Transport Tracker: Issue #1233, week ending June 10: UNP and RXO in Europe next week; Spot is hot

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Transport Tracker: Issue #1233, week ending June 10: UNP and RXO in Europe next week; Spot is hot

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Transport Tracker

Issue #1233, week ending June 10: UNP

and RXO in Europe next week; Spot is hot

Price Objective Change

Hoexter’s Thought of the Week 11 June 2026

We are hosting UNP and RXO in London next Tuesday Equity

United StatesNext Tuesday (June 16), we are hosting Union Pacific (UNP) CEO Jim Vena and CFO Jen

Transport/Infrastructure

Hamann for investor meetings in London, and a fireside chat on Tuesday, June 16 at 9

am ET. Additionally, we are attending investor meetings with RXO Chief Strategy Officer

Jared Weisfeld in London.

Union Pacific’s core ops are trending well 2QTD, with volumes up nearly 2%, more than

200 bps above our full 2Q estimate, and service levels at solid levels. However, to start

each discussion, we expect Union Pacific to provide its views on the Surface Transportation

Board’s (STB) review process, following the STB’s acceptance of its merger application on

May 28, which also came with a pause in the process amidst its request for supplemental

information on if the merger increases competition, is in the public interest, and service

plans (which delays the formal timeline; see our UNP note). We also expect updates on

near-term volume trends (2QTD volumes +1.8% year-year vs our -0.3%), and mix dynamics

from weaker Coal & Renewables (-15% yr-yr 2QTD) and stronger Intermodal (up 3% yr-yr

Ken Hoexter

2QTD). Also, we aim to discuss solid 2QTD service levels (velocity and dwell have improved Research Analyst

8% and 7% year-year, respectively), as well as updates on pricing, fuel, and margins. BofAS

+1 646 855 1498

ken.hoexter@bofa.com

We look for RXO to provide more color on how the company is capitalizing on structural