Enbridge Reports Record 2024 Financial Results, Reaffirms 2025 Financial Guidance and Executes on Business Priorities

Press Release

CALGARY, AB, Feb. 14, 2025 – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported fourth quarter 2024 financial results, reaffirmed its 2025 financial guidance and provided a quarterly business update.

Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.)

• Full-year GAAP earnings of $5.1 billion or $2.34 per common share, compared with GAAP earnings of $5.8 billion or $2.84 per common share in 2023
• Full-year adjusted earnings* of $6.0 billion or $2.80 per common share*, compared with $5.7 billion or $2.79 per common share in 2023
• Full-year adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $18.6 billion, an increase of 13%, compared with $16.5 billion in 2023
• Full-year cash provided by operating activities of $12.6 billion, compared with $14.2 billion in 2023
• Full-year distributable cash flow (DCF)* of $12.0 billion, an increase of 6%, compared with $11.3 billion in 2023
• Achieved financial guidance for the 19th consecutive year, demonstrating the stability and predictability of Enbridge’s business
• Increased the 2025 quarterly dividend by 3.0% to $0.9425 ($3.77 annualized) per share reflecting the 30th consecutive annual increase
• Reached settlements in principle with customers on Algonquin Gas Transmission LLC (Algonquin) and Maritimes & Northeast Pipeline (M&N U.S.)
• Announced a definitive agreement to sell our minority interest in the East-West Tie Limited Partnership for proceeds of $129 million
• Signed a letter of intent with the Government of Alberta to evaluate opportunities to accelerate capacity additions on Enbridge’s Liquids Pipelines network
• Placed $5 billion of organic projects into service in 2024 across all four business units
• Sanctioned $8 billion of new organic projects during 2024

CEO COMMENT

Greg Ebel, President and CEO commented the following:

“2024 has been a historic year for Enbridge. We completed the previously announced $19 billion acquisition of three leading U.S. gas utilities (the Acquisitions), raised our dividend for the 30th consecutive year, and posted record EBITDA and DCF per share marking the 19th straight year that we have met or exceeded our financial guidance. Enbridge’s operational and financial performance throughout the year helped deliver a 37% total annual return to investors and 2025 is off to a good start. Our low-risk business model continues to deliver predictable results and stable returns for shareholders and impacts from proposed tariffs on U.S. energy imports are not expected to be material to Enbridge’s financial guidance. I would also like to acknowledge and thank our dedicated and hardworking employees who, once again, delivered for our customers, communities and investors in 2024.

“In Liquids Pipelines, Mainline volumes for 2024 averaged 3.1 million barrels per day, exceeding our guidance assumption, and the system has been in apportionment since November. Western Canadian Sedimentary Basin (WCSB) production growth has expedited customer discussions to expand our Mainline and Express-Platte pipeline systems. In addition, we signed a letter of intent with the Government of Alberta to develop opportunities to accelerate the expansion of our system even further. To the south, our Permian, Mid-Continent and U.S. Gulf Coast systems continue to be highly utilized. In 2024, we moved record volumes through the Enbridge Ingleside Energy Center (EIEC) and the Gray Oak Pipeline. We already have capacity expansions underway on both of these assets, and just recently completed the integration of two additional marine docks purchased at EIEC in 2024. That acquisition is expected to double the number of Very Large Crude Carrier loading windows available at the terminal and strengthen EIEC’s position as a premier energy export facility in the Gulf Coast.

“In Gas Transmission, we sanctioned Tennessee Ridgeline, a US$1.1 billion expansion of the East Tennessee Natural Gas system, which will deliver natural gas for the Tennessee Valley Authority to support a 1.5 GW gas generation plant. In Texas, we also announced two accretive investments in the Permian, establishing meaningful equity stakes in the Whistler Pipeline, the ADCC Pipeline, Waha Gas Storage LLC, and the recently sanctioned Blackcomb Pipeline. Also in the Permian, we acquired 15% of the Delaware Basin Residue pipeline system, which is a key supply conduit for the Whistler Pipeline and extends Enbridge’s natural gas value chain deeper into the basin. In the Gulf, we sanctioned two sets of projects to serve BP Exploration & Production Company’s Kaskida development and Shell and Equinor’s Sparta development. These projects are expected to help extend our growth to the end of the decade and are designed to accommodate connections from new discoveries in the area.

