DECEMBER 2025
South Bow at a Glance
A strategic liquids pipelines franchise connecting resilient supply to the strongest demand markets in North America
OPEK6ľION6L HIGHLIGHľ€
4,t00 fim Pipeline footprint 1.25 MMkkl/d Crude oil delivered safely and reliably 7.G MMkkl Terminal storage capacity"IN6NCI6L HIGHLIGHľ€1
208 million Shares outstanding ½5.4 killion Market capitalization ½10.8 killion Enterprise value2 ½2.00 /sk»íc Annual base dividend3 ~8 % Dividend yield1As of October 31, 2025.
2Does not include 50% equity treatment of junior subordinated notes.
3 Dividends are subject to the approval of the Board of Directors.
CALGARY
FORT MCMURRAY
HARDISTY
STEELE CITY
CUSHING
HOUSTON
Liquids Pipeline Liquids Tank Terminal
City
WOOD RIVER
PATOKA
PORT ARTHUR
2
Q3 2025 Highlights
Delivered stable financial results and demonstrated project execution excellence
"IN6NCI6L €ľ6BILIľY
Normalized EBITDA associated with higher
MILEPO€ľ 171 UPD6ľE
½254 MM
Noím»lizcd EBIľD61
½23G MM
Distíikut»klc C»sk "low1
4.G …
Nct Dckt-to-noím»lizcd EBIľD6 K»tio1 2 3
maintenance capital expenditures offset by expected Marketing losses
Reflects changes in U.S. tax legislation and South Bow's tax optimization efforts
Maintained strong financial position while progressing the Blackrod Connection Project and Milepost 171 remedial actions
Continue to advance remedial actions, completing 6 in-line inspections and 37 integrity digs to date
Timing of independent third-party root cause analysis impacted by U.S. federal government shutdown
BL6C€KOD CONNECľION PKOJECľ
Achieved mechanical completion and placed the project's 25-km natural gas pipeline into commercial service
Remain on schedule to be ready for in-service in early 2026
Cash flows expected to increase throughout H2 2026 and into 2027
1Non-GAAP financial measure or non-GAAP ratio that may not be comparable to measures presented by other entities. Refer to "Advisory Statements" of this presentation.
2Normalized EBITDA for the trailing four quarters. Net debt includes 50% equity treatment of junior subordinated notes.
3South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the remainder of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time separation costs of approximately $30 to $40 million associated with the Spinoff in 2025. South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of
approximately 4.7 times. 3
South Bow Has Delivered on Its First-year CommitmentsDemonstrating wide range of capabilities has been critical to South Bow's success
OKG6NIZ6ľION6L C6P6BILIľIE€
Assembled a high-calibre board of directors and team
Developed a bespoke operating model and substantially exited transition services
PKOJECľ EXECUľION
Advanced the Blackrod Connection Project-South Bow's first major growth project
Safely responded to Milepost 171 incident
C6PIľ6L M6K€Eľ€ PEK"OKM6NCE
Achieved strong shareholder support for spinoff and executed a successful debt raise
Outperformed peers and broader market with a total return of 31%1
ľOľ6L KEľUKN€1
31% S&P/TSX 31%
S&P 500
21%
Alerian Index 11%
1 Source: Bloomberg. Total returns reflect South Bow's trading performance on the Toronto Stock Exchange, from September 25, 2024 to October 31, 2025, assuming reinvestment of dividends. 4
South Bow's 2026 PrioritiesFocus is on maintaining safe operations, maturing and executing growth portfolio, and enhancing competitiveness
€6"E OPEK6ľION€
Maintain safe operations and return Keystone Pipeline to baseline operations
GKOWľH POKľ"OLIO
Mature and execute growth portfolio of organic and inorganic opportunities
BU€INE€€ COMPEľIľIVENE€€
Continue to optimize workflows and enhance competitiveness
"IN6NCI6L DI€CIPLINE
Adhere to capital allocation priorities to preserve shareholder returns
