Financial Data and Key Metrics Changes - In 2025, Ryder achieved comparable earnings per share of $1,292, more than double the $595 reported in 2018, with a return on equity (ROE) of 17%, up from 13% in 2018 [12][25] - Operating cash flow increased to $2.6 billion in 2025, up more than 50% from $1.7 billion in 2018 [12][21] - For the fourth quarter, operating revenue was $2.6 billion, consistent with the prior year, while comparable earnings per share from continuing operations were $3.59, up 4% from the previous year [15][25] Business Line Data and Key Metrics Changes - Fleet Management Solutions (FMS) operating revenue decreased by 1%, with pre-tax earnings down to $136 million due to weaker market conditions [16][19] - Supply Chain Solutions (SCS) operating revenue increased by 3%, but earnings decreased by 8% due to lost business and production shutdowns in automotive [18][19] - Dedicated Transportation Solutions (DTS) operating revenue decreased by 4%, but EBT was above the prior year due to lower bad debt and acquisition synergies [19][25] Market Data and Key Metrics Changes - The U.S. economic growth is expected to be modest in 2026, with no significant change in freight market conditions anticipated [24][25] - U.S. Class 8 production is forecasted to decline by 4% in 2026, impacting the overall market dynamics [24] Company Strategy and Development Direction - Ryder's balanced growth strategy has been transformative, reducing reliance on used vehicle proceeds and focusing on asset-light supply chain and dedicated businesses [8][10] - The company is investing in customer-centric technology and AI to enhance operational efficiency and customer service [9][10] - Ryder aims to achieve higher returns by focusing on profitable growth opportunities and strategic investments [22][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver earnings growth and increased returns in 2026, driven by strategic initiatives and a strong contractual portfolio [24][25] - The company anticipates that the earnings power of its contractual businesses will offset near-term headwinds in transactional parts of the business [31][34] Other Important Information - Ryder has generated $3 billion in free cash flow since 2021 and has repurchased 24% of shares outstanding while increasing the quarterly dividend by 57% [14][23] - The company expects to generate approximately $10.5 billion from operating cash flow and used vehicle sales proceeds over the next three years, creating $3.5 billion of incremental debt capacity [21][22] Q&A Session Summary Question: Variability in Earnings Guidance for 2026 - The largest variability in earnings guidance is tied to the transactional business, particularly maintenance and omnichannel optimization initiatives [38][40] Question: Used Vehicle Sales Expectations - Used vehicle sales are expected to improve gradually throughout the year, with Q1 consistent with Q4 levels [45][46] Question: Impact of Market Conditions on Rental Business - The company has not seen meaningful improvement in rental and used vehicle sales, with guidance not reflecting significant market recovery [64][66] Question: Benefits of Baton Technology - Baton is expected to optimize fleet operations and enhance customer solutions through AI technology [67][68] Question: Flex Operating Structure in Dedicated Business - The flex operating structure is anticipated to optimize back-office resources and improve driver allocation, potentially offsetting margin headwinds [86][87]

