Slides
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Second Quarter Ended June 30, 2026
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2 In the interest of providing shareholders and potential investors with information regarding TFI International, including management’s assessment of future plans and operations, certain statements in this presentation are forward-looking statements subject to risks, uncertainties and other important factors that could cause the Company’s actual performance to differ materially from those expressed in or implied by such statements. Such factors are further discussed under Risks and Uncertainties in the Company’s Annual Information Form and MD&A, but readers are cautioned that the list of factors that may affect future growth, results and performance is not exhaustive, and undue reliance should not be placed on forward- looking statements. The expectations conveyed by the forward-looking statements are based on information available to it on the date such statements were made, and there can be no assurance that such expectations will prove to be correct. All subsequent forward-looking statements, whether written or orally attributable to the Company or persons acting on its behalf, are expressly qualified in their entirety by these cautionary statements. Unless otherwise required by applicable securities laws, the Company expressly disclaims any intention, and assumes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward - Looking Statements
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TFI International: Who We Are 3 Diversified: Less-Than-Truckload, Truckload and Logistics Full service: Transport and logistics North American Leader: Operations across U.S. and Canada Extensive Network: 620 facilities, 18,176 trucks1, 39,710 trailers Decentralized, entrepreneurial management approach 26,427 employees, of which 12,837 are drivers 111,987 owned or leased; 6,189 are independent contractors 5YFH (5 Year Financial Highlights) All numbers found in this doc… Sheet: 2022 USD, Rows 231-237 Make sure to update footnote Number of Operating Companies: 100+
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…mitigate risk for customers Our Customer Value Proposition 4 …improve their efficiency and delivery timing …drive satisfaction for the end consumer ◼ We create transportation and supply chain advantages to… …reduce their delivery costs
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5 Why Invest in TFI International? Superior record of growth and shareholder value creation Market leader in key transportation and logistics segments Diversification by industry sectors and geography Robust Return on Invested Capital Track record of M&A execution with well-defined acquisition pipeline
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Investment Highlights 6 Note: All financial results presented on this page represent continuing operations. 1 This is a Non-IFRS measure. This and other non-IFRS measures presented throughout the presentation do not have standardized mea ning under IFRS and therefore may not be comparable to similar measures presented by other issuers. See reconciliation of measures on page 38. 2TTM Q2 2026, calculated using revenue before surcharge. 3 TTM Q2 2026 FCF divided by the June 30, 2026 market cap. 4 Calculated as TTM Q2 2026 (Adjusted EBITDA – Net Capex of rolling stock and equipment) / Adjusted EBITDA. 5 Based on US $0.47 dividend approved by the Board on July 27, 2026 and stock price of US $143.57, as of June 30, 2026. 6 Major acquisitions are defined as having a purchase price of US $200.0 million and over. Best-in-class operating margins, FCF yield and FCF conversion ◼ 8.5% Operating Margin2 ◼ 6.6% FCF Yield1,3 ◼ 89.2% FCF Conversion1,4 Proven track record of growth through disciplined acquisition strategy ◼ Completed 86 acquisitions since 2017, of which 5 were major acquisitions6 ◼ Industry remains fragmented Balanced capital allocation approach to drive shareholder value ◼ US$7.4 billion 20-year total FCF1 ◼ US$2.7 billion returned to shareholders since 2017 Robust balance sheet position ◼ Access to US$0.9 billion revolving facilities ◼ Annual Forward Dividend Yield of 1.3%5 Found in 5yr Fin-Hi Acquisitions - 243 20yr FCF – 239 Return to SH - 244 Found in 5yr Fin-Hi OM – C45 FCF Yield – D238 FCF Conversion – C58 Avg. ROE – AE52??? Debt to Cap – Line 49 Found in 5yr Fin-Hi Rev Facilities – 240 FDY – 242Make sure to update all footnotes Updated, a lot here that was highlighted but not changed. Need to double check
