Enbridge Reports Record Quarterly Results and Reaffirms 2025 Financial Guidance, Illustrating Its Industry Leading, Resilient Business Model – Enbridge (NYSE:ENB)

CALGARY, AB, Might 9, 2025 /PRNewswire/ – Enbridge Inc. (Enbridge or the Firm) ENB ENB right this moment reported first quarter 2025 monetary outcomes, reaffirmed its 2025 monetary steering and offered a quarterly enterprise replace.

Highlights
(All monetary figures are unaudited and in Canadian {dollars} until in any other case famous. * identifies non-GAAP monetary measures. Please seek advice from Non-GAAP Reconciliations Appendices.)

• First quarter GAAP earnings of $2.3 billion or $1.04 per widespread share, in contrast with GAAP earnings of $1.4 billion or $0.67 per widespread share in 2024
• Adjusted earnings* of $2.2 billion or $1.03 per widespread share*, in contrast with $2.0 billion or $0.92 per widespread share in 2024
• Adjusted earnings earlier than curiosity, earnings taxes and depreciation and amortization (EBITDA)* of $5.8 billion, a rise of 18%, in contrast with $5.0 billion in 2024
• Money offered by working actions of $3.1 billion, in contrast with $3.2 billion in 2024
• Distributable money stream (DCF)* of $3.8 billion, a rise of 9%, in contrast with $3.5 billion in 2024
• Reaffirmed 2025 full 12 months monetary steering and multi-year monetary outlook
• Sanctioned as much as $2.0 billion of Mainline capital funding by way of 2028 to additional reliability and maximize current throughput given persevering with calls for on the system
• Launched a binding open season on Flanagan South Pipeline (FSP) supporting Mainline Optimization Section 1 which provides 150 kbpd of capability
• Introduced definitive settlement to amass a ten% fairness curiosity within the working Matterhorn Categorical Pipeline (MXP), a 2.5 bcf/d pure gasoline pipeline connecting rising Permian provide to Katy, Texas, for US$0.3 billion of money consideration
• Sanctioned building of the Traverse Pipeline alongside Whitewater Midstream (Whitewater), MPLX LP (MPLX), and Targa Assets (Targa) to supply pure gasoline transportation service between Katy and Agua Dulce within the U.S. Gulf Coast
• Sanctioned the $0.4 billion Birch Grove growth of T-North Pipeline in British Columbia to serve rising egress wants out of the Montney basin
• Sanctioned a US$0.1 billion growth of the T15 mission at Enbridge Fuel North Carolina, doubling capability of the unique pure gasoline era associated mission

CEO COMMENT
Greg Ebel, President and CEO commented the next:

“Regardless of the distinctive challenges that 2025 has introduced, Enbridge is working from a place of energy and stability and can proceed to ship protected, dependable, and inexpensive vitality to our prospects all through North America and past. This may be seen in our very stable first quarter outcomes. Robust utilization throughout our asset base underpinned file monetary outcomes and units us as much as meet or exceed our monetary steering for the 20^th consecutive 12 months.

“In Liquids, the Mainline was apportioned all the quarter, delivering a primary quarter file of three.2 million barrels per day, and illustrating its important function within the transportation of oil to key demand facilities. The continued want for environment friendly, dependable service underpins the sanctioning of as much as $2 billion of Mainline capital funding. As well as, the expansion outlook within the economically advantaged Western Canadian Sedimentary Basin (WCSB) stays robust with roughly 1 million incremental barrels per day anticipated to return onstream by 2035. We’re actively progressing the primary section of the Mainline Optimization, and we look ahead to working with our prospects, the Authorities of Alberta, and different stakeholders to help future phased progress. Within the U.S., the Permian will proceed to supply low-cost provide to North America and past. We achieved file quarterly export volumes at Enbridge Ingleside Export Heart (EIEC) and are on monitor to position its Section VII storage growth into service in 2025.

