Core Insights - Expeditors International (EXPD) reported a revenue of $2.86 billion for the quarter ended December 2025, reflecting a year-over-year decline of 3.3% and an EPS of $1.49 compared to $1.68 a year ago, with a revenue surprise of +2.12% and an EPS surprise of +2.06% [1] Revenue Performance - Airfreight services generated $1.11 billion, exceeding the average estimate of $1.04 billion by four analysts, marking a year-over-year increase of +4.3% [4] - Ocean freight and ocean services reported revenues of $611.39 million, falling short of the average estimate of $687.5 million, representing a significant year-over-year decline of -32.7% [4] - Customs brokerage and other services achieved revenues of $1.14 billion, surpassing the average estimate of $1.07 billion, with a year-over-year increase of +15.5% [4] Net Revenue Insights - Net revenues from airfreight services were $242.76 million, slightly below the average estimate of $252.72 million, reflecting a year-over-year decline of -4.7% [4] - Net revenues from customs brokerage and other services reached $499.57 million, exceeding the average estimate of $485.71 million, with a year-over-year increase of +10.4% [4] - Net revenues from ocean freight and ocean services were $181.23 million, below the average estimate of $184.94 million, indicating a year-over-year decline of -20.3% [4] Stock Performance - Shares of Expeditors International have returned -5.8% over the past month, compared to a -1% change in the Zacks S&P 500 composite, with the stock currently holding a Zacks Rank 3 (Hold) [3]

Summary of Key Points from the Conference Call Industry and Company Focus - **Industry**: Chemicals and Freight Forwarding - **Companies Mentioned**: Arkema, BASF, DSV, Kuehne + Nagel, Auto1 Group, and various others in the earnings preview section Core Insights and Arguments 1. **Chemicals Sector Outlook**: - The chemicals industry is showing signs of a cyclical recovery, prompting rating changes, including upgrades for Arkema and BASF to Buy. This reflects a positive macro momentum despite muted company commentary [1][18] - Factors influencing this outlook include US tariffs anniversary, demand support from OBBB, and German fiscal spending [1] 2. **AI Disruption in Freight Forwarding**: - The freight forwarding sector is experiencing AI-driven productivity gains, as highlighted by Algorhythm's SemiCab product. This raises questions about the competitive edge of asset-light logistics companies versus those with physical networks [2] - DSV and Kuehne + Nagel are noted for their large physical networks, which may provide a competitive moat against pure tech platforms [2] 3. **AI Risk vs. Potential**: - Industries with high labor costs and automation potential may benefit from AI, but the market is skeptical about current leaders capitalizing on this innovation. Companies like DSV are seen as potential early adopters [3] - The analysis suggests a need to identify management teams that will embrace AI in high disruption risk industries [3] 4. **GOAL Positioning Indicators**: - Current positioning indicators are bullish, with a focus on the business cycle's health. This suggests a favorable environment for investment, but caution is advised as conditions evolve [6] Earnings Preview Highlights - **Upcoming Earnings Reports**: - A total of 50 companies covered by Goldman Sachs are set to report earnings next week, including notable companies like BHP Group, Kerry, and InterContinental Hotels Group [9] - Specific ratings and expectations for these companies vary, with several being on the Buy or Neutral lists [9][11] Additional Important Insights 1. **Luxury Goods Performance**: - European luxury companies have seen an average share price decline of 8% since the beginning of the year, contrasting with a 3.5% increase in the SXXP index. Key factors include stable performance in China and strong US demand [24] 2. **UK Home Builders**: - The UK Labour party is considering a new Help to Buy scheme, which could significantly boost industry volumes, as it previously supported around 30% of yearly completions at its peak [24] 3. **Insurance Sector**: - The long-term risk of autonomous vehicles is projected to increase the UK retail motor claims pool for 10-15 years before a decline is expected, with an estimated 31% decrease by 2050 [25] 4. **AI-Related Capital Expenditure**: - AI-related capital expenditure is becoming a significant driver of primary market supply, accounting for approximately 40% of total net supply in USD Investment Grade year-to-date, a notable increase from 10% in 2023 [54] This summary encapsulates the key points from the conference call, focusing on industry trends, company-specific insights, and broader economic implications.

