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. On May 29, 2026, East Tennessee filed the settlement agreement for the FERC’s review and approval. Vector Vector Pipeline L.P. (Vector) filed a rate case on May 30, 2025 and a settlement in principle was reached with all active participants in February 2026. The Stipulation and Agreement was approved by the FERC on May 26, 2026 with rates effective April 1, 2026. 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. The Phase 1 judicial review and appeal hearing took place in the second quarter of 2026, and a decision is expected before the end of the year. 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 are being 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. 33 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. On May 11, 2026, Enbridge Pipelines Inc. (EPI) redeemed, at par, all of the outstanding $400 million 3.00% medium-term notes that carried an original maturity date in August 2026. On June 16, 2026, we completed an exchange of all outstanding series of EPI medium-term notes (EPI Notes) for an equal principal amount of newly issued medium-term notes of Enbridge Inc. (Enbridge Notes), with financial terms identical to those of the EPI Notes (the Note Exchange Transaction) and which are unconditionally guaranteed by Spectra Energy Partners, LP (SEP) and Enbridge Energy Partners, L.P (EEP). In July 2026, we renewed our 364-day extendible credit facilities, extending the maturity dates to July 2028, which includes a one-year term out provision from July 2027. We also renewed our five-year credit facilities, extending the maturity dates to July 2031. Further, we extended the maturity dates of our three-year credit facilities to July 2029. These financing activities, in combination with the financing activities executed in 2025, are expected to provide sufficient liquidity to 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 June 30, Six months ended June 30, 2026 2025 2026 2025 (millions of Canadian dollars, except per share amounts) Segment earnings/(loss) before interest, income taxes and depreciation and amortization1 Liquids Pipelines 2,623 2,331 4,580 4,924 Gas Transmission 1,433 1,442 3,003 2,915 Gas Distribution and Storage 878 510 2,587 2,110 Renewable Power Generation 118 109 306 332 Eliminations and Other (216 ) 1,167 (620 ) 1,207 Earnings before interest, income taxes and depreciation and amortization1 4,836 5,559 9,856 11,488 Depreciation and amortization (1,429 ) (1,391 ) (2,862 ) (2,799 ) Interest expense (1,395 ) (1,181 ) (2,617 ) (2,515 ) Income tax expense (442 ) (666 ) (1,029 ) (1,363 ) Earnings attributable to noncontrolling interests and redeemable noncontrolling interest (69 ) (42 ) (69 ) (168 ) Preference share dividends (105 ) (102 ) (212 ) (205 ) Earnings attributable to common shareholders 1,396 2,177 3,067 4,438 Earnings per common share attributable to common shareholders 0.64 1.00 1.41 2.04 Diluted earnings per common share attributable to common shareholders 0.64 1.00 1.40 2.03 1Non-GAAP financial measure. Refer to Non-GAAP and Other Financial Measures. 34 EARNINGS ATTRIBUTABLE TO COMMON SHAREHOLDERS Three months ended June 30, 2026, compared with the three months ended June 30, 2025 Earnings attributable to common shareholders were negatively impacted by $745 million due to certain infrequent or other non-operating factors, primarily explained by a non-cash, net unrealized derivative fair value gain of $308 million ($232 million after-tax) in 2026, compared with a net unrealized gain of $1.4 billion ($1.0 billion 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. 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 $36 million decrease in earnings attributable to common shareholders is primarily explained by: •higher interest expense mainly due to incremental long-term debt issuances (net of lower interest on short-term borrowings); partially offset by •higher contribution from our Gas Transmission segment primarily due to East Tennessee rate case settlement and Texas Eastern Transmission, LP (Texas Eastern) previously approved rate increase; and •higher contribution from our Gas Distribution and Storage segment primarily due to higher base rates for Enbridge Gas Utah. Six months ended June 30, 2026, compared with the six months ended June 30, 2025 Earnings attributable to common shareholders were negatively impacted by $1.2 