# EDGAR Filing Document

**Accession Number:** 0000895728
**File Stem:** 0001193125-26-213266
**Filing Date:** 2026-5
**Character Count:** 211327
**Document Hash:** fbcffd1b1730b20a6045f22d0c9d978d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-213266.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001193125-26-213266

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 81

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ENBRIDGE INC
- **CENTRAL INDEX KEY:** 0000895728
- **STANDARD INDUSTRIAL CLASSIFICATION:** PIPE LINES (NO NATURAL GAS) [4610]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15254
- **FILM NUMBER:** 26956017

**BUSINESS ADDRESS:**
- **STREET 1:** 200 425 - 1ST STREET SW
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 3L8
- **BUSINESS PHONE:** 403-231-3900

**MAIL ADDRESS:**
- **STREET 1:** 200 425 - 1ST STREET SW
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 3L8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IPL ENERGY INC
- **DATE OF NAME CHANGE:** 19940616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTERPROVINCIAL PIPE LINE SYSTEM INC
- **DATE OF NAME CHANGE:** 19930108

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 10-Q<br>

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **March 31,** 2026

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**For the transition period from to** 

&nbsp;&nbsp;&nbsp;&nbsp;**Commission file number** 001-15254

------

ENBRIDGE INC.

(Exact Name of Registrant as Specified in Its Charter)

Canada 98-0377957 <br> (State or Other Jurisdiction ofIncorporation or Organization) (I.R.S. EmployerIdentification No.)

200, 425 - 1st Street S.W.

Calgary, Alberta, Canada T2P 3L8

(Address of Principal Executive Offices) (Zip Code)

(403) 231-3900

(Registrant's Telephone Number, Including Area Code)

------

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Shares | ENB | New York Stock Exchange |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer  | ☐ |
| Non-accelerated filer  | ☐ | Smaller reporting company  | ☐ |
| Emerging growth company  | ☐ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant had 2,183,696,415 common shares outstanding as at May 1, 2026.

------

---

| | | |
|:---|:---|:---|
|  | **PART I** | **PAGE** |
| Item 1. | [<u>Financial Statements</u>](#item_1_financial_statements) | [<u>6</u>](#item_1_financial_statements) |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_and_analy) | [<u>30</u>](#item_2_managements_discussion_and_analy) |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative_disc) | [<u>45</u>](#item_3_quantitative_and_qualitative_disc) |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | [<u>45</u>](#item_4_controls_and_procedures) |
|  | **PART II** |  |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | [<u>46</u>](#item_1_legal_proceedings) |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | [<u>46</u>](#item_1a_risk_factors) |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_of_equity) | [<u>47</u>](#item_2_unregistered_sales_of_equity) |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior) | [<u>47</u>](#item_3_defaults_upon_senior) |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | [<u>47</u>](#item_4_mine_safety_disclosures) |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | [<u>48</u>](#item_5_other_information) |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | [<u>49</u>](#item_6_exhibits) |
|  | [<u>Signatures</u>](#signatures) | [<u>50</u>](#signatures) |

---

------

**GLOSSARY**

---

| | |
|:---|:---|
| "we", "our", "us" and "Enbridge" | Enbridge Inc. |
| AOCI | Accumulated other comprehensive income/(loss) |
| Army Corps | the US Army Corps of Engineers |
| District Court | the US District Court for the Western District of Wisconsin |
| EBITDA | Earnings before interest, income taxes and depreciation and amortization |
| EEP | Enbridge Energy Partners, L.P. |
| EIS | Environmental Impact Statement |
| Enbridge Gas Ontario | Enbridge Gas Inc. |
| Exchange Act | United States Securities Exchange Act of 1934, as amended |
| NGL | Natural Gas Liquids |
| OCI | Other comprehensive income/(loss) |
| OEB | Ontario Energy Board |
| OPEB | Other postretirement benefit obligations |
| RNG | Renewable natural gas |
| SEP | Spectra Energy Partners, LP |
| the Band | Bad River Band of the Lake Superior Tribe of Chippewa Indians |
| the Partnerships | Spectra Energy Partners, LP and Enbridge Energy Partners, L.P. |
| the Reservation | The Bad River Reservation |
| US | United States of America |
| US Gas Utilities / the Acquisitions | Enbridge Inc.'s acquisitions of three US gas utilities from Dominion Energy, Inc. |
| Vector | Vector Pipeline L.P. |

---

------

**CONVENTIONS**

The terms "we", "our", "us" and "Enbridge" as used in this report refer collectively to Enbridge Inc. and its subsidiaries unless the context suggests otherwise. These terms are used for convenience only and are not intended as a precise description of any separate legal entity within Enbridge.

Unless otherwise specified, all dollar amounts are expressed in Canadian dollars, all references to "dollars" or "$" are to Canadian dollars and all references to "US$" are to United States (US) dollars. All amounts are provided on a before-tax basis, unless otherwise stated.

**FORWARD-LOOKING INFORMATION**

*Forward-looking information, or forward-looking statements, have been included in this quarterly report on Form 10-Q to provide information about us and our subsidiaries and affiliates, including management's assessment of our and our subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as "anticipate", "believe", "estimate", "expect", "forecast", "intend", "likely", "plan", "project", "target" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: our corporate vision and strategy, including strategic priorities and enablers; expected supply of, demand for, exports of and prices of crude oil, natural gas, natural gas liquids (NGL), liquefied natural gas (LNG), renewable natural gas (RNG) and renewable energy; energy evolution and lower-carbon energy, and our approach thereto; our sustainability goals, practices and performance; industry and market conditions; anticipated utilization of our assets; dividend growth and payout policy; financial strength and flexibility; expectations on sources of liquidity and sufficiency of financial resources; expected strategic priorities and performance of the Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation businesses; the characteristics, anticipated benefits, financing and timing of our acquisitions, dispositions and other transactions, including the anticipated benefits of the acquisitions of three US gas utilities (US Gas Utilities) from Dominion Energy, Inc. (the Acquisitions); expected future actions of regulators and courts; government trade policies and potential impacts of potential and announced tariffs, duties, fees, economic sanctions, or other trade measures and the timing thereof; expected costs, benefits and in-service dates related to announced projects and projects under construction; expected capital expenditures; investable capacity and capital allocation priorities; expected equity funding requirements for our commercially secured growth program; expected future growth, development and expansion opportunities; expected optimization and efficiency opportunities; expectations about our joint venture partners' ability to complete and finance projects under construction; our ability to successfully integrate the US Gas Utilities; expected closing of acquisitions, dispositions and other transactions and the timing thereof; toll and rate case discussions and proceedings and anticipated timeline and impact therefrom, including those relating to the Gas Distribution and Storage and Gas Transmission businesses; operational, industry, regulatory, climate change and other risks associated with our businesses; and our assessment of the potential impact of the various risk factors identified herein.*

*Although we believe these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include the following: the expected supply of, demand for, export of and prices of crude oil, natural gas, NGL, LNG, RNG and renewable energy; anticipated utilization of our assets; exchange rates; inflation; interest rates; tariffs and trade policies; availability and price of labor and construction materials; the stability of our supply chain; operational reliability; maintenance of support and regulatory approvals for our projects and transactions; anticipated in-service dates; weather; the timing, terms and closing of acquisitions, dispositions and other transactions; the realization of anticipated benefits of transactions, including the Acquisitions; governmental legislation; litigation; estimated future dividends and impact of our dividend policy on our future cash flows; our credit ratings; capital project funding; hedging program; expected earnings before interest, income taxes, and depreciation and amortization (EBITDA); expected earnings/(loss); expected future cash flows; and expected distributable cash flow. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL, LNG, RNG and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for our services. Similarly, exchange rates, inflation, interest rates and tariffs impact the economies and business environments in which we operate and may impact levels of demand for our services and cost of inputs and are therefore inherent in all forward-looking statements. The most relevant assumptions associated with forward-looking statements regarding* 

------

*announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labor and construction materials; the stability of our supply chain; the effects of inflation and foreign exchange rates on labor and material costs; the effects of interest rates on borrowing costs; the impact of weather; and customer, government, court and regulatory approvals on construction and in-service schedules and cost recovery regimes.*

*Our forward-looking statements are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities; operating performance; legislative and regulatory parameters; litigation; acquisitions, dispositions and other transactions and the realization of anticipated benefits therefrom (including the anticipated benefits from the Acquisitions); evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions or other trade measures; operational dependence on third parties; dividend policy; project approval and support; renewals of rights-of-way; weather; economic and competitive conditions; public opinion; changes in tax laws and tax rates; exchange rates; inflation; interest rates; commodity prices; access to and cost of capital; our ability to maintain adequate insurance in the future at commercially reasonable rates and terms; political decisions; global geopolitical conflicts and conditions; and the supply of, demand for and prices of commodities and other alternative energy, including but not limited to, those risks and uncertainties discussed in this quarterly report on Form 10-Q and in our other filings with Canadian and US securities regulators. The impact of any one assumption, risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent, and our future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, we assume no obligation to publicly update or revise any forward-looking statements made in this quarterly report on Form 10-Q or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.*

**NON-GAAP AND OTHER FINANCIAL MEASURES**

*Part I.* Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations *(MD&A) in this quarterly report on Form 10-Q makes reference to non-GAAP and other financial measures, including EBITDA. EBITDA is defined as earnings before interest, income taxes and depreciation and amortization. Management uses EBITDA to assess performance of Enbridge and to set targets. Management believes the presentation of EBITDA gives useful information to investors as it provides increased transparency and insight into the performance of Enbridge.*

*The non-GAAP and other financial measures are not measures that have a standardized meaning prescribed by the accounting principles generally accepted in the US (US GAAP) and are not US GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other issuers. A reconciliation of historical non-GAAP and other financial measures to the most directly comparable GAAP measures is set out in this MD&A and is available on our website. Additional information on non-GAAP and other financial measures may be found on our website,* www.sedarplus.ca *or* www.sec.gov*.*

------

**PART I - FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**ENBRIDGE INC.**

**CONSOLIDATED STATEMENTS OF EARNINGS**

---

| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(unaudited; millions of Canadian dollars, except per share amounts)* |  |  |
| Operating revenues |  |  |
| &nbsp;&nbsp;&nbsp;Commodity sales | **13192** | 9549 |
| &nbsp;&nbsp;&nbsp;Gas distribution sales | **4139** | 3699 |
| &nbsp;&nbsp;&nbsp;Transportation and other services | **5026** | 5254 |
| &nbsp;&nbsp;&nbsp;Total operating revenues *(Note 3)* | **22357** | 18502 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;Commodity costs | **13163** | 9335 |
| &nbsp;&nbsp;&nbsp;Gas distribution costs | **1968** | 1616 |
| &nbsp;&nbsp;&nbsp;Operating and administrative | **2568** | 2471 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **1433** | 1408 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | **19132** | 14830 |
| Operating income | **3225** | 3672 |
| Income from equity investments | **541** | 729 |
| Other income/(expense) *(Note 10)* | **(179)** | 120 |
| Interest expense | **(1222)** | (1334) |
| Earnings before income taxes | **2365** | 3187 |
| Income tax expense | **(587)** | (697) |
| Earnings | **1778** | 2490 |
| &nbsp;&nbsp;&nbsp;Earnings attributable to noncontrolling interests and redeemable noncontrolling interest | **—** | (126) |
| Earnings attributable to controlling interests | **1778** | 2364 |
| Preference share dividends | **(107)** | (103) |
| Earnings attributable to common shareholders | **1671** | 2261 |
| Earnings per common share attributable to common shareholders *(Note 5)* | **0.77** | 1.04 |
| Diluted earnings per common share attributable to common shareholders *(Note 5)* | **0.76** | 1.03 |

---

*The accompanying notes are an integral part of these interim consolidated financial statements.*

------

**ENBRIDGE INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

---

| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(unaudited; millions of Canadian dollars)* |  |  |
| Earnings | **1778** | 2490 |
| Other comprehensive income/(loss), net of tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gain/(loss) on cash flow hedges | **2** | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on net investment hedges *(Note 8)* | **(248)** | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income/(loss) from equity investees and other investments | **(20)** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excluded components of fair value hedges | **—** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification to earnings of loss on cash flow hedges | **2** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification to earnings of pension and other postretirement benefits (OPEB) amounts | **(5)** | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | **1258** | 119 |
| Other comprehensive income, net of tax | **989** | 75 |
| Comprehensive income | **2767** | 2565 |
| &nbsp;&nbsp;&nbsp;Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interest | **(18)** | (128) |
| Comprehensive income attributable to controlling interests | **2749** | 2437 |
| Preference share dividends | **(107)** | (103) |
| Comprehensive income attributable to common shareholders | **2642** | 2334 |

---

*The accompanying notes are an integral part of these interim consolidated financial statements.*

------

**ENBRIDGE INC.**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

---

| | | |
|:---|:---|:---|
|  | Three months ended | Three months ended |
|  | March 31, | March 31, |
|  | **2026** | 2025 |
| *(unaudited; millions of Canadian dollars, except per share amounts)* |  |  |
| Preference shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at beginning and end of period | **6818** | 6818 |
| Common shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at beginning of period | **71876** | 71738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued on exercise of stock options | **12** | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued on vesting of restricted stock units (RSU) | **55** | 38 |
| Balance at end of period | **71943** | 71808 |
| Additional paid-in capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at beginning of period | **242** | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | **37** | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock options exercised | **(17)** | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested RSUs | **(94)** | (68) |
| Balance at end of period | **168** | 229 |
| Deficit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at beginning of period | **(21284)** | (20046) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings attributable to controlling interests | **1778** | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preference share dividends | **(107)** | (103) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption value adjustment attributable to redeemable noncontrolling interest | **2** |  |
| Balance at end of period | **(19611)** | (17785) |
| Accumulated other comprehensive income *(Note 7)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at beginning of period | **4681** | 7115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income attributable to common shareholders, net of tax | **971** | 73 |
| Balance at end of period | **5652** | 7188 |
| Total Enbridge Inc. shareholders' equity | **64970** | 68258 |
| Noncontrolling interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at beginning of period | **2855** | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings/(loss) attributable to noncontrolling interests | **(13)** | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income attributable to noncontrolling interests, net of tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gain on cash flow hedges | **—** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | **18** | 1 |
|  | **18** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income attributable to noncontrolling interests | **5** | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | **(82)** | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions | **6** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **(2)** | (4) |
| Balance at end of period | **2782** | 3022 |
| Total equity | **67752** | 71280 |
| Dividends paid per common share | **0.97** | 0.94 |

---

*The accompanying notes are an integral part of these interim consolidated financial statements.*

------

**ENBRIDGE INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | Three months ended | Three months ended |
|  | March 31, | March 31, |
|  | **2026** | 2025 |
| *(unaudited; millions of Canadian dollars)* |  |  |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings | **1778** | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile earnings to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **1433** | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | **271** | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized derivative fair value (gain)/loss, net | **893** | (92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from equity investments | **(541)** | (729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from equity investments | **462** | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(33)** | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities | **(1921)** | (899) |
| Net cash provided by operating activities | **2342** | 3053 |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | **(2439)** | (1723) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term, restricted and other investments | **(503)** | (304) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from equity investments in excess of cumulative earnings | **213** | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to intangible assets | **(76)** | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of equity investments | **—** | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **(20)** | (16) |
| Net cash used in investing activities | **(2825)** | (1789) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in short-term borrowings | **458** | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in commercial paper and credit facility draws | **(1692)** | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debenture and term note issues, net of issue costs | **4746** | 2777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debenture and term note repayments | **(67)** | (2742) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests | **6** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests | **(82)** | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from redeemable noncontrolling interest | **6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to redeemable noncontrolling interest | **(17)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares issued, net of issue costs | **—** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preference share dividends | **(107)** | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common share dividends | **(2116)** | (2054) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in affiliate loans | **30** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **(54)** | (36) |
| Net cash provided by/(used in) financing activities | **1111** | (950) |
| &nbsp;&nbsp;&nbsp;Effect of translation of foreign denominated cash and cash equivalents and restricted cash | **22** | 8 |
| Net change in cash and cash equivalents and restricted cash | **650** | 322 |
| Cash and cash equivalents and restricted cash at beginning of period<sup>1</sup> | **1320** | 2000 |
| Cash and cash equivalents and restricted cash at end of period<sup>1</sup> | **1970** | 2322 |

---

*The accompanying notes are an integral part of these interim consolidated financial statements.*

*1 As at March 31, 2026 and December 31, 2025, long-term restricted cash of $149 million (March 31, 2025 - $109 million) and $143 million (December 31, 2024 - $105 million), respectively, was included in Restricted long-term investments and cash in the Consolidated Statements of Financial Position.*

------

**ENBRIDGE INC.**

**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | December 31,<br>2025 |
| *(unaudited; millions of Canadian dollars; number of shares in millions)* |  |  |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | **1635** | 1094 |
| &nbsp;&nbsp;&nbsp;Restricted cash | **186** | 83 |
| &nbsp;&nbsp;&nbsp;Trade receivables and unbilled revenues | **10440** | 7081 |
| &nbsp;&nbsp;&nbsp;Other current assets | **4645** | 3230 |
| &nbsp;&nbsp;&nbsp;Accounts receivable from affiliates | **107** | 86 |
| &nbsp;&nbsp;&nbsp;Inventory | **1846** | 1621 |
|  | **18859** | 13195 |
| Property, plant and equipment, net | **134408** | 131598 |
| Long-term investments | **21955** | 21264 |
| Restricted long-term investments and cash *(Note 8)* | **1329** | 1293 |
| Deferred amounts and other assets | **11031** | 11149 |
| Intangible assets, net | **4003** | 3991 |
| Goodwill | **35765** | 35284 |
| Deferred income taxes | **851** | 701 |
| Total assets | **228201** | 218475 |
| **Liabilities and equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | **1488** | 1030 |
| &nbsp;&nbsp;&nbsp;Trade payables and accrued liabilities | **9811** | 7555 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | **5721** | 6174 |
| &nbsp;&nbsp;&nbsp;Accounts payable to affiliates | **49** | 38 |
| &nbsp;&nbsp;&nbsp;Interest payable | **1212** | 1176 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | **5030** | 5031 |
|  | **23311** | 21004 |
| Long-term debt | **103007** | 98963 |
| Other long-term liabilities | **12383** | 12302 |
| Deferred income taxes | **21012** | 20282 |
|  | **159713** | 152551 |
| Contingencies *(Note 11)* |  |  |
| Redeemable noncontrolling interest | **736** | 736 |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;Share capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference shares | **6818** | 6818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares *(2,184 and 2,182 outstanding at March 31, 2026 and December 31, 2025, respectively)* | **71943** | 71876 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | **168** | 242 |
| &nbsp;&nbsp;&nbsp;Deficit | **(19611)** | (21284) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income *(Note 7)* | **5652** | 4681 |
| &nbsp;&nbsp;&nbsp;Total Enbridge Inc. shareholders' equity | **64970** | 62333 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | **2782** | 2855 |
|  | **67752** | 65188 |
| Total liabilities and equity | **228201** | 218475 |

---

*The accompanying notes are an integral part of these interim consolidated financial statements.*

------

**NOTES TO THE INTERIM** **CONSOLIDATED FINANCIAL STATEMENTS**

*(unaudited)*

**1. BASIS OF PRESENTATION**

The accompanying unaudited interim consolidated financial statements of Enbridge Inc. ("we", "our", "us" and "Enbridge") have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP) and Regulation S-X for interim consolidated financial information. They do not include all of the information and notes required by US GAAP for annual consolidated financial statements and should therefore be read in conjunction with our audited consolidated financial statements and notes for the year ended December 31, 2025. In the opinion of management, the interim consolidated financial statements contain all normal recurring adjustments necessary to present fairly our financial position, results of operations and cash flows for the interim periods reported. These interim consolidated financial statements follow the same significant accounting policies as those included in our audited consolidated financial statements for the year ended December 31, 2025. Amounts are stated in Canadian dollars unless otherwise noted.

