Enbridge Inc.

Segment rollup of investments in wind and solar power generation facilities and an equity interest in geothermal power facilities. Canadian assets in Quebec, Ontario and Alberta; US assets primarily in Texas, Ohio, Indiana, Colorado and West Virginia; European equity interests in operating offshore wind in UK, France and Germany. Net capacity comprises 1,399 MW North American wind, 967 MW operating North American solar (additional 1,015 MW under construction), 621 MW European offshore wind, and 97 MW expected from Courseulles under construction. The vast majority of power is sold under long-term PPAs; most investments held within joint ventures.

Segment rollup of rate-regulated natural gas utility operations serving residential, commercial and industrial customers in Ontario, Quebec, Ohio, North Carolina, Utah, Wyoming and Idaho, plus Wexpro cost-of-service gas production. Approximately 68,000 new customers added across utility jurisdictions in 2025. Combined customer base of approximately 7.1 million across four major distribution systems.

Segment rollup of investments in natural gas pipelines and gathering, processing and storage facilities in Canada and the US, comprising US Gas Transmission, Canadian Gas Transmission, and offshore and midstream assets. One of the largest natural gas transportation networks in North America with bi-directional capability serving Northeast, Southeast, Midwest, Gulf Coast and LNG markets on a fully subscribed and highly utilized basis. Gas Transmission comprises approximately 50% of Enbridge's secured capital program.

Group-level rollup of Enbridge's four business segments: Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation across Canada and the US, with renewable interests in Europe. Secured growth program of $39 billion through 2033, with Gas Transmission comprising approximately 50% of the secured capital program. Assets underpinned by long-term contracts, regulated cost-of-service tolling frameworks and power purchase agreements. Approximately 14,800 regular employees.

13.2% effective economic interest in DCP Midstream, LP, a joint venture engaged in gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGL; and recovering and selling condensate. DCP owns and operates more than 33 plants and approximately 83,176 kilometers (51,683 miles) of natural gas and NGL pipelines across seven states. 2025 equity earnings included $87 million from DCP's gain on disposition of certain pipeline assets.

Effective 27.6% interest in the system connecting the Bakken Basin in North Dakota to eastern PADD II markets and the US Gulf Coast, consisting of the Dakota Access Pipeline (Bakken to Patoka, Illinois) and the Energy Transfer Crude Oil Pipeline (Patoka to Nederland, Texas). Capacity expandable through additional pumping horsepower; anchored by long-term throughput commitments from producers. DAPL operates pending a US Army Corps Record of Decision and new easement expected in 2026 following the December 2025 final EIS.

Approximately 2,736 kilometer (1,700 mile), 20-to-24-inch crude oil transportation system from Hardisty, Alberta to Wood River, Illinois, comprising the 310 kbpd Express Pipeline serving Rocky Mountain refining markets (Montana, Wyoming, Colorado, Utah) and the 145-164 kbpd Platte Pipeline interconnecting at Casper, Wyoming and transporting Bakken and western Canadian crude to Midwest refineries. Includes ~5.6 million barrels of crude storage. Express capacity typically committed under long-term take-or-pay contracts; Platte capacity used by uncommitted shippers.

Rate-regulated natural gas utility serving 4.0 million customers over approximately 157,000 km (97,804 miles) of distribution and transmission pipelines, distributing approximately 2.3 bcf/d across Ontario and Quebec. Offers firm and interruptible transportation on the Dawn-Parkway system linking the Dawn Hub underground storage network to major Canadian and US markets. Operating under an OEB Price Cap Incentive Regulation framework for 2025-2028 rates with an earnings sharing mechanism; equity thickness 38% and 2024 ROE of 9.21% until rebasing expected in 2029. Phase 3 of the rate application (cost allocation/harmonization) expected to complete in 2026.

Rate-regulated natural gas utility (The East Ohio Gas Company, acquired March 6, 2024 for $5.8 billion / US$4.3 billion) serving 1.2 million customers over approximately 53,800 km (33,430 miles) of pipelines, with approximately 60 bcf of underground storage in Ohio. June 2025 Ohio Commission rate order set ROE at 9.79% and equity thickness at 51.9% with $330 million of disallowances recognized in 2025; rehearing reduced the annual revenue decrease to US$14.3 million with updated rates effective November 1, 2025. A December 2025 base rate application proposes a US$163 million annual revenue increase effective early 2027. PIR and CEP capital recovery programs continue through 2028. Many customers participate in the Ohio Energy Choice program; proximity to Utica and Marcellus shale supports transportation services.

