FOURTH QUARTER 2025 EARNINGS UNION PACIFIC CORPORATION Cautionary Information Certain statements in this presentation are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause the Company's (or, as it relates to the Transaction (as defined below), the combine ...

Core Viewpoint - An investigation is underway regarding Uber's Board of Directors for potential breaches of fiduciary duties related to oversight of rider safety and driver's background checks [1]. Group 1: Investigation Details - The investigation is being conducted by Berger Montague PC, a national plaintiffs' law firm [1]. - Shareholders are encouraged to contact Berger Montague for more information regarding the investigation [2]. Group 2: Company Overview - Uber Technologies, Inc. is a multinational transportation company based in San Francisco, offering ride-hailing, courier services, food delivery, and freight transportation through its digital platform [2]. - The law firm Berger Montague has a strong track record in complex civil litigation, having recovered over $50 billion for clients over its 55-year history [2].

Core Insights - Canadian Pacific Kansas City (CP) reported disappointing third-quarter 2025 results, with both earnings and revenues falling short of the Zacks Consensus Estimate [1][9] Financial Performance - The quarterly earnings, excluding 7 cents from non-recurring items, were 80 cents per share, missing the Zacks Consensus Estimate by a penny, but improved 9.5% year-over-year [2] - Operating revenues totaled $2.65 billion, lagging behind the Zacks Consensus Estimate of $2.67 billion, yet showing a 2.2% year-over-year increase [2] - Total Freight revenues per revenue ton miles decreased by 1% year-over-year, while total Freight revenues per carload also saw a marginal decline [3] - Operating income increased by 11%, and total operating expenses fell by 1% year-over-year, resulting in an operating ratio improvement of 260 basis points to 63.5% [3] Segment Performance - Freight revenues, which constituted 98% of total revenues, increased by 4% year-over-year, with notable growth in Potash (up 15%), Fertilizers and Sulphur (up 11%), and Coal (up 3%) [4] - Other revenues decreased by 18% year-over-year in the third quarter of 2025 [4] Liquidity Position - At the end of the third quarter, CP had cash and cash equivalents of C$411 million, down from C$799 million in the previous quarter, while long-term debt rose to C$21.59 billion from C$21.22 billion [5] Future Outlook - CP anticipates core adjusted earnings per share to grow in the range of 10%-14% from 2024 actuals to C$4.25 per share in 2025 [6] - The company expects mid-single-digit growth in revenue ton miles (RTMs) for 2025 compared to 2024 [6] - Capital expenditures are projected to be C$2.9 billion for the full year, with an expected effective tax rate of 24.5% for 2025 [6]

Financial Performance - Union Pacific's reported operating income for the third quarter of 2025 was $2.5 billion, a 6% increase compared to the third quarter of 2024[13] - The adjusted operating income was $2.6 billion, a 7% increase compared to the same period[13] - The reported operating ratio was 59.2%, a 1.1 percentage point improvement compared to the third quarter of 2024[13] - The adjusted operating ratio was 58.5%, a 1.8 percentage point improvement[13] - Net income was reported at $1.8 billion, a 7% increase year-over-year, while adjusted net income also stood at $1.8 billion, reflecting a 9% increase[13] - Reported earnings per share (EPS) was $3.01, a 9% increase, and adjusted EPS was $3.08, a 12% increase compared to the third quarter of 2024[13] Revenue and Volume - Total freight revenue reached $5.927 billion, a 3% increase compared to the third quarter of 2024[17] - Bulk commodity revenue was $1.930 billion, a 7% increase compared to the third quarter of 2024, with a volume of 530 thousand, also a 7% increase[31] - Industrial commodity revenue was $2.194 billion, a 3% increase, with a volume of 574 thousand, also a 3% increase[31] - Premium commodity revenue was $1.803 billion, a 2% increase, with a volume of 1059 thousand, a 5% increase[31] Cash Flow and Capital Allocation - Union Pacific generated $7.1 billion in cash from operations year-to-date[22] - The company returned $5.1 billion to shareholders[26] - Free cash flow was $1.9 billion[26] - The company's capital plan includes $3.4 billion in investments[25]

Core Points - Canadian Pacific Kansas City Limited (CP) reported first-quarter 2025 earnings of 74 cents per share, in line with Zacks Consensus Estimate, reflecting a 7.3% year-over-year improvement [1] - Operating revenues were $2.64 billion, slightly missing the Zacks Consensus Estimate of $2.66 billion, but showed year-over-year growth [1] - Total freight revenues per revenue ton miles increased by 5% year-over-year, while total freight revenues per carload rose by 6% year-over-year [2] Financial Performance - Operating income increased by 15%, with total operating expenses growing by 5% year-over-year, resulting in an operating ratio improvement of 210 basis points to 65.3% from 67.4% [2] - Freight revenues, which accounted for 98.2% of total revenues, increased by 8.7% to $3.72 billion, surpassing the estimate of $3.5 billion [3] - Cash and cash equivalents at the end of the first quarter were C$695 million, down from C$739 million in the previous quarter, while long-term debt rose to C$21.1 billion from C$19.8 billion [5] Segment Performance - The Freight segment saw varied performance: Grain up 4%, Coal up 21%, Potash up 10%, Energy, chemicals and plastics up 3%, Automotive up 18%, while Metals, minerals and consumer products decreased by 1% [4] - Other revenues increased by 7.6% year-over-year in the first quarter of 2025 [4] Outlook - The company expects 2025 core adjusted combined diluted earnings per share to grow in the 10-14% range, revised from a prior view of 12-18%, targeting C$4.25 per share [6] - Capital expenditures for the full year are projected to be C$2.9 billion, with an expected core adjusted effective tax rate of 24.5% [7]