Our operations and earnings for interim periods can be affected by seasonal fluctuations within the gas distribution utility businesses, as well as other factors such as supply of and demand for crude oil and natural gas and may not be indicative of annual results.

Certain comparative figures in our interim consolidated financial statements have been reclassified to conform to the current year's presentation.

**2. CHANGES IN ACCOUNTING POLICIES**

**FUTURE ACCOUNTING POLICY CHANGES**

**Disaggregation of Income Statement Expenses**

Accounting Standards Update (ASU) 2024-03 was issued in November 2024 to improve financial reporting by requiring entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU requires entities to disclose 1) the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, (e) depreciation, depletion and amortization recognized as part of oil and gas producing activities, (f) expense reimbursements included in a relevant expense caption, and (g) selling expenses, and 2) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective January 1, 2027, with interim period disclosure requirements effective after January 1, 2028 and can be applied either prospectively or retrospectively. The additional note disclosures will be included in our December 31, 2027 annual consolidated financial statements and in our interim financial statements beginning in 2028.

------

**3. REVENUE**

**REVENUE FROM CONTRACTS WITH CUSTOMERS**

**Major Products and Services**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended March 31, 2026** | Liquids Pipelines | Gas Transmission | Gas Distribution<br>and Storage | Renewable Power Generation | Eliminations and Other | Consolidated |
| *(millions of Canadian dollars)* |  |  |  |  |  |  |
| Transportation revenue | **2795** | **1471** | **63** | **—** | **—** | **4329** |
| Storage and other revenue | **62** | **187** | **155** | **—** | **—** | **404** |
| Gas distribution sales | **—** | **—** | **4113** | **—** | **—** | **4113** |
| Electricity revenue | **—** | **—** | **—** | **77** | **—** | **77** |
| Commodity sales | **—** | **38** | **7** | **—** | **—** | **45** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue from contracts with customers | **2857** | **1696** | **4338** | **77** | **—** | **8968** |
| Commodity sales | **12539** | **49** | **—** | **—** | **559** | **13147** |
| Other revenue<sup>1,2</sup> | **66** | **30** | **52** | **94** | **—** | **242** |
| Intersegment revenue | **—** | **6** | **18** | **3** | **(27)** | **—** |
| Total revenue | **15462** | **1781** | **4408** | **174** | **532** | **22357** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Three months ended March 31, 2025 | Liquids Pipelines | Gas Transmission | Gas Distribution<br>and Storage | Renewable Power Generation | Eliminations and Other | Consolidated |
| *(millions of Canadian dollars)* |  |  |  |  |  |  |
| Transportation revenue | 3105 | 1480 | 74 |  |  | 4659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Storage and other revenue | 68 | 173 | 157 |  |  | 398 |
| Gas distribution sales |  |  | 3654 |  |  | 3654 |
| Electricity revenue |  |  |  | 42 |  | 42 |
| Commodity sales |  | 24 |  |  |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue from contracts with customers | 3173 | 1677 | 3885 | 42 |  | 8777 |
| Commodity sales | 8934 | 37 |  |  | 554 | 9525 |
| Other revenue<sup>1,2</sup> | 77 | (7) | 53 | 77 |  | 200 |
| Intersegment revenue |  | 8 | 18 | 1 | (27) |  |
| Total revenue | 12184 | 1715 | 3956 | 120 | 527 | 18502 |

---

*1 Includes realized and unrealized gains and losses from our hedging program which for the three months ended March 31, 2026 were net nil (2025 - $99 million gain).*

*2 Includes revenues from lease contracts for the three months ended March 31, 2026 and 2025 of $166 million and $158 million, respectively.*

We disaggregate revenues into categories which represent our principal performance obligations within each business segment. These revenue categories represent the most significant revenue streams in each segment and consequently are considered to be the most relevant revenue information for management to consider in evaluating performance.

------

**Contract Balances**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Contract Receivables | Contract Receivables | Contract<br>Assets | Contract<br>Assets | Contract Liabilities | Contract Liabilities |
| *(millions of Canadian dollars)* |  |  |  |  |  |  |
| Balance as at March 31, 2026 |  | **3,915** |  | **213** |  | **2,561** |
| Balance as at December 31, 2025 |  | 3,799 |  | 315 |  | 2,765 |

---

Contract receivables represent the amount of receivables derived from contracts with customers.

Contract assets represent the amount of revenues which have been recognized in advance of payments received for performance obligations we have fulfilled (or have partially fulfilled) and prior to the point in time at which our right to payment is unconditional. Amounts included in contract assets are transferred to accounts receivable when our right to receive the consideration becomes unconditional.

Contract liabilities represent payments received for performance obligations which have not been fulfilled. Contract liabilities primarily relate to make-up rights and deferred revenues. Revenues recognized during the three months ended March 31, 2026 included in contract liabilities at the beginning of the period were $248 million. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three months ended March 31, 2026 were $121 million.

**Performance Obligations**

There were no material revenues recognized in the three months ended March 31, 2026 from performance obligations satisfied in previous periods.

**Revenues to be Recognized from Unfulfilled Performance Obligations**

Total revenues from performance obligations expected to be fulfilled in future periods is $57.2 billion, of which $7.3 billion and $8.1 billion are expected to be recognized during the remaining nine months ending December 31, 2026 and the year ending December 31, 2027, respectively.

The revenues excluded from the amounts above based on optional exemptions available under ASC 606, as explained below, represent a significant portion of our overall revenues and revenues from contracts with customers. Certain revenues such as flow-through operating costs charged to shippers are recognized at the amount for which we have the right to invoice our customers and are excluded from the amounts for revenues to be recognized in the future from unfulfilled performance obligations above. Variable consideration is excluded from the amounts above due to the uncertainty of the associated consideration, which is generally resolved when actual volumes and prices are determined. For example, we consider interruptible transportation service revenues to be variable revenues since volumes cannot be estimated. Additionally, the effect of escalation on certain tolls which are contractually escalated for inflation has not been reflected in the amounts above as it is not possible to reliably estimate future inflation rates. Revenues for periods extending beyond the current rate settlement term for regulated contracts where the tolls are periodically reset by the regulator are excluded from the amounts above since future tolls remain unknown. Finally, revenues from contracts with customers which have an original expected duration of one year or less are excluded from the amounts above.

------

**Recognition and Measurement of Revenues**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three months ended March 31, 2026** | Liquids Pipelines | Gas Transmission | Gas Distribution<br>and Storage | Renewable Power Generation | Consolidated |
| *(millions of Canadian dollars)* |  |  |  |  |  |
| Revenues from products transferred at a point in time | **—** | **38** | **36** | **22** | **96** |
| Revenues from products and services transferred over time<sup>1</sup> | **2857** | **1658** | **4302** | **55** | **8872** |
| Total revenue from contracts with customers | **2857** | **1696** | **4338** | **77** | **8968** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Three months ended March 31, 2025 | Liquids Pipelines | Gas Transmission | Gas Distribution<br>and Storage | Renewable Power Generation | Consolidated |
| *(millions of Canadian dollars)* |  |  |  |  |  |
| Revenues from products transferred at a point in time |  | 24 | 36 |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues from products and services transferred over time<sup>1</sup> | 3173 | 1653 | 3849 | 42 | 8717 |
| Total revenue from contracts with customers | 3173 | 1677 | 3885 | 42 | 8777 |

---

*1 Revenue from crude oil and natural gas pipeline transportation, storage, natural gas gathering, compression and treating, natural gas distribution, natural gas storage services and electricity sales.*

**4. SEGMENTED INFORMATION**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three months ended March 31, 2026** | Liquids<br>Pipelines | Gas<br>Transmission | Gas<br>Distribution<br>and Storage<sup>1</sup> | Renewable<br>Power<br>Generation | Total <br>Reportable <br>Segments |
| *(millions of Canadian dollars)* |  |  |  |  |  |
| Operating revenues<sup>2</sup> | **15462** | **1781** | **4408** | **174** | **21825** |
| Commodity and gas distribution costs | **(12623)** | **(19)** | **(1977)** | **—** | **(14619)** |
| Operating and administrative | **(1107)** | **(551)** | **(774)** | **(86)** | **(2518)** |
| Income from equity investments | **225** | **232** | **—** | **87** | **544** |
| Other income | **—** | **127** | **52** | **13** | **192** |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings before interest, income taxes and depreciation and amortization | **1957** | **1570** | **1709** | **188** | **5424** |
| Eliminations and Other |  |  |  |  | **(404)** |
| Depreciation and amortization |  |  |  |  | **(1433)** |
| Interest expense |  |  |  |  | **(1222)** |
| Earnings before income taxes |  |  |  |  | **2365** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Three months ended March 31, 2025 | Liquids<br>Pipelines | Gas<br>Transmission | Gas<br>Distribution<br>and Storage<sup>1</sup> | Renewable<br>Power<br>Generation | Total <br>Reportable <br>Segments |
| *(millions of Canadian dollars)* |  |  |  |  |  |
| Operating revenues<sup>2</sup> | 12184 | 1715 | 3956 | 120 | 17975 |
| Commodity and gas distribution costs | (8850) | (11) | (1634) | 3 | (10492) |
| Operating and administrative | (1128) | (524) | (772) | (78) | (2502) |
| Income from equity investments | 368 | 232 | 1 | 132 | 733 |
| Other income | 19 | 61 | 49 | 46 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings before interest, income taxes and depreciation and amortization | 2593 | 1473 | 1600 | 223 | 5889 |
| Eliminations and Other |  |  |  |  | 40 |
| Depreciation and amortization |  |  |  |  | (1408) |
| Interest expense |  |  |  |  | (1334) |
| Earnings before income taxes |  |  |  |  | 3187 |

---

*1 Primarily relates to public utilities that are subject to regulation.*

*2 Refer to* Note 3 - Revenue *for a reconciliation of segment Operating revenues to the Consolidated Statements of Earnings.*

------

**Capital Expenditures**<sup>1</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Three months ended March 31, | **2026** | **2026** | 2025 | 2025 |
| *(millions of Canadian dollars)* |  |  |  |  |
| Liquids Pipelines |  | **411** |  | 309 |
| Gas Transmission |  | **942** |  | 604 |
| Gas Distribution and Storage |  | **708** |  | 661 |
| Renewable Power Generation |  | **424** |  | 145 |
| Eliminations and Other |  | **—** |  | 35 |
|  |  | **2,485** |  | 1,754 |

---

*1 Capital expenditures are cash basis plus equity component of the allowance for funds used during construction.*

**Property, Plant and Equipment**

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | December 31,<br>2025 |
| *(millions of Canadian dollars)* |  |  |
| Liquids Pipelines | **52149** | 51689 |
| Gas Transmission | **36748** | 35421 |
| Gas Distribution and Storage | **40277** | 39644 |
| Renewable Power Generation | **4882** | 4439 |
| Eliminations and Other | **352** | 405 |
|  | **134408** | 131598 |

---

**5. EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE**

**NUMERATOR**

The numerator used in calculating both basic and diluted earnings per share equals Earnings attributable to common shareholders per the Consolidated Statements of Earnings, less Redemption value adjustment attributable to redeemable noncontrolling interest per the Consolidated Statements of Changes in Equity*.*

**DENOMINATOR**

The denominator of the basic earnings per common share calculation represents the weighted average number of common shares outstanding.

The denominator of the diluted earnings per common share calculation uses the treasury stock method to determine the dilutive impact of stock options and share-settled RSUs. This method assumes any proceeds from the exercise of stock options and vesting of share-settled RSUs would be used to purchase common shares at the average market price during the period. The basic weighted average shares outstanding are adjusted by this dilutive impact to derive the diluted weighted average shares outstanding.

Weighted average shares outstanding used to calculate basic and diluted earnings per common share are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | **2026** | 2025 | 2025 |
| *(number of shares in millions)* |  |  |  |  |
| Weighted average shares outstanding |  | **2,182** |  | 2,179 |
| Effect of dilutive options and RSUs |  | **6** |  | 6 |
| Diluted weighted average shares outstanding |  | **2,188** |  | 2,185 |

---

For the three months ended March 31, 2026 and 2025, 2.3 million and 3.1 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $69.76 and $60.45, respectively, were excluded from the diluted earnings per common share calculation.

------

**DIVIDENDS PER SHARE**

On May 5, 2026, our Board of Directors declared the following quarterly dividends. All dividends are payable on June 1, 2026 to shareholders of record on May 15, 2026.

---

| | |
|:---|:---|
|  | Dividend per share |
| Common Shares | $0.9700 |
| 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 G<sup>1</sup> | $0.29616 |
| Preference Shares, Series H | $0.38200 |
| Preference Shares, Series I<sup>2</sup> | $0.27159 |
| 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 4<sup>3</sup> | $0.28797 |
| Preference Shares, Series 5 | US$0.41769 |
| Preference Shares, Series 7 | $0.37425 |
| Preference Shares, Series 9 | $0.35450 |
| Preference Shares, Series 11 | $0.34231 |
| Preference Shares, Series 13 | $0.33719 |
| Preference Shares, Series 15 | $0.35163 |
| Preference Shares, Series 19 | $0.38825 |

---

*1 The quarterly dividend per share paid on Preference Shares, Series G was decreased to $0.29616 from $0.29836 on March 1, 2026 due to reset on a quarterly basis following the date of issuance.*

*2 The quarterly dividend per share paid on Preference Shares, Series I was decreased to $0.27159 from $0.27432 on March 1, 2026 due to reset on a quarterly basis following the date of issuance.*

*3 The quarterly dividend per share paid on Preference Shares, Series 4 was decreased to $0.28797 from $0.29034 on March 1, 2026 due to reset on a quarterly basis following the date of issuance.*

**6. DEBT**

**CREDIT FACILITIES**

The following table provides details of our committed credit facilities as at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Maturity<sup>1</sup> | Total <br>Facility | Draws<sup>2</sup> | Available |
| *(millions of Canadian dollars)* |  |  |  |  |
| Enbridge Inc. | 2027-2049 | **8040** | **5905** | **2135** |
| Enbridge (U.S.) Inc. | 2027-2030 | **10493** | **3772** | **6721** |
| Enbridge Pipelines Inc. | 2027 | **2000** | **847** | **1153** |
| Enbridge Gas Inc. | 2027 | **2500** | **1490** | **1010** |
| Total committed credit facilities |  | **23033** | **12014** | **11019** |

---

*1 Maturity date is inclusive of the* one-year *term out option for certain credit facilities.*

*2 Includes facility draws and commercial paper issuances that are back-stopped by credit facilities.*

In addition to the committed credit facilities noted above, we maintain $1.6 billion of uncommitted demand letter of credit facilities, of which $923 million was unutilized as at March 31, 2026. As at December 31, 2025, we had $1.6 billion of uncommitted demand letter of credit facilities, of which $932 million was unutilized.

------

Our credit facilities carry a weighted average standby fee of 0.1% per annum on the unused portion and draws bear interest at market rates. Certain credit facilities serve as a back-stop to our commercial paper programs and we have the option to extend such facilities, which are currently scheduled to mature from 2027 to 2049.

As at March 31, 2026 and December 31, 2025, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $10.5 billion and $12.1 billion, respectively, were supported by the availability of long-term committed credit facilities and, therefore, have been classified as long-term debt.

**LONG-TERM DEBT ISSUANCES**

During the three months ended March 31, 2026, we completed the following long-term debt issuances totaling $2.0 billion and US$2.0 billion:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Company | Issuance Date |  |  | Principal <br>Amount |
| *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* |
| Enbridge Inc. | Enbridge Inc. | Enbridge Inc. | Enbridge Inc. | Enbridge Inc. |
|  | February 2026 | 3.57% | medium-term notes due February 2031 | $850 |
|  | February 2026 | 4.35% | medium-term notes due February 2036 | $850 |
|  | February 2026 | 5.10% | medium-term notes due February 2056 | $300 |
|  | March 2026 | 4.85% | senior notes due March 2031 | US$1,000 |
|  | March 2026 | 5.45% | senior notes due March 2036 | US$1,000 |

---

**LONG-TERM DEBT REPAYMENTS**

During the three months ended March 31, 2026, we completed the following long-term debt repayment totaling US$50 million:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Company | Repayment Date |  |  | Principal <br>Amount |
| *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* |
| Public Service Company of North Carolina, Incorporated | Public Service Company of North Carolina, Incorporated | Public Service Company of North Carolina, Incorporated | Public Service Company of North Carolina, Incorporated | Public Service Company of North Carolina, Incorporated |
|  | January 2026 | 6.99% | debentures | US$50 |

---

**SUBORDINATED TERM NOTES**

As at March 31, 2026 and December 31, 2025, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $16.2 billion and $16.0 billion, respectively.

**FAIR VALUE ADJUSTMENT**

As at March 31, 2026 and December 31, 2025, the fair value adjustments to decrease total debt assumed in historical acquisitions were $440 million and $430 million, respectively.

**DEBT COVENANTS**

Our credit facility agreements and term debt indentures include standard events of default and covenant provisions whereby accelerated repayment and/or termination of the agreements may result if we were to default on payment or violate certain covenants. As at March 31, 2026, we were in compliance with all such debt covenant provisions.

