C.H. Robinson: 20-min call – focused on M&A, contract share gains, Montgomery case impact

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C.H. Robinson: 20-min call – focused on M&A, contract share gains, Montgomery case impact

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C.H. Robinson

20-min call – focused on M&A, contract

share gains, Montgomery case impact

Reiterate Rating: BUY | PO: 226.00 USD | Price: 185.00 USD

Amazon speaks, pay attention; but likely to drive asset util 11 June 2026

Yesterday, we hosted C.H. Robinson’s CFO Damon Lee and IR Chuck Ives as part of Equity

Hoexter’s 7th Annual Transport & Shipping Conference Call series. Following Amazon

Supply Chain Services’ (ASCS) launching LTL services beyond inbound, growing its 3PL KenResearchHoexterAnalyst

reach, Mr. Lee noted that anytime Amazon talks, the world needs to listen. He believes BofAS

the move is not a direct threat to CHRW, although recognized not enough granularity in +1ken.hoexter@bofa.com646 855 1498

news. He believes AMZN is using the move to drive asset utilization and optimization. Adam Roszkowski, CFA

Research Analyst

BofASTaking share despite rising spot rates; focused on margins +1 646 855 5498

Mr. Lee noted that CHRW has industry leading capabilities to offset rising spot costs and adam.roszkowski@bofa.com

expand market share, while maintaining flat NAST margins. In 1Q26, despite spot rates

up 20% year-year, gross profit margins were flat at 14.6%. It noted it is running the

same playbook in 2Q, as it expects to outgrow the industry and face rising spot rates, Stock Data

but has not specifically set a flat margin target, just noted it would be industry leading.

Frequently repricing contracts PricePrice Objective 185.00226.00 USDUSD

With 75-80% of all trucking freight moved under contract, CHRW focuses on winning Date Established 30-Apr-2026

share in both spot and contract business. CHRW noted it is moving to reprice its Investment Opinion B-1-7