billion due to certain infrequent or other non-operating factors, primarily explained by: •a non-cash, net unrealized derivative fair value loss of $434 million ($339 million after-tax) in 2026, compared with a net unrealized gain of $1.4 billion ($1.0 billion 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 •lower 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. After taking into consideration the factors above, the remaining $148 million decrease in earnings attributable to common shareholders is primarily explained by: •lower contribution from our Liquids Pipelines segment as a result of higher Mainline earnings sharing, lower Mainline tolls on Line 9 deliveries, and the absence in 2026 of equity earnings attributable to a litigation settlement; and •higher interest expense mainly due to incremental long-term debt issuances (net of lower interest on short-term borrowings); partially offset by •higher contribution from our Gas Distribution and Storage segment due to higher rate escalators, customer growth and higher storage pricing at Enbridge Gas Ontario, as well as higher base rates for Enbridge Gas Utah; and •higher contributions from our Gas Transmission segment primarily due to East Tennessee rate case settlement and Texas Eastern previously approved rate increase. 35 BUSINESS SEGMENTS LIQUIDS PIPELINES Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 (millions of Canadian dollars) Earnings before interest, income taxes and depreciation and amortization 2,623 2,331 4,580 4,924 Three months ended June 30, 2026, compared with the three months ended June 30, 2025 EBITDA was positively impacted by $287 million due to certain infrequent or other non-operating factors, primarily explained by: •a non-cash, net unrealized gain of $432 million in 2026, compared with a net unrealized gain of $33 million in 2025, reflecting changes in the mark-to-market value of derivative financial instruments used to manage commodity price risks; partially offset by •a net negative adjustment to crude oil inventory of $121 million in 2026, compared with a net negative adjustment of $6 million in 2025. After taking into consideration the factors above, the remaining $5 million increase is primarily explained by the following significant business factors: •higher Mainline volumes, net of earnings sharing, higher Line 9 volumes, and benefits from system optimization initiatives; and •higher equity earnings from Seaway Pipeline due to higher spot volumes; partially offset by •lower Mainline tolls on Line 9 deliveries; and •lower revenue from Southern Lights following expiry of cost of service agreements on June 30, 2025. Six months ended June 30, 2026, compared with the six months ended June 30, 2025 EBITDA was negatively impacted by $31 million due to certain infrequent or other non-operating factors, primarily explained by: •a net negative adjustment to crude oil inventory of $88 million in 2026, compared with a net negative adjustment of $6 million in 2025; partially offset by •a non-cash, net unrealized gain of $80 million in 2026, compared with a net unrealized gain of $38 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 $313 million decrease is primarily explained by the following significant business factors: •higher Mainline earnings sharing and lower Mainline tolls on Line 9 deliveries; •the absence in 2026 of equity earnings attributable to a litigation settlement; and •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 June 30, Six months ended June 30, 2026 2025 2026 2025 (millions of Canadian dollars) Earnings before interest, income taxes and depreciation and amortization 1,433 1,442 3,003 2,915 36 Three months ended June 30, 2026, compared with the three months ended June 30, 2025 EBITDA was negatively impacted by $46 million due to certain infrequent or other non-operating factors primarily explained by a non-cash, net unrealized gain of $17 million in 2026, compared with a net unrealized gain of $40 million in 2025, reflecting net fair value gains and losses arising from 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 $37 million increase is primarily explained by the following significant business factors: •increased revenues attributable to East Tennessee rate case settlement and Texas Eastern previously approved rate increase; partially offset by •lower equity earnings from our investment in DCP Midstream, LP (DCP). Six