South Bow reaffirmed its 2026 annual guidance, projecting normalized EBITDA of approximately $1.03 billion, within a 2% range, and distributable cash flow of $655 million +/- 2%. The net debt-to-normalized EBITDA ratio is expected to decrease modestly through 2026.
Bullish
South Bow achieved strong Keystone Pipeline throughput and operational performance, successfully launched the Blackrod Connection Project, and maintained shareholder returns with a sustainable dividend.
Bearish
South Bow faces market volatility from geopolitical events, experienced lower normalized EBITDA in its Keystone Pipeline System segment, and continues remedial actions for the Milepost 171 incident.