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South Bow Corp (TSE:SOBO)
TSX:SOBO
Earnings Data
Report Date
May 14, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.58Last Year’s EPS
0.64Same Quarter Last Year
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a constructive and resilient tone: management reported modest beats to guidance (normalized EBITDA +1%), strong distributable cash flow (+>30% vs original guidance), excellent safety and project execution (Blackrod on time/on budget), and clear de-leveraging and capital-allocation priorities. Offsetting these positives are ongoing impacts from the Milepost 171 incident (pressure restrictions limiting spot capacity and near-term upside), residual marketing volatility earlier in the year, elevated leverage (4.7x) until de-leveraging progresses, and uncertainty around the commercialization, financing and permitting timelines for the Prairie Connector. Overall, operational execution and cash generation were emphasized as strengths while regulatory, capacity and commercialization uncertainties remain material near-term challenges.Company Guidance
Normalized EBITDA Slightly Above Expectations
Reported normalized EBITDA of $1.02 billion in 2025, modestly ahead of guidance of $1.01 billion (≈1% beat), driven by out-performance in the Marketing segment.
Strong Distributable Cash Flow and Dividend Return
Distributable cash flow of $709 million in 2025 (in line with revised guidance and >30% above original guidance). Returned $416 million to shareholders (equal to $2.00 per share) through the sustainable dividend.
Safety and Execution Track Record
Delivered more than 2.5 million work hours with 0 recordable safety incidents. Blackrod Connection project placed into commercial service in <24 months from sanctioning, on time and on budget with exceptional safety performance.
Progress on Milepost 171 Remedial Actions and Integrity Work
Significant remedial progress: 11 in-line inspection runs and 51 integrity digs investigating 68 pipe joints completed to date; working with vendors to enhance tool performance and detection capabilities; phased lifting of pressure restrictions anticipated as findings are shared with regulators.
Balance Sheet and De-leveraging Momentum
Exited 2025 with net-debt to normalized EBITDA of 4.7x, modestly better than the 4.8x expectation (≈2% improvement). Reaffirmed leverage target of 4x in the medium term and stated intention to prioritize de-leveraging while funding measured growth.
Organic Growth Pathways and Customer-Led Strategy
Advanced first growth initiative (Blackrod) and launched an open season for Prairie Connector to leverage pre-invested corridors. Management emphasized organic projects with expected accretive EV/EBITDA multiples (6x–8x range) and potential inorganic complements.
Operational Stability from Contracted Cash Flows and Tax Optimization
Approximately 90% of business under long-term contracts providing predictable cash flows; tax team delivered notable optimization benefits contributing to free cash flow and de-leveraging capacity.
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 |
|---|---|---|---|
Mar 05, 2026 | C$45.55 | C$45.47 | -0.18% |
Nov 13, 2025 | C$36.58 | C$38.45 | +5.11% |
Aug 06, 2025 | C$36.29 | C$36.72 | +1.18% |
May 15, 2025 | C$34.83 | C$33.38 | -4.16% |
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 May 14, 2026, Before Open (Confirmed).
What is South Bow Corp (TSE:SOBO) earnings time?
South Bow Corp (TSE:SOBO) earnings time is at May 14, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TSE:SOBO EPS forecast?
TSE:SOBO EPS forecast for the fiscal quarter 2026 (Q1) is 0.58.