Slides
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Third Quarter Ended September 30, 2025
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2 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, uncertainties and other important factors that could cause the Company’s actual performance to differ materially from those expressed in or implied by such statements. Such factors are further discussed under Risks and Uncertainties in the Company’s Annual Information Form and MD&A, but readers are cautioned that the list of factors that may affect future growth, results and performance is not exhaustive, and undue reliance should not be placed on forward- looking statements. The expectations conveyed by the forward-looking statements are based on information available to it on the date such statements were made, and there can be no assurance that such expectations will prove to be correct. All subsequent forward-looking statements, whether written or orally attributable to the Company or persons acting on its behalf, are expressly qualified in their entirety by these cautionary statements. Unless otherwise required by applicable securities laws, the Company expressly disclaims any intention, and assumes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward - Looking Statements
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TFI International: Who We Are 3 Diversified: Less-Than-Truckload, Truckload and Logistics Full service: Transport and logistics North American Leader: Operations across U.S. and Canada Extensive Network: 623 facilities, 19,602 trucks1, 42,060 trailers Decentralized, entrepreneurial management approach 26,092 employees, of which 13,253 are drivers 1 13,322 owned or leased; 6,280 are independent contractors Number of Operating Companies: 100+
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…mitigate risk for customers Our Customer Value Proposition 4 …improve their efficiency and delivery timing …drive satisfaction for the end consumer ◼ We create transportation and supply chain advantages to… …reduce their delivery costs
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5 Why Invest in TFI International? Superior record of growth and shareholder value creation Market leader in key transportation and logistics segments Diversification by industry sectors and geography Robust Return on Invested Capital Track record of M&A execution with well-defined acquisition pipeline
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Investment Highlights 6 Note: All financial results presented on this page represent continuing operations. 1 This is a Non-IFRS measure. This and other non-IFRS measures presented throughout the presentation do not have standardized mea ning under IFRS and therefore may not be comparable to similar measures presented by other issuers. See reconciliation of measures on page 47. 2TTM Q3 2025, calculated using revenue before surcharge. 3 TTM Q3 2025 FCF divided by the September 30, 2025 market cap. 4 Calculated as TTM Q3 2025 (Adjusted EBITDA – Net Capex of rolling stock and equipment) / Adjusted EBITDA. 5 Based on US $0.47 dividend approved by the Board on October 30, 2025 and stock price of US $88.06, as of September 30, 2025. 6 Major acquisitions are defined as having a purchase price of US $200.0 million and over. Best-in-class operating margins, FCF yield and FCF conversion ◼ 8.5% Operating Margin2 ◼ 10.8% FCF Yield1,3 ◼ 87.1% FCF Conversion1,4 Proven track record of growth through disciplined acquisition strategy ◼ Completed 94 acquisitions since 2016, of which 5 were major acquisitions6 ◼ Industry remains fragmented Balanced capital allocation approach to drive shareholder value ◼ US$6.9 billion 20-year total FCF1 ◼ US$2.5 billion returned to shareholders since 2017 Robust balance sheet position ◼ Access to US$0.9 billion revolving facilities ◼ Annual Forward Dividend Yield of 2.1%5
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7 Low Capex Facilitates Asset - Light Model Note: TFI Net Capex excludes purchases and sales of property. TFII data reflects TTM Q3-2025 while peer data is TTM Q2-2025. 1 Truckload: Heartland, Knight-Swift, Werner, Schneider, J.B. Hunt, and P.A.M. Transportation. 2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, XPO, and Saia. 3 Logistics: CH Robinson, Landstar, Forward Air, GXO, and RXO. *Source: FactSet 2 31 TTM Net Capex (% of Total Revenue) 2.2% 7.3% 11.5% 0.9% Truckload Peer Average Less-than-Truckload Peer Average Logistics Peer Average
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96.9% 81.6% 90.7% 34.4% 81.8% 37.3% Peer Average Peer Average 8 Market Leadership in Key Transportation and Logistics Segments: TTM FCF Conversion Less-Than-Truckload Truckload Logistics Note: FCF Conversion (%) calculated as (Adjusted EBITDA – Net Capex of rolling stock and equipment) / Adjusted EBITDA. TFII data reflects TTM Q3-2025 while peer data is TTM Q2-2025. This is a non-IFRS measure. Please refer to the reconciliation on page 46. 1 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, XPO, and Saia. 2 Truckload: Heartland, Knight-Swift, Werner, Schneider, J.B. Hunt, and P.A.M. Transportation. 3 Logistics: CH Robinson, Landstar, Forward Air, GXO, and RXO. * Source: FactSet 3 2 1Peer Average
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9 Our Strategy of Growth Through Acquisitions ◼ Proven track record of executing on M&A strategy across highly fragmented markets – Completed 94 acquisitions since 2016, of which 5 were major acquisitions1. – Strong focus on integration, operations and realization of synergies ◼ Our disciplined acquisition criteria: – Immediately accretive to EPS and free cash flow – Fit with one of our three segments (LTL, TL, Logistics) – High free cash flow generation – U.S. or Canada footprint – Strong management team – Synergy and growth potential 1Major acquisitions are defined as having a purchase price of US $200.0 million and over.