Financial Data and Key Metrics Changes - In 2025, Ryder's comparable earnings per share were $1,292, more than double the $595 in 2018, with a return on equity (ROE) of 17%, up from 13% in 2018 [12][25] - Operating cash flow increased to $2.6 billion in 2025, up more than 50% from 2018 [12][21] - Fourth quarter operating revenue was $2.6 billion, in line with the prior year, with comparable earnings per share from continuing operations at $3.59, up 4% from the prior year [15][25] Business Line Data and Key Metrics Changes - Fleet Management Solutions (FMS) operating revenue decreased by 1%, with pre-tax earnings down to $136 million due to weaker market conditions [16] - Supply Chain operating revenue increased by 3%, but earnings decreased by 8% due to lost business and customer production shutdowns [18] - Dedicated operating revenue decreased by 4%, but EBT was above the prior year due to lower bad debt and acquisition synergies [19] Market Data and Key Metrics Changes - The U.S. economic growth is expected to be modest in 2026, with no significant change in freight market conditions anticipated [24] - U.S. Class 8 production is forecasted to decline by 4% in 2026 [24] - Rental demand was below the prior year, with rental utilization on the power fleet at 72%, down from 73% [16] Company Strategy and Development Direction - Ryder's balanced growth strategy focuses on operational excellence, customer-centric innovation, and profitable growth, with a significant shift towards asset-light supply chain and dedicated businesses [8][10] - The company aims to optimize its omnichannel retail warehouse network and enhance proprietary technologies through AI [9][10] - Ryder's capital allocation priorities include investing in organic growth, strategic investments, and returning capital to shareholders [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver increasing value to customers and shareholders despite current market challenges [24][36] - The outlook for 2026 includes expected operating revenue growth of approximately 3% and a comparable EPS increase of 12% at the high end of the forecast range [24][25] - Management noted that the earnings power of the contractual portfolio is expected to drive higher operating cash flow and incremental debt capacity [21][22] Other Important Information - Ryder has generated $3 billion in free cash flow since 2021 and has repurchased 24% of shares outstanding [14][22] - The company expects to realize another $70 million in incremental benefits from strategic initiatives in 2026, bringing the total expected annual benefit to $170 million [13][31] Q&A Session Summary Question: Variability in EPS guidance for 2026 - Management indicated that the largest variability lies within the transactional business, particularly related to maintenance and omnichannel optimization [38][40] Question: Used vehicle sales expectations - Management expects Q1 to be consistent with Q4, with gradual improvement anticipated as the year progresses [45][46] Question: Impact of market conditions on rental and used vehicle sales - Management noted that while there are signs of capacity exiting the market, the impact on used vehicle pricing for Ryder is expected to be minimal [52][53] Question: Flex operating structure benefits - Management highlighted that the flex model is expected to optimize back-office resources and reduce driver dwell time, potentially offsetting margin headwinds in the dedicated business [86] Question: Performance of Supply Chain division - Management reported a record sales year in 2025 for the Supply Chain division, with expectations for continued growth driven by new business [54][56]

Financial Data and Key Metrics Changes - In 2025, Ryder achieved comparable earnings per share of $1,292, more than double the $595 reported in 2018, with a return on equity (ROE) of 17%, up from 13% in 2018 [11][12] - Operating cash flow increased to $2.6 billion in 2025, up more than 50% from $1.7 billion in 2018 [11][12] - For the fourth quarter, operating revenue was $2.6 billion, consistent with the prior year, while comparable earnings per share from continuing operations were $3.59, up 4% from the previous year [13] Business Line Data and Key Metrics Changes - Fleet Management Solutions (FMS) operating revenue decreased by 1%, with pre-tax earnings down to $136 million due to weaker market conditions [14] - Supply Chain Solutions (SCS) operating revenue increased by 3%, but earnings decreased by 8% due to lost business and customer production shutdowns [16] - Dedicated Transportation Solutions (DTS) saw a 4% decrease in operating revenue, but EBT was above the prior year due to lower bad debt and acquisition synergies [17] Market Data and Key Metrics Changes - The U.S. economic growth is expected to be modest in 2026, with no significant change in freight market conditions anticipated [22] - Class 8 production is forecasted to decline by 4% in 2026, impacting overall market dynamics [22] - Rental demand remains weak, with utilization rates dropping to 66% in January from 74% in December [54] Company Strategy and Development Direction - Ryder's balanced growth strategy focuses on operational excellence, customer-centric innovation, and profitable growth, with a significant shift towards asset-light supply chain and dedicated businesses [6][9] - The company is investing in customer-centric technology, including AI enhancements to improve operational efficiencies and customer service [8][9] - Ryder aims to leverage its high-quality contractual portfolio, which generates over 90% of its revenue, to support strategic growth opportunities [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver increasing value to customers and shareholders despite current market challenges [22] - The outlook for 2026 includes expected operating revenue growth of approximately 3% and a comparable EPS increase of 12% at the high end of the forecast range [22][23] - Management noted that the earnings power of the contractual portfolio is expected to drive higher operating cash flow and support capital deployment capacity [19] Other Important Information - Ryder has generated $3 billion in free cash flow since 2021 and has repurchased 24% of shares outstanding while increasing the quarterly dividend by 57% [12] - The company expects to realize another $70 million in incremental benefits from strategic initiatives in 2026, bringing the total expected annual benefit to $170 million [12][29] - Ryder's balance sheet remains strong, with leverage at 250% at year-end, providing ample capacity for capital allocation priorities [21] Q&A Session Summary Question: Variability in EPS guidance for 2026 - Management indicated that the largest variability lies within the transactional business, particularly related to maintenance and omnichannel optimization initiatives [35][36] Question: Used vehicle sales expectations - Management expects a gradual improvement in used vehicle sales throughout the year, with Q1 consistent with Q4 levels [38][39] Question: Impact of market conditions on rental and used vehicle sales - Management noted that while there are signs of capacity exiting the market, they have not yet seen a meaningful improvement in rental and used vehicle sales [41][62] Question: Flex operating structure benefits - The flex operating structure is expected to optimize back-office resources and improve driver allocation, potentially offsetting margin headwinds in the dedicated business [59] Question: Performance of Supply Chain Solutions - Management highlighted a record sales year in 2025 for Supply Chain Solutions, with new business expected to layer in throughout 2026 [44][60]