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7 Low Capex Facilitates Asset - Light Model Note: TFI Net Capex excludes purchases and sales of property. TFII data reflects TTM Q2-2026 while peer data is TTM Q1-2026. 1 Truckload: Heartland, Knight-Swift, Werner, Schneider, and J.B. Hunt. 2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, XPO, and Saia. 3 Logistics: CH Robinson, Landstar, Forward Air, GXO, and RXO. *Source: FactSet 2 31 TTM Net Capex (% of Total Revenue) TFII numbers from the 5-year highlight provided, line 108 Peer numbers from Net Capex Calculations file 1.6% 4.3% 6.8% 0.7% Truckload Peer Average Less-than-Truckload Peer Average Logistics Peer Average Graph is in file “TFII – Net Capex FCF (Backup) 3-1-22 a few quarters back
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98.2% 79.7% 85.3% 59.3% 90.3% 65.0% Peer Average Peer Average 8 Market Leadership in Key Transportation and Logistics Segments: TTM FCF Conversion Less-Than-Truckload Truckload Logistics Note: FCF Conversion (%) calculated as (Adjusted EBITDA – Net Capex of rolling stock and equipment) / Adjusted EBITDA. TFII data reflects TTM Q2-2026 while peer data is TTM Q1-2026. This is a non-IFRS measure. Please refer to the reconciliation on page 37. 1 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, XPO, and Saia. 2 Truckload: Heartland, Knight-Swift, Werner, Schneider, and J.B. Hunt. 3 Logistics: CH Robinson, Landstar, Forward Air, GXO, and RXO. * Source: FactSet 3 2 1Peer Average TFII #s from the 5- year highlight provided, lines 264 to 267 Same thing as 6, TFI’s numbers highlighted but no change suggested directly on page
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9 Our Strategy of Growth Through Acquisitions ◼ Proven track record of executing on M&A strategy across highly fragmented markets – Completed 86 acquisitions since 2017, of which 5 were major acquisitions1. – Strong focus on integration, operations and realization of synergies ◼ Our disciplined acquisition criteria: – Immediately accretive to EPS and free cash flow – Fit with one of our three segments (LTL, TL, Logistics) – High free cash flow generation – U.S. or Canada footprint – Strong management team – Synergy and growth potential Update acquisitions only 1Major acquisitions are defined as having a purchase price of US $200.0 million and over.
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10 Overview of the TFI International Platform Less-Than-Truckload (41% of YTD Q2-2026 Revenue) Truckload (39% of YTD Q2-2026 Revenue) Logistics (20% of YTD Q2-2026 Revenue) 5YFH… Sheet: 2022 USD… Row 212 “Total Revenue YRD Breakout” Updated
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11 Services by Geography Less-Than- Truckload Truckload Logistics Canada United States ◼ TFI has built a robust and well-diversified revenue base — No client accounts for > 5% of consolidated revenue By Geography (YTD Q2-2026) By Top Customers' Industry1 (YTD Q2-2026) 19% 16% 13%13% 8% 6% 6% 5% 5% 3% 3% 2% 1% Manufactured Goods Retail Building Materials Automotive Metals & Mining Food & Beverage Chemicals & Explosives Services Energy Forest Products Others Waste Management Maritime Containers Table in MDA mid and full year, otherwise not touched 1 Top customers represent 73% of total revenue. 5YHFH… Sheet: 2022 USD, Revenue by Geography row 287 Partially Updated
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12 Less - Than - Truckload Segment ◼ Over-the-road and asset-light intermodal LTL services ◼ Significant scale in both Canada and US ◼ Solid track record for safety and on-time delivery ◼ Focus on customer facing technology ◼ 41% of YTD Q2-2026 Revenue Less-Than-Truckload Operating Companies Cavalier Clarke Transport Excel Transportation Kindersley La Crete Transport McMurray Serv-U Expediting National Fast Freight Normandin TForce Freight Canada Tripar Transportation TST-CF Express Vitran Geographic Footprint Segment Overview Update revenue Make sure nothing to add/subtract here → Hercules Hot Line Freight Systems TForce Freight CANADIAN LTL US LTL PACKAGE & COURIER Canpar Express ICS Courier Loomis Express TForce Integrated Solutions
