Delivering energy today. Building for tomorrow

Enbridge is a leading North American energy infrastructure company. As a diversified energy company, we are taking a practical approach to the energy evolution by providing the energy needed today while simultaneously advancing solutions for tomorrow. Enbridge is a publicly traded company, with common shares that trade on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) under the symbol ENB. Enbridge is headquartered in Calgary, Alberta, Canada.

Our core businesses include: Liquids Pipelines (LP), which consists of pipelines and terminals in Canada and the U.S. that transport various grades of crude oil and other liquid hydrocarbons to refining markets throughout North America and around the world; Gas Transmission and Midstream (GTM), which consists of investments in natural gas pipelines, gathering and storage facilities in Canada and the U.S.; Gas Distribution and Storage (GDS), which consists of natural gas utility operations that serve residential, commercial and industrial customers in Canada and the U.S.; and Renewable Power Generation (RP), which consists primarily of investments in wind and solar assets in North America and Europe.

This report, and our suite of related publications, represent Enbridge’s ongoing focus on transparency and the disclosure of sustainability-related activities and performance relevant to our business and stakeholders. We demonstrate accountability by engaging with our stakeholders, addressing material¹ topics and aiming to provide a balanced view of our performance.

A message from our CEO and Board Chair

At Enbridge, we continue to deliver the energy that fuels quality of life today while investing in the energy system of the future. In 2025, we advanced this commitment through strong business performance and by further integrating sustainability across our strategy, operations, and governance in a rapidly evolving global energy landscape.

This year also marks a milestone: 25 years of sustainability reporting at Enbridge, reflecting an approach that has evolved alongside our business and has become embedded in how we plan, invest, operate and govern decision-making. That foundation supports how we deliver the energy people count on every day, while strengthening the resilience of our systems for the future.

Energy security in a changing world

Energy security remains front of mind. In periods of relative calm, it can be easy to take reliable energy for granted. In periods of uncertainty and volatility, safe, affordable, and secure energy becomes a strategic advantage that underpins economic growth and quality of life. That is why we continue to invest in the infrastructure that delivers energy across North America and connects supply to global markets.

Looking ahead, meeting the growing energy demand will require a diverse mix of energy sources, infrastructure and technologies. Our strategy is pragmatic and balanced, grounded in the strengths of our diversified portfolio of liquids pipelines, natural gas, and renewables and designed to support a durable and evolving energy system.

Supporting energy accessibility, reliability and affordability

Continued economic growth, industrial expansion, and rising power demand across North America reinforce the need for a reliable and resilient energy system. In this environment, that focus on energy security comes to life through the essential services we provide to our customers and the infrastructure we operate every day. Across our liquids pipelines, gas transmission and storage, gas utilities and power businesses, we help expand access to the energy people need and support communities and industries across North America.

Through our gas utilities, we deliver safe and reliable natural gas to millions of homes and businesses, including in regions experiencing strong population and economic growth. Across our broader system, we continue to invest in infrastructure that increases capacity, extends our reach, and delivers additional energy where it is needed most.

Our focus is clear: operate safely, maintain reliable service, and pursue disciplined growth to meet demand. Delivering on this requires disciplined execution and continuous improvement across our operations.

Focused on efficiency and optimization

Efficiency is one of the most practical ways to improve outcomes for customers, strengthen reliability, and enhance our emissions profile. We continue to modernize our assets, reduce energy use, and apply new tools to better detect, measure, and reduce methane. As we grow, we remain disciplined, focused on operational excellence, cost competitiveness, and steady progress on reducing operational emissions.

Continued focus on safety

Safety remains our most fundamental value and highest priority. In 2025, we reduced total recordable injury frequency (TRIF) by 9% versus our three-year average, just shy of our 10% goal. We also delivered strong performance in serious injury frequency, reflecting our focus on preventing high-energy hazards and strengthening critical risk controls. This year’s results reflect the integration of our U.S. gas utilities, with contractor hours and injuries incorporated into our safety metrics for the first time. While this added modest upward pressure to reported TRIF, overall performance improved year-over-year.

 

“Energy security remains front of mind. In periods of relative calm, it can be easy to take reliable energy for granted. In periods of uncertainty and volatility, safe, affordable, and secure energy becomes a strategic advantage that underpins economic growth and quality of life. That is why we continue to invest in the infrastructure that delivers energy across North America and connects supply to global markets.”

—Enbridge’s Greg Ebel, President and CEO, and Steven Williams, Chair, Board of Directors

We further reinforced accountability by increasing the weight of safety and reliability in employee incentive compensation, and we remain committed to continuous improvement so that everyone working on behalf of Enbridge returns home safely each day.

We believe progress comes from practical, disciplined action. We will build on the strength of the system we have today, while preparing for what comes next. That means expanding the right infrastructure, operating more efficiently, and strengthening performance across our business.

Thank you to our customers for trusting us to deliver the energy you rely on, and to our employees and contractors who keep our systems running day in and day out. We also appreciate the continued confidence of our investors and the partnership of the communities and Indigenous groups where we operate. Through the energy systems we operate, we connect people, communities, and markets, supporting economic development and delivering reliable, affordable energy while working to deliver long-term value for stakeholders. We are proud of the momentum we built in 2025 and remain focused on carrying it forward through safe operations, disciplined execution, and continuous improvement.

Tomorrow is on.

Sincerely,

Gregory L. Ebel
President and Chief Executive Officer

 

Steven W. Williams
Chair, Board of Directors

¹ References to the terms “material,” “materiality assessments” and similar terms throughout this report are used specifically to identify the sustainability topics of greatest importance to our stakeholders and do not correspond to the concept of materiality under Canadian or U.S. securities laws.

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