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South Bow (NYSE: SOBO) details credit-support notes and 2025 results

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6-K

Rhea-AI Filing Summary

South Bow Corporation filed a Form 6-K providing Canadian “notice of reliance” for its U.S. and Canadian infrastructure holding subsidiaries, which use South Bow’s own disclosure to satisfy their reporting obligations under NI 51-102. South Bow fully and unconditionally guarantees the notes issued by these 100%-owned subsidiaries.

The filing includes unaudited consolidated summary financial information in millions of U.S. dollars. Total consolidated revenue was 1,986 for 2025 and 2,120 for 2024, with net income of 433 for 2025 and 316 for 2024. As of December 31, 2025, total consolidated current assets were 2,015 and non-current assets were 9,178, against current liabilities of 1,341 and non-current liabilities of 7,143.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of March 2026

Commission File No. 001-42021

SOUTH BOW CORPORATION
(Translation of Registrant's Name into English)

707 5th Street SW, Suite 900
Calgary, Canada T2P 1V8
(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☐ Form 40-F ☑


Exhibits 99.1 and 99.2 to this report, furnished on Form 6-K, are furnished, not filed, and will not be incorporated by reference into any registration statement filed by the registrant under the Securities Act of 1933, as amended.



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EXHIBIT INDEX


99.1
Notice of Reliance for South Bow USA Infrastructure Holdings LLC (2025.12)
99.2
Notice of Reliance for South Bow Canadian Infrastructure Holdings Ltd. (2025.12)






SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 13, 2026

SOUTH BOW CORPORATION
By:
 /s/ Lori M. Muratta
Name: Lori M. Muratta
Title: Senior Vice-President and General Counsel






Exhibit 99.1
NOTICE OF RELIANCE
SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 - CONTINUOUS DISCLOSURE OBLIGATIONS

March 13, 2026

To: Alberta Securities Commission
British Columbia Securities Commission
Financial and Consumer Affairs Authority of Saskatchewan
Manitoba Securities Commission
Ontario Securities Commission
Autorité des marchés financiers
Financial and Consumer Services Commission (New Brunswick)
Nova Scotia Securities Commission
Prince Edward Island Securities Office
Government of Newfoundland and Labrador Financial Services Regulation Division
Northwest Territories Securities Office
Office of the Superintendent of Securities, Community Services (Yukon)
Nunavut Securities Office

Notice is hereby given that South Bow USA Infrastructure Holdings LLC (the “Company”) relies on the continuous disclosure documents filed by South Bow Corporation (“South Bow”) pursuant to the exemption from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102") provided in Section 13.4 of NI 51-102. The continuous disclosure documents of South Bow can be found in electronic format at www.sedarplus.ca. Attached to this Notice and forming part hereof is the consolidating summary financial information for South Bow for the applicable period(s) required by Section 13.4 of NI 51-102.

