South Bow reaffirms 2025 guidance for normalized EBITDA

South Bow (SOBO) is reaffirming its 2025 guidance for normalized EBITDA, including forecasting the Marketing segment to be approximately $30M lower in 2025 compared to 2024. South Bow is revising its outlook for distributable cash flow in 2025 to $700M, within a range of 2%, to reflect lower expected current taxes resulting from changes in U.S. tax legislation and South Bow’s tax optimization efforts, and higher expected interest income and other. With lower expected current taxes in 2025, South Bow’s effective tax rate is now expected to range between 20% and 21%. All other guidance items remain unchanged.