Expansion of the Egan Hub and Moss Bluff natural gas storage facilities in the US Gulf Coast, providing 16 bcf and 7 bcf of new site capacity respectively. Egan Hub will be expanded over two phases entering service in 2030 and 2033; Moss Bluff is expected in service in 2028. Expected to improve site injection and withdrawal rates, optimize existing capacity, and offer storage to USGC LNG facilities during periods of high demand. Pre-construction with no significant expenditures to date.

12 natural gas gathering and FERC-regulated transmission pipelines and five oil pipelines located in four major corridors in the Gulf Coast extending to deepwater developments, including almost 2,200 kilometers (1,365 miles) of underwater pipe and onshore facilities. The Canyon System Pipelines project will add two new offshore pipelines supporting bp's Kaskida and Tiber developments by 2029.

Common carrier system comprising the Canadian Mainline and the US Lakehead System, operated and expanded since 1949; six adjacent pipelines connect with the Lakehead System at the Canada/US border plus five pipelines delivering into eastern Canada. Tolled under the Mainline Tolling Settlement through end-2028 (CER-approved March 2024) with an 11%-14.5% return collar on deemed 50% equity; ~70% of deliveries tolled under the settlement. Lakehead tolls FERC-regulated under the November 2023 Lakehead System Settlement. Effectively fully utilized in 2025. Mainline Capital Investment of up to US$1.3 billion through 2028 announced in 2025; Mainline Optimization Phases 1 and 2 advancing.

19% interest in the joint venture formed May 2024 with WhiteWater/I Squared Capital and MPLX LP. The JV holds 100% of the Whistler Pipeline, a 450 mile intrastate pipeline from the Permian Basin to the Agua Dulce, Texas area with 2.5 bcf/d capacity; a 70% interest in the 40 mile, 1.7 bcf/d ADCC Pipeline from Agua Dulce to Cheniere's Corpus Christi LNG export facility; and a 50% interest in Waha Gas Storage, a 2.0 bcf gas storage cavern facility connecting to key Permian egress pipelines.

Seven intra-Alberta long-haul pipelines (Athabasca, Waupisoo, Woodland and Woodland Extension, Wood Buffalo and Wood Buffalo Extension/Athabasca Twin, and Norlite) plus the Athabasca and Cheecham Terminals near Fort McMurray and numerous laterals connecting oil sands customers to Edmonton and Hardisty. Combined capacity ~1.1 mmbpd to Edmonton and ~1.4 mmbpd into Hardisty; Norlite provides ~230 kbpd of diluent capacity (70% Enbridge interest); 50% interest in Woodland Pipeline. Anchored by long-term agreements with multiple oil sands producers including operating cost recovery provisions. Athabasca Indigenous Investments LP (23 First Nation and Metis communities) owns an 11.6% non-operating interest in the seven long-haul pipelines.

Rate-regulated natural gas utility (Public Service Company of North Carolina, acquired September 30, 2024) serving 0.7 million customers over approximately 39,400 km (24,482 miles) of pipelines. A September 2025 settlement approved by the North Carolina Utilities Commission on December 9, 2025 reflects a US$33 million annual revenue increase with rates effective November 1, 2025, and includes a Major Projects Rider for the Moriah Energy Center LNG facility and the T-15 Reliability Project. House Bill 951's NC Carbon Plan is driving coal-to-gas generation switching in the franchise area.

Rate-regulated natural gas utility (Questar Gas Company, acquired with Wexpro May 31, 2024 for $4.1 billion / US$3.0 billion) serving 1.2 million customers over approximately 55,700 km (34,610 miles) of pipelines in Utah, southwestern Wyoming and southeastern Idaho. Wexpro's cost-of-service production supplies up to 55% of annual demand (up to 65% if conditions met), providing a physical commodity hedge. A September 2025 settlement approved a US$61 million annual revenue increase with rates effective January 1, 2026. Residential and small commercial volumetric charges in Utah and Wyoming are subject to revenue decoupling.