“In Gas Distribution, we completed the $19 billion, once-in-a-generation, acquisition of three leading U.S. gas distribution companies. This transaction positions Enbridge as the owner of North America’s largest natural gas utility franchise and complements our existing low-risk business model, and each of the utilities is well-positioned to serve growing natural gas demand in North America. As part of the Acquisitions, we’ve added two larger secured projects to our backlog, both in North Carolina. The first, Moriah Energy Center, is a 2 Bcf liquefied natural gas facility in Person County that will enhance reliability for our growing customer base. The second, the T15 Reliability Project, will connect Enbridge Gas North Carolina to Duke Energy’s 1.4 GW Roxboro gas-fired generation power plant. Incrementally, we are actively evaluating opportunities across our entire utility portfolio to service growing power demand.

“In Renewable Power, we capitalized on decreasing solar panel costs and strong demand for renewable Power Purchase Agreements (PPAs) and sanctioned ~1,200 net MW across three projects, all backed by long-term PPAs with Amazon, AT&T and Toyota. All of this capacity is expected to be fully in-service in 2026, with over 200 MW already operating. Short construction windows and favorable tax incentives are enabling Enbridge to put highly efficient capital to work to deliver attractive quick-cycle returns. We also continued our track record of regularly recycling capital and announced the sale of our interest in East West Tie Line at a multiple of 17x enterprise value-to-EBITDA (2024).

“Looking ahead, we’ll continue to adhere to our long-held capital allocation priorities. A strong balance sheet, growing shareholder returns, and capital discipline govern each strategic decision. Our scale and diversification, in combination with our incumbent footprint and low-risk business model, continue to provide competitive advantages as demand for all forms of North American energy reaches new heights. We’ll continue to equity-self fund attractive risk-adjusted conventional and renewable projects. These efforts collectively position the Company for long-term success, making Enbridge a first-choice investment.”

FINANCIAL RESULTS SUMMARY

Financial results for the three and twelve months ended December 31, 2024 and 2023 are summarized in the table below:

	Three months ended December 31,			Twelve months ended December 31,
	2024	2023		2024	2023
(unaudited; millions of Canadian dollars, except per share amounts; number of shares in millions)
GAAP Earnings attributable to common shareholders	493	1,726		5,053	5,839
GAAP Earnings per common share	0.23	0.81		2.34	2.84
Cash provided by operating activities	3,662	3,812		12,600	14,201
Adjusted EBITDA1	5,130	4,107		18,620	16,454
Adjusted Earnings1	1,640	1,363		6,037	5,743
Adjusted Earnings per common share1	0.75	0.64		2.80	2.79
Distributable Cash Flow1	3,074	2,732		11,991	11,267
Weighted average common shares outstanding	2,178	2,126		2,155	2,056

GAAP earnings attributable to common shareholders for the fourth quarter of 2024 decreased by $1.2 billion, or $0.58 per share, compared with the same period in 2023. This decrease was primarily due to non-cash, unrealized changes in the value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks and the absence in 2024 of non-cash gains recognized as a result of the discontinuation of rate-regulated accounting for the Southern Lights Pipeline. These negative impacts were partially offset by lower impairments related to certain capital projects, capital costs and pension balances in the fourth quarter of 2023 as a result of the Ontario Energy Board (OEB) Phase 1 Decision, as well as the quarterly operating performance factors discussed below.

On a full year basis for 2024, GAAP earnings attributable to common shareholders decreased by $786 million due to the same factors discussed above. Those negative impacts were partially offset by a gain on sale related to the disposition of interests in the Alliance Pipeline and Aux Sable and the absence in 2024 of a realized loss due to termination of foreign exchange hedges related to the Competitive Tolling Settlement and the annual operating performance factors discussed below.

The period-over-period comparability of GAAP earnings attributable to common shareholders is impacted by certain unusual, infrequent factors or other non-operating factors which are noted in the reconciliation schedule included in Appendix A of this news release. Refer to the Company’s annual Management’s Discussion & Analysis for 2024 filed in conjunction with the year-end financial statements for a detailed discussion of GAAP financial results.