------

**7. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME**

Changes in Accumulated other comprehensive income (AOCI) attributable to our common shareholders for the three months ended March 31, 2026 and 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Cash <br>Flow<br>Hedges | Net<br>Investment<br>Hedges | Cumulative<br>Translation<br>Adjustment | Equity<br>Investees<br>and Other<br>Investments | Pension<br>and <br>OPEB<br>Adjustment | Total |
| *(millions of Canadian dollars)* |  |  |  |  |  |  |
| Balance as at January 1, 2026 | **462** | **(1614)** | **5372** | **25** | **436** | **4681** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income/(loss) retained in AOCI | **3** | **(248)** | **1240** | **(20)** | **—** | **975** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (income)/loss reclassified to earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts<sup>1</sup> | **2** | **—** | **—** | **—** | **—** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of pension and OPEB actuarial gain<sup>2</sup> | **—** | **—** | **—** | **—** | **(9)** | **(9)** |
|  | **5** | **(248)** | **1240** | **(20)** | **(9)** | **968** |
| Tax impact |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax on amounts retained in AOCI | **(1)** | **—** | **—** | **—** | **—** | **(1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax on amounts reclassified to earnings | **—** | **—** | **—** | **—** | **4** | **4** |
|  | **(1)** | **—** | **—** | **—** | **4** | **3** |
| Balance as at March 31, 2026 | **466** | **(1862)** | **6612** | **5** | **431** | **5652** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Cash <br>Flow<br>Hedges | Excluded<br>Components<br>of Fair Value<br>Hedges | Net<br>Investment<br>Hedges | Cumulative<br>Translation<br>Adjustment | Equity<br>Investees<br>and Other<br>Investments | Pension<br>and <br>OPEB<br>Adjustment | Total |
| *(millions of Canadian dollars)* |  |  |  |  |  |  |  |
| Balance as at January 1, 2025 | 407 | (14) | (2033) | 8452 | 1 | 302 | 7115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income/(loss) retained in AOCI | (35) | (6) | (34) | 118 | 12 |  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (income)/loss reclassified to earnings |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts<sup>1</sup> | 8 |  |  |  |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts<sup>3</sup> |  | 12 |  |  |  |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of pension and OPEB actuarial gain<sup>2</sup> |  |  |  |  |  | (9) | (9) |
|  | (27) | 6 | (34) | 118 | 12 | (9) | 66 |
| Tax impact |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax on amounts retained in AOCI | 9 | 1 |  |  |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax on amounts reclassified to earnings | (2) | (3) |  |  |  | 2 | (3) |
|  | 7 | (2) |  |  |  | 2 | 7 |
| Balance as at March 31, 2025 | 387 | (10) | (2067) | 8570 | 13 | 295 | 7188 |

---

*1 Reported within Interest expense in the Consolidated Statements of Earnings.*

*2 These components are included in the computation of net periodic benefit credit and are reported within Other income/(expense) in the Consolidated Statements of Earnings.*

*3 Reported within Interest expense and Other income/(expense) in the Consolidated Statements of Earnings.*

**8. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS**

**MARKET RISK**

Our earnings, cash flows and other comprehensive income/(loss) (OCI) are subject to movements in foreign exchange rates, interest rates, commodity prices and our share price (collectively, market risks). Formal risk management policies, processes and systems have been designed to mitigate these risks.

The following summarizes the types of market risks to which we are exposed and the risk management instruments used to mitigate them. We use a combination of qualifying and non-qualifying derivative instruments to manage the risks noted below.

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**Foreign Exchange Risk**

We generate certain revenues, incur expenses and hold a number of investments and subsidiaries that are denominated in currencies other than Canadian dollars. As a result, our earnings, cash flows and OCI are exposed to fluctuations resulting from foreign exchange rate variability.

We employ financial derivative instruments to hedge foreign currency-denominated earnings exposure. A combination of qualifying and non-qualifying derivative instruments is used to hedge anticipated foreign currency-denominated revenues and expenses and to manage variability in cash flows. We hedge certain net investments in US dollar-denominated investments and subsidiaries using US dollar-denominated debt.

**Interest Rate Risk**

Our earnings, and cash flows are exposed to short-term interest rate variability due to the regular repricing of our variable rate debt, primarily commercial paper. We have a policy of limiting the maximum floating rate debt to 30% of total debt outstanding. We monitor and adjust our debt portfolio mix of fixed and variable rate debt instruments along with the use of derivative instruments, to support compliance with our policy. We have implemented a program to partially mitigate the impact of short-term interest rate volatility on interest expense via the execution of floating-to-fixed interest rate swaps and costless collars. These swaps have an average fixed rate of 3.0%.

We are exposed to changes in the fair value of fixed rate debt that arise as a result of changes in market interest rates. Pay floating-receive fixed interest rate swaps are used, when applicable, to hedge against future changes to the fair value of fixed rate debt which mitigates the impact of fluctuations in fair value. Executed fixed-to-floating interest rate swaps have an average swap rate of 3.4%.

Our earnings, cash flows and OCI are also exposed to variability in longer term interest rates ahead of anticipated fixed rate term debt issuances. A combination of qualifying and non-qualifying forward starting interest rate swaps are used to hedge against the effect of future interest rate movements. We have established a program including some of our subsidiaries to partially mitigate our exposure to long-term interest rate variability on forecasted term debt issuances via execution of floating-to-fixed interest rate swaps with an average swap rate of 3.6%.

**Commodity Price Risk**

Our earnings, cash flows and OCI are exposed to changes in commodity prices as a result of our ownership interests in certain assets and investments, as well as through the activities of our energy marketing subsidiaries. These commodities include natural gas, crude oil, power and natural gas liquids (NGL). We employ financial and physical derivative instruments to fix a portion of the variable price exposures that arise from physical transactions involving these commodities. For our US Gas Utilities, changes in derivatives' fair values are deferred as regulatory assets or liabilities until settlement. We use primarily non-qualifying derivative instruments to manage commodity price risk.

**Equity Price Risk**

Equity price risk is the risk of earnings fluctuations due to changes in our share price. We have exposure to our own common share price through the issuance of various forms of stock-based compensation, which affect earnings through the revaluation of outstanding units every period.

**TOTAL DERIVATIVE INSTRUMENTS**

We have a policy of entering into individual International Swaps and Derivatives Association, Inc. (ISDA) agreements, or other similar derivative agreements, with the majority of our financial derivative counterparties. These agreements provide for the net settlement of derivative instruments outstanding with specific counterparties in the event of bankruptcy or other significant credit events and reduce our credit risk exposure on financial derivative asset positions in those circumstances.

The following tables summarize the Consolidated Statements of Financial Position location and carrying value of our derivative instruments, as well as the maximum potential settlement amounts, in the event of the specific circumstances described above.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | Derivative<br>Instruments Used as<br>Cash Flow Hedges | Derivative<br>Instruments<br>Used as<br>Fair Value <br>Hedges | Non-<br>Qualifying<br>Derivative<br>Instruments | Total Gross<br>Derivative<br>Instruments<br>as Presented | Amounts<br>Available<br>for Offset | Total Net<br>Derivative<br>Instruments |
| *(millions of Canadian dollars)* |  |  |  |  |  |  |
| Other current assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | **—** | **—** | **30** | **30** | **(16)** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | **36** | **17** | **18** | **71** | **(22)** | **49** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | **—** | **—** | **1497** | **1497** | **(1253)** | **244** |
|  | **36** | **17** | **1545** | **1598** | **(1291)** | **307** |
| Deferred amounts and other assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | **—** | **—** | **33** | **33** | **(28)** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | **11** | **—** | **134** | **145** | **(52)** | **93** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | **—** | **—** | **76** | **76** | **(27)** | **49** |
|  | **11** | **—** | **243** | **254** | **(107)** | **147** |
| Other current liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | **—** | **—** | **(508)** | **(508)** | **16** | **(492)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | **—** | **—** | **(28)** | **(28)** | **22** | **(6)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | **—** | **—** | **(1825)** | **(1825)** | **1253** | **(572)** |
|  | **—** | **—** | **(2361)** | **(2361)** | **1291** | **(1070)** |
| Other long-term liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | **—** | **—** | **(1087)** | **(1087)** | **28** | **(1059)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | **—** | **(68)** | **(51)** | **(119)** | **52** | **(67)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | **—** | **—** | **(113)** | **(113)** | **27** | **(86)** |
|  | **—** | **(68)** | **(1251)** | **(1319)** | **107** | **(1212)** |
| Total net derivative asset/(liability) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | **—** | **—** | **(1532)** | **(1532)** | **—** | **(1532)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | **47** | **(51)** | **73** | **69** | **—** | **69** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | **—** | **—** | **(365)** | **(365)** | **—** | **(365)** |
|  | **47** | **(51)** | **(1824)** | **(1828)** | **—** | **(1828)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2025 | Derivative<br>Instruments Used as<br>Cash Flow Hedges | Derivative<br>Instruments<br>Used as<br>Fair Value <br>Hedges | Non-<br>Qualifying<br>Derivative<br>Instruments | Total Gross<br>Derivative<br>Instruments<br>as Presented | Amounts<br>Available<br>for Offset | Total Net<br>Derivative<br>Instruments |
| *(millions of Canadian dollars)* |  |  |  |  |  |  |
| Other current assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  |  | 27 | 27 | (17) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 79 | 5 | 22 | 106 | (37) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts |  |  | 458 | 458 | (192) | 266 |
|  | 79 | 5 | 507 | 591 | (246) | 345 |
| Deferred amounts and other assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  |  | 52 | 52 | (24) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 9 |  | 108 | 117 | (27) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts |  |  | 124 | 124 | (20) | 104 |
|  | 9 |  | 284 | 293 | (71) | 222 |
| Other current liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  |  | (364) | (364) | 17 | (347) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | (9) |  | (39) | (48) | 37 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts |  |  | (300) | (300) | 192 | (108) |
|  | (9) |  | (703) | (712) | 246 | (466) |
| Other long-term liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  |  | (819) | (819) | 24 | (795) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts |  | (34) | (50) | (84) | 27 | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts |  |  | (92) | (92) | 20 | (72) |
|  |  | (34) | (961) | (995) | 71 | (924) |
| Total net derivative asset/(liability) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  |  | (1104) | (1104) |  | (1104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 79 | (29) | 41 | 91 |  | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts |  |  | 190 | 190 |  | 190 |
|  | 79 | (29) | (873) | (823) |  | (823) |

---

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The following table summarizes the maturity and notional principal or quantity outstanding related to our derivative instruments:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total |
| Foreign exchange contracts - US dollar forwards - purchase *(millions of US dollars)* | **1012** | **—** | **—** | **—** | **—** | **—** | **1012** |
| Foreign exchange contracts - US dollar forwards - sell *(millions of US dollars)* | **5014** | **5321** | **4332** | **2358** | **1110** | **360** | **18495** |
| Foreign exchange contracts - US dollar collars - sell *(millions of US dollars)* | **135** | **180** | **120** | **—** | **—** | **—** | **435** |
| Foreign exchange contracts - British pound (GBP) forwards - sell *(millions of GBP)* | **21** | **32** | **—** | **—** | **—** | **—** | **53** |
| Foreign exchange contracts - Euro forwards - sell *(millions of Euro)* | **90** | **81** | **67** | **66** | **65** | **64** | **433** |
| Interest rate contracts - short-term pay fixed rate *(millions of Canadian dollars)* | **4799** | **5346** | **4720** | **3500** | **6313** | **1704** | **26382** |
| Interest rate contracts - receive fixed rate *(millions of Canadian dollars)* | **3008** | **3997** | **3996** | **3998** | **3997** | **28976** | **47972** |
| Interest rate contracts - long-term pay fixed rate *(millions of Canadian dollars)*<sup>1</sup> | **1660** | **648** | **—** | **—** | **—** | **—** | **2308** |
| Interest rate contracts - costless collar *(millions of Canadian dollars)* | **1504** | **1854** | **79** | **—** | **—** | **—** | **3437** |
| Commodity contracts - natural gas *(billions of cubic feet)*<sup>2</sup> | **109** | **81** | **32** | **13** | **6** | **—** | **241** |
| Commodity contracts - crude oil *(millions of barrels)*<sup>2</sup> | **(6)** | **(5)** | **1** | **1** | **1** | **—** | **(8)** |
| Commodity contracts - power *(megawatt per hour (MW/H))* | **144** | **85** | **55** | **29** | **(2)** | **(2)** | **31³** |

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*1 Represents the notional amount of long-term debt issuances hedged.*

*2 Represents the notional amount of net purchase/(sale).* 

*3 Total is an average net purchase/(sale) of power.*

**Derivatives Designated as Fair Value Hedges**

The following table presents interest rate and foreign exchange derivative instruments that are designated and qualify as fair value hedges. The realized and unrealized gain or loss on the derivative is included in Other income/(expense) or Interest expense in the Consolidated Statements of Earnings. The offsetting loss or gain on the hedged item attributable to the hedged risk is included in Other income/(expense) or Interest expense in the Consolidated Statements of Earnings. Any excluded components are included in the Consolidated Statements of Comprehensive Income.

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| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(millions of Canadian dollars)* |  |  |
| Unrealized loss on derivative | **(22)** | (42) |
| Unrealized gain on hedged item | **22** | 50 |
| Realized gain on derivative | **3** | 61 |
| Realized loss on hedged item | **(3)** | (74) |

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**The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income**

The following table presents the effect of cash flow hedges and fair value hedges on our consolidated earnings and comprehensive income, before the effect of income taxes:

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| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(millions of Canadian dollars)* |  |  |
| Amount of unrealized gain/(loss) recognized in OCI |  |  |
| &nbsp;&nbsp;&nbsp;Cash flow hedges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | **3** | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | **—** | 1 |
| &nbsp;&nbsp;&nbsp;Fair value hedges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | **—** | (6) |
|  | **3** | (40) |
| Amount of loss reclassified from AOCI to earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts¹ | **—** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts² | **2** | 8 |
|  | **2** | 20 |

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*1 Reported within Interest expense and Other income/(expense) in the Consolidated Statements of Earnings.*

*2 Reported within Interest expense in the Consolidated Statements of Earnings.*

We estimate that a gain of $4 million from AOCI related to open cash flow hedges will be reclassified to earnings in the next 12 months. Actual amounts reclassified to earnings depend on the foreign exchange rates, interest rates and commodity prices in effect when derivative contracts that are currently outstanding mature. For all forecasted transactions, the maximum term over which we are hedging exposures to the variability of cash flows is two years as at March 31, 2026.

**Non-Qualifying Derivatives**

The following table presents the unrealized gains and losses associated with changes in the fair value of our non-qualifying derivatives:

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| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(millions of Canadian dollars)* |  |  |
| Foreign exchange contracts<sup>1</sup> | **(428)** | 38 |
| Interest rate contracts<sup>2</sup> | **32** | (73) |
| Commodity contracts<sup>3</sup> | **(544)** | 122 |
| Other contracts<sup>4</sup> | **—** | (3) |
| Total unrealized derivative fair value gain/(loss), net | **(940)** | 84 |

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*1 Reported within Other income/(expense) in the Consolidated Statements of Earnings.*

*2 Reported within Interest expense in the Consolidated Statements of Earnings.*

*3 For the respective three months ended periods, reported within Transportation and other services revenues (2026 - $8 million loss; 2025 - $86 million gain), Commodity sales (2026 - $376 million loss; 2025 - $24 million loss), Commodity costs (2026 - $95 million loss; 2025 - $70 million gain) and Operating and administrative expense (2026 - $18 million loss; 2025 - $2 million loss) in the Consolidated Statements of Earnings. The fair value change in our US Gas Utilities is deferred as regulatory assets/(liabilities) (2026 - $47 million loss; 2025 - $8 million loss).*

*4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings.*

**LIQUIDITY RISK**

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Liquidity risk is the risk that we will not be able to meet our financial obligations, including commitments and guarantees, as they become due. In order to mitigate this risk, we forecast cash requirements over a 12-month rolling time period to determine whether sufficient funds will be available. Our primary sources of liquidity and capital resources are funds generated from operations, the issuance of commercial paper and draws under committed credit facilities and long-term debt, which includes debentures and medium-term notes. Our shelf prospectuses with securities regulators enable ready access to either the Canadian or US public capital markets, subject to market conditions. In addition, we maintain significant liquidity through committed credit facilities with a diversified group of banks and institutions which enables us to fund all anticipated requirements through extended periods of market disruptions without accessing the capital markets. We were in compliance with all the terms and conditions of our committed credit facility agreements and term debt indentures as at March 31, 2026. As a result, all credit facilities are available to us and the banks are obligated to fund us under the terms of the facilities. We also identify other potential sources of debt and equity funding alternatives, including reinstatement of our dividend reinvestment and share purchase plan or at-the-market equity issuances.

**CREDIT RISK**

Entering into derivative instruments may result in exposure to credit risk from the possibility that a counterparty will default on its contractual obligations. In order to mitigate this risk, we enter into risk management transactions primarily with institutions that possess strong investment grade credit ratings. Credit risk relating to derivative counterparties is mitigated through the maintenance and monitoring of credit exposure limits, contractual requirements and netting arrangements. We also review counterparty financial strength using external credit rating services and other analytical tools to manage credit risk.

We have credit concentrations and credit exposure, with respect to derivative instruments, in the following counterparty segments:

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| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | December 31,<br>2025 |
| *(millions of Canadian dollars)* |  |  |
| Canadian financial institutions | **175** | 200 |
| US financial institutions | **1152** | 260 |
| European financial institutions | **65** | 57 |
| Asian financial institutions | **49** | 39 |
| Other<sup>1</sup> | **375** | 302 |
|  | **1816** | 858 |

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*1 Other is comprised of commodity clearing house and crude oil, natural gas and power counterparties.*

As at March 31, 2026, we did not provide any letters of credit in lieu of providing cash collateral to our counterparties pursuant to the terms of the relevant ISDA agreements. We held no cash collateral on derivative asset exposures as at March 31, 2026 and December 31, 2025.

Gross derivative balances have been presented without the effects of collateral posted. Derivative assets are adjusted for non-performance risk of our counterparties using their credit default swap spread rates and are reflected at fair value. For derivative liabilities, our non-performance risk is considered in the valuation.

Credit risk also arises from trade and other long-term receivables, and is mitigated through credit exposure limits and contractual requirements, the assessment of counterparty credit ratings and netting arrangements. Within the Gas Distribution and Storage segment, credit risk is mitigated by the utilities' large and diversified customer base and the ability to recover expected credit losses through the ratemaking process. We actively monitor the financial strength of large industrial customers and, in select cases, have obtained additional security to minimize the risk of default on receivables. Generally, we utilize a loss allowance matrix which contemplates historical credit losses by age of receivables, adjusted for any forward-looking information and management expectations to measure lifetime expected credit losses of receivables. The maximum exposure to credit risk related to non-derivative financial assets is their carrying value.

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**FAIR VALUE MEASUREMENTS**

Our financial assets and liabilities measured at fair value on a recurring basis include derivatives and other financial instruments. We also disclose the fair value of other financial instruments not measured at fair value. The fair value of financial instruments reflects our best estimates of market value based on generally accepted valuation techniques or models and is supported by observable market prices and rates. When such values are not available, we use discounted cash flow analysis from applicable yield curves based on observable market inputs to estimate fair value.

**FAIR VALUE OF FINANCIAL INSTRUMENTS**

We categorize our financial instruments measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement.

**Level 1**

Level 1 includes financial instruments measured at fair value based on unadjusted quoted prices for identical assets and liabilities in active markets that are accessible at the measurement date. An active market for a financial instrument is considered to be a market where transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Under the fair value hierarchy, cash and cash equivalents are classified as Level 1. Our Level 1 instruments consist primarily of exchange-traded derivatives used to mitigate the risk of crude oil price fluctuations and US and Canadian treasury bills. We also hold restricted long-term investments in exchange-traded funds and common shares in trusts in accordance with the regulatory requirements of the Canada Energy Regulator (CER) under the Land Matters Consultation Initiative (LMCI), to cover future pipeline decommissioning costs in the state of Minnesota and to satisfy retirement obligations as Wexpro properties are abandoned.