months ended June 30, 2026 compared with the six months ended June 30, 2025 EBITDA was negatively impacted by $28 million due to certain infrequent or other non-operating factors primarily explained by the following: •the absence in 2026 of equity earnings of $87 million from our investment in DCP, as a result of DCP's gain on disposition from certain pipeline assets; partially offset by •a non-cash, net unrealized gain of $36 million in 2026, compared with a net unrealized loss of $21 million in 2025, reflecting net fair value gains and losses arising from 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 $116 million increase is primarily explained by the following significant business factors: •increased revenues attributable to East Tennessee rate case settlement, Texas Eastern previously approved rate increase and favorable Texas Eastern contracting; and •higher revenues from Aitken Creek due to favorable storage spreads; partially offset by •lower equity earnings from our investment in DCP; and •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 June 30, Six months ended June 30, 2026 2025 2026 2025 (millions of Canadian dollars) Earnings before interest, income taxes and depreciation and amortization 878 510 2,587 2,110 Three months ended June 30, 2026, compared with the three months ended June 30, 2025 EBITDA was positively impacted by $330 million due to the absence in 2026 of an impairment of certain rate-regulated assets in 2025 related to Enbridge Gas Ohio's rate case. The remaining $38 million increase is primarily explained by higher base rates for Enbridge Gas Utah due to recent rate cases. 37 Six months ended June 30, 2026, compared with the six months ended June 30, 2025 EBITDA was positively impacted by $330 million due to the absence in 2026 of an impairment of certain rate-regulated assets in 2025 related to Enbridge Gas Ohio's rate case. The remaining $147 million increase is primarily explained by the following significant business factors: •higher distribution margin from rate escalators, customer growth and higher storage pricing and short-term sales at Enbridge Gas Ontario; and •higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina due to recent rate cases; partially offset by •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 June 30, Six months ended June 30, 2026 2025 2026 2025 (millions of Canadian dollars) Earnings before interest, income taxes and depreciation and amortization 118 109 306 332 Three months ended June 30, 2026, compared with the three months ended June 30, 2025 EBITDA was comparable period-over-period. Six months ended June 30, 2026, compared with the six months ended June 30, 2025 EBITDA was negatively impacted by $26 million, primarily explained by the following significant business factors: •the absence in 2026 of equity earnings related to investment tax credits from Fox Squirrel Solar, which came into service in 2025; partially offset by •higher contributions from European offshore wind facilities due to stronger wind resources. ELIMINATIONS AND OTHER Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 (millions of Canadian dollars) Earnings/(loss) before interest, income taxes and depreciation and amortization (216 ) 1,167 (620 ) 1,207 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. 38 Three months ended June 30, 2026, compared with the three months ended June 30, 2025 EBITDA was negatively impacted by $1.4 billion due to certain infrequent or non-operating factors, primarily explained by a non-cash, net unrealized loss of $173 million in 2026, compared with a net unrealized gain of $1.3 billion 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 $41 million increase in EBITDA is primarily explained by lower realized foreign exchange losses on hedge settlements in 2026. Six months ended June 30, 2026, compared with the six months ended June 30, 2025 EBITDA was negatively impacted by $2.0 billion due to certain infrequent or non-operating factors, primarily explained by a non-cash, net unrealized loss of $612 million in 2026, compared with a net unrealized gain of $1.4 billion 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 $192 million increase in EBITDA is primarily explained by lower realized foreign exchange losses on hedge settlements in 2026. 