“In Fuel Transmission, we’ve got made two thrilling bulletins, demonstrating progress in direction of the $23 billion of alternatives we highlighted at Investor Day. Via our curiosity within the Whistler Mum or dad JV, we sanctioned the 1.75 bcf/d Traverse Pipeline which can join Agua Dulce to Katy, Texas offering market optionality for our prospects. We additionally signed an settlement to amass a ten% fairness curiosity in Matterhorn Categorical Pipeline, a 2.5 bcf/d pure gasoline pipeline connecting Permian provide to Katy, Texas. These investments are complementary to one another and the prevailing Whistler Mum or dad JV property. 

“In Fuel Distribution, we lately filed fee instances in each North Carolina and Utah. Now we have robust relationships with our regulators and communities, and goal outcomes that prioritize security and protect buyer affordability whereas delivering aggressive and predictable shareholder returns. We anticipate that constructive regulatory outcomes will proceed to tell our capital allocation plans.

“In Renewable Energy, the 130 MW Orange Grove photo voltaic mission entered service on time and on price range, and we’re on monitor to position the primary section of Sequoia into service by the tip of the 12 months. These two photo voltaic initiatives are each situated in Texas and are contracted underneath long-term PPA’s with blue-chip prospects.   

“Trying forward, we’ll stay targeted on our strategic priorities. We do not count on tariffs to have a cloth influence on our present operations or deployment of capital. Now we have secured roughly $3 billion of capital to date this 12 months and elevated our secured backlog to $28 billion, all of which is targeted on accretive, low threat initiatives which prolong our progress outlook by way of the tip of the last decade.

“Our disciplined strategy to capital allocation is designed to help a robust stability sheet, annual funding capability of $9 to $10 billion and sustainable return of capital to shareholders. This self-discipline, coupled with our low-risk enterprise mannequin and diversification, uniquely positions us to fulfill rising vitality demand.

“Extra broadly, North America is in a novel place to strengthen its economic system, increase the usual of residing and create jobs. We look ahead to working with the newly elected Canadian authorities to develop the traditional and unconventional vitality sector, diversify the nation’s export markets and enhance competitiveness, allowing timelines and prosperity. In the USA, we proceed partaking with coverage makers and regulators to advocate for brand spanking new vitality infrastructure that can help home wants in the USA, the highly effective vitality partnership between Canada and the U.S., and vitality demand globally by way of rising exports.

“Enbridge intends to proceed to be the first-choice accomplice with all its stakeholders, reliably function and develop its enterprise and ship steady and predictable returns to buyers. At Enbridge, tomorrow is on!”

FINANCIAL RESULTS SUMMARY

Monetary outcomes for the three months ended March 31, 2025 and 2024 are summarized within the desk under:

GAAP earnings attributable to widespread shareholders for the primary quarter of 2025 elevated by $0.8 billion, or $0.37 per share, in contrast with the identical interval in 2024. This enhance was primarily attributable to non-cash, unrealized modifications within the worth of by-product monetary devices used to handle international change, rate of interest and commodity worth dangers and the absence in 2025 of severance prices from workforce reductions in February 2024. As well as, the quarterly working efficiency components mentioned under contributed to larger earnings, in comparison with the primary quarter of 2024.

The period-over-period comparability of GAAP earnings attributable to widespread shareholders is impacted by sure uncommon, rare components or different non-operating components that are famous within the reconciliation schedule included in Appendix A of this information launch. Discuss with the Firm’s Administration’s Dialogue & Evaluation for Q1 2025 filed together with the quarter-end monetary statements for an in depth dialogue of GAAP monetary outcomes.

Adjusted EBITDA within the first quarter of 2025 elevated by $874 million in contrast with the identical interval in 2024. This was due primarily to contributions from the US gasoline utility acquisitions (the Acquisitions), larger Mainline throughput and system tolls from annual escalators, fee settlements and favorable contracting on U.S. Fuel Transmission property, colder climate and better distribution expenses from will increase in charges and buyer base at Enbridge Fuel Ontario, and the impact of translating U.S. greenback EBITDA at the next common change fee in 2025, as in comparison with 2024. These components have been partially offset by the absence of contributions from Alliance Pipeline and Aux Sable because of the sale of our pursuits in these investments in April 2024, decrease volumes on Flanagan South Pipeline and Categorical-Platte, in addition to decrease wind assets in Europe.