**Level 2**

Level 2 includes financial instrument valuations determined using directly or indirectly observable inputs other than quoted prices included within Level 1. Financial instruments in this category are valued using models or other industry standard valuation techniques derived from observable market data. Such valuation techniques include inputs such as quoted forward prices, time value, volatility factors and broker quotes that can be observed or corroborated in the market for the entire duration of the financial instrument. Derivatives valued using Level 2 inputs include non-exchange-traded derivatives such as over-the-counter foreign exchange forward and cross-currency swap contracts, interest rate swaps, physical forward commodity contracts, as well as commodity swaps and options for which observable inputs can be obtained.

We have also categorized the fair value of our long-term debt, investments in debt securities held by our captive insurance subsidiary, and restricted long-term investments in Canadian government bonds held in trust in accordance with the CER's regulatory requirements under the LMCI as Level 2. The fair value of our long-term debt is based on quoted market prices for instruments of similar credit risk and tenor. When possible, the fair value of our restricted long-term investments is based on quoted market prices for similar instruments and, if not available, based on broker quotes.

**Level 3**

Level 3 includes derivative valuations based on inputs which are less observable, unavailable or where the observable data does not support a significant portion of the derivative's fair value. Generally, Level 3 derivatives are longer dated transactions, occur in less active markets, occur at locations where pricing information is not available or have no binding broker quote to support Level 2 classification. We have developed methodologies, benchmarked against industry standards, to determine fair value for these derivatives based on the extrapolation of observable future prices and rates. Derivatives valued using Level 3 inputs primarily include long-dated derivative power, NGL and natural gas contracts, basis swaps, commodity swaps, and power and energy swaps, physical forward commodity contracts, as well as options. We do not have any other financial instruments categorized in Level 3.

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We use the most observable inputs available to estimate the fair value of our derivatives. When possible, we estimate the fair value of our derivatives based on quoted market prices. If quoted market prices are not available, we use estimates from third-party brokers. For non-exchange-traded derivatives classified in Levels 2 and 3, we use standard valuation techniques to calculate the estimated fair value. These methods include discounted cash flows for forwards and swaps and Black-Scholes-Merton pricing models for options. Depending on the type of derivative and nature of the underlying risk, we use observable market prices (interest, foreign exchange, commodity and share price) and volatility as primary inputs to these valuation techniques. Finally, we consider our own credit default swap spread, as well as the credit default swap spreads associated with our counterparties, in our estimation of fair value.

**Fair Value of Derivatives**

We have categorized our derivative assets and liabilities measured at fair value as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026** | Level 1 | Level 2 | Level 3 | Total Gross<br>Derivative<br>Instruments |
| *(millions of Canadian dollars)* |  |  |  |  |
| Financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current derivative assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | **—** | **30** | **—** | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | **—** | **71** | **—** | **71** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | **884** | **88** | **525** | **1497** |
|  | **884** | **189** | **525** | **1598** |
| &nbsp;&nbsp;&nbsp;Long-term derivative assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | **—** | **33** | **—** | **33** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | **—** | **145** | **—** | **145** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | **4** | **5** | **67** | **76** |
|  | **4** | **183** | **67** | **254** |
| Financial liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current derivative liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | **—** | **(508)** | **—** | **(508)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | **—** | **(28)** | **—** | **(28)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | **(1212)** | **(102)** | **(511)** | **(1825)** |
|  | **(1212)** | **(638)** | **(511)** | **(2361)** |
| &nbsp;&nbsp;&nbsp;Long-term derivative liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | **—** | **(1087)** | **—** | **(1087)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | **—** | **(119)** | **—** | **(119)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | **(8)** | **(37)** | **(68)** | **(113)** |
|  | **(8)** | **(1243)** | **(68)** | **(1319)** |
| &nbsp;&nbsp;&nbsp;Total net financial asset/(liability) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | **—** | **(1532)** | **—** | **(1532)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | **—** | **69** | **—** | **69** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | **(332)** | **(46)** | **13** | **(365)** |
|  | **(332)** | **(1509)** | **13** | **(1828)** |

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| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2025 | Level 1 | Level 2 | Level 3 | Total Gross<br>Derivative<br>Instruments |
| *(millions of Canadian dollars)* |  |  |  |  |
| Financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current derivative assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | 27 |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts |  | 106 |  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | 70 | 59 | 329 | 458 |
|  | 70 | 192 | 329 | 591 |
| &nbsp;&nbsp;&nbsp;Long-term derivative assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | 52 |  | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts |  | 117 |  | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts |  | 7 | 117 | 124 |
|  |  | 176 | 117 | 293 |
| Financial liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current derivative liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | (364) |  | (364) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts |  | (48) |  | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | (55) | (68) | (177) | (300) |
|  | (55) | (480) | (177) | (712) |
| &nbsp;&nbsp;&nbsp;Long-term derivative liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | (819) |  | (819) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts |  | (84) |  | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts |  | (11) | (81) | (92) |
|  |  | (914) | (81) | (995) |
| &nbsp;&nbsp;&nbsp;Total net financial asset/(liability) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts |  | (1104) |  | (1104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts |  | 91 |  | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | 15 | (13) | 188 | 190 |
|  | 15 | (1026) | 188 | (823) |

---

The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | Fair<br>Value | Unobservable<br>Input | Minimum<br>Price/<br>Volatility | Maximum<br>Price/<br>Volatility | Weighted <br>Average Price/Volatility | Unit of<br>Measurement |
| *(fair value in millions of Canadian dollars)* |  |  |  |  |  |  |
| Commodity contracts - financial¹ |  |  |  |  |  |  |
| &nbsp;&nbsp;Natural gas | **5** | **Forward gas price** | **3.25** | **9.00** | **4.50** | **$/mmbtu**<sup>2</sup> |
| &nbsp;&nbsp;Crude | **(24)** | **Forward crude price** | **81.37** | **145.47** | **110.32** | **$/barrel** |
| &nbsp;&nbsp;NGL | **—** | **Forward NGL price** |  |  |  | **$/gallon** |
| &nbsp;&nbsp;Power | **(19)** | **Forward power price** | **27.00** | **152.72** | **73.54** | **$/MW/H** |
| Commodity contracts - physical¹ |  |  |  |  |  |  |
| &nbsp;&nbsp;Natural gas | **17** | **Forward gas price** | **0.77** | **17.66** | **3.73** | **$/mmbtu**<sup>2</sup> |
| &nbsp;&nbsp;Crude | **(78)** | **Forward crude price** | **63.91** | **148.51** | **124.50** | **$/barrel** |
| &nbsp;&nbsp;NGL | **—** | **Forward NGL price** |  |  |  | **$/gallon** |
| &nbsp;&nbsp;Power | **(12)** | **Forward power price** | **27.08** | **162.93** | **80.68** | **$/MW/H** |
| Commodity options<sup>3</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Natural gas | **124** | **Forward gas price** | **3.77** | **15.14** | **8.49** | **$/mmbtu**<sup>2</sup> |
|  |  | **Price volatility** | **3%** | **74%** | **53%** |  |
|  | **13** |  |  |  |  |  |

---

*1 Financial and physical forward commodity contracts are valued using a market approach valuation technique.*

*2 One million British thermal units (mmbtu).*

*3 Commodity options contracts are valued using an option model valuation technique.*

------

If adjusted, the significant unobservable inputs disclosed in the table above would have a direct impact on the fair value of our Level 3 derivative instruments. The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments include forward commodity prices. Changes in forward commodity prices could result in significantly different fair values for our Level 3 derivatives.

Changes in the net fair value of derivative assets and liabilities classified as Level 3 in the fair value hierarchy were as follows:

---

| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(millions of Canadian dollars)* |  |  |
| Level 3 net derivative asset/(liability) at beginning of period | **188** | (52) |
| Total gain/(loss), unrealized |  |  |
| &nbsp;&nbsp;&nbsp;Included in earnings¹ | **(101)** | 23 |
| &nbsp;&nbsp;&nbsp;Included in OCI | **—** | 2 |
| &nbsp;&nbsp;&nbsp;Included in regulatory assets/liabilities | **(107)** | (45) |
| Settlements | **33** | 129 |
| Level 3 net derivative asset at end of period | **13** | 57 |

---

*1 Reported within Transportation and other services revenues, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings.*

There were no transfers into or out of Level 3 as at March 31, 2026 or December 31, 2025.

**Net Investment Hedges**

We currently have designated a portion of our US dollar-denominated debt as a hedge of our net investment in US dollar-denominated investments and subsidiaries.

During the three months ended March 31, 2026 and 2025, we recognized unrealized foreign exchange losses of $248 million and gains of $47 million, respectively, on the translation of US dollar-denominated debt, in OCI. During the three months ended March 31, 2026 and 2025, we recognized realized losses of nil and $81 million, respectively, associated with the settlement of US dollar-denominated debt that had matured during the period, in OCI.

**Fair Value of Other Financial Instruments**

Certain long-term investments in other entities with no actively quoted prices are classified as Fair Value Measurement Alternative (FVMA) investments and are recorded at cost less impairment. The carrying value of FVMA investments totaled $188 million and $185 million as at March 31, 2026 and December 31, 2025, respectively.

------

We have restricted long-term investments and cash held in trust for the purpose of funding pipeline abandonment in accordance with the CER's regulatory requirements under the LMCI, to cover future pipeline decommissioning costs in the state of Minnesota and to satisfy retirement obligations as Wexpro properties are abandoned. Information regarding these investments is as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | December 31,<br>2025 |
| *(millions of Canadian dollars)* |  |  |
| Fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | **903** | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | **426** | 416 |
| Total fair value<sup>1</sup> | **1329** | 1293 |
| Cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | **783** | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | **437** | 426 |
| Total cost | **1220** | 1170 |

---

*1 Investments are classified as available-for-sale, recognized at fair value and included in Restricted long-term investments and cash in the Consolidated Statements of Financial Position.*

---

| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(millions of Canadian dollars)* |  |  |
| Unrealized holding gains/(losses) | **(11)** | 16 |
| Purchases | **(73)** | (103) |
| Sales | **32** | 77 |
| Net purchases<sup>1</sup> | **(41)** | (26) |

---

*1 The resulting net cash flow impact is presented under Cash Flows from Investing Activities in the Consolidated Statements of Cash Flows.*

We have a wholly-owned captive insurance subsidiary whose principal activity is providing insurance and reinsurance coverage for certain insurable property and casualty risk exposures of our operating subsidiaries and certain equity investments. As at March 31, 2026, our investments in debt securities held by our captive insurance subsidiary had a fair value of $1.3 billion (December 31, 2025 - $1.2 billion) and cost of $1.3 billion (December 31, 2025 - $1.2 billion). These investments in debt securities are recognized at fair value, classified as Level 2 in the fair value hierarchy, respectively, and are recorded in Long-term investments in the Consolidated Statements of Financial Position. There were unrealized holding losses of $20 million for the three months ended March 31, 2026, respectively (2025 - gains of $1 million).

As at March 31, 2026, the maturities for our investments in debt securities were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Total | Less than<br>1 year | 5 years | 10 years | Thereafter |
| *(millions of Canadian dollars)* |  |  |  |  |  |
| Fair value of debt securities | 1251 | 86 | 813 | 280 | 72 |

---

As at March 31, 2026 and December 31, 2025, our long-term debt, including finance lease liabilities, had a carrying value before debt issuance costs of $108.5 billion and $104.4 billion, respectively, and a fair value of $107.4 billion and $102.7 billion, respectively.

------

The fair value of financial assets and liabilities other than derivative instruments, certain long-term investments in other entities, restricted long-term investments, investments held by our captive insurance subsidiary and long-term debt described above approximate their carrying value due to the short period to maturity.

**9. INCOME TAXES**

The effective income tax rates for the three months ended March 31, 2026 and 2025 were 24.8% and 21.9%, respectively.

The period-over-period increase in the effective income tax rate was due to higher US minimum tax and the absence of US investment tax credits in 2026, partially offset by the effect of rate-regulated accounting for income taxes, mainly driven by the Reaccelerated Investment Incentive Property rules enacted in March 2026 as part of *Bill C-15 (45-1), Budget Implementation Act, No. 1*, relative to the lower earnings over the comparative period.

**10. OTHER INCOME/(EXPENSE)**

---

| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(millions of Canadian dollars)* |  |  |
| Realized foreign currency loss | **(1)** | (182) |
| Unrealized foreign currency gain/(loss) | **(437)** | 55 |
| Net defined pension and OPEB credit | **69** | 72 |
| Other | **190** | 175 |
|  | **(179)** | 120 |

---

**11. CONTINGENCIES**

**LITIGATION**

We and our subsidiaries are subject to various legal and regulatory actions and proceedings which arise in the normal course of business, including interventions in regulatory proceedings and challenges to regulatory approvals and permits. While the final outcome of such actions and proceedings cannot be predicted with certainty, management believes that the resolution of such actions and proceedings will not have a material impact on our interim consolidated financial position or results of operations.

**INSURANCE**

We maintain an insurance program for us, our subsidiaries and certain of our affiliates to mitigate a certain portion of our risks. However, not all risks are insurable, or are insured by us. We self-insure a significant portion of certain risks through our wholly-owned captive insurance subsidiary, which requires certain assumptions and management judgment regarding the frequency and severity of claims, claim development and settlement practices and the selection of estimated loss among estimates derived using different methods. Our insurance coverage is also subject to terms and conditions, exclusions and large deductibles or self-insured retentions which may reduce or eliminate coverage in certain circumstances.

Our insurance policies are generally renewed annually. and premiums, terms, policy limits and/or deductibles can vary substantially based on factors like market conditions. We can give no assurance that we will be able to maintain adequate insurance in the future at rates or on other terms we consider commercially reasonable. In such a case, we may decide to self-insure additional risks.

In the unlikely event multiple insurable incidents occur which exceed coverage limits within the same insurance period, the total insurance coverage will be allocated among entities on an equitable basis based on an insurance allocation agreement we have entered into with us and other subsidiaries.

------

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**INTRODUCTION**

The following discussion and analysis of our financial condition and results of operations is based on and should be read in conjunction with our interim consolidated financial statements and the accompanying notes included in Part I. *Item 1. Financial Statements* of this quarterly report on Form 10-Q and our consolidated financial statements and the accompanying notes included in Part II. *Item 8. Financial Statements and Supplementary Data* of our annual report on Form 10-K for the year ended December 31, 2025.

We continue to qualify as a foreign private issuer for purposes of the United States Securities Exchange Act of 1934, as amended (Exchange Act), as determined annually as of the end of our second fiscal quarter. We intend to continue to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K with the United States (US) Securities and Exchange Commission (SEC) instead of filing the reporting forms available to foreign private issuers. We also intend to maintain our Form S-3 registration statements.

**RECENT DEVELOPMENTS**

**GAS TRANSMISSION RATE PROCEEDINGS**

**East Tennessee**

East Tennessee Natural Gas, LLC (East Tennessee) filed a rate case on April 29, 2025. On May 29, 2025, the Federal Energy Regulatory Commission (FERC) issued an order accepting and suspending tariff records, subject to refund, conditions, and establishing hearing procedures. In compliance with the order, East Tennessee made a filing to implement the rates to be effective November 1, 2025, subject to refund. On April 23, 2026, East Tennessee reached a settlement in principle with all parties in the proceeding. A settlement agreement is expected to be filed with the FERC during the second quarter of 2026 and will be subject to FERC approval.

**Maritimes & Northeast**

The toll settlement agreement for Maritimes & Northeast Pipeline Limited Partnership Canada (M&N Canada) expired in December 2025. M&N Canada reached a toll settlement with shippers for the effective period from January 1, 2026 to December 31, 2027. On December 15, 2025, M&N Canada filed the 2026–2027 toll settlement agreement with the Canada Energy Regulator (CER), which was approved on March 10, 2026, as filed.

**Vector**

Vector Pipeline L.P. (Vector) filed a rate case on May 30, 2025. On June 30, 2025, the FERC issued an order accepting and suspending tariff records filed in this rate case. In compliance with the order, Vector placed the proposed tariff rates into effect on July 1, 2025. On July 1, 2025, the chief administrative law judge issued an order consolidating Vector's outstanding review of rates initiated by the FERC in 2024 with Vector's May 30, 2025 rate case filing. In February 2026, Vector reached a settlement in principle with all active participants that resolves all issues in the consolidated rate case. On March 4, 2026, Vector filed a motion to place Phase 1 Settlement Rates into effect as of April 1, 2026, which was approved on March 5, 2026. On March 12, 2026, Vector filed the settlement agreement for the FERC's review and approval.

------

**GAS DISTRIBUTION AND STORAGE RATE APPLICATIONS**

**Enbridge Gas Ontario**

In relation to Enbridge Gas Inc. (Enbridge Gas Ontario)'s application with the Ontario Energy Board (OEB) to establish a 2024-2028 Incentive Regulation rate setting framework, undertaken in three phases, Enbridge Gas Ontario continues to appeal the OEB's Phase 1 findings on depreciation, equity thickness, and undepreciated capital through Ontario courts, with hearing dates scheduled in 2026.

In March 2026, the OEB issued a decision approving the settlement proposal for Phase 3 of Enbridge Gas Ontario's application, which addressed cost allocation and the harmonization of rates, rate classes, and services. The remaining non-ratemaking Phase 3 matters will be addressed through a written hearing process, with a decision expected in 2026. The implementation of Phase 3, which is anticipated to occur in 2027, is not expected to impact earnings.

**FINANCING UPDATE**

In February 2026, we closed a three-tranche offering consisting of five, ten and thirty-year medium-term notes, for an aggregate principal amount of $2.0 billion, which mature in February 2031, 2036, and 2056, respectively.

In March 2026, we closed a two-tranche offering consisting of five and ten-year senior notes for an aggregate principal amount of US$2.0 billion, which mature in March 2031 and 2036, respectively.

These financing activities, in combination with the financing activities executed in 2025, provide significant liquidity that we expect will enable us to fund our current portfolio of capital projects and other operating working capital requirements through potential periods of extended market disruption without requiring access to the capital markets, should market access be restricted or pricing be unattractive. Refer to *Liquidity and Capital Resources*.

**RESULTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(millions of Canadian dollars, except per share amounts)* |  |  |
| &nbsp;&nbsp;&nbsp;**Segment earnings/(loss) before interest, income taxes and depreciation and amortization**<sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Liquids Pipelines | **1957** | 2593 |
| &nbsp;&nbsp;&nbsp;Gas Transmission | **1570** | 1473 |
| &nbsp;&nbsp;&nbsp;Gas Distribution and Storage | **1709** | 1600 |
| &nbsp;&nbsp;&nbsp;Renewable Power Generation | **188** | 223 |
| &nbsp;&nbsp;&nbsp;Eliminations and Other | **(404)** | 40 |
| &nbsp;&nbsp;&nbsp;**Earnings before interest, income taxes and depreciation and amortization**<sup>1</sup> | **5020** | 5929 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **(1433)** | (1408) |
| &nbsp;&nbsp;&nbsp;Interest expense | **(1222)** | (1334) |
| &nbsp;&nbsp;&nbsp;Income tax expense | **(587)** | (697) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings attributable to noncontrolling interests and redeemable noncontrolling interest | **—** | (126) |
| &nbsp;&nbsp;&nbsp;Preference share dividends | **(107)** | (103) |
| **Earnings attributable to common shareholders** | **1671** | 2261 |
| Earnings per common share attributable to common shareholders | **0.77** | 1.04 |
| Diluted earnings per common share attributable to common shareholders | **0.76** | 1.03 |

---

*1 Non-GAAP financial measure. Refer to* Non-GAAP and Other Financial Measures*.*

------

**EARNINGS ATTRIBUTABLE TO COMMON SHAREHOLDERS**

**Three months ended March 31, 2026, compared with the three months ended March 31, 2025**

Earnings attributable to common shareholders were negatively impacted by $478 million due to certain infrequent or other non-operating factors, primarily explained by:

&nbsp;&nbsp;&nbsp;&nbsp;•a non-cash, net unrealized derivative fair value loss of $743 million ($571 million after-tax) in 2026, compared with a net unrealized loss of $17 million ($13 million after-tax) in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;•earnings attributable to noncontrolling interests of $84 million ($66 million after-tax) as a result of increased allocation of non-cash losses to our partner at the Chapman Ranch Wind Farm, reflecting the application of contractual arrangements.

The non-cash, unrealized derivative fair value gains and losses discussed above generally arise as a result of our comprehensive economic hedging program to mitigate foreign exchange, interest rate and commodity price risks. This program creates volatility in reported short-term earnings through the recognition of unrealized non-cash gains and losses on derivative instruments used to hedge these risks. Over the long-term, we believe our hedging program supports the reliable cash flows and dividend growth upon which our investor value proposition is based.

After taking into consideration the factors above, the remaining $112 million decrease in earnings attributable to common shareholders is primarily explained by:

&nbsp;&nbsp;&nbsp;&nbsp;•lower contribution from our Liquids Pipelines segment as a result of higher Mainline earnings sharing, lower Mainline tolls on Line 9 deliveries, the absence in 2026 of equity earnings attributable to a litigation settlement, and lower contributions from the Flanagan South Pipeline; and

&nbsp;&nbsp;&nbsp;&nbsp;•higher income tax expense, excluding tax on infrequent or non-operating factors discussed above, mainly due to the absence in 2026 of investment tax credits; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;•higher contribution from our Gas Distribution and Storage segment due to higher distribution margin and higher storage optimization and pricing at Enbridge Gas Ontario, and higher base rates for Enbridge Gas Utah; and

&nbsp;&nbsp;&nbsp;&nbsp;•higher contributions from our Gas Transmission segment primarily due to favorable contracting on US Gas Transmission assets and higher revenues from Aitken Creek Gas Storage Facility (Aitken Creek) and British Columbia (BC) Pipeline.

**BUSINESS SEGMENTS**

**LIQUIDS PIPELINES** 

---

| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(millions of Canadian dollars)* |  |  |
| Earnings before interest, income taxes and depreciation and amortization | **1957** | 2593 |

---

**Three months ended March 31, 2026, compared with the three months ended March 31, 2025**

EBITDA was negatively impacted by $318 million due to certain infrequent or other non-operating factors, primarily explained by a non-cash, net unrealized loss of $352 million in 2026, compared with a net unrealized gain of $6 million in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks.

------

After taking into consideration the factors above, the remaining $318 million decrease is primarily explained by the following significant business factors:

&nbsp;&nbsp;&nbsp;&nbsp;•lower Mainline and Market Access contributions as a result of higher earnings sharing, lower Mainline tolls on Line 9 deliveries, and lower contributions from the Flanagan South Pipeline;

&nbsp;&nbsp;&nbsp;&nbsp;•the absence in 2026 of equity earnings attributable to a litigation settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;•the unfavorable effect of translating US dollar earnings at a lower average exchange rate in 2026, compared to the same period in 2025.

**GAS TRANSMISSION** 

---

| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(millions of Canadian dollars)* |  |  |
| Earnings before interest, income taxes and depreciation and amortization | **1570** | 1473 |

---

**Three months ended March 31, 2026 compared with the three months ended March 31, 2025**

EBITDA was positively impacted by $97 million, primarily explained by the following significant business factors:

&nbsp;&nbsp;&nbsp;&nbsp;•favorable contracting on our US Gas Transmission assets; and

&nbsp;&nbsp;&nbsp;&nbsp;•higher revenues from Aitken Creek and BC Pipeline due to favorable storage spreads and tolls, respectively; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;•the unfavorable effect of translating US dollar earnings at a lower average exchange rate in 2026, compared to the same period in 2025.

**GAS DISTRIBUTION AND STORAGE**

---

| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(millions of Canadian dollars)* |  |  |
| Earnings before interest, income taxes and depreciation and amortization | **1709** | 1600 |

---

**Three months ended March 31, 2026, compared with the three months ended March 31, 2025**

EBITDA was positively impacted by $109 million, primarily explained by the following significant business factors:

&nbsp;&nbsp;&nbsp;&nbsp;•higher distribution margin resulting from rate escalators and higher storage optimization and pricing at Enbridge Gas Ontario; and

&nbsp;&nbsp;&nbsp;&nbsp;•higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina due to recent rate cases; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;•the unfavorable effect of translating US dollar earnings at a lower average exchange rate in 2026, compared to the same period in 2025.

------

**RENEWABLE POWER GENERATION** 

---

| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(millions of Canadian dollars)* |  |  |
| Earnings before interest, income taxes and depreciation and amortization | **188** | 223 |

---

**Three months ended March 31, 2026, compared with the three months ended March 31, 2025**

EBITDA was negatively impacted by $35 million, primarily explained by the following significant business factors:

&nbsp;&nbsp;&nbsp;&nbsp;•the absence in 2026 of equity earnings related to Fox Squirrel Solar investment tax credits; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;•higher contributions from European offshore wind facilities due to stronger wind resources.

**ELIMINATIONS AND OTHER**

---

| | | |
|:---|:---|:---|
|  | Three months ended<br>March 31, | Three months ended<br>March 31, |
|  | **2026** | 2025 |
| *(millions of Canadian dollars)* |  |  |
| Earnings/(loss) before interest, income taxes and depreciation and amortization | **(404)** | 40 |

---

Eliminations and Other includes operating and administrative costs that are not allocated to business segments, and the impact of foreign exchange hedge settlements and the activities of our wholly-owned captive insurance subsidiary. Eliminations and Other also includes our natural gas and power marketing businesses and the impact of new business development activities and corporate investments.

**Three months ended March 31, 2026, compared with the three months ended March 31, 2025**

EBITDA was negatively impacted by $595 million due to certain infrequent or non-operating factors, primarily explained by a non-cash, net unrealized loss of $439 million in 2026, compared with a net unrealized gain of $109 million in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange and commodity price risks.

After taking into consideration the non-operating factor above, the remaining $151 million increase in EBITDA is primarily explained by lower realized foreign exchange losses on hedge settlements in 2026.

------

**GROWTH PROJECTS - COMMERCIALLY SECURED PROJECTS**

The following table summarizes the status of our material commercially secured projects, organized by business segment:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Enbridge's<br>Ownership<br>Interest** | **Estimated<br>Capital<br>Cost**<sup>1</sup> | **Expenditures<br>to Date**<sup>2</sup> | **Status**<sup>2</sup> | **Expected<br>In-Service<br>Date** |
| *(Canadian dollars, unless stated otherwise)* | *(Canadian dollars, unless stated otherwise)* | *(Canadian dollars, unless stated otherwise)* |  |  |  |  |
| **LIQUIDS PIPELINES** | **LIQUIDS PIPELINES** |  |  |  |  |  |
|  | Mainline Optimization |  |  |  | Pre- |  |
| 1. | &nbsp;&nbsp;&nbsp;&nbsp;Phase 1 | 100% | US$1.4 billion | US$100 million | construction | 2027 |
|  |  |  |  | No significant |  |  |
|  | Southern Illinois |  |  | expenditures to | Pre- |  |
| 2. | &nbsp;&nbsp;&nbsp;&nbsp;Connector | 100%<sup>3</sup> | US$0.5 billion | date | construction | 2028 |
|  |  |  |  | No significant |  |  |
|  |  |  |  | expenditures to | Pre- |  |
| 3. | Pelican CO2 Hub | 50% | US$0.3 billion | date | construction | 2029 |
| **GAS TRANSMISSION** | **GAS TRANSMISSION** |  |  |  |  |  |
|  | Texas Eastern |  |  |  |  |  |
| 4. | &nbsp;&nbsp;&nbsp;&nbsp;Modernization | 100% | US$0.4 billion | US$295 million | Various stages | 2026 |
|  | T-North Expansion |  |  |  | Under |  |
| 5. | &nbsp;&nbsp;&nbsp;&nbsp;(Aspen Point) | 100%<sup>4</sup> | $1.2 billion | $913 million | construction | 2026 |
| 6. | &nbsp;&nbsp;&nbsp;Tennessee Ridgeline Expansion | 100% | US$1.4 billion | US$800 million | Under construction | 2026 |
| 7. | Woodfibre LNG<sup>5</sup> | 30% | US$2.9 billion | US$1.8 billion | Under construction | 2027 |
| 8. | &nbsp;&nbsp;&nbsp;T-South Expansion (Sunrise) | 100%<sup>4</sup> | $4.0 billion | $683 million | Pre-construction | 2028 |
|  | T-North Expansion |  |  |  | Pre- |  |
| 9. | &nbsp;&nbsp;&nbsp;&nbsp;(Birch Grove) | 100%<sup>4</sup> | $0.4 billion | $27 million | construction | 2028 |
| 10. | Canyon System Pipelines | 100% | US$1.0 billion | US$217 million | Pre-construction | 2029 |
|  | Algonquin Gas |  |  | No significant |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Transmission |  |  | expenditures to | Pre- |  |
| 11. | &nbsp;&nbsp;&nbsp;&nbsp;Enhancement | 100% | US$0.3 billion | date | construction | 2029 |
|  |  |  |  | No significant |  |  |
|  | USGC Storage Growth |  |  | expenditures to | Pre- |  |
| 12. | &nbsp;&nbsp;&nbsp;&nbsp;Program | 100% | US$0.8 billion | date | construction | 2028 - 2033 |
| **GAS DISTRIBUTION AND STORAGE** | **GAS DISTRIBUTION AND STORAGE** | **GAS DISTRIBUTION AND STORAGE** |  |  |  |  |
| 13. | Moriah Energy Center<sup>6</sup> | 100% | US$0.6 billion | US$387 million | Under construction | 2027 |
| 14. | T-15 Reliability Project<sup>6,7</sup> | 100% | US$0.7 billion | US$144 million | Pre-construction | 2027 - 2028 |
| **RENEWABLE POWER GENERATION** | **RENEWABLE POWER GENERATION** | **RENEWABLE POWER GENERATION** |  |  |  |  |
| 15. | Sequoia Solar | 100% | US$1.1 billion | US$919 million | Various stages | 2026 |
| 16. | Clear Fork Solar | 100% | US$0.9 billion | US$323 million | Under construction | 2027 |
| 17. | Easter | 100% | US$0.4 billion | US$139 million | Under construction | 2026 - 2027 |
|  |  |  |  |  | Pre- |  |
| 18. | Cowboy Phase 1 | 100% | US$1.2 billion | US$36 million | construction | 2027 |
|  |  |  |  | No significant |  |  |
|  |  |  |  | expenditures to | Pre- |  |
| 19. | Cone | 100% | US$0.7 billion | date | construction | 2027 |
|  | Courseulles |  | $1.0 billion | $460 million | Under |  |
| 20. | &nbsp;&nbsp;&nbsp;&nbsp;Offshore Wind<sup>8</sup> | 21.7% | (€0.6 billion) | (€311 million) | construction | 2027 |

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*1 These amounts are estimates and are subject to upward or downward adjustment based on various factors. Where appropriate, the amounts reflect our share of joint venture projects.*

*2 Expenditures to date and status of the project are determined as at March 31, 2026.*

*3 Includes amounts for the construction of the Southern Illinois Connector Pipeline, which is expected to be 50% jointly-owned with Energy Transfer, costs to upgrade the Energy Transfer Crude Oil Pipeline, in which we have a 27.6% ownership interest, as well as amounts fully attributable to Enbridge.*

*4 Our redeemable noncontrolling interest holder, Stonlasec8 Indigenous Investments Limited Partnership, will have the opportunity to participate in designated capital programs once they have been completed or substantially completed. As a result, our ownership interest in the program(s) may change in future periods.*

*5 Our expected investment is approximately US$2.3 billion, with the remainder financed through non-recourse project level debt.*

*6 Previously approved projects that were acquired by Enbridge through the acquisition of Public Service Company of North Carolina, Incorporated.*

*7 Includes approved capital costs for the second phase of the project which involves installation of additional compression to add capacity and is expected to go into service in 2028.*

*8 Our investment is approximately $0.3 billion, with the remainder financed through non-recourse project level debt.*

A full description of each of our material projects is provided in our annual report on Form 10-K for the year ended December 31, 2025. Material updates that have occurred since the date of filing of our Form 10-K are discussed below.

**GAS TRANSMISSION**

&nbsp;&nbsp;&nbsp;&nbsp;•**T-South Expansion (Sunrise) -** In April 2026, the project received a positive decision from the Government of Canada's Governor in Council and the CER issued a certificate for the project. Construction is expected to begin in the third quarter of 2026 following the satisfaction of pre-construction conditions.

&nbsp;&nbsp;&nbsp;&nbsp;•**USGC Storage Growth Program -** In addition to the expansions of our Egan Hub and Moss Bluff natural gas storage facilities in the US Gulf Coast, we sanctioned a 25 billion cubic foot expansion of our Tres Palacios Gas Storage facility. The development includes three new caverns and ancillary support infrastructure and is expected to enter service ratably from 2028 to 2030.

**RENEWABLE POWER GENERATION**

&nbsp;&nbsp;&nbsp;&nbsp;•**Cone -** A 300-megawatt onshore wind project in the Southwest Power Pool market near Lubbock, Texas fully contracted under a long-term offtake agreement. This project will qualify for US tax credits and has an expected in-service date in 2027.

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**LIQUIDITY AND CAPITAL RESOURCES**

The maintenance of financial strength and flexibility is fundamental to our growth strategy, particularly in light of the significant number and size of capital projects currently secured or under development. Access to timely funding from capital markets could be limited by factors outside our control, including but not limited to, financial market volatility resulting from economic and political events both inside and outside North America. To mitigate such risks, we actively manage financial plans and strategies to help ensure we maintain sufficient liquidity to meet routine operating and future capital requirements.

In the near term, we generally expect to utilize cash from operations together with commercial paper issuances and/or credit facility draws and the proceeds of capital market offerings to fund liabilities as they become due, finance capital expenditures and acquisitions and fund debt retirements. We target to maintain significant liquidity through securement of committed credit facilities with a diversified group of banks and financial institutions to enable us to fund all anticipated requirements through periods of extended market disruptions without accessing the capital markets.

We have signed capital obligation contracts for the purchase of services, pipe and other materials totaling approximately $5.3 billion, which are expected to be paid over the next five years.

Our financing plan is regularly updated to reflect evolving capital requirements and financial market conditions and identifies a variety of potential sources of debt and equity funding alternatives.

**CAPITAL MARKET ACCESS**

We enable access to capital markets, subject to market conditions, through maintenance of shelf prospectuses in the US and Canada that allow for issuances of long-term debt, equity and other forms of long-term capital when market conditions are attractive.

**Credit Facilities and Liquidity**

To ensure ongoing liquidity and to mitigate the risk of capital market disruption, we maintain access to funds through committed bank credit facilities and actively manage our bank funding sources to optimize pricing and other terms. The following table provides details of our committed credit facilities as at March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Maturity<sup>1</sup> | Total <br>Facility | Draws<sup>2</sup> | Available |
| *(millions of Canadian dollars)* |  |  |  |  |
| Enbridge Inc. | 2027-2049 | **8040** | **5905** | **2135** |
| Enbridge (U.S.) Inc. | 2027-2030 | **10493** | **3772** | **6721** |
| Enbridge Pipelines Inc. | 2027 | **2000** | **847** | **1153** |
| Enbridge Gas Inc. | 2027 | **2500** | **1490** | **1010** |
| Total committed credit facilities |  | **23033** | **12014** | **11019** |

---

*1 Maturity date is inclusive of the one-year term out option for certain credit facilities.*

*2 Includes facility draws and commercial paper issuances that are back-stopped by credit facilities.*

In addition to the committed credit facilities noted above, we maintain $1.6 billion of uncommitted demand letter of credit facilities, of which $923 million was unutilized as at March 31, 2026. As at December 31, 2025, we had $1.6 billion of uncommitted demand letter of credit facilities, of which $932 million was unutilized.

As at March 31, 2026, our net available liquidity totaled $12.7 billion (December 31, 2025 - $10.8 billion), consisting of available credit facilities of $11.0 billion (December 31, 2025 - $9.7 billion) and unrestricted cash and cash equivalents of $1.6 billion (December 31, 2025 - $1.1 billion) as reported in the Consolidated Statements of Financial Position.

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Our credit facility agreements and term debt indentures include standard events of default and covenant provisions whereby accelerated repayment and/or termination of the agreements may result if we were to default on payment or violate certain covenants. As at March 31, 2026, we were in compliance with all such debt covenant provisions.

**LONG-TERM DEBT ISSUANCES**

During the three months ended March 31, 2026, we completed the following long-term debt issuances totaling $2.0 billion and US$2.0 billion:

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| | | | | |
|:---|:---|:---|:---|:---|
| Company | Issuance Date |  |  | Principal <br>Amount |
| *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* |
| Enbridge Inc. | Enbridge Inc. | Enbridge Inc. | Enbridge Inc. | Enbridge Inc. |
|  | February 2026 | 3.57% | medium-term notes due February 2031 | $850 |
|  | February 2026 | 4.35% | medium-term notes due February 2036 | $850 |
|  | February 2026 | 5.10% | medium-term notes due February 2056 | $300 |
|  | March 2026 | 4.85% | senior notes due March 2031 | US$1,000 |
|  | March 2026 | 5.45% | senior notes due March 2036 | US$1,000 |

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**LONG-TERM DEBT REPAYMENTS**

During the three months ended March 31, 2026, we completed the following long-term debt repayment totaling US$50 million:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Company | Repayment Date |  |  | Principal <br>Amount |
| *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* | *(millions of Canadian dollars, unless otherwise stated)* |
| Public Service Company of North Carolina, Incorporated | Public Service Company of North Carolina, Incorporated | Public Service Company of North Carolina, Incorporated | Public Service Company of North Carolina, Incorporated | Public Service Company of North Carolina, Incorporated |
|  | January 2026 | 6.99% | debentures | US$50 |

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Cash flow growth, ready access to liquidity from diversified sources and a stable business model have enabled us to manage our credit profile. We actively monitor and manage key financial metrics with the objective of sustaining investment grade credit ratings from the major credit rating agencies and ongoing access to bank funding and term debt capital on attractive terms. Key measures of financial strength that are closely managed include the ability to service debt obligations from operating cash flow and the ratio of debt to EBITDA.

