Core Insights - U.S. coal carloads increased by 10,500 carloads, or 4.7%, in January 2026 compared to January 2025, marking the largest monthly percentage gain since May 2025, with year-over-year volumes rising in 8 of the last 11 months [1] - The AAR Freight Rail Index rose by 3.1% in January 2026 over December 2025, driven by an increase in carload traffic [2] - Total U.S. carloads rose by 4.4% in January 2026 compared to January 2025, with 12 of the 20 major AAR-tracked carload categories showing gains, particularly in grain, coal, and industrial-related products [3] Rail Operations and Economic Factors - A severe winter storm disrupted rail operations in the last week of January, yet U.S. rail volumes remained resilient [4] - The labor market is cooling but continues to generate income growth, with inflation easing enough to support real purchasing power, contributing to consumer spending [5] - Consumer confidence has fallen to a near 12-year low, but consumer spending has remained stable, indicating households are overcoming sentiment concerns [7] Freight Demand and Manufacturing Outlook - Carloads excluding coal rose by 4.3% in January 2026, marking the 21st year-over-year gain in the past 24 months, although gains have been modest due to sluggish industrial activity [9] - U.S. grain carloads averaged 24,355 per week in January 2026, up 17.0% over January 2025, driven by higher grain exports [10][11] - Chemical carloads increased by 2.4% in January 2026, signaling a solid start for the sector, which is often an early indicator of manufacturing activity [12] Steel and Metal Products - U.S. carloads of primary metal products fell by 2.5% in January, while iron and steel scrap surged by 17.8%, reflecting shifts in steelmaking practices [14][15] - The divergence between growing scrap carloads and declining metallic ore carloads indicates a transition towards electric-arc furnaces in domestic steel production [15] Railcar Storage and Economic Indicators - As of February 1, 356,000 railcars, or 21.8% of the North American fleet, were in storage, indicating a slow increase since mid-2025 [17] - The Federal Reserve maintained interest rates at 3.5%–3.75%, suggesting a cautious approach to monetary policy amid solid economic growth and stabilizing labor market conditions [18] Manufacturing and Services Sector - The Manufacturing PMI rose to 52.6% in January, indicating potential growth, although caution is advised as January often reflects post-holiday restocking [19][20] - The ISM's Services PMI matched its highest level in a year at 53.8%, supporting rail demand indirectly by sustaining incomes and consumption [23] Currency and Trade Implications - The U.S. dollar has weakened against major currencies, which could provide a modest tailwind for U.S. exports, including grain and coal, while making imports more expensive [24][25] Labor Market Dynamics - The labor market shows mixed signals, with a stable quits rate and job openings at a low, suggesting limited near-term acceleration in freight demand [26][27] Future Outlook - The goods economy appears influenced by sector-specific forces rather than a single macroeconomic narrative, with rail volumes likely responding unevenly to these mixed demand signals [28]

Summary of Canadian National Railway Company (CNI) FY Conference Call Company Overview - **Company**: Canadian National Railway Company (NYSE:CNI) - **Date of Conference**: February 17, 2026 Key Points Industry and Market Context - The freight transportation industry is currently experiencing a four-year freight recession, which is unprecedented [21] - Macroeconomic growth is expected to be weak in 2026, with uncertainty surrounding trade flows due to the renewal of the USMCA [10] Financial Performance - **2025 Performance**: - 14% EPS growth in Q4, the best in the industry, and 7% growth for the year on 1% volume growth [9] - 8% growth in free cash flow and a 250 basis point improvement in operating ratio in Q4 [10] - **2026 Expectations**: - Anticipated solid Q1 performance despite difficult operating conditions [13] - Focus on generating free cash flow growth and returning it to shareholders [11] Operational Strategies - Emphasis on productivity improvements and a reset of the capital program [9] - The company is focused on controlling costs and improving operational efficiency, with a leaner and more productive network [12][46] - The "Boots on the Ground" program aims to enhance commercial presence and customer service [11] Growth Opportunities - Significant growth potential exists in sectors such as energy, agriculture, and mining, leveraging the company's strategic network [23][25] - The company is well-positioned to capitalize on North America's natural resource base, regardless of trade flow uncertainties [12] Challenges and Risks - Non-recurring headwinds include unfavorable traffic mix, capital credit impacts, and currency fluctuations [11] - The impact of tariffs, particularly on steel, aluminum, and forest products, has been significant, costing approximately $350 million last year [56] - Uncertainty regarding the impact of the UP-Norfolk Southern merger on competition and market dynamics [31] Leadership and Management - The current leadership team is viewed positively, with strong alignment around operational plans and strategies [29] - Recent turnover in executive positions is seen as a natural evolution, with a focus on maintaining strong operational execution [27] Technological Advancements - The company is exploring AI applications to enhance operational efficiency, particularly in train operations and infrastructure inspections [48][49] - AI is expected to transform business processes and improve predictive capabilities [49] Capital Allocation - Priorities for capital spending include maintaining operational capacity and ensuring consistent dividend growth [42] - The company plans to redirect capital back to shareholders as capital expenditures grow [42] Pricing Environment - The company aims to achieve pricing growth above inflation, despite challenges from tariffs and market conditions [58] - Domestic intermodal services are growing, supported by strong service performance [57] Long-term Outlook - The company is poised for significant operating leverage and earnings growth as market conditions improve [60] - Anticipated mid-single-digit volume growth with a lean cost structure could lead to outsized EPS growth [26] Conclusion Canadian National Railway Company is navigating a challenging freight environment while focusing on operational efficiency, strategic growth opportunities, and shareholder returns. The leadership is optimistic about future growth potential, particularly in energy and resource sectors, despite current market uncertainties and tariff impacts.

CPKC ADVANTAGE Investor Presentation: February, 2026 TSX/NYSE: CP FORWARD-LOOKING STATEMENTS This investor presentation contains forward-looking information and forward-looking statements within the meaning of applicable securities laws in both the United States ("U.S.") and Canada (collectively, "forward-looking statements"). Forward-looking statements include, but are not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future eve ...

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved a 14% growth in EPS and a 7% growth for the full year, aligning with mid to high single-digit guidance [9] - The operating ratio improved to 60.1% in Q4, a 250 basis point improvement year-over-year, and 61.7% for the full year, improving 120 basis points compared to 2024 [9][33] - Cash flow generated was $3.3 billion, up 8% driven by cash from operations, with capital spending remaining disciplined [9][37] Business Line Data and Key Metrics Changes - The company saw a 5% year-over-year increase in workload, supported by record-setting grain tonnage from Western Canada [18] - Intermodal revenues increased by 13% internationally and 6% domestically, with strong performance at Vancouver and Prince Rupert [25] - Petroleum and Chemicals segment experienced growth across all areas, particularly a 9% increase in natural gas liquids volumes [26] Market Data and Key Metrics Changes - The company faced continued softness in key markets like forest products and metals, impacted by weak fundamentals and tariffs [25][30] - Tariffs and trade uncertainty negatively impacted full year 2025 revenues by over $350 million [27] - The outlook for 2026 suggests volumes will be flattish compared to 2025, with expectations of continued pressure in forest products and metals [12][30] Company Strategy and Development Direction - The company is focused on disciplined execution, prioritizing levers it can control, and maintaining strong cash flow while returning excess capital to shareholders [11][13] - The management emphasized the importance of operational efficiency and cost control, with a commitment to improving margins as volumes return [14][22] - The company is positioned to leverage its access to North American markets and natural resources, aiming to support customers as trade flows evolve [16][58] Management's Comments on Operating Environment and Future Outlook - The management acknowledged high uncertainty in the economic environment, with muted growth expectations and challenges related to tariffs [12][30] - The company plans to continue focusing on productivity and cost control, with a base case expectation of flat volumes for 2026 [12][39] - Management expressed confidence in the underlying earnings power of the business, despite current headwinds, and highlighted the potential for growth in natural resources and trade