Adjusted EBITDA in the fourth quarter of 2024 increased by $1.0 billion compared with the same period in 2023. This was due primarily to contributions from the Acquisitions, higher Mainline system tolls from annual escalators, lower Mainline power costs, favorable contracting and lower operating costs on U.S. Gas Transmission assets, higher distribution charges from increases in rates and customer base at Enbridge Gas Ontario, higher renewable contributions from the generation of investment tax credits and the effect of translating U.S. dollar earnings at a higher average exchange rate in 2024, as compared to 2023. These factors were partially offset by lower Mainline throughput and lower uncommitted volumes on Flanagan South Pipeline, and the absence of contributions from Alliance Pipeline and Aux Sable due to the sale of our interests in these investments in April 2024.

Adjusted EBITDA for the year ended December 31, 2024 increased by $2.2 billion compared with the same period in 2023. This was primarily driven by the impact of the operating factors listed above, as well as higher contributions from the Gulf Coast and Mid-Continent System due primarily to higher volumes, the discontinuation of rate-regulated accounting for the Southern Lights Pipeline, the acquisition of an additional 24.25% interest in the Hohe See and Albatros Offshore Wind Facilities in November, 2023 and higher investment income in our Eliminations and Other segment. These factors were partially offset by warmer weather impacting Enbridge Gas Ontario, and lower annualized Mainline tolls as a result of revised tolls effective July 1, 2023 and a lower Line 3 Replacement (L3R) surcharge.

Adjusted earnings in the fourth quarter of 2024 increased by $277 million, or $0.11 per share, compared with the same period in 2023, due to EBITDA factors discussed above, partially offset by higher financing costs and depreciation expense from the Acquisitions and capital investments as well as higher taxes on higher earnings and an increase in U.S. Corporate Alternative Minimum taxes (U.S. minimum tax).

Adjusted earnings for the year ended December 31, 2024 increased by $294 million, or $0.01 per share, compared with the same period in 2023, primarily due to the same factors discussed above for the fourth quarter.

DCF for the fourth quarter of 2024 increased by $342 million compared with the same period in 2023, primarily due to EBITDA factors discussed above, partially offset by higher financing costs and maintenance capital from the Acquisitions and capital investments as well as higher taxes on higher earnings and an increase in U.S. minimum tax.

DCF for the year ended December 31, 2024 increased by $724 million, compared with the same period in 2023, primarily due to the same factors discussed above for the fourth quarter.

Per share metrics in 2024, relative to 2023, are impacted by the prefunding activities for the Acquisitions, including the bought deal equity issuance in the third quarter of 2023 and at-the-market (ATM) issuances in the second quarter of 2024 as part of the financing plan for the Acquisitions.

Detailed financial information and analysis can be found below under Fourth Quarter 2024 Financial Results.

FINANCIAL OUTLOOK

The Company reaffirms its 2025 financial guidance for adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90.

Enbridge expects annualized contributions from the Acquisitions, projects placed into service and acquired during 2024, and the Texas Eastern Transmission, LP (TETLP) rate settlement to drive the majority of growth in 2025.

Enbridge increased its 2025 quarterly dividend by 3.0% to $0.9425 ($3.77 annualized) per share, commencing with the dividend payable on March 1, 2025 to shareholders of record on February 14, 2025.

The Company also reaffirms its 2023 to 2026 near-term growth outlook of 7-9% for adjusted EBITDA growth, 4-6% for adjusted earnings per share (EPS) growth and approximately 3% for DCF per share growth.

FINANCING UPDATE

Enbridge did not undertake any public debt financings in the fourth quarter of 2024. Enbridge plans to continue financing its secured capital growth program within an equity self-funding model

The company’s Debt-to-EBITDA metric at the end of the year was 5.0x. This metric only includes partial year EBITDA from the Acquisitions in 2024 and during the fourth quarter, the impact of the translation of U.S. dollar debt principal was approximately 0.2x. Enbridge expects annualized EBITDA contributions from the Acquisitions to strengthen its debt-to-EBITDA metric towards the midpoint of its 4.5-5.0x target range throughout 2025.

