South Bow Q4 Earnings Call Highlights

South Bow reported Distributable Cash Flow of $709 million , which Dafoe said was in line with revised guidance and “more than 30% above” the company’s original guidance. The stronger free cash flow allowed the company to accelerate deleveraging, ending 2025 with a net debt-to-normalized EBITDA ratio of 4.7x , slightly better than the 4.8x it expected.Dafoe emphasized that roughly 90% of the business is supported by long-term contracted cash flows, while the marketing affiliate “does make small contribution ...