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10 Overview of the TFI International Platform Less-Than-Truckload (41% of YTD Q3-2025 Revenue) Conventional (4% of YTD Q3- 2025 Revenue) Specialized (35% of YTD Q3-2025 Revenue) Truckload (39% of YTD Q3-2025 Revenue) Logistics (20% of YTD Q3-2025 Revenue) Canadian LTL (8% of YTD Q3- 2025 Revenue) US LTL (27% of YTD Q3-2025 Revenue) Package & Courier (6% of YTD Q3- 2025 Revenue)
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11 Services by Geography Less-Than- Truckload Truckload Logistics Canada United States ◼ TFI has built a robust and well-diversified revenue base — No client accounts for > 5% of consolidated revenue By Geography (YTD Q3-2025) By Top Customers' Industry1 (YTD Q2-2025) 19% 17% 13%10% 10% 8% 7% 6% 3% 3% 2% 2% 1% Retail Manufactured Goods Building Materials Automotive Metals & Mining Food & Beverage Services Chemicals & Explosives Energy Waste Management Forest Products Maritime Containers Others1 Top customers represent 58% of total revenue.
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12 Less - Than - Truckload Segment ◼ 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 Q3-2025 Revenue Less-Than-Truckload Operating Companies Cavalier Clarke Transport Excel Transportation Kindersley La Crete Transport McMurray Serv-U Expediting National Fast Freight Normandin TForce Freight Canada Tripar Transportation TST-CF Express Vitran Geographic Footprint Segment Overview Hercules Hot Line Freight Systems TForce Freight CANADIAN LTL (8% of Total Revs.)US LTL (27% of Total Revs.) PACKAGE & COURIER (6% of Total Revs.) Canpar Express ICS Courier Loomis Express TForce Integrated Solutions
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13 Truckload Segment ◼ 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 Q3-2025 Revenue Truckload Operating Companies CONVENTIONAL (4% of Total Revs.) SPECIALIZED (35% of Total Revs.) Besner Boutin CMW Express Couture HWT Big Freight Systems Boyd Bros BTC East BTC West Central Oregon Truck Co. Coastal Transport Contrans Flatbed Group Contrans Intermodal – Gusgo Contrans Intermodal – P&W Contrans Tank Group Contrans Vrac CRS Express Driving Force Decks JCG Laidlaw Carriers Van Papineau Internatioal TJS Express Durocher Intl. E.W. Wylie EDGE Fleetway GBT GHL Transport Golden Intl. Ho-Ro JAF JAG Keystone Western Kingsway Bulk Laidlaw Carriers Bulk Laser Lone Star Transportation Mirabel Logistic Nordique Piston Tank SM Freight Smokey Point Distribution South Shore TA Dedicated TF Dedicated Logistics TF Truckload & Logistics The Roadmaster Group T – Lane Transportation Tombro Tri-Line Carriers TSH & CO TST Expedited TTL Vedder Westfreight Systems Winalta WTI Transport Geographic Footprint Segment Overview
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14 Logistics Segment ◼ Same day parcel delivery nationwide in the United States and Canada ◼ Truck brokerage and other logistics services ◼ 20% of YTD Q3-2025 Revenue Logistics Operating Companies AC Logistics Canada Active Truck Transport Auto Truck Transport Autogistics Axsun USA Cavalier Logistics Clarke North America Cornerstone Logistics Craler DSN Chemical Transportation FreightLine USA Logikit Pleasant Prairie Logistics Quik X Logistics Quiktrax Intermodal SAF Logistics Stream Logistics TForce Logistics TForce Logistics Canada TForce Medical Logistics TForce Premier Distribution TFWW Unimark Truck Transport Unity Courier Service Geographic Footprint Segment Overview
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15 Return on Invested Capital¹ by Operating Segment 1 This is a non-IFRS measure. Management believes ROIC is a useful measure in the efficiency in the use of capital funds. Please refer to the reconciliation on pages 40, 41, 42, 43, 44 and 45. 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Package & Courier 22.2% 23.5% 23.3% 21.7% 17.7% Canadian Less-Than-Truckload 17.6% 18.5% 18.3% 16.6% 15.4% US Less-Than-Truckload 15.0% 12.5% 9.8% 8.0% 7.6% Canadian Truckload 7.7% 8.1% 8.3% 8.3% 7.3% Specialized Truckload 7.9% 8.5% 6.5% 6.2% 5.9% Logistics 17.4% 17.6% 17.0% 15.7% 14.6%
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Our Decentralized Structure: Uniquely Delivering Value for Shareholders 16 …reaping the benefits of both economies of scale and specialization …more efficiently allocating resources ◼ Our four 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… …capitalizing on market opportunities and exploiting market dislocations in real time
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0 200 400 600 800 1,000 0 1 2 3 4 5 6 7 8 9 0 200 400 600 800 1,000 1,200 1,400 1,600 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Superior Track Record of Growth 17 Revenue Before Fuel Surcharge (US$ in millions) 1 These are non-IFRS measures. Please refer to the tables at the end of the presentation for a reconciliation of non-IFRS measures. 2 Please refer to pages 33 and 34 for the most directly comparable measure determined under IFRS, being net income and diluted EPS. 3 Tax adjusted for 2002-2008 when TFI was an income trust. Adjusted EBITDA1,2 (US$ in millions) Diluted Adjusted EPS from Continuing Operations (US$)1,2,3 Net Cash from Operating Activities (US$ in millions) 2002 2002 2002 2024 2024 2024 1,321 5.75 1,063 7,305 2002 2024
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18 Total Shareholder Return Over Various Periods Peer Average Less-Than- Truckload1 Truckload2 Logistics3 Total Shareholder Return 15-Year 1,321% 987% 2,624% 182% 156% 10-Year 1,030% 303% 788% 41% 80% 5-Year 145% 53% 167% (8)% (0)% 1-Year 49% (21)% (19)% (29)% (16)% 1Less-Than-Truckload: ArcBest, Old Dominion Freight Line, XPO, and Saia. 2Truckload: Heartland, Knight-Swift, Werner, Schneider, J.B. Hunt, and P.A.M. Transportation. 3Logistics: CH Robinson, Landstar, Forward Air, GXO, and RXO. Note: All periods above are through 9/30/25. Peers included only in rows during which their stocks were public throughout the period. Total return performance includes dividends, assuming dividends reinvested. 1,108% 493% 125% (35)%
