South Bow Corporation (NYSE: SOBO) shows $1,037M revenue and $211M income
Rhea-AI Filing Summary
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.
Positive
- None.
Negative
- None.
Filing Explained
The filing furnishes two notices and related unaudited consolidating information, but expressly states that the exhibits are not filed and will not be incorporated by reference into South Bow’s Securities Act registration statements; it therefore does not itself add those exhibits to those registration statements.
Key Figures
Revenue: 1,037 million U.S. dollars
Net income: 211 million U.S. dollars
Revenue prior period: 1,022 million U.S. dollars
+5 more
8 metrics
Revenue
1,037 million U.S. dollars
Total consolidated amounts for the six months ended June 30, 2026
Net income
211 million U.S. dollars
Total consolidated amounts for the six months ended June 30, 2026
Revenue prior period
1,022 million U.S. dollars
Total consolidated amounts for the six months ended June 30, 2025
Net income prior period
184 million U.S. dollars
Total consolidated amounts for the six months ended June 30, 2025
Current assets
2,401 million U.S. dollars
Total consolidated amounts as at June 30, 2026
Non-current assets
8,981 million U.S. dollars
Total consolidated amounts as at June 30, 2026
Current liabilities
1,576 million U.S. dollars
Total consolidated amounts as at June 30, 2026
Non-current liabilities
7,141 million U.S. dollars
Total consolidated amounts as at June 30, 2026
Key Terms
National Instrument 51-102, continuous disclosure documents, credit support issuers, consolidating adjustments, +1 more
5 terms
National Instrument 51-102 regulatory
"requirements of National Instrument 51-102 – Continuous Disclosure Obligations"
National Instrument 51-102 is a Canadian securities rule that requires public companies to regularly publish clear, standardized information about their finances and significant developments, such as quarterly and annual reports, management discussion and analysis, and notices of material changes. For investors it acts like a rule forcing businesses to keep their financial “windows” clear and up to date, making it easier to compare companies, spot risks, and make informed decisions.
continuous disclosure documents regulatory
"relies on the continuous disclosure documents filed by South Bow Corporation"
Documents a publicly traded company must routinely publish to keep investors and the market informed about material developments that could affect the share price. Think of them as a running log or live scoreboard: they include financial reports, major contracts or deals, leadership changes, legal issues, and other events that change the company’s outlook. Investors rely on them to judge risk, price shares fairly, and make timely decisions.
credit support issuers regulatory
"exemption for certain credit support issuers"
consolidating adjustments financial
"This column includes the necessary adjustments to eliminate the intercompany balances"
non-guarantor subsidiaries financial
"the non-guarantor subsidiaries of South Bow other than the Company"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What does South Bow Corporation (SOBO) disclose about its credit support structure?
South Bow Corporation explains that it fully and unconditionally guarantees the note payment obligations of its 100% owned subsidiaries, South Bow USA Infrastructure Holdings LLC and South Bow Canadian Infrastructure Holdings Ltd. These entities rely on South Bow’s continuous disclosure documents under Section 13.4 of National Instrument 51-102.
What revenue did South Bow (SOBO) report in the summary for the six months ended June 30, 2026?
The consolidating summary shows total consolidated revenue of 1,037 million U.S. dollars for the six months ended June 30, 2026, compared with 1,022 million U.S. dollars for the same period in 2025, based on unaudited information prepared under securities regulatory requirements.
What net income did South Bow Corporation (SOBO) report in the unaudited summary?
Total consolidated net income for South Bow was 211 million U.S. dollars for the six months ended June 30, 2026, versus 184 million U.S. dollars in 2025. These figures come from unaudited consolidating summary financial information accompanying the credit support issuer notices.
What key balance sheet figures does South Bow (SOBO) provide as of June 30, 2026?
As of 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. Current liabilities were 1,576 million U.S. dollars and non-current liabilities were 7,141 million U.S. dollars, based on unaudited summary data.
What does it mean that South Bow USA Infrastructure Holdings LLC relies on South Bow’s continuous disclosure?
South Bow USA Infrastructure Holdings LLC states it relies on continuous disclosure documents filed by South Bow Corporation, using an exemption in Section 13.4 of National Instrument 51-102. Investors are directed to South Bow’s filings on SEDAR+ instead of separate full reporting by the subsidiary.
What similar disclosure is made for South Bow Canadian Infrastructure Holdings Ltd. (SOBO)?
South Bow Canadian Infrastructure Holdings Ltd. also relies on South Bow’s continuous disclosure under the same National Instrument 51-102 exemption. It provides the same style of unaudited consolidating summary financial information, with South Bow fully and unconditionally guaranteeing its note payment obligations.
