Core Viewpoint - CN will release its third-quarter 2025 financial and operational results on October 31, 2025, before market opening, with a conference call to discuss the results and outlook led by CEO Tracy Robinson [1]. Group 1: Financial Results Announcement - CN's third-quarter 2025 financial and operating results will be issued before the markets open on October 31, 2025 [1]. - A conference call will be held at 8:30 a.m. Eastern Time on the same day to review the results and outlook [1]. Group 2: Participation Details - Interested parties can participate in the conference call by dialing 1-800-715-9871 (Canada/U.S.) or 1-647-932-3411 (International), using the passcode 4715336 [2]. - Participants are encouraged to join the call 10 minutes early, and a live webcast will be available on CN's investor website [2]. Group 3: Company Overview - CN is a major player in the economy, transporting over 300 million tons of natural resources, manufactured products, and finished goods across North America annually [3]. - The company operates a nearly 20,000-mile rail network, connecting Canada's coasts with the U.S. Midwest and Gulf Coast, contributing to sustainable trade since 1919 [3].

Summary of Key Points from the Conference Call Industry Overview - **Global Logistics**: The logistics industry is experiencing significant changes, particularly in ocean and air freight sectors, with varying demand and pricing pressures. Ocean Freight - **Demand and Rates**: As of mid-September, the Shanghai Containerized Freight Index (SCFI) reached its lowest level since 2023, indicating a sharp decline in ocean freight rates post-peak season. Rates have dropped approximately 35% from their early June peak, with key indicators like SCFI and World Container Index (WCI) down over 50% year-to-date [1][3][21]. - **Volume Growth**: Ocean volumes increased by 5% year-over-year in July, contributing to a 5% year-to-date increase. However, there are concerns about sequential declines in volumes for Q3, particularly in trade lanes heavily exposed to forwarders [3][20]. - **Orderbook Expansion**: The orderbook for new vessels grew by 6% in Q2, with new orders equivalent to 3.6% of the in-service fleet. The projected fleet growth is 47% from 2019 to 2026, raising concerns about oversupply [4][22]. - **Suez Canal Transits**: Transits through the Suez Canal remain consistent with last year's levels, with no significant changes anticipated for 2025 [23]. Air Freight - **Stability in Volumes**: Airfreight volumes have shown mid-single-digit growth year-over-year in Q2 and summer, although yields are slightly down due to lower fuel surcharges. The overall industry revenue is up in the low single digits [5][24]. - **Risks Ahead**: The expiration of the de minimis exemption and rising tariffs pose risks to airfreight demand, particularly in the second half of the year [5][24]. Surface Freight - **Market Conditions**: U.S. surface rates contracted in June and are expected to remain flat or decline in the second half of the year due to a softer freight outlook. Carriers are cutting trans-Pacific sailings significantly ahead of tariff deadlines, leading to a challenging environment for import traffic [6][25]. Company Ratings and Insights - **DSV**: Rated as Outperform, with expectations of significant synergies from the acquisition of DB Schenker, potentially making it the largest freight forwarder by air and sea volumes by 2025 [9]. - **DHL**: Also rated Outperform, benefiting from its diversified logistics operations and strong exposure to e-commerce and global trade [10]. - **Kuehne+Nagel**: Rated Market-Perform, facing challenges in execution and volume growth compared to peers [11]. - **Maersk**: Rated Underperform, with concerns over its core container shipping business and a challenging rate environment due to high orderbook levels [13]. - **UPS**: Rated Outperform, with confidence in margin improvement due to visibility in cost moderation [16]. - **FedEx**: Rated Market-Perform, facing risks related to complex network integration in the U.S. market [16]. Economic Indicators - **Global Trade Volumes**: Increased by 3.4% year-over-year in June, driven by emerging markets and Japan, while U.S. imports declined by 2.4% [2][19]. - **PMI Trends**: August PMIs showed improvements in China (50.5), the U.S. (48.7), and Europe (50.7), indicating a potential stabilization in manufacturing activity [2][19]. Conclusion - The logistics industry is navigating a complex landscape with varying demand across ocean, air, and surface freight sectors. Companies are adapting to changing market conditions, with some poised for growth while others face significant challenges. The outlook for the second half of the year appears cautious, particularly in light of tariff uncertainties and potential oversupply in the ocean freight market.

Group 1 - The article emphasizes the importance of defensive investing in the current market environment, where growth stocks are facing pressure due to high valuations and geopolitical uncertainty [2] - The preference is for established businesses over newer, riskier ventures, indicating a shift towards more stable investment options [2] Group 2 - iREIT+HOYA Capital is highlighted as a premier service focused on income-producing asset classes, aiming to provide sustainable portfolio income, diversification, and inflation hedging [1]

Core Insights - Canadian National Railway Company (CNI) is recognized as a strong candidate for a long-term dividend stock portfolio despite facing challenges such as strikes, wildfires, and rising costs that have impacted profits in 2024 [2][3] Financial Performance - The stock has experienced a 20% decline over the past year, influenced by external pressures, although revenue showed a slight increase [2] - In the second quarter, CNI improved its operating ratio to 61.7%, a 2.3% decrease from the previous year, indicating enhanced efficiency in converting revenue into profit [3] Dividend Information - CNI boasts a 29-year history of consistent dividend growth, currently offering a quarterly dividend of C$0.8875 per share, resulting in a dividend yield of 2.76% as of September 21 [4] Market Challenges - The company faces uncertainty in demand due to US tariffs reducing trade volumes in key markets, complicating guidance through 2026 [2]

