Balance Sheet South Bow Corporation

Equities

SOBO

CA83671M1059

Oil & Gas Transportation Services

Market Closed - Toronto S.E. Other stock markets 21:00:00 05/06/2026 BST			5-day change	1st Jan Change
51.37 ^CAD	-1.15%		+3.57%	+36.08%

05-29	South Bow targets 2027 decision on Canada-US oil pipeline revival	RE
05-29	South Bow Maintained at Hold at TPH Following Prairie Connector Open Season; Price Target at C$52.00	MT

11c3abd53053f82a74b.UjSVKVkb6z6tm7cSzS0EBxEBhgphbA8E8r99YcbzId4.HFihTw90kXmd7NB7ilcxTl4wwGIDO3pDi9kYA_-dF7MgVqNBH2uvTsfwhw

Published financial data: SOUTH BOW CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2023	2024	2025
Revenues	2B	2.12B	1.99B
Total Revenues	2B	2.12B	1.99B
Cost of Goods Sold, Total	1.06B	1.11B	1.01B
Gross Profit	947M	1.01B	974M
Selling General & Admin Expenses, Total	3M	3M	11M
Depreciation & Amortization - (IS)	244M	246M	247M
Other Operating Expenses	-	15M	-8M
Other Operating Expenses, Total	247M	264M	250M
Operating Income	700M	745M	724M
Interest Expense, Total	-220M	-388M	-331M
Interest And Investment Income	34M	41M	40M
Net Interest Expenses	-186M	-347M	-291M
Income (Loss) On Equity Invest.	50M	49M	52M
Currency Exchange Gains (Loss)	-2M	-3M	1M
EBT, Excl. Unusual Items	562M	444M	486M
Other Unusual Items	-	-26M	11M
EBT, Incl. Unusual Items	562M	418M	497M
Income Tax Expense	120M	102M	64M
Earnings From Continuing Operations	442M	316M	433M
Net Income to Company	442M	316M	433M
Net Income - (IS)	442M	316M	433M
Net Income to Common Incl Extra Items	442M	316M	433M
Net Income to Common Excl. Extra Items	442M	316M	433M
Per Share Items
Net EPS - Basic	2.13	1.52	2.08
Basic EPS - Continuing Operations	2.13	1.52	2.08
Basic Weighted Average Shares Outstanding	208M	208M	208M
Net EPS - Diluted	2.13	1.52	2.07
Diluted EPS - Continuing Operations	2.13	1.52	2.07
Diluted Weighted Average Shares Outstanding	208M	208M	209M
Normalized Basic EPS	1.69	1.34	1.46
Normalized Diluted EPS	1.69	1.33	1.45
Dividend Per Share	-	0.5	2
Payout Ratio	42.99	38.29	96.07
Supplemental Items
EBITDA	944M	991M	971M
EBITA	700M	745M	724M
EBIT	700M	745M	724M
EBITDAR	947M	994M	982M
Effective Tax Rate - (Ratio)	21.35	24.4	12.88
Total Current Taxes	53M	43M	-16M
Total Deferred Taxes	67M	59M	80M
Normalized Net Income	351M	278M	304M
Interest Capitalized	-	2M	8M
Interest on Long-Term Debt	211M	383M	329M
Non-Cash Pension Expense	-	-1M	-3M
Supplemental Operating Expense Items
Net Rental Expense, Total	3M	3M	11M
Imputed Operating Lease Interest Expense	-	1.6M	5.17M
Imputed Operating Lease Depreciation	-	1.4M	5.83M
Stock-Based Comp., Other (Total)	-	100K	30.6M
Total Stock-Based Compensation	-	100K	30.6M

