South Bow Corp (NYSE:SOBO)

Q3 2025 South Bow Corp Earnings Call Transcript

Nov 14, 2025 / 03:00 PM GMT

Release Date Price: $27.42 (+5.06%)

Transcript

Key Points

Positve

South Bow Corp (SOBO) demonstrated resilience with a stable earnings profile, allowing for meaningful capital allocation, including a sustainable dividend and funding the Black Rod growth project.
The company is nearing the completion of transition services with TC Energy, ahead of schedule, leading to cost savings and a stronger bottom line.
Successful execution of the Black Rod project, which is on schedule, within budget, and boasts an exceptional safety record.
SOBO's assets are strategically positioned to serve customer needs, enhancing competitiveness and being the first choice for customers.
Strong third-quarter performance with normalized EBITDA of $250 million and a distributable cash flow of $236 million, benefiting from tax optimization.

Negative

Pressure restrictions on the Keystone pipeline are expected to remain in place until 2026, potentially impacting revenue from uncommitted volumes.
The company faces challenges in optimizing processes due to transition agreements, which may delay cost savings realization.
Marketing losses earlier in the year, although offset, indicate volatility in certain segments.
Future EBITDA and cash flow are contingent on lifting pressure restrictions and favorable price differentials, introducing uncertainty.
The company has not yet sanctioned new capital projects, which could impact growth projections if not addressed soon.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SOBO.TO - South Bow Corp
Q3 2025 South Bow Corp Earnings Call
Nov 14, 2025 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by. Welcome to the South Polet 3rd quarter 2025 conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask the question during this session, you will need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press 11 again.

Please be advised that today's conference be recorded. I like the conference over to your first speaker today, Martha Wilmott, director of investment relations. Please go ahead.

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Unidentified_2 [2]

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