Fourth Quarter 2025 Earnings Conference Call February 11, 2026 Safe Harbor and Non-GAAP Financial Measures Note Regarding Forward-Looking Statements: Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding: our forecast and outlook; market conditions, such as expectations regarding macroeconomic uncertainty, rental demand and utilization, and used vehicle sales v ...

Core Viewpoint - Marwynn Holdings, Inc. has signed a non-binding Letter of Intent to acquire a 51% equity interest in DJ Mex Corp, marking a strategic move to enhance its EcoLoopX platform focused on electronic waste management [1] Group 1: Acquisition Details - The acquisition involves DJ Mex Corp, a U.S.-based company that specializes in electronic-waste sourcing, logistics coordination, and recyclable materials trading [1] - The proposed transaction is aimed at expanding Marwynn's capabilities in the electronic waste sector without engaging in physical processing or hazardous operations [1] Group 2: EcoLoopX Platform - Marwynn's EcoLoopX platform is described as a non-operational "E-Waste Reverse Supply Chain" service [1] - The platform includes services such as sourcing, logistics coordination, trading facilitation, documentation management, and commercial operations related to electronic waste and recyclable materials [1]

Core Insights - The Saudi Arabia supply chain market is projected to grow from US$ 560 million in 2024 to US$ 970 million by 2033, with a CAGR of 6.70% from 2025 to 2033 [1][2] Market Growth Drivers - The expansion of the supply chain market is driven by strategic initiatives, technological advancements, and significant infrastructure developments, particularly under the Vision 2030 plan aimed at diversifying the economy and reducing oil dependency [2][4] - A US$ 267 billion investment was announced in 2024 to modernize the logistics sector, focusing on upgrading transportation systems and integrating advanced technologies [2][4] - The establishment of 18 new logistics zones as part of a SAR 10 billion initiative aims to improve capacity and reduce bottlenecks [2][4] Technological Advancements - The integration of AI, IoT, and blockchain technologies is enhancing efficiency and transparency in the supply chain [3] - Aramex launched an AI-powered route optimization platform in October 2024 to improve last-mile delivery efficiency [3] Infrastructure Developments - The maritime sector has shown significant growth, with King Abdul Aziz Port in Dammam handling 235,820 TEUs in February 2024, reflecting a 25.41% year-on-year increase [2][4] - The Makkah region initiated 20 road projects valued at US$ 373 million, covering 385 km to enhance connectivity [2][4] Investment and Foreign Direct Investment - In November 2024, Saudi Arabia signed nine investment agreements in the metal and mining sector, valued at over US$ 9.3 billion, to strengthen supply chain infrastructure [5] - The logistics sector attracted US$ 12 billion in foreign direct investment (FDI) inflows in 2024 [5] Freight Transportation - Freight transportation accounts for over 35% of the supply chain market, with road freight projected to handle 85% of domestic cargo, transporting an estimated 6.73 billion tons annually [6][7] - The extensive road network spans over 221,372 kilometers, making it the backbone of domestic logistics [6] Third-Party Logistics (3PL) Market - 3PL providers control more than 50% of the Saudi Arabian supply chain market, offering integrated logistics solutions that optimize costs and improve efficiency [8] - The rise of e-commerce, which experienced a 30% annual growth in 2024, has significantly increased the demand for 3PL services [8]