There are no material restrictions on our cash. Total restricted cash of $186 million, as reported in the Consolidated Statements of Financial Position, primarily includes reinsurance security, cash collateral, future pipeline abandonment costs collected and held in trust, amounts received in respect of specific shipper commitments and capital projects. Cash and cash equivalents held by certain subsidiaries may not be readily accessible for alternative uses by us.

Excluding current maturities of long-term debt, as at March 31, 2026 and December 31, 2025, we had positive and negative working capital positions of $0.6 billion and $2.8 billion, respectively. During the three months ended March 31, 2026, the major contributing factor to the positive working capital position was an increase in receivables and unbilled revenues related to seasonal fluctuations, while during the year ended December 31, 2025, the major contributing factor to the negative working capital position was the current liabilities associated with our growth capital program.

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**SOURCES AND USES OF CASH**

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, |
|  | **2026** | 2025 |
| *(millions of Canadian dollars)* |  |  |
| Operating activities | **2342** | 3053 |
| Investing activities | **(2825)** | (1789) |
| Financing activities | **1111** | (950) |
| &nbsp;&nbsp;&nbsp;Effect of translation of foreign denominated cash and cash equivalents and restricted cash | **22** | 8 |
| Net change in cash and cash equivalents and restricted cash | **650** | 322 |

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Significant sources and uses of cash for the three months ended March 31, 2026 and 2025 are summarized below:

**Operating Activities**

The primary factors impacting cash provided by operating activities period-over-period include changes in our operating assets and liabilities in the normal course due to various factors, including the impact of fluctuations in commodity prices and activity levels on working capital within our business segments, the timing of tax payments and cash receipts and payments generally. Cash provided by operating activities is also impacted by changes in earnings and certain infrequent or other non-operating factors, as discussed in *Results of Operations*, as well as Distributions from equity investments.

**Investing Activities**

Cash used in investing activities includes capital expenditures to execute our capital program, which is further described in *Growth Projects - Commercially Secured Projects*. The timing of project approval, construction and in-service dates impacts the timing of cash requirements. Cash used in investing activities is also impacted by acquisitions, dispositions and changes in contributions to, and distributions from, our equity investments. The increase in cash used in investing activities period-over-period was primarily due to higher capital expenditures in 2026 when compared to the same period in 2025.

**Financing Activities**

Cash provided by financing activities primarily relates to issuances and repayments of external debt, as well as transactions with our common and preference shareholders relating to dividends, share issuances, and share redemptions. Cash provided by financing activities is also impacted by changes in distributions to, and contributions from, noncontrolling interests and redeemable noncontrolling interest. The increase in cash provided by financing activities period-over-period was primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;•higher long-term debt issuances and lower long-term debt repayments in 2026 when compared to the same period in 2025; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;•net commercial paper and credit facility repayments in 2026 when compared to net draws during the same period in 2025.

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**SUMMARIZED FINANCIAL INFORMATION**

On January 22, 2019, Enbridge entered into supplemental indentures with its wholly-owned subsidiaries, Spectra Energy Partners, LP (SEP) and Enbridge Energy Partners, L.P. (EEP) (together, the Partnerships), pursuant to which Enbridge fully and unconditionally guaranteed, on a senior unsecured basis, the payment obligations of the Partnerships with respect to the outstanding series of notes issued under the respective indentures of the Partnerships. Concurrently, the Partnerships entered into a subsidiary guarantee agreement pursuant to which they fully and unconditionally guaranteed, on a senior unsecured basis, the outstanding series of senior notes of Enbridge. The Partnerships have also entered into supplemental indentures with Enbridge pursuant to which the Partnerships have issued full and unconditional guarantees, on a senior unsecured basis, of senior notes issued by Enbridge subsequent to January 22, 2019. As a result of the guarantees, holders of any of the outstanding guaranteed notes of the Partnerships (the Guaranteed Partnership Notes) are in the same position with respect to the net assets, income and cash flows of Enbridge as holders of Enbridge's outstanding guaranteed notes (the Guaranteed Enbridge Notes), and vice versa. Other than the Partnerships, Enbridge subsidiaries (including the subsidiaries of the Partnerships, collectively, the Subsidiary Non-Guarantors), are not parties to the subsidiary guarantee agreement and have not otherwise guaranteed any of Enbridge's outstanding series of senior notes.

**Consenting SEP notes and EEP notes under Guarantees**

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| | |
|:---|:---|
| **SEP Notes**<sup>1</sup> | **EEP Notes**<sup>2</sup> |
| 3.38% Senior Notes due 2026 | 5.95% Notes due 2033 |
| 5.95% Senior Notes due 2043 | 6.30% Notes due 2034 |
| 4.50% Senior Notes due 2045 | 7.50% Notes due 2038 |
|  | 5.50% Notes due 2040 |
|  | 7.38% Notes due 2045 |

---

*1 As at March 31, 2026, the aggregate outstanding principal amount of SEP notes was approximately US$1.7 billion.*

*2 As at March 31, 2026, the aggregate outstanding principal amount of EEP notes was approximately US$1.9 billion.*

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**Enbridge Notes under Guarantees**

---

| | |
|:---|:---|
| **USD Denominated**<sup>1</sup> | **CAD Denominated**<sup>2</sup> |
| 1.60% Senior Notes due 2026 | 3.20% Senior Notes due 2027 |
| 5.90% Senior Notes due 2026 | 5.70% Senior Notes due 2027 |
| 4.25% Senior Notes due 2026 | 3.55% Senior Notes due 2028 |
| 5.25% Senior Notes due 2027 | 4.90% Senior Notes due 2028 |
| 3.70% Senior Notes due 2027 | 6.10% Senior Notes due 2028 |
| 4.60% Senior Notes due 2028 | Floating Rate Senior Notes due 2028 |
| 6.00% Senior Notes due 2028 | 2.99% Senior Notes due 2029 |
| 4.20% Senior Notes due 2028 | 4.21% Senior Notes due 2030 |
| 5.30% Senior Notes due 2029 | 3.90% Senior Notes due 2030 |
| 3.13% Senior Notes due 2029 | 7.22% Senior Notes due 2030 |
| 4.90% Senior Notes due 2030 | 3.57% Senior Notes due 2031 |
| 6.20% Senior Notes due 2030 | 7.20% Senior Notes due 2032 |
| 4.50% Senior Notes due 2031 | 6.10% Sustainability-Linked Senior Notes due 2032 |
| 4.85% Senior Notes due 2031 | 5.36% Sustainability-Linked Senior Notes due 2033 |
| 5.70% Sustainability-Linked Senior Notes due 2033 | 3.10% Sustainability-Linked Senior Notes due 2033 |
| 2.50% Sustainability-Linked Senior Notes due 2033 | 4.73% Senior Notes due 2034 |
| 5.63% Senior Notes due 2034 | 4.56% Senior Notes due 2035 |
| 5.55% Senior Notes due 2035 | 5.57% Senior Notes due 2035 |
| 5.20% Senior Notes due 2035 | 4.35% Senior Notes due 2036 |
| 5.45% Senior Notes due 2036 | 5.75% Senior Notes due 2039 |
| 4.50% Senior Notes due 2044 | 5.12% Senior Notes due 2040 |
| 5.50% Senior Notes due 2046 | 4.24% Senior Notes due 2042 |
| 4.00% Senior Notes due 2049 | 4.57% Senior Notes due 2044 |
| 3.40% Senior Notes due 2051 | 4.87% Senior Notes due 2044 |
| 6.70% Senior Notes due 2053 | 4.10% Senior Notes due 2051 |
| 5.95% Senior Notes due 2054 | 6.51% Senior Notes due 2052 |
|  | 5.76% Senior Notes due 2053 |
|  | 5.32% Senior Notes due 2054 |
|  | 5.10% Senior Notes due 2056 |
|  | 4.56% Senior Notes due 2064 |

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*1 As at March 31, 2026, the aggregate outstanding principal amount of the Enbridge US dollar-denominated notes was approximately US$21.8 billion.*

*2 As at March 31, 2026, the aggregate outstanding principal amount of the Enbridge Canadian dollar-denominated notes was approximately $16.5 billion.*

Rules 3-10 and 13-01 of the US SEC Regulation S-X, together with Exchange Act Rule 12h-5, provide an exemption from the reporting requirements of the Exchange Act for fully consolidated subsidiary issuers of guaranteed securities and subsidiary guarantors and allow for summarized financial information in lieu of filing separate financial statements for each of the Partnerships.

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The following Summarized Combined Statement of Earnings and Summarized Combined Statements of Financial Position combine the balances of SEP, EEP and Enbridge.

**Summarized Combined Statement of Earnings**

---

| | |
|:---|:---|
| Three months ended March 31, | **2026** |
| *(millions of Canadian dollars)* |  |
| Operating loss | **(39)** |
| Earnings | **164** |
| Earnings attributable to common shareholders | **57** |

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**Summarized Combined Statements of Financial Position**

---

| | | |
|:---|:---|:---|
|  | **March 31, <br>2026** | December 31,<br>2025 |
| *(millions of Canadian dollars)* |  |  |
| Cash and cash equivalents | **930** | 391 |
| Accounts receivable from affiliates | **4321** | 3873 |
| Short-term loans receivable from affiliates | **6317** | 6239 |
| Other current assets | **392** | 467 |
| Long-term loans receivable from affiliates | **48748** | 46858 |
| Other long-term assets | **2149** | 1994 |
| Accounts payable to affiliates | **2239** | 2079 |
| Short-term loans payable to affiliates | **2319** | 2082 |
| Trade payables and accrued liabilities | **304** | 537 |
| Other current liabilities | **5078** | 6990 |
| Long-term loans payable to affiliates | **34991** | 34488 |
| Other long-term liabilities | **72068** | 67004 |

---

The Guaranteed Enbridge Notes and the Guaranteed Partnership Notes are structurally subordinated to the indebtedness of the Subsidiary Non-Guarantors in respect of the assets of those Subsidiary Non-Guarantors.

Under US bankruptcy law and comparable provisions of state fraudulent transfer laws, a guarantee can be voided, or claims may be subordinated to all other debts of that guarantor if, among other things, the guarantor, at the time the indebtedness evidenced by its guarantee or, in some states, when payments become due under the guarantee:

&nbsp;&nbsp;&nbsp;&nbsp;•received less than reasonably equivalent value or fair consideration for the incurrence of the guarantee and was insolvent or rendered insolvent by reason of such incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;•was engaged in a business or transaction for which the guarantor's remaining assets constituted unreasonably small capital; or

&nbsp;&nbsp;&nbsp;&nbsp;•intended to incur, or believed that it would incur, debts beyond its ability to pay those debts as they mature.

The guarantees of the Guaranteed Enbridge Notes contain provisions to limit the maximum amount of liability that the Partnerships could incur without causing the incurrence of obligations under the guarantee to be a fraudulent conveyance or fraudulent transfer under US federal or state law.

Each of the Partnerships is entitled to a right of contribution from the other Partnership for 50% of all payments, damages and expenses incurred by that Partnership in discharging its obligations under the guarantees for the Guaranteed Enbridge Notes.

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Under the terms of the guarantee agreement and applicable supplemental indentures, the guarantees of either of the Partnerships of any Guaranteed Enbridge Notes will be unconditionally released and discharged automatically upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;•any direct or indirect sale, exchange or transfer, whether by way of merger, sale or transfer of equity interests or otherwise, to any person that is not an affiliate of Enbridge, of any of Enbridge's direct or indirect limited partnership or other equity interests in that Partnership as a result of which the Partnership ceases to be a consolidated subsidiary of Enbridge;

&nbsp;&nbsp;&nbsp;&nbsp;•the merger of that Partnership into Enbridge or the other Partnership or the liquidation and dissolution of that Partnership;

&nbsp;&nbsp;&nbsp;&nbsp;•the repayment in full or discharge or defeasance of those Guaranteed Enbridge Notes, as contemplated by the applicable indenture or guarantee agreement;

&nbsp;&nbsp;&nbsp;&nbsp;•with respect to EEP, the repayment in full or discharge or defeasance of each of the consenting EEP notes listed above;

&nbsp;&nbsp;&nbsp;&nbsp;•with respect to SEP, the repayment in full or discharge or defeasance of each of the consenting SEP notes listed above; or

&nbsp;&nbsp;&nbsp;&nbsp;•with respect to any series of Guaranteed Enbridge Notes, with the consent of holders of at least a majority of the outstanding principal amount of that series of Guaranteed Enbridge Notes.

The guarantee obligations of Enbridge will terminate with respect to any series of Guaranteed Partnership Notes if that series is discharged or defeased.

The Partnerships also guarantee the obligations of Enbridge under its existing credit facilities.

**LEGAL AND OTHER UPDATES**

**LINE 5 EASEMENT (BAD RIVER BAND)**

This is a federal lawsuit in the US District Court for the Western District of Wisconsin (District Court) initiated by the Bad River Band of the Lake Superior Tribe of Chippewa Indians (the Band) in July 2019. The case concerns Enbridge's continued operation of the Line 5 pipeline and right-of-way across the Bad River Reservation (the Reservation).

The Band asserts claims in trespass and public nuisance and seeks an order prohibiting Enbridge from operating Line 5 across the Reservation, along with monetary compensation for past and ongoing use of Reservation lands. Enbridge disputes the availability of shutdown and removal remedies and asserts, among other things, that federal pipeline safety law preempts such relief, that continued operations do not present an imminent threat, and that treaty-and foreign-affairs considerations limit the remedies available.

In August 2022, the Government of Canada released a statement formally invoking the dispute settlement provisions of the Agreement Between the US and Canada Concerning Transit Pipelines, 28 U.S.T. 7449 (1977) (1977 Transit Pipelines Treaty) in respect of this litigation, expressing its concerns about the uninterrupted transmission of hydrocarbons through Line 5.

On September 7, 2022, the District Court issued a decision on cross-motions for summary judgment that resolved several claims and determined that Enbridge is in trespass on certain Reservation parcels, while declining to order an immediate shut-down or removal of the pipeline. A trial was held in October to November 2022 on the remaining issues, including nuisance, injunctive relief, and the appropriate monetary remedy for trespass.

In June 2023, the District Court issued a final order awarding US$5.1 million as compensation for past trespass, requiring ongoing quarterly payments while Line 5 operates without valid rights-of-way, imposing monitoring and shutdown requirements, and ordering Line 5 to cease operating on any parcel lacking a valid right-of-way by June 16, 2026.

Enbridge and the Band have filed a consolidated appeal and cross appeal in the US Court of Appeals for the Seventh Circuit (Seventh Circuit) addressing liability and remedies. Upon request by the Seventh

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Circuit, the US Government filed a brief in the appeal as amicus curiae to address the effect of the 1977 Transit Pipelines Treaty. The District Court has stayed the June 2026 shutdown order pending the appellate decision by the Seventh Circuit, expected in 2026.

**MICHIGAN LINE 5 DUAL PIPELINES - STRAITS OF MACKINAC EASEMENT**

**Michigan Attorney General Lawsuit**

In 2019, the Michigan Attorney General initiated legal action in the Michigan Ingham County Circuit Court (Michigan Circuit Court) seeking to invalidate the 1953 easement that authorizes the operation of Enbridge's Line 5 pipeline in the Straits of Mackinac. The Michigan Attorney General's case was later removed to US federal court, as the federal court found the removal was proper.

In June 2024, the US Court of Appeals for the Sixth Circuit (Sixth Circuit) ruled that the case should proceed in state court. Enbridge's request for a rehearing was denied in August 2024. Oral argument on long-standing cross motions for summary disposition was held in January 2025 in the Michigan Circuit Court. The case is stayed until the Sixth Circuit issues a decision in the pending appeal in the Enbridge Lawsuit discussed below.

Separately, in January 2025, Enbridge petitioned the US Supreme Court to review the Sixth Circuit's decision regarding the initial removal of the case to US federal court. The US Supreme Court granted the petition in June 2025. Oral argument was held on February 24, 2026. On April 22, 2026, the US Supreme Court issued its decision, ruling that the 30-day removal timeline is mandatory and there is no equitable tolling. The case will remain in Michigan Circuit Court.

**Enbridge Lawsuit**

In November 2020, in response to the Governor of Michigan's revocation of the 1953 easement that authorizes the operation of Enbridge's Line 5 pipeline in the Straits of Mackinac, and her related lawsuit (which she later dismissed voluntarily when her case was removed to federal court), Enbridge filed a complaint in the US District Court in the Western District for Michigan (US District Court) seeking declaratory and injunctive relief to prevent the Governor of Michigan and Director of the Michigan Department of Natural Resources (Michigan State Officials) from interfering with the continued operation of Line 5. The Government of Canada has reiterated its support for the pipeline, emphasizing the relevance of the 1977 Transit Pipelines Treaty and the matter's importance to Canada.

In January 2022, Michigan State Officials moved to dismiss the case, and Enbridge filed for summary judgment. In July 2024, the US District Court denied the state's motion to dismiss, prompting an immediate appeal to the Sixth Circuit. The case was stayed pending the outcome of the appeal. In April 2025, the Sixth Circuit affirmed the US District Court's ruling and a petition for rehearing en banc was denied in June 2025, following which the case was administratively transferred back to the US District Court and Michigan State Officials filed their Answer to Enbridge's complaint. Subsequently, the Michigan State Officials petitioned the US Supreme Court to review the Sixth Circuit's decision affirming the US District Court's denial of the Michigan State Officials' motion to dismiss; the petition was denied on March 30, 2026.

A case management order was issued in July 2025, setting out a briefing schedule for Enbridge's summary judgment motion and the state's motion to abstain. In September 2025, the US filed a statement of interest in the case. Briefing concluded in October 2025 and oral argument was held in

November 2025.

In December 2025, the US District Court entered judgment in Enbridge's favor and denied the Michigan State Officials motion to abstain or stay the federal action. In January 2026, the Michigan State Officials filed an appeal, and shortly thereafter in the Michigan Circuit Court, Enbridge and the Michigan Attorney General filed a stipulation to stay the Michigan Attorney General Lawsuit, pending the Sixth Circuit's decision. Briefing at the Sixth Circuit is scheduled to be completed in June 2026, followed by oral argument, with a decision expected later in 2026 or early 2027.

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**OTHER LITIGATION**

We and our subsidiaries are subject to various other legal and regulatory actions and proceedings which arise in the normal course of business, including interventions in regulatory proceedings and challenges to regulatory approvals and permits. While the final outcome of such actions and proceedings cannot be predicted with certainty, management believes that the resolution of such actions and proceedings will not have a material impact on our consolidated financial position or results of operations.