South Bow USA Infrastructure Holdings LLC

/s/ Lori M. Muratta
Lori M. Muratta
Vice-President




UNAUDITED SUMMARY FINANCIAL INFORMATION
South Bow fully and unconditionally guarantees the payment obligations of the Company, its 100% owned subsidiary, under the notes issued by the Company. Accordingly, the following unaudited consolidated summary financial information is provided by the Company in compliance with the requirements of Section 13.4 of NI 51-102 providing for an exemption for certain credit support issuers.
The following tables contain summary financial information for the Company for the year ended December 31, 2025 and 2024 and as at December 31, 2025 and 2024, presented with separate columns for each of the following: (a) South Bow (as Parent Credit Supporter); (b) the Company (as Credit Support Issuer); (c) South Bow Infrastructure Holdings Ltd. and South Bow Canadian Infrastructure Holdings Ltd., on a combined basis (collectively the “Subsidiary Credit Supporters”); (d) the non-guarantor subsidiaries of South Bow other than the Company and the Subsidiary Credit Supporters (collectively, the “Other South Bow Subsidiaries”), on a combined basis; (e) consolidating adjustments; and (f) total consolidated amounts.
For the year ended December, 2025 and 2024 (1),(2):
(millions of U.S. dollars)South Bow
(Parent Credit Supporter)
Company
(Credit Support Issuer)		Subsidiary Credit SupportersOther South Bow Subsidiaries
Consolidating Adjustments (3)
Total Consolidated Amounts
For the year ended December 31, 2025202520242025202420252024202520242025202420252024
Revenue— — (5)5 — 1 2,636 10,409 (645)(8,295)1,986 2,120 
Net income (loss)(4)— (346)(176)89 162 1,707 1,562 (1,013)(1,232)433 316 
As at December 31, 2025 and 2024 (1),(2):
(millions of U.S. dollars)South Bow
(Parent Credit Supporter)
Company
(Credit Support Issuer)		Subsidiary Credit SupportersOther South Bow Subsidiaries
Consolidating Adjustments (3)
Total Consolidated Amounts
As atDecember 31, 2025December 31, 2024December 31, 2025December 31, 2024December 31, 2025December 31, 2024December 31, 2025December 31, 2024December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Current assets31 10 — — — 102 3,893 3,230 (1,909)(1,144)2,015 2,198 
Non-current assets1,864 2,281 6,864 6,560 2,678 2,341 26,303 25,502 (28,531)(27,553)9,178 9,131 
Current liabilities126 101 1,357 677 660 151 1,155 1,932 (1,957)(1,100)1,341 1,761 
Non-current liabilities(1)— 7,675 7,704 2,630 2,516 3,412 3,286 (6,573)(6,548)7,143 6,958 
(1) The information in this table has been prepared in accordance with securities regulatory requirements and has not been audited or the subject of a review by the Company’s auditor. For the purposes of this consolidating summary financial information, investments in subsidiaries are accounted for using the equity method.
(2) Prior to the Spinoff Transaction on October 1, 2024, revenue and net income (loss) reported in this table were revenue and net income (loss) as recorded by TC Energy Corporation for the entities that were reorganized to form the consolidated financial information of South Bow subsequent to the Spinoff Transaction. Accordingly, references to Other South Bow Subsidiaries, Consolidating Adjustments and Total Consolidated Amounts in this table include combining entities and entities that were not consolidated with South Bow prior to the Spinoff Transaction but were necessary to include in the table for comparative purposes.
(3) This column includes the necessary adjustments to eliminate the intercompany balances from South Bow, the Company, the Subsidiary Credit Supporters and Other South Bow Subsidiaries to arrive at the information for South Bow on a consolidated basis.



Exhibit 99.2
NOTICE OF RELIANCE
SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 - CONTINUOUS DISCLOSURE OBLIGATIONS

March 13, 2026

To: Alberta Securities Commission
British Columbia Securities Commission
Financial and Consumer Affairs Authority of Saskatchewan
Manitoba Securities Commission
Ontario Securities Commission
Autorité des marchés financiers
Financial and Consumer Services Commission (New Brunswick)
Nova Scotia Securities Commission
Prince Edward Island Securities Office
Government of Newfoundland and Labrador Financial Services Regulation Division
Northwest Territories Securities Office
Office of the Superintendent of Securities, Community Services (Yukon)
Nunavut Securities Office

Notice is hereby given that South Bow Canadian Infrastructure Holdings Ltd. (the “Company”) relies on the continuous disclosure documents filed by South Bow Corporation (“South Bow”) pursuant to the exemption from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102") provided in Section 13.4 of NI 51-102. The continuous disclosure documents of South Bow can be found in electronic format at www.sedarplus.ca. Attached to this Notice and forming part hereof is the consolidating summary financial information for South Bow for the applicable period(s) required by Section 13.4 of NI 51-102.

South Bow Canadian Infrastructure Holdings Ltd.