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19 Resilience Through the Cycle *In 2019, the Company classified amounts as from discontinued operations, the amounts shown for 2019 are from continuing operations. 1Adjusted EPS - Diluted is a non-IFRS measures. Please refer to page 32 for a reconciliation. 2Free Cash Flow is a non-IFRS measures. ◼ 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 1146.0 Adjusted EPS - Diluted1 2.73 2.97 3.30 5.23 8.02 Free Cash Flow2 259.1 347.7 544.6 700.9 880.9
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165 466 2012 TTM 3Q25 E-Commerce Revenue (US$ in millions) 20 E - Commerce Provides Additional Growth Evolution of B2B/B2C Split 8.5% CAGR ◼ E-Commerce is a powerful secular force, driving new shipping demands including greater emphasis on last-mile logistics 57% 59% 58% 42% 47% 33% 49% 61% 53% 43% 41% 42% 58% 53% 67% 51% 39% 47% 17 18 19 20 21 22 23 24 TTM 3Q25 B2B B2C
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Same-Day Services ◼ The evolution of E-Commerce fulfillment has created numerous opportunities for TFI companies – both next-day (Canada) and same-day (Canada & U.S.) Next-Day Services 21 Shipper - Warehouse Evolution of E - Commerce Fulfillment Shipper - Warehouse Sorting Facility Sorting Facility Pickup Delivery Delivery LinehaulRegion A Region B Business Customer CustomerBusiness
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192.1 17.0 32.1 10.5 95.7 Logistics TL LTL United States Canada 22 TFI International Serves a Vast E - Commerce Network ◼ TFI services E-Commerce from nearly 80 North American cities ◼ Further opportunities for the Logistics segment, both through acquisitions and organic growth ◼ Increasing facility utilization with addition of same-day service ◼ Total Canadian E-Commerce revenue: US$138.3 million ◼ Total U.S. E-Commerce revenue: US$327.8 million TTM Q3 2025 E-Commerce Revenue by Segment (US$ in millions) 118.7
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23 Robust Balance Sheet With Strategic Flexibility Note: The table above indicates the Company’s financial covenants to be maintained under its credit facility. These covenants are measured on a consolidated rolling twelve-month basis and are calculated as prescribed by the credit agreement which, among other things, requires the exclusion of the impact of the new standard IFRS 16 Leases. Covenants Requirements September 30, 2025 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”), including last twelve months adjusted EBITDA from business acquisitions] < 3.50 2.44 EBITDAR-to-interest and rent ratio [ratio of EBITDAR (EBITDA before rent and including last twelve months adjusted EBITDAR from business acquisitions) to interest and net rent expenses] > 1.75 3.80
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24 Track Record of M&A Execution and Integration Number of Acquisitions per Year ◼ Acquired 94 companies across our highly fragmented markets since 2016, of which 5 were major acquisitions1. 10 7 9 8 13 10 11 12 11 3 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CFI TForce Worldwide TForce Freight 1Major acquisitions are defined as having a purchase price of US $200.0 million and over. National Fast Freight Cavalier TForce Critical TForce Premier Distribution GBT Brasseur Normandin TTL BTC East BeavEv MCT Grammer Dry Bulk Coastal Transport KHT Laser SGT Driving Force Tombro Fleetway South Shore Unity Courier Ho-Ro JHT STG Vedder Daseke Hercules
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25 Our Approach To Creating Shareholder Value Our People Market Leadership Growth & ROIC ◼ We continually solidify our position as a leader in the North American transportation and logistics industry ◼ We deliver earnings growth and strong ROIC, both organically and through our proven acquisition strategy ◼ We maintain a strong balance sheet and access to capital ◼ We leverage our team of dedicated professionals to provide value-added services and solutions across each of our business segments Prudent Balance Sheet
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26 Appendix
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27 Additional Operational Data (Slide 1 of 5) Operational Data – LTL 2023-Q4 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 U.S. based LTL Revenue (in thousands of dollars) 481,102 484,314 492,199 479,496 449,722 424,682 434,508 429,570 GFP Revenue (in thousands of dollars) 81,564 67,327 55,422 51,004 34,312 33,238 34,925 34,288 FSC Revenue (in thousands of dollars) 112,079 103,512 100,775 91,311 80,170 81,290 82,366 86,506 Adjusted operating ratio1 91.0% 92.6% 90.8% 92.2% 97.3% 98.9% 94.0% 92.2% Revenue per hundredweight (excluding fuel) 2 $28.81 $28.90 $27.62 $27.03 $27.73 $26.81 $25.80 $26.13 Revenue per shipment (excluding fuel) 2 $342.18 $349.43 $337.35 $330.23 $340.18 $335.19 $331.18 $331.46 Revenue per hundredweight (including fuel)2 $35.52 $35.08 $33.28 $32.18 $32.67 $31.94 $30.69 $31.39 Revenue per shipment (including fuel)2 $421.89 $424.11 $406.42 $393.12 $400.83 $399.35 $393.96 $398.21 Tonnage (in thousands of tons) 2 835 838 891 887 811 792 842 822 Shipments (in thousands) 2 1,406 1,386 1,459 1,452 1,322 1,267 1,312 1,296 Average weight per shipment (in lbs) 2 1,188 1,209 1,221 1,222 1,227 1,250 1,284 1,269 Average length of haul (in miles) 2 1,132 1,153 1,157 1,172 1,194 1,168 1,133 1,130 Cargo claims (% revenue) 0.5% 0.7% 0.5% 0.8% 0.9% 0.9% 0.7% 0.7% Vehicle count, average3 3,974 3,836 3,976 4,276 4,515 4,391 4,298 4,180 Truck age4 4.7 4.6 4.3 4.1 4.2 4.3 4.3 4.5 Business days 62 64 64 64 62 63 64 64 1 This is a non-IFRS measure. Please refer to the reconciliation on pages 35, 36 and 37. The Company uses this measure as it is a widely recognized measure in the transportation industry, which the Company believes provides a comparable benchmark for evaluating the Company’s performance. 2Operational statistics exclude figures from Ground Freight Pricing (‘’GFP’’) 3As at September 30, 2025, the active vehicle count was 3,746, (September 30, 2024 – 3,504). 4The truck age of U.S. LTL operations has been presented for active trucks.
