Canadian National Railway Company · TSX:CNR
Canadian National Railway — Investor Presentation (September 2026)
34 slides from Canadian National Railway's investor presentation, September 2026
Slide 1: Powering Sustainable Growth
Powering Sustainable Growth INVESTOR PRESENTATION September 2026
Slide 2: Forward-looking Statements
Overview Forward-looking Statements Certain statements included in this presentation constitute "forward-looking statements" within the meaning of the United The achievement of CN’s climate goals is subject to several risks and uncertainties, including those disclosed in the States Private Securitie
Slide 3: CN At a Glance
Overview CN At a glance 2025 HIGHLIGHTS A world-class transportation leader and trade-enabler Essential to the economy, CN transports more than C$250 billion worth of $17.3B $3.3B goods annually for a wide range of business sectors, ranging from energy and TOTAL REVENUES FREE CASH FLOW (1) agricultu
Slide 4: Competitive Strengths
Overview Competitive Strengths EXTENSIVE SINGLE LINE ACCESS EFFICIENT OPERATIONS INVESTING IN OUR FUTURE BUSINESS A far-reaching and diversified company Over CN’s three-coast network is a distinct strength in 65% of traffic 206 miles $3.3B powering sustainable growth and uniquely sits on top ORIGINA
Slide 5: Safety is a Core Value
Operations Safety is a Core Value An uncompromising commitment to safety Injury Frequency Rate (1) (per 200,000 person hours) Placing safety at the centre of daily practices 1.36 HEALTH & SAFETY 1.10 1.07 Prevention and training programs designed to minimize risk, reduce injuries and 0.98 0.96 WORKP
Slide 6: Key Operating Measures
Operations Key Operating Measures Rooted in our commitment to customer service Workload Car Velocity Through Network Train Speed (average daily GTMs in millions) (car miles per day) (miles per hour) 19.8 1,256 1,270 1,268 213 1,254 209 206 19.2 1,239 18.9 18.9 18.8 195 196 2021 2022 2023 2024 2025 2
Slide 7: Embracing Technology
Operations Embracing Technology Improving safety, creating capacity, reducing costs and driving service reliability Autonomous Track Automated Handheld Technology Inspection Program Inspection Portals for Field Employees FLEET OF 10 ATIP CARS 7 PORTALS ACROSS THE NETWORK DEPLOYED NETWORK-WIDE ATIP c
Slide 8: Delivering Responsibly
Sustainability Delivering Responsibly Building for a sustainable future 48% reduction OUR SUSTAINABILITY COMMITMENTS At CN, we are focused on Delivering Responsibly: moving customer goods safely and efficiently; being environmentally responsible; IN GHG EMISSIONS INTENSITY SINCE 1993 attracting and
Slide 9: Our Markets
Markets Our Markets Growing with our customers 2025 PERFORMANCE(1) Pursuing long-term profitable growth 5.5M Strategic pipeline of growth opportunities, CARLOADS growing with our customers and partners across the network 238B Fostering consumer product and rail centric REVENUE TON MILES (RTMS) suppl
Slide 10: Petroleum and Chemicals
Markets ALBERTA’S INDUSTRIAL HEARTLAND Petroleum and Chemicals CN has direct access to over 20 companies Fueling market growth for our customers within Alberta’s industrial Heartland. KEY FACTS Supporting the sector as a rail carrier serving three key petrochemical hubs in North America: Alberta, Lo
Slide 11: Metals and Minerals
Markets Metals and Minerals CN’s strategic investments are enabling frac sand Connecting producers with their end markets growth in northeast British Columbia. KEY FACTS Serving 10 aluminum smelters, more than any other railroad in North America Supporting customer growth as one of the top movers of
Slide 12: Forest Products
Markets Forest Products 13 distribution centres are located in key locations across the network enabling Rooted in delivering service excellence non-rail-served customers to benefit from CN’s reliable and cost-effective service. KEY FACTS Moving more forest products than any other rail carrier in No
Slide 13: Coal
Markets Coal CN’s network offers cost-efficient services to transport the metallurgical coal from mines to Providing direct access to key markets export terminals on Canada’s West Coast, which has the closest access to the Asian market. KEY FACTS Moving a diversified coal portfolio with 45% thermal
Slide 14: Grain and Fertilizers
Markets Grain and Fertilizers 70% of high-throughput grain elevators built in Western Canada Empowering our customers to since 2015 are exclusively on feed the world CN’s network. KEY FACTS Moving Western Canadian grain for export via three ports: Vancouver, Prince Rupert and Thunder Bay Serving the
Slide 15: Intermodal
INTERLINE Markets PARTNERSHIPS Intermodal Expanding access through interline partnerships, offers Offering seamless global and seamless global and domestic trade connections domestic trade connections. KEY FACTS Executing supply chain collaboration agreements with key ports Offering one of Canada’s
Slide 16: Automotive
Markets Automotive CN plays a vital role in North America’s automotive supply Helping move an interconnected chain, serving 11 assembly automotive supply chain plants across Michigan, Ontario and Mississippi. KEY FACTS Handling more than two million finished vehicles annually Operating 18 automotive
Slide 17: Port Strategy
Markets Port Strategy Leveraging our 3-coast access CN-EXCLUSIVE SERVED PORT OF HALIFAX CN-EXCLUSIVE SERVED Intermodal: 1.15M TEU capacity PORT OF PRINCE RUPERT across 2 terminals Intermodal: 1.6M TEU capacity Liquids, Grain, Coal and other bulk commodity exports Logistics and stuffing infrastructur
Slide 18: Financial Overview
Financials Financial Overview Full year key performance indicators Total Revenues Diluted EPS (1) Net Income (1) $M $M $M 8.53 5,625 17,107 16,828 17,046 17,304 7.44 7.01 7.57 4,899 5,118 14,477 6.90 4,448 4,720 CAGR 5% CAGR 2% CAGR -1% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 202
Slide 19: Shareholder Distributions
Financials Shareholder Distributions Consistent dividend growth and opportunistic approach to share repurchases 30 Consecutive Years of Dividend Growth Opportunistic Share Repurchases ANNUAL DIVIDEND PAYOUT ($ PER SHARE) SHARE REPURCHASES (1) 4,709 3.66 4,551 (Adjusted for stock splits) (in $M) 3.55
Slide 20: Disciplined Approach to Capital Investments
Financials Disciplined Approach to Capital Investments Investing to support our business and committed to investing for the long-term Capital Investments vs Return on Invested Capital (ROIC) (1) (in $M & % respectively) Investing to support the safety of our 4,000 3,474 3,305 30. 30. 29. 29. 29. 29.