**CHANGES IN ACCOUNTING POLICIES**

Refer to Part I. *Item 1. Financial Statements - Note 2 - Changes in Accounting Policies.*

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Our exposure to market risk is described in Part II. *Item 7A. Quantitative and Qualitative Disclosures About Market Risk* of our annual report on Form 10-K for the year ended December 31, 2025. We believe our exposure to market risk has not changed materially since then.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us in the reports filed with, or submitted to, securities regulatory authorities, including under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified under Canadian and US securities law. Disclosure controls and procedures include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision of and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as at March 31, 2026, and based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures are effective in ensuring that information required to be disclosed by us in reports that we file with or submit to the SEC and the Canadian Securities Administrators is recorded, processed, summarized and reported within the time periods required.

**Changes in Internal Control over Financial Reporting**

Under the supervision of and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated changes in internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fiscal quarter ended March 31, 2026 and found no change that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.

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**PART II - OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

We are involved in various legal and regulatory actions and proceedings which arise in the ordinary course of business. While the final outcome of such actions and proceedings cannot be predicted with certainty, management believes that the resolution of such actions and proceedings will not have a material impact on our consolidated financial position or results of operations. Refer to Part I. *Item 2*. *Management's Discussion and Analysis of Financial Condition and Results of Operations - Legal and Other Updates* for discussion of certain legal proceedings with recent developments.

SEC regulations require the disclosure of any proceeding under environmental laws to which a governmental authority is a party unless the registrant reasonably believes it will not result in monetary sanctions over a certain threshold. Given the size of our operations, we have elected to use a threshold of US$1 million for the purposes of determining proceedings requiring disclosure. We have no such proceedings to disclose in this quarterly report.

**ITEM 1A. RISK FACTORS**

In addition to the other information set forth in this report, careful consideration should be given to the factors discussed in Part I. *Item 1A*. *Risk Factors* of our annual report on Form 10-K for the year ended December 31, 2025, which could materially affect our financial condition or future results. There have been no material modifications to those risk factors, other than as set forth below.

***Terrorist attacks and threats, escalation of military activity in response to these attacks or acts of war, other civil unrest or activism, or geopolitical uncertainty could adversely affect our business, operations or financial results.***

Terrorist attacks and threats (which may take the form of cyber attacks), escalation of military activity, armed hostilities, war, sabotage, or civil unrest or activism may disrupt general economic conditions, cause fluctuations in consumer confidence and spending, and affect market liquidity, all of which could negatively impact our business. Future terrorist attacks, rumors or threats of war, actual conflicts involving the US or Canada, civil unrest or military, trade, or commodity supply and demand disruptions may significantly affect our operations and those of our customers. Strategic critical infrastructure, including energy-related assets, face heightened risk of cyber or physical attacks. Our assets and projects under construction could be direct targets or indirect casualties of such an attack.

In addition, increased environmental activism against energy infrastructure could lead to work delays, reduced demand for our services, new or stricter legislation or public policy, or denial or delay of permits and rights-of-way. We also face risks related to international relations and geopolitical events, including military escalation in key energy-producing regions such as Venezuela, Iran and the Middle East. Factors such as political, economic, or social instability, trade disputes, increased tariffs, legal and regulatory changes, disruption of international shipping routes and shifts in political leadership can lead to volatility in commodity prices and affect energy availability and costs.

------

***The effects of US, Canadian and other governments' policies on tariffs and trade relations are uncertain and could adversely impact our business, operations or financial results.***

The announcement and imposition of tariffs by the US, together with potential, announced or implemented retaliatory tariffs by other governments on imports from the US, and other potential measures, including duties, fees, economic sanctions or other trade measures, as well as the potential impacts of these tariffs and trade measures, present significant risks to our business operations and financial results. Tariffs announced by the US (which are in addition to any pre-existing tariffs) which may impact our business operations include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;•tariff on Canadian goods that are non-compliant under the United States-Mexico-Canada Agreement (USMCA) (excludes crude oil, natural gas and natural gas liquids);

&nbsp;&nbsp;&nbsp;&nbsp;•global tariffs on steel and aluminum; and

&nbsp;&nbsp;&nbsp;&nbsp;•other periodic retaliatory tariffs on Canada.

Several of the US tariff announcements have been followed by announcements of limited exemptions, temporary pauses on implementation dates and litigation. In response to the US tariff announcements, certain governments have threatened or announced retaliatory measures against the US and/or are in the process of negotiating with the US on tariff agreements. In addition, while in February 2026, the US Supreme Court ruled that the US President did not have authority to impose certain tariffs and trade measures on an "emergency" basis, the US administration is pursuing other means of imposing tariffs. These announcements and activities have led to significant uncertainty and market volatility.

If maintained, such trade measures, the nature, extent and timing of which are uncertain, and the potential for escalation of trade disputes, including retaliatory measures, could lead to, among other things, worsening of macroeconomic conditions, inflationary pressures, increased construction costs, costs to maintain our assets and other costs and expenses, as well as to potential reductions in demand for US and/or Canadian energy. The measures also introduce uncertainty in North American energy and capital markets and have the potential to disrupt supply chains and access to capital markets and jeopardize our competitiveness. The US Government has also stated its interest in renegotiating and altering the USMCA, which could further impact the energy market and our business.

Any of the foregoing could significantly adversely impact our business, operations or financial results.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

None.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

------

**ITEM 5. OTHER INFORMATION**

**OFFICERS AND DIRECTORS TRADING ARRANGEMENTS**

Certain of our officers and directors have made elections to participate in, and are participating in, our compensation and benefit plans involving Enbridge securities, such as our 401(k) plan and directors' compensation plan, and may from time to time make elections which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K). During the first quarter of 2026, none of our directors or officers adopted or terminated a trading plan intended to satisfy Rule 10b5-1 or any non-Rule 10b5-1 trading arrangement, as defined in Item 408 of Regulation S-K.

------

**ITEM 6. EXHIBITS**

Each exhibit identified below is included as a part of this quarterly report. Exhibits included in this filing are designated by an asterisk ("\*"); all exhibits not so designated are incorporated by reference to a prior filing as indicated.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [<u>10.1\*</u>](enb-ex10_1.htm) | [<u>Enbridge Inc. Directors' Compensation Plan dated February 11, 2026, effective January 1, 2026</u>](enb-ex10_1.htm) |
| [<u>22.1\*</u>](enb-ex22_1.htm) | [<u>Subsidiary Guarantors</u>](enb-ex22_1.htm) |
| [<u>31.1\*</u>](enb-ex31_1.htm) | [<u>Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](enb-ex31_1.htm) |
| [<u>31.2\*</u>](enb-ex31_2.htm) | [<u>Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](enb-ex31_2.htm) |
| [<u>32.1\*</u>](enb-ex32_1.htm) | [<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](enb-ex32_1.htm) |
| [<u>32.2\*</u>](enb-ex32_2.htm) | [<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](enb-ex32_2.htm) |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **ENBRIDGE INC.** | **ENBRIDGE INC.** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | &nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| Date: | May 8, 2026 | By: | **/s/ Gregory L. Ebel** |
|  |  |  | Gregory L. Ebel |
|  |  |  | President and Chief Executive Officer |
|  |  |  | (Principal Executive Officer) |
| Date: | May 8, 2026 | By: | **/s/ Patrick R. Murray** |
|  |  |  | Patrick R. Murray |
|  |  |  | Executive Vice President and Chief Financial Officer |
|  |  |  | (Principal Financial Officer) |

---

------

## Exhibit 10.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Exhibit 10.1**

**ENBRIDGE INC.**

**DIRECTORS' COMPENSATION PLAN** 

**February 11, 2026**

**Effective January 1, 2026**

------

**ENBRIDGE INC.**

**DIRECTORS' COMPENSATION PLAN**

**1.** **<u>DEFINED TERMS</u>**

As used herein, the following terms shall have the following meanings, respectively:

**"Beneficiary"** means: (i) in respect of any amount of Compensation payable to a Director in cash or Shares, any person(s) designated by a Director as indicated on the Designation of Beneficiary Form, to receive any cash amount or Shares under this Plan in the event of the Director's death, and (ii) in respect of any amount of Compensation payable to a Director in Deferred Stock Units, any individual who, on the date of a Director's death, is a dependant or relation of such Director and is designated by a Director as indicated on the Designation of Beneficiary Form and in accordance with applicable laws to receive the value of the Deferred Stock Units credited to the Director on the date of death, or where no such individual has been validly designated by the Director, or where the individual so designated does not survive the Director, the Director's legal representative;

**"Board"** means the Board of Directors of the Corporation;

**"Canadian Election Form"** means the election form required to be submitted by the Canadian Taxpayers to the Corporation;

**"Canadian Taxpayer"** means a Director whose income is subject to Canadian federal income taxation;

**"Code"** means the *U.S. Internal Revenue Code of 1986*, as amended;

**"Comparator Group"** has the meaning set forth in Section 4;

**"Compensation"** has the meaning set forth in Section 7;

**"Corporation"** means Enbridge Inc., and includes any successor corporation thereto;

**"Deferred Stock Unit Account"** has the meaning set forth in Subsection 9(a);

**"Deferred Stock Units"** or "**DSUs**" mean units credited to a Director in accordance with Subsection 9(b);

**"Designation of Beneficiary Form"** means the form attached hereto as Appendix "B";

**"Director"** means a director of the Corporation;

**"DRS"** means the Direct Registration System;

**"Dual-Taxed Member"** means a Director that is both a U.S. Taxpayer and a Canadian Taxpayer;

**"Governance Committee"** means the Governance Committee of the Board;

------

**"Market Value"**, as of a particular day, means the weighted average of the trading price for one (1) Share on The Toronto Stock Exchange for the five (5) Trading Days immediately preceding that day;

**"Payment Date"** means the date on which Directors would normally receive payments of Compensation;

**"Plan"** means this Directors' Compensation Plan effective January 1, 2018, as the same may be amended or varied from time to time;

**"Retirement Date"**, in respect of a Director, means the effective date on which the Director ceases to be a Director and, if applicable, an employee of the Corporation and/or of a person related to the Corporation for the purposes of the *Income Tax Act* (Canada), for any reason whatsoever;

**"Share"** means a common share of the Corporation;

**"Supplemental Service Retainer"** means a direct grant of DSUs to a Director in addition to such Director's regular retainer;

**"Trading Day"** means any day, other than a Saturday or Sunday, on which The Toronto Stock Exchange is open for trading;

**"Trustee"** means the trustee engaged by the Corporation for purposes of facilitating the payment of Share-based Compensation in accordance with Section 8;

**"U.S. Election Form"** means the election form required to be submitted by U.S. Taxpayers to the Corporation; and

**"U.S. Taxpayer"** means a Director whose income is subject to U.S. federal income taxation.

**2.** **<u>PURPOSE AND OBJECTIVES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The purpose of this Plan is to provide a compensation system for Directors. This Plan applies only to the members of the Board and does not apply to board members of affiliate organizations or employees of the Corporation or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The objectives of this Plan are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to compensate Directors commensurate with the risks, responsibilities and time commitments assumed by Board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to attract and retain the services of the most qualified individuals to serve on the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to align the interests of Directors with the Corporation's shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to provide competitive levels of compensation by considering various pay components typically provided to directors; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)to deliver such compensation in a tax effective manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Board provides oversight and stewardship over this Plan through the Governance Committee and has overall responsibility for determining the philosophical framework of the Directors' compensation program.

**3.** **<u>ADMINISTRATION</u>**

The Governance Committee will administer this Plan in its discretion. The Governance Committee shall have the power to interpret the provisions of this Plan and to make regulations and formulate administrative provisions for its implementation, and to make such changes in the regulations and administrative provisions as, from time to time, the Governance Committee deems proper and in the best interests of the Corporation. Such regulations and provisions may include the delegation to any Director(s) or any officer(s) of the Corporation of such administrative duties and powers of the Governance Committee as it may see fit.

**4.** **<u>EXTERNAL BENCHMARKING</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Board supports maintaining a level of compensation for Directors that is competitive with compensation levels paid to directors of comparable public corporations; reflects the risks accompanying Board membership and the time commitments and responsibilities required of Directors, committee members and Board or Committee Chairs; and reflects the size and complexity of the Corporation's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Governance Committee will, from time to time, with the assistance of qualified external experts in the area of compensation benchmarking, review and determine the appropriate comparable public corporations against which comparisons are made (the **"Comparator Group"**) with the intention that such Comparator Group be consistent with the periodic evaluation of executive management compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the extent possible and appropriate, the Governance Committee shall align the Comparator Group with the group used to benchmark executive management compensation practices as approved by the Human Resources & Compensation Committee (refer to Enbridge Inc. senior management compensation policy C*ompensation Comparators)*.

**5.** **<u>COMMUNICATION</u>**

The Board recognizes that Compensation is an important component of corporate governance and is committed to ensuring that the material terms of the compensation program are properly disclosed to shareholders and regulators.

**6.** **<u>application</u>**

This Plan applies to each individual while serving as a Director and, subject to Subsections 10(c), (d), (e), (f) and 11(a) (ii), (c), (d) and (e), shall cease to apply on the Director's Retirement Date.

------

**7.** **<u>DIRECTORS' COMPENSATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>

The Board, on the recommendation of the Governance Committee, shall determine from time to time the amount of compensation to be paid to Directors (the "**Compensation**") including, without limitation, amounts in respect of retainers (including the retainer for the Chair of the Corporation and Chairs of committees of the Board), Board meeting and committee meeting attendance fees, and any other amounts which the Board in its discretion considers to be appropriate. In addition, the Board shall determine the amount of expenses, if any, for which the Directors will be reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Fee Structure and Payment Particulars</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Compensation will be made on the basis of a flat fee structure that incorporates all Board, committee, and Chair retainers as determined by the Board. The Board's policy is to target flat fee levels at the 50<sup>th</sup>percentile of total compensation levels paid to directors of the Comparator Group (as defined in Section 4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)As of January 1, 2025, Compensation shall be as set out in Appendix "A". Changes to Appendix "A" may be made by the Board following a recommendation of or consultation with the Governance Committee. Upon any such change being approved by the Board, a new Appendix "A" incorporating the changes and effective as of the date established by the Board shall be attached to the Plan and become Appendix "A" for all purposes of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Compensation is paid quarterly, in arrears. All Directors, regardless of country of residency, shall be paid in U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)A percentage of the Compensation may be withheld in cases where a Director's attendance at Board meetings or Committee meetings or both, falls below the established minimum. The Governance Committee will review the continuation of the Director on the Board if an inordinate number of meetings are missed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)At any time, the Board, on the recommendation of the Governance Committee, may grant to Directors a Supplemental Service Retainer in the form of a direct grant of DSUs. For U.S. Taxpayers only, the value of DSUs comprising a Supplemental Service Retainer, net of applicable withholdings, shall be payable on December 31 of the year following the year of the Director's Retirement Date and no U.S. Taxpayer shall be permitted to elect the form or timing of payment of any portion of a Supplemental Service Retainer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Forms of Payment</u>

The Board, on the recommendation of the Governance Committee, shall determine the portion(s), if any, of the Compensation that a Director may elect to receive by

------

way of cash, Shares or Deferred Stock Units. Until revised by the Board, each Director and Chair of the Board will, subject to requirements of minimum share ownership criteria, as set out in Appendix "A", elect to receive Compensation as cash, Shares or Deferred Stock Units, in whole or in part, in increments of 5% (totalling 100% of the Compensation payable to such Director).

**8.** **<u>COMPENSATION - Shares</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In respect of any amount of Compensation payable to a Director in Shares, funds sufficient for the purchase in the open market of such Shares shall be paid to the Trustee by the Corporation in trust for such Director from time to time, and shall be applied by the Trustee to the purchase of Shares, in the open market on a stock exchange, for that Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Shares to which a Director becomes entitled hereunder shall be calculated on the basis of the Market Value thereof two (2) weeks prior to the Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Trustee shall cause such Shares to be registered in the name of the Director and held in electronic book-entry form through the DRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Trustee shall cause the transfer agent to provide (i) a Direct Registration (DRS) Advice to each Director promptly after each purchase of Shares on such Director's behalf, which will set out the number of Shares so purchased and the aggregate number of Shares held by such Director in the DRS, and (ii) a Direct Registration (DRS) Statement to each such Director annually. In addition, the Trustee shall promptly provide any other information required by the Director for tax reporting purposes.

**9.** **<u>compensation - DEFERRED STOCK UNITS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Purpose</u> 

This Plan, solely with respect to Deferred Stock Units granted to a Director that is a Canadian Taxpayer or Dual-Taxed Member, is meant to be a prescribed plan under paragraph 6801(d) of the *Income Tax Regulations* (Canada), or any successor provision, in order to qualify as a "prescribed plan or arrangement" for the purposes of the definition of a "salary deferral arrangement" contained in subsection 248(1) of the *Income Tax Act* (Canada).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Deferred Stock Unit Account</u>

An account, to be known as a **"Deferred Stock Unit Account"**, shall be maintained by the Corporation for each Director and will show the number of Deferred Stock Units credited to a Director, to four (4) decimal places, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Crediting Deferred Stock Unit Account</u>

In respect of any amount of Compensation payable to a Director in Deferred Stock Units, the number of Deferred Stock Units to be credited to that Director will be calculated by dividing the dollar amount of the quarterly Compensation payable to

------

that Director in Deferred Stock Units on the Payment Date by the Market Value two (2) weeks prior to such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Additional Deferred Stock Units From Dividends On Shares</u>

In addition to Subsection 9(c), whenever any cash dividend or other cash distribution is paid on the Shares, additional Deferred Stock Units will be credited to the Director's Deferred Stock Unit Account. The number of such additional Deferred Stock Units will be calculated by dividing the aggregate dividends that would have been paid to such Director if the Deferred Stock Units in the Director's Deferred Stock Unit Account had been Shares, by the Market Value of a Share on the date on which the dividends are paid on the Shares, less the amount of any discount then in effect for the reinvestment of dividends under the Corporation's Dividend Reinvestment and Share Purchase Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Deferred Stock Units Granted on a Value-For-Value Basis</u>

Deferred Stock Units may only be granted in lieu of cash fees on a value-for-value basis.