Adjusted earnings within the first quarter of 2025 elevated by $0.3 billion, or $0.11 per share, in contrast with the identical interval in 2024, attributable to EBITDA components mentioned above, partially offset by larger financing prices and depreciation expense from the Acquisitions and capital investments in addition to larger taxes on larger earnings. The influence of translating U.S. greenback depreciation, curiosity expense and earnings taxes offsets the impact of translating U.S. greenback EBITDA at larger common change charges between durations.

DCF for the primary quarter of 2025 elevated by $0.3 billion in contrast with the identical interval in 2024, primarily attributable to EBITDA components mentioned above, partially offset by larger financing prices and upkeep capital from the Acquisitions and capital investments in addition to larger taxes on larger earnings. The influence of translating U.S. greenback curiosity expense, upkeep capital and present earnings taxes partially offsets the impact of translating U.S. greenback EBITDA at larger common change charges between durations.

Per share metrics in 2025, relative to 2024, are impacted by the at-the-market (ATM) issuances of widespread shares within the second quarter of 2024 as a part of the pre-funding plan for the Acquisitions.

Detailed monetary data and evaluation may be discovered under underneath First Quarter 2025 Monetary Outcomes.

FINANCIAL OUTLOOK

The Firm reaffirms its 2025 monetary steering for adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90.

The Firm additionally reaffirms its monetary outlook introduced at its Investor Day on March 4, 2025;

• 2023 to 2026 near-term progress of 7-9% for adjusted EBITDA, 4-6% for adjusted earnings per share (EPS) and roughly 3% for DCF per share; and
• Put up 2026; adjusted EBITDA, EPS and DCF per share are all anticipated to develop by roughly 5% yearly.

FINANCING UPDATE

On February 19, 2025, Enbridge issued $2.8 billion of senior notes consisting of $700 million of 3-year notes, $800 million of 5-year notes, $700 million of 10-year notes, and $600 million of 30-year notes. Proceeds from these choices have been used to pay down current indebtedness, fund capital expenditures, and for basic company functions.

The Firm’s rolling 12 month Debt-to-EBITDA metric on the finish of the quarter was 4.9x (which incorporates partial 12 months EBITDA from the Acquisitions in 2024). As of March 31, 2025, debt is translated on the interval finish fee of $1.44 USD/CAD and EBITDA is translated on the trailing 12 month common fee of $1.39 USD/CAD. Enbridge expects annualized EBITDA contributions from the Acquisitions to strengthen its Debt-to-EBITDA metric in direction of the midpoint of its 4.5-5.0x goal vary all through 2025.

SECURED GROWTH PROJECT EXECUTION UPDATE

Enbridge added $3 billion of initiatives to its secured progress backlog this quarter:

• Mainline Capital Funding; as much as $2 billion
• Birch Grove growth of T-North; $0.4 billion
• T15 growth; US$0.1 billion

Enbridge lately positioned the Orange Grove photo voltaic mission  into service, and the mission has been faraway from the Firm’s $28 billion backlog. Financing of the secured progress program is anticipated to be offered solely by way of the Firm’s anticipated $9-10 billion of annual progress capital funding capability.

FIRST QUARTER BUSINESS UPDATES

Liquids Pipelines: Mainline Capital Funding

On March 4, 2025, Enbridge introduced plans to speculate as much as $2 billion within the Mainline by way of 2028. These investments can be targeted on additional enhancing reliability and increasing helpful lifetime of the Mainline in order that it continues to function safely and at full capability to fulfill robust demand for years to return.

These Mainline investments are anticipated to earn enticing risk-adjusted returns inside the Mainline Tolling Settlement and to enter service ratably by way of 2028.

Liquids Pipelines: Flanagan South Open Season

The Firm has launched a binding open season for long-term contracted service on Flanagan South Pipeline for 100 kbpd of incremental capability. The contracted capability can be out there underneath an Worldwide Joint Tariff, with receipts in Western Canada and supply factors to the usGulf Coast by way of the Mainline, FSP, and Seaway pipelines.

The open season is being superior in coordination with Mainline Optimization (Section 1) discussions and, along with 50 kbpd of current un-contracted FSP capability, will supply 150 kbpd of full-path capability to serve locations throughout the U.S. Gulf Coast for WCSB manufacturing progress.