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13 Truckload Segment ◼ Dry van full truckload ◼ Flatbed, tanks, dumps, oversized and other specialized services ◼ Modern fleet ◼ We own the majority of our assets and have long established partner carrier relationships ◼ 39% of YTD Q2-2026 Revenue Truckload Operating Companies CONVENTIONAL SPECIALIZED Besner Boutin CMW Express Couture HWT Big Freight Systems Boyd Bros BTC East BTC West Central Oregon Truck Co. Coastal Transport Contrans Flatbed Group Contrans Intermodal – Gusgo Contrans Intermodal – P&W Contrans Tank Group Contrans Vrac CRS Express Driving Force Decks JCG Laidlaw Carriers Van Papineau Internatioal TJS Express Durocher Intl. E.W. Wylie EDGE Fleetway GBT GHL Transport Golden Intl. Ho-Ro JAF JAG Keystone Western Kingsway Bulk Laidlaw Carriers Bulk Laser Lone Star Transportation Mirabel Logistic Nordique Piston Tank SM Freight Smokey Point Distribution South Shore TA Dedicated TF Dedicated Logistics TF Truckload & Logistics The Roadmaster Group T – Lane Transportation Tombro Tri-Line Carriers TSH & CO TST Expedited TTL Vedder Westfreight Systems Winalta WTI Transport Geographic Footprint Segment Overview Update revenue Make sure nothing to add/subtract here →
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14 Logistics Segment ◼ Same day parcel delivery nationwide in the United States and Canada ◼ Truck brokerage and other logistics services ◼ 20% of YTD Q2-2026 Revenue Logistics Operating Companies AC Logistics Canada Active Truck Transport Auto Truck Transport Autogistics Axsun USA Cavalier Logistics Clarke North America Cornerstone Logistics Craler DSN Chemical Transportation FreightLine USA Hearn Industrial Services Logikit Pleasant Prairie Logistics Quik X Logistics Quiktrax Intermodal SAF Logistics Stream Logistics TForce Logistics TForce Logistics Canada TForce Medical Logistics TForce Premier Distribution TFWW Unimark Truck Transport Unity Courier Service Geographic Footprint Segment Overview Update revenue Make sure nothing to add/subtract here → Updated
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15 Return on Invested Capital¹ by Segment 1 This is a non-IFRS measure. Management believes ROIC is a useful measure in the efficiency in the use of capital funds. Please refer to the reconciliation on pages 34, 35 and 36. File: Copy of ROIC 2- 15-23 #s come from ROIC Q4 2022, and Modified ROIC files 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Less-Than-Truckload 12.9% 11.9% 12.2% 11.6% 12.0% Truckload 6.4% 6.0% 5.8% 6.0% 6.9% Logistics 15.7% 14.6% 12.0% 12.4% 13.3%
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Our Decentralized Structure: Uniquely Delivering Value for Shareholders 16 …reaping the benefits of both economies of scale and specialization …more efficiently allocating resources ◼ Our three segments are constituted of wholly-owned subsidiaries operating under their own brands ◼ Our differentiated approach to operating our businesses enables us to create shareholder value by… …capitalizing on market opportunities and exploiting market dislocations in real time Not touched
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Superior Track Record of Growth 17 Revenue Before Fuel Surcharge (US$ in millions) 1 These are non-IFRS measures. Please refer to the tables at the end of the presentation for a reconciliation of non-IFRS measures. 2 Please refer to pages 30 and 31 for the most directly comparable measure determined under IFRS, being net income and diluted EPS. 3 Tax adjusted for 2002-2008 when TFI was an income trust. Adjusted EBITDA1,2 (US$ in millions) Diluted Adjusted EPS from Continuing Operations (US$)1,2,3 Net Cash from Operating Activities (US$ in millions) 2002 2002 2002 2025 2025 2025 1,171 4.37 978 6,913 2002 2025