/s/ Van Dafoe
Van Dafoe
Vice-President



UNAUDITED SUMMARY FINANCIAL INFORMATION
South Bow fully and unconditionally guarantees the payment obligations of the Company, its 100% owned subsidiary, under the notes issued by the Company. Accordingly, the following unaudited consolidated summary financial information is provided by the Company in compliance with the requirements of Section 13.4 of NI 51-102 providing for an exemption for certain credit support issuers.
The following tables contain summary financial information for the Company for the year ended December 31, 2025 and 2024, and as at December 31, 2025 and 2024, presented with separate columns for each of the following: (a) South Bow (as Parent Credit Supporter); (b) the Company (as Credit Support Issuer); (c) South Bow Infrastructure Holdings Ltd. and South Bow USA Infrastructure Holdings LLC, on a combined basis (collectively the “Subsidiary Credit Supporters”); (d) the non-guarantor subsidiaries of South Bow other than the Company and the Subsidiary Credit Supporters (collectively, the “Other South Bow Subsidiaries”), on a combined basis; (e) consolidating adjustments; and (f) total consolidated amounts.
For the year ended ended December 31, 2025 and 2024 (1),(2):
(millions of U.S. dollars)South Bow
(Parent Credit Supporter)
Company
(Credit Support Issuer)		Subsidiary Credit SupportersOther South Bow Subsidiaries
Consolidating Adjustments (3)
Total Consolidated Amounts
For the year ended December 31, 2025202520242025202420252024202520242025202420252024
Revenue— — — — (5)6 2,636 10,409 (645)(8,295)1,986 2,120 
Net income (loss)(4)— 109 180 (366)(194)1,707 1,562 (1,013)(1,232)433 316 
As at December 31, 2025 and 2024 (1),(2):
(millions of U.S. dollars)South Bow
(Parent Credit Supporter)
Company
(Credit Support Issuer)		Subsidiary Credit SupportersOther South Bow Subsidiaries
Consolidating Adjustments (3)
Total Consolidated Amounts
As atDecember 31, 2025December 31, 2024December 31, 2025December 31, 2024December 31, 2025December 31, 2024December 31, 2025December 31, 2024December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Current assets31 10 — — — 102 3,893 3,230 (1,909)(1,144)2,015 2,198 
Non-current assets1,864 2,281 1,958 1,662 7,584 7,239 26,303 25,502 (28,531)(27,553)9,178 9,131 
Current liabilities126 101 223 88 1,794 740 1,155 1,932 (1,957)(1,100)1,341 1,761 
Non-current liabilities(1)— 2,286 2,192 8,019 8,028 3,412 3,286 (6,573)(6,548)7,143 6,958 
(1) The information in this table has been prepared in accordance with securities regulatory requirements and has not been audited or the subject of a review by the Company’s auditor. For the purposes of this consolidating summary financial information, investments in subsidiaries are accounted for using the equity method.
(2) Prior to the Spinoff Transaction on October 1, 2024, revenue and net income (loss) reported in this table were revenue and net income (loss) as recorded by TC Energy Corporation for the entities that were reorganized to form the consolidated financial information of South Bow subsequent to the Spinoff Transaction. Accordingly, references to Other South Bow Subsidiaries, Consolidating Adjustments and Total Consolidated Amounts in this table include combining entities and entities that were not consolidated with South Bow prior to the Spinoff Transaction but were necessary to include in the table for comparative purposes.
(3) This column includes the necessary adjustments to eliminate the intercompany balances from South Bow, the Company, the Subsidiary Credit Supporters and Other South Bow Subsidiaries to arrive at the information for South Bow on a consolidated basis.

Source: View Original Filing on SEC EDGAR

FAQ

What is the purpose of South Bow (SOBO) filing this Form 6-K?

The Form 6-K documents that two South Bow subsidiaries rely on South Bow Corporation’s continuous disclosure under NI 51-102. It also provides unaudited consolidated summary financial information in millions of U.S. dollars for 2025 and 2024 to support this credit-support structure.

Which South Bow (SOBO) subsidiaries are covered by the notices of reliance?

The notices of reliance cover South Bow USA Infrastructure Holdings LLC and South Bow Canadian Infrastructure Holdings Ltd. Each relies on South Bow Corporation’s continuous disclosure documents under NI 51-102, instead of preparing separate full continuous disclosure filings, as permitted for certain credit support issuers.

How does South Bow (SOBO) support its infrastructure subsidiaries’ notes?

South Bow fully and unconditionally guarantees the payment obligations of its 100%-owned infrastructure subsidiaries under notes they have issued. This guarantee allows those subsidiaries to rely on South Bow’s own disclosure framework, using consolidated summary financial information instead of separate full reporting.

What 2025 consolidated financial figures did South Bow (SOBO) report?

For 2025, South Bow reported total consolidated revenue of 1,986 and net income of 433, in millions of U.S. dollars. As of December 31, 2025, total consolidated current assets were 2,015 and non-current assets were 9,178, with current liabilities of 1,341 and non-current liabilities of 7,143.

Are South Bow’s (SOBO) summary financial figures audited?

The consolidating summary financial information is unaudited and has not been reviewed by the subsidiaries’ auditor. It is prepared to meet securities regulatory requirements, using the equity method for investments in subsidiaries, and supports the NI 51-102 credit-support disclosure exemption.

How did the 2025 consolidated results of South Bow (SOBO) compare with 2024?

Total consolidated revenue was 1,986 in 2025 versus 2,120 in 2024, while net income was 433 in 2025 compared with 316 in 2024, all in millions of U.S. dollars. These figures summarize performance around the October 1, 2024 spinoff reorganization.

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2 documents

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South Bow Corporation

NYSE:SOBO

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[6-K] South Bow Corp Current Report (Foreign Issuer)

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