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South Bow Corporation reports that its wholly owned subsidiaries South Bow USA Infrastructure Holdings LLC and South Bow Canadian Infrastructure Holdings Ltd rely on South Bow’s continuous disclosure under Section 13.4 of National Instrument 51-102, with South Bow fully and unconditionally guaranteeing their note obligations.
To support this credit support issuer structure, unaudited consolidating summary financial information is provided for the six months ended June 30, 2026 and 2025 and as at June 30, 2026 and December 31, 2025. On a total consolidated basis, revenue was 1,037 million U.S. dollars and net income was 211 million U.S. dollars for the six months ended June 30, 2026, compared with 1,022 million and 184 million, respectively, in 2025.
As at June 30, 2026, total consolidated current assets were 2,401 million U.S. dollars and non-current assets were 8,981 million U.S. dollars, while current liabilities were 1,576 million U.S. dollars and non-current liabilities were 7,141 million U.S. dollars. The summary information is unaudited and prepared using the equity method for subsidiary investments.
South Bow Corporation delivered stronger Q2 2026 results, with revenue of U.S.$546 million, income before income taxes of U.S.$174 million, and net income of U.S.$134 million, all above the prior year. Normalized EBITDA rose to U.S.$280 million and distributable cash flow to U.S.$175 million, supported by higher Keystone Pipeline throughput, improved Marketing margins and lower operating costs.
The Keystone segment benefited from increased demand to move heavy crude to the U.S. Gulf Coast and recovery from 2025 MP‑171 restrictions, while Marketing saw higher physical volumes and prices despite realized losses on risk management contracts. Cash from operating activities reached U.S.$255 million, funding a quarterly dividend of U.S.$0.50 per share.
As of June 30, 2026, cash was U.S.$726 million, net debt U.S.$4.6 billion, and the net debt‑to‑normalized EBITDA ratio improved to 4.4x, with no borrowings on the U.S.$1.4 billion revolving credit facility. Management raised 2026 guidance to normalized EBITDA of U.S.$1,040 million and distributable cash flow of U.S.$665 million and lifted growth capex guidance to about U.S.$80 million, largely for Prairie Connector and Liberty Bridge, backed by 20‑year, 465,000 bbl/d shipping commitments. This growth is paired with continued remediation of a material IT control weakness and a finalized U.S.$30 million Clean Water Act consent decree related to the 2022 MP‑14 incident.
South Bow Corporation reported a strong second quarter of 2026, with revenue of $546 million and net income of $134 million or $0.64 per share, compared with $96 million a year earlier. Normalized EBITDA reached $280 million, up 9% from the first quarter, and distributable cash flow was $175 million, up 4%. Net debt was $4.6 billion at June 30, 2026, with a net debt‑to‑normalized EBITDA ratio of 4.4x, improving from 4.7x at March 31.
Operationally, average throughput was 596,000 bbl/d on the Keystone Pipeline and 800,000 bbl/d on the U.S. Gulf Coast segment, supported by disrupted global crude trade flows. The company continues remedial work related to the MP‑171 incident and is incorporating inspection findings into integrity programs.
South Bow returned $104 million or $0.50 per share in dividends in the quarter and declared a further $0.50 dividend payable October 15, 2026. It secured 20‑year binding commitments totaling 465,000 bbl/d for firm transportation from Hardisty to U.S. delivery points and raised 2026 guidance to $1,040 million in normalized EBITDA and $665 million in distributable cash flow, while increasing growth capex guidance to $80 million, largely for pre‑FID spending on the Prairie Connector and Liberty Bridge projects. The company expects third‑quarter normalized EBITDA to be about 10% lower than second quarter as Gulf Coast demand moderates. George Lewis was appointed Board Chair, succeeding Hal Kvisle, who remains on the Board.
South Bow Corporation plans to release its second-quarter 2026 financial and operational results after markets close on Aug. 5, 2026. The company’s senior leadership will discuss the results on a conference call and webcast on Aug. 6, 2026 at 8 a.m. MT (10 a.m. ET).
South Bow operates 4,900 kilometres (3,045 miles) of crude oil pipelines linking Alberta production to key U.S. refining markets, and its common shares trade on the Toronto and New York stock exchanges under the symbol SOBO.
