Group 1 - CN's Executive Vice-President and Chief Financial Officer, Ghislain Houle, will speak at Citi's 2026 Global Industrial Tech and Mobility Conference on February 18, 2026, at 7:10 a.m. ET [1] - CN will provide a live webcast of the conference on its investor relations website, with a replay available after the event [1] Group 2 - CN is a major player in the transportation sector, moving over 300 million tons of natural resources, manufactured products, and finished goods across North America annually [2] - The company operates a nearly 20,000-mile rail network that connects Canada's Eastern and Western coasts with the U.S. Midwest and Gulf Coast, contributing to sustainable trade and community prosperity since 1919 [2]

Core Viewpoint - The Surface Transportation Board (STB) rejected the UP-NS merger application as incomplete, emphasizing the need for full and transparent disclosure in such significant transactions [1][2]. Group 1: Merger Application Details - The STB found that UP and NS did not meet basic requirements by failing to provide necessary information in their initial filing, indicating that the application was missing critical components [1][2]. - A stronger record is essential for the STB to assess whether the proposed merger serves the public interest and enhances competition, as the applicants withheld information crucial for understanding potential competitive harms [2]. Group 2: Company Position and Future Participation - CN expressed appreciation for the STB's thorough review and looks forward to robust participation once UP and NS submit a complete application, encouraging customers to stay informed and participate in the process [2][3]. - The company has been a key player in the transportation sector, moving over 300 million tons of goods annually across a nearly 20,000-mile rail network, contributing to sustainable trade and community prosperity since 1919 [4].

Core Viewpoint - CN has filed a motion with the Surface Transportation Board (STB) to request additional information regarding the proposed merger between Union Pacific and Norfolk Southern, highlighting that the applicants have not adequately assessed the competitive harms of the merger [1][2]. Group 1: Gaps in the Original Application - The original application has several shortcomings, including incomplete market analyses, as the applicants did not disclose the methodology and data supporting their claim of only three 2-to-1 shippers [4]. - Missing projections for market shares by revenues and traffic volumes were noted, undermining the traffic inputs for the applicants' Operating Plans [4]. - The network map provided by the applicants was incomplete, failing to depict certain trackage and haulage rights, which misrepresented the transaction as "end-to-end" [4]. - The applicants did not propose any competitive enhancements, which is a basic regulatory requirement, leading to the conclusion that their application should be deemed incomplete [4]. Group 2: Importance of Transparency - CN emphasizes the need for the applicants to meet the highest standards of transparency and compliance, arguing that the undisclosed information is critical for understanding the anticipated competitive harms [2]. - The company calls for a transparent discussion about the merger's impact on competition, rather than downplaying the issues [2].

Core Insights - CN achieved a new monthly record for grain movement in November, transporting over 3.28 million metric tonnes, which is an increase of 230,000 metric tonnes compared to the previous record set in November 2020 [1] - This marks CN's third consecutive month of record grain movement, highlighting the effectiveness of customer collaboration and operational planning [2] Grain Movement - In November, CN moved over 3.28 million metric tonnes of grain from Western Canada, setting a new record [1] - The increase of 230,000 metric tonnes from the previous record indicates strong operational performance [1] Winter Operations - CN is actively executing its winter operations plan as colder months commence, ensuring proactive solutions are in place [3] Company Overview - CN plays a crucial role in the economy by transporting over 300 million tons of natural resources, manufactured products, and finished goods across North America annually [4] - 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 [4]

Group 1 - CN's Executive Vice-President and CFO, Ghislain Houle, will speak at the Desjardins Toronto Conference on November 24, 2025, at 8:00 a.m. Eastern Time [1] - CN will provide a live webcast of the conference on its investor relations website, with a replay available after the event [1] Group 2 - CN is a major transportation company that moves over 300 million tons of natural resources, manufactured products, and finished goods across North America annually [2] - The company operates a nearly 20,000-mile rail network that connects Canada's coasts with the U.S. Midwest and Gulf Coast, supporting sustainable trade and community prosperity since 1919 [2]

Core Insights - Union Pacific Corp. reported third-quarter earnings of $1.79 billion on revenue of $6.24 billion, with a per-share profit of $3.01, exceeding analyst expectations [1] Financial Performance - The adjusted earnings per share, accounting for costs related to the proposed merger with Norfolk Southern, were $3.08 [1] - Revenue surpassed expectations of $6.23 billion, while the earnings per share exceeded the forecast of $2.99 from seven analysts surveyed [1]