SECURED GROWTH PROJECT EXECUTION UPDATE

Enbridge brought approximately $5 billion of growth projects into service in 2024 across each of its business units, including:

• $1.9 billion of Gas Distribution’s Utility Growth Capital across all four utilities
• US$0.5 billion of Gas Transmission’s modernization program
• US$0.5 billion Venice Extension project;
• US$0.4 billion Fox Squirrel Solar Phase 2 and 3
• $0.7 billion Fécamp Offshore Wind Project

During the year, Enbridge added approximately $8 billion of new organic growth projects to its backlog, including Tennessee Ridgeline, Canyon System Pipelines, Sparta Pipeline, Orange Grove Solar, Sequoia Solar and another year of Utility Growth and Gas Transmission modernization capital. The secured growth backlog now sits at approximately $26 billion and is underpinned by commercial frameworks consistent with Enbridge’s low-risk model.

Financing of the secured growth program is expected to be provided entirely through the Company’s anticipated $8-9 billion of annual growth capital investable capacity.

FOURTH QUARTER BUSINESS UPDATES
Liquids Pipelines: Government of Alberta Letter of Intent

On January 6, 2025, Enbridge signed a Letter of Intent with the Government of Alberta to form a working group, alongside the Alberta Petroleum Marketing Commission to evaluate future egress, transport, storage, terminaling and market access opportunities across Enbridge’s pipeline network to accelerate further egress development. Enbridge plans to engage with customers, governments, communities and Indigenous groups as it develops cost effective plans to add incremental egress to its network.

Gas Transmission: Algonquin

In December 2024, Algonquin reached a settlement in principle with customers which will be filed for Federal Energy Regulatory Commission (FERC) approval in the first quarter of 2025. Rates are expected to be effective December 1, 2024.

Gas Transmission: Maritimes & Northeast Pipeline

In December 2024, M&N U.S. reached a settlement in principle with customers which will be filed for FERC approval in the first quarter 2025. Rates are expected to be effective January 1, 2025.

Gas Distribution: Enbridge Gas Ontario Rebasing Phase 2 Update

On November 29, 2024, the OEB issued its Decision approving the Phase 2 Partial Settlement Proposal and accompanying Rate Order that allows for the recovery of 2024 impacts resulting from the Phase 2 settlement through a rate rider that will be effective throughout 2025, and for the establishment of interim 2025 rates effective January 1, 2025.

The Phase 2 Partial Settlement Proposal establishes a harmonized storage cost allocation methodology, the level of Dawn to Corunna Project costs to be included in regulated rates, and cost recovery for utility services provided for unregulated Enbridge Sustain activities. In addition, the Phase 2 Partial Settlement Proposal establishes a price cap incentive regulation rate setting mechanism to be used for establishing rates for 2025 to 2028. Interim 2025 rates approved as part of the Rate Order reflect application of this mechanism.

Issues not addressed as part of the Phase 2 Settlement Proposal include an intervenor proposal to decouple revenues from customer numbers, the appropriate meter reading performance metric, and the terms for including renewable natural gas as part of gas supply. 2024 and 2025 rates have been classified as interim pending the OEB decision on outstanding Phase 2 issues and the resolution of the Notice of Appeal and Amended Notice of Motion on Phase 1. Enbridge expects a decision on the Phase 2 unresolved issues in the first half of 2025.

Renewable Power: East-West Tie Line

Enbridge announced a definitive agreement to sell its 24% interest in the East-West Tie Limited Partnership to Hydro One Limited for cash proceeds of $0.1 billion. East-West Tie Limited Partnership owns the East-West Tie Line, a 450-kilometre, 230 kV double-circuit transmission line, regulated by the OEB, spanning from Wawa to Thunder Bay, Ontario, along the north shore of Lake Superior. The sale is expected to close in the first half of 2025.