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18 Total Shareholder Return Over Various Periods Peer Average Less-Than- Truckload1 Truckload2 Logistics3 Total Shareholder Return 15-Year 1,321% 1,151% 2,878% 362% 212% 10-Year 1,030% 574% 1,404% 181% 136% 5-Year 145% 78% 163% 42% 29% 1-Year 4 54% 60% 64% 37% 1Less-Than-Truckload: ArcBest, Old Dominion Freight Line, XPO, and Saia. 2Truckload: Heartland, Knight-Swift, Werner, Schneider, J.B. Hunt, and P.A.M. Transportation. 3Logistics: CH Robinson, Landstar, Forward Air, GXO, and RXO. Note: All periods above are through 6/30/26. Peers included only in rows during which their stocks were public throughout the period. Total return performance includes dividends, assuming dividends reinvested. 1,171% 834% 68% 63% TFII Shareholder Return file… only file that is FS related/has FS formulas
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19 Resilience Through the Cycle *In 2019, the Company classified amounts as from discontinued operations, the amounts shown for 2019 are from continuing operations. 1Adjusted EPS - Diluted is a non-IFRS measures. Please refer to page 31 for a reconciliation. 2Free Cash Flow is a non-IFRS measures. ◼ TFI’s operating income, adjusted EPS – Diluted and Free Cash Flow continued growing despite the global pandemic of COVID-19. (US$ in millions) 2018 2019* 2020 2021 2022 Total Revenue 3,954.8 3,903.5 3,781.1 7,220.4 8,812.5 Operating Income 332.0 382.9 416.6 979.2 1146.0 Adjusted EPS - Diluted1 2.73 2.97 3.30 5.23 8.02 Free Cash Flow2 259.1 347.7 544.6 700.9 880.9
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165 436 2012 TTM 2Q26 E-Commerce Revenue (US$ in millions) 20 E - Commerce Provides Additional Growth Evolution of B2B/B2C Split 6.9% CAGR ◼ E-Commerce is a powerful secular force, driving new shipping demands including greater emphasis on last-mile logistics B2B/B2C – File E- Commerce Reporting file (sent by Vanessa)… Rows 108/9 File E-Commerce Reporting file (sent by Vanessa)… F104… Then calculate CAGR 57% 59% 58% 42% 47% 33% 49% 61% 54% 55% 43% 41% 42% 58% 53% 67% 51% 39% 46% 45% 17 18 19 20 21 22 23 24 25 TTM 2Q26 B2B B2C
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21 Robust Balance Sheet With Strategic Flexibility Line 22 Line 53 Note: The table above indicates the Company’s financial covenants to be maintained under its credit facility. These covenants are measured on a consolidated rolling twelve-month basis and are calculated as prescribed by the credit agreement which, among other things, requires the exclusion of the impact of the new standard IFRS 16 Leases. Covenants Requirements June 30, 2026 Funded debt-to-EBITDA ratio [ratio of total debt, net of cash, plus letters of credit and some other long- term liabilities to earnings before interest, income tax, depreciation and amortization (“EBITDA”), including last twelve months adjusted EBITDA from business acquisitions] < 3.50 2.38 EBITDAR-to-interest and rent ratio [ratio of EBITDAR (EBITDA before rent and including last twelve months adjusted EBITDAR from business acquisitions) to interest and net rent expenses] > 1.75 3.69 #s given to us by Vanessa
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22 Track Record of M&A Execution and Integration Number of Acquisitions per Year ◼ Acquired 86 companies across our highly fragmented markets since 2017, of which 5 were major acquisitions1. Make sure proper additions accounted for Update number 7 9 8 13 10 11 12 11 4 1 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TForce Worldwide TForce Freight 1Major acquisitions are defined as having a purchase price of US $200.0 million and over. Cavalier TForce Critical TForce Premier Distribution GBT Brasseur Normandin TTL BTC East BeavEv MCT Grammer Dry Bulk Coastal Transport KHT Laser SGT Driving Force Tombro Fleetway South Shore Unity Courier Ho-Ro JHT STG Vedder Daseke Hercules Hearn Partially Updated Triangle
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23 Our Approach To Creating Shareholder Value Our People Market Leadership Growth & ROIC ◼ We continually solidify our position as a leader in the North American transportation and logistics industry ◼ We deliver earnings growth and strong ROIC, both organically and through our proven acquisition strategy ◼ We maintain a strong balance sheet and access to capital ◼ We leverage our team of dedicated professionals to provide value-added services and solutions across each of our business segments Prudent Balance Sheet Not touched
