Enbridge extends adjusted EBITDA growth rate view of 7%-9% through FY26

Enbridge provided an update on its strategic priorities and financial outlook, which will be further discussed at the Company’s investor conference today in New York. A virtual broadcast of the event is also available for registered participants. Highlights include: extending average annual growth rate through 2026 of 7%-9% for adjusted earnings before interest, income taxes and depreciation; 4%-6% for EPS, and ~3% for distributable cash flow per share. Reaffirms average annual growth rate of ~5% post 2026 for adjusted EBITDA, DCF per share and adjusted EPS. Reaffirms FY24 financial guidance for EBITDA and DCF per share. The U.S. gas utilities acquisitions announced on September 5, 2023 are expected to close at different times during 2024 and are not included in the 2024 financial guidance. Generating annual investment capacity, after dividends, of up to $9B while maintaining a strong balance sheet within target leverage range of 4.5x-5.0x. Investing approximately $3+ billion annually in low-risk natural gas utility infrastructure, inclusive of the assumed capital for the Acquisitions. Announces accretive new capital investments including: Planning Gray Oak Pipeline expansion of approximately 120kbpd, pending a successful open season, and sanctioned 2.5M barrels of additional storage at EIEC for a combined ~$100M, acquisition of 2 marine docks and land from Flint Hills Resources adjacent to Enbridge Ingleside Energy Center terminal for ~$200M, sanctioned ~$200M of offshore pipelines to service Shell and Equinor’s sanctioned Sparta development.