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South Bow (SOBO) investor relations material
South Bow Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Achieved strong and stable Q3 2025 results, with robust throughput on the Keystone Pipeline and U.S. Gulf Coast segment, demonstrating business resilience and operational excellence in the first year as an independent entity.
Mechanical completion of the BlackRod Connection Project, with commercial service for the 25-km gas lateral; full project in service expected early 2026.
Advanced remedial actions and regulatory compliance following the Milepost 171 incident, with most costs expected to be recovered via insurance.
Paid a sustainable dividend, funded growth projects, and strengthened the financial position.
Nearing completion of transition services with TC Energy, ahead of schedule, resulting in cost savings and improved efficiency.
Financial highlights
Q3 2025 revenue was $461 million, net income $93 million ($0.45/share), and normalized EBITDA $254 million, up 2% sequentially.
Distributable cash flow reached $236 million, benefiting from a $71 million current tax recovery and U.S. tax optimization.
Dividends declared totaled $104 million ($0.50/share) for Q3 2025.
Net debt stood at $4.8 billion, with a net debt-to-normalized EBITDA ratio of 4.6x as of September 30, 2025.
Reaffirmed 2025 normalized EBITDA guidance at $1.01 billion; 2026 forecast at $1.03 billion (±2%).
Outlook and guidance
2026 normalized EBITDA projected at $1.03 billion (±2%), with 90% secured through committed arrangements; distributable cash flow expected at $655 million (±2%).
2026 EBITDA growth driven by marketing recovery (+$25M), BlackRod ramp-up (+$10M), and lower Keystone EBITDA (–$15M) due to reduced maintenance.
Maintenance capital for 2026 expected at ~$25 million; growth capital at ~$10 million for BlackRod completion.
Net debt-to-normalized EBITDA ratio expected to decrease modestly through 2026.
Guidance ranges depend on timing of pressure restriction lifts and crude price differentials.
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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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