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]

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].