South Bow (SOBO) Corporate presentation summary

Strategic positioning and operational highlights

• Operates a 4,900 km liquids pipeline network with 1.25 MMbbl/d delivery and 7.7 MMbbl storage capacity.

• Connects resilient Canadian supply to major U.S. demand centers, including the Gulf Coast.

• Maintains a high-quality contractual framework with ~90% of 2026 normalized EBITDA contracted and >90% of revenue from investment-grade counterparties.

• Assets offer competitive tolls, direct routes, and flexible delivery options, preserving product quality.

Financial performance and stability

• Achieved $1,022 million normalized EBITDA and $709 million distributable cash flow in 2025, exceeding guidance.

• Maintained a net debt-to-normalized EBITDA ratio of 4.7x, with a plan to reduce to 4x medium-term.

• Market capitalization stands at $6.7 billion, with an enterprise value of $12.0 billion.

• Outperformed peers with a 38% total return since spinoff.

Growth initiatives and project execution

• Successfully completed the Blackrod Connection Project on schedule and budget, with zero recordable incidents.

• Growth portfolio includes organic and inorganic opportunities, focusing on corridor expansion and value chain enhancement.

• Positioned to benefit from increasing Western Canadian supply and the need for additional pipeline egress by mid-2027.