Company Overview - South Bow Corp. operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast [6] - The company is based in Calgary, Alberta, and is an investment-grade spinoff of TC Energy, having become a standalone entity on October 1, 2024 [6] Financial Results Announcement - South Bow Corp. will release its second-quarter 2025 financial and operational results after the close of markets on August 6, 2025 [1] - A conference call and webcast to discuss these results will be held on August 7, 2025, at 8 a.m. MT (10 a.m. ET) [2] Conference Call Details - Participants can register for the conference call via a provided link to receive a unique PIN for access [3] - The conference call can be accessed by telephone or through an automated call option [3] - A replay of the event will be available on the company's investor relations website [4]

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Financial Data and Key Metrics Changes - The company reported a normalized EBITDA of $266 million for the first quarter of 2025, indicating a solid financial start to the year [5][9] - The company reaffirmed its normalized EBITDA guidance for 2025 at $1.01 billion, with 90% of EBITDA contracted over the next seven years, minimizing commodity price and volumetric risks [9][16] Business Line Data and Key Metrics Changes - The company successfully completed the pipeline scope of the Blackrod Connection project, which is expected to contribute to future EBITDA growth [5][18] - The company maintained a system operating factor of 98% in the first quarter, demonstrating effective operations and strong system availability [13][75] Market Data and Key Metrics Changes - The company noted that 94% of its volumes are fully committed, with only 6% reserved for uncontracted volumes, indicating a stable market position despite headwinds [46] - The company experienced volatility in uncontracted capacity due to additional pipeline egress capacity and tariff uncertainties, but this was anticipated [46][48] Company Strategy and Development Direction - The company is focused on maintaining a risk-managed approach to capital allocation while strengthening its investment-grade financial position [20] - The management emphasized the importance of pipeline integrity and safety, committing to ongoing investments in integrity programs [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet its contractual commitments despite operational restrictions due to the Milepost 171 incident [12][34] - The management highlighted the importance of transparency with stakeholders as they navigate the aftermath of the incident and work on remedial actions [19][45] Other Important Information - The company declared a quarterly dividend of $0.50 per share, payable on July 15, indicating a commitment to returning value to shareholders [6] - The company is coordinating closely with regulators and third-party experts to investigate the Milepost 171 incident and implement enhanced integrity programs [13][14] Q&A Session Summary Question: Can you elaborate on the range of outcomes post-incident? - Management emphasized that 90% of EBITDA is contracted, reducing risk on the base business, and they are working closely with regulators to assess maintenance activities [24][26] Question: What are the expectations regarding pressure restrictions and their duration? - Management indicated it is too early to speculate on the timeframe for pressure restrictions, as investigations are ongoing [33][36] Question: How will the incident impact leverage and costs? - Management expects all costs related to the incident to be covered by insurance or through variable tolls, maintaining the debt to EBITDA ratio [42][43] Question: What is the outlook for uncommitted volumes? - Management noted that while there are headwinds against uncontracted barrels, the base business remains stable due to high contract commitments [46][48] Question: How does the company view long-term EBITDA growth? - Management remains optimistic about the Blackrod project contributing to future growth and sees potential tightening of egress volumes in 2026 [51][53] Question: What is the company's stance on potential asset sales and partnerships? - Management stated that all assets are core and while there are no current plans for asset sales, they remain open to partnerships, particularly with First Nations [59][60] Question: How is the company addressing the market interest post-election? - Management reported consistent interest from customers on both ends of the system, indicating a positive outlook for future business development [66][67]

