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
Reported Q4 2025 revenue of $503 million and net income of $156 million ($0.75/share).
Full-year 2025 normalized EBITDA was $1,022 million, exceeding the revised guidance of $1,010 million.
Declared a quarterly dividend of $0.50 per share, payable on April 15, 2026, to shareholders of record on March 31, 2026.
Exited 2025 with net debt of $4.8 billion and a net debt-to-normalized EBITDA ratio of 4.7 times.
Reaffirmed 2026 guidance for normalized EBITDA of approximately $1.03 billion, with roughly 90% secured through committed arrangements.
Placed the Blackrod Connection Project into commercial service on March 1, 2026, on schedule and on budget.