Fuel Transmission: Matterhorn Categorical Pipeline

Enbridge introduced it has signed a definitive settlement to amass a ten% non-operating fairness curiosity within the working Matterhorn Categorical pure gasoline pipeline for US$0.3 billion of money consideration. MXP is a number one pure gasoline infrastructure asset offering 2.5 bcf/d of Permian egress to the Katy space within the U.S. Gulf Coast area. Matterhorn advantages from rising LNG and Gulf Coast demand and is totally contracted underneath long-term agreements with predominantly funding grade counterparties. The acquisition is strategically aligned with Enbridge’s current Permian property.

The transaction is anticipated to shut within the second quarter of 2025, topic to satisfaction of closing circumstances.

Fuel Transmission: Traverse Pipeline

On April 3, 2025, Whitewater, MPLX, and Enbridge, by way of the Whistler Mum or dad JV, reached a last funding determination to maneuver ahead with the Traverse Pipeline. The Traverse Pipeline is a three way partnership owned 70% by the Whistler Mum or dad JV, 17.5% by Targa, and 12.5% by MPLX. This pipeline is designed to move as much as 1.8 bcf/d of pure gasoline between Agua Dulce and the Katy space in Texas. Enbridge’s efficient curiosity in Traverse Pipeline can be 13.3%.

The pipeline is backed by agency transportation agreements with funding grade counterparties and is anticipated to enter service in 2027 pending the receipt of customary regulatory and different approvals.

Fuel Transmission: Birch Grove Enlargement

On March 4, 2025, the Firm introduced it might proceed with a 179 mmcf/d growth of its BC Pipeline in northern British Columbia. The Birch Grove mission contains pipeline looping and ancillary station modifications, inside current rights-of-ways, that are anticipated to be full in 2028. Together with the beforehand introduced Aspen Level growth, the Birch Grove mission is anticipated to extend the whole capability of the T-North part of the BC Pipeline to ~3.7 bcf/d.

The mission is underpinned by a cost-of-service industrial mannequin and is anticipated to value $0.4 billion.

Fuel Distribution: T-15 Section 2

On March 4, 2025, Enbridge introduced it had sanctioned $0.1 billion to increase the scope of T15 to put in extra compression and double the capability of the unique mission. The expanded T15 mission is anticipated to ship roughly 510 mmcf/d of pure gasoline to Duke Vitality’s Roxboro plant in North Carolina. Each phases of T15 are anticipated to value an combination US$0.7 billion and enter service in 2027/2028.

FIRST QUARTER 2025 FINANCIAL RESULTS

GAAP Section EBITDA and Money Stream from Operations

For functions of evaluating efficiency, the Firm makes changes to GAAP reported earnings, section EBITDA and money stream offered by working actions for uncommon, rare or different non-operating components, which permit administration and buyers to extra precisely evaluate the Firm’s efficiency throughout durations, normalizing for components that aren’t indicative of underlying enterprise efficiency. Tables incorporating these changes observe under. Schedules reconciling EBITDA, adjusted EBITDA, adjusted EBITDA by section, adjusted earnings, adjusted earnings per share and DCF to their closest GAAP equal are offered within the Appendices to this information launch.

Adjusted EBITDA By Section

Adjusted EBITDA generated from U.S. greenback denominated companies was translated to Canadian {dollars} at the next common change fee (C$1.44/US$) within the first quarter of 2025 in comparison with the identical quarter in 2024 (C$1.35/US$). A good portion of U.S. greenback earnings are hedged underneath the Firm’s enterprise-wide monetary threat administration program. The hedge settlements are reported inside Eliminations and Different.

Liquids Pipelines

Liquids Pipelines adjusted EBITDA elevated $161 million in contrast with the primary quarter of 2024, primarily associated to:

• larger Mainline volumes and better Line 9 throughput;
• larger Mainline System tolls from annual escalators, efficient July 1, 2024;
• fairness earnings attributable to a litigation settlement; and
• the favorable impact of translating U.S. greenback earnings at the next common change fee in 2025, in comparison with the identical interval in 2024; partially offset by
• decrease contributions from the Gulf Coast and Mid-Continent System attributable to decrease volumes on the Flanagan South Pipeline and Spearhead Pipeline.

