South Bow publishes Q1 2026 MD&A report for period ended March 31, 2026

• South Bow published MD&A for Q1 2026, showing net income of USD 77 million versus USD 88 million a year earlier; normalized EBITDA slipped to USD 257 million from USD 266 million.
• Keystone Pipeline System revenue rose to USD 417 million from USD 380 million, supported by higher variable rates and stronger demand to move heavy crude to U.S. Gulf Coast; operating factor fell to 95% from 98% on more scheduled maintenance.
• Marketing segment swung to a loss before income taxes of USD 22 million from income of USD 9 million; revenue dropped to USD 68 million from USD 113 million on unrealized losses, weaker volumes, and risk management losses.
• Distributable cash flow increased to USD 168 million from USD 157 million; total long-term debt held at USD 5.75 billion, net debt declined to USD 4.74 billion, net debt-to-normalized EBITDA remained 4.7x.
• Prairie Connector open season closed March 30, 2026; a 60-day evaluation period is underway to determine whether commitments support advancing the project.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. South Bow Corporation published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0002019061-26-000021), on May 07, 2026, and is solely responsible for the information contained therein.