Shareholder Information

Dividends

South Bow’s stable cash flows support a sustainable quarterly dividend with an attractive yield.

Current Dividend

Dividend

Declaration Date

Record Date

Payment Date

U.S.$0.50/share

March 5, 2026

March 31, 2026

April 15, 2026

Upcoming Dividends

Declaration Date

Record Date

Payment Date

May 7, 2026

June 30, 2026

July 15, 2026

Aug. 5, 2026

Sept. 29, 2026

Oct. 15, 2026

Oct. 29, 2026

Dec. 31, 2026

Jan. 15, 2027

Dividends are subject to the approval of the Board of Directors.

Analyst Coverage

The following investment firms cover South Bow. This list of investment firms is provided solely for convenience and does not constitute an endorsement by South Bow of any of the reports or information provided by any of the investment firms listed below.

Firm

Analyst

ATB Capital Markets

Nate Heywood

Barclays

Theresa Chen

BMO Capital Markets

Ben Pham

CIBC World Markets

Robert Catellier

Jefferies

Sam Burwell

J.P. Morgan

Jeremy Tonet

Morgan Stanley

Robert Kad

National Bank of Canada

Patrick Kenny

Peters & Co.

Ken Chmela

RBC Capital Markets

Maurice Choy

Scotiabank

Robert Hope

TD Cowen

Aaron MacNeil

TPH & Co.

AJ O’Donnell

UBS

Manav Gupta

U.S. Capital Advisors

James Carreker

Veritas Investment Research

Darryl McCoubrey

Wells Fargo Securities

Praneeth Satish

Wolfe Research

Keith Stanley

Interactive analyst center ™

FAQS

General

South Bow’s common shares are listed on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) under the ticker symbol SOBO. Common shares must be purchased through an authorized broker.
South Bow’s latest corporate presentation can be found here.
South Bow’s latest financial results can be found here.
South Bow’s historical trading information can be found here.
Investors can subscribe to South Bow’s news releases here.
If you have investor or finance-related enquiries, e-mail investor.relations@southbow.com or call 1-844-318-7826.
South Bow’s registrar and transfer agent is Computershare Investor Services Inc. They can be reached at:
Telephone: 1-514-982-7430
Telephone (toll-free): 1-866-789-1404
E-mail: southbow@computershare.com
Investor Centre
South Bow was formed through the spinoff of TC Energy’s Liquids Pipelines business, which took legal effect on Oct. 1, 2024. As part of the arrangement, for each TC Energy share held as of the distribution record date of Sep. 25, 2024, TC Energy shareholders were entitled to receive one new TC Energy share and 0.2 of a South Bow share. Historical information related to the spinoff transaction can be found here.

Dividends

South Bow pays a quarterly dividend of U.S.$0.50/share.
Unless otherwise specified through an arrangement with the shareholder’s broker or South Bow’s transfer agent, beneficial shareholders should expect to receive dividend payments in the currency matching the account in which they hold their South Bow shares, and registered shareholders should expect to receive their dividend payments in the currency matching the location of their address on record.
No.

Tax Information

Yes, South Bow’s dividends will be designated as “eligible dividends” for Canadian income tax purposes and “qualifying” for U.S. income tax purposes.
South Bow is a corporation and therefore will issue a 1099-Div form to U.S. shareholders.
Dividends paid by South Bow to Canadian shareholders domiciled in Canada are generally not subject to Canadian non-resident withholding taxes.

Dividends paid by South Bow to shareholders domiciled outside of Canada are subject to Canadian non-resident withholding taxes. The general rate is 25% for shareholders domiciled outside of Canada; residents of the U.S. and other countries may be eligible for treaty benefits and qualify for a reduced withholding tax rate.

Registered shareholders domiciled outside of Canada must complete a CRA NR301 tax form and return it to South Bow’s transfer agent to take advantage of these tax treaties benefits.

Some non-resident shareholders in the U.S. may be subject to non-resident backup withholding taxes if they have not completed and submitted an IRS W-9 form, as applicable.

Consult a tax advisor for more information. If you are a registered shareholder, contact South Bow’s transfer agent for additional information. If you are a beneficial shareholder, contact your broker for additional information.

Beneficial shareholders will need to contact their broker to determine their adjusted cost base. Registered shareholders are responsible for calculating their own adjusted cost base.

South Bow and TC Energy determined the estimated proportionate allocation of adjusted cost base between South Bow common shares and TC Energy common shares is 9% to South Bow common shares and 91% to TC Energy common shares.

Each shareholder may have a different or unique tax profile and South Bow encourages shareholders to seek tax advice for their own situation.