Core Insights - BizClik has launched the January editions of its Procurement & Supply Chain portfolio, featuring insights from various publications [1][10] - The editions focus on global leaders, breakthrough technologies, and strategies for enhancing resilience, visibility, and traceability in supply chains [2] Procurement Magazine Highlights - The cover feature discusses SAP's strategic approach to AI [3] - A company feature highlights how Sarantis Group is optimizing third-party procurement [4] - The Top 10 rankings spotlight strategic sourcing leaders in the US [5] - Editorial highlights include discussions on integrating carbon accounting into procurement workflows and the importance of sustainable sourcing [7] Leadership Insights - Etosha Thurman from SAP emphasizes the need for procurement to prepare for disruptions [9] - Dimitris Antonopoulos from Sarantis Group discusses the benefits of integration for negotiation power and value creation [9] - Smitha Shetty from Achilles highlights the alignment of carbon insights with procurement decisions [9] Upcoming Events - BizClik is organizing the Procurement & Supply Chain LIVE: The Net Zero Summit, focusing on decarbonization in supply chains [11][12] - The event aims to gather over 2,000 attendees to discuss sustainability and its impact on procurement and supply chain practices [12] About BizClik - BizClik is a global B2B media and events company that produces content across various sectors, including technology, sustainability, and procurement [13]

Core Viewpoint - Jabil Inc. has successfully acquired Hanley Energy Group for approximately $725 million, with additional contingent consideration of up to $58 million based on future revenue thresholds [1] Company Summary - Jabil Inc. is a global leader in engineering, supply chain, and manufacturing solutions [1] - Hanley Energy Group specializes in energy management and critical power solutions for the data center infrastructure market [1] Financial Details - The acquisition was completed on January 2, 2026 [1] - The total acquisition cost is approximately $725 million, with potential additional payments of up to $58 million contingent on future performance [1]

Group 1: Investment News Highlights - Bill Ackman has made a $2.1 billion deal to acquire an insurer, aiming to create a "modern Berkshire Hathaway" [1] - Ray Dalio discusses the evolving nature of market crises and their impact on investment strategies [1] - A rotation from growth stocks to value stocks is anticipated to strengthen in the upcoming year [1] Group 2: Value Investing Insights - 2026 is projected to be a significant year for value stocks, indicating a potential shift in market dynamics [4] - Polen Capital emphasizes a multi-dimensional approach to small-cap investing, highlighting the importance of diversification [4] - The Fear & Greed Index indicates a strongly overvalued market, suggesting caution among investors [4] Group 3: Research and Analysis - Research indicates that regulation may not effectively mitigate bad behavior in financial markets [7] - Professionals recommend various books that can enhance investment knowledge and strategies [7] - Predictions for 2026 suggest that the equal-weight S&P 500 may outperform the traditional market cap-weighted version [7]

Core Insights - The latest issue of Procurement Magazine focuses on global leaders, breakthrough technologies, and strategies that are shaping the future of resilience, visibility, and traceability in procurement [1][2] Company Features - The magazine includes a cover feature on Coupa, discussing its approach to addressing the disconnect in Agentic AI [3] - It also highlights the Top 10 BPO Providers in Procurement, showcasing leading companies in the sector [4] Editorial Highlights - Dale Creaser, VP of Global Supply Chain at Mars Food & Nutrition, emphasizes the importance of direct farmer partnerships and climate-smart agriculture for sustainable sourcing [9] - Peter Truman, Senior Director of Technical Architects at Coupa, discusses the application of AI in spend management, noting that it is not a generic capability [11] - The issue features insights on how AI is transforming supplier negotiations, with enterprises achieving significant savings through contract intelligence [10] Upcoming Events - BizClik is organizing the Procurement & Supply Chain LIVE: The Net Zero Summit in 2026, aimed at senior executives focused on decarbonization [12] - The event will gather over 2,000 attendees, both in-person and virtual, to discuss the intersection of sustainability and supply chains [13] Company Overview - BizClik is a global B2B media and events company that produces content across various sectors, including technology, sustainability, procurement, fintech, and AI [14]