Financial Data and Key Metrics Changes - The company reported a normalized EBITDA of $266 million for the first quarter of 2025, demonstrating a solid financial start to the year [4] - The company reaffirmed its normalized EBITDA guidance for 2025 at $1.01 billion, indicating confidence in its financial resilience despite market volatility [8][13] Business Line Data and Key Metrics Changes - Approximately 90% of the company's EBITDA is contracted over the next seven years, which mitigates commodity price and volumetric risks [7] - The company successfully completed the pipeline scope of the Blackrod Connection project, contributing to its operational capabilities [5] Market Data and Key Metrics Changes - The company expects to maintain its contractual commitments of 585,000 barrels per day despite operational pressure restrictions due to the Milepost 171 incident [10][71] - The company has observed headwinds against uncontracted volumes due to increased pipeline egress capacity and tariff uncertainties [43][46] Company Strategy and Development Direction - The company is focused on maintaining a risk-managed approach to capital allocation while pursuing growth opportunities that leverage existing infrastructure [17] - The management emphasized the importance of pipeline integrity and safety, committing to ongoing investments in integrity programs [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of cash flows due to highly contracted business, despite challenges from the Milepost 171 incident [22] - The company is committed to providing transparent updates to stakeholders as it learns more about the incident and its implications [16] Other Important Information - The company has mobilized over 300 resources in response to the Milepost 171 incident, successfully containing environmental impacts and restoring operations [9][10] - The management highlighted that insurance policies are expected to cover most costs associated with the incident [10][40] Q&A Session Summary Question: Can you elaborate on the range of outcomes post-incident? - Management emphasized that 90% of EBITDA is contracted, reducing risk on the base business, and they are working closely with regulators to assess maintenance activities [21][22] Question: What are the learnings from the incident for future prevention? - Management stated that pipeline integrity and safety are top priorities, with significant investments made in inline inspections and integrity programs [24][25] Question: What is the expected duration of pressure restrictions? - Management indicated it is too early to speculate on the timeframe for pressure restrictions, as investigations are ongoing [30][32] Question: How will the incident impact leverage and costs? - Management expects all costs related to the incident to be covered by insurance or variable tolls, maintaining the debt to EBITDA ratio [39][40] Question: What is the outlook for uncommitted volumes? - Management noted that while there are headwinds against uncontracted barrels, the base business remains stable due to high contract commitments [43][46] Question: What is the long-term growth outlook? - Management highlighted the Blackrod project as a key contributor to future EBITDA growth, with expectations for tightening egress volumes in 2026 [49][50] Question: What is the company's stance on potential asset sales? - Management confirmed that all assets are core and there are no current plans for asset sales, but they remain open to future opportunities [57][58] Question: How is the company responding to market conditions post-election? - Management expressed optimism about the regulatory environment and its impact on capital allocation decisions [53][54]

Company Overview - South Bow operates a strategic liquids pipelines franchise connecting supply to demand markets in North America[2] - The pipeline footprint spans 4,900 km, delivering 1.25 million barrels per day (MMbbl/d) with a terminal storage capacity of 7.6 million barrels[2] - As of April 30, 2025, South Bow has 208 million shares outstanding, a market capitalization of $5.1 billion, and an enterprise value of $10.6 billion[3] - The company offers an annual base dividend of $2.00 per share, resulting in a dividend yield of approximately 8%[3] Financial Performance and Outlook - In Q1 2025, South Bow reported normalized EBITDA of $266 million[5] - The net debt-to-normalized EBITDA ratio was 4.6x in Q1 2025, with an expectation to increase to approximately 4.8x by the end of 2025 due to investments in the Blackrod Connection Project and spinoff costs[5, 9] - South Bow anticipates reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026[9] - The company expects 2025 normalized EBITDA to be $1,010 million, with a potential variance of +1%/-2%[65] Strategic Initiatives and Market Position - Approximately 90% of normalized EBITDA is contracted, with 96% of revenue exposure to investment-grade counterparties[14] - The Keystone Pipeline System spans 4,300 kilometers across three Canadian provinces and eight U S states[29] - The Blackrod Connection Project, with a capital cost of $180 million, is expected to be ready for in-service in early 2026 and has an EBITDA build multiple of approximately 6x[54]

Exhibit 99.1 Management's Discussion and Analysis Basis of Presentation The following management's discussion and analysis ("MD&A") was prepared as of May 15, 2025 and is a review of the results of operations and the financial condition of South Bow Corporation and its subsidiaries (collectively, "South Bow" or the "Company"). This MD&A should be read in conjunction with the accompanying unaudited consolidated interim financial statements of South Bow as at and for the three months ended March 31, 2025 and ...