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24 Appendix All appendix numbers given to us previously from Vanessa
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25 LTL Financial Information Financial Information – LTL 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 LTL Total revenue 921,915 876,140 815,744 838,229 824,064 792,477 795,370 941,144 Fuel surcharge (151,158) (138,849) (136,794) (134,531) (137,020) (131,961) (139,066) (216,238) Revenue 770,757 737,291 678,950 703,698 687,044 660,516 656,304 724,906 Materials and services expenses (net of fuel surcharge) 229,894 228,316 201,965 207,508 194,546 195,723 205,353 213,243 Personnel expenses 337,058 330,121 323,540 325,369 319,334 303,982 320,127 331,127 Other operating expenses 51,045 55,080 55,555 45,783 46,882 45,444 51,688 50,177 Depreciation of property and equipment 37,955 36,896 35,318 35,666 34,072 32,888 32,668 32,349 Depreciation of right-of-use assets 12,988 12,349 12,234 12,513 12,707 12,782 12,779 12,197 Amortization of intangible assets 3,174 3,001 3,044 3,157 3,114 2,966 2,887 2,875 (Gain) loss on sale of rolling stock and equipment 677 197 140 24 (373) 166 (74) (232) (Gain) loss on derecognition of right-of-use assets (7) (18) (16) (8) (5) 9 5 (6) (Gain) loss, net of impairment, on sale of land and buildings and assets held for sale 2,013 1,023 47 126 (961) 5,014 298 (2,606) Operating income 95,960 70,326 47,123 73,560 77,728 61,542 30,573 85,782 See Comment, handwritten instructions unclear
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26 LTL Operational Data Operational Data – LTL 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 LTL Revenue per hundredweight (excluding fuel) 1 $20.67 $20.63 $20.16 $19.77 $20.03 $19.71 $19.68 $19.66 Revenue per shipment (excluding fuel) 1 $301.66 $308.87 $310.07 $304.11 $307.51 $307.81 $303.36 $297.73 Revenue per hundredweight (including fuel) 1 $24.87 $24.53 $24.27 $23.71 $24.23 $23.80 $24.04 $25.69 Revenue per shipment (including fuel) 1 $362.94 $367.31 $373.28 $364.66 $372.00 $371.75 $370.64 $389.15 Tonnage (in thousands of tons) 1 1,480 1,403 1,351 1,409 1,361 1,294 1,342 1,492 Shipments (in thousands) 1 2,028 1,874 1,757 1,832 1,773 1,657 1,741 1,970 Average weight per shipment (in lbs) 1 1,460 1,497 1,538 1,538 1,535 1,562 1,542 1,515 Average length of haul (in miles) 1 1,067 1,101 1,069 1,041 1,044 1,050 1,064 1,041 Packages (in thousands) 2 16,943 19,726 16,633 18,127 18,104 18,988 15,667 16,443 Average weight per package (in lbs) 2 15.23 13.99 13.59 13.90 14.14 15.38 15.06 15.81 Cargo claims (% revenue) 0.6% 0.6% 0.6% 0.5% 0.5% 0.6% 0.6% 0.5% Vehicle count, average 6,136 6,361 6,174 6,007 5,842 5,705 5,627 5,330 Truck age 4.3 4.3 4.3 4.3 4.4 4.4 4.3 4.6 Business days 64 63 63 64 64 63 63 64 Adjusted Operating Ratio 3 87.3% 90.3% 93.1% 89.5% 88.8% 89.9% 95.3% 88.5% Return on invested capital 3 17.3% 16.4% 14.4% 12.9% 11.9% 12.2% 11.6% 12.0% 1 Operational statistics exclude figures from Ground Freight Pricing ("GFP”) & Package and Courier ("P&C"). 2 Package count and weight per package only include P&C operations. 3 This is a non-IFRS measure. Please refer to the reconciliation on pages 32 and 34. The Company uses this measure as it is a widely recognized measure in the transportation industry, which the Company believes provides a comparable benchmark for evaluating the Company’s performance. See Comment, handwritten instructions unclear
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27 TL Financial Information Financial Information – TL 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 TL Total revenue 829,459 786,338 757,768 803,472 774,744 761,247 764,082 904,620 Fuel surcharge (106,577) (93,098) (94,913) (91,189) (90,640) (87,068) (91,328) (143,802) Revenue 722,882 693,240 662,855 712,283 684,104 674,179 672,754 760,818 Materials and services expenses (net of fuel surcharge) 331,563 309,798 309,935 318,490 311,001 307,492 314,165 347,966 Personnel expenses 217,812 209,941 202,203 211,429 205,765 210,727 200,259 204,753 Other operating expenses 23,209 25,787 28,056 26,456 28,567 29,541 31,259 29,582 Depreciation of property and equipment 49,444 53,071 50,473 52,920 51,234 50,172 47,452 42,630 Depreciation of right-of-use assets 27,214 26,233 24,793 26,758 26,926 25,797 25,268 25,486 Amortization of intangible assets 9,380 8,964 9,105 9,357 9,328 9,162 9,104 9,091 (Gain) loss on sale of rolling stock and equipment (4,041) 242 (3,415) (3,605) (1,282) (4,407) (3,906) (4,380) (Gain) loss on derecognition of right-of-use assets 46 46 (52) 38 (48) (119) (271) (93) (Gain) Loss on sale of land and buildings and assets held for sale (1,854) (494) (7,021) (125) 7 (2,382) (6,339) - Operating income 70,109 59,652 48,778 70,565 52,606 48,196 55,763 105,783
