Enbridge (ENB) Guidance summary

Opening remarks and agenda

• Announced 2025 financial guidance and a 3% increase in annualized common share dividend, effective March 1, 2025.

• Reaffirmed 2024 full-year guidance, expecting results near the top end of EBITDA range and midpoint for DCF per share.

Guidance on key objectives

• 2025 adjusted EBITDA is projected between $19.4B and $20.0B, with DCF per share guidance of $5.50–$5.90 and a dividend per share of $3.77, reflecting continued growth and stable returns.

• 30th consecutive annual dividend increase, raising quarterly dividend to $0.9425 per share.

• 9% CAGR in adjusted EBITDA, 4% CAGR in DCF per share, and 3% CAGR in dividend per share are targeted from 2021 to 2025.

• 2023–2026 growth outlook reaffirmed: 7–9% EBITDA growth, 4–6% EPS growth, ~3% DCF per share growth.

• Capital deployment of approximately $7 billion planned for 2025, excluding maintenance capital.

Market trends and strategic opportunities

• Global oil consumption at all-time highs; natural gas demand rising due to LNG growth and power demand from datacenters.

• Strong utilization and new asset contributions, including U.S. Gas Utilities and organic projects, are expected to drive EBITDA growth in 2025.

• Incremental contributions from North American solar and European offshore wind projects are anticipated.

• $7 billion of new capital added to secured growth backlog and ~$1 billion in strategic tuck-in acquisitions year-to-date.