Canadian Pacific Kansas City Limited

Good afternoon, everyone. My name is Beau, and I will be your conference operator today. At this time, I would like to welcome everyone to CPKC's first quarter 2026 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 one on your telephone. If you would like to withdraw your question, please press star 2. I would now like to introduce Mr. Chris DeBruin, Vice President, Capital Markets. Please go ahead, sir.

Thank you, Beau. 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 2 in the press release and in the MD&A filed with Canadian and U.S. regulators. This presentation also contains non-GAAP measures outlined on slide 3. With me here today is Keith Creel, our President and Chief Executive Officer, Nadine 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 thanks, everyone, for joining us on the call today. As always, I want to start by thanking our 20,000 strong family of railroaders across these three great countries that delivered the results we're honored to share with everyone today. So for the quarter, the team delivered revenues of $3.7 billion, volume growth 2% on the RTN basis, operating ratio 63% and earnings of $1.04. Overall, strong execution across the board operationally, commercially, and financially. And they did this in a very dynamic environment. Certainly, the first quarter's results, we saw some impacts from volatile fuel and FX markets. That said, that tide has turned, and I'm very pleased with the underlying performance and our strong start to the second quarter. You know, when I step back three years in our journey at CPKC, what gives me continued confidence is not just the quarter itself, but the trajectory that we're on as a network. and as a company. On the operating side, the network again performed exceptionally well in the first quarter, building on our strong momentum from 2025, delivering first quarter operating results, record levels reflecting continuous improvement we've seen since the merger. Productivity, velocity, and asset utilization all continued to move higher, which tells me two things. First, the railroad is structurally better, and second, our people are executing with discipline each and every day. The gains are translating into better service capacity, improved efficiency, and that's exactly how we intend to continue to railroad. On the labor front and the safety side as well, I'm going to spend a couple moments talking about our people. As we recently announced, reaching long-term tentative agreements with both Smart TD and the BLAT on the Lexie KCS, is a significant milestone for this company. These agreements improve quality of life for our railroaders while providing the operating stability we need to continue driving performance and service reliability in this key growth corridor. Looking at safety, our focus remains unwavering. We made progress on the personal injury side, and while train accident frequency increased from an all-time low last year, our fundamentals remain extremely strong. On the commercial side, the franchise performed very well. We delivered solid volume growth across the networks led by the record grain and continued momentum from our unique North American footprint. The exceptional grain volumes were supported by record harvest and our ability to efficiently connect Canada, the United States, and Mexico. Automotive International Intermodal and our MX service also contributed. FX Nixon, with macro factors, pressure deals at the corner, of course, Regardless, pricing discipline remains strong as we move through the year. The yields have improved as comparisons normalized and market conditions have become more supportive. When shareholder returns from a finance perspective with a balance sheet and additional strength and the business generating strong cash flow, we announced a new share buyback program to repurchase up to 45 million shares. Yesterday, we announced a 17.5% increase to our quarterly dividends. We're certainly pleased to be in a position to continue returning cash to shareholders, particularly amidst a volatile market. So in closing, looking ahead, we feel very good about where we are. The network is running extremely well. Our unique growth drivers continue to remain firmly intact. Comparisons improve as we move through the year. Most importantly, we have a team that knows how to execute and a franchise that continues to differentiate itself. We're going to remain focused on distant execution, strong service, and delivering long-term value for our customers and our shareholders. Mark, over to you.