Financial Data and Key Metrics Changes - Full year 2025 revenue grew 24% to $29.5 million, with Q4 revenue at $7.4 million, up 12% year-over-year [10][24] - Gross booking value reached $357 million in Q4, up 27% year-over-year [12] - Non-IFRS gross margin for Q4 was 72.7%, down from 74.3% in Q4 2024, while full year gross margin was 73.7%, up 130 basis points compared to 2024 [25] Business Line Data and Key Metrics Changes - Platform revenue grew 18% for the full year, while solutions revenue was up 27% from 2024 [24] - Q4 saw 445,000 bookings, marking a 27% increase year-over-year, with a record active carrier network of 77 carriers [11][12] - Solutions growth was softer than anticipated, indicating a need for tighter execution in product delivery and go-to-market strategies [15] Market Data and Key Metrics Changes - The company maintained a record of 445,000 bookings in Q4, reflecting strong transaction growth despite a volatile global trade environment [11] - The integration of new carriers and increased utilization of existing carriers contributed to transaction growth [12] Company Strategy and Development Direction - The company is prioritizing profitability and disciplined growth, aiming for break-even by the end of 2026 [4][8] - A solutions-first strategy is being adopted to enhance workflow ownership and drive sustainable revenue growth [18][19] - The focus is on expanding into ocean and tendering markets, which are expected to provide significant long-term upside [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA break-even by Q4 2026, driven by operational discipline and cost efficiency [27] - The board emphasized the importance of digitalizing the global freight ecosystem and enhancing governance and leadership for future success [5][6] Other Important Information - The company closed the quarter with $27.9 million in cash and short-term bank deposits, slightly better than expectations [26] - The transition from a founder-led to a professional CEO-led organization is ongoing, with a new CEO expected to be appointed before the next earnings release [7] Q&A Session Questions and Answers Question: Changes in go-to-market strategy - The go-to-market change is not drastic but focuses on customer-led initiatives and prioritizing projects with better returns [30] Question: Changes in headcount or operational changes - The focus is on targeting higher-value clients and improving overall execution in the go-to-market strategy [31] Question: Take rate trends - The take rate is considered quarterly noise, with no decrease in any revenue lines [32] Question: Deployment of large language models - The company is pursuing an AI strategy to enhance operational efficiencies and leverage its API-driven architecture [34][35] Question: Plans for improving unit economics - The focus is on prioritizing projects that yield better returns and expanding network capabilities [41] Question: Confidence in achieving EBITDA breakeven - The company remains committed to achieving adjusted EBITDA breakeven by Q4 2026 [48] Question: Gap between transaction growth and revenue guidance - The gap is attributed to the volatility in the solutions revenue business and longer sales cycles affecting new bookings [50][51] Question: Governance transition and board changes - The decision for a board member to step down was not planned and reflects a broader leadership change [52] Question: Timeline for GAAP profitability - The company aims to reach adjusted breakeven by the end of the year, with GAAP profitability expected to follow [54]

Core Viewpoint - Expeditors International (EXPD) is expected to report a decline in quarterly earnings and revenues, with earnings per share projected at $1.46, down 13.1% year-over-year, and revenues forecasted at $2.8 billion, reflecting a decrease of 5.3% compared to the same period last year [1]. Earnings Estimates - There has been no revision in the consensus EPS estimate for the quarter over the last 30 days, indicating that analysts have not changed their initial forecasts during this period [2]. - Revisions to earnings estimates are crucial for predicting investor actions regarding the stock, as empirical research shows a strong correlation between earnings estimate trends and short-term stock price performance [3]. Revenue Projections - Analysts project 'Revenues- Airfreight services' to reach $1.04 billion, indicating a year-over-year decline of 2.6% [5]. - The estimate for 'Revenues- Ocean freight and ocean services' is set at $687.50 million, reflecting a significant decrease of 24.3% from the prior-year quarter [5]. - 'Revenues- Customs brokerage and other services' are forecasted to reach $1.07 billion, showing an increase of 8.6% from the year-ago quarter [5]. Net Revenue Estimates - 'Net revenues- Airfreight services' are expected to be $252.72 million, indicating a slight decline of 0.7% from the year-ago quarter [6]. - Analysts estimate 'Net revenues- Customs brokerage and other services' to reach $485.71 million, reflecting a year-over-year increase of 7.3% [6]. - 'Net revenues- Ocean freight and ocean services' are projected at $184.94 million, indicating a year-over-year decline of 18.7% [7]. Stock Performance - Shares of Expeditors International have shown a return of -8% over the past month, compared to a -0.8% change in the Zacks S&P 500 composite [7]. - With a Zacks Rank of 3 (Hold), EXPD is expected to perform in line with the overall market in the near future [7].