39 GROWTH PROJECTS - COMMERCIALLY SECURED PROJECTS The following table summarizes the status of our material commercially secured projects, organized by business segment: Enbridge's Ownership Interest Estimated Capital Cost1 Expenditures to Date2 Status2 Expected In-Service Date (Canadian dollars, unless stated otherwise) LIQUIDS PIPELINES Mainline Optimization Pre- 1. Phase 1 100% US$1.4 billion US$143 million construction 2027 No significant Southern Illinois expenditures to Pre- 2. Connector 100%3 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 Texas Eastern 4. Modernization 100% US$0.4 billion US$334 million Various stages 2026 T-North Expansion Under 5. (Aspen Point) 100%4 $1.2 billion $1.0 billion construction 2026 6. Tennessee Ridgeline Expansion 100% US$1.4 billion US$1.0 billion Under construction 2026 7. Woodfibre LNG5 30% US$2.9 billion US$1.8 billion Under construction 2027 8. T-South Expansion (Sunrise) 100%4 $4.0 billion $860 million Under construction 2028 T-North Expansion Pre- 9. (Birch Grove) 100%4 $0.4 billion $32 million construction 2028 10. Canyon System Pipelines 100% US$1.0 billion US$259 million Pre-construction 2029 Algonquin Gas No significant Transmission expenditures to Pre- 11. Enhancement 100% US$0.3 billion date construction 2029 No significant USGC Storage Growth expenditures to Pre- 12. Program 100% US$0.8 billion date construction 2028 - 2033 GAS DISTRIBUTION AND STORAGE 13. Moriah Energy Center6 100% US$0.6 billion US$409 million Under construction 2027 14. T-15 Reliability Project6,7 100% US$0.7 billion US$181 million Under construction 2027 - 2028 RENEWABLE POWER GENERATION 15. Sequoia Solar 100% US$1.1 billion US$1.0 billion Various stages 2026 16. Clear Fork Solar 100% US$0.9 billion US$361 million Under construction 2027 17. Easter 100% US$0.4 billion US$180 million Under construction 2026 - 2027 18. Cowboy Phase 1 100% US$1.2 billion US$128 million Under construction 2027 Pre- 19. Cone 100% US$0.7 billion US$58 million construction 2027 Courseulles $1.0 billion $468 million Under 20. Offshore Wind8 21.7% (€0.6 billion) (€315 million) construction 2027 40 1These 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. 2Expenditures to date and status of the project are determined as at June 30, 2026. 3Includes 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. 4Our 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. 5Our expected investment is approximately US$2.3 billion, with the remainder financed through non-recourse project level debt. 6Previously approved projects that were acquired by Enbridge through the acquisition of Public Service Company of North Carolina, Incorporated. 7Includes 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. 8Our 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 •T-South Expansion (Sunrise) - In April 2026, the project received a positive decision from the Government of Canada’s Governor in Council and the Canada Energy Regulator issued a certificate for the project. Construction on certain facilities has commenced and we expect pipeline construction activities to begin in the third quarter of 2026 following the satisfaction of pre-construction conditions. •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 •Cone - A 300-megawatt (MW) onshore wind project in the Southwest Power Pool market near Lubbock, Texas fully contracted under a long-term offtake agreement. This project is anticipated to qualify for US tax credits and has an expected in-service date in 2027. OTHER ANNOUNCED PROJECTS UNDER DEVELOPMENT LIQUIDS PIPELINES Line 5 Relocation Project During the quarter, we sanctioned and began construction on the Line 5 Relocation Project in Wisconsin, which involves a 41-mile re-route of the existing pipeline system. Upon entering service, Recoverable Line 5 Capital will be added to the Mainline System's rate base. All key state and federal permits have been secured, including right-of-way agreements and the US Army Corps of Engineers (Army Corps) Clean Water Act permit. The project is expected to cost approximately US$1.0 billion and is targeted to enter service in early 2027. Refer to Legal and Other Updates for more information on this project. 