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28 Additional Operational Data (Slide 2 of 5) 1 This is a non-IFRS measure. Please refer to the reconciliation on pages 35, 36 and 37. The Company uses this measure as it is a widely recognized measure in the transportation industry, which the Company believes provides a comparable benchmark for evaluating the Company’s performance. Operational Data – LTL 2023-Q4 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Canadian based LTL Revenue (in thousands of dollars) 138,241 134,918 143,906 137,963 134,653 125,398 131,301 126,743 FSC revenue (in thousands of dollars) 39,388 35,408 36,996 33,863 30,119 30,509 29,206 28,512 Adjusted operating ratio1 79.9% 80.9% 75.6% 76.3% 81.0% 80.2% 80.6% 81.2% Revenue per hundredweight (excluding fuel) $10.82 $10.81 $11.16 $11.29 $11.06 $10.75 $11.07 $11.20 Revenue per shipment (excluding fuel) $237.12 $231.82 $227.70 $225.43 $230.18 $233.52 $228.75 $236.46 Revenue per hundredweight (including fuel)2 $13.90 $13.65 $14.03 $14.06 $13.53 $13.37 $13.53 $13.72 Revenue per shipment (including fuel)2 $304.68 $292.66 $286.24 $280.76 $281.66 $290.33 $279.63 $289.65 Tonnage (in thousands of tons) 639 624 645 611 609 583 593 566 Shipments (in thousands) 583 582 632 612 585 537 574 536 Average weight per shipment (in lbs) 2,192 2,144 2,041 1,997 2,092 2,171 2,066 2,112 Average length of haul (in miles) 856 761 762 804 842 840 833 848 Cargo claims (% revenue) 0.1% 0.2% 0.4% 0.2% 0.2% 0.2% 0.2% 0.2% Vehicle count, average 777 907 922 943 920 889 833 808 Truck age 4.8 4.3 4.4 4.4 4.4 4.0 4.0 4.0 Business days 62 62 64 63 63 62 63 63
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29 Additional Operational Data (Slide 3 of 5) Operational Data - LTL 2023-Q4 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 P&C* Revenue (in thousands of dollars) 122,033 103,180 108,565 108,631 125,033 101,965 112,345 108,467 FSC Revenue (in thousands of dollars) 34,165 25,464 27,180 26,972 29,421 25,808 23,682 22,736 Adjusted Operating Ratio1 71.6% 82.4% 77.9% 78.2% 73.9% 83.0% 82.1% 84.6% Revenue per pound (including fuel) $0.59 $0.62 $0.56 $0.53 $0.56 $0.57 $0.54 $0.51 Revenue per pound (excluding fuel) $0.46 $0.50 $0.44 $0.42 $0.45 $0.45 $0.45 $0.42 Revenue per package (including fuel) $7.75 $7.73 $7.93 $8.00 $7.83 $7.68 $7.50 $7.25 Revenue per package (excluding fuel) $6.05 $6.20 $6.34 $6.41 $6.34 $6.13 $6.20 $5.99 Tonnage (in thousands of metric tons) 133 104 122 129 138 113 126 128 Packages (in thousands) 20,166 16,642 17,123 16,943 19,726 16,663 18,127 18,104 Average weight per shipment (in lbs) 13.19 12.50 14.25 15.23 13.99 13.59 13.90 14.14 Vehicle count, average 995 968 948 917 926 895 876 854 Weekly revenue per vehicle (incl. fuel, in thousands of dollars) 12.08 10.22 11.01 11.38 12.83 10.98 11.94 11.82 Business Days 61 62 64 63 63 62 63 63 *The amount of tonnage and packages in Package and Courier have been recasted to exclude intra-segment amounts which were not previously eliminated from the operational data. Other measures calculated using this data have also been adjusted. 1 This is a non-IFRS measure. Please refer to the reconciliation on pages 35, 36 and 37. The Company uses this measure as it is a widely recognized measure in the transportation industry, which the Company believes provides a comparable benchmark for evaluating the Company’s performance.