FOURTH QUARTER AND ANNUAL 2024 FINANCIAL RESULTS

GAAP Segment EBITDA and Cash Flow from Operations

	Three months ended December 31,			Twelve months ended December 31,
	2024	2023		2024	2023
(unaudited; millions of Canadian dollars)
Liquids Pipelines	2,352	2,439		9,531	9,383
Gas Transmission	1,150	1,044		5,656	4,264
Gas Distribution and Storage	1,015	238		2,869	1,592
Renewable Power Generation	236	(146)		733	149
Eliminations and Other	(1,402)	926		(1,904)	916
EBITDA1	3,351	4,501		16,885	16,304
Earnings attributable to common shareholders	493	1,726		5,053	5,839
Cash provided by operating activities	3,662	3,812		12,600	14,201

1  Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

For purposes of evaluating performance, the Company makes adjustments to GAAP reported earnings, segment EBITDA and cash flow provided by operating activities for unusual, infrequent or other non-operating factors, which allow management and investors to more accurately compare the Company’s performance across periods, normalizing for factors that are not indicative of underlying business performance. Tables incorporating these adjustments follow below. Schedules reconciling EBITDA, adjusted EBITDA, adjusted EBITDA by segment, adjusted earnings, adjusted earnings per share and DCF to their closest GAAP equivalent are provided in the Appendices to this news release.

Adjusted EBITDA By Segment

Adjusted EBITDA generated from U.S. dollar denominated businesses was translated to Canadian dollars at a higher average exchange rates (C$1.40/US$) in the fourth quarter of 2024 when compared with the same quarter in 2023 (C$1.36/US$). On a full year basis, adjusted EBITDA generated from U.S. dollar denominated businesses was translated at C$1.37/US$, compared with $C1.35/US$ in 2023. A significant portion of U.S. dollar earnings are hedged under the Company’s enterprise-wide financial risk management program. The hedge settlements are reported within Eliminations and Other.

Liquids Pipelines

	Three months ended December 31,			Twelve months ended December 31,
	2024	2023		2024	2023
(unaudited; millions of Canadian dollars)
Mainline System	1,339	1,300		5,342	5,396
Regional Oil Sands System	232	228		925	954
Gulf Coast and Mid-Continent Systems1	369	442		1,596	1,582
Other Systems2	455	395		1,791	1,503
Adjusted EBITDA3	2,395	2,365		9,654	9,435
Operating Data (average deliveries – thousands of bpd)
Mainline System volume4	3,079	3,212		3,061	3,080
Canadian International Joint Tariff5 ($C)	$1.75	$1.65		$1.70	$1.65
U.S. International Joint Tariff5 ($US)	$2.59	$2.57		$2.58	$2.57
Line 3 Replacement Surcharge6 ($US)	$0.76	$0.77		$0.76	$0.77

Liquids Pipelines adjusted EBITDA increased $30 million compared with the fourth quarter of 2023, primarily related to:

• higher Mainline System tolls from annual escalators, effective July 1, 2024 and lower Mainline power costs from operational efficiencies;
• higher contributions from Southern Lights Pipeline due primarily to the discontinuation of rate-regulated accounting as at December 31, 2023; and
• the favorable effect of translating U.S. dollar earnings at a higher average exchange rate in 2024, as compared to 2023; partially offset by
• lower Mainline volumes; and
• lower uncommitted volumes on Flanagan South Pipeline.

Full year 2024 Liquids Pipelines adjusted EBITDA increased by $219 million compared with 2023 and was primarily impacted by the same factors discussed above as well as:

• higher contributions from the Gulf Coast and Mid-Continent System due primarily to higher volumes on the Flanagan South Pipeline driven by the open season commitments that commenced in the first quarter of 2024, and EIEC due to higher demand and new storage contracts that commenced in the second quarter of 2024, partially offset by
• full year of lower Mainline System tolls as a result of revised tolls effective July 1, 2023 and a lower L3R surcharge.