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28 TL Operational Data Operational Data – TL 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 TL Adjusted Operating Ratio 1 90.6% 91.5% 93.7% 90.1% 92.3% 93.2% 92.7% 86.1% Revenue (in thousands of U.S. dollars) 599,017 576,305 533,372 583,522 563,941 554,699 533,836 587,802 Brokerage revenue (in thousands of U.S. dollars) 123,865 116,935 129,484 128,761 120,163 119,480 138,915 173,018 Revenue per truck per week (excluding fuel) 4,279 4,135 4,044 4,374 4,311 4,289 4,390 4,942 Revenue per truck per week (including fuel) 5,041 4,803 4,753 5,059 5,003 4,971 5,141 6,151 Truck count, average 7,814 7,865 7,469 7,512 7,504 7,282 6,939 6,727 Trailer count, average 23,793 23,855 23,261 22,938 22,122 21,619 21,298 20,936 Truck age 3.2 3.2 3.2 3.1 3.0 3.1 3.2 3.4 Trailer age 10.9 10.6 10.8 10.9 10.9 11.1 11.3 11.3 Number of owner operators, average 2,954 2,854 2,661 2,697 2,562 2,535 2,415 2,422 Return on invested capital 1 7.8% 8.4% 6.7% 6.4% 6.0% 5.8% 6.0% 6.9% 1 This is a non-IFRS measure. Please refer to the reconciliation on pages 33 and 35. The Company uses this measure as it is a widely recognized measure in the transportation industry, which the Company believes provides a comparable benchmark for evaluating the Company’s performance.
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29 Reconciliations
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30 Five - Year Reconciliation of Adjusted EBITDA 1 (US$ in millions) (from Continuing Operations) TTM Q2-2026 2025 2024 2023 2022 Net Income 335.9 310.6 422.5 504.9 823.2 Net Finance Costs 164.5 160.0 158.2 80.9 80.4 Income Tax Expense 97.2 94.8 138.2 171.9 242.4 Depreciation of Property and Equipment 333.7 350.9 332.6 249.8 248.6 Depreciation of Right-of-Use Assets 177.5 172.8 169.5 132.1 126.3 Amortization of Intangible Assets 88.7 86.8 80.0 60.0 55.7 (Gain) Loss on Sale of Business – – – 3.0 (73.7) Restructuring From Business Acquisition – – 19.7 – – Loss on sale of land and buildings 0.1 0.1 – – – (Gain) Loss, Net of Impairment, on Sale of Assets Held for Sale (7.0) (5.4) 0.2 (14.7) (77.9) Adjusted EBITDA 1,190.4 1,170.5 1,321.0 1,187.9 1,425.0 1 This is a non-IFRS measure. The Company believes adjusted EBITDA to be a useful supplemental measure to assess its performance. 5YFH… Sheet: 2022 USD… Row 123
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31 Five - Year Reconciliation of Adjusted Net Income 1 and Adjusted EPS – Diluted 1 (US$ in millions, except per share data) TTM Q2-2026 2025 2024 2023 2022 Net Income 335.9 310.6 422.5 504.9 823.2 Amortization of Intangible Assets Related to Business Acquisitions 80.9 76.5 73.7 56.2 52.0 Net Change in Fair Value and Accretion Expense of Contingent Considerations 5.0 (0.5) (6.0) 0.2 0.2 Net Foreign Exchange (Gain) Loss 3.0 0.4 3.8 (0.5) 0.6 (Gain) Loss on Sale of Business – – – 3.0 (69.8) (Gain) Loss, Net of Impairment, on Sale of Land and Buildings and Assets Held for Sale (7.1) (5.4) 0.2 (14.7) (77.9) Restructuring From Business Acquisition – – 19.7 – – Tax Impact of Reconciling Items (19.3) (16.6) (24.3) (10.7) 3.3 Adjusted Net Income from Continuing Operations 398.3 364.9 489.6 538.3 731.7 Adjusted EPS from Continuing Operations – Basic 4.84 4.39 5.79 6.27 8.19 Adjusted EPS from Continuing Operations – Diluted 4.81 4.37 5.75 6.18 8.02 EPS from Continuing Operations – Diluted 4.07 3.72 4.96 5.80 9.02 1 This is a non-IFRS measure. The Company adjusts net income to exclude these items because they affect the comparability of its f inancial results and could potentially distort the analysis of trends in its business performance. Excluding these items does not imply they are necessarily non -recurring. 5YFH… Sheet: 2022 USD… Row 182
