South Bow nine-month net income rises to $310M
South Bow guarantees both subsidiaries’ note-payment obligations, while consolidated nine-month net income was $310 million, compared with $277 million in 2025.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
6-K
Rhea-AI Filing Summary
South Bow Corp (SOBO) furnished unaudited consolidating summaries with notices that South Bow USA Infrastructure Holdings LLC and South Bow Canadian Infrastructure Holdings Ltd. rely on South Bow’s continuous disclosure documents under Section 13.4 of NI 51-102. South Bow fully and unconditionally guarantees each subsidiary’s payment obligations under notes issued by that subsidiary; each is described as a 100%-owned subsidiary.
For the nine months ended September 30, 2026, consolidated revenue was $1.540 billion, compared with $1.483 billion in 2025, and net income was $310 million, versus $277 million. At September 30, 2026, consolidated current assets were $2.115 billion and current liabilities were $2.127 billion. The information was unaudited and had not been audited or reviewed by the auditor.
1 point · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month net income: $310 million in 2026, versus $277 million in 2025.
Negative
- None.
Filing Explained
The filing adds entity-level detail beyond the consolidated figures: as of
Key Figures
Revenue: $1.540 billion in 2026; $1.483 billion in 2025
Net income: $310 million in 2026; $277 million in 2025
Current assets: $2.115 billion at September 30, 2026; $2.015 billion at December 31, 2025
+3 more
6 metrics
Revenue
$1.540 billion in 2026; $1.483 billion in 2025
Nine months ended September 30
Net income
$310 million in 2026; $277 million in 2025
Nine months ended September 30
Current assets
$2.115 billion at September 30, 2026; $2.015 billion at December 31, 2025
Consolidated amounts
Non-current assets
$8.922 billion at September 30, 2026; $9.178 billion at December 31, 2025
Consolidated amounts
Current liabilities
$2.127 billion at September 30, 2026; $1.341 billion at December 31, 2025
Consolidated amounts
Non-current liabilities
$6.247 billion at September 30, 2026; $7.143 billion at December 31, 2025
Consolidated amounts
Key Terms
Credit Support Issuer, equity method, Consolidating Adjustments, continuous disclosure documents
4 terms
Credit Support Issuer financial
"the Company (as Credit Support Issuer)"
equity method financial
"investments in subsidiaries are accounted for using the equity method"
An equity method investment is an accounting approach used when a company owns enough of another business to influence its decisions but not control it (commonly around 20–50% ownership). Instead of counting only dividends, the investor records its share of the other company’s profits and losses on its own income statement and adjusts the investment’s value on the balance sheet—like tracking a friend’s joint project by noting your share of their gains or setbacks. For investors, this matters because it can significantly affect reported earnings, asset values, and the apparent strength of a company’s financial results.
Consolidating Adjustments financial
"Consolidating Adjustments"
continuous disclosure documents regulatory
"relies on the continuous disclosure documents of South Bow"
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue and net income did SOBO report for the nine months ended September 30, 2026?
For the nine months ended September 30, 2026, SOBO reported consolidated revenue of $1.540 billion and net income of $310 million; the corresponding 2025 figures were $1.483 billion and $277 million.
What guarantee does SOBO provide for its subsidiaries’ notes?
South Bow fully and unconditionally guarantees the payment obligations of South Bow USA Infrastructure Holdings LLC and South Bow Canadian Infrastructure Holdings Ltd. under notes each subsidiary issued; each is described as South Bow’s 100%-owned subsidiary.
Were SOBO’s subsidiary financial summaries audited?
No. The summaries are unaudited and had not been audited or reviewed by the auditor; investments in subsidiaries are accounted for using the equity method.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 November 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 (2026.09) | ||||||||||||||||
| 99.2 | Notice of Reliance for South Bow Canadian Infrastructure Holdings Ltd. (2026.09) | ||||||||||||||||
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: November 4, 2026
| SOUTH BOW CORPORATION | ||||||||||||||||||||||||||
| By: | /s/ Richard J. Prior | |||||||||||||||||||||||||
| Name: Richard J. Prior | ||||||||||||||||||||||||||
| Title: Senior Vice-President and Chief Commercial Officer | ||||||||||||||||||||||||||
Exhibit 99.1
NOTICE OF RELIANCE
SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 - CONTINUOUS DISCLOSURE OBLIGATIONS
November 4, 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/ Richard J. Prior | |||||
Richard J. Prior 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 nine months ended September 30, 2026 and 2025 and as at September 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 nine months ended September 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 nine months ended September 30, | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Revenue | — | — | — | — | — | — | 1,947 | 2,016 | (407) | (533) | 1,540 | 1,483 | ||||||||||||||||||||||||||
| Net income (loss) | (6) | (5) | (387) | (339) | (147) | (111) | 850 | 744 | — | (12) | 310 | 277 | ||||||||||||||||||||||||||
As at September 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 | September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||
| Current assets | 14 | 31 | — | — | — | — | 3,319 | 3,893 | (1,218) | (1,909) | 2,115 | 2,015 | ||||||||||||||||||||||||||
| Non-current assets | 1,551 | 1,864 | 5,095 | 6,864 | 2,652 | 2,678 | 22,178 | 26,303 | (22,554) | (28,531) | 8,922 | 9,178 | ||||||||||||||||||||||||||
| Current liabilities | 105 | 126 | 855 | 1,357 | 1,072 | 660 | 1,362 | 1,155 | (1,267) | (1,957) | 2,127 | 1,341 | ||||||||||||||||||||||||||
| Non-current liabilities | (1) | (1) | 6,795 | 7,675 | 2,589 | 2,630 | 3,421 | 3,412 | (6,557) | (6,573) | 6,247 | 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
November 4, 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 nine months ended September 30, 2026 and 2025, and as at September 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 nine months ended September 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 nine months ended September 30, | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Revenue | — | — | — | — | — | — | 1,947 | 2,016 | (407) | (533) | 1,540 | 1,483 | ||||||||||||||||||||||||||
| Net income (loss) | (6) | (5) | (122) | (93) | (412) | (357) | 850 | 744 | — | (12) | 310 | 277 | ||||||||||||||||||||||||||
As at September 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 | September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||
| Current assets | 14 | 31 | — | — | — | — | 3,319 | 3,893 | (1,218) | (1,909) | 2,115 | 2,015 | ||||||||||||||||||||||||||
| Non-current assets | 1,551 | 1,864 | 1,932 | 1,958 | 5,815 | 7,584 | 22,178 | 26,303 | (22,554) | (28,531) | 8,922 | 9,178 | ||||||||||||||||||||||||||
| Current liabilities | 105 | 126 | 315 | 223 | 1,612 | 1,794 | 1,362 | 1,155 | (1,267) | (1,957) | 2,127 | 1,341 | ||||||||||||||||||||||||||
| Non-current liabilities | (1) | (1) | 2,258 | 2,286 | 7,126 | 8,019 | 3,421 | 3,412 | (6,557) | (6,573) | 6,247 | 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.