diversification [52][77] Other Important Information - The board approved a 3% increase in dividends, marking the 30th consecutive year of dividend growth [37] - A new share buyback program was authorized, allowing the repurchase of up to 24 million common shares [38] Q&A Session Summary Question: Update on incremental revenue target - The company closed with $100 million in incremental revenue for Q4, with a pipeline of another $100 million developing in January [45] Question: Clarification on depreciation and earnings growth - Depreciation variance was due to a favorable study and corrections from past acquisitions; the company is experiencing unique headwinds affecting earnings growth [49][50] Question: Outlook on mix and differentiated growth opportunities - The mix impact for 2026 is expected to be similar to 2025, with opportunities in northern markets and natural resources, particularly in agriculture and energy [56][58] Question: Guidance on volume and earnings shape for 2026 - The first half of 2026 is expected to be softer, with improvement anticipated in the second half, influenced by share buybacks [62] Question: Clarification on free cash flow conversion - The company expects improved free cash flow conversion in 2026, despite a sizable cash tax payment impacting the effective tax rate [80]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved a 14% growth in EPS and a 7% growth for the full year, aligning with mid to high single-digit guidance [9] - The operating ratio improved to 60.1% in Q4, a 250 basis point improvement year-over-year, and 61.7% for the full year, improving 120 basis points compared to 2024 [9][33] - Cash flow generated was CAD 3.3 billion, up 8% driven by cash from operations, with capital spending remaining disciplined [9][37] Business Line Data and Key Metrics Changes - The company reported a 4% increase in revenue ton miles (RTMs) and a 3% increase in carloads in Q4, contributing to a 2% revenue growth despite challenging market conditions [24][26] - Intermodal revenues increased by 13% internationally and 6% domestically, with strong performance noted at Vancouver and Prince Rupert [25][26] - Grain shipments set an all-time annual record in 2025, with monthly records achieved in October, November, and December [26] Market Data and Key Metrics Changes - The company faced continued softness in key markets such as forest products and metals, impacted by weak fundamentals and tariffs [25][27] - Petroleum and Chemicals saw growth across all segments, particularly a 9% increase in natural gas liquids volumes driven by strong domestic demand [26] - The overall revenue was negatively impacted by over CAD 350 million due to tariffs, trade uncertainty, and volatility [27] Company Strategy and Development Direction - The company emphasized disciplined execution and productivity improvement as key strategies moving forward, with a focus on areas within their control [8][11] - The management highlighted the importance of maintaining strong cash flow and returning excess capital to shareholders while navigating a challenging macro environment [8][12] - Future guidance will be more directional, tied closely to volume trends, with expectations of flat volumes compared to 2025 [12][39] Management's Comments on Operating Environment and Future Outlook - Management acknowledged high uncertainty and limited visibility in the economic environment, with muted growth expectations and ongoing tariff pressures [11][12] - The company plans to leverage its strong operating leverage and cash generation capabilities to drive earnings and margins as volumes improve [13][41] - The management expressed confidence in the company's ability to navigate through challenges and capitalize on opportunities in the North American markets [15][16] Other Important Information - The board approved a 3% increase in dividends, marking the 30th consecutive year of dividend growth, reflecting confidence in cash generation [38] - A new share buyback program was authorized, allowing the repurchase of up to 24 million common shares [38] Q&A Session Summary Question: Update on incremental revenue target - The company closed with CAD 100 million in incremental revenue for Q4, with an additional CAD 100 million in the pipeline for January [44][45] Question: Clarification on depreciation and earnings growth - Depreciation variance was due to a favorable study and corrections from over-depreciation in past acquisitions [49] - Management indicated that current headwinds are unique and not indicative of a decoupling of earnings from volume [50][52] Question: Outlook on mix and differentiated growth opportunities - The mix impact for 2026 is expected to be similar to 2025, with opportunities in northern markets and natural resources highlighted [56][58] Question: Guidance on volume and earnings shape for 2026 - The first half of 2026 is expected to be softer, with improvement anticipated in the second half [62][63] Question: Volume outlook and performance at Prince Rupert - Strong performance is expected in agriculture and energy sectors, with ongoing investments in infrastructure at Prince Rupert [66][70]