Group 1 - Canadian National Railway Company (CNI) and CSX Corp. have signed a Memorandum of Understanding to create a new intermodal rail service into Nashville, Tennessee [1][3] - The new service aims to provide a seamless all-rail alternative for international containers from Canada's West Coast, enhancing supply chain efficiency [2][3] - The collaboration builds on a successful history of interline agreements between CNI and CSX, particularly their partnership on the East Coast since 2019 [3] Group 2 - The new route will travel through Memphis and continue directly into Nashville, replacing the current trucking segment with an all-rail solution [2] - This initiative is expected to deliver faster and more sustainable supply chain solutions for customers [2] - Canadian National Railway operates in rail, intermodal, trucking, and related transportation businesses in both Canada and the US [3]

Group 1 - Canadian National Railway Company (NYSE:CNI) is considered undervalued with a 2.7% yield and a low price-to-earnings multiple, making it an attractive investment option [1] - The company provides a range of services including rail, intermodal, trucking, and supply chain solutions, facilitating door-to-door transport and specialized cargo handling [1] - Canadian National is expected to benefit from increased freight volumes at Mexican and Canadian ports due to rising port fees for Chinese ships in the U.S. [1] Group 2 - Both Canadian National and CSX are well-positioned to take advantage of a tightening trucking market, as evidenced by rising tender rejections [1] - There are potential near-term risks for Canadian National, but its long-term valuation is considered favorable [1] - The article suggests that while CNI has investment potential, certain AI stocks may offer greater upside with less downside risk [1]

Core Insights - CN has appointed Madeleine Paquin to its Board of Directors, effective October 29, 2025, enhancing the Board's oversight of the company's strategy and long-term value creation for shareholders [1][2]. Company Overview - CN is a major player in the transportation sector, safely transporting over 300 million tons of natural resources, manufactured products, and finished goods across North America annually [7]. - The company operates a nearly 20,000-mile rail network, connecting Canada's Eastern and Western coasts with the U.S. Midwest and Gulf Coast, contributing to sustainable trade since 1919 [7]. Board Member Profile - Madeleine Paquin, 63, has extensive experience in logistics and supply chain management, having served as President and CEO of LOGISTEC Corporation from 1996 to January 2024, which operates in over 50 ports and 90 terminals across North America [3][4]. - She currently holds directorships at Air Canada Ltd and has been involved with various maritime and trade associations, enhancing her strategic planning and corporate governance expertise [5][6]. - Paquin is a graduate of the Richard Ivey School of Business and HEC Montréal, recognized with numerous awards including the Order of Canada and induction into the International Maritime Hall of Fame [6].

Group 1 - The article highlights the rarity of stocks that exhibit both wide economic moats and reasonable pricing, making them suitable for long-term investment strategies [1] - Canadian National Railway is specifically mentioned as a stock that fits this profile, suggesting its potential for value investors [1] Group 2 - The analysis emphasizes a fundamental approach to identifying undervalued stocks with growth potential, which is a key strategy for value investors [1]

Core Points - CN launched its annual Rail Safety Week campaign from September 15–19, 2025, to raise awareness about the dangers of unsafe behavior around railway tracks and property [1] - Rail safety is emphasized as a shared responsibility, with CN working alongside communities to promote safe practices [3][4] - Statistics indicate over 2,000 crossing accidents and 1,000 trespassing incidents occur annually in North America, with Canada reporting 261 incidents in 2024, leading to 68 fatalities and 58 serious injuries [2] Company Initiatives - CN Police Services collaborates with cities, towns, and Indigenous communities to highlight the risks associated with trespassing and ignoring signals at crossings [1][5] - In 2024, more than 376 municipalities recognized Rail Safety Week through formal resolutions and proclamations, showcasing CN's long-standing commitment to rail safety [3] - CN Police Services aims to promote safe behaviors and increase awareness through educational initiatives and targeted operations [5] Community Engagement - The campaign invites community partners to join in spreading the message that rail safety is crucial and that collective efforts can make a difference [4] - CN Police Services responds to hundreds of incidents annually across its network, which includes eight Canadian provinces and 16 U.S. states [5]

Core Viewpoint - CN has launched its annual See Tracks? Think Train® Week campaign to raise awareness about the dangers of unsafe behavior around railway tracks and property, emphasizing the importance of community involvement in rail safety [1][4]. Group 1: Campaign Overview - The campaign runs from September 15–19, 2025, involving CN Police and employees collaborating with various communities across North America [1]. - The initiative aims to highlight the risks associated with trespassing and ignoring signals at crossings, which can lead to severe consequences [1]. Group 2: Statistics and Impact - North America experiences over 2,000 crossing accidents and 1,000 trespassing incidents annually, with the US alone reporting 2,252 incidents in 2024, resulting in 268 fatalities and 749 serious injuries [2]. - These statistics underline the urgent need for ongoing education and awareness regarding rail safety [2]. Group 3: Community Engagement - In 2024, more than 376 municipalities recognized See Tracks? Think Train® Week through formal resolutions and proclamations, showcasing the campaign's community impact [3]. - CN emphasizes that rail safety is a shared responsibility, encouraging collective efforts to promote safe practices around railways [3]. Group 4: CN Police Initiatives - CN Police Services respond to numerous incidents across CN's network, which spans eight Canadian provinces and 16 U.S. states, and they conduct rail safety presentations to various community groups [5]. - The focus of CNPS is on strategic educational initiatives and targeted operations to enhance awareness and promote safe behaviors [5].