Six operating landfill gas-to-RNG production facilities acquired from Morrow Renewables on January 2, 2024, operated under Tomorrow RNG, a wholly owned subsidiary. 2025 earnings were lower due to lower Renewable Identification Number (RIN) pricing and production volumes. Complemented by a 10% cost investment in Divert Inc. (2023) with an option to invest up to US$1.0 billion in food waste-to-RNG projects across the US.

15% interest in Delaware Basin Residue, LLC, which holds 100% of Agua Blanca, LLC, Waha Connector, LLC and Gateway Pipeline, LLC, a combined network of pipelines connecting Permian supply to Whistler and other pipelines transporting natural gas from the Permian Basin to downstream markets, plus the remaining 50% interest in Waha Gas Storage, LLC not held by the Whistler Parent JV.

1,368 kilometer (850 mile) light crude oil system with origination points in the Eagle Ford and Permian Basins in West Texas and delivery points at the US Gulf Coast and Houston refining region. Phased expansion added 80 kbpd in 2025; phase two is expected to add a further 40 kbpd, increasing average annual capacity to 1.0 mmbpd in 2026. Enbridge has been operator since April 2023; effective economic interest 68.5%.

50% interest in the 1,078 kilometer (670 mile) Seaway Pipeline, including the 805 kilometer, 30-inch long-haul system between Cushing, Oklahoma and Freeport, Texas, plus the Texas City Terminal and Distribution System serving Houston and Texas City area refineries. Includes 8.8 million barrels of crude oil storage tank capacity on Texas Gulf Coast export docks.

815 MW solar farm located approximately 150 miles west of Dallas, Texas. First phase completed in the fourth quarter of 2025; second phase expected in service in late 2026. Revenues underpinned by long-term fixed price power purchase agreements.

950 kilometer (590 mile), 36-inch diameter interstate crude oil pipeline originating at the Flanagan, Illinois terminal (a Lakehead System delivery point) and terminating in Cushing, Oklahoma. Mainline Optimization Phase 1 is expected to add 100 kbpd of capacity by 2027, underpinned by long-term take-or-pay contracts providing full-path service from Edmonton to Houston; the majority of existing customers extended full-path contracts beyond 2040. 2025 earnings were impacted by lower spot volumes.

600 MW solar farm near San Antonio, Texas, fully contracted under a long-term offtake agreement, sanctioned in 2025 with an expected in-service date in 2027.

Expansion of the BC Pipeline system in northern BC including pipeline looping, additional compressor units and ancillary station modifications to support 535 mmcf/d of additional capacity, serving growing regional demand and potential West Coast LNG exports. Underpinned by a cost-of-service commercial model with a target in-service date in 2026. The First Nations Partnership may participate in designated capital programs once completed or substantially completed.

Four crude oil storage tanks with 480 thousand barrels of shell capacity located in Patoka, Illinois. Part of Feeder Pipelines and Other.

Offshore wind project off the northwest coast of France expected to generate approximately 448 MW of power, with revenues underpinned by a 20-year fixed price PPA. Enbridge ownership interest is 21.7% and its investment is approximately $0.3 billion, with the remainder financed through non-recourse project level debt. Expected in-service date in 2027.

365 MW solar farm and on-site battery energy storage system near Cheyenne, Wyoming, sanctioned in 2025. Renewable power fully contracted under a long-term offtake agreement; BESS capacity contracted through a long-term fixed-price battery tolling agreement, currently approved for 135 MW and expandable up to 200 MW with further utility review. Both components expected fully in service in 2027. Pre-construction with no significant expenditures to date.

100%-owned 350-thousand-barrel crude oil terminal located near Corpus Christi, Texas, supporting the Enbridge Ingleside Energy Center export complex.

Expansion of the BC Pipeline system's T-South section including pipeline looping, additional compressor units and ancillary station modifications to support 300 mmcf/d of additional capacity, driven by an anticipated shortfall in capacity to deliver gas to the BC Lower Mainland and US Pacific Northwest following commencement of Woodfibre LNG deliveries. Underpinned by a cost-of-service commercial model; expected in service in 2028. In 2026 the CER recommended the project for approval to the Governor in Council.

100%-owned 300-kbpd crude oil pipeline located near Corpus Christi, Texas, supporting the Enbridge Ingleside Energy Center export complex.