5
South Bow's Corridor Is Unrivalled and PreferredAssets are strategically positioned to effectively serve customers' needs
South Bow Pipeline South Bow Tank Terminal
Peer Pipeline
€OUľH BOW'€ €ľK6ľEGIC 6ľľKIBUľE€
Connects North America's strongest supply and demand markets
Offers competitive tolls and commercial structures
Provides the most direct path to the U.S. Gulf Coast
Enables optionality with flexible delivery connections
Preserves product quality through batched system
Service Offering "iia Scivicc
Committed Contracts
Transit Time ~20 d»Qs
Delivery to U.S. Gulf Coast
Product Quality Ski»»ci-s»ccitic
Crude Oil Batches
PEER PIPELINE1
CANADIAN WEST COAST
~10 DAYS +
>20 DAYS TO ASIA
SOUTH BOW
U.S. GULF COAST
~20 DAYS
PEER PIPELINES1
U.S. GULF COAST
~30 DAYS
1 Source: Company reports. G
High-quality Contractual Framework
Stable, predictable cash flows underpinned by strong contract tenor and creditworthy counterparties
HIGHLY CONľK6CľED C6€H "LOW€
€ľKONG €ľKUCľUK6L DEM6ND "OK €EKVICE€
CKEDIľWOKľHY CU€ľOMEK B6€E
~t0%
of normalized EBITDA1is contracted2 3
~t5%
of customers are refiners, vertically integrated companies, and producers3
tG%
of revenue exposure is to investment-grade counterparties3
NOKM6LIZED EBIľD61-WEIGHľED 6VEK6GE KEM6INING CONľK6Cľ ľEKM O" ~8 YE6K€3
1Non-GAAP financial measure or non-GAAP ratio that may not be comparable to measures presented by other entities. Refer to "Advisory Statements" of this presentation.
2South Bow is required by its regulators to make certain capacity available to uncommitted (spot) shippers on its Keystone and Marketlink assets.
3 As of December 31, 2024. 7
Canadian Heavy Crude Oil Supply Is ResilientCanada is a global leader and North America's backbone in heavy crude oil supply
Liquids Pipeline
Liquids Tank Terminal
WC€B CKUDE OIL €UPPLY OUľLOO€1
MMbbl/d 8
6
4 Light & Medium Crude Oil
2 Heavy Crude Oil 0
WC€B
>160 Bbbl
2025 2035 2050
Estimated Reserves3
2025E GLOB6L HE6VY
CKUDE OIL €UPPLY OUľLOO€2
MMbbl/d
WC€B €H6KE O" NOKľH 6MEKIC6N HE6VY CKUDE OIL €UPPLY OUľLOO€1
%
3.4
1.6
Canada
U.S. & Mexico
P6DD 2
North America
Middle East
3.5
Latin America
3.0
Rest of World
66
86
93
2025 2035 2050
4.3
P6DD 3
1Source: Wood Mackenzie North America Crude Market Service Outlook 2025.
2Source: Wood Mackenzie Global Crude Trade Strategic Planning Outlook 2025.
3 Source: Alberta Energy Regulator (October 31, 2025). 8
Demand for Canadian Heavy Crude Oil Is Enduring
Canadian heavy crude oil is strongly positioned to capture additional U.S. refining market share
U.€. CKUDE OIL KE"INING OUľLOO€1
MMbbl/d
2025E P6DDs 2 & 3 HE6VY CKUDE OIL €OUKCE€2
%
20 All PADDs
PADDs 2 & 3
100
Rest of World
>700MMkkl/d
PADDs 2 & 3 Light & Medium Crude Oil
PADDs 2 & 3 Heavy Crude Oil
15 75
Venezuela Mexico
Canadian heavy crude oil opportunity
10 50
5 25
Canada
0
2025 2035 2050
0
PADD 2 PADD 3
1Source: Wood Mackenzie North America Crude Market Service Outlook 2025.
2 Source: Wood Mackenzie Global Crude Trade Strategic Planning Outlook 2025. 9
Increasing Demand for Western Canadian EgressWCSB will require additional pipeline egress and South Bow is well-positioned to compete
WC€B CKUDE OIL €UPPLY 6ND PIPELINE C6P6CIľY OUľLOO€1
Potential Supply Growth Supply Available for Export
Potential Pipeline Egress Projects Existing Pipeline Egress Capacity
MMbbl/d 6
5
>1 MMkkl/d supply growth potential2Potential pipeline egress projects3
WCSB supply expected to exceed existing pipeline egress capacity by mid-2027,
driving the need for additional pipeline egress projects1
4
3
2
2015 2020 2025 2030 2035
1Source: Wood Mackenzie North America Crude Market Service Outlook 2025.
2Source: South Bow's internal projections.
3 Potential pipeline egress projects as of November 13, 2025. 10