Gas Transmission

	Three months ended December 31,			Twelve months ended December 31,
	2024	2023		2024	2023
(unaudited; millions of Canadian dollars)
U.S. Gas Transmission	1,009	833		3,795	3,433
Canadian Gas Transmission	157	182		552	640
Other1	106	69		435	325
Adjusted EBITDA2	1,272	1,084		4,782	4,398

Gas Transmission adjusted EBITDA increased $188 million compared with the fourth quarter of 2023, primarily related to:

• contributions from the acquisitions of Aitken Creek Gas Storage in the fourth quarter of 2023, Tomorrow RNG in the first quarter of 2024, and Whistler Parent LLC in the second quarter of 2024;
• favorable contracting and lower operating costs on our U.S. Gas Transmission assets;
• contributions from the TETLP rate settlement, effective October 1, 2024; and
• the favorable effect of translating U.S. dollar earnings at a higher average exchange rate in 2024, compared to the same period in 2023; partially offset by
• lower contributions from Alliance Pipeline and Aux Sable due to the sale of our interests in these investments in April 2024.

Full year 2024 Gas Transmission adjusted EBITDA increased $384 million compared with 2023 and was primarily impacted by the same factors discussed above as well as:

• contributions from the acquisition of Tres Palacios in the second quarter of 2023.

Gas Distribution and Storage

	Three months ended December 31,			Twelve months ended December 31,
	2024	2023		2024	2023
(unaudited; millions of Canadian dollars)
Enbridge Gas Ontario1	502	503		1,872	1,825
U.S. Gas Utilities1	502	—		947	—
Other	11	16		50	48
Adjusted EBITDA2	1,015	519		2,869	1,873
Operating Data
Enbridge Gas Ontario
Volumes (billions of cubic feet)	532	620		1,946	2,218
Number of active customers3 (millions)	3.9	3.9		3.9	3.9
Heating degree days4
Actual	927	1,152		2,546	3,418
Forecast based on normal weather5	1,008	1,286		2,958	3,781

1	Enbridge Gas Inc. doing business as Enbridge Gas Ontario. U.S. Gas Utilities consist of East Ohio Gas (doing business as Enbridge Gas Ohio), Questar (Doing business as Enbridge Gas Utah) and PSNC (doing business as Enbridge Gas North Carolina).
2	Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.
3	Number of active customers is the number of natural gas consuming customers at the end of the reported period.
4	Heating degree days is a measure of coldness that is indicative of volumetric requirements for natural gas utilized for heating purposes in Enbridge Gas Ontario’s distribution franchise areas.
5	Normal weather is the weather forecast by Enbridge Gas Ontario in its legacy rate zones, using the forecasting methodologies approved by the OEB.

Adjusted EBITDA for Enbridge Gas Ontario, Enbridge Gas Utah and Enbridge Gas North Carolina  typically follows a seasonal profile. EBITDA is generally highest in the first and fourth quarters of the year. Seasonal profiles for Enbridge Gas Ontario, Enbridge Gas Utah and Enbridge Gas North Carolina reflect greater volumetric demand during the heating season and the magnitude of the seasonal adjusted EBITDA fluctuations will vary from year-to-year in Ontario reflecting the impact of colder or warmer than normal weather on distribution volumes. Enbridge Gas Ohio’s earnings are largely decoupled from volumes and less impacted by weather fluctuations. Enbridge Gas Utah and Enbridge Gas North Carolina have revenue decoupling mechanisms that are not impacted by weather or gas volume variability, but revenues are shaped to align with the seasonal usage profile. Enbridge Gas Ontario revenue can be affected by weather variability.

Adjusted EBITDA for the fourth quarter increased $496 million compared with the fourth quarter of 2023 primarily related to:

• contributions from the Enbridge Gas Ohio, Enbridge Gas Utah and Enbridge Gas North Carolina acquisitions in 2024; and
• higher distribution charges resulting from increases in rates and customer base, and higher demand in the contract market at Enbridge Gas Ontario; partially offset by
• the absence of favorable timing of operating costs present in the fourth quarter of 2023.

When compared with the normal forecast embedded in rates, the negative impact of weather for Enbridge Gas Ontario was approximately $23 million in the fourth quarter of 2024 compared to a negative impact of approximately $29 million in the fourth quarter of 2023.

Full year 2024 Gas Distribution and Storage adjusted EBITDA increased by $996 million compared with 2023 and was primarily impacted by the same factors discussed above, as well as warmer than normal weather in 2024 which negatively impacted 2024 Enbridge Gas Ontario EBITDA by approximately $58 million year over year.

