ENB: On the road with Enbridge

Research evidence excerpt

ENB: On the road with Enbridge

RBC Dominion Securities Inc.

Maurice Choy, CFA, CA, CPA (Analyst)

(604) 257-7632, maurice.choy@rbccm.com

Robert Kwan, CFA (Head of Global Power, Utilities &

Infrastructure Research)

(604) 257-7611, robert.kwan@rbccm.com

Greg Andrais, CFA (Senior Associate)

(604) 257-7556, greg.andrais@rbccm.com

June 16, 2026

Enbridge Inc. OutperformRESEARCH On the road with Enbridge TSX: ENB; CAD 77.93; NYSE: ENB

Our view: We recently hosted investor meetings with Pat Murray (CFO) Price Target CAD 79.00

and key themes from our discussions included: (1) the evolving WCSB Scenario Analysis*

energy landscape where crude oil production levels are positioned to

rise and support capital-efficient pipeline expansions like MLO1/MLO2; (2) DownsideScenario CurrentPrice TargetPrice ScenarioUpside

Enbridge's ability to deliver, if not outperform, its 5% near-term growth

objective; (3) any potential change to the company's capital allocation 41.0042% 77.93 79.006% 90.0020%

philosophy amid a long runway of growth opportunities ahead.EQUITY *Implied Total Returns

Key Statistics Key points: Shares O/S (MM): 2,182.0 Market Cap (MM): 170,043

WCSB crude oil egress evolution was a focal point. Investors were Dividend: 3.88 Yield: 5.0%

interested in understanding Enbridge's outlooks for WCSB crude oil Float (MM): 2,178.0 Avg. Daily Volume: 14,171,730

production and egress, notably following the recent Canada-Alberta RBC Estimates Implementation Agreement (please click here). Updates on the Flanagan FY Dec 2024A 2025A 2026E 2027E

South Pipeline (FSP) and Southern Access Extension Pipeline (SAX) binding DCF/share 5.56 5.71 5.96 6.30

open seasons were also a focus, although there appears to be few concerns P/DCFS 14.0x 13.6x 13.1x 12.4x