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32 Adjusted Operating Ratio 1 Reconciliation (US$ in thousands) 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Less-Than-Truckload Total revenue 921,915 876,140 815,744 838,229 824,064 792,477 795,370 941,144 Total operating expenses 825,955 805,814 768,621 764,669 746,336 730,935 764,797 855,362 Operating income 95,960 70,326 47,123 73,560 77,728 61,542 30,573 85,782 Operating expenses 825,955 805,814 768,621 764,669 746,336 730,935 764,797 855,362 Gain (loss), net of impairment, on sale of land and buildings and assets held for sale (2,013) (1,023) (47) (126) 961 (5,014) (298) 2,606 Adjusted operating expenses 823,942 804,791 768,574 764,543 747,297 725,921 764,499 857,968 Fuel surcharge revenue (151,158) (138,849) (136,794) (134,531) (137,020) (131,961) (139,066) (216,238) Adjusted operating expenses, net of fuel surcharge revenue 672,784 665,942 631,780 630,012 610,277 593,960 625,433 641,730 Revenue before fuel surcharge 770,757 737,291 678,950 703,698 687,044 660,516 656,304 724,906 Adjusted operating ratio 87.3% 90.3% 93.1% 89.5% 88.8% 89.9% 95.3% 88.5% 1 This is a non-IFRS measure. File: Tableau… Sheet: Segmented Summary Total revenue and Operating income excluded from Tableau, ask Vanessa for them
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33 Adjusted Operating Ratio 1 Reconciliation (US$ in thousands) 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Truckload Total revenue 829,459 786,338 757,768 803,472 774,744 761,247 764,082 904,620 Total operating expenses 759,350 726,686 708,990 732,907 722,138 713,051 708,319 798,837 Operating income 70,109 59,652 48,778 70,565 52,606 48,196 55,763 105,783 Operating expenses 759,350 726,686 708,990 732,907 722,138 713,051 708,319 798,837 Gain (loss) on sale of assets held for sale 1,854 494 7,021 125 (7) 2,382 6,339 - Adjusted operating expenses 761,204 727,180 716,011 733,032 722,131 715,433 714,658 798,837 Fuel surcharge revenue (106,577) (93,098) (94,913) (91,189) (90,640) (87,068) (91,328) (143,802) Adjusted operating expenses, net of fuel surcharge revenue 654,627 634,082 621,098 641,843 631,491 628,365 623,330 655,035 Revenue before fuel surcharge 722,882 693,240 662,855 712,283 684,104 674,179 672,754 760,818 Adjusted operating ratio 90.6% 91.5% 93.7% 90.1% 92.3% 93.2% 92.7% 86.1% 1 This is a non-IFRS measure. Tableau… Sheet: Segmented Summary
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34 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Less-Than-Truckload Operating income 286,968 268,735 259,953 243,405 255,625 Loss on sale of land and buildings - 87 87 87 87 Impairment of assets held for sale 11,368 - - 10,910 10,910 (Gain) Loss, net of impairment, on sale of assets held for sale (8,161) 147 4,139 (6,520) (9,252) Amortization of intangible assets 12,377 12,318 12,281 12,125 11,842 Operating income, net of exclusions 302,552 281,287 276,460 260,007 269,212 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 222,376 206,746 203,198 191,105 197,871 Intangible assets 413,271 404,134 407,691 399,425 389,490 Total assets, excluding intangible assets 1,883,012 1,864,989 1,812,344 1,816,391 1,838,859 less: Trade and other payables, income taxes payable and provisions (628,123) (590,844) (577,390) (592,907) (592,705) Total invested capital, current year 1,668,160 1,678,279 1,642,645 1,622,909 1,635,644 Intangible assets, prior year 422,641 419,654 396,532 401,152 413,271 Total assets, excluding intangible assets, prior year 2,049,839 2,055,873 1,950,589 1,915,691 1,883,012 less: Trade and other payables, income taxes payable and provisions, prior year (684,400) (689,466) (658,208) (647,256) (628,123) Total invested capital, prior year 1,788,080 1,786,061 1,688,913 1,669,587 1,668,160 Average invested capital 1,728,120 1,732,170 1,665,779 1,646,248 1,651,902 Return on invested capital 12.9% 11.9% 12.2% 11.6% 12.0% 1 This is a non-IFRS measure. Modified ROIC file