Group 1 - Significant bullish activity observed among deep-pocketed investors in Union Pacific, indicating potential upcoming developments [1][2] - Options activity shows a split sentiment among investors, with 50% bullish and 40% bearish; notable trades include 8 calls totaling $1,201,363 and 2 puts totaling $77,843 [2] - Price targets for Union Pacific are projected between $220.0 and $255.0 based on recent trading activity [3] Group 2 - Volume and open interest trends provide insights into liquidity and interest levels for Union Pacific's options, particularly within the $220.0 to $255.0 strike price range [4] - Recent options activity includes various trades, with bullish sentiment dominating; significant trades include a $823.5K call at a $240.00 strike price [7] Group 3 - Union Pacific, based in Omaha, Nebraska, is the largest public railroad in North America, operating over 30,000 miles of track and generating $24 billion in revenue in 2024 [8] - The company derives approximately 10% of its revenue from freight hauling to and from Mexico, owning about one-fourth of the Mexican railroad Ferromex [8] Group 4 - Current trading volume for Union Pacific stands at 3,662,439, with the stock price at $231.0, reflecting a 0.52% increase [11] - Analyst ratings indicate an average target price of $262.5, with one analyst maintaining a Neutral rating and another downgrading to Market Perform with a target of $255 [10][11]

Summary of Canadian National Railway Company (CNI) Conference Call - November 24, 2025 Company Overview - **Company**: Canadian National Railway Company (NYSE:CNI) - **Event**: Digital Day Conference - **Date**: November 24, 2025 Key Points Financial Performance - **Q3 Results**: The third quarter results were well received, with volumes up 1% year-to-date and 6% in Q4 to date, with November volumes up 15% [3][5] - **Cost Management**: Operating ratio improved by 170 basis points, indicating effective cost management [7] - **Cost Reduction Initiative**: A $75 million cost reduction initiative focused on management positions, protecting frontline supervisors [11][12] Volume and Sector Performance - **Volume Trends**: The company has experienced a freight recession for a few years, but anticipates capturing a rebound at low incremental costs when the economy improves [9] - **Sector Performance**: - **Strong Sectors**: Petroleum, chemicals, and grain sectors performing well [5] - **Challenging Sectors**: Lumber sector facing difficulties due to 45% tariffs and low prices [6] Capital Expenditure and Growth - **CapEx Reduction**: A $550 million cut in capital expenditures for 2026, aiming for capital efficiency [16] - **Sustainable Growth**: The company is positioned for sustainable growth with a focus on capital efficiency and capacity management [17][19] Leadership Changes - **New COO Appointment**: Pat Whiteside appointed as COO, transitioning from a co-COO model to a single COO for better focus on long-term engineering and mechanical functions [23][25] - **New CMO Appointment**: Janet Drysdale appointed as EVP and Chief Marketing Officer, emphasizing urgency and intensity in the marketing strategy [28][30] Sustainability Initiatives - **Biofuels Usage**: Increased biofuels to nearly 10% of overall locomotive fuel, achieved without additional costs [33][35] - **Pilot Programs**: Three pilots for battery electric and hybrid locomotives announced, with testing in various conditions [21][22] M&A Outlook - **Transcon Merger**: The company is not in favor of the Transcon Merger, believing it does not solve existing problems and that customer service is adequate in North America [37][38] - **Regulatory Challenges**: Anticipates a tough regulatory environment for any merger approval, emphasizing the need for enhanced competition [39] Capital Deployment Strategy - **Leverage Target**: The company targets a leverage ratio of 2.5 times, maintaining a strong balance sheet while being opportunistic in share buybacks [40][41][42] Additional Insights - **Employee Management**: Over 700 employees currently on furlough, with a successful recall rate of over 90% for those called back [13][15] - **Operational Efficiency**: Significant improvements in capital efficiency and cost reductions in engineering contracting services [26][27] This summary encapsulates the key discussions and insights from the conference call, highlighting the company's performance, strategic initiatives, and outlook for the future.

