Tfi International Inc. · TSX:TFII
Tfi International — Q2 2026 Earnings Presentation
39 slides from Tfi International's earnings presentation, Jun 30, 2026
Slide 1: Second Quarter Ended June 30, 2026
Second Quarter Ended June 30, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements In the interest of providing shareholders and potential investors with information regarding TFI International, including management’s assessment of future plans and operations, certain statements in this presentation are forward-looking statements subject to risks, uncert
Slide 3: TFI International: Who We Are
TFI International: Who We Are Diversified: Full service: Transport and Less-Than-Truckload, logistics Truckload and Logistics North Number of Extensive American Operating Network: Leader: Companies: 620 facilities, Operations across 18,176 trucks1, U.S. and Canada 100+ 39,710 trailers 26,427 Decentr
Slide 4: Our Customer Value Proposition
Our Customer Value Proposition ◼ We create transportation and supply chain advantages to… …mitigate risk for customers …improve their efficiency and delivery timing …reduce their delivery costs …drive satisfaction for the end consumer 4
Slide 5: Why Invest in TFI International?
Why Invest in TFI International? Superior record Market leader in of growth and key transportation shareholder value and logistics creation segments Track record of M&A execution Diversification by with well-defined industry sectors acquisition and geography pipeline Robust Return on Invested Capita
Slide 6: Investment Highlights
Investment Highlights ◼ 8.5% Operating Margin2 Best-in-class operating margins, ◼ 6.6% FCF Yield1,3 FCF yield and FCF conversion ◼ 89.2% FCF Conversion1,4 Proven track record of growth ◼ Completed 86 acquisitions since 2017, through disciplined of which 5 were major acquisitions6 acquisition strateg
Slide 7: Low Capex Facilitates Asset-Light Model
Low Capex Facilitates Asset-Light Model TTM Net Capex (% of Total Revenue) 6.8% 4.3% 1.6% 0.7% 2 3 Truckload Peer Average1 Less-than-Truckload Peer Average Logistics Peer Average Note: TFI Net Capex excludes purchases and sales of property. TFII data reflects TTM Q2-2026 while peer data is TTM Q1-20
Slide 8: Market Leadership in Key Segments: TTM FCF Conversion
Market Leadership in Key Transportation and Logistics Segments: TTM FCF Conversion Less-Than-Truckload 85.3% 59.3% Peer Average1 Truckload Logistics 90.3% 98.2% 65.0% 79.7% 2 Peer Average 3 Peer Average Note: FCF Conversion (%) calculated as (Adjusted EBITDA – Net Capex of rolling stock and equipmen
Slide 9: Our Strategy of Growth Through Acquisitions
Our Strategy of Growth Through Acquisitions ◼ Proven track record of executing on M&A strategy across highly fragmented markets – Completed 86 acquisitions since 2017, of which 5 were major acquisitions1. – Strong focus on integration, operations and realization of synergies ◼ Our disciplined acquis
Slide 10: Overview of the TFI International Platform
Overview of the TFI International Platform Less-Than-Truckload Truckload Logistics (41% of YTD Q2-2026 (39% of YTD Q2-2026 (20% of YTD Q2-2026 Revenue) Revenue) Revenue) 10
Slide 11: Services by Geography
Services by Geography ◼ TFI has built a robust and well-diversified revenue base By Geography (YTD Q2-2026) — No client accounts for > 5% of consolidated revenue Less-Than- Truckload Logistics Truckload By Top Customers' Industry1 (YTD Q2-2026) 3% 3% 2% 1% 5% Canada 5% 19% 6% 16% 6% 8% 13% 13% Unite
Slide 12: Less-Than-Truckload Segment
Less-Than-Truckload Segment Geographic Footprint Segment Overview ◼ Over-the-road and asset-light intermodal LTL services ◼ Significant scale in both Canada and US ◼ Solid track record for safety and on-time delivery ◼ Focus on customer facing technology ◼ 41% of YTD Q2-2026 Revenue Less-Than-Truckl
Slide 13: Truckload Segment
Truckload Segment Geographic Footprint Segment Overview ◼ Dry van full truckload ◼ Flatbed, tanks, dumps, oversized and other specialized services ◼ Modern fleet ◼ We own the majority of our assets and have long established partner carrier relationships ◼ 39% of YTD Q2-2026 Revenue Truckload Operati
