ENB-CA: Post Q1 Update—Visible Growth, Full Valuation—Stay EW

Research evidence excerpt

ENB-CA: Post Q1 Update—Visible Growth, Full Valuation—Stay EW

Equity Research

Earnings Revised — May 11, 2026

Midstream Energy

Enbridge Inc.

Post Q1 Update—Visible Growth, Full Valuation—Stay EW Equal Weight

Price Target: C$72.00

Notable Changes

Our Call C$ (Dec) Current Prior % Chg

Q1 was in line & 2026 guide was reaffirmed. ENB’s secured project backlog stands at C EBITDA 20.60B 20.70B -0.5%

$40B plus C$50B of pot'l projects. ENB plans to FID C$10-20B over the next ~2 ys. Stay (MM) 2026

EW as ENB's visible growth runway appears reflected in co's premium valuation. EBITDA 21.73B 22.05B -1.4%

(MM) 2027

Rev. (MM) 2026 75.11B 62.25B 20.7%

Lowering 2026/2027 EBITDA Estimates. We are reducing our 2026E/2027E EBITDA

estimates to C$20,597MM/C$21,729MM from C$20,697MM/C$22,047MM mostly to Rev. (MM) 2027 74.76B 64.97B 15.1%

reflect Q1 results and more conservative Liquids contributions.

Ticker ENB-CA

Highlighting MLO2 Advantages to Competing Projects. ENB views Mainline Upside/(Downside) to Target (3.3)%

Optimization Phase 2 (MLO2) as a faster to execute and lower risk project relative to Price (05/11/2026) C$74.48

greenfield alternatives (eg SOBO/Bridger) given it is permit-light & utilizes existing 52 Week Range C$59.68 - 77.18

infrastructure to add 250 MBbls/d of capacity by 2028. Mgmt also noted that MLO2 Market Cap (MM) C$162,962

requires modest take-or-pay commitments & benefits from existing rights-of-way & Enterprise Value (MM) C$262,661

presidential permits, avoiding the regulatory, cost, and timing risks facing new-build pipes. Average Daily Value (MM) C$654

Dividend Yield 5.3%

Line 5 Update. ENB continues to progress on two Line 5 sections being relocated. In WI,