Fuel Transmission

• Fuel Transmission adjusted EBITDA elevated $165 million in contrast with the primary quarter of 2024, primarily associated to:
• the popularity of revised charges attributable to the Algonquin, TETLP and Maritimes & Northeast U.S. fee case settlements for the reason that first quarter of 2024;
• favorable contracting on our U.S. Fuel Transmission property;
• new contributions from the TETLP Venice Extension mission which entered service in late 2024;
• contributions from the acquisitions of pursuits within the Whistler Mum or dad JV and DBR Pipeline within the second and fourth quarters of 2024, respectively, and
• the favorable impact of translating U.S. greenback earnings at the next common change fee in 2025, in comparison with the identical interval in 2024; partially offset by
• the absence of contributions from Alliance Pipeline and Aux Sable because of the sale of our pursuits in these investments in April 2024.

Fuel Distribution and Storage

Adjusted EBITDA for Enbridge Fuel Ontario, Enbridge Fuel Utah and Enbridge Fuel North Carolina sometimes follows a seasonal profile. EBITDA is mostly highest within the first and fourth quarters of the 12 months. Seasonal profiles for Enbridge Fuel Ontario, Enbridge Fuel Utah and Enbridge Fuel North Carolina replicate better volumetric demand in the course of the heating season and the magnitude of the seasonal adjusted EBITDA fluctuations will range from year-to-year in Ontario reflecting the influence of colder or hotter than regular climate on distribution volumes. Enbridge Fuel Ohio’s earnings are largely decoupled from volumes and fewer impacted by climate fluctuations. Enbridge Fuel Utah and Enbridge Fuel North Carolina have income decoupling mechanisms that aren’t impacted by climate or gasoline quantity variability, however revenues are formed to align with the seasonal utilization profile. Enbridge Fuel Ontario income is affected by climate variability.

Adjusted EBITDA for the primary quarter elevated $835 million in contrast with the primary quarter of 2024 primarily associated to:

• full-quarter contributions from the US gasoline utilities together with Enbridge Fuel Ohio, Enbridge Fuel Utah and Enbridge Fuel North Carolina;
• colder climate in 2025, in comparison with the conventional forecast embedded in charges, which positively impacted Enbridge Fuel Ontario by roughly $87 million interval over interval; and
• larger distribution expenses ensuing from will increase in charges and buyer base in Enbridge Fuel Ontario.

Compared with the conventional forecast embedded in charges, the optimistic influence of climate for Enbridge Fuel Ontario was roughly $9 million within the first quarter of 2025 in comparison with a detrimental influence of roughly $78 million in the identical interval of 2024

Renewable Energy Technology

Renewable Energy Technology adjusted EBITDA decreased $38 million in contrast with the primary quarter of 2024 primarily associated to:

• weaker wind assets at European offshore wind services; partially offset by
• stronger wind assets at North American wind websites.

Eliminations and Different

Working and administrative recoveries captured on this section replicate the price of centrally delivered providers (together with depreciation of company property) inclusive of quantities recovered from enterprise items for the supply of these providers. U.S. greenback denominated earnings inside working section outcomes are translated at common international change charges in the course of the quarter, and the influence of settlements made underneath the Firm’s enterprise international change hedging program are captured on this company section.

Eliminations and Different adjusted EBITDA decreased $249 million in contrast with the primary quarter of 2024 attributable to:

• larger realized international change loss on hedge settlements in 2025; and
• decrease funding earnings in 2025 in comparison with 2024 which benefited from the pre-funding of the Acquisitions.

Distributable Money Stream

First quarter 2025 DCF elevated $314 million in contrast with the identical interval of 2024 primarily attributable to operational components mentioned above contributing to larger adjusted EBITDA, partially offset by:

• larger debt principal primarily attributable to the Acquisitions and better common charges, leading to larger curiosity expense;
• larger present taxes attributable to larger earnings;
• decrease web distributions in extra of fairness earnings for the quarter attributable to timing of litigation settlement proceeds and the absence of Alliance and Aux Sable distributions;
• larger upkeep capital from the Acquisitions; and
• the influence of translating U.S. greenback curiosity expense, upkeep capital and present earnings taxes at larger common change charges between durations.

