Forward Air Corporation Earnings Presentation 3Q25 November 5, 2025 Earnings Presentation Statements & Disclaimers Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," ...

Core Viewpoint - The MD-11 aircraft, a long-standing asset for FedEx and UPS, is being gradually phased out of their fleets [1] Group 1 - The MD-11 has been a reliable workhorse for both FedEx and UPS [1] - The phasing out of the MD-11 indicates a shift in operational strategy for these companies [1]

Group 1: Corporate Workforce Changes - Amazon plans to cut its global corporate workforce by as many as 14,000 roles, leveraging opportunities provided by artificial intelligence [1] - Recent layoffs across various sectors, including tech, retail, auto, and shipping, have totaled more than 60,000 roles, with companies citing reasons such as AI, tariffs, and cost-cutting [5] Group 2: Legislative Response to AI Impact - A bipartisan bill, the AI-Related Job Impacts Clarity Act, has been introduced, requiring companies and federal agencies to report quarterly on job changes due to AI [2] - The legislation aims to provide a clearer understanding of AI's impact on the workforce, addressing concerns about potential job losses [3] Group 3: Expert Opinions on AI and Employment - Anthropic's CEO warned that AI tools could eliminate half of all entry-level white-collar jobs and potentially raise unemployment to 20% within the next one to five years [4] - Some experts suggest that AI may not be the sole reason for layoffs, indicating that companies might use AI as a justification for broader economic concerns and cost-cutting measures [6]

Core Insights - ConnectM Technology Solutions, Inc. has announced the acquisition of Geo Impex & Logistics Private Limited, enhancing its position in the sustainable logistics infrastructure sector in India [1][4] Acquisition Details - The acquisition includes approximately 76 acres of land near Chhatrapur, Odisha, India, strategically located 700 meters from the Chhatrapur Railway Station and 5 kilometers from Gopalpur Port [2] - The site has full industrial development approval and is poised to host a Multimodal Logistics Park and an AI Data-Center campus [3] Strategic Implications - This acquisition allows ConnectM to expand its presence in India's infrastructure sector and establish a new business vertical under its AI and technology subsidiary, Keen Labs [4] - The site will serve as a multimodal hub for various logistics needs and will be the launch pad for an AI-enabled Energy Intelligence Data Center (EIDC) [5] Future Developments - The new facility will integrate distributed-energy assets and leverage Keen Labs' software to create a low-carbon platform for logistics, power, and data [5][6] - The initiative will utilize machine-learning models for optimizing logistics operations, enhancing route efficiency, and coordinating energy resources [6]

Core Points - The temporary closure of the United Parcel Service (UPS) air cargo hub in Louisville, Kentucky, is a direct consequence of a deadly plane crash, which will lead to delays in the company's global delivery network [1] Group 1 - The closure of the UPS air cargo hub is expected to disrupt operations significantly [1] - The incident highlights the vulnerabilities in the logistics and delivery industry, particularly in air cargo operations [1]

A UPS wide-body cargo plane crashed on Tuesday and erupted into a fireball moments after takeoff from the international airport in Louisville, Kentucky, killing seven, including all three aboard, and ... ...

Financial Data and Key Metrics Changes - CSN achieved a 26% growth in EBITDA, reaching BRL 3.3 billion, with an EBITDA margin of 27%, marking a quarter-on-quarter gain of 330 basis points [5] - The company's leverage ratio decreased to 3.1 times from 3.5 times at the end of the previous year, indicating improved financial discipline [5][14] - Adjusted cash flow was negative at BRL 815 million, an improvement from the previous quarter's negative BRL 1.4 billion, reflecting the impact of high interest rates and working capital consumption [13] Business Line Data and Key Metrics Changes - In mining, CSN shipped over 12 million tons for the first time, with a 5% increase in sales volume compared to the previous quarter, and a 57% growth in EBITDA to over BRL 1.9 billion [6][20] - The cement segment recorded the second-largest sales volume in CSN's history, with over 3.6 million tons sold, achieving an EBITDA of BRL 388 million and a margin of 29% [10][23] - The logistics segment reached a record EBITDA of BRL 550 million with a margin above 35%, driven by increased cargo handling efficiency [10][24] Market Data and Key Metrics Changes - The steel market remains pressured by imported materials, with CSN being the only company to show growth in freights and EBITDA despite adverse conditions [7] - The cement market showed resilience with increased consumption, particularly benefiting from the Minha Casa Minha Vida program and high employment levels in the real estate sector [9][21] - The company noted a recovery in iron ore prices, which positively impacted profitability, with prices above $100 per ton [20] Company Strategy and Development Direction - CSN is focused on operational efficiency and cost control, with a strategy to maximize production while maintaining competitive pricing [27][28] - The company is pursuing strategic projects, including the CSN Infrastructure Project, which aims to enhance liquidity and reduce leverage [34][37] - Management emphasized the need for protective measures against imported goods to support local production and competitiveness [29][41] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the steel industry's recovery, citing improved price dynamics and anti-dumping measures [9][41] - The company anticipates continued operational improvements across all segments, with a focus on maintaining strong EBITDA margins [34][46] - There is an expectation for the fourth quarter to show improved performance, with a target of returning to double-digit EBITDA margins [43][54] Other Important Information - CSN reported a 13% increase in working capital compared to the previous quarter, reflecting improved commercial accuracy [13] - The company achieved the lowest steel production costs in four years, indicating enhanced operational efficiency [8][19] - CSN's ESG initiatives have been recognized, with significant advancements in safety, environmental sustainability, and diversity [26] Q&A Session Summary Question: Discussion on leverage and divestment strategy - Management confirmed a deleveraging process, reducing leverage from 3.5 to 3.1 times, and highlighted the importance of strategic projects like CSN Infrastructure for future liquidity [33][34] Question: Insights on commercial strategy and fourth-quarter outlook - Management acknowledged the challenges posed by high competition and import penetration but emphasized a focus on value over volume, with expectations for improved margins in the fourth quarter [38][39] Question: Addressing cash burn and financial initiatives - Management reported a reduction in cash burn from BRL 4 billion to BRL 800 million, attributing this to better operational results and cost controls [44][45] Question: Updates on anti-dumping measures and market conditions - Management expressed optimism regarding upcoming anti-dumping measures, particularly for galvanized products, and noted a robust demand in the domestic market despite high import levels [50][52]

