6-K - South Bow Corporation | StockGist

AI Analysis

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South Bow Corporation reported fourth-quarter and year-end 2025 results, declaring a quarterly dividend of $0.50 per share. The company achieved full-year normalized EBITDA of $1,022 million, slightly above guidance, and reaffirmed its 2026 normalized EBITDA outlook of approximately $1.03 billion.

Key Takeaways

1Reported Q4 2025 revenue of $503 million and net income of $156 million ($0.75/share).

2Full-year 2025 normalized EBITDA was $1,022 million, exceeding the revised guidance of $1,010 million.

3Declared a quarterly dividend of $0.50 per share, payable on April 15, 2026, to shareholders of record on March 31, 2026.

4Exited 2025 with net debt of $4.8 billion and a net debt-to-normalized EBITDA ratio of 4.7 times.

5Reaffirmed 2026 guidance for normalized EBITDA of approximately $1.03 billion, with roughly 90% secured through committed arrangements.

6Placed the Blackrod Connection Project into commercial service on March 1, 2026, on schedule and on budget.

Current Report Details

Event Type

6-K

Variant

6-K

Items Reported

6-K

Current Report on Form 6-K

Other Event

Results of Operations

Fourth Quarter 2025

Metric	Value	Basis	Prior Period
Revenue	$503.00	GAAP	$461.00
Net Income	$156.00	GAAP	$93.00
Diluted EPS	$0.75	GAAP	$0.45
Normalized Net Income	$99.00	Non-GAAP
Normalized EBITDA	$252.00	Non-GAAP	$254.00

Forward Guidance

Full Year 2026

Normalized EBITDA

within a range of 2%

Non-GAAP

Capital Return

Dividend/Share

0.5

Record Date

2026-03-31

Payable Date

2026-04-15

Exhibits (2)

6-K

FORM 6-K

99.1

PRESS RELEASE