Fiscal Period: December	2023	2024	2025
Assets
Cash And Equivalents	262M	397M	549M
Total Cash And Short Term Investments	262M	397M	549M
Accounts Receivable, Total	1.4B	1.25B	1.12B
Other Receivables	144M	-	66M
Total Receivables	1.55B	1.25B	1.18B
Inventory	160M	207M	100M
Deferred Tax Assets Current	527M	188M	34M
Restricted Cash	70M	66M	26M
Other Current Assets, Total	47M	87M	122M
Total Current Assets	2.61B	2.2B	2.02B
Gross Property Plant And Equipment	11.06B	11.02B	11.3B
Accumulated Depreciation	-2.63B	-2.82B	-3.09B
Net Property Plant And Equipment	8.43B	8.21B	8.21B
Long-term Investments	813M	732M	743M
Accounts Receivable Long-Term	-	-	39M
Deferred Tax Assets Long-Term	6M	16M	23M
Other Long-Term Assets, Total	171M	177M	163M
Total Assets	12.03B	11.33B	11.19B
Liabilities
Accounts Payable, Total	1.23B	1.1B	754M
Accrued Expenses, Total	93M	117M	154M
Current Portion of Leases	-	-	3M
Current Income Taxes Payable	22M	-	8M
Unearned Revenue Current, Total	17M	15M	16M
Other Current Liabilities	714M	531M	406M
Total Current Liabilities	2.08B	1.76B	1.34B
Long-Term Debt	5.97B	5.72B	5.77B
Long-Term Leases	6M	22M	23M
Unearned Revenue Non Current	17M	19M	24M
Pension & Other Post Retirement Benefits	-	7M	10M
Deferred Tax Liability Non Current	1.04B	1.1B	1.2B
Other Non Current Liabilities	87M	92M	122M
Total Liabilities	9.19B	8.72B	8.48B
Common Stock, Total	2.97B	2.2B	2.2B
Additional Paid In Capital	-	661M	661M
Retained Earnings	-	-49M	-32M
Comprehensive Income and Other	-128M	-198M	-121M
Total Common Equity	2.84B	2.61B	2.71B
Total Equity	2.84B	2.61B	2.71B
Total Liabilities And Equity	12.03B	11.33B	11.19B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	208M	208M	209M
ECS Total Common Shares Outstanding	208M	208M	208M
Book Value / Share	13.68	12.55	13.01
Tangible Book Value	2.84B	2.61B	2.71B
Tangible Book Value Per Share	13.68	12.55	13.01
Total Debt	5.97B	5.74B	5.79B
Net Debt	5.71B	5.34B	5.24B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-3M	-7M
Debt Equivalent Oper. Leases	24M	24M	88M
Account Code - Inventory Valuation	-	6	6
Inventories - Raw Materials, Total	32M	34M	35M
Inventories - Finished Goods, Total	128M	173M	65M
Machinery, Total	830M	813M	820M

Fiscal Period: December	2023	2024	2025
Net Income	442M	316M	433M
Depreciation & Amortization - CF	244M	246M	247M
Depreciation & Amortization, Total	244M	246M	247M
Asset Writedown & Restructuring Costs	-	7M	-
(Income) Loss On Equity Investments - (CF)	21M	21M	22M
Other Operating Activities, Total	106M	1M	50M
Change In Accounts Receivable	-251M	101M	83M
Change In Inventories	63M	-50M	107M
Change In Accounts Payable	-120M	-81M	-203M
Change in Other Net Operating Assets	274M	-32M	-22M
Cash from Operations	779M	529M	717M
Capital Expenditure	-37M	-122M	-178M
Sale of Property, Plant, and Equipment	93M	38M	-
Other Investing Activities, Total	6M	4M	3M
Cash from Investing	62M	-80M	-175M
Long-Term Debt Issued, Total	621M	4.55B	-
Total Debt Issued	621M	4.55B	-
Long-Term Debt Repaid, Total	-971M	-4.72B	-
Total Debt Repaid	-971M	-4.72B	-
Issuance of Common Stock	-	9M	5M
Common Dividends Paid	-190M	-121M	-416M
Common & Preferred Stock Dividends Paid	-190M	-121M	-416M
Other Financing Activities, Total	-37M	-21M	-
Cash from Financing	-577M	-307M	-411M
Foreign Exchange Rate Adjustments	-6M	-7M	21M
Net Change in Cash	258M	135M	152M
Supplemental Items
Cash Interest Paid	-	-	342M
Cash Income Tax Paid (Refund)	34M	49M	38M
Levered Free Cash Flow	-	584M	257M
Unlevered Free Cash Flow	-	827M	464M
Change In Net Working Capital	-	-237M	88M
Net Debt Issued / Repaid	-350M	-174M	-