Slide 21: Maintaining a Strong Balance Sheet
Financials Maintaining a Strong Balance Sheet Prudent financial management to investing Adjusted Debt-to-adjusted EBITDA Multiple (1) 2.60 2.51 2.25 1.82 1.86 2021 2022 2023 2024 2025 Investment Grade Credit Ratings (2) Rating agency Long-term debt rating Commercial Paper Rating DBRS Morningstar A R
Slide 22: Full Year 2025 Results
Financials Full Year 2025 Results Meaningful earnings growth 2025 2025 Diluted EPS Operating Ratio Reported Adjusted (1) Reported Adjusted (1) Strong earnings driven by better-than- expected cost management, with volumes and revenues on plan $7.57 $7.63 61.9% 61.7% 8% 7% 150 bps 120 bps Mate
Slide 23: Appendix
Appendix 23
Slide 24: Financial Highlights
Appendix Financial Highlights 2021 2022 2023 2024 2025 CAGR Total revenues ($M) 14,477 17,107 16,828 17,046 17,304 5% Total revenue ton miles (RTMs) (B) 233.1 235.8 232.6 235.5 238.2 1% Operating income ($M) 5,616 6,840 6,597 6,247 6,587 4% Net income ($M) (1) 4,899 5,118 5,625 4,448 4,720 -1% Adjus
Slide 25: 5-year Revenue Summary
Appendix 5-year Revenue Summary % of 2025 ($ millions) 2021 2022 2023 2024 2025 CAGR revenue Petroleum & chemicals $ 2,816 $ 3,229 $ 3,195 $ 3,414 $ 3,478 5% 20% Metals and minerals 1,548 1,911 2,048 2,048 1,962 6% 11% Forest products 1,740 2,006 1,943 1,931 1,839 1% 11% Coal 618 937 1,017 929 960 1
Slide 26: Properties Summary
Appendix Properties Summary Property Additions Net Properties ($ millions) 2025 2024 2025 2024 Track and roadway (1) $ 2,438 $ 2,088 $ 38,292 $ 37,187 Rolling stock 464 799 5,741 5,840 Buildings 145 117 1,649 1,604 Information technology 281 365 1,680 1,668 Other 330 180 1,786 1,661 Net properties (
Slide 27: Non-GAAP Measures
Appendix Non-GAAP Measures This presentation makes reference to non-GAAP measures Adjusted Performance Measures that do not have any standardized meaning prescribed by Adjusted net income, adjusted diluted i. operating expense adjustments: ii. non-operating expense adjustments: GAAP, including adjus
Slide 28: Non-GAAP Measures (cont.)
Appendix Non-GAAP Measures (cont.) ADJUSTED NET INCOME AND EARNINGS PER SHARE Adjusted net income is defined as Net income in accordance with GAAP adjusted for certain significant items. Management believes that adjusted net income provides additional insight to management and investors into the Com
Slide 29: Non-GAAP Measures (cont.)
Appendix Non-GAAP Measures (cont.) ADJUSTED NET INCOME AND EARNINGS PER SHARE For the year ended December 31, 2025, the Company's adjusted net income was $4,756 million, or $7.63 per For the year ended December 31, 2021, the Company reported adjusted net income of $4,225 million,(1) or $5.95 diluted
Slide 30: Non-GAAP Measures (cont.)
Appendix Non-GAAP Measures (cont.) ADJUSTED OPERATING INCOME, OPERATING EXPENSES AND OPERATING RATIO Adjusted operating income is defined as Operating income in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN’s underlying business operation
Slide 31: Non-GAAP Measures (cont.)
Appendix Non-GAAP Measures (cont.) FREE CASH FLOW Free cash flow is a useful measure of liquidity as it demonstrates the Company’s ability to generate cash for debt obligations and for discretionary uses such as payment of dividends, share repurchases and strategic opportunities. The Company defines
Slide 32: Non-GAAP Measures (cont.)
Appendix Non-GAAP Measures (cont.) ADJUSTED DEBT-TO-ADJUSTED EBITDA MULTIPLE Management believes that the adjusted debt-to-adjusted EBITDA multiple is a useful credit measure because it reflects the Company’s ability to service its debt and other long-term obligations. The Company calculates the adj
Slide 33: Non-GAAP Measures (cont.)
Appendix Non-GAAP Measures (cont.) ROIC AND ADJUSTED ROIC ROIC and adjusted ROIC are useful measures for management and investors to evaluate the efficiency of the Company's use of capital funds and allow investors to assess the operating and investment decisions made by management. The Company calc
Slide 34: Contacts
Contacts Jamie Lockwood Vice President, Investor Relations and Special Projects Jamie.Lockwood@cn.ca (3) 514-399-0052 François Bélanger Senior Director, Investor Relations and Sustainability Francois.Belanger@cn.ca www.cn.ca/en/investors 34
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