Canadian Pacific Kansas City Limited

Good afternoon. My name is Angela and I will be your conference operator today. At this time, I would like to welcome everyone to CPKC's fourth quarter and full year 2025 conference call. The slides accompanying today's call are available at investor.cpkcr.com. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question, simply press star then the number 1 on your telephone keypad. If you would like to withdraw your question, press star 2. I would now like to introduce Chris DeBruin, Vice President, Capital Markets, to begin the conference call.

Thank you, Angela. Good afternoon, everyone, and thank you for joining us today. Before we begin, I want to remind you this presentation contains forward-looking information. Actual results may differ. The risks, uncertainties, and other factors that could influence actual results are described on slide two in the earnings release filed with Canadian and U.S. regulators. This presentation also contains non-GAAP measures outlined on slide three. With me here today is Keith Creel, our President and Chief Executive Officer, Vadim Villani, our Executive Vice President and Chief Financial Officer, John Brooks, our Executive Vice President and Chief Marketing Officer, and Mark Redd, our Executive Vice President and Chief Operating Officer. The formal remarks will be followed by Q&A. In the interest of time, we would appreciate if you limit your questions to one. It is now my pleasure to introduce our President and CEO, Mr. Keith Creel.

Thanks, Chris, and good afternoon. I want to thank everyone for joining us to review our fourth quarter results as well as full year results and to allow our team to share how we see an exciting 2026 playing out. Let me start by expressing gratitude and thanks to the 20,000 strong CPC family. Their dedication, hard work, and sacrifice allow us to create the results that we're honored to share today. I can tell you this past week, railroading is a demanding way of life, in fact, a consuming way of life, times like we have navigated through this past week, and in fact, navigate on the daily in Canada. Operating in winter operation reminds me of just how much sacrifice that takes, which I have the deepest amount of respect and appreciation for. So on to the results. For the fourth quarter, revenue of $3.9 billion, which is up 1%, versus last year, an industry-best operating ratio of 55.9, 120 basis points of improvement in earnings per share of $1.33, up 3% versus last year. I'm particularly proud of the job the team did in the quarter in the face of a demanding demand softening in a number of areas and how they honored our mantra of controlling what we can control, controlling our cost structure. The team demonstrated exceptional execution that allowed us to produce the results we produced in the operating ratio side, and we are set up and carrying momentum well into 2026. As Mark is going to speak, I also want to applaud the operating team for producing record results across several of our key operating metrics in the quarter. Most importantly, we produced another year of record safety performance. Our network's running well. It's in great position to execute on the growth opportunities that we have flying ahead of us. Now, let's turn our attention to full-year results. Revenue, $15.1 billion, which is up 4%. Volume growth is 4% as well. Operating ratio at industry best at 59.9. A clear industry best improvement of 140 basis points for the year. Core EPS at $4.61, which is up 8%. On 26 outlook, as we look forward on 2026, the way we see it unfolding, we fully expect to deliver another year of good single-digit volume growth enabled by the strength in our bulk business and particularly the unique growth drivers this franchise has, which John will speak to. We expect to continue improving margins and ultimately deliver low double-digit earnings growth. For clarity, this outlook does not assume that we get much out of the macro. Our growth drivers are unique to CPKC and record grain harvest in Canada, And the U.S. provides strong and a differentiating base of business. Our story is about continuing to do what we do best, controlling what we can't control and executing our PSR model, which remains key to setting CPKC apart and allows us to shine in times of uncertainty. You saw that in the results in the last quarter, and you'll continue to see that in 2026. From the growth outlook, there are a lot of things to get excited about, uniquely enabled by the STEM work. John will talk about them in more detail, but I'll highlight a few. Grain harvest, an all-time record in Canada, 85 million metric tons versus a previous record of 78 million metric tons, a significant amount of grain to move. It's carried into the full year of 2026. That's a record harvest both in Canada and the U.S. The grain is starting to move now in jest, and, again, we're going to be busy through the balance of this year moving grains. Continued growth in intermodal, our MMX 181.81, the fastest and most reliable service in the industry between the Midwest and deep into Mexico, continues to grow and do extremely well. And we're bringing that same model to Mexico and the U.S. Southeast in partnership with CSX and our Southeast Mexico Express service. That business is just getting started. To moving with our partners, we see a ton of opportunity for growth over that corridor. We've created an industry-best transit time in partnership with CSX from Atlanta to Dallas over the Meridian Speedway and from Atlanta to Monterey. Truck competitive to Dallas and superior to truck in New Mexico. It can't be replicated by truck in New Mexico. We're also excited about the miracle business that's ramping up this year along with the continued growth on the international intermodal side with Gemini. and also continued growth in our automotive franchise. On the capital side, we're going to continue to invest to support the growth. Last week, we announced continued investment with our locomotives. 100 new locomotives joined in the fleet in 2026, in addition to the 100 that we added in 2025. So the combination of our strong top-line growth, disciplined investment, and our continued cost and efficiency improvements, it's put us in an advantageous position of return cash to shareholders, which you just witnessed as we announced the 5% share buyback program for 2026. So in closing, I'm extremely proud of what we produced amidst a ton of volatility in 2025, and we're super excited about the opportunities ahead. I'll remind you that over the past two years, this franchise has outperformed the industry in revenue growth, outperformed the industry in earnings growth. We've got an exciting setup to continue to generate industry-leading performance in 2026 as well. So with that, I'm going to turn it over to Mark for some currently operations, John to give you a little insight on the markets, Nadim on the financial details, and then we'll open it up for Q&A. Mark, over to you.