Core Insights - AIT Worldwide Logistics has sold a majority stake to Greenbriar Equity Group to support its aggressive expansion strategy aimed at organic growth and acquisitions by 2030 [1][5] - The Jordan Company, L.P. is cashing in on its 2021 acquisition of AIT Worldwide, while retaining a stake in the company alongside AIT's executive team [2] - Under TJC's ownership, AIT has expanded significantly, acquiring 14 businesses and increasing gross revenue by over 300% [3] - AIT is ranked as the 27th largest U.S.-based logistics provider with a projected gross revenue of $2.6 billion for 2024 [4] - The acquisition is noted as one of the largest private acquisitions in the global freight forwarding sector, although specific terms were not disclosed [4] - Greenbriar Equity, managing over $15 billion in committed capital, has a history of investing in transportation and logistics, with a diverse portfolio [6] - Greenbriar's Managing Director emphasized AIT's strong leadership and operational excellence, positioning the company to meet the evolving demands of integrated logistics solutions [7]

Core Insights - AIT Worldwide Logistics has formed a partnership with Greenbriar Equity Group to support continuity and accelerate the next phase of the company's growth plans [1] Company Summary - The partnership aims to enhance AIT Worldwide Logistics' operational capabilities and strategic initiatives [1] - This collaboration is expected to facilitate the company's expansion and development in the logistics sector [1]

Core Insights - Allstates WorldCargo has acquired Promptus, a freight forwarder, enhancing its customs brokerage capabilities and service offerings [1][2] Group 1: Acquisition Details - The acquisition of Promptus, a 3PL focused on Latin America, Asia, Europe, and Caribbean trade lanes, allows Allstates WorldCargo to provide in-house customs clearance and compliance services [1] - The financial terms of the acquisition remain undisclosed [1] Group 2: Strategic Implications - This acquisition positions Allstates WorldCargo to offer seamless solutions for global customers, improving control over customs brokerage services and enhancing service reliability [2] - The integration of the Promptus team into Allstates WorldCargo's U.S. operations is expected to improve coordination and visibility [2] Group 3: Company Background - Allstates WorldCargo is based in Orlando, Florida, and operates over 25 locations across the U.S., providing air and ocean freight forwarding, warehousing, and ground transportation [3] - The company previously acquired Saturn Freight Systems, indicating a strategy of growth through acquisitions [3]

Core Insights - The company is experiencing short-term headwinds but has a long-term growth trajectory supported by increasing volumes and diverse revenue streams [3][2] - Broker margins may face pressure due to rising spot rates, but seasonal patterns and a shift towards airfreight and parcel services could help maintain margins [1] Company Overview - Expeditors International of Washington, Inc. (NYSE:EXPD) offers a range of global logistics services, including air and ocean freight forwarding, customs brokerage, and warehousing [3] - The company has a history of increasing dividends for 31 consecutive years, indicating a commitment to returning value to shareholders [2] Market Conditions - Management is cautious about market conditions, noting that ocean rates could decline if Red Sea trade routes stabilize, while geopolitical and labor risks persist [2] - Despite potential risks such as recessions and global trade disruptions, the company is focused on expanding its operations and tightening its operational efficiency [2] Industry Trends - Peak season volumes are aligning with normal seasonal patterns, which may support margins in airfreight and parcel sectors [1] - The logistics industry is expected to see a continuation of the trend of increasing volumes, which has historically supported revenue growth [3]

As filed with the U.S. Securities and Exchange Commission on February 2, 2026. Registration No. 333-291040 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Amendment No. 2 To FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 CGL LOGISTICS HOLDINGS LIMITED (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classifi ...

Group 1 - The article discusses expectations for the markets in 2026, emphasizing the importance of analyzing the previous year to make informed predictions [1] - The author highlights their extensive experience in the freight forwarding industry, which provides insights into market behavior and investment psychology [1] - The article suggests a contrarian approach to investing, focusing on thorough due diligence to uncover valuable investment opportunities [1]