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Investor Relations14 Oct 2025
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South Bow (SOBO) investor relations material
South Bow Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Generated $250M normalized EBITDA in Q2 2025, maintaining strong cash flows and stable operational performance despite market volatility and operational downtime.
Achieved Q2 2025 revenue of $524M and net income of $96M ($0.46/share), supported by strong commercial contracts and reliability.
Maintained average throughput of 544,000 bbl/d on Keystone Pipeline and 760,000 bbl/d on the U.S. Gulf Coast segment.
Advanced Blackrod Connection Project, with major storage tank completed and in-service expected early 2026.
Completed cleanup and reclamation of the MP-171 incident site, with most costs expected to be covered by insurance and remedial actions ongoing.
Financial highlights
Q2 2025 normalized EBITDA was $250M, with 90% contracted; revenue reached $524M and net income $96M.
Distributable cash flow for Q2 2025 was $167M; 2025 outlook raised to $590M, reflecting tax savings and interest income.
Maintenance capital expenditures for 2025 reduced to $55M.
Net debt stood at $4.9B, with net debt-to-normalized EBITDA at 4.6x as of June 30, 2025.
Quarterly dividend of $0.50/share declared, totaling $104M for Q2 2025, payable October 15.
Outlook and guidance
2025 normalized EBITDA guidance reaffirmed at $1.01B (+1%/-2%), with 90% secured through committed arrangements.
Distributable cash flow outlook for 2025 raised to $590M (±3%) due to lower expected taxes and a modified definition.
Maintenance CapEx for 2025 revised to $55M (±3%) to address MP-171 remedial actions.
Net debt-to-normalized EBITDA expected to peak at ~4.8x by end of 2025, declining as Blackrod generates cash flow in 2026.
One-time separation costs for the spinoff now expected at $30–$40M, down from $40–$50M.
When will the RCFA for MP-171 be completed?
Explain the change to distributable cash flow.
Discuss Blackrod Connection Project cash flow.
What opportunities arise from exiting TSAs?
Detail the Milepost 171 remedial actions.
How will TMX impact uncommitted barrels?
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Next South Bow earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
South Bow Corporation operates as a holding and investment company, focusing on managing a diversified portfolio across various industries. The company's investments span sectors such as real estate, energy, and technology, with an emphasis on long-term growth and value generation. South Bow Corporation seeks opportunities to acquire, develop, and support businesses that align with its strategic vision, both domestically and internationally. The company is headquartered in Calgary, Canada, and its shares are listed on the Toronto Stock Exchange.
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