Slide 14: Logistics Segment
Logistics Segment Geographic Footprint Segment Overview ◼ Same day parcel delivery nationwide in the United States and Canada ◼ Truck brokerage and other logistics services ◼ 20% of YTD Q2-2026 Revenue Logistics Operating Companies AC Logistics Canada Craler Stream Logistics Active Truck Transport D
Slide 15: Return on Invested Capital by Segment
Return on Invested Capital¹ by Segment 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Less-Than-Truckload 12.9% 11.9% 12.2% 11.6% 12.0% Truckload 6.4% 6.0% 5.8% 6.0% 6.9% Logistics 15.7% 14.6% 12.0% 12.4% 13.3% 1 This is a non-IFRS measure. Management believes ROIC is a useful measure in the efficiency in
Slide 16: Our Decentralized Structure: Uniquely Delivering Value for Shareholders
Our Decentralized Structure: Uniquely Delivering Value for Shareholders ◼ Our three segments are constituted of wholly-owned subsidiaries operating under their own brands ◼ Our differentiated approach to operating our businesses enables us to create shareholder value by… …reaping the benefits of bot
Slide 17: Superior Track Record of Growth
Superior Track Record of Growth Revenue Before Fuel Surcharge (US$ in millions) Adjusted EBITDA1,2 (US$ in millions) 6,913 1,171 2002 2025 2002 2025 Diluted Adjusted EPS from Continuing Operations (US$)1,2,3 Net Cash from Operating Activities (US$ in millions) 978 4.37 2002 2025 2002 2025 1 These ar
Slide 18: Total Shareholder Return
Total Shareholder Return Over Various Periods Less-Than- Peer Average Truckload1 Truckload2 Logistics3 15-Year 1,171% 1,321% 1,151% 2,878% 362% 212% Total Shareholder Return 10-Year 1,030% 834% 574% 1,404% 181% 136% 5-Year 145% 68% 78% 163% 42% 29% 1-Year 463% 54% 60% 64% 37% 1Less-Than-Truckload: A
Slide 19: Resilience Through the Cycle
Resilience Through the Cycle ◼ TFI’s operating income, adjusted EPS – Diluted and Free Cash Flow continued growing despite the global pandemic of COVID-19. (US$ in millions) 2018 2019* 2020 2021 2022 Total Revenue 3,954.8 3,903.5 3,781.1 7,220.4 8,812.5 Operating Income 332.0 382.9 416.6 979.2 1146.
Slide 20: E-Commerce Provides Additional Growth
E-Commerce Provides Additional Growth ◼ E-Commerce is a powerful secular force, driving new shipping demands including greater emphasis on last-mile logistics E-Commerce Revenue Evolution of B2B/B2C Split (US$ in millions) 436 6.9% CAGR 41% 42% 39% 43% 46% 45% 53% 51% 58% 67% 165 57% 59% 58% 61% 54%
Slide 21: Robust Balance Sheet With Strategic Flexibility
Robust Balance Sheet With Strategic Flexibility Covenants Requirements June 30, 2026 Funded debt-to-EBITDA ratio [ratio of total debt, net of cash, plus letters of credit and some other long- term liabilities to earnings before interest, income tax, depreciation and amortization (“EBITDA”), < 3.50 2
Slide 22: Track Record of M&A Execution and Integration
Track Record of M&A Execution and Integration ◼ Acquired 86 companies across our highly fragmented markets since 2017, of which 5 were major acquisitions1. Number of Acquisitions per Year TForce Worldwide MCT Grammer Dry TForce Bulk Freight Coastal JHT Laser Transport South Shore STG SGT Cavalier KH
Slide 23: Our Approach To Creating Shareholder Value
Our Approach To Creating Shareholder Value Growth & ROIC ◼ We deliver earnings Market growth and strong ROIC, both organically and Leadership through our proven acquisition strategy ◼ We continually solidify Our our position as a leader in the North American People transportation and logistics indus
Slide 24: Appendix
TF International Appendix
Slide 25: LTL Financial Information
LTL Financial Information Financial Information – LTL 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 LTL Total revenue 921,915 876,140 815,744 838,229 824,064 792,477 795,370 941,144 Fuel surcharge (151,158) (138,849) (136,794) (134,531) (137,020) (131,961) (139,066) (216,238) Reven
Slide 26: LTL Operational Data
LTL Operational Data Operational Data – LTL 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 LTL Revenue per hundredweight (excluding fuel) 1 $20.67 $20.63 $20.16 $19.77 $20.03 $19.71 $19.68 $19.66 Revenue per shipment (excluding fuel) 1 $301.66 $308.87 $310.07 $304.11 $307.51 $307.81
