Wells Fargo Industrials & Materials Conference Takeaways

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Wells Fargo Industrials & Materials Conference Takeaways

Equity Research

Industry Update — June 11, 2026

Collaborative Research

Wells Fargo Industrials & Materials Conference

Takeaways

Recap of Day 2

Our Call Wells Fargo Industrials & Materials Team

We hosted ~100 companies (including privates) across 10 verticals. See below for key Wells Fargo Securities, LLC

WellsFargoIndustrialsTeam@wellsfargo.com

takeaways from investor meetings and sector insights at our Wells Fargo Industrials &

Christian WetherbeeMaterials Conference.

Equity Analyst | Wells Fargo Securities, LLC

Christian.Wetherbee@wellsfargo.com | 212-214-8053

Transports - Tighter TL market conditions are boosting leasing, LTL, and rail demand Jerry Revich, CFA

as well as supporting improved pricing trends across the transportation complex. TL Equity Analyst | Wells Fargo Securities, LLC

contract rates have accelerated to +DD from LSD late last year supporting stronger LTL Jerry.Revich@wellsfargo.com | 212-214-5458

and intermodal traffic as shippers try to lock-in capacity. Rail volume has also improved, David Strauss

which should couple with strong operating performance to drive earnings upside. Equity Analyst | Wells Fargo Securities, LLC

David.Strauss@wellsfargo.com | 212-214-8052

Machinery, Industrial & Environmental Services - Colin M. Langan, CFA, CPA

(i) Building visibility on construction rental / aerial recovery. TEX & OSK confirmed a Colin.Langan@wellsfargo.com | 212-214-8228

continued utilization recovery and WF commercial bankers note used inventories are at Timna Tanners

lows. Equity Analyst | Wells Fargo Securities, LLC

Timna.Tanners@wellsfargo.com | 212-214-5437

(ii) Strong data center power demand backdrop. Finning expects 6-8 prime power data Gabe Hajde