UNITED STATES
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 August 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.
| EXHIBIT INDEX | ||||||||
| 99.1 | Notice of Reliance for South Bow USA Infrastructure Holdings LLC (2026.06) | ||||||||||||||||
| 99.2 | Notice of Reliance for South Bow Canadian Infrastructure Holdings Ltd. (2026.06) | ||||||||||||||||
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: August 5, 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
August 5, 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 six months ended June 30, 2026 and 2025 and as at June 30, 2026 and December 31, 2025, 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 six months ended June 30, 2026 and 2025 (1):
| (millions of U.S. dollars) | South Bow (Parent Credit Supporter) | Company (Credit Support Issuer) | Subsidiary Credit Supporters | Other South Bow Subsidiaries | Consolidating Adjustments (2) | Total Consolidated Amounts | ||||||||||||||||||||||||||||||||
| For the six months ended June 30, | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Revenue | — | — | — | — | — | — | 1,349 | 1,279 | (312) | (257) | 1,037 | 1,022 | ||||||||||||||||||||||||||
| Net income (loss) | (5) | (2) | (307) | (277) | (101) | (71) | 624 | 546 | — | (12) | 211 | 184 | ||||||||||||||||||||||||||
As at June 30, 2026 and December 31, 2025 (1):
| (millions of U.S. dollars) | South Bow (Parent Credit Supporter) | Company (Credit Support Issuer) | Subsidiary Credit Supporters | Other South Bow Subsidiaries | Consolidating Adjustments (2) | Total Consolidated Amounts | ||||||||||||||||||||||||||||||||
| As at | June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||
| Current assets | 11 | 31 | 19 | — | — | — | 3,485 | 3,893 | (1,114) | (1,909) | 2,401 | 2,015 | ||||||||||||||||||||||||||
| Non-current assets | 1,656 | 1,864 | 5,493 | 6,864 | 2,646 | 2,678 | 23,351 | 26,303 | (24,165) | (28,531) | 8,981 | 9,178 | ||||||||||||||||||||||||||
| Current liabilities | 104 | 126 | 304 | 1,357 | 920 | 660 | 1,411 | 1,155 | (1,163) | (1,957) | 1,576 | 1,341 | ||||||||||||||||||||||||||
| Non-current liabilities | (1) | (1) | 7,682 | 7,675 | 2,585 | 2,630 | 3,433 | 3,412 | (6,558) | (6,573) | 7,141 | 7,143 | ||||||||||||||||||||||||||
(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) 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
August 5, 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 six months ended June 30, 2026 and 2025, and as at June 30, 2026 and December 31, 2025, 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 six months ended June 30, 2026 and 2025 (1):
| (millions of U.S. dollars) | South Bow (Parent Credit Supporter) | Company (Credit Support Issuer) | Subsidiary Credit Supporters | Other South Bow Subsidiaries | Consolidating Adjustments (2) | Total Consolidated Amounts | ||||||||||||||||||||||||||||||||
| For the six months ended June 30, | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Revenue | — | — | — | — | — | — | 1,349 | 1,279 | (312) | (257) | 1,037 | 1,022 | ||||||||||||||||||||||||||
| Net income (loss) | (5) | (2) | (83) | (62) | (325) | (286) | 624 | 546 | — | (12) | 211 | 184 | ||||||||||||||||||||||||||
As at June 30, 2026 and December 31, 2025 (1):
| (millions of U.S. dollars) | South Bow (Parent Credit Supporter) | Company (Credit Support Issuer) | Subsidiary Credit Supporters | Other South Bow Subsidiaries | Consolidating Adjustments (2) | Total Consolidated Amounts | ||||||||||||||||||||||||||||||||
| As at | June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||
| Current assets | 11 | 31 | — | — | 19 | — | 3,485 | 3,893 | (1,114) | (1,909) | 2,401 | 2,015 | ||||||||||||||||||||||||||
| Non-current assets | 1,656 | 1,864 | 1,935 | 1,958 | 6,204 | 7,584 | 23,351 | 26,303 | (24,165) | (28,531) | 8,981 | 9,178 | ||||||||||||||||||||||||||
| Current liabilities | 104 | 126 | 281 | 223 | 943 | 1,794 | 1,411 | 1,155 | (1,163) | (1,957) | 1,576 | 1,341 | ||||||||||||||||||||||||||
| Non-current liabilities | (1) | (1) | 2,255 | 2,286 | 8,012 | 8,019 | 3,433 | 3,412 | (6,558) | (6,573) | 7,141 | 7,143 | ||||||||||||||||||||||||||
(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) 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.