41 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 seek to maintain significant liquidity through access to 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 contracts committing to the purchase of services, pipe and other materials totaling approximately $6.3 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 June 30, 2026: Maturity1 Total Facility Draws2 Available (millions of Canadian dollars) Enbridge Inc. 2027-2049 8,045 6,866 1,179 Enbridge (U.S.) Inc. 2027-2030 10,667 3,916 6,751 Enbridge Pipelines Inc. 2027 2,000 1,996 4 Enbridge Gas Inc. 2027 2,500 1,570 930 Total committed credit facilities 23,212 14,348 8,864 1Maturity date is inclusive of the one-year term out option for certain credit facilities. 2Includes facility draws and commercial paper issuances that are back-stopped by credit facilities. In July 2026, we renewed our 364-day extendible credit facilities, extending the maturity dates to July 2028, which includes a one-year term out provision from July 2027. We also renewed our five-year credit facilities, extending the maturity dates to July 2031. Further, we extended the maturity dates of our three-year credit facilities to July 2029. In addition to the committed credit facilities noted above, we maintain $1.6 billion of uncommitted demand letter of credit facilities, of which $885 million was unutilized as at June 30, 2026. As at December 31, 2025, we had $1.6 billion of uncommitted demand letter of credit facilities, of which $932 million was unutilized. 42 As at June 30, 2026, our net available liquidity totaled $10.9 billion (December 31, 2025 - $10.8 billion), consisting of available credit facilities of $8.9 billion (December 31, 2025 - $9.7 billion) and unrestricted cash and cash equivalents of $2.0 billion (December 31, 2025 - $1.1 billion) as reported in the Consolidated Statements of Financial Position. 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 June 30, 2026, we were in compliance with all such debt covenant provisions. LONG-TERM DEBT ISSUANCES During the six months ended June 30, 2026, we completed the following long-term debt issuances totaling $2.0 billion and US$2.0 billion: Company Issuance Date Principal Amount (millions of Canadian dollars, unless otherwise stated) 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 six months ended June 30, 2026, we completed the following long-term debt repayments totaling $655 million, US$64 million and €22 million: Company Repayment Date Principal Amount (millions of Canadian dollars, unless otherwise stated) Enbridge Gas Inc. June 2026 2.81% medium-term notes $250 Enbridge Pipelines (Southern Lights) L.L.C. June 2026 3.98% senior notes US$14 Enbridge Pipelines Inc. May 2026 3.00% medium-term notes1 $400 Enbridge Southern Lights LP June 2026 4.01% senior notes $5 Blauracke GmbH April 2026 2.10% senior notes €22 Public Service Company of North Carolina, Incorporated January 2026 6.99% debentures US$50 1The notes carried an original maturity date of August 2026. 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 $58 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. 43 Excluding current maturities of long-term debt, as at June 30, 2026 and December 31, 2025, we had negative working capital positions of $146 million and $2.8 billion, respectively. During both the six months ended June 30, 2026, and 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. SOURCES AND USES OF CASH Six months ended June 30, 2026 2025 (millions of Canadian dollars) Operating activities 6,453 6,291 Investing activities (5,895 ) (4,648 ) Financing activities 288 (2,166 ) Effect of translation of foreign denominated cash and cash equivalents and restricted cash 46 (55 ) Net change in cash and cash equivalents and restricted cash 892 (578 ) Significant sources and uses of cash for the six months ended June 30, 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, partially offset by a decrease in contributions to equity investments. 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: •lower long-term debt repayments; •net commercial paper and credit facility draws compared to net repayments; partially offset by •lower long-term debt issuances. 44 SUMMARIZED FINANCIAL INFORMATION On January 22, 2019, Enbridge entered into supplemental indentures with its wholly-owned subsidiaries, SEP and 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. On June 16, 2026, all outstanding series of EPI Notes were exchanged for an equal principal amount of newly issued Enbridge Notes, with financial terms identical to those of the EPI Notes and which are unconditionally guaranteed by the Partnerships. 