Stable Earnings and Financial Strength
South Bow reported a normalized EBITDA of $250 million and distributable cash flow of $236 million in Q3 2025, with a full-year forecast for normalized EBITDA reaffirmed at $1.01 billion.
Successful Execution of Blackrod Project
The Blackrod project achieved overall mechanical completion and placed a 25-kilometer natural gas lateral into service on schedule and within budget.
Dividend and Shareholder Returns
The Board approved a quarterly dividend of $0.50 per share, reinforcing the importance of dividends in South Bow's total return proposition.
Tax Optimization Wins
A $71 million tax recovery was achieved due to changes in U.S. tax legislation and optimization efforts, improving distributable cash flow.
Indemnification and Legal Resolution
Legal proceedings related to variable toll disputes were resolved, and South Bow was indemnified up to USD 22 million for pre-spin issues.