South Bow Corp (TSE:SOBO)
TSX:SOBO
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Earnings Data
Report Date
Aug 05, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.59Last Year’s EPS
0.58Same Quarter Last Year
Based on 13 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call conveyed a measured, disciplined tone: solid first-quarter financial results (Q1 normalized EBITDA $257M), confirmed full-year guidance ($1.03B ±2%), strong operational performance (95% operating factor, ~615k bpd throughput), and progress on integrity and commercial milestones (BlackRock in service; Prairie Connector evaluation; Bridger permit). However, important near-term uncertainties remain—Prairie Connector commercial and permitting outcomes are unresolved, some Keystone pressure restrictions will persist into 2027, the Keystone segment saw a QoQ EBITDA decline, and leverage remains elevated at 4.7x. Management emphasized capital discipline, dividend priority, and conservative financing approaches. Overall, positives around operations, guidance reaffirmation, and project milestones are balanced by meaningful project and regulatory uncertainties and remaining integrity constraints.Company Guidance
Normalized EBITDA in Line with Expectations
Normalized EBITDA of $257 million in Q1 2026, modestly higher than 2025 and in line with market expectations; reaffirmed full-year normalized EBITDA outlook of $1.03 billion within a +/-2% range.
Strong Throughput and Operating Efficiency
Keystone operated at a 95% system operating factor and transported more than 600,000 barrels per day during the quarter (approximately 615,000 bpd in Q1), moving volumes beyond contracted levels.
Commercial Milestones and Project Progress
BlackRock Connection project placed into commercial service; open season for Prairie Connector closed and is in a 60-day evaluation period; U.S. presidential permit issued to Bridger Pipeline for cross-border facilities—a meaningful permitting development.
Safety and Integrity Advancements
Remedial integrity program progressing: in-line inspections and digs underway; completed three successful runs of a new phased-array ultrasonic inspection tool that enhances detection capabilities; phased lifting of pressure restrictions expected to begin later in 2026.
Distributable Cash Flow and Capital Allocation
Distributable cash flow of $168 million in Q1 (increase quarter-over-quarter driven by lower current taxes); full-year DCF guidance maintained at $655 million; management reiterates disciplined capital allocation and dividend priority.
Dividend and Balance Sheet Discipline
Board approved quarterly dividend of $0.50 per share; net debt to normalized EBITDA was 4.7x at quarter end (unchanged from Dec. 31), with management targeting leverage improvements as BlackRock cash flows ramp in H2 2026.
Marketing and Short-Term Market Capture
Marketing segment contributed incremental EBITDA (noted $9 million of EBITDA capture this quarter) by taking advantage of market volatility; management expects any additional Marketing upside to remain within guidance.
Incremental Free Cash Flow Capacity
Management noted reserved free cash flow previously ~ $150 million per year for reinvestment, expected to increase to ~ $180 million per year with BlackRock ramp (+~20%), supporting smaller-scale, customer-led opportunities.
TSE:SOBO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:SOBO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 07, 2026 | C$47.92 | C$47.50 | -0.88% |
Mar 05, 2026 | C$44.88 | C$44.80 | -0.18% |
Nov 13, 2025 | C$35.41 | C$37.22 | +5.11% |
Aug 06, 2025 | C$35.13 | C$35.55 | +1.19% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does South Bow Corp (TSE:SOBO) report earnings?
South Bow Corp (TSE:SOBO) is schdueled to report earning on Aug 05, 2026, Before Open (Confirmed).
What is South Bow Corp (TSE:SOBO) earnings time?
South Bow Corp (TSE:SOBO) earnings time is at Aug 05, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is TSE:SOBO EPS forecast?
TSE:SOBO EPS forecast for the fiscal quarter 2026 (Q2) is 0.59.