Financial Data and Key Metrics Changes - The operating ratio for the quarter was reported at 63.3%, reflecting a 10 basis point improvement year over year [28] - Revenue increased by 2% year over year, but the company expected approximately $75 million more revenue than reported due to macro headwinds and competitor responses [28][29] - Earnings per share were reported at $3.3 [28] Business Line Data and Key Metrics Changes - Merchandise volume grew by 6% year over year, driven by increases in auto, chemical, metals, and construction sectors [20] - Intermodal volumes decreased by 2%, impacted by trade uncertainties and competitor responses to the merger announcement [21][22] - Coal revenue per unit (RPU) decreased by 7%, primarily due to weakening seaborne coal prices [22] Market Data and Key Metrics Changes - The company noted a mixed outlook for manufacturing activity, with vehicle production expected to be challenged due to supplier disruptions [23] - Strong fracking activity in the Marcellus Utica Basin is supporting demand for natural gas liquids and sand [23] - The intermodal market is expected to face softer import demand due to tariff volatility and oversupplied truck capacity [24] Company Strategy and Development Direction - The company is focused on maintaining safety and service while preparing for growth, particularly in light of the proposed merger with Union Pacific [8][32] - Norfolk Southern is committed to enhancing its operational efficiency, raising its efficiency target to approximately $600 million by 2026 [15][33] - The company is investing in technology and training to improve inspection and reliability across its network [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the macro environment remains uncertain, with unpredictable demand and competitive dynamics expected to create fluctuations in revenue [31] - The company is optimistic about future growth opportunities post-merger, emphasizing the importance of maintaining strong safety performance and service quality [32][33] - Management expressed confidence in their ability to regain lost business and improve service offerings despite current challenges [68][110] Other Important Information - The company achieved a quarterly record in fuel efficiency, with a 5% year-over-year gain [15] - A significant land sale at the end of the quarter contributed positively to financial results, totaling $65 million more than the previous year [29] Q&A Session Summary Question: Impact of merger-related business losses - Management confirmed that the business losses related to the merger primarily affected intermodal services and are expected to continue impacting revenue [35][36] Question: Cost structure management in a challenging environment - Management emphasized the importance of maintaining productivity and efficiency while managing costs, particularly in light of potential share loss [47][48] Question: Coal RPU pressure and future expectations - Management indicated that coal RPU is expected to remain under pressure, with year-over-year declines anticipated to persist [60][62] Question: Competitive responses and market dynamics - Management discussed the competitive landscape, noting that Norfolk Southern's strong service and network capabilities position it well to retain business despite challenges [66][68] Question: Integration risks from the merger - Management outlined strategies to mitigate integration risks, focusing on maintaining service quality and operational efficiency during the merger process [124]

Core Insights - The company announced that its core operating asset, the Daqin Line, achieved a cargo transportation volume of 31.79 million tons in July 2025, representing a year-on-year increase of 5.40% [1] - The average daily transportation volume was 1.0255 million tons, with an average of 68 heavy trains operating daily, including 46.6 trains carrying 20,000 tons each [1] - From January to July 2025, the cumulative cargo transportation volume of the Daqin Line reached 221 million tons, showing a year-on-year decrease of 1.15% [1]

2025年5月，公司核心经营资产大秦线完成货物运输量3296万吨，同比 减少1.85%。日均运量106.32万吨。大秦线日均开行重车70.9列，其中：日均 开行2万吨列车52.2列。2025年1-5月，大秦线累计完成货物运输量15631万吨， 同比减少3.59%。 以上主要运营数据来自本公司内部统计。运营数据可能在月度之间存在 一定差异，其影响因素包括但不限于市场环境、设备检修和接卸能力等。 大秦铁路股份有限公司 董 事 会 12025年6月7日 股票代码：601006 股票简称：大秦铁路 公告编号：【临2025-045】 大秦铁路股份有限公司 2025 年 5 月大秦线生产经营数据简报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 ...