Quarterly ResultMay 7, 2026, 05:07 PM
South Bow Q1 Net Income $77M, Revenue $491M; Reaffirms 2026 Guidance
AI Summary
South Bow reported Q1 2026 net income of $77 million and revenue of $491 million, both down from the prior year. Normalized EBITDA decreased to $257 million, while distributable cash flow increased to $168 million. The company reaffirmed its 2026 guidance, projecting normalized EBITDA of approximately $1.03 billion, and announced a consistent quarterly dividend of $0.50 per share. The Blackrod Connection Project was placed into commercial service, and the proposed Prairie Connector project is under evaluation.
Key Highlights
- Net income for Q1 2026 was $77 million, down from $88 million in Q1 2025.
- Revenue for Q1 2026 was $491 million, a decrease from $498 million in Q1 2025.
- Normalized EBITDA decreased to $257 million from $266 million year-over-year.
- Distributable cash flow increased to $168 million in Q1 2026 from $157 million in Q1 2025.
- Diluted normalized net income per share was $0.44, compared to $0.47 in Q1 2025.
- Declared a quarterly dividend of $0.50 per share, consistent with the prior year.
- Reaffirmed 2026 normalized EBITDA guidance of approximately $1.03 billion (+/- 2%).
- Keystone Pipeline System revenue rose 10% to $417 million, while Marketing revenue fell 40% to $68 million.
Price Impact
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