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30 Additional Operational Data (Slide 4 of 5) Operational Data – TL 2023-Q4 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Specialized TL Revenue (in thousands of U.S. dollars) 283,383 278,468 565,936 553,870 531,890 493,823 542,496 525,586 Brokerage revenue (in thousands of U.S. dollars)2 40,569 42,698 98,583 94,090 87,164 99,644 102,426 97,600 FSC revenue (in thousands of U.S. dollars)2 65,366 57,904 100,853 94,126 81,814 83,791 81,664 81,488 Adjusted operating ratio1 87.0% 89.2% 88.7% 90.5% 91.6% 94.1% 90.3% 92.4% Revenue per truck per week (excluding fuel) $4,133 $4,187 $4,550 $4,453 $4,298 $4,201 $4,540 $4,476 Revenue per truck per week (including fuel) $5,086 $5,057 $5,361 $5,210 $4,959 $4,914 $5,223 $5,170 Truck count, average 4,051 3,928 6,785 6,832 6,888 6,593 6,676 6,675 Trailer count, average 10,402 10,134 20,613 20,155 20,392 19,904 19,625 18,892 Truck age 3.4 3.4 3.3 3.2 3.2 3.3 3.2 3.1 Trailer age 12.7 12.2 12.2 11.9 11.2 11.3 11.4 11.4 Number of owner operators, average 1,223 1,188 2,783 2,736 2,632 2,448 2,517 2,358 1 This is a non-IFRS measure. Please refer to the reconciliation on pages 38 and 39. The Company uses this measure as it is a widely recognized measure in the transportation industry, which the Company believes provides a comparable benchmark for evaluating the Company’s performance.
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31 Additional Operational Data (Slide 5 of 5) Operational Data – TL 2023-Q4 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Canadian based Conventional TL Revenue (in thousands of U.S. dollars) 53,838 51,596 49,484 47,665 46,511 42,039 43,233 40,113 Brokerage revenue (in thousands of U.S. dollars)3 23,976 26,885 26,272 29,775 29,771 29,840 26,335 22,563 FSC revenue (in thousands of U.S. dollars)3 15,287 14,185 13,731 12,733 11,473 11,370 9,744 9,296 Adjusted operating ratio1 89.0% 91.2% 89.3% 89.9% 90.3% 90.4% 88.3% 91.2% Total mileage (in thousands) 25,917 25,326 25,028 23,704 23,185 21,574 21,369 19,884 Revenue per mile (excluding fuel)2 $2.08 $2.04 $1.98 $2.01 $2.01 $1.95 $2.02 $2.02 Revenue per mile (including fuel)2 $2.67 $2.60 $2.53 $2.55 $2.50 $2.48 $2.48 $2.48 Revenue per truck per week (excluding fuel) $3,094 $3,096 $3,178 $3,055 $2,981 $2,969 $3,162 $2,994 Revenue per truck per week (including fuel) $3,973 $3,947 $4,060 $3,872 $3,716 $3,771 $3,874 $3,688 Truck count, average 1,072 1,018 969 982 977 876 836 826 Trailer count, average 3,861 3,650 3,512 3,638 3,463 3,357 3,281 3,230 Truck age 3.3 3.1 3.0 3.1 2.8 2.7 2.7 2.6 Trailer age 7.9 7.9 7.5 7.6 7.4 7.5 7.7 7.7 Number of owner operators, average 267 264 229 218 223 213 216 204 1 This is a non-IFRS measure. Please refer to the reconciliation on pages 38 and 39. The Company uses this measure as it is a widely recognized measure in the transportation industry, which the Company believes provides a comparable benchmark for evaluating the Company’s performance. 2 The revenue per mile calculation excludes brokerage revenues.
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32 Reconciliations
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33 Five - Year Reconciliation of Adjusted EBITDA 1 (US$ in millions) (from Continuing Operations) TTM Q3 2025 2024 2023 2022 2021 Net Income 327.0 422.5 504.9 823.2 754.4 Net Finance Costs 164.9 158.2 80.9 80.4 73.0 Income Tax Expense 106.3 138.2 171.9 242.4 151.8 Depreciation of Property and Equipment 356.5 332.6 249.8 248.6 225.0 Depreciation of Right-of-Use Assets 173.3 169.5 132.1 126.3 112.8 Amortization of Intangible Assets 85.5 80.0 60.0 55.7 55.2 (Gain) Loss on Sale of Business – – 3.0 (73.7) – Bargain Purchase Gain – – – – (283.6) Restructuring From Business Acquistion – 19.7 – – – Loss on sale of land and buildings 0.1 – – – – (Gain) Loss, Net of Impairment, on Sale of Assets Held for Sale (7.5) 0.2 (14.7) (77.9) (12.2) Adjusted EBITDA 1,206.2 1,321.0 1,187.9 1,425.0 1,076.5 1 This is a non-IFRS measure. The Company believes adjusted EBITDA to be a useful supplemental measure to assess its performance.
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34 Five - Year Reconciliation of Adjusted Net Income 1 and Adjusted EPS – Diluted 1 (US$ in millions, except per share data) TTM Q3 2025 2024 2023 2022 2021 Net Income 327.0 422.5 504.9 823.2 754.4 Amortization of Intangible Assets Related to Business Acquisitions 80.9 73.7 56.2 52.0 50.5 Net Change in Fair Value and Accretion Expense of Contingent Considerations 0.1 (6.0) 0.2 0.2 1.9 Net Foreign Exchange (Gain) Loss 1.6 3.8 (0.5) 0.6 (1.5) (Gain) Loss on Sale of Business – – 3.0 (69.8) – Bargain Purchase Gain and Directly Attributable Costs – – – – (283.6) Gain, Net of Impairment, on Sale of Land and Buildings and Assets Held for Sale (7.9) (11.1) (26.0) (77.9) (12.2) Restructuring From Business Acquisition – 19.7 – – – Loss on Sale and Impairment on Rolling Stock Assets Held for Sale 0.5 11.3 11.3 – – Tax Impact of Reconciling Items (20.5) (24.3) (10.7) 3.3 (11.2) Adjusted Net Income from Continuing Operations 381.7 489.6 538.3 731.7 498.3 Adjusted EPS from Continuing Operations – Basic 3.30 5.79 6.27 8.19 5.36 Adjusted EPS from Continuing Operations – Diluted 3.30 5.75 6.18 8.02 5.23 EPS from Continuing Operations – Diluted 3.89 4.96 5.80 9.02 7.91 1 This is a non-IFRS measure. The Company adjusts net income to exclude these items because they affect the comparability of its f inancial results and could potentially distort the analysis of trends in its business performance. Excluding these items does not imply they are necessarily non -recurring.
