Enbridge Announces 2026 Financial Guidance, Declares 3% Dividend Increase and Reaffirms Growth Outlook

Press Release

CALGARY, AB, Dec. 3, 2025 – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) announced today its 2026 financial guidance and an annualized common share dividend increase from $3.77 to $3.88 per share, or 3%, effective March 1, 2026.

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 2026 adjusted earnings before interest, income taxes and depreciation (EBITDA)* guidance of $20.2 billion to $20.8 billion and distributable cash flow (DCF) per share* of $5.70 to $6.10
• Declared 31^st consecutive annual common share dividend increase, raising it by 3% to $0.97 per quarter ($3.88 annualized), effective March 1, 2026
• Reaffirmed 2025 full year guidance for EBITDA and DCF per share; the Company expects to finish the year in the upper half of the EBITDA range of $19.4 billion to $20.0 billion, and at the midpoint for the DCF per share range
• The Company reaffirmed its 2023 to 2026 compound annual growth rate outlook of 7-9% for EBITDA*, 4-6% for adjusted earnings per share (EPS)* and approximately 3% for DCF per share*, and post 2026 growth outlook of ~5% for EBITDA, EPS and DCF per share

CEO COMMENT

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

“I’m pleased to announce Enbridge’s 2026 financial guidance. We are forecasting another year of steady and predictable growth driven by new projects entering service, as well as strong utilization and optimization of existing assets.

“Next year, Enbridge expects to generate Adjusted EBITDA between $20.2 and $20.8 billion and DCF per share between $5.70 and $6.10 per share, which represents a 4% increase from the respective midpoints of our 2025 guidance. We have approximately $8 billion of new projects entering service in 2026 across our franchises, all of which are underpinned by low-risk commercial frameworks. We also expect strong growth in 2026 from recent rate settlements and rate cases in both Gas Distribution and Gas Transmission. These regulatory outcomes support visible, durable growth through rate escalation and quick-cycle capital recovery mechanisms.

“We also announced a 3% increase to our common share dividend for 2026, representing our 31^st consecutive annual increase. This increase reinforces our dividend aristocrat status, is underpinned by our growing cash flows and supports Enbridge’s first-choice investment proposition.”

2026 FINANCIAL OUTLOOK

Enbridge is issuing 2026 guidance for EBITDA of $20.2 billion to $20.8 billion and DCF per share* of between $5.70 to $6.10. 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	2026e	Key Growth Drivers vs. 2025 Guidance
Liquids Pipelines	~$9,600	•     Volumes and performance consistent with 2025
Gas Transmission	~$5,500	•     Contributions from organic projects placed into service •     Increased rates on certain U.S. Gas Transmission assets •     Full year Matterhorn contributions •     Favorable re-contracting •     Higher allowance for equity during construction on projects under construction
Gas Distribution & Storage	~$4,500	•     Capital in-service and new rates at Enbridge Gas Ohio, Enbridge Gas Utah and Enbridge Gas North Carolina •     Enbridge Gas Ontario customer additions & rate escalation
Renewable Power Generation	~$700	•     Full contributions from Sequoia and higher milestone payments; partially offset by the absence of investment tax credits from the Fox Squirrel Joint Venture
Eliminations & Other	~$200
Adjusted EBITDA3	$20,200-$20,800

2026 EBITDA guidance is underpinned by expected strong utilization across the businesses and annualized contributions from acquisitions and secured growth projects entering service in 2025 as well as partial year earnings from secured growth projects expected to enter service in 2026.

DCF Guidance¹

($ millions) 2	2026e
Adjusted EBITDA3	$20,200-$20,800
Maintenance Capital	~$(1,200)
Financing Costs	~$(5,425)
Current Income Taxes	~$(1,000)
Distributions to Non-Controlling Interests	~$(400)
Cash Distributions in Excess of Equity Earnings	~$500
Other Non-Cash Adjustments	~$(100)
Distributable Cash Flow 3	$12,475-$13,275
DCF/Share Guidance3,4	$5.70-$6.10

(1) Sensitivities included within supporting materials (2) Assumes CAD/USD of $1.37 in 2026 (3) Non-GAAP financial measures. See the Non-GAAP and Other Financial Measures section of this news release (4) On approximately 2,183 million shares outstanding.

Consistent with the past, the Company has mitigated against cash flow volatility by substantially hedging its budgeted 2026 USD DCF exposure.

DCF per share guidance reflects interest expense on higher principal debt balances. Enbridge will continue to actively manage this exposure through its hedging program and enters 2026 with less than 15% of the debt portfolio exposed to interest rate variability.

Dividend Increase

Enbridge announces that the quarterly common share dividend for 2026 will be increased by 3% from $0.9425 to $0.97 per common share, commencing with the dividend payable on March 1, 2026, to shareholders of record on February 17, 2026.

Capital Investments and Financing Plan

Enbridge expects to deploy approximately $10 billion of growth capital in 2026, exclusive of maintenance capital. We expect the balance sheet to remain strong with the debt-to-EBITDA ratio* at the end of 2026 expected to be within the Company’s 4.5-5.0x target range. The financing plan includes approximately $10 billion of debt issuances in 2026 which is substantially earmarked for the refinancing of $5 billion of debt maturities, with no external equity required. The Company has hedged a portion of its anticipated fixed-rate term-debt issuances for 2026.

Growth Outlook

This guidance aligns with the company’s 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. Post 2026, Enbridge expects adjusted EBITDA, EPS and DCF per share to grow by approximately 5% annually.

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, and 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	Investment Community
Jesse Semko	Rebecca Morley
Toll Free: (888) 992-0997	Toll Free: (800) 481-2804
Email: media@enbridge.com	Email: investor.relations@enbridge.com

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