Enbridge (ENB) Investor Day 2025 summary

Strategic outlook and growth opportunities

• Over $50 billion in capital-efficient, largely permit-light growth opportunities identified through 2030, spanning all energy sources and supported by a diversified asset footprint.

• Recent acquisitions doubled the utility footprint, expanding foundational investment in rate-based growth and increasing the customer base to approximately 7 million.

• Export strategy is central, with connections to every LNG facility on the U.S. Gulf Coast and the largest crude export facility in North America, positioning for global energy demand.

• Capital allocation priorities remain unchanged, emphasizing financial discipline, balance sheet strength, and continued capital returns to shareholders.

• Enhanced focus on energy transition with investments in renewables, LNG, and lower-carbon infrastructure, including disciplined European renewables growth.

Business unit performance and project pipeline

• Liquids business expects $24 billion in low-multiple, executable growth projects, with major expansions in Western Canada and the U.S. Gulf Coast, and $9.7 billion EBITDA in 2024.

• Gas transmission has $12 billion in projects in execution, with a $23 billion opportunity set, ~31 Bcf/d peak deliveries, and 100% contract renewal rate in 2025.

• Gas distribution and storage benefit from recent U.S. utility acquisitions, providing stable, visible growth at regulated returns, with $2-3 billion annual CapEx and 349 Bcf storage.

• Renewables business delivered record EBITDA, sanctioned over $2 billion in new projects, with 6.6 GW in operation/under construction and 4.4 GW under development.

• Expansion into data center and coal-to-gas switching opportunities, with 35+ projects targeting up to 11 Bcf/d of new demand.

Financial guidance and capital management

• Targeting average 5% annual growth in cash flow, EBITDA, EPS, and dividends over the medium term, with $40-$45 billion planned capital returns to shareholders over the next five years.

• Self-funding capacity increased to $9-10 billion annually, with foundational capital needs met and additional capacity for opportunistic growth projects.

• 98% of cash flows are contracted or cost-of-service, with 80% of EBITDA from assets with inflation protection and a 60-70% DCF payout ratio.

• Optimization and technology initiatives are expected to deliver $200-$300 million in annual EBITDA uplift and $600-900 million in recurring EBITDA growth from 2025-2027.

• Maintaining investment grade credit ratings (BBB+), targeting 4.5-5.0x Debt/EBITDA leverage, and no plans for mega-projects, focusing on quick-turn, brownfield, and mid-sized projects.