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 notes. Consenting SEP notes and EEP notes under Guarantees SEP Notes1 EEP Notes2 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 1As at June 30, 2026, the aggregate outstanding principal amount of SEP notes was approximately US$1.7 billion. 2As at June 30, 2026, the aggregate outstanding principal amount of EEP notes was approximately US$1.9 billion. 45 Enbridge Notes under Guarantees USD Denominated1 CAD Denominated2 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 6.55% Senior Notes due 2027 5.25% Senior Notes due 2027 3.55% Senior Notes due 2028 3.70% Senior Notes due 2027 4.90% Senior Notes due 2028 4.60% Senior Notes due 2028 6.10% Senior Notes due 2028 6.00% Senior Notes due 2028 Floating Rate Senior Notes due 2028 4.20% Senior Notes due 2028 6.05% Senior Notes due 2029 5.30% Senior Notes due 2029 3.52% Senior Notes due 2029 3.13% Senior Notes due 2029 6.50% Senior Notes due 2029 4.90% Senior Notes due 2030 2.99% Senior Notes due 2029 6.20% Senior Notes due 2030 4.21% Senior Notes due 2030 4.50% Senior Notes due 2031 3.90% Senior Notes due 2030 4.85% Senior Notes due 2031 7.22% Senior Notes due 2030 5.70% Sustainability-Linked Senior Notes due 2033 3.57% Senior Notes due 2031 2.50% Sustainability-Linked Senior Notes due 2033 2.82% Senior Notes due 2031 5.63% Senior Notes due 2034 7.20% Senior Notes due 2032 5.55% Senior Notes due 2035 6.10% Sustainability-Linked Senior Notes due 2032 5.20% Senior Notes due 2035 5.36% Sustainability-Linked Senior Notes due 2033 5.45% Senior Notes due 2036 3.10% Sustainability-Linked Senior Notes due 2033 4.50% Senior Notes due 2044 4.73% Senior Notes due 2034 5.50% Senior Notes due 2046 4.56% Senior Notes due 2035 4.00% Senior Notes due 2049 5.57% Senior Notes due 2035 3.40% Senior Notes due 2051 4.35% Senior Notes due 2036 6.70% Senior Notes due 2053 5.08% Senior Notes due 2036 5.95% Senior Notes due 2054 5.75% Senior Notes due 2039 5.35% Senior Notes due 2039 5.33% Senior Notes due 2040 5.12% Senior Notes due 2040 4.24% Senior Notes due 2042 4.55% Senior Notes due 2043 4.57% Senior Notes due 2044 4.87% Senior Notes due 2044 4.55% Senior Notes due 2045 4.13% Senior Notes due 2046 4.33% Senior Notes due 2049 4.20% Senior Notes due 2051 4.10% Senior Notes due 2051 6.51% Senior Notes due 2052 5.76% Senior Notes due 2053 5.82% Senior Notes due 2053 5.32% Senior Notes due 2054 5.10% Senior Notes due 2056 4.56% Senior Notes due 2064 1As at June 30, 2026, the aggregate outstanding principal amount of the Enbridge US dollar-denominated notes was approximately US$21.8 billion. 2As at June 30, 2026, the aggregate outstanding principal amount of the Enbridge Canadian dollar-denominated notes was approximately $20.9 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. 46 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 Six months ended June 30, 2026 (millions of Canadian dollars) Operating loss (63 ) Earnings 688 Earnings attributable to common shareholders 476 Summarized Combined Statements of Financial Position June 30, 2026 December 31, 2025 (millions of Canadian dollars) Cash and cash equivalents 432 391 Accounts receivable from affiliates 4,092 3,873 Short-term loans receivable from affiliates 4,266 6,239 Other current assets 421 467 Long-term loans receivable from affiliates 53,535 46,858 Other long-term assets 2,320 1,994 Accounts payable to affiliates 1,887 2,079 Short-term loans payable to affiliates 2,568 2,082 Trade payables and accrued liabilities 406 537 Other current liabilities 7,684 6,990 Long-term loans payable to affiliates 33,210 34,488 Other long-term liabilities 75,911 67,004 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: •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; •was engaged in a business or transaction for which the guarantor's remaining assets constituted unreasonably small capital; or •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. 