Senate Committee Recommends New Rail Labour Rules + Carloads

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Senate Committee Recommends New Rail Labour Rules + Carloads

June 15, 2026 RBC Dominion Securities Inc.

Senate Committee Recommends New Rail Labour Rules + Carloads Walter Spracklin, CFA James McGarragle, CFA, CPA

(Analyst) (Analyst)

(416) 842-7877 (416) 842-7862

Rail Merger Barometer Carload Update – We provide a snapshot of railroad carload trends walter.spracklin@rbccm.com james.mcgarragle@rbccm.com

in the exhibit below, emphasizing how the QTD volumes are

Rail Merger Barometer. We recently trending relative to our estimates. This is followed by detail on the Industrial & Transportation Sector News

introduced the Rail Merger Barometer. This sub-segments driving the volume growth. Senate Committee Recommends New Rail

Barometer is tracking 1) the implied probability Labour Rules. Last week, the Standing Senate

of success based on NSC and UNP’s share Most North American rails posted volume growth this week, Committee on Transport and Communications

prices vs. the implied deal price, 2) key though the mix was more varied. Intermodal remained the top released the "Keep Canada Moving" report,

stakeholder commentary related to the merger, contributor to growth whereas Coal and Chemical carloads which recommends the creation of a supply

and 3) RBC ElementsTM analysis of relevant showed weakness. chain tribunal to evaluate labour disputes at ports

news flow. These results are summarized on and railways, with arbitration available as a

slide 2. backstop when a work stoppage risks broader

national interest. The proposal would formalize a

Summary Class 1 rail volumes dispute resolution mechanism that has, to date,

Transport Sector Investor Survey RTM and Carload Data been applied on an ad hoc basis by the federal

New Survey.