When compared with the normal forecast embedded in rates, the negative impact of weather for Enbridge Gas Ontario was approximately $129 million in 2024 compared to a negative impact of approximately $71 million in 2023.

Renewable Power Generation

	Three months ended December 31,			Twelve months ended December 31,
	2024	2023		2024	2023
(unaudited; millions of Canadian dollars)
Adjusted EBITDA1	308	141		820	531

1  Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Renewable Power Generation adjusted EBITDA increased $167 million compared with the fourth quarter of 2023 primarily related to:

• higher contributions from our investment in Fox Squirrel Solar as a result of the generation of investment tax credits; and
• higher contributions from the Hohe See and Albatros Offshore Wind Facilities as a result of the November 2023 acquisition of an additional 24.45% interest in these facilities.

Full year 2024 Renewable Power Generation adjusted EBITDA increased $289 million and was primarily impacted by the same factors discussed above as well as:

• strong wind resources at European offshore wind facilities, partially offset by
• the absence in 2024 of fees earned on certain wind and solar development contracts.

Eliminations and Other

	Three months ended December 31,			Twelve months ended December 31,
	2024	2023		2024	2023
(unaudited; millions of Canadian dollars)
Operating and administrative recoveries	206	17		587	158
Realized foreign exchange hedge settlement (loss)/gain	(66)	(19)		(92)	59
Adjusted EBITDA1	140	(2)		495	217

Operating and administrative recoveries captured in this segment reflect the cost of centrally delivered services (including depreciation of corporate assets) inclusive of amounts recovered from business units for the provision of those services. U.S. dollar denominated earnings within operating segment results are translated at average foreign exchange rates during the quarter, and the impact of settlements made under the Company’s enterprise foreign exchange hedging program are captured in this corporate segment.

Eliminations and Other adjusted EBITDA increased $142 million compared with the fourth quarter of 2023 due to:

• higher investment income from elevated cash balances and from our wholly-owned captive insurance subsidiary; and
• lower operating costs; partially offset by
• higher realized foreign exchange loss on hedge settlements in 2024.

Full year 2024 Eliminations and Other adjusted EBITDA increased $278 million compared with 2023 due to the same factors discussed above as well as higher investment income from the pre-funding of the Acquisitions.

Distributable Cash Flow

	Three months ended December 31,			Twelve months ended December 31,
	2024	2023		2024	2023
(unaudited; millions of Canadian dollars; number of shares in millions)
Liquids Pipelines	2,395	2,365		9,654	9,435
Gas Transmission	1,272	1,084		4,782	4,398
Gas Distribution and Storage	1,015	519		2,869	1,873
Renewable Power Generation	308	141		820	531
Eliminations and Other	140	(2)		495	217
Adjusted EBITDA1,3	5,130	4,107		18,620	16,454
Maintenance capital	(370)	(270)		(1,118)	(918)
Interest expense1	(1,247)	(969)		(4,475)	(3,728)
Current income tax1	(278)	(166)		(875)	(561)
Distributions to noncontrolling interests1	(88)	(81)		(333)	(363)
Cash distributions in excess of equity earnings1	47	149		394	464
Preference share dividends1	(101)	(92)		(388)	(352)
Other receipts of cash not recognized in revenue2	8	37		97	210
Other non-cash adjustments	(27)	17		69	61
DCF3	3,074	2,732		11,991	11,267
Weighted average common shares outstanding4	2,178	2,126		2,155	2,056

Fourth quarter 2024 DCF increased $342 million compared with the same period of 2023 primarily due to operational factors discussed above contributing to higher adjusted EBITDA, partially offset by:

• higher debt principal mainly attributable to the Acquisitions and higher average rates, resulting in higher interest expense;
• higher U.S. minimum tax;
• lower net distributions in excess of equity earnings for the quarter; and
• higher maintenance capital from the Acquisitions.

Full year 2024 DCF increased $724 million compared with 2023 results primarily due to the same factors discussed above.

