Enbridge Announces 2025 Financial Guidance, 3% Dividend Increase and Reaffirms Near-term Growth Outlook

Press Release

CALGARY, AB, Dec. 3, 2024  Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) announced today its 2025 financial guidance and an annualized common share dividend increase from $3.66 to $3.77 per share, or 3.0%, effective March 1, 2025.

HIGHLIGHTS

(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. See the Non-GAAP and Other Financial Measures section of this news release)

• Announced 2025 adjusted earnings before interest, income taxes and depreciation (EBITDA)* guidance of $19.4 billion to $20.0 billion and distributable cash flow (DCF)* per share of $5.50 to $5.90
• Declared 30^th consecutive annual common share dividend increase, raising it by 3.0% to $0.9425 per quarter ($3.77 annualized), effective March 1, 2025
• Reaffirmed 2024 full year guidance for EBITDA and DCF per share; the Company expects to finish the year near the top end of the EBITDA range of $17.7 billion to $18.3 billion, and around the midpoint for DCF per share
• The Company reaffirmed its 2023 to 2026 growth outlook of 7-9% for EBITDA* growth, 4-6% for adjusted earnings per share (EPS)* growth and approximately 3% for DCF per share* growth

CEO COMMENT

Commenting on the Company’s outlook, Greg Ebel, President and CEO of Enbridge, noted the following:

“Global oil consumption has rebounded to all-time highs and increasing natural gas demand is being driven by LNG growth, coal to gas switching and the rapid increase in electric power demand stemming from new datacenter developments. Enbridge’s incumbent footprint across its four core businesses puts the Company in an unparalleled position to meet increasing conventional and new energy demand in North America and beyond. As the world navigates a dynamically shifting macro backdrop, Enbridge will continue to play a leading role delivering safe, reliable and affordable energy.

“Our 2025 guidance, once again, reflects the predictability embedded across our businesses. We expect to generate EBITDA between $19.4 and $20.0 billion. This represents a 9% increase from the midpoint of our 2024 recast guidance and is 17% higher than our original 2024 guidance, driven by a full year of contributions from our U.S. gas utilities acquisitions, the roughly $5 billion of secured projects we’re on track to place into service in 2024 and continued strong expected utilization of our assets.

“Enbridge’s business model is designed to succeed and deliver reliable cash flow in all market cycles. We are pleased to announce a 3% increase to the common share dividend, marking the 30^th consecutive annual increase. Consistent dividend growth is an important component of our investor value proposition and underpins our dividend aristocrat status. We are committed to being a first-choice investment opportunity today and into the future.

“Looking forward, Enbridge is well-positioned to continue to deliver reliable growth. Year-to-date, we have added $7 billion of new capital to our secured growth backlog and announced ~$1 billion of highly strategic, accretive tuck-in acquisitions. Our financial guardrails of 4.5-5.0x Debt-to-EBITDA and 60-70% DCF payout remain firmly in place, and we anticipate tailwinds to these metrics through the balance of our outlook.”

2025 FINANCIAL OUTLOOK

Enbridge is issuing 2025 guidance for EBITDA of $19.4 billion to $20.0 billion and DCF per share* of between $5.50 to $5.90. In addition to the information provided below, the Company has posted supporting materials to the Investor Relations section of the Enbridge Inc. website (link).

EBITDA Guidance¹

($ millions)2	2025e	Key Growth Drivers vs. 2024 Recast Guidance
Liquids Pipelines	~$9,600	•     Mainline toll escalators •     Higher utilization across systems •     Secured growth projects reaching in service date
Gas Transmission	~$5,100	•     Full year Whistler, DBR system contributions •     Contributions from organic projects placed into service •     Allowance for equity during construction on Ridgeline and BC Pipeline expansions •     Lower O&A and favourable re-contracting
Gas Distribution & Storage	~$4,100	•     Full year U.S. Gas Utilities contributions •     Enbridge Gas Ontario customer additions & rate escalation
Renewable Power Generation	~$700	•     Incremental contributions from N.A. Solar and EU Offshore Wind projects
Eliminations & Other	~$200
Adjusted EBITDA3	$19,400-$20,000

2025 EBITDA guidance is underpinned by expected strong utilization across the businesses and annualized contributions from acquisitions and secured growth projects entering service in 2024 as well as partial year earnings from secured growth projects expected to enter service in 2025.

DCF Guidance¹

($ millions) 2	2025e
Adjusted EBITDA3	$19,400-$20,000
Maintenance Capital	~$(1,300)
Financing Costs	~$(5,100)
Current Income Taxes	~$(1,000)
Distributions to Non-Controlling Interests	~$(350)
Cash Distributions in Excess of Equity Earnings	~$500
Other Non-Cash Adjustments	~$0
Distributable Cash Flow 3	$12,000-$12,900
DCF/Share Guidance3,4	$5.50-$5.90

Consistent with the past, the Company has mitigated against cash flow volatility by substantially hedging its budgeted 2025 USD DCF exposure.

DCF per share guidance reflects higher interest rates on planned new fixed-rate financings and outstanding floating-rate debt. Enbridge will continue to actively manage this exposure through its hedging program and expects to enter 2025 with approximately 10% of the debt portfolio exposed to interest rate variability.

Dividend Increase

Enbridge announces that the quarterly common share dividend for 2025 will be increased by 3.0% from $0.915 to $0.9425 per common share, commencing with the dividend payable on March 1, 2025, to shareholders of record on February 15, 2025.

Capital Investments and Financing Plan

Enbridge expects to deploy approximately $7 billion of capital in 2025, exclusive of maintenance capital. We expect the balance sheet to remain strong with the Debt-to-EBITDA ratio* at the end of 2025 expected to be well within the Company’s 4.5-5.0x target range. The financing plan includes approximately $9 billion of debt issuances in 2025 which is substantially earmarked for the refinancing of $7 billion of debt maturities, with no external equity required. The Company has hedged a portion of its anticipated fixed-rate term-debt issuances for 2025.

Enbridge Day and Outlook

The Company is reaffirming its 2023 to 2026, near-term growth outlook of 7-9% for EBITDA growth, 4-6% for EPS growth and approximately 3% for DCF per share growth

At Enbridge’s annual investor day conference planned for March 4, 2025, in New York, Management will discuss energy fundamentals, competitive position, strategic priorities, capital allocation and the longer-term outlook.

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. We’re advancing new technologies including hydrogen, renewable natural gas, 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.

FOR FURTHER INFORMATION PLEASE CONTACT:
Media
Jesse Semko
Toll Free: (888) 992-0997
Email: media@enbridge.com

Investment Community
Rebecca Morley
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com

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