Adjusted Earnings

Adjusted earnings elevated $287 million and adjusted earnings per share elevated by $0.11 in comparison with the primary quarter in 2024 primarily attributable to larger adjusted EBITDA pushed by operational components mentioned above, partially offset by:

• larger debt principal primarily attributable to the Acquisitions and better common charges, leading to larger curiosity expense;
• larger depreciation from property acquired or positioned into service for the reason that first quarter of 2024;
• larger earnings taxes attributable to larger earnings; and
• the influence of translating U.S. greenback depreciation, curiosity expense and earnings taxes at larger common change charges between durations.

Per share metrics have been negatively impacted by ATM issuances beginning within the second quarter of 2024, as a part of the pre-funding for the Acquisitions.

CONFERENCE CALL

Enbridge will host a convention name and webcast on Might 9, 2025 at 9:00 a.m. Japanese Time (7:00 a.m. Mountain Time) to supply a enterprise replace and evaluation 2025 first quarter outcomes. Analysts, members of the media and different events can entry the decision toll free at 1-800-606-3040. The decision can be audio webcast reside at https://occasions.q4inc.com/attendee/739750180. It is strongly recommended that contributors dial in or be part of the audio webcast fifteen minutes previous to the scheduled begin time. A webcast replay can be out there quickly after the conclusion of the occasion and a transcript can be posted to the web site. The replay can be out there for seven days after the decision toll-free 1-(800)-606-3040 (convention ID: 9581867).

The convention name format will embody ready remarks from the chief workforce adopted by a query and reply session for the analyst and investor group solely. Enbridge’s media and investor relations groups can be out there after the decision for any extra questions.

DIVIDEND DECLARATION

The Board of Administrators has declared the next quarterly dividends. All dividends are payable on June 1, 2025 to shareholders of file on Might 15, 2025.

FORWARD-LOOKING INFORMATION

Ahead-looking data, or forward-looking statements, have been included on this information launch to supply details about Enbridge and its subsidiaries and associates, together with administration’s evaluation of Enbridge and its subsidiaries’ future plans and operations. This data is probably not acceptable for different functions. Ahead trying statements are sometimes recognized by phrases reminiscent of ”anticipate”, ”count on”, ”mission”, ‘estimate”, ”forecast”, ”plan”, ”intend”, ”goal”, ”consider”, “probably” and comparable phrases suggesting future outcomes or statements concerning an outlook. Ahead-looking data or statements included or included by reference on this doc embody, however should not restricted to, statements with respect to the next: Enbridge’s company imaginative and prescient and technique, together with our strategic priorities and outlook; 2025 monetary steering and close to time period outlook, together with projected DCF per share, EPS and adjusted EBITDA and anticipated progress thereof; anticipated dividends, dividend progress and dividend coverage; the anticipated advantages of the acquisitions of three U.S. gasoline utilities from Dominion Vitality, Inc. (the Acquisitions) and the anticipated integration thereof; anticipated provide of, demand for, exports of and costs of crude oil, pure gasoline, pure gasoline liquids (NGL), liquefied pure gasoline (LNG), renewable pure gasoline (RNG) and renewable vitality; trade and market circumstances; anticipated utilization of our property; anticipated EBITDA and adjusted EBITDA; anticipated earnings/(loss) and adjusted earnings/(loss); anticipated DCF and DCF per share; anticipated future money flows; anticipated shareholder returns and asset returns; anticipated efficiency of Enbridge’s companies; monetary energy, capability and adaptability; financing prices and plans; expectations on leverage, together with Debt-to EBITDA ratio; sources of liquidity and sufficiency of economic assets; anticipated in-service dates and prices associated to introduced initiatives and initiatives underneath building; capital allocation framework and priorities; influence of climate and seasonality; anticipated future progress and growth alternatives, together with secured progress program, improvement alternatives, and buyer progress, together with with respect to the Mainline capital funding, the Birch Grove growth, the Matterhorn acquisition, and the T15 growth; anticipated closings, advantages, accretion and timing of transactions; authorities commerce insurance policies, together with doable impacts of potential and introduced tariffs, duties, charges, financial sanctions, or different commerce measures and the timing and influence thereof; anticipated future actions and choices of regulators and courts and the timing and influence thereof; and toll and fee case discussions and filings, and anticipated timing and influence therefrom.