Core Points - South Bow Corp. held its annual general meeting on May 15, 2025, where shareholders approved all resolutions presented [1][2] - The company appointed 11 board members with voting in favor ranging from 96.51% to 99.83% [1] - KPMG LLP was appointed as the company's auditors with 99.76% of votes in favor [2] - The approach to executive compensation was accepted with 95.95% of votes in favor [2] Company Overview - South Bow operates 4,900 kilometers (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets [2] - The company is based in Calgary, Alberta, and is a spinoff from TC Energy, officially becoming a standalone entity on October 1, 2024 [2]

Core Viewpoint - South Bow Corp. reported its first-quarter 2025 financial and operational results, demonstrating resilience despite market volatility and outlining its outlook for the year ahead [1]. Financial Performance - Revenue for Q1 2025 was $498 million, with a net income of $88 million, translating to $0.42 per share [5][7]. - Normalized EBITDA for the quarter was $266 million, reflecting an 8% decrease from Q4 2024 due to lower demand for uncommitted capacity [5][7]. - Distributable cash flow amounted to $151 million, with total long-term debt and net debt remaining stable at $5.7 billion and $4.9 billion, respectively [5][7]. - The company declared dividends totaling $104 million, or $0.50 per share, during the first quarter [5][7]. Operational Performance - The Keystone Pipeline recorded a throughput of approximately 613,000 barrels per day (bbl/d) with a System Operating Factor (SOF) of 98% [5][7]. - The U.S. Gulf Coast segment of the Keystone Pipeline System had a throughput of approximately 726,000 bbl/d [5][7]. - The Blackrod Connection Project's construction was completed, and the facility is expected to be in service by early 2026, with cash flows anticipated to increase through 2027 [5][7]. Market Outlook - The crude oil pipeline capacity in the Western Canadian Sedimentary Basin continues to exceed supply, leading to low demand for uncommitted capacity on the Keystone Pipeline in the near term [11]. - Economic and geopolitical uncertainties, including rapidly changing global trade policies, have contributed to significant volatility in commodity prices [11]. 2025 Guidance - South Bow reaffirmed its guidance for normalized EBITDA of approximately $1.01 billion for 2025, with 90% of this secured through committed arrangements [17]. - The company adjusted its normalized EBITDA guidance range to $1.01 billion +/- 1% / -2% due to strong Q1 performance [17]. - Normalized EBITDA for Q2 2025 is expected to be approximately 7% to 8% lower than Q1 2025 [17]. Capital Allocation Priorities - The company focuses on paying a sustainable base dividend, strengthening its investment-grade financial position, and leveraging existing infrastructure to enhance customer offerings [17].

Core Viewpoint - South Bow Corp. has successfully restarted the Keystone Pipeline after receiving regulatory approval following an oil release incident on April 8, 2025, near Fort Ransom, North Dakota [1][3]. Group 1: Incident Response and Recovery - South Bow has repaired and replaced the affected pipeline section and has recovered most of the estimated 3,500 barrels of oil released, focusing on soil remediation [2]. - The company is committed to the safety of personnel and minimizing environmental risks, with continuous air quality monitoring showing no adverse health concerns [2]. - A Corrective Action Order was issued by PHMSA on April 11, 2025, requiring South Bow to implement specific corrective actions, which included a restart plan that has been approved [3]. Group 2: Regulatory Compliance and Operations - The Keystone Pipeline is now operating under certain pressure restrictions as mandated by PHMSA, and South Bow has also informed the Canada Energy Regulator about similar restrictions on the Canadian sections of the pipeline [3]. - The pipeline was operating within its design and regulatory approval requirements at the time of the incident [3]. - South Bow is actively engaging with regulators, local officials, landowners, and the community during the recovery process [2][3]. Group 3: Communication and Updates - South Bow will continue to provide updates regarding the incident and recovery efforts on its website [4].

Core Points - South Bow Corp. will release its first-quarter 2025 financial and operational results on May 15, 2025, after market close [1] - A conference call and webcast to discuss these results will be held on May 16, 2025, at 8 a.m. MT (10 a.m. ET) [2] - The annual general meeting of shareholders will take place virtually on May 15, 2025, at 8 a.m. MT (10 a.m. ET) [5] Financial and Operational Results - The first-quarter 2025 financial results will be available after market close on May 15, 2025 [1] - Audited consolidated financial statements for the year ended December 31, 2024, are accessible on South Bow's website and through regulatory filings [7] Conference Call and Meeting Details - The conference call will provide an opportunity for stakeholders to discuss the first-quarter results [2] - Registration is required to access the conference call, and participants will receive a unique PIN [3] - The annual meeting will enable greater shareholder attendance and participation through a live audio webcast [5][6]