South Bow (SOBO) Corporate presentation summary

Strategic positioning and operational highlights

• Operates a 4,900 km liquids pipeline network with 1.25 MMbbl/d delivery and 7.7 MMbbl storage capacity.

• Connects resilient Canadian supply to major U.S. demand centers, including the Gulf Coast.

• Achieved 95% system operating factor and 616 Mbbl/d Keystone throughput in Q1 2026.

• Closed bids for Prairie Connector project, evaluating long-term transportation commitments.

• Advanced Blackrod Connection Project, placed into service on time and on budget.

Financial performance and stability

• Q1 2026 normalized EBITDA was $257 million, with distributable cash flow of $168 million.

• Maintained a net debt-to-normalized EBITDA ratio of 4.7x, targeting 4x medium-term.

• 2026 guidance: normalized EBITDA of $1,030 million (±2%), distributable cash flow of $655 million (±2%).

• Market capitalization of $7.1 billion and enterprise value of $12.4 billion as of April 2026.

• Investment-grade credit ratings (Moody's Baa3, S&P BBB-, Fitch BBB-) with stable outlooks.

Contractual framework and customer base

• ~90% of 2026 normalized EBITDA is contracted, with a weighted average contract term of ~7 years.

• Over 95% of customers are refiners, integrated companies, and producers; >90% of revenue from investment-grade counterparties.

• Stable, predictable cash flows underpin a sustainable base dividend with a 6% yield.