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35 Adjusted Operating Ratio 1 Reconciliation (US$ in thousands) 2023-Q4 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 US Based Less-Than-Truckload Total revenue 674,745 655,153 648,396 621,812 564,204 539,210 551,800 550,364 Total operating expenses 631,118 614,031 597,611 582,185 552,054 534,259 523,777 514,196 Operating income 43,627 41,122 50,785 39,627 12,150 4,951 28,023 36,168 Operating expenses 631,118 614,031 597,611 582,185 552,054 534,259 523,777 514,196 Gain (loss) on sale of land and buildings and assets held for sale (7,247) 213 274 (2,013) (1,023) (47) (126) (49) Adjusted operating expenses 623,872 614,244 597,885 580,172 551,031 534,212 523,651 514,147 Fuel surcharge revenue (112,079) (103,512) (100,775) (91,311) (80,170) (81,290) (82,366) (86,506) Adjusted operating expenses, net of fuel surcharge revenue 511,793 510,732 497,110 488,861 470,861 452,922 441,285 427,941 Revenue before fuel surcharge 562,666 551,641 547,621 530,501 484,034 457,920 469,434 463,858 Adjusted operating ratio 91.0% 92.6% 90.8% 92.2% 97.3% 98.9% 94.0% 92.2% 1 This is a non-IFRS measure.
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36 Adjusted Operating Ratio 1 Reconciliation 1 This is a non-IFRS measure. (US$ in thousands) 2023-Q4 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Canadian Based Less-Than-Truckload Total revenue 177,629 170,326 180,902 171,826 164,772 155,907 160,507 155,255 Total operating expenses 149,809 144,573 145,809 139,127 139,202 131,085 135,083 130,411 Operating income 27,820 25,753 35,093 32,699 25,570 24,822 25,424 24,844 Operating expenses 149,809 144,573 145,809 139,127 139,202 131,085 135,083 130,411 Gain on sale of land and buildings and assets held for sale 1 - - - - - - 1,022 Adjusted operating expenses 149,810 144,573 145,809 139,127 139,202 131,085 135,083 131,433 Fuel surcharge revenue (39,388) (35,408) (36,966) (33,863) (30,119) (30,509) (29,206) (28,512) Adjusted operating expenses, net of fuel surcharge revenue 110,422 109,165 108,813 105,264 109,083 100,576 105,877 102,921 Revenue before fuel surcharge 138,241 134,918 143,906 137,963 134,653 125,398 131,301 126,743 Adjusted operating ratio 79.9% 80.9% 75.6% 76.3% 81.0% 80.2% 80.6% 81.2%
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37 Adjusted Operating Ratio 1 Reconciliation (US$ in thousands) 2023-Q4 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 P&C Total revenue 156,198 128,644 135,745 135,603 154,454 127,773 136,027 131,203 Total operating expenses 121,487 110,489 111,702 111,969 121,848 110,423 115,914 114,487 Operating income 34,711 18,155 24,043 23,634 32,606 17,350 20,113 16,716 Operating expenses 121,487 110,489 111,702 111,969 121,848 110,423 115,914 114,487 Loss on sale of land and buildings and assets held for sale - - - - - - - (12) Adjusted operating expenses 121,487 110,489 111,702 111,969 121,848 110,423 115,914 114,475 Fuel surcharge revenue (34,165) (25,464) (27,180) (26,972) (29,421) (25,808) (23,682) (22,736) Adjusted operating expenses, net of fuel surcharge revenue 87,322 85,025 84,522 84,997 92,427 84,615 92,232 91,739 Revenue before fuel surcharge 122,033 103,180 108,565 108,631 125,033 101,965 112,345 108,467 Adjusted operating ratio 71.6% 82.4% 77.9% 78.2% 73.9% 83.0% 82.1% 84.6% 1 This is a non-IFRS measure.
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38 Adjusted Operating Ratio 1 Reconciliation (US$ in thousands) 2023-Q4 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Canadian based Conventional TL Total revenue 93,102 92,666 89,486 90,172 87,755 83,249 79,312 71,972 Total operating expenses 84,518 85,721 81,323 82,341 80,347 69,265 71,139 66,429 Operating income 8,584 6,945 8,103 7,831 7,408 13,984 8,173 5,543 Operating expenses** 84,518 85,721 81,383 82,341 80,347 69,265 71,139 66,429 Gain (loss) on sale of assets held for sale - - - - - 7,086 (3) - Adjusted operating expenses 84,518 85,721 81,383 82,341 80,347 76,351 71,136 66,429 Fuel surcharge revenue (15,287) (14,185) (13,731) (12,733) (11,473) (11,370) (9,744) (9,296) Adjusted operating expenses, net of fuel surcharge revenue 69,231 71,536 67,652 69,608 68,874 64,981 61,392 57,133 Revenue before fuel surcharge 77,815 78,481 75,755 77,439 76,282 71,879 69,568 62,676 Adjusted operating ratio 89.0% 91.2% 89.3% 89.9% 90.3% 90.4% 88.2% 91.2% ** Operating expenses excluding intra TL eliminations 1 This is a non-IFRS measure.
