South Bow management commentary attributes Q3 2026 net income growth to lower income taxes, reduced Intra-Alberta & Other loss before taxes
SOBO•South Bow’s third-quarter 2026 net income rose to USD 99 million from USD 93 million, while normalized EBITDA fell to USD 248 million from USD 254 million. Distributable cash flow declined to USD 187 million from USD 236 million.
1. Third-quarter results
South Bow’s management attributed the decline in normalized EBITDA to Keystone weakness, lower Marketlink revenue contributions and higher operating costs, partly offset by improvements in Marketing and Intra-Alberta operations. Net income rose primarily because of favorable tax adjustments and lower Intra-Alberta losses, while distributable cash flow fell primarily because of lower current income tax recoveries.
2. Nine-month performance
Nine-month normalized EBITDA increased to USD 785 million from USD 770 million, as gains in Marketing and Intra-Alberta offset Keystone weakness.