Slide 27: TL Financial Information
TL Financial Information Financial Information – TL 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 TL Total revenue 829,459 786,338 757,768 803,472 774,744 761,247 764,082 904,620 Fuel surcharge (106,577) (93,098) (94,913) (91,189) (90,640) (87,068) (91,328) (143,802) Revenue 722,88
Slide 28: TL Operational Data
TL Operational Data Operational Data – TL 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 TL Adjusted Operating Ratio 1 90.6% 91.5% 93.7% 90.1% 92.3% 93.2% 92.7% 86.1% Revenue (in thousands of U.S. dollars) 599,017 576,305 533,372 583,522 563,941 554,699 533,836 587,802 Brokerage rev
Slide 29: Reconciliations
TF International Reconciliations 29
Slide 30: Five-Year Reconciliation of Adjusted EBITDA
Five-Year Reconciliation of Adjusted EBITDA1 (US$ in millions) TTM Q2-2026 2025 2024 2023 2022 (from Continuing Operations) Net Income 335.9 310.6 422.5 504.9 823.2 Net Finance Costs 164.5 160.0 158.2 80.9 80.4 Income Tax Expense 97.2 94.8 138.2 171.9 242.4 Depreciation of Property and Equipment 333
Slide 31: Five-Year Reconciliation of Adjusted Net Income and Adjusted EPS – Diluted
Five-Year Reconciliation of Adjusted Net Income1 and Adjusted EPS – Diluted1 (US$ in millions, except per share data) TTM Q2-2026 2025 2024 2023 2022 Net Income 335.9 310.6 422.5 504.9 823.2 Amortization of Intangible Assets Related to Business Acquisitions 80.9 76.5 73.7 56.2 52.0 Net Change in Fai
Slide 32: Adjusted Operating Ratio Reconciliation
Adjusted Operating Ratio1 Reconciliation (US$ in thousands) 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Less-Than-Truckload Total revenue 921,915 876,140 815,744 838,229 824,064 792,477 795,370 941,144 Total operating expenses 825,955 805,814 768,621 764,669 746,336 730,935 764,7
Slide 33: Adjusted Operating Ratio Reconciliation
Adjusted Operating Ratio1 Reconciliation (US$ in thousands) 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Truckload Total revenue 829,459 786,338 757,768 803,472 774,744 761,247 764,082 904,620 Total operating expenses 759,350 726,686 708,990 732,907 722,138 713,051 708,319 798,837
Slide 34: Return on Invested Capital TTM Reconciliation
Return on Invested Capital1 TTM Reconciliation (US$ in thousands) 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Less-Than-Truckload Operating income 286,968 268,735 259,953 243,405 255,625 Loss on sale of land and buildings - 87 87 87 87 Impairment of assets held for sale 11,368 - - 10,910 10,910 (Gain) L
Slide 35: Return on Invested Capital TTM Reconciliation
Return on Invested Capital1 TTM Reconciliation (US$ in thousands) 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Truckload Operating income 249,104 231,602 220,145 227,130 262,348 Gain on sale of assets held for sale (9,497) (7,633) (9,521) (8,839) (8,714) Amortization of intangible assets 36,930 36,747 36
Slide 36: Return on Invested Capital TTM Reconciliation
Return on Invested Capital1 TTM Reconciliation (US$ in thousands) 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Logistics Operating income 160,552 142,884 131,279 134,436 146,405 (Gain) loss on sale of land and buildings and assets held for sale - 5 5 5 10 Amortization of intangible assets 35,230 35,889 3
Slide 37: Reconciliation of FCF Conversion TTM 2026-Q2
Reconciliation of FCF Conversion1 TTM 2026-Q2 (US$ in thousands) Less-Than-Truckload Truckload Logistics Adjusted EBITDA1 reconciliation TTM 2026-Q2 Operating income 255,625 262,348 146,405 Depreciation and amortization 194,284 331,650 72,409 (Gain) loss on sale of land, buildings and assets held fo
Slide 38: Reconciliation of Free Cash Flow Measures
Reconciliation of Free Cash Flow1 Measures (US$ in millions) TTM Q2-2026 Reconciliation of free cash flow1 Net cash from operating activities 914.7 Additions to property and equipment (255.6) Proceeds from sale of property and equipment and AHFS 124.9 Free Cash Flow 784.1 (US$ in millions) TTM Q2-20
Slide 39: International
TF International