South Bow Corporation(SOBO) - 2025 Q3 - Quarterly Report

Exhibit 99.1 Management's Discussion and Analysis Basis of Presentation The following management's discussion and analysis ("MD&A") was prepared as of November 13, 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 and nine months ended Septe ...