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Jun 30
South Bow Corp Q2 2025 Earnings Report
South Bow reported Q2 2025 results.
Key Takeaways
South Bow generated revenue of $524 million and net income of $96 million ($0.46 per share), produced normalized EBITDA of $250 million and distributable cash flow of $167 million, maintained net debt of $4.903 billion and declared $104 million in dividends.
Revenue of $524 million in Q2 2025.
GAAP net income of $96 million, or $0.46 per share.
Normalized EBITDA of $250 million and distributable cash flow of $167 million.
Declared dividends of $104 million and kept net debt at $4.903 billion.
South Bow Corp
South Bow Corp
Forward Guidance
South Bow reaffirmed its full-year 2025 guidance, expecting normalized EBITDA of ~$1.01 billion, distributable cash flow of $590 million, and maintenance capex of $55 million, with Q3 normalized EBITDA roughly unchanged from Q2.
Positive Outlook
- Reaffirmed 2025 normalized EBITDA guidance of $1.01 billion (±1/-2%).
- Q3 2025 normalized EBITDA expected to be similar to Q2’s $250 million.
- Raised full-year distributable cash flow guidance to $590 million (±3%).
- Maintained 2025 maintenance capital expenditures guidance at $55 million (±3%).
- Anticipate exiting 2025 with net debt/EBITDA around 4.8× after project cash flows.