Transportation: Takeaways from BofA’s 33rd Industrials, Transport, & Airlines Key Leaders Conf.

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Transportation: Takeaways from BofA’s 33rd Industrials, Transport, & Airlines Key Leaders Conf.

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Transportation

Takeaways from BofA’s 33rd Industrials,

Transport, & Airlines Key Leaders Conf.

Industry Overview

Transports in vogue – growth brings investors to table 14 May 2026

This week, Monday night through Thursday, we hosted BofA’s 33rd Annual Industrial, Equity

Transportation, & Airlines Key Leaders Conference. We hosted nearly 90 companies and United States

industry experts with 52 sessions and 89 firms hosting 1x1 meetings, with more than Rail Transport/Railroads

450 registered investors. Our sessions focused on the railroad, parcel delivery, less- Ken Hoexter

than-truckload, intermodal, truckload, brokerage, autonomous trucking, product tanker Research Analyst

and barging sectors. We were also joined by a port operator, and industry experts. BofAS+1 646 855 1498

ken.hoexter@bofa.com

Demand steady - supply tight - price up - margins solid Adam Roszkowski, CFA

This year’s key themes revolved around supply-led tightening, improved pricing ResearchBofAS Analyst

discipline, and end demand remaining stable to modestly improving. Across modes, +1 646 855 5498

adam.roszkowski@bofa.com

management teams emphasized pricing power returning, cost discipline sticking, and

structural margin expansion, though fuel and geopolitical volatility remain key swing

factors. Railroads are posting low- to mid-single-digit volume growth, LTL trends are Abbreviations:

improving sequentially but remain choppy, and truckload demand is steady after a brief HSD-High single digit

uptick earlier in the year. Truckload (HSD-LDD), Brokerage (HSD-LDD) and LTL (MSD- LDD – Low double-digit

HSD) contract renewals are accelerating upward (spot rates higher at 20%+).