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Praneesa Deesh

Research Analyst at Wells Fargo

Praneesa Deesh is an Analyst at Wells Fargo, specializing in financial services sector research with a focus on large-cap banks and regional financial institutions. She covers companies such as JPMorgan Chase, Bank of America, Wells Fargo & Co., and Citigroup, providing detailed equity research and investment recommendations. Since joining Wells Fargo in 2022, Praneesa has demonstrated analytical rigor and a disciplined approach, contributing to investment strategies and sector outlooks; prior to this, she gained experience as a financial analyst at Barclays and holds a solid track record for accurate earnings forecasts and sector insights. She is FINRA-registered with a Series 7 and Series 63 license and recognized for her strong research methodology within the banking analyst community.

Praneesa Deesh's questions to South Bow (SOBO) leadership

Question · Q3 2025

Praneesa Deesh sought clarity on the 2026 CapEx assumption, asking if it would remain near 2025's $165 million or decrease significantly even with new project announcements. She also asked for confirmation on the P&L impact of variable toll settlements, specifically if the $33 million in remaining payments and $19 million in receipts are excluded from EBITDA.

Answer

Bevin Wirzba (President and CEO) clarified that only sanctioned capital is included in the table, and for modeling, an average of $100 million plus or minus annually for 2-3% EBITDA growth CAGR is a good proxy, with larger projects potentially financed differently. Van Dafoe (Senior VP and CFO) confirmed that all variable toll settlement impacts would be normalized out of EBITDA, but would be reflected in GAAP and cash figures.

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Question · Q3 2025

Praneesa Deesh asked for a placeholder assumption for CapEx in 2026, comparing it to the $165 million spent in 2025, and its potential impact on free cash flow. She also sought clarification on the future P&L impact of variable toll settlements, specifically the $33 million in remaining payments and $19 million in receipts, and their exclusion from EBITDA.

Answer

Bevin Wirzba, President and CEO, advised using an average of $100 million plus or minus annually for CapEx as a proxy for modeling, necessary to achieve the 2-3% EBITDA growth CAGR, noting that larger projects would be financed differently. Van Dafoe, Senior VP and CFO, confirmed that variable toll settlement payments and receipts would be normalized out of EBITDA for reporting purposes.

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