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35 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Truckload Operating income 249,104 231,602 220,145 227,130 262,348 Gain on sale of assets held for sale (9,497) (7,633) (9,521) (8,839) (8,714) Amortization of intangible assets 36,930 36,747 36,952 36,951 36,685 Operating income, net of exclusions 276,537 260,716 247,576 255,242 290,319 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 203,255 191,626 181,968 187,603 213,384 Intangible assets 1,536,572 1,517,987 1,521,007 1,534,279 1,509,911 Total assets, excluding intangible assets 1,905,356 1,881,661 1,853,432 1,845,288 1,833,206 less: Trade and other payables, income taxes payable and provisions (272,273) (235,564) (273,960) (294,486) (306,694) Total invested capital, current year 3,169,655 3,164,084 3,100,479 3,085,081 3,036,423 Intangible assets, prior year 1,431,030 1,450,485 1,424,244 1,421,421 1,536,572 Total assets, excluding intangible assets, prior year 2,026,914 2,046,787 2,026,835 2,016,257 1,905,356 less: Trade and other payables, income taxes payable and provisions, prior year (275,654) (280,579) (280,932) (284,386) (272,273) Total invested capital, prior year 3,182,290 3,216,693 3,170,147 3,153,292 3,169,655 Average invested capital 3,175,973 3,190,389 3,135,313 3,119,187 3,103,039 Return on invested capital 6.4% 6.0% 5.8% 6.0% 6.9% 1 This is a non-IFRS measure. ROIC Q4 2022 file
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36 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Logistics Operating income 160,552 142,884 131,279 134,436 146,405 (Gain) loss on sale of land and buildings and assets held for sale - 5 5 5 10 Amortization of intangible assets 35,230 35,889 36,875 38,097 39,258 Operating income, net of exclusions 195,782 178,778 168,159 172,538 185,673 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 143,900 131,402 123,597 126,815 136,470 Intangible assets 728,542 719,042 933,876 922,962 920,839 Total assets, excluding intangible assets 366,933 336,083 445,553 439,237 454,014 less: Trade and other payables, income taxes payable and provisions (207,424) (195,919) (200,980) (195,533) (205,872) Total invested capital, current year 888,051 859,206 1,178,448 1,166,666 1,168,981 Intangible assets, prior year 757,713 747,927 734,736 727,813 728,542 Total assets, excluding intangible assets, prior year 398,054 377,756 363,880 356,207 366,933 less: Trade and other payables, income taxes payable and provisions, prior year (201,318) (189,281) (213,747) (204,865) (207,424) Total invested capital, prior year 945,449 936,402 884,869 897,155 888,051 Average invested capital 916,750 897,804 1,044,688 1,022,911 1,028,516 Return on invested capital 15.7% 14.6% 12.0% 12.4% 13.3% 1 This is a non-IFRS measure. ROIC Q4 2022 file
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37 Reconciliation of FCF Conversion 1 TTM 2026 - Q2 (US$ in thousands) Less-Than-Truckload Truckload Logistics Adjusted EBITDA1 reconciliation TTM 2026-Q2 Operating income 255,625 262,348 146,405 Depreciation and amortization 194,284 331,650 72,409 (Gain) loss on sale of land, buildings and assets held for sale 1,745 (8,714) 10 Adjusted EBITDA 451,654 585,284 218,824 Net capital expenditures1 reconciliation TTM 2026-Q2 Additions to rolling stock 53,150 105,035 1,536 Additions to equipment 22,802 3,925 3,047 Proceeds from the sale of rolling stock (9,591) (52,042) (645) Proceeds from the sale of equipment (16) (144) - Net capital expenditures 66,345 56,774 3,938 Adjusted EBITDA less net capital expenditures 385,309 528,510 214,886 FCF Conversion (%) 85.3% 90.3% 98.2% 1 This is a non-IFRS measure. ROIC Q4 2022 file
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38 Reconciliation of Free Cash Flow 1 Measures (US$ in millions) TTM Q2-2026 Reconciliation of free cash flow1 Net cash from operating activities 914.7 Additions to property and equipment (255.6) Proceeds from sale of property and equipment and AHFS 124.9 Free Cash Flow 784.1 (US$ in millions) TTM Q2-2026 Reconciliation of free cash conversion1 Adjusted EBITDA from continuing operations 1,190.4 Additions to rolling stock and equipment (190.5) Proceeds from sale of rolling stock and equipment 62.4 Adjusted EBITDA net of rolling stock and equipment 1,062.3 Free cash flow conversion 89.2% FCF Measures file sent by Vanessa 1 This is a non-IFRS measure.