 2026; (2) ADCC last mile connectivity is 1.7 bcf/d; Rio Bravo last mile LNG connectivity is up to 4.5 bcf/d (3) Enbridge’s net ownership share; subject to satisfaction of closing conditions for Matterhorn Express Pipeline; (4) Includes 25% special interest; (5) Permian JV infrastructure will account for 30% of Permian takeaway capacity by 2027 Gas Transmission – Permian Spotlight Strategic natural gas pipeline and storage network with attractive growth profile Permian Franchise • 7.5 Bcf/d of long-haul Permian Basin takeaway capacity1 • 1.75 Bcf/d of bidirectional capacity b/w Katy and Agua Dulce • 3.5 Bcf/d of intra-basin capacity • 2 Bcf of natural gas storage capacity • 6.22 Bcf/d of last mile LNG connectivity 2025 • Matterhorn Pipeline (10%) NEW • Whistler Pipeline (19%) • Waha Gas Storage (17%) • ADCC Pipeline (13%) • DBR System (15%) • Traverse Pipeline (13%) NEW • Blackcomb Pipeline (13%) • Rio Bravo Pipeline (39%4) • Embedded growth (varies) $2B 3 Acquired of operating assets since March 2024 Over of growth projects at ~6x avg. build multiples $1B 3 TX Traverse Texas Eastern Valley Crossing DBR Whistler Blackcomb Waha Storage Hub Tres Palacios Moss Bluff ADCC Rio Bravo BIG Matterhorn Natural Gas pipeline Natural Gas storage Future Growth Traverse MatterhornWhistler JV Blackcomb DBR 2025 APR MAY MAR JUL OCT 2024 Equity interest in of Permian takeaway capacity5 30% Katy Hub Agua Dulce Hub
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Enbridge Gas Utah Enbridge Gas Wyoming Enbridge Gas Idaho Enbridge Gas North Carolina Enbridge Gas Ohio Enbridge Gas Ontario Enbridge Gas Québec 10 Gas Distribution & Storage Highlights Constructive regulatory outcomes inform capital allocation strategy Enbridge Gas Ontario • St Laurent Pipeline Replacement ($0.2B) – Leave to construct received in March – ISD in 25/26; fully included in rates upon entering service Enbridge Gas Ohio • Rate case decision expected in 2H 2025 Enbridge Gas North Carolina • Rate case filed April 1, 2025 (last rate case in 2021) – Expected to be effective later in 2025 Enbridge Gas Utah • Rate cased filed May 1, 2025 (last rate case in 2022) – Expected to be effective Jan 1, 2026
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North America • On track to place over 500 MW of solar generation into service in 2025 – Long-term PPA’s1 with investment grade blue chip customers • Expect to reach FID on datacenter-related projects within the next 12 months Europe • Calvados Wind pylon installation ongoing – 448 MW development will power >90% of local demand Lac Alfred Massif-du-Sud St. RobertGreenwichChin ChuteMagrath Blackspring Ridge Cedar Point Keechi Chapman Ranch Magic Valley New CreekWildcat Talbot Cruickshank Underwood Alberta Solar One Silver State North Orange Grove Adams Portage Fox Squirrel Flanagan Heidlersburg LambertvilleTilbury Sarnia Amherstburg Sequoia TORONTO NEW YORK HOUSTON CALGARY 11 (1) Power Purchase Agreement Renewable Power Highlights Opportunistic and disciplined investment underpins strong returns Wind Solar Germany France UK Spain LONDON PARIS Hohe See Albatros Rampion FécampCalvados Saint-Nazaire Provence Grand Large Orange Grove (130 MW) In-Service Sequoia (~815 MW) 2025 – 2026
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(1) Effective January 1, 2024, Enbridge transferred the Canadian and U.S. crude oil businesses of the Energy Services segment to the Liquids Pipelines reporting segment. The remainder of the business is reported in the Eliminations and Other segment; (2) Adjusted EBITDA, distributable cash flow (DCF), DCF per share, adjusted earnings, and adjusted earnings per share (EPS) are non-GAAP measures. Reconciliations to the nearest GAAP measures are included in the Q1 earnings release and other documents available at www.enbridge.com; (3) Includes preferred share dividends; (4) Delaware Basin Residue 12 Quarterly Financial Results Record results despite ongoing volatility Q1 ($ Millions, except per share amounts) 2025 20241 Liquids Pipelines1 2,621 2,460 Gas Transmission & Midstream 1,439 1,274 Gas Distribution & Storage 1,600 765 Renewable Power 241 279 Eliminations and Other1 (73) 176 Adjusted EBITDA2 5,828 4,954 Cash distributions in excess of equity earnings 7 96 Maintenance capital (229) (196) Financing costs3 (1,349) (1,107) Current income tax (390) (263) Distributions to noncontrolling Interests (100) (78) Other 10 57 Distributable cash flow2 3,777 3,463 DCF per share2 1.73 1.63 Adjusted earnings per share2 1.03 0.92 U.S. Utilities Acquisitions; colder weather in Ontario Higher Mainline volumes and tolls Contributions from GTM rate cases, Venice Pipeline, Whistler Parent JV and DBR 4 system Stronger USD translation net of hedging Financing costs, taxes and maintenance linked to U.S. Utilities Acquisitions Sale of Alliance & Aux Sable Increased shares to fund U.S. Gas Utilities Acquisitions 1st Quarter Drivers