Core Insights - ArcBest reported revenue of $1.05 billion for the quarter ended September 2025, a decrease of 1.4% year-over-year, with EPS at $1.46 compared to $1.64 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $1.03 billion by 1.84%, while the EPS surpassed the consensus estimate of $1.37 by 6.57% [1] Financial Performance Metrics - Asset-Based Operating Ratio was reported at 90.3%, better than the estimated 92.7% [4] - Asset-Light Operating Ratio was 100.4%, slightly above the estimated 100.2% [4] - Asset-Based Pounds per Shipment was 1,065.00 lbs, exceeding the estimate of 1,054.65 lbs [4] - Asset-Based Tons per Day was reported at 11,238.00 tons, above the estimate of 11,205.35 tons [4] - Asset-Based Shipments per Day was 21,095.00 tons, below the estimated 21,249.43 tons [4] - Asset-Based Billed Revenue per CWT was $50.19, slightly lower than the estimate of $50.60 [4] - Revenues from Asset-Based operations were $726.48 million, a 2.4% increase year-over-year, compared to the average estimate of $725.63 million [4] - Revenues from Asset-Light operations were $355.97 million, a decrease of 7.6% year-over-year, compared to the average estimate of $353.91 million [4] - Operating Income Non-GAAP for Asset-Based operations was $54.44 million, exceeding the estimate of $50.58 million [4] Stock Performance - ArcBest shares returned -1% over the past month, while the Zacks S&P 500 composite increased by 1% [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market [3]

Financial Performance - CSN achieved its highest EBITDA of the year, growing by 25.6% in Q3 2025[4] - Adjusted EBITDA margin reached 26.8%, a 3.3 percentage point increase compared to Q2 2025[4] - The company's leverage decreased by 35 basis points from Q4 2024, reaching 3.14x[4] - Adjusted free cash flow was negative, impacted by financial expenses, increased investment activities, and working capital consumption[19] Mining - Mining achieved a new production and sales record with over 12 million tons commercialized in Q3 2025[4] - Mining EBITDA reached R$1.9 billion[4] - Mining EBITDA margin adjusted reached 43.9%, a 7.8 percentage point increase compared to Q2 2025[4] - Sales volume reached 12.4 million tons, marking the company's best result ever[46] Other Segments - Steel EBITDA reached a record of R$550 million[4] - Cement EBITDA reached a record of R$388 million[4] - Logistics EBITDA reached a record of R$550 million, with a 5% increase in sales volume compared to Q2 2025[4]

活动现场，《中国智慧物流发展报告》发布，《2026人工智能+物流研究报告》启动编写。中国物流与采购联合会智慧物流分会将下沉到智慧物流发展的 各场景，研究智慧物流推进路径，挖掘创新应用案例，总结行业发展经验，聚焦AI等热点技术，形成行业研究成果并以报告形式为行业赋能。 在主旨演讲环节，来自高校、企业的专家们围绕人工智能赋能物流行业发展，结合各自领域进行分享。在圆桌交流环节，专家们就具身智能与物流行业融 合发展展开讨论。当天，2025物流与供应链行业"人工智能+"应用场景挑战赛颁奖。 11月1日，2025中国物流与采购联合会"人工智能+"应用场景挑战赛决赛暨物流与供应链行业创新交流会在苏州相城元和街道举行，行业精英、技术先锋齐 聚一堂，共同见证最前沿的AI技术分享、最具价值的物流AI应用实践，共同探讨人工智能与物流行业场景融合创新。 中国物流与采购联合会副会长何辉，中国物流信息中心主任刘宇航，中讯邮电咨询设计院有限公司董事长张涌；相城区委书记沈志栋，区委副书记、相城 高新区党工委书记顾建明，区委副书记、副区长章巍参加活动。 何辉在致辞中表示，当前，数字化、人工智能等新技术与物流行业的融合正持续深化，推动行业从"传 ...