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, 2025, as updated by Part II. Item 1A. Risk Factors of our interim report on Form 10-Q for the quarter ended March 31, 2026, 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 are uncertain and could adversely impact our business, operations or financial results.

Tariffs and other trade measures announced, imposed, modified, suspended, terminated or replaced 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. Such measures may include, among other tariffs or surcharges on certain goods that do not qualify for preferential treatment under the United States-Mexico-Canada Agreement (USMCA), global tariffs on steel, aluminum and other metals, and other periodic retaliatory tariffs or trade measures affecting Canada.

Several of the US tariff announcements have been followed by announcements of limited exemptions, temporary pauses on implementation dates and litigation. In response to the US tariff announcements, certain governments have threatened or announced retaliatory measures against the US and/or are in the process of negotiating with the US on tariff agreements. In addition, while in February 2026, the US Supreme Court ruled that the US President did not have authority to impose certain tariffs and trade measures on an "emergency" basis, the US administration is pursuing other means of imposing tariffs. These announcements and activities have led to significant uncertainty and market volatility.

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 to potential reductions in demand for US and/or 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.

On July 1, 2026, the formal review period for USMCA began with the US Government announcing its intent not to renew the agreement without changes. As a result, the USMCA is not renewed; however, the agreement remains in force pending resolution of these issues or until the agreement’s termination in 2036. Results of these negotiations could further impact the energy market and our business.

Any of the foregoing could significantly adversely impact our business, operations or financial results.