South Bow Corp. released its second-quarter 2025 financial and operational results on August 6, 2025. For Q2 2025, the company reported normalized EBITDA of $250 million, contributing to its overall financial performance for the first half of the year.
The company reaffirmed its 2025 normalized EBITDA outlook of $1.01 billion, indicating consistent expectations for its full-year performance. South Bow also maintained its revised distributable cash flow outlook of $590 million and maintenance capital expenditures of $55 million for 2025.
In the second quarter, South Bow modified the definition of distributable cash flow to no longer adjust income before income taxes for interest income and other, aiming to more accurately reflect cash generated for capital allocation decisions. This adjustment was applied retrospectively to comparative measures.
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