Canadian Pacific Kansas City Limited

Good afternoon. My name is Leo, and I will be your conference operator today. At this time, I would like to welcome everyone to CPKC's second 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 1 on your telephone keypad. If you would like to withdraw your question, press the star 2. I would now like to introduce Chris DeBrun, Vice President, Capital Markets, Tax and Treasurer, to begin the conference call.

Thank you Leo. 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 US regulators. This presentation also contains non-GAAP measures as outlined on slide 3. With me here today is Keith Creel, our President and Chief Executive Officer, Nadeem Velani, 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's. 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 again, thanks for everyone joining us on the call today. As I always do, I start by thanking the 20,000 strong team of railroaders we have producing these excellent results. I'm extremely proud to serve with each one of you, so thank you for your efforts and your sacrifices. The performance, if you look at it, reflects the strength of this CPKC franchise. The resilience of our business mix and the continued benefits of uniquely connecting Canada, the U.S., and Mexico to the only single on-rail network that uniquely serves all three countries. together just over three years ago to create something unique, a network capable of unlocking new supply chains, expanding market access, increasing competition across North America, and we're doing exactly that. With each passing quarter, that vision is becoming a reality. So the results for the quarter, the team delivered volume growth of 4%, revenue growth of 13%, an operating ratio of 61.6%, earnings of $1.27, which is an increase of 13%. The results were driven by a combination of discipline execution, by marking the team's strong service performance, and continued growth across many of our key franchises. Operationally, the railroad continues to perform at a very high level. During the quarter, we established new records across a number of the key operating metrics, with exact utilization, train velocity, terminal fluidity, all improved year over year, demonstrating the ability to safely and efficiently move more freight across the network while creating additional capacity On the growth initiative side, what continues to excite us the most is the opportunities ahead. The rationale for combining CP and KCS is pretty simple. Create the first and only single-line railroad that links Canada, the United States, and Mexico, and leverage the network to generate value for our customers and our shareholders. Today, we're seeing the strategy translate into these tangible results. During the quarter, we established volume records in grain, energy, chemicals, We also advanced several important commercial initiatives to reinforce the long-term growth story of our network and franchise. We're launching the momentum behind our enhanced Southeast Mexico Express service, continued growth on the Mexico Midwest Express service, the opening of another AmeriCold facility, this time at the Port of St. John in Atlanta, Canada. We continue to increase traffic flows between Canada and Mexico via the CPKC land bridge that uniquely is enabled by the fourth American franchise. Perhaps most importantly, as we look forward, our commercial pipeline remains robust. Customers across multiple sectors continue to look for ways to simplify supply chains, reduce friction at borders, increase resiliency, and improve transit performance. TPKC is uniquely positioned to help them achieve those objectives. So in closing, as we enter the second half of the year, we do so from a position of strength. Our network is performing extremely well. Our service product is strong. Our growth pipeline continues to expand. And while uncertainty remains in parts of the macroeconomic environment, we're encouraged by the improvement in market conditions across several markets. It's a growth story. Growth in cross-border traffic, growth in new supply chains, growth enabled by a network that is uniquely created in North America by CPKC. We're still in the early chapters of this story, realizing the full potential of the franchise. We've led the industry in revenue and earnings growth the last two years, and we're well-positioned to deliver another year of double-digit earnings growth in 2026. So with that said, I'm going to turn it over to Mark. He can elaborate a bit on operations. John will be covering the markets, Nadim on the numbers, and we look forward to the Q&A session. Mark, over to you.