Core Insights - Wabtec reported stronger earnings with revenue and profits growing in both freight and transit segments, highlighting a strong quarter with growth in backlog, sales, margin, and earnings [1][4] Revenue and Earnings - Operating income increased by 17% to $491 million, while revenue grew by 8.4% to $2.89 billion, and earnings per share rose by 11% to $1.81 [1] - Freight segment revenue was up 8.4%, with equipment sales increasing by 32% due to higher locomotive deliveries, and digital sales rising by 46% following the acquisition of Inspection Technologies [2] Backlog and Orders - The freight segment's 12-month backlog increased by 9% year-over-year, and its multi-year backlog rose by 18%, supported by a record $4.2 billion locomotive order from Kazakhstan's national railway [3] - Transit segment's 12-month backlog rose by 7%, while the multi-year backlog grew by 4%, driven by unprecedented backlogs at car builders and passenger growth in key markets [3][4] Financial Outlook - Wabtec raised its full-year financial outlook, estimating earnings per share to rise by 18.4% at the midpoint of its range of $8.85 to $9.05 [4] - Despite strong momentum, executives expressed caution regarding the broader economic landscape as they approach the final quarter of the year [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 [1][2]. Group 1: Campaign Details - The campaign runs from September 15–19, 2025, involving CN Police and employees partnering with various communities across North America to highlight the risks of trespassing and ignoring signals at crossings [2]. - In 2024, over 376 municipalities recognized See Tracks? Think Train® Week through formal resolutions and proclamations, demonstrating community engagement in rail safety [4]. Group 2: Statistics and Impact - North America experiences over 2,000 crossing accidents and 1,000 trespassing incidents annually, with the US alone recording 2,252 incidents in 2024, leading to 268 fatalities and 749 serious injuries [3]. - The statistics emphasize the urgent need for ongoing education and awareness regarding rail safety [3]. Group 3: Shared Responsibility - Rail safety is described as a shared responsibility, with CN emphasizing the importance of small safe choices made daily by individuals to enhance community safety [3][4]. - CN encourages community partners to join in spreading the message that rail safety is crucial and that collective efforts can lead to significant improvements [5]. Group 4: CN Police Services - CN Police Services respond to numerous incidents across CN's network, which includes eight Canadian provinces and 16 U.S. states, and they conduct educational initiatives to promote safe behaviors [6]. - The commitment of CN Police Services is to make CN the safest railroad in North America through strategic educational efforts and targeted operations [6].

Core Insights - The Canada Infrastructure Bank (CIB) has finalized a C$100 million ($72.3 million) loan to Cando Rail & Terminals to expand rail capacity at the Sturgeon Terminal in Alberta [1][2] - The expansion will enhance supply chain capacity for industrial production centers in Western Canada, with operations expected to commence in late 2026 [3][5] - The new terminal will create up to 3,700 additional railcar storage and staging spaces, supporting local businesses and fostering trade opportunities [4][5] Company Insights - Cando Rail & Terminals operates the Sturgeon Terminal, which currently functions at full capacity and serves as a multi-purpose rail hub in Alberta's Industrial Heartland [1][2] - The terminal's expansion is expected to generate approximately 50 full-time jobs, adding to the existing 60 jobs supported by the current terminal [5][6] - Cando's investment, along with CIB financing, aims to increase market access for industrial facilities in the region, enhancing competitiveness for petrochemical and heavy industrial investments [6] Industry Insights - The CIB's funding falls under the Trade and Transportation sector, facilitating the development of a new terminal that will improve the movement of goods to key ports like Prince Rupert and Vancouver [2][5] - In 2022, TorQuest Partners and Alberta Investment Management Corporation (AIMCo) acquired a 100% equity holding in Cando Rail & Terminals, indicating strong investor interest in the rail sector [6] - CN announced plans to invest C$2.1 billion ($1.51 billion) in rail infrastructure across Canada, focusing on capacity improvement and sustainable growth [7]

Core Message - CN is emphasizing the importance of rail safety through its annual Rail Safety Week campaign, which aims to raise awareness about safe behaviors near railway crossings and the dangers of trespassing on railway property [3][4]. Group 1: Rail Safety Week Activities - CN Police officers will be available for interviews and will participate in community events across Canada during Rail Safety Week from September 15-19, 2025 [1][2]. - The campaign includes a partnership with Operation Lifesaver and local authorities to deliver various online and in-person activities that promote safe practices and raise awareness about rail crossing safety [4]. Group 2: Importance of Rail Safety - Every year, preventable accidents occur at rail crossings, highlighting that safety is a shared responsibility among schools, communities, and media partners [3]. - CN aims to reduce incidents and save lives by working collaboratively with various stakeholders [3]. Group 3: About CN Police - CN Police Services respond to hundreds of events across eight Canadian provinces and 16 U.S. states, focusing on protecting CN property and delivering rail safety presentations to various organizations [5]. - The CN Police Services are committed to promoting safe behaviors and increasing awareness of rail safety through strategic educational initiatives and targeted operations [5].