Though Enbridge believes these forward-looking statements are cheap based mostly on the data out there on the date such statements are made and processes used to arrange the data, such statements should not ensures of future efficiency and readers are cautioned towards putting undue reliance on forward-looking statements. By their nature, these statements contain quite a lot of assumptions, identified and unknown dangers and uncertainties and different components, which can trigger precise outcomes, ranges of exercise and achievements to vary materially from these expressed or implied by such statements. Materials assumptions embody assumptions concerning the following: the anticipated provide of, demand for, export of and costs of crude oil, pure gasoline, NGL, LNG, RNG and renewable vitality; anticipated utilization of our property; change charges; inflation; rates of interest; tariffs and commerce insurance policies; availability and worth of labour and building supplies; the steadiness of our provide chain; operational reliability and efficiency; upkeep of help and regulatory approvals for our initiatives and transactions; anticipated in-service dates; climate; the timing, phrases and shutting of introduced and potential acquisitions, inclinations and different transactions and initiatives and the timing and advantages thereof; governmental laws; litigation; credit score rankings; hedging program; anticipated EBITDA and adjusted EBITDA; anticipated earnings/ (loss) and adjusted earnings/(loss); anticipated earnings/(loss) or adjusted earnings/(loss) per share; anticipated future money flows; anticipated future DCF and DCF per share; estimated future dividends; monetary energy and adaptability; debt and fairness market circumstances; and basic financial and aggressive circumstances. Assumptions concerning the anticipated provide of and demand for crude oil, pure gasoline, NGL, LNG, RNG and renewable vitality and the costs of those commodities are materials to and underlie all forward-looking statements, as they might influence present and future ranges of demand for our providers. Equally, change charges, inflation, rates of interest and tariffs influence the economies and enterprise environments during which we function and will influence ranges of demand for our providers and price of inputs and are subsequently inherent in all forward-looking statements. Essentially the most related assumptions related to forward-looking statements concerning introduced initiatives and initiatives underneath building, together with estimated completion dates and anticipated capital expenditures, embody the next: the supply and worth of labour and building supplies; the steadiness of our provide chain; the consequences of inflation and international change charges on labour and materials prices; the consequences of rates of interest on borrowing prices; the influence of climate; the timing and shutting of acquisitions, inclinations and different transactions and the belief of anticipated advantages therefrom; and buyer, authorities, courtroom and regulatory approvals on building and in-service schedules and price restoration regimes.

Enbridge’s forward-looking statements are topic to dangers and uncertainties pertaining to the profitable execution of our strategic priorities; working efficiency; regulatory parameters and choices; litigation; acquisitions and inclinations and different transactions, and the belief of anticipated advantages therefrom, together with the Acquisitions; evolving authorities commerce insurance policies, together with potential and introduced tariffs, duties, charges, financial sanctions or different commerce measures; operational dependence on third events; mission approval and help; renewals of rights-of-way; climate; financial and aggressive circumstances; international geopolitical circumstances; political choices; public opinion; dividend coverage; modifications in tax legal guidelines and tax charges; change charges; rates of interest; inflation; commodity costs; entry to and price of capital; and provide of, demand for, and costs of commodities and different different vitality, together with however not restricted to these dangers and uncertainties mentioned on this information launch and in Enbridge’s different filings with Canadian and U.S. securities regulators. The influence of anybody assumption, threat, uncertainty or issue on a selected forward-looking assertion just isn’t determinable with certainty, as these are interdependent, and our future plan of action relies on administration’s evaluation of all data out there on the related time. Besides to the extent required by relevant regulation, Enbridge assumes no obligation to publicly replace or revise any forward-looking assertion made on this information launch or in any other case, whether or not on account of new data, future occasions or in any other case. All forward-looking statements, whether or not written or oral, attributable to us or individuals performing on our behalf, are expressly certified of their entirety by these cautionary statements.

ABOUT ENBRIDGE INC.