**10.** **<u>canadian taxpayer - DEFERRED STOCK UNITS</u>**

**This Section 10 only applies to Canadian Taxpayers:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Choice of Compensation Mix</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Directors shall elect on or before December 31 of the preceding year in which Compensation will be earned, the portion of such Compensation, excluding any Supplemental Service Retainer, to be received by the Director in cash, Shares or Deferred Stock Units in respect of that calendar year, and, failing such election, the Director shall, subject to any minimum amounts of cash, Shares or Deferred Stock Units as set out in Appendix "A", be deemed to have elected 100% in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Where a Director joins the Board after January 1 in any year, such Director shall make his or her compensation mix election within thirty (30) days of his or her election or appointment to the Board provided, however, that if under such election the Director elects to receive any portion of Compensation in Deferred Stock Units, such election will only be effective with respect to such portion on the first day of the next quarter of the Corporation following the date of the Corporation's receipt of the election until the final day of that calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)In all cases, the Directors' elections shall be irrevocable and shall remain in force from the date of such election until the date of the next election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Canadian Election Form</u>

Each Director shall fill out a Canadian Election Form indicating their elected compensation mix and deliver such Canadian Election Form to the Corporation on the dates set out above.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Elected Payment Date – Canadian Taxpayer</u>

Except as provided in Subsection 10(e), the determined value of all Deferred Stock Units credited to the Deferred Stock Unit Account of a Director whose income is subject to Canadian income tax, net of required withholdings, shall be paid to that Director in cash on a date to be agreed upon by that Director and the Corporation, provided that the payment date must be a date subsequent to the Retirement Date and may be no later than December 31 of the first calendar year commencing after that Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No Election Default</u>

If no such payment date agreement is reached, pursuant to Subsection 10(c), the payment date will be December 31 of the first calendar year commencing after that Director's Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Payment on Death of a Canadian Taxpayer</u>

When a Director dies, the determined value of all Deferred Stock Units credited to that Director's Deferred Stock Unit Account, net of applicable withholdings, shall be paid to his or her Beneficiary in cash as soon as practicable after the Director's death, provided that the payment date must be a date subsequent to the Retirement Date and no later than December 31 of the first calendar year commencing after that Director's Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Determining Value for Canadian Taxpayers</u> 

To determine the value of Deferred Stock Units for the purposes of a payment to a Director (or, where the Director has died, his or her Beneficiary) under Subsections 10(c), (d) or (e), a Deferred Stock Unit will be valued equal to the Market Value multiplied by the number of Deferred Stock Units (including fractional Units) credited to a Director's Deferred Stock Unit Account on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)for Subsections 10 (c) and (d), the Market Value on the third (3<sup>rd</sup>) Trading Day before the elected payment date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)for Subsection 10(e), the Market Value on the next Trading Day after the Director's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Effect of Reorganization of the Corporation for Canadian Taxpayers</u>

In the event of any merger, consolidation or other reorganization of the Corporation in which the Corporation is not the surviving or continuing corporation, all Deferred Stock Units granted hereunder and outstanding on the date of such reorganization shall be assumed by the surviving or continuing corporation.

**11.** **<u>US taxpayer- DEFERRED STOCK UNITS</u>**

**This Section 11 only applies to U.S. Taxpayers:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Choice of Compensation Mix and Election Payment Date</u>

------

Directors shall elect on or before December 31 of the calendar year immediately preceding the calendar year in which Compensation will be earned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the portion of such Compensation, excluding any Supplemental Service Retainer, to be received by those Directors in cash, Shares or Deferred Stock Units in respect of that calendar year. If no election is made the Director shall, subject to any minimum amounts of cash, Shares or Deferred Stock Units as set out in Appendix "A", be deemed to have elected 100% in cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the date, to be agreed upon by each of the Directors and the Corporation for payment of such Director's Deferred Stock Unit Account where such date may be any date after that Director's Retirement Date, provided that the payment date is after that Retirement Date and no later than December 31 of the first calendar year commencing after that Retirement Date. If no such payment date is determined, the Corporation, at its sole discretion, shall pay the amount owing from Director's Deferred Stock Unit Account within ninety (90) days following that Director's Retirement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)where a Director joins the Board after January 1 in any year, such Director shall make his or her election for both compensation mix and payment date within thirty (30) days of his or her election or appointment to the Board but only with respect to compensation not yet earned by the Director, and provided, however, that if under such election the Director elects to receive any portion of Compensation in Deferred Stock Units, such election will only be effective with respect to such portion on the first day of the next quarter of the Corporation following the date of the Corporation's receipt of the election until the final day of that calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)in all cases, the Directors' elections shall be irrevocable and shall remain in force from the date of such election until the Director's Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>U.S. Election Form</u>

Each Director shall fill out a U.S. Election Form indicating their elected compensation mix and payment date of their Deferred Stock Unit Account and deliver such U.S. Election Form to the Corporation. Such form shall be irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Specified Employee</u> 

Notwithstanding Subsection 11 (a), if the payment of a Director's Deferred Stock Unit Account would be subject to taxation or penalties under Code Section 409A because the timing of such payment is not delayed as provided in Section 409A for a "specified employee," then if the Director is (1) a U.S. Taxpayer and (2) a "specified employee" under Code Section 409A, any payment which that Director would otherwise be entitled to receive during the six (6) month period following the Director's Retirement Date shall be delayed and paid within fifteen (15) days after

------

the date that is six (6) months following the Director's Retirement Date, or such earlier date upon which such amount can be paid under Code Section 409A without being subject to such taxation, such as upon that Director's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Payment on Death of a U.S. Taxpayer</u> 

When a Director dies, the value of the Deferred Stock Unit Account, credited to that Director's Deferred Stock Unit Account, net of applicable withholdings, shall be paid to his or her Beneficiary in the same manner as set forth in Section 10(e) for Canadian Taxpayers, and in all cases, not later than December 31 of the first calendar year commencing after that Director's Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Determining Value for U.S. Taxpayers</u> 

To determine the value of Deferred Stock Units for the purposes of a payment to a Director (or, where the Director has died, his or her Beneficiary) under Subsections 11(a)(ii), (iii), (c) or (d), a Deferred Stock Unit will be valued equal to the Market Value multiplied by the number of Deferred Stock Units (including fractional Units) credited to a Director's Deferred Stock Unit Account on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for Subsections 11(a)(ii),(iii) and (c), the Market Value on the third (3<sup>rd</sup>) Trading Day before the elected payment date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for Subsection 11(d), the Market Value on the next Trading Day after the Director's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) <u>Dual-Taxed Members</u>

In the event that a Director is both a U.S. Taxpayer and a Canadian Taxpayer at the time that the Director's Deferred Stock Units become payable, the provisions of this Section 11(f) shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If the Director has made a valid election under Section 11(a) and (b) with regard to payment of the Director's Deferred Stock Units, payment of such Director's Deferred Stock Unit Account shall be made in accordance such election, subject to Section 11(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the Director has not made a valid election under Section 11(a) and (b) with regard to payment of the Director's Deferred Stock Units, payment of such Director's Deferred Stock Unit Account shall be made as of a date determined by the Corporation in its discretion, with such payment date to be within ninety (90) days following the Director's Retirement Date, subject to the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.If the ninety (90) day period begins in one calendar year and ends in the following calendar year, the payment date within such 90-day period shall be determined in the sole discretion of the Corporation, and the Director shall not be permitted to make a payment election under Section 10(c) of the Plan that applies for a Canadian Taxpayer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.If the ninety (90) day period begins and ends in the same calendar year, the Director shall be permitted to make a payment election under Section 10(c) of the Plan, but the payment date elected by the Director must fall within the 90-day period following the Director's Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Code Section 409A Compliance</u>

With respect to any Director who is a U.S. Taxpayer, the Corporation intends that this Plan shall comply with the applicable provisions of Code Section 409A, or an exemption from the application of Code Section 409A, in order to prevent the inclusion in the gross income of such Director of any deferred amount in a taxable year that is prior to the taxable year in which such amount would otherwise be distributed or made available to such Director under the terms of this Plan. With respect to any Director who is or becomes a Dual-Taxed Member, the Corporation intends that this Plan shall comply with the applicable provisions of Code Section 409A, or an exemption from the application of Code Section 409A, and be a prescribed plan under paragraph 6801(d) of the *Income Tax Regulations* (Canada), or any successor provision, in order to qualify as a "prescribed plan or arrangement" for the purposes of the definition of a "salary deferral arrangement" contained in subsection 248(1) of the *Income Tax Act* (Canada). This Plan shall be construed, interpreted and administered in a manner consistent with such intent. In furtherance of this intent, to the extent that any term of this Plan is ambiguous, such term shall be interpreted to comply with Code Section 409A, or an exemption from the application of Code Section 409A, and, if applicable, shall be interpreted to comply with the requirements of paragraph 6801(d) of the *Income Tax Regulations* (Canada), as determined by the Corporation.

For purposes of US Taxpayers subject to this Section 11, references in the Plan to "Retirement Date" shall be construed as also requiring a simultaneous Separation of Service. If such US Taxpayer does not experience a simultaneous Separation from Service and Retirement Date, such DSUs shall be immediately and irrevocably forfeited. The Corporation and the Participant who is a US Taxpayer shall take any and all reasonable actions to ensure the Participant does not experience a Retirement Date but not a Separation from Service, and vice versa. For this purpose, **"**Separation from Service**"** has the meaning set forth in Code Section 409A(a)(2)(A)(i) and Treas. Reg. Section 1.409A-1(h).

**12.** **<u>BROKERAGE COMMISSIONS</u>**

All brokerage commissions and other transaction costs in respect of Share purchases made under Section 8 of this Plan shall be paid by the Corporation.

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**13.** **<u>TAXES AND REPORTING</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Corporation shall deduct from all amounts otherwise payable to a Director (or Beneficiary) all amounts, including applicable taxes, that are required by law to be withheld with respect to the amount otherwise payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything else contained herein, each Director who participates in this Plan shall be responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the payment of all applicable taxes including, but not limited to, income taxes payable in connection with the acquisition, holding and delivery of Shares for or to a Director pursuant to this Plan and the payment of the value of the Deferred Stock Units, subject to deduction and remittance by the Corporation of applicable withholding taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)compliance with the continuous disclosure requirements of the applicable securities commissions or similar regulatory authorities in Canada and those exchanges upon which the Corporation's Shares are traded, including, but not limited to, the preparation and filing of insider trading reports respecting the acquisition of Shares pursuant to this Plan,

and the Corporation, its employees and agents shall bear no liability in connection with the payment of such taxes or the compliance with such disclosure requirements.

**14.** **<u>DILUTION ADJUSTMENTS</u>**

In the event that the outstanding Shares of the Corporation shall be increased or decreased, or changed into, or exchanged for a different number or kind of shares or other securities of the Corporation, whether through a stock dividend, stock split, consolidation, recapitalization, amalgamation, reorganization, arrangement or other transaction, the Governance Committee or the Board may make appropriate adjustments to the number or kind of shares or securities of the Corporation upon which Deferred Stock Units are based under this Plan, and as regards Deferred Stock Units previously granted or to be granted pursuant to this Plan, in the number or kind of shares or securities of the Corporation upon which Deferred Stock Units are based.

**15.** **<u>AMENDMENTS, ETC.</u>**

Subject to applicable regulatory approval, the Board may revise, suspend or discontinue this Plan in whole or in part. No such revision, suspension, or discontinuance shall alter or impair the rights of a Director in respect of Deferred Stock Units or Shares previously granted or received under this Plan, without the consent of that Director.

Notwithstanding the above, the Plan may be amended at any time, including retroactively, if, in the opinion of the Board, required to conform the Plan to the provisions of Section 409A of the Code and paragraph 6801(d) of the *Income Tax Regulations* (Canada) and/or to the provisions and requirements of any applicable law. No such amendment shall be considered prejudicial to any interest of a Director or a Beneficiary in the Plan.

**16.** **<u>PERIODIC REVIEW</u>**

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The compensation available, and competitiveness of this Plan relative to the Comparator Group, will be reviewed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)by external consultants every second year, commencing in 2015; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)by internal management every second year, commencing in 2014.

**17.** **<u>EFFECTIVE DATE</u>**

This Plan is effective as of January 1, 2023, and may be amended from time to time. Commencing January 1, 2023, no new Shares or Deferred Stock Units shall be granted or received under any previous "Directors' Compensation Plan" for Enbridge Inc. Any Shares or Deferred Stock Units previously granted or received under such previous compensation plans shall continue without alteration, including any previous elected payment date made by a Director, or impairment of the rights of a Director with respect to such Compensation.

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**APPENDIX "A"**

**to the Directors' Compensation Plan**

**<u>Retainer and Fees</u>**

1.**Flat Fee Schedule**

The following table establishes the annual fee schedule for Directors and is effective as of January 1, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Elective Payment Form**<sup>1</sup> | &nbsp;&nbsp;**Elective Payment Form**<sup>1</sup> | &nbsp;&nbsp;**Elective Payment Form**<sup>1</sup> |
| &nbsp;&nbsp; <br>**<br>Compensation Elements** | &nbsp;&nbsp; <br>**<br>Annual Fee**<sup>2</sup> | &nbsp;&nbsp;**Before minimum share ownership** | &nbsp;&nbsp;**Before minimum share ownership** | &nbsp;&nbsp;**Before minimum share ownership** |
| &nbsp;&nbsp; <br>**<br>Compensation Elements** | &nbsp;&nbsp; <br>**<br>Annual Fee**<sup>2</sup> | &nbsp;&nbsp; <br>**Cash** | &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**DSUs**<br> &nbsp;&nbsp;**<br>Cash**<sup>3</sup><br> &nbsp;&nbsp;****<br>**Shares**<sup>3</sup><br> &nbsp;&nbsp; <br>**DSUs**<sup>3</sup> |
| &nbsp;&nbsp;Board Retainer | &nbsp;&nbsp;$315000  | &nbsp;&nbsp; <br>Up to 50% | &nbsp;&nbsp; <br>Up to 50% | &nbsp;&nbsp; <br>50% to 100% |
| &nbsp;&nbsp;Additional Board Chair Retainer | &nbsp;&nbsp;$265000 | &nbsp;&nbsp; <br>Up to 50% | &nbsp;&nbsp; <br>Up to 50% | &nbsp;&nbsp; <br>50% to 100% |
| &nbsp;&nbsp;Additional Committee Chair Retainer:<br>AFRC<br>HRCC<br>S&R<br>GC <br>SC | &nbsp;&nbsp; <br>$25000<br>$20000<br>$20000<br>$20000<br>$20000 | &nbsp;&nbsp; <br>Up to 50% | &nbsp;&nbsp; <br>Up to 50% | &nbsp;&nbsp; <br>50% to 100% |

---

<sup></sup>1. Directors may elect the form of payment in increments of 5% up to the percentage amounts specified in the table.

2. All fees in U.S. dollars.

**2.** **Penalty for Non-Attendance**

At the end of each year, the Governance Committee will review the record of attendance of Directors at Committee meetings and Board meetings. The Chair of the Governance Committee along with the Board Chair, at their discretion, will recommend to the Board appropriate penalties for non-attendance by Directors at Committee and Board meetings.

**3.** **Travel Fees**

A per diem allowance of $1,500 U.S. shall be paid in cash to Directors who travel from their home state or province to a meeting in another state or province.

------

**4.** **Share Ownership Requirement**

Effective January 1, 2016, Directors shall hold a personal investment in Shares and Deferred Stock Units of at least three (3) times the amount of the annual Board Retainer, expressed in Canadian currency and be required to achieve such investment within five (5) years of joining the Board.

------

**APPENDIX "B"**

**to the Directors' Compensation Plan**

**<u>DESIGNATION OF BENEFICIARY FORM</u>**

I, _____________________________________ *(Director's Name)* for the purposes of

designating a Beneficiary pursuant to the Directors' Compensation Plan of Enbridge Inc.

hereby designate:

☐ _______________________ (*insert name of Beneficiary (ies))* as my

Beneficiary of the Compensation payable in cash and/or Shares owed to me by the Corporation.

☐ _______________________ (*insert name of Beneficiary (ies))* as my

Beneficiary of the Compensation payable in Deferred Share Units owed to me by the Corporation *(Beneficiary (ies) must be a dependant or relation of a Director)*.

At my own discretion, I make an additional designation should my Beneficiary not survive me.

I designate as my contingent Beneficiary:

☐ _________________________________ *(insert name of contingent Beneficiary)* 

of the Compensation payable in cash and/or Shares owed to me by the Corporation.

☐ _________________________________ *(insert name of contingent Beneficiary)* 

of the Compensation payable in Deferred Share Units owed to me by the Corporation *(Beneficiary (ies) must be a dependant or relation of a Director)*.

I make this designation on the _____ day of _______, 20____.

________________________

Signature

________________________

Print Name

------

***Instructions:***

***This Designation of Beneficiary Form should be completed, signed and delivered to Enbridge Inc. as soon as possible once you have been appointed to the Board of the Corporation. Any changes to the above will require the delivery of an amended form.*** 

***In the event that you would like to name a contingent beneficiary, should your primary beneficiary not survive you, please indicate above, a contingent beneficiary.***

***For questions regarding your Plan or Form, please call David Taniguchi at (403)508-3156.***

***For delivery to Enbridge Inc., please fax your Form to (403) 231-5929.***

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## Exhibit 22.1

**Exhibit 22.1**<br>

<u>Subsidiary Guarantors</u>

As of March 31, 2026, each of the following subsidiaries of Enbridge Inc. ("Enbridge"), both of which are indirect, wholly-owned subsidiaries of Enbridge, has fully and unconditionally guaranteed on an unsecured, joint and several basis, each of the registered debt securities of Enbridge listed below:

<u>Subsidiary Guarantors</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Spectra Energy Partners, LP, a Delaware limited partnership

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Enbridge Energy Partners, L.P., a Delaware limited partnership

<u>Registered Debt Securities of Enbridge Guaranteed by each of the Subsidiary Guarantors</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.60% Senior Notes due 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.90% Senior Notes due 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.25% Senior Notes due 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.25% Senior Notes due 2027

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.70% Senior Notes due 2027

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.60% Senior Notes due 2028

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.00% Senior Notes due 2028

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.20% Senior Notes due 2028

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.30% Senior Notes due 2029

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.13% Senior Notes due 2029

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.90% Senior Notes due 2030

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6.20% Senior Notes due 2030

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.50% Senior Notes due 2031

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.85% Senior Notes due 2031

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5.70% Sustainability-Linked Senior Notes due 2033

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.50% Sustainability-Linked Senior Notes due 2033

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.63% Senior Notes due 2034

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.55% Senior Notes due 2035

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5.20% Senior Notes due 2035

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.45% Senior Notes due 2036

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4.50% Senior Notes due 2044

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.50% Senior Notes due 2046

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4.00% Senior Notes due 2049

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.40% Senior Notes due 2051

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.6.70% Senior Notes due 2053

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.5.95% Senior Notes due 2054

------

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Gregory L. Ebel, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Enbridge Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 8, 2026 | By: | **/s/ Gregory L. Ebel** |
|  |  |  | Gregory L. Ebel |
|  |  |  | President and Chief Executive Officer<br>(Principal Executive Officer)<br>Enbridge Inc. |

---

------

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Patrick R. Murray, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Enbridge Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 8, 2026 | By: | **/s/ Patrick R. Murray** |
|  |  |  | Patrick R. Murray |
|  |  |  | Executive Vice President and Chief Financial Officer<br>(Principal Financial Officer)<br>Enbridge Inc. |

---

------

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of Enbridge Inc. on Form 10-Q for the period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Gregory L. Ebel, President and Chief Executive Officer of Enbridge Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Enbridge Inc.

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 8, 2026 | By: | **/s/ Gregory L. Ebel** |
|  |  |  | Gregory L. Ebel |
|  |  |  | President and Chief Executive Officer<br>(Principal Executive Officer)<br>Enbridge Inc. |

---

------

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of Enbridge Inc. on Form 10-Q for the period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Patrick R. Murray, Executive Vice President and Chief Financial Officer of Enbridge Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Enbridge Inc.

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 8, 2026 | By: | **/s/ Patrick R. Murray** |
|  |  |  | Patrick R. Murray |
|  |  |  | Executive Vice President and Chief Financial Officer<br>(Principal Financial Officer)<br>Enbridge Inc. |

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