SEDAR Interim Financial Statements

[ { "companyName": "South Bow Corporation", "reportingPeriodEnd": "2025-09-30", "reportStatus": "Unaudited", "auditorName": null, "auditorKeyMatters": [], "balanceSheet": { "cashAndCashEquivalents": 501, "accountsReceivable": 1090, "inventories": 127, "contractualRecoveries": 7, "otherCurrentAssets": 604, "totalCurrentAssets": 2329, "plantPropertyAndEquipmentNet": 8183, "equityInvestments": 741, "deferredTaxAssets": 16, "otherLongTermAssets": 194, "totalAssets": 11463, "accountsPayableAndOther": 1510, "dividendsPayable": 104, "accruedInterest": 100, "totalCurrentLiabilities": 1714, "otherLongTermLiabilities": 163, "seniorUnsecuredNotes": 4665, "juniorSubordinatedNotes": 1086, "deferredIncomeTaxLiabilities": 1211, "totalLiabilities": 8839, "commonShares": 2201, "additionalPaidInCapital": 661, "accumulatedDeficit": -84, "accumulatedOtherComprehensiveLoss": -154, "totalShareholdersEquity": 2624, "cashPerShare": 2.4063, "workingCapitalPerShare": 2.9544 }, "incomeStatement": { "revenues": 1483, "incomeFromEquityInvestments": 38, "plantOperatingCostsAndOther": 535, "commodityPurchasesResold": 243, "depreciationAndAmortization": 189, "otherOperatingExpenses": 5, "totalOperatingExpenses": 972, "otherIncome": -20, "interestExpense": 248, "interestIncomeAndOther": -23, "totalFinancialCharges": 205, "incomeBeforeIncomeTaxes": 344, "incomeTaxExpenseCurrent": -39, "incomeTaxExpenseDeferred": 106, "totalIncomeTaxExpense": 67, "netIncome": 277, "netIncomePerCommonShareBasic": 1.33, "netIncomePerCommonShareDiluted": 1.33, "weightedAverageNumberOfCommonSharesBasic": 208.2, "weightedAverageNumberOfCommonSharesDiluted": 208.7 }, "cashFlowStatement": { "netIncome": 277, "depreciationAndAmortization": 189, "deferredIncomeTaxExpense": 106, "writeDowns": null, "incomeFromEquityInvestments": -38, "distributionsReceivedFromOperatingActivitiesOfEquityInvestments": 51, "unrealizedGainsOnFinancialInstruments": -25, "other": 5, "increaseDecreaseInOperatingWorkingCapital": -42, "netCashProvidedByOperations": 523, "capitalExpenditures": -118, "keystoneXLProceedsFromSaleOfAssets": 0, "keystoneXLContractualRecoveries": 3, "netCashUsedInInvestingActivities": -115, "seniorUnsecuredDebtIssuedNetOfIssueCosts": 0, "juniorSubordinatedDebtIssuedNetOfIssueCosts": 0, "exercisedStockOptions": 5, "dividendsPaid": -312, "formerParentNetInvestmentDistributionsNet": 0, "otherFinancingActivities": 0, "netCashProvidedByUsedInFinancingActivities": -307, "effectOfForeignExchangeRateChangesOnCashAndCashEquivalents": 3, "increaseInCashCashEquivalentsAndRestrictedCash": 104, "cashCashEquivalentsAndRestrictedCashBeginningOfPeriod": 397, "cashCashEquivalentsAndRestrictedCashEndOfPeriod": 501 }, "investmentsAndOtherAssets": [ { "type": "Equity Investments", "description": "Investments in non-consolidated VIEs and other entities", "ownershipPercentage": null, "value": 741, "notes": "Carrying value from balance sheet; includes investments in variable interest entities." }, { "type": "Marketable Securities", "description": "Available-for-sale fixed income securities", "ownershipPercentage": null, "value": 76, "notes": "Part of other long-term assets; from Land Matters Consultation Initiative restricted investments." } ], "shareStructure": { "authorizedShares": "unlimited", "issuedShares": 208250512, "classesOfShares": ["common", "first preferred", "second preferred"], "warrants": [], "options": [], "rightsConvertibleInstruments": null }, "managementCompensation": { "currency": "USD", "periods": {}, "namedIndividuals": [], "otherRelatedPartyTransactions": [ { "counterparty": "TC Energy Corporation (Former Parent)", "description": "Services pursuant to Transition Services Agreement", "amount": 8, "period": "Nine months ended September 30, 2025" } ] }, "subsequentEvents": [ { "eventDate": "2025-10-14", "description": "Pension plan asset transfer from Former Parent approved by regulatory body.", "impactValue": null } ] } ]