South Bow Corp
For the period ended Dec 31, 2025. Filed Mar 16, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Mar 16, 2026
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Contents
EX-99.3 · Capital Program
Capital Program
| Year Ended December 31, | ||
|---|---|---|
| U.S.$ millions | 2025 | 2024 |
| Growth capital expenditures 1 | 113 | 73 |
| Maintenance capital expenditures 1, 2 | 51 | 61 |
| Separation capital expenditures 1 | 24 | 7 |
| Total Capital Expenditures 1 | 188 | 141 |
Supplementary financial measure to assist the reader in understanding the Company’s capital investments and capital allocation decisions. Refer to the Supplementary Financial Measures section of this MD&A for additional details.
Maintenance capital expenditures are generally recoverable through South Bow's tolling arrangements.
Total capital expenditures were $188 million for the year ended December 31, 2025 compared to $141 million in the respective 2024 period.
The Company’s 2025 growth capital expenditures included $103 million invested in the development of the Blackrod Connection Project. Maintenance capital expenditures included investments made to support the Company’s operations as well as spending for key infrastructure used by the Company. Higher maintenance capital spend in the comparative 2024 period was primarily attributable to investments made in preparation for the Spinoff partially offset by higher maintenance capital investments on the Keystone Pipeline System in 2025 compared to 2024.
Separation capital expenditures during the year ended December 31, 2025 related to one-time capital investments to support the Spinoff transition, including information system infrastructure.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.