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13 (1) Reaffirming outlook; 7-9% EBITDA (FY23-FY26), 4-6% EPS (FY23-FY26), ~3% DCFPS (FY23-FY26), 5% EBITDA, EPS & DCFPS (Post ‘26); (2) Adjusted EBITDA and DCF/share are non-GAAP measures. Reconciliations to GAAP measures can be found in the Q1 earnings release and other documents available at www.enbridge.com Guidance Reaffirmed Reaffirming growth outlook across all metrics 1 Full Year T ailwinds/Headwinds 10% Interest in Matterhorn Express USD/CAD FX Rate U.S. Interest Rates 2025 Budget Sensitivities • +/- $0.01 CAD/USD – +/- $50M Adjusted EBITDA2 – +/- $0.01 DCF/share2 • +/- 25bps change in rates – +/- $2.5M Interest Expense per month 2025 Indicative EBITDA Seasonality 2024 2025e $18.0 $19.7 Adjusted EBITDA 2 ($B) DCF/share 2 $5.60 $5.70 2024 2025e Q1 Q2 Q3 Q4 ~20% ~20% ~30% ~30%
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14 Capital Allocation Priorities Disciplined growth supported by low-risk business model • Preserve financial strength and flexibility • Ongoing capital recycling program • Maintain leverage of 4.5x to 5.0x debt-to-EBITDA1 Balance sheet strength • Distributable Cash Flow (DCF)1 payout range of 60-70% • Dividend supported by high-quality, low-risk cash flow growth • Dividend Aristocrat Sustainable return of capital • Prioritize low-multiple brownfield opportunities and utility-like growth • Deploy excess investment capacity through 2030 • Enhance existing returns at low/no capital cost Further growth $4-5B ~$5B Organic Projects Foundational Allocation Excess Capacity$1-2B $4-5B ~$4B FCF1 before capex EBITDA1 Growth Annual Investment Capacity $9-10 Billion Annual Investment Capacity (1) DCF, debt to EBITDA, and free cash flow are non-GAAP measures. Reconciliations to GAAP measures can be found in the Q1 earnings release and other documents available at www.enbridge.com
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15 First-choice Investment Low-risk, utility like business profile Predictable cash flows support strong balance sheet 30 consecutive years of annual dividend increases ~5% growth expected through the end of the decade Tu c k-ins and tax efficient lower-carbon opportunities Consistent business results, in all cycles, drive strong shareholder returns Adjusted EPS 1 DCF/share 1 2006 2025 Financial Crisis Commodity Price Collapse Alberta Forest Fires Covid Rising Inflation Global Trade Conflict (1) Adjusted EPS and DCF per share are non-GAAP measures. Reconciliations to GAAP measures can be found in the Q1 earnings release and other documents available at www.enbridge.com
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Appendix
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17 Secured Capital Program (1) Our equity contribution is approximately US$0.9 billion, with the remainder financed through non-recourse project level debt. Capital cost estimates will be updated prior to the 60% engineering milestone, at which point Enbridge's preferred return will be set; (2) Pending outcome of appeal to Ontario Divisional Court; (3) Calvados is financed primarily through non-recourse project level debt. Enbridge’s equity contribution will be $0.3B; (4) Rounded, USD capital has been translated to CAD using an exchange rate of $1 U.S. dollar = $1.35 Canadian dollars. Euro capital has been translated to CAD using an exchange rate of €1 Euro = $1.45 Canadian dollars; (5) As at March 31. 2025 Project Expected ISD Capital ($B) Liquids Pipelines Gray Oak & Ingleside Expansion 2025-2026 0.1 USD Enbridge Houston Oil Terminal 2026 0.3 USD Mainline Capital Investment 2025-2028 2.0 CAD Gas Transmission Modernization Program 2025-2028 2.8 USD Appalachia to Market Phase II 2025 0.1 USD Longview RNG 2025 0.1 USD Tennessee Ridgeline 2026 1.1 USD T-North Expansion (Aspen Point) 2026 1.2 CAD Woodfibre LNG1 2027 1.5 USD Sparta 2028 0.2 USD T-South Expansion (Sunrise) 2028 4.0 CAD T-North Expansion (Birch Grove) 2028 0.4 CAD Canyon 2029 0.7 USD Gas Distribution & Storage CAD Utility Growth Capital2 2025-2027 1.7 CAD Transmission/Storage Assets2 2025-2027 0.4 CAD New Connections/Expansions2 2025-2027 0.8 CAD U.S. Utility Growth Capital 2025-2027 3.1 USD Moriah Energy Center (Enbridge Gas North Carolina) 2027 0.6 USD T15 (Enbridge Gas North Carolina) 2027-2028 0.7 USD Renewables Calvados Offshore3 2027 1.0 CAD Sequoia Solar 2025-2026 1.1 USD Total secured capital program $28B4 Capital spent to date $5B5