Adjusted Earnings

	Three months ended December 31,			Twelve months ended December 31,
	2024	2023		2024	2023
(unaudited; millions of Canadian dollars, except per share amounts)
Adjusted EBITDA1,2	5,130	4,107		18,620	16,454
Depreciation and amortization	(1,434)	(1,208)		(5,353)	(4,762)
Interest expense2	(1,273)	(957)		(4,534)	(3,700)
Income taxes2	(630)	(469)		(2,120)	(1,721)
Noncontrolling interests2	(52)	(18)		(188)	(176)
Preference share dividends	(101)	(92)		(388)	(352)
Adjusted earnings1	1,640	1,363		6,037	5,743
Adjusted earnings per common share1	0.75	0.64		2.80	2.79

Adjusted earnings increased $277 million and adjusted earnings per share increased by $0.11 when compared with the fourth quarter in 2023 primarily due to higher adjusted EBITDA driven by operational factors discussed above, partially offset by:

• higher debt principal mainly attributable to the Acquisitions and higher average rates, resulting in higher interest expense;
• higher depreciation from assets acquired or placed into service since the fourth quarter of 2023; and
• higher income taxes due to higher earnings and higher US minimum tax.

Full year adjusted earnings increased $294 million and adjusted earnings per share increased $0.01 compared with 2023 due to the factors discussed above as well as, higher depreciation on assets acquired or placed into service beginning January 1, 2023.

Per share metrics were negatively impacted by the bought deal equity issuance in the third quarter of 2023 and ATM issuances in the second quarter of 2024, as part of the funding for the Acquisitions.

CONFERENCE CALL

Enbridge will host a conference call and webcast on February 14, 2025 at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to provide a business update and review 2024 fourth quarter results. Analysts, members of the media and other interested parties can access the call toll free at 1-800-606-3040. The call will be audio webcast live at https://events.q4inc.com/attendee/980600506. It is recommended that participants dial in or join the audio webcast fifteen minutes prior to the scheduled start time. A webcast replay will be available soon after the conclusion of the event and a transcript will be posted to the website. The replay will be available for seven days after the call toll-free 1-(800)-606-3040 (conference ID: 9581867).

The conference call format will include prepared remarks from the executive team followed by a question and answer session for the analyst and investor community only. Enbridge’s media and investor relations teams will be available after the call for any additional questions.

DIVIDEND DECLARATION

On December 2, 2024, our Board of Directors declared the following quarterly dividends. All dividends are payable on March 1, 2025 to shareholders of record on February 14, 2025.

	Dividend per share
(Canadian dollars unless otherwise stated)
Common Shares1	$0.94250
Preference Shares, Series A	$0.34375
Preference Shares, Series B	$0.32513
Preference Shares, Series D	$0.33825
Preference Shares, Series F	$0.34613
Preference Shares, Series G2	$0.37911
Preference Shares, Series H	$0.38200
Preference Shares, Series I3	$0.35507
Preference Shares, Series L	US$0.36612
Preference Shares, Series N	$0.41850
Preference Shares, Series P	$0.36988
Preference Shares, Series R	$0.39463
Preference Shares, Series 1	US$0.41898
Preference Shares, Series 3	$0.33050
Preference Shares, Series 44	$0.37110
Preference Shares, Series 5	US$0.41769
Preference Shares, Series 7	$0.37425
Preference Shares, Series 95	$0.35450
Preference Shares, Series 11	$0.24613
Preference Shares, Series 13	$0.19019
Preference Shares, Series 15	$0.18644
Preference Shares, Series 19	$0.38825

1	The quarterly dividend per common share was increased 3% to $0.9425 from $0.9150, effective March 1, 2025.
2	The quarterly dividend per share paid on Preference Shares, Series G was decreased to $0.37911 from $0.43014 on December 1, 2024 due to reset on a quarterly basis.
3	The quarterly dividend per share paid on Preference Shares, Series I was decreased to $0.35507 from $0.40589 on December 1, 2024 due to reset on a quarterly basis.
4	The quarterly dividend per share paid on Preference Shares, Series 4 was decreased to $0.37110 from $0.42206 on December 1, 2024 due to reset on a quarterly basis.
5	The quarterly dividend per share paid on Preference Shares, Series 9 was increased to $0.35450 from $0.25606 on December 1, 2024 due to reset on an annual basis.

IBF4