Canadian National Railway Company (CNR) Investor presentation summary

Strategic overview and market position

• Transports over C$250 billion in goods annually across a tri-coast rail network spanning Canada and mid-America, serving diverse sectors including energy, agriculture, manufacturing, and consumer goods.

• Operates 18,900 route miles, with 21 terminals and access to 7 major ports, providing broad geographic exposure and balanced business unit revenue mix.

• 65% of traffic originates and terminates on its network, supporting efficient single-line service and strong customer connectivity.

• 2025 revenue mix: 22% intermodal, 21% grain and fertilizers, 20% petroleum and chemicals, 11% metals and minerals, 11% forest products, 6% coal, 5% automotive, 4% other.

Financial performance and shareholder returns

• 2025 total revenues reached $17.3B, with $3.3B in free cash flow and $7.0B net cash from operating activities.

• Diluted EPS was $7.57, adjusted diluted EPS $7.63, and return on invested capital at 12.9% (13.0% adjusted).

• Operating ratio improved to 61.9% (61.7% adjusted), reflecting cost management and productivity gains.

• 30 consecutive years of dividend growth, with a 3% increase for 2026 and $39B in share repurchases since 2000.

Operational excellence and technology

• Maintains high safety standards, with a 10% reduction in personal injury rate in 2025 and ongoing investments in safety technology.

• Implements advanced technologies such as autonomous track inspection, automated inspection portals, and handheld field technology to improve safety, capacity, and cost efficiency.

• Delivered record grain movement and maintained strong service across customer base, with car velocity at 196 miles/day and network train speed at 18.8 mph in 2025.