Fiscal Period: December	2023	2024	2025
Profitability
Return on Assets	-	3.99	4.02
Return on Total Capital	-	5.43	5.37
Return On Equity %	-	11.6	16.28
Return on Common Equity	-	11.6	16.28
Margin Analysis
Gross Profit Margin %	47.23	47.59	49.04
SG&A Margin	0.15	0.14	0.55
EBITDA Margin %	47.08	46.75	48.89
EBITA Margin %	34.91	35.14	36.46
EBIT Margin %	34.91	35.14	36.46
Income From Continuing Operations Margin %	22.04	14.91	21.8
Net Income Margin %	22.04	14.91	21.8
Net Avail. For Common Margin %	22.04	14.91	21.8
Normalized Net Income Margin	17.52	13.09	15.29
Levered Free Cash Flow Margin	-	27.56	12.95
Unlevered Free Cash Flow Margin	-	39	23.37
Asset Turnover
Asset Turnover	-	0.18	0.18
Fixed Assets Turnover	-	0.25	0.24
Receivables Turnover (Average Receivables)	-	1.6	1.68
Inventory Turnover (Average Inventory)	-	6.05	6.59
Short Term Liquidity
Current Ratio	1.26	1.25	1.5
Quick Ratio	0.87	0.94	1.29
Operating Cash Flow to Current Liabilities	0.38	0.3	0.53
Days Sales Outstanding (Average Receivables)	-	229.35	217.88
Days Outstanding Inventory (Average Inventory)	-	60.45	55.36
Average Days Payable Outstanding	-	367.74	366.21
Cash Conversion Cycle (Average Days)	-	-77.93	-92.97
Long Term Solvency
Total Debt/Equity	210.32	219.85	213.88
Total Debt / Total Capital	67.77	68.74	68.14
LT Debt/Equity	210.32	219.85	213.77
Long-Term Debt / Total Capital	67.77	68.74	68.11
Total Liabilities / Total Assets	76.4	76.96	75.8
EBIT / Interest Expense	3.18	1.92	2.19
EBITDA / Interest Expense	4.3	2.56	2.97
(EBITDA - Capex) / Interest Expense	4.14	2.25	2.43
Total Debt / EBITDA	6.31	5.77	5.9
Net Debt / EBITDA	6.03	5.37	5.34
Total Debt / (EBITDA - Capex)	6.56	6.58	7.21
Net Debt / (EBITDA - Capex)	6.28	6.12	6.52
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	5.74	-6.32
Gross Profit, 1 Yr. Growth %	-	6.55	-6.17
EBITDA, 1 Yr. Growth %	-	4.98	-4.8
EBITA, 1 Yr. Growth %	-	6.43	-6.46
EBIT, 1 Yr. Growth %	-	6.43	-6.46
Earnings From Cont. Operations, 1 Yr. Growth %	-	-28.51	37.03
Net Income, 1 Yr. Growth %	-	-28.51	37.03
Normalized Net Income, 1 Yr. Growth %	-	-21	2.75
Diluted EPS Before Extra, 1 Yr. Growth %	-	-28.61	36.18
Accounts Receivable, 1 Yr. Growth %	-	-10.76	-10.77
Inventory, 1 Yr. Growth %	-	29.38	-51.69
Net Property, Plant and Equip., 1 Yr. Growth %	-	-2.63	0.05
Total Assets, 1 Yr. Growth %	-	-5.84	-1.2
Tangible Book Value, 1 Yr. Growth %	-	-8.1	3.79
Common Equity, 1 Yr. Growth %	-	-8.1	3.79
Cash From Operations, 1 Yr. Growth %	-	-32.09	35.54
Capital Expenditures, 1 Yr. Growth %	-	229.73	45.9
Levered Free Cash Flow, 1 Yr. Growth %	-	-	-57.3
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	-45.07
Dividend Per Share, 1 Yr. Growth %	-	-	300
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	-0.48
Gross Profit, 2 Yr. CAGR %	-	-	1.42
EBITDA, 2 Yr. CAGR %	-	-	1.42
EBITA, 2 Yr. CAGR %	-	-	1.7
EBIT, 2 Yr. CAGR %	-	-	1.7
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-	-1.02
Net Income, 2 Yr. CAGR %	-	-	-1.02
Normalized Net Income, 2 Yr. CAGR %	-	-	-7.01
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	-1.4
Accounts Receivable, 2 Yr. CAGR %	-	-	-10.76
Inventory, 2 Yr. CAGR %	-	-	-20.94
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	-1.3
Total Assets, 2 Yr. CAGR %	-	-	-3.55
Tangible Book Value, 2 Yr. CAGR %	-	-	-2.33
Common Equity, 2 Yr. CAGR %	-	-	-2.33
Cash From Operations, 2 Yr. CAGR %	-	-	-4.06
Capital Expenditures, 2 Yr. CAGR %	-	-	119.34