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Mar 31, 2025
South Bow Corp Q1 2025 Earnings Report
South Bow Corp reported its Q1 2025 financial results with a solid net income of $88 million and strong operational metrics despite market volatility.
Key Takeaways
South Bow delivered $498 million in revenue and $88 million in net income during Q1 2025, with adjusted EPS of $0.47. Normalized EBITDA reached $266 million, and distributable cash flow totaled $151 million. The company maintained its leverage position while investing in strategic infrastructure and addressing operational incidents responsibly.
Generated $498 million in revenue and $88 million in net income in Q1 2025.
Normalized EBITDA was $266 million, slightly down from Q4 2024.
Declared $104 million in dividends during the quarter ($0.50/share).
Responded swiftly to the MP-171 pipeline incident and resumed operations under PHMSA oversight.
Forward Guidance
South Bow reaffirmed its full-year 2025 normalized EBITDA guidance of approximately $1.01 billion despite the MP-171 incident, with 90% of EBITDA secured through committed contracts.
Positive Outlook
- Strong Q1 2025 performance supports guidance midpoint.
- 90% of EBITDA secured through long-term contracts.
- Continued investment in Blackrod Connection Project.
- Minimal exposure to commodity pricing volatility.
- Implementation of new SCADA system underway.
Challenges Ahead
- Reduced upper end of normalized EBITDA guidance to +1%.
- Expectations of lower uncommitted capacity demand.
- Q2 2025 EBITDA expected 7-8% lower than Q1.
- Marketing segment losses due to early 2025 volatility.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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