At Enbridge, we safely join hundreds of thousands of individuals to the vitality they depend on day-after-day, fueling high quality of life by way of our North American pure gasoline, oil and renewable energy networks and our rising European offshore wind portfolio. We’re investing in fashionable vitality supply infrastructure to maintain entry to safe, inexpensive vitality and constructing on greater than a century of working standard vitality infrastructure and twenty years of expertise in renewable energy. We’re advancing new applied sciences together with hydrogen, renewable pure gasoline, carbon seize and storage. Headquartered in Calgary, Alberta, Enbridge’s widespread shares commerce underneath the image ENB on the Toronto (TSX) and New York (NYSE) inventory exchanges. To study extra, go to us at enbridge.com.

Not one of the data contained in, or related to, Enbridge’s web site is included in or in any other case varieties a part of this information launch.

NON-GAAP RECONCILIATIONS APPENDICES

This information launch accommodates references to EBITDA, adjusted EBITDA, adjusted earnings, adjusted earnings per widespread share (EPS) and DCF per share. Administration believes the presentation of those metrics provides helpful data to buyers and shareholders, as they supply elevated transparency and perception into the efficiency of the Firm.

EBITDA represents earnings earlier than curiosity, tax, depreciation and amortization.

Adjusted EBITDA represents EBITDA adjusted for uncommon, rare or different non-operating components on each a consolidated and segmented foundation. Administration makes use of EBITDA and adjusted EBITDA to set targets and to evaluate the efficiency of the Firm and its enterprise items.

Adjusted earnings symbolize earnings attributable to widespread shareholders adjusted for uncommon, rare or different non-operating components included in adjusted EBITDA, in addition to changes for uncommon, rare or different non-operating components in respect of depreciation and amortization expense, curiosity expense, earnings taxes and noncontrolling pursuits on a consolidated foundation. Administration makes use of adjusted earnings as one other measure of the Firm’s potential to generate earnings and makes use of EPS to evaluate efficiency of the Firm.

DCF is outlined as money stream offered by working actions earlier than the influence of modifications in working property and liabilities (together with modifications in environmental liabilities) much less distributions to noncontrolling pursuits, choice share dividends and upkeep capital expenditures and additional adjusted for uncommon, rare or different non-operating components. Administration additionally makes use of DCF to evaluate the efficiency of the Firm and to set its dividend payout goal.

This information launch additionally accommodates references to Debt-to-EBITDA, a non-GAAP ratio which makes use of adjusted EBITDA as considered one of its elements. Debt-to-EBITDA is used as a liquidity measure to point the quantity of adjusted earnings to pay debt, as calculated on the idea of usually accepted accounting ideas in the USA of America (U.S. GAAP), earlier than protecting curiosity, tax, depreciation and amortization.

Reconciliations of forward-looking non-GAAP monetary measures and non-GAAP ratios to comparable

GAAP measures should not out there because of the challenges and impracticability of estimating sure objects, notably sure contingent liabilities and non-cash unrealized by-product honest worth losses and positive factors

topic to market variability. Due to these challenges, a reconciliation of forward-looking non-GAAP monetary measures and non-GAAP ratios just isn’t out there with out unreasonable effort.

Our non-GAAP monetary measures and non-GAAP ratios described above should not measures which have standardized that means prescribed by U.S. GAAP and should not U.S. GAAP measures. Subsequently, these measures is probably not comparable with comparable measures introduced by different issuers.

The tables under present a reconciliation of the non-GAAP measures to comparable GAAP measures.

APPENDIX A
NON-GAAP RECONCILIATIONS – ADJUSTED EBITDA AND ADJUSTED EARNINGS

CONSOLIDATED EARNINGS

ADJUSTED EBITDA TO ADJUSTED EARNINGS

EBITDA TO ADJUSTED EARNINGS

APPENDIX B
NON-GAAP RECONCILIATION – ADJUSTED EBITDA TO SEGMENTED EBITDA

LIQUIDS PIPELINES

GAS TRANSMISSION

GAS DISTRIBUTION AND STORAGE

RENEWABLE POWER GENERATION

ELIMINATIONS AND OTHER

APPENDIX C
NON-GAAP RECONCILIATION – CASH PROVIDED BY OPERATING ACTIVITIES TO DCF

SOURCE Enbridge Inc.