ENBRIDGE INC

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, 2024, 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.

The effects of US, Canadian and other governments' policies on tariffs and trade relations remain uncertain and could significantly 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 and may impact our business operations, include, among others (as of the date of this report):

•

global tariff on steel and aluminum;

•

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

•

other periodic retaliatory tariffs on Canada.

Several of the US tariff announcements have been followed by announcements of limited exemptions and temporary pauses on implementation dates. In response to the US tariff announcements, certain governments have announced retaliatory measures against the US and/or are in the process of negotiating with the US on tariff agreements. These announcements have led to significant uncertainty and market volatility during the first three quarters of 2025. 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 potential reductions in demand for 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.