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39 Adjusted Operating Ratio 1 Reconciliation (US$ in thousands) 2023-Q4 2024-Q1 2024-Q2* 2024-Q3* 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Specialized TL Total revenue 389,318 379,070 765,327 742,086 700,868 677,259 726,586 704,674 Total operating expenses 347,245 344,551 692,267 679,808 648,624 642,465 664,194 657,611 Operating income 42,073 34,519 73,105 62,278 52,244 34,794 62,392 47,063 Operating expenses** 347,245 344,551 692,267 679,808 648,624 642,465 664,194 657,611 Gain (loss) on sale of land and buildings and assets held for sale (7) (34) 7 1,854 494 (65) 128 (7) Adjusted operating expenses 347,238 344,517 692,274 681,662 649,118 642,400 664,322 657,604 Fuel surcharge revenue (65,366) (57, 904) (100,853) (94,126) (81,814) (83,791) (81,664) (81,488) Adjusted operating expenses, net of fuel surcharge revenue 281,827 286,613 591,421 587,536 567,304 558,609 582,658 576,116 Revenue before fuel surcharge 323,952 321,166 664,519 647,960 619,054 593,468 644,922 623,186 Adjusted operating ratio 87.0% 89.2% 89.0% 90.7% 91.6% 94.1% 90.3% 92.4% * Recast for adjustments to provisional amounts of Daseke prior year’s business combination ** Operating expenses excluding intra TL eliminations 1 This is a non-IFRS measure.
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40 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Less-Than-Truckload – US based LTL2 Operating income 175,158 143,683 107,511 84,752 81,291 Impairment on assets held for sale - - 11,368 11,368 69 (Gain) loss on sale of assets held for sale 2,660 2,549 (8,560) (8,161) 1,174 Amortization of intangible assets 4,059 4,865 5,695 4,990 4,950 Operating income, net of exclusions 181,877 151,097 116,014 92,949 87,484 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 133,680 111,056 85,270 68,318 64,301 Intangible assets 68,839 69,316 70,511 69,438 68,194 Total assets, excluding intangible assets 1,425,063 1,360,056 1,338,666 1,290,139 1,253,087 less: Liabilities (591,097) (532,132) (536,990) (518, 911) (497,724) Total invested capital, current year 902,805 897,240 872,187 840,666 823,557 Total invested capital, acquisition price 874,372 874,372 874,372 874,372 874,372 Average invested capital 888,589 885,806 873,280 857,519 848,965 Return on invested capital 15.0% 12.5% 9.8% 8.0% 7.6% 1 This is a non-IFRS measure. 2 The return on invested capital of the U.S. based LTL has been modified to remove the impacts of the bargain purchase gain from the operating income net of exclusions as well as from the average invested capital to align the capital with the acquisition price.
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41 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Less-Than-Truckload – Canadian based LTL Operating income 121,368 119,117 118,186 108,515 100,661 Gain on sale of land and buildings and assets held for sale (1) - - - (1,022) Amortization of intangible assets 7,452 7,071 6,844 6,827 6,818 Operating income, net of exclusions 128,819 126,188 125,030 115,342 106,457 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 94,682 92,748 91,897 84,776 78,246 Intangible assets 171,231 158,936 161,330 166,942 162,295 Total assets, excluding intangible assets 419,933 386,814 388,683 396,521 377,553 less: Trade and other payables, income taxes payable and provisions (61,839) (68,546) (69,979) (64,739) (55,169) Total invested capital, current year 529,325 477,204 480,034 498,724 484,679 Intangible assets, prior year 183,520 184,025 180,385 174,541 171,231 Total assets, excluding intangible assets, prior year 418,630 418,217 411,585 413,438 419,933 less: Trade and other payables, income taxes payable and provisions, prior year (55,834) (78,384) (70,336) (63,830) (61,839) Total invested capital, prior year 546,316 523,858 521,634 524,149 529,325 Average invested capital 537,821 500,531 500,834 511,437 507,002 Return on invested capital 17.6% 18.5% 18.3% 16.6% 15.4% 1 This is a non-IFRS measure.
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42 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Less-Than-Truckload - Package and Courier Operating income 100,542 98,435 97,630 93,701 86,783 Loss on sale of land and buildings and assets held for sale - - - - 13 Amortization of intangible assets 607 595 572 560 550 Operating income, net of exclusions 101,149 99,030 98,202 94,261 87,346 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 74,345 72,787 72,178 69,282 64,199 Intangible assets 179,584 168,280 169,311 176,891 173,645 Total assets, excluding intangible assets 210,877 203,719 188,342 196,352 234,349 less: Trade and other payables, income taxes payable and provisions (36,530) (57,530) (40,287) (44,473) (37,951) Total invested capital, current year 353,931 314,469 317,366 328,770 370,043 Intangible assets, prior year 179,391 183,841 179,653 177,976 179,584 Total assets, excluding intangible assets, prior year 167,852 175,336 163,838 172,816 210,877 less: Trade and other payables, income taxes payable and provisions, prior year (30,921) (53,870) (42, 472) (39,939) (36,530) Total invested capital, prior year 316,322 305,307 301,019 310,853 353,931 Average invested capital 335,127 309,888 309,193 319,812 361,987 Return on invested capital 22.2% 23.5% 23.3% 21.7% 17.7% 1 This is a non-IFRS measure.
