South Bow at a Glance A strategic liquids pipelines franchise connecting resilient supply to the strongest demand markets in North America OPERATIONAL HIGHLIGHTS Liquids Pipeline Liquids Tank Terminal 4,900 km Pipeline footprint…
Q2 2025 Highlights Safely responded to Milepost 171 incident and commenced long-term system integrity activities FINANCIAL STABILITY MILEPOST 171 UPDATE 250 MM Delivered stable results due to strong Cleanup and reclamation of incident…
Unrivalled Corridor Safely and reliably delivering a premium service to customers South Bow Pipeline CONNECTS NORTH AMERICA'S STRONGEST South Bow Tank Terminal SUPPLY AND DEMAND MARKETS Peer Pipelines OFFERS COMPETITIVE TOLLS…
High-quality Contractual Framework Stable, predictable cash flows underpinned by strong contract tenor and creditworthy counterparties HIGHLY CONTRACTED STRONG STRUCTURAL CREDITWORTHY CASH FLOWS DEMAND FOR SERVICES CUSTOMER BASE…
Enduring Market Fundamentals South Bow's business is backstopped by a robust outlook for crude oil supply and demand for decades to come WCSB CRUDE OIL SUPPLY OUTLOOK1 WCSB Liquids Pipeline MMbbl/d 5 MMbbl/d Liquids Tank Terminal 1…
Outlook for Western Canadian Egress South Bow is well-positioned to maintain and capture additional market share given its strategic attributes WCSB CRUDE OIL PIPELINE CAPACITY OUTLOOK1 2 MMbbl/d 0.2 0.1 Supply Exceeds WCSB…
Capital Allocation Priorities Disciplined approach to preserve optionality and maximize total shareholder return over the long term In addition to paying a sustainable base dividend, South Bow takes a risk-managed approach in…
South Bow Is a Differentiated Investment Total shareholder return can be delivered organically through a sustainable dividend and low-risk, profitable growth STRONG AND IRREPLICABLE ASSETS FINANCIAL STRENGTH SUSTAINABLE BASE WITH A…
Asset Overview
Keystone Pipeline System Spanning 4,300 kilometres, system safely transports liquids across three Canadian provinces and eight U.S. states AVERAGE THROUGHPUT1 2 Liquids Pipeline FORT MCMURRAY Mbbl/d Liquids Tank Terminal City 800…
Keystone Pipeline Milepost 171 South Bow is committed to the long-term safety and reliability of its assets THINGS TO KNOW Liquids Pipeline FORT MCMURRAY CAO Affected Segment Incident occurred at Milepost 171 near Fort Ransom,…
U.S. Gulf Coast Segment Provides a connection to the growing refining and export demand markets in the U.S. Gulf Coast Liquids Pipeline AVERAGE THROUGHPUT1 Liquids Tank Terminal Mbbl/d City 800 181 156 600 157 147 159 400…
U.S. Gulf Coast Connectivity Enhancing connectivity to refining and terminalling facilities to serve growing demand for heavy crude oil PORT NECHES LINK P66 Beaumont Terminal Motiva Port Neches Terminal CITGO Sour Lake…
Intra-Alberta Pipeline Systems Connecting Alberta's oil sands production to key refining and export markets AB SK REMAINING CONTRACT TERM1 years FORT MCMURRAY Grand Rapids White Spruce 14 16 18 20 OIL SANDS PRODUCTION…
Blackrod Connection Project Increasing connectivity in Alberta with current growth project AB SK Ready for in-service Early 2026 Capital cost 180 million FORT MCMURRAY EBITDA build multiple1 6x Connection from IPC's Blackrod…
Financial Overview
Investment-grade Financial Position Deleveraging profile de-risked by strong commercial underpinning, stable cash flows, and attractive growth outlook DEBT MATURITIES1 2 INVESTMENT-GRADE CREDIT RATINGS3 U.S. billions Moody's S&P…
Sustainable Dividend South Bow's stable cash flows underpin a sustainable base dividend with an attractive yield DIVIDEND PHILOSOPHY SOUTH BOWS CURRENT DIVIDEND Dividends will be the primary means of returning capital to 0.50…
2025 Outlook Supported by highly contracted cash flows; range reflects expected impacts from Milepost 171 incident 2025 GUIDANCE1 NORMALIZED EBITDA millions Normalized EBITDA2 1,010 MM +1%/-2% 1,091 Interest expense 325 MM +/-2%…
Appendix
Q2 2025 Results Three Months Ended Six Months Ended March 31, June 30, June 30, June 30, June 30, millions, except where noted 2025 2025 2024 2025 2024 FINANCIAL RESULTS Normalized EBITDA1 266 250 241 516 539 Keystone Pipeline System…
Advisory Statements
Advisory Statements FORWARD-LOOKING INFORMATION This presentation contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements), including forward-looking statements within the…
Advisory Statements BASIS OF PREPARATION All financial figures and information have been presented in U.S. dollars (which includes references to dollars and ), except where another currency has been indicated. ADVISORY CREDIT RATINGS…
Financial Reconciliations
Non-GAAP Reconciliations NORMALIZED EBITDA Normalized EBITDA and segment normalized EBITDA are used as measures of earnings from ongoing operations. Management uses these measures to monitor and evaluate the financial performance of the…
Non-GAAP Reconciliations DISTRIBUTABLE CASH FLOW Distributable cash flow is used to assess the cash generated through business operations that can be used for South Bow's capital allocation decisions, helping investors understand the…
Non-GAAP Reconciliations NET DEBT AND NET DEBT-TO-NORMALIZED EBITDA RATIO Net debt is used as a key leverage measure to assess and monitor South Bow's financing structure, providing an overview of the Company's long-term debt…
Contact Information SOUTH BOW CORPORATION 707 - 5 Street SW Calgary, AB Canada T2P 1V8 www.southbow.com INVESTOR RELATIONS Martha Wilmot Director, Investor Relations Ben Pike Investor Relations Analyst…
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