1 week ago
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MarketBeat
Fri, March 6, 2026 astatine 10:27 AM CST 8 min read
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South Bow posted somewhat better-than-expected 2025 results with normalized EBITDA of $1.02 billion, Distributable Cash Flow of $709 million, returned $416 million (≈$2/share) and finished 2025 with nett debt-to-EBITDA of 4.7x, portion reiterating a medium-term deleveraging people of 4.0x and dividend increases lone erstwhile payout and leverage guardrails are met.
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The Blackrod Connection Project entered commercialized work connected clip and connected fund with exceptional information performance; commissioning and capable volition proceed done H2 2026 with a full-year EBITDA publication expected successful 2027.
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On Keystone’s Milepost 171, South Bow completed extended remedial enactment (including 11 in-line inspections and 51 digs crossed 68 joints) and targets phased lifting of restrictions—management said the Corrective Action Order could beryllium lifted by end-2026 but noted the strategy is 94% take-or-pay, limiting spot upside until capableness and marketplace conditions amended into 2027.
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South Bow (NYSE:SOBO) executives utilized the company’s fourth-quarter and year-end 2025 net telephone to item somewhat better-than-expected yearly results, advancement connected the Keystone Pipeline’s Milepost 171 response, and the completion of its archetypal maturation project, portion reiterating a absorption connected safety, fiscal discipline, and equilibrium expanse improvement.
Chief Financial Officer Van Dafoe said South Bow delivered “solid results contempt a challenging backdrop,” citing geopolitical and marketplace uncertainty, choky pricing differentials, and unit restrictions pursuing Milepost 171. The institution reported normalized EBITDA of $1.02 billion for 2025, somewhat supra its anticipation of $1.01 billion, with a “modest outperformance” driven by its selling segment.
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Dafoe emphasized that astir 90% of the concern is supported by semipermanent contracted currency flows, portion the selling affiliate “does marque tiny contributions” to results. He said the institution reduced hazard vulnerability aboriginal successful the twelvemonth amid volatility and that the squad was capable to “partially offset immoderate of those losses.” Dafoe besides credited taxation optimization efforts during the year.
South Bow reported Distributable Cash Flow of $709 million, which Dafoe said was successful enactment with revised guidance and “more than 30% above” the company’s archetypal guidance. The stronger escaped currency travel allowed the institution to accelerate deleveraging, ending 2025 with a nett debt-to-normalized EBITDA ratio of 4.7x, somewhat amended than the 4.8x it expected.
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