Transportation & Logistics 2026 Spring Call Series Presentation Slides

Research evidence excerpt

Transportation & Logistics 2026 Spring Call Series Presentation Slides

Top Picks and Positioning After 1Q26 Earnings Season

Sub-Sector Preferences (+ to –) LTL, Rails, Intermodal, Brokers, Parcels, Truckload, Logistics

◼LTL volume trends improving with PMI and tighter truck market along with a meaningful boost from fuel

◼Rails also seeing some end market improvement while the UP/NS merger review is just getting started

◼Long-awaited TL conversion appears to be gaining momentum which should help Intermodal offset slowing imports

◼Brokers fighting through the near-term squeeze and unexpected SCOTUS ruling which should benefit scaled providers

◼Amazon made waves with the AWS for Logistics announcement, but the industry impact will take time to materialize

◼Focus on regulatory enforcement finally pushed TL capacity out of the market but demand has yet to follow

TFI International (TFII – Overweight – $156 Dec 26 PT)

◼1Q26 beat and 2Q26 guide well ahead of expectations signals a return to YoY earnings growth faster than anticipated

◼TFF turnaround progressing under new leadership with organic shipment growth resuming and service metrics improving

◼Specialty TL inflecting on price with HSD to LDD contract renewals and improved capital efficiency post-Daseke

◼Counter-cyclical M&A of $1.8B deployed during the freight recession is only now beginning to generate returns as the cycle turns

CPKC (CP – Overweight – C$133 Dec 26 PT)

◼Reiterated full year guide in 1Q26 and added that OR should improved YoY from 59.9%

◼Truckload conversion should benefit from higher rates and well-timed investments in services such as the SMX with CSX

◼Second bridge at the Laredo crossing will improve service and fluidity while creating market share opportunities