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43 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Truckload - Canadian based Conventional TL Operating income 31,643 30,287 37,326 37,396 35,108 Gain on sale of assets held for sale - - (7,086) (7,086) (7,083) Amortization of intangible assets 2,342 2,286 2,141 2,141 1,806 Operating income, net of exclusions 33,805 32,573 32,381 32,451 29,831 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 24,847 23,941 23,800 23,851 21,926 Intangible assets 140,422 114,181 11,358 117,396 114,919 Total assets, excluding intangible assets 222,512 202,560 191,982 188,053 180,596 less: Trade and other payables, income taxes payable and provisions (29,117) (29,470) (32,924) (32,765) (29,272) Total invested capital, current year 333,817 287,271 270,416 272,684 266,243 Intangible assets, prior year 117,752 121,871 122,748 120,967 140,422 Total assets, excluding intangible assets, prior year 212,321 210,872 207,800 202,639 222,512 less: Trade and other payables, income taxes payable and provisions, prior year (20,081) (26,866) (27,856) (24,192) (29,117) Total invested capital, prior year 309,992 305,877 302,692 299,414 333,817 Average invested capital 321,905 296,574 286,554 286,049 300,030 Return on invested capital 7.7% 8.1% 8.3% 8.3% 7.3% 1 This is a non-IFRS measure.
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44 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2024-Q33 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Truckload - Specialized TL2 Operating income 216,212 222,148 222,423 211,708 196,494 Gain on sale of land and buildings and assets held for sale (1,821) (2,321) (2,290) (2,411) (550) Amortization of intangible assets 23,901 31,246 34,459 34,789 34,941 Operating income, net of exclusions 238,292 251,073 254,592 244,086 230,885 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 175,145 184,539 187,125 179,403 169,700 Intangible assets 1,311,153 1,377,192 1,391,471 1,419,176 1,403,068 Total assets, excluding intangible assets 1,826,382 1,680,076 1,670,460 1,717,303 1,701,065 less: Trade and other payables, income taxes payable and provisions (234,187) (259,139) (253,211) (239,508) (206,292) Total invested capital, current year 2,903,348 2,798,129 2,808,720 2,896,971 2,897,841 Intangible assets, prior year 720,892 735,795 1,421,029 1,310,063 1,310,063 Total assets, excluding intangible assets, prior year 934,739 935,625 1,820,381 1,824,275 1,824,275 less: Trade and other payables, income taxes payable and provisions, prior year (97,178) (124,538) (316,108) (251,462) (251,462) Total invested capital, prior year 1,588,453 1,546,882 2,925,302 2,882,876 2,882,876 Average invested capital 2,230,901 2,172,506 2,867,011 2,889,924 2,890,359 Return on invested capital 7.9% 8.5% 6.5% 6.2% 5.9% 1 This is a non-IFRS measure. 2 The total invested capital, prior year in the March 31, 2025 calculation has been adjusted to incorporate the acquisition of Daseke which occurred on April 1, 2024 to correctly reflect the average invested capital in the trailing twelve month period. 3 Recast for adjustments to provisional amounts of Daseke prior year’s business combination
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45 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Logistics Operating income 194,121 182,363 173,414 160,552 142,884 (Gain) loss on sale of land and buildings and assets held for sale (262) (36) - - 5 Amortization of intangible assets 33,597 33,829 34,386 35,230 35,889 Operating income, net of exclusions 227,456 216,156 207,800 195,782 178,778 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 167,180 158,875 152,733 143,900 131,402 Intangible assets 747,927 734,736 727,813 728,542 719,042 Total assets, excluding intangible assets 377,756 363,880 356,207 366,933 336,083 less: Trade and other payables, income taxes payable and provisions (189,281) (213,747) (204,865) (207,424) (195,919) Total invested capital, current year 936,402 884,869 879,155 888,051 859,206 Intangible assets, prior year 804,509 782,923 764,566 757,713 747,927 Total assets, excluding intangible assets, prior year 384,568 357,251 351,366 398,054 377,756 less: Trade and other payables, income taxes payable and provisions, prior year (202,731) (220,328) (201,893) (201,318) (189,281) Total invested capital, prior year 986,346 919,846 914,039 945,449 936,402 Average invested capital 961,374 902,358 896,597 916,750 897,804 Return on invested capital 17.4% 17.6% 17.0% 15.7% 14.6% 1 This is a non-IFRS measure.
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46 Reconciliation of FCF Conversion 1 TTM 2025 - Q3 (US$ in thousands) Less-Than-Truckload Truckload Logistics Adjusted EBITDA1 reconciliation TTM 2025-Q3 Operating income 268,737 231,602 142,884 Depreciation and amortization 204,071 349,116 62,011 (Gain) loss on sale of land, buildings and assets held for sale 235 (7,633) 5 Adjusted EBITDA 473,043 573,085 204,900 Net capital expenditures1 reconciliation TTM 2025-Q3 Additions to rolling stock 44,826 149,628 4,357 Additions to equipment 10,285 5,509 2,255 Proceeds from the sale of rolling stock (11,164) (50,631) (261) Proceeds from the sale of equipment (24) - - Net capital expenditures 43,923 104,506 6,351 Adjusted EBITDA less net capital expenditures 429,120 468,579 198,549 FCF Conversion (%) 90.7% 81.8% 96.9% 1 This is a non-IFRS measure.
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47 Reconciliation of Free Cash Flow 1 Measures (US$ in millions) TTM 2025-Q3 Reconciliation of free cash flow1 Net cash from operating activities 958.0 Additions to property and equipment (263.1) Proceeds from sale of property and equipment and AHFS 86.1 Free Cash Flow 780.9 (US$ in millions) TTM 2025-Q3 Reconciliation of free cash conversion1 Adjusted EBITDA from continuing operations 1,206.2 Additions to rolling stock and equipment (217.2) Proceeds from sale of rolling stock and equipment 62.1 Adjusted EBITDA net of rolling stock and equipment 1,051.1 Free cash flow conversion 87.1% 1 This is a non-IFRS measure.