Effective 65% interest in the 300 kbpd SAX Pipeline originating in Flanagan, Illinois and delivering to Patoka, Illinois. The majority of capacity is commercially secured under long-term take-or-pay contracts with shippers. Part of Feeder Pipelines and Other within Liquids Pipelines.

Announced November 7, 2025; expected to provide an additional 250 kbpd of egress from the Western Canadian Sedimentary Basin, leveraging capacity on existing assets including the Dakota Access Pipeline (27.6% interest), Line 26 and the Chicap Pipeline system. Expected in service in 2028, subject to finalizing commercial agreements, securing environmental and regulatory approvals, and meeting investment criteria.

Single stream 2,560 kilometer (1,591 mile) 16/18/20-inch diameter pipeline shipping diluent from the Manhattan Terminal near Chicago, Illinois to delivery facilities in Edmonton, Alberta. Canadian portion receives tariff revenues under long-term contracts with committed shippers; capacity is approximately 90% contracted with the remainder available for uncommitted volumes. A fully subscribed open season completed in December 2024 ensures contract levels remain at 90% through mid-2030.

938 kilometer (583 mile), 22-to-24-inch diameter long-haul pipeline delivering crude oil from Flanagan, Illinois, a delivery point on the Lakehead System, to Cushing, Oklahoma.

180 kbpd pipeline system that connects with the Lakehead System and delivers crude oil to refining markets in Ohio and Michigan. Part of Feeder Pipelines and Other.

Expansion of the BC Pipeline system in northern BC including pipeline looping and ancillary station modifications to support 178 mmcf/d of additional capacity, driven by the need for northeastern BC producers to access markets for growing production, mainly from the prolific Montney formation. Underpinned by a cost-of-service commercial model with a target in-service date in 2028; regulatory application to the CER expected in the second quarter of 2026.

152 MW onshore wind project near Amarillo, Texas, fully contracted under a long-term offtake agreement and sanctioned in 2025. Two-phased completion expected in 2026 and 2027; currently in pre-construction.

Pre-construction project to support growing customer demand and long-term Western Canada production growth, increasing deliveries of Canadian heavy oil to US Midwest and US Gulf Coast refining markets. Expected to add 150 kbpd to the Mainline System and 100 kbpd to Flanagan South through increased horsepower, upstream optimizations and terminal enhancements. The FSP expansion is underpinned by long-term take-or-pay contracts providing full-path Edmonton-to-Houston service. Expected in service in 2027.

130 MW solar facility brought into service in 2025 as part of the onshore renewable growth program in the Renewable Power Generation segment.

45 kbpd pipeline transporting crude oil from Norman Wells in the Northwest Territories to Zama, Alberta under a cost-of-service rate structure based on established terms with shippers. In January 2026, the sole customer announced it will cease operations at Norman Wells later in 2026.

Gas storage facility in British Columbia acquired November 1, 2023, part of Canadian Gas Transmission. In 2025 Enbridge sanctioned a 40 bcf expansion of Aitken Creek to support growing west coast LNG export demand. 2025 results benefited from favorable storage spreads and a net positive gas inventory adjustment of $32 million.

Storage terminals at Cushing comprising over 110 individual storage tanks ranging from 78 to 570 thousand barrels. A portion of facilities used operationally; the remainder contracted to crude oil market participants for term storage. Contract fees include fixed monthly storage fees, throughput fees for delivering crude to connecting pipelines and terminals, and blending fees.

25 MW floating offshore wind project in France placed into service in 2025, held through the European offshore wind joint ventures; Enbridge's interest percentage is not separately disclosed.

Interstate natural gas transmission system extending from Gulf Coast supply and demand centers in Texas and Louisiana to Ohio, Pennsylvania, New Jersey and New York, on approximately 13,745 kilometers (8,541 miles) of pipeline with associated compressor stations. Connected to five affiliated storage facilities including Tres Palacios. 2025 earnings benefited from rate case settlement recognition and the Venice Extension project in service since late 2024. Compression modernization program in Pennsylvania and New Jersey completing through 2026.

3.7 bcf/d pipeline that reached final investment decision in 2025, with a route parallel to the Matterhorn Express Pipeline from the Permian Basin. The MXP Parent JV holds a 70% equity interest; Enbridge holds 10% of the MXP Parent JV (effective ~7% economic interest).