Enbridge (ENB) investor relations material

Executive summary

• Achieved record Q2 2025 results with 7% adjusted EBITDA growth, driven by US gas utility acquisitions, favorable rate settlements, and strong system utilization across all business segments.

• Closed key investments, including a 10% stake in Matterhorn Express Pipeline, a 12.5% Indigenous investment in Westcoast Pipeline, and sanctioned major projects such as Clear Fork Solar and Aitken Creek Gas Storage expansion.

• Business model remains resilient amid market volatility, with over 98% of EBITDA from regulated or long-term contracted assets and 30 consecutive annual dividend increases.

• Major investments and expansions target rising demand from industrial, power, LNG, data center, and AI sectors.

• Debt-to-EBITDA improved to 4.7x, enhancing financial flexibility and supporting a $32B secured capital program.

Financial highlights

• Q2 2025 adjusted EBITDA reached $4,644M, up 7% year-over-year; adjusted EPS was $0.65, and DCF per share was $1.33.

• Year-to-date adjusted EBITDA totaled $10,472M, with DCF at $6,680M; six-month GAAP earnings rose to $4.4B.

• Liquids, Gas Transmission & Midstream, and Gas Distribution & Storage all posted higher segment EBITDA year-over-year, while Renewables offset lower European offshore with stronger North American wind.

• Dividend per common share declared at $0.9425 for Q3 2025.

• Debt-to-EBITDA at 4.7x as of June 30, 2025, within target range.

Outlook and guidance

• 2025 adjusted EBITDA guidance reaffirmed at $19.4B–$20.0B, with expectations to finish at the upper end; DCF/share guidance set at $5.50–$5.90.

• Medium-term (post-2026) EBITDA growth targeted at ~5% annually, with dividend per share growth aligned to cash flow.

• $32B secured capital program and $9–10B annual investment capacity support growth through the decade.

• Bonus depreciation extension and strong US dollar are tailwinds, partially offset by higher US interest rates.