SOUTH BOW CORP reports an institutional beneficial-ownership disclosure by FMR LLC. FMR LLC beneficially owns 21,852,470.53 shares of Common Stock, representing 10.5% of the class as reported. The cover shows the reporting date 06/30/2026. The filing lists sole voting power of 21,542,412 and sole dispositive power of 21,852,470.53 attributed to FMR LLC; Abigail P. Johnson is named with shared dispositive attribution consistent with the cover responses.
South Bow Corporation reports a successful open season for its proposed Prairie Connector pipeline project, securing 20-year binding commitments for firm transportation service from Hardisty, Alberta, to U.S. delivery points. This commercial support is a key step toward making the project viable.
The company plans to keep advancing Prairie Connector toward a final investment decision targeted for mid-2027, subject to securing permits and government assurances, finalizing cost estimates, engaging stakeholders, and arranging financing. If sanctioned, the project would add about 380 kilometres of new 36-inch pipe, reuse roughly 150 kilometres of preserved 36-inch pipe, and connect at the Canada-U.S. border to Bridger Pipeline LLC’s system.
South Bow highlights that it currently operates 4,900 kilometres of crude oil pipelines linking Alberta supply to major U.S. refining markets, positioning Prairie Connector as an extension of its existing network.
Capital International Investors reports beneficial ownership of 4,622,141 shares of South Bow Corporation. The filing states this equals 2.2% of the 208,250,512 shares believed outstanding as of 03/31/2026. The Schedule 13G/A attributes sole voting power for 4,580,591 shares and sole dispositive power for 4,622,141 shares. The amendment is signed May 13, 2026, and is presented under the form's routine ownership disclosures.
South Bow Corporation furnished a Form 6-K providing Canadian securities regulators with notices that two financing subsidiaries, South Bow USA Infrastructure Holdings LLC and South Bow Canadian Infrastructure Holdings Ltd., rely on South Bow’s own continuous disclosure under National Instrument 51-102.
The filing includes unaudited consolidating summary financial information for the three months ended March 31, 2026 and 2025, showing total consolidated revenue of $491 million versus $498 million a year earlier and consolidated net income of $77 million versus $88 million. As at March 31, 2026, total consolidated current assets were $2,177 million and non-current assets $9,063 million, with current liabilities of $1,444 million and non-current liabilities of $7,135 million. South Bow fully and unconditionally guarantees the payment obligations under the notes issued by these 100%-owned subsidiaries.
South Bow Corporation reported first‑quarter 2026 revenue of $491 million, slightly below $498 million a year earlier, as weaker Marketing results offset stronger Keystone Pipeline performance. Net income was $77 million versus $88 million, with diluted EPS of $0.37.
Normalized EBITDA was $257 million, down from $266 million, while distributable cash flow increased to $168 million from $157 million, helped by lower current income taxes. The Keystone segment benefited from higher variable tolls, strong U.S. Gulf Coast demand, and $18 million of revenue from historical toll adjustments, while the Marketing segment saw lower volumes and realized and unrealized losses on risk management contracts.
South Bow reaffirmed its 2026 guidance, projecting normalized EBITDA of about $1.03 billion and distributable cash flow around $655 million, and expects its net debt‑to‑normalized EBITDA ratio of 4.7x to decrease modestly through 2026. The company maintained a quarterly dividend of $0.50 per share and ended the quarter with $599 million in cash and $5.75 billion of long‑term debt, with its first bond maturity in 2027.
Management again disclosed a material weakness in internal control over financial reporting tied to general IT controls following its ERP transition, noting that remediation efforts are largely designed and implemented but must operate for a longer period and be tested before the weakness is considered fully remediated.
South Bow Corporation reported that shareholders approved all resolutions at its annual general meeting held May 7, 2026. Investors confirmed an 11‑member board, with support for individual directors ranging from 97.76% to 99.68% of shares represented at the meeting.
Shareholders also approved the appointment of KPMG LLP as auditors with 99.84% support, and endorsed South Bow’s approach to executive compensation with 96.96% support. The company operates 4,900 kilometres of crude oil pipelines connecting Alberta supply to key U.S. refining markets.