47 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: •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; •the merger of that Partnership into Enbridge or the other Partnership or the liquidation and dissolution of that Partnership; •the repayment in full or discharge or defeasance of those Guaranteed Enbridge Notes, as contemplated by the applicable indenture or guarantee agreement; •with respect to EEP, the repayment in full or discharge or defeasance of each of the consenting EEP notes listed above; •with respect to SEP, the repayment in full or discharge or defeasance of each of the consenting SEP notes listed above; or •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 (the Court) brought by the Bad River Band of the Lake Superior Tribe of Chippewa Indians of the Bad River Reservation (the Band) against Enbridge and certain of its pipeline subsidiaries. The case concerns Enbridge’s continued operation of Line 5 across the Bad River Reservation after certain easements expired in 2013. The Band asserts claims in trespass and public nuisance and seeks ejectment (removal of the pipeline), along with monetary compensation for past and ongoing use of Reservation lands. Enbridge disputes the trespass finding, 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 September 2022, the Court issued summary-judgment rulings that resolved several claims and determined that Enbridge was trespassing on certain Reservation parcels, while declining to order an immediate shutdown or removal of the pipeline. A bench trial was held in October 2022 on the remaining issues, including nuisance, injunctive relief, and the appropriate monetary remedy for trespass. In June 2023, the 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. The Court stayed the shutdown order pending the appellate decision. 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 Circuit, the US Government filed a brief in the appeal as amicus curiae to address the effect of the 1977 Transit Pipelines Treaty. The Seventh Circuit issued its decision on July 30, 2026, dismissing the public nuisance claim, affirming Enbridge is in trespass, and remanding all remedies to the US District Court. Refer to Other Announced Projects under Development for more information on the Line 5 relocation project. 48 DAKOTA ACCESS PIPELINE We hold an effective 27.6% interest in the Bakken Pipeline System, which includes the Dakota Access Pipeline (DAPL). The Standing Rock Sioux Tribe and the Cheyenne River Sioux Tribe filed lawsuits in 2016 with the US Court for the District of Columbia (the District Court) challenging the Army Corps' easement for DAPL, citing concerns over the adequacy of the Army Corps' environmental review and tribal consultation process. The Oglala Sioux and Yankton Sioux Tribes also filed lawsuits alleging similar claims in 2018. In 2017 and again in 2020, the District Court found deficiencies in the Army Corps' environmental assessments and ordered the preparation of a full Environmental Impact Statement (EIS). In July 2020, the District Court vacated the easement and ordered the pipeline shut down, but that order was stayed by the US Court of Appeals for the District of Columbia. In January 2021, the US Court of Appeals upheld the requirement for an EIS and confirmed the easement's vacatur, though it ruled that DAPL could continue operating absent an injunction. The US Supreme Court declined to review the case, and the Army Corps indicated it would not seek to halt operations during the review process. On September 8, 2023, the Army Corps released a draft EIS evaluating five alternatives, including continued operation, shutdown, rerouting, and removal of the pipeline. No preferred alternative was identified. The public comment period closed on December 13, 2023. On December 19, 2025, the Army Corps published the final EIS for DAPL. The final EIS includes an extensive analysis of spill risks from the pipeline, including the pipeline safety record of Energy Transfer Crude Oil Pipeline. The final EIS identified continued operation of the existing pipeline with additional conditions as the preferred alternative. On May 21, 2026, the Army Corps issued the final Record of Decision, which permits continued operations with additional conditions that include groundwater monitoring and leak detection. Separately, on October 15, 2024, the Standing Rock Sioux Tribe filed a new complaint in the District Court seeking a permanent injunction against DAPL's operation, alleging that the Army Corps is unlawfully allowing continued operations without a valid easement or compliant Facility Response Plan. Dakota Access, LLC and 13 states intervened in support of continued operations. On March 28, 2025, the District Court dismissed the complaint. The Tribe filed a notice of appeal on May 27, 2025, and, on June 14, 2026, filed an unopposed motion to dismiss its appeal. 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.