Exhibit 99.1

NOTICE OF RELIANCE

SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 - CONTINUOUS DISCLOSURE OBLIGATIONS

August 13, 2025


To:		Alberta Securities Commission
		British Columbia Securities Commission
		Financial and Consumer Affairs Authority of Saskatchewan
		Manitoba Securities Commission
		Ontario Securities Commission
		Autorité des marchés financiers
		Financial and Consumer Services Commission (New Brunswick)
		Nova Scotia Securities Commission
		Prince Edward Island Securities Office
		Government of Newfoundland and Labrador Financial Services Regulation Division
		Northwest Territories Securities Office
		Office of the Superintendent of Securities, Community Services (Yukon)
		Nunavut Securities Office

Notice is hereby given that South Bow USA Infrastructure Holdings LLC (the “Company”) relies on the continuous disclosure documents filed by South Bow Corporation (“South Bow”) pursuant to the exemption from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”) provided in Section 13.4 of NI 51-102. The continuous disclosure documents of South Bow can be found in electronic format at www.sedarplus.ca. Attached to this Notice and forming part hereof is the consolidating summary financial information for South Bow for the applicable period(s) required by Section 13.4 of NI 51-102.

South Bow USA Infrastructure Holdings LLC

/s/ Lori M. Muratta

Lori M. Muratta

Vice-President

UNAUDITED SUMMARY FINANCIAL INFORMATION

South Bow fully and unconditionally guarantees the payment obligations of the Company, its 100% owned subsidiary, under the notes issued by the Company. Accordingly, the following unaudited consolidated summary financial information is provided by the Company in compliance with the requirements of Section 13.4 of NI 51-102 providing for an exemption for certain credit support issuers.

The following tables contain summary financial information for the Company for the six months ended June 30, 2025 and 2024 and as at June 30, 2025 and December 31, 2024, presented with separate columns for each of the following: (a) South Bow (as Parent Credit Supporter); (b) the Company (as Credit Support Issuer); (c) South Bow Infrastructure Holdings Ltd. and South Bow Canadian Infrastructure Holdings Ltd., on a combined basis (collectively the “Subsidiary Credit Supporters”); (d) the non-guarantor subsidiaries of South Bow other than the Company and the Subsidiary Credit Supporters (collectively, the “Other South Bow Subsidiaries”), on a combined basis; (e) consolidating adjustments; and (f) total consolidated amounts.

For the six months ended June 30, 2025 and 2024 ^(1),(2):


	South Bow					Company
	(Parent Credit					(Credit Support						Subsidiary Credit						Other South Bow				Consolidating						Total Consolidated
(millions of U.S. dollars)	Supporter)					Issuer)						Supporters						Subsidiaries				Adjustments ⁽³⁾						Amounts
For the six months ended June 30,	2025			2024		2025			2024			2025			2024			2025		2024		2025			2024			2025		2024
Revenue		—			—		—			—			—			—			1,279		7,901		(257	)		(6,803	)		1,022		1,098
Net income (loss)		(2	)		—		(277	)		(99	)		(71	)		(43	)		546		404		(12	)		(62	)		184		200

As at June 30, 2025 and December 31, 2024 ^(1),(2):


	South Bow				Company
	(Parent Credit				(Credit Support				Subsidiary Credit				Other South Bow				Consolidating						Total Consolidated
(millions of U.S. dollars)	Supporter)				Issuer)				Supporters				Subsidiaries				Adjustments ⁽³⁾						Amounts
	June 30,		December		June 30,		December		June 30,		December		June 30,		December		June 30,			December			June 30,		December
As at	2025		31, 2024		2025		31, 2024		2025		31, 2024		2025		31, 2024		2025			31, 2024			2025		31, 2024
Current assets		9		10		—		—		69		102		3,384		3,230		(1,165	)		(1,144	)		2,297		2,198
Non-current assets		2,281		2,281		6,560		6,560		2,395		2,341		25,179		25,502		(27,229	)		(27,553	)		9,186		9,131
Current liabilities		313		101		954		677		143		151		1,583		1,932		(1,201	)		(1,100	)		1,792		1,761
Non-current liabilities		—		—		7,704		7,704		2,636		2,516		3,288		3,286		(6,574	)		(6,548	)		7,054		6,958

(1)

The information in this table has been prepared in accordance with securities regulatory requirements and has not been audited or the subject of a review by the Company’s auditor. For the purposes of this consolidating summary financial information, investments in subsidiaries are accounted for using the equity method.

(2)

Prior to the Spinoff Transaction on October 1, 2024, revenue and net income (loss) reported in this table were revenue and net income (loss) as recorded by TC Energy Corporation for the entities that were reorganized to form the consolidated financial information of South Bow subsequent to the Spinoff Transaction. Accordingly, references to Other South Bow Subsidiaries, Consolidating Adjustments and Total Consolidated Amounts in this table include combining entities and entities that were not consolidated with South Bow prior to the Spinoff Transaction but were necessary to include in the table for comparative purposes.

(3)	This column includes the necessary adjustments to eliminate the intercompany balances from South Bow, the Company, the Subsidiary Credit Supporters and Other South Bow Subsidiaries to arrive at the information for South Bow on a consolidated basis.

South Bow Corp 6-K