Slides
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Fourth Quarter Ended December 31, 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: 632 facilities, 19,121 trucks1, 40,687 trailers Decentralized, entrepreneurial management approach 25,875 employees, of which 12,452 are drivers 112,927 owned or leased; 6,194 are independent contractors 5YFH (5 Year Financial Highlights) All numbers found in this doc… Sheet: 2022 USD, Rows 231-237 Make sure to update footnote Number of Operating Companies: 100+ Done
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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 Q4 2025, calculated using revenue before surcharge. 3 TTM Q4 2025 FCF divided by the December 31, 2025 market cap. 4 Calculated as TTM Q4 2025 (Adjusted EBITDA – Net Capex of rolling stock and equipment) / Adjusted EBITDA. 5 Based on US $0.47 dividend approved by the Board on February 17, 2026 and stock price of US $103.35, as of December 31, 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 ◼ 8.2% Operating Margin2 ◼ 9.8% FCF Yield1,3 ◼ 86.1% FCF Conversion1,4 Proven track record of growth through disciplined acquisition strategy ◼ Completed 95 acquisitions since 2016, of which 6 were major acquisitions6 ◼ Industry remains fragmented Balanced capital allocation approach to drive shareholder value ◼ US$7.2 billion 20-year total FCF1 ◼ US$2.6 billion returned to shareholders since 2017 Robust balance sheet position ◼ Access to US$1.0 billion revolving facilities ◼ Annual Forward Dividend Yield of 1.8%5 Found in 5yr Fin-Hi Acquisitions - 243 20yr FCF – 239 Return to SH - 244 Found in 5yr Fin-Hi OM – C45 FCF Yield – D238 FCF Conversion – C58 Avg. ROE – AE52??? Debt to Cap – Line 49 Found in 5yr Fin-Hi Rev Facilities – 240 FDY – 242Make sure to update all footnotes Done
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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 Q4-2025 while peer data is TTM Q3-2025. 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) TFII numbers from the 5-year highlight provided, line 108 Peer numbers from Net Capex Calculations file 1.8% 6.2% 9.9% 0.8% Truckload Peer Average Less-than-Truckload Peer Average Logistics Peer Average Graph is in file “TFII – Net Capex FCF (Backup) 3-1-22 a few quarters back
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97.1% 82.7% 87.9% 43.3% 82.0% 47.6% 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 Q4-2025 while peer data is TTM Q3-2025. 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 TFII #s from the 5- year highlight provided, lines 264 to 267
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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 95 acquisitions since 2016, of which 6 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 Update acquisitions only 1Major acquisitions are defined as having a purchase price of US $200.0 million and over. Done
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10 Overview of the TFI International Platform Less-Than-Truckload (41% of YTD Q4-2025 Revenue) Conventional (4% of YTD Q4- 2025 Revenue) Specialized (35% of YTD Q4-2025 Revenue) Truckload (39% of YTD Q4-2025 Revenue) Logistics (20% of YTD Q4-2025 Revenue) 5YFH… Sheet: 2022 USD… Row 212 “Total Revenue YRD Breakout” Canadian LTL (8% of YTD Q4- 2025 Revenue) US LTL (26% of YTD Q4-2025 Revenue) Package & Courier (7% of YTD Q4- 2025 Revenue) Done
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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 Q4-2025) By Top Customers' Industry1 (YTD Q4-2025) 19% 18% 11%10% 9% 7% 7% 6% 5% 3% 3% 2% 1% Manufactured Goods Retail Building Materials Metals & Mining Automotive Food & Beverage Services Energy Chemicals & Explosives Waste Management Forest Products Others Maritime Containers Table in MDA mid and full year, otherwise not touched 1 Top customers represent 62% of total revenue. 5YHFH… Sheet: 2022 USD, Revenue by Geography row 287
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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 Q4-2025 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 Update revenue Make sure nothing to add/subtract here → Hercules Hot Line Freight Systems TForce Freight CANADIAN LTL (8% of Total Revs.)US LTL (26% of Total Revs.) PACKAGE & COURIER (7% of Total Revs.) Canpar Express ICS Courier Loomis Express TForce Integrated Solutions Done
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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 Q4-2025 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 Update revenue Make sure nothing to add/subtract here → Done
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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 Q4-2025 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 Update revenue Make sure nothing to add/subtract here → Done
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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. File: Copy of ROIC 2- 15-23 #s come from ROIC Q4 2022, and Modified ROIC files 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Package & Courier 23.5% 23.3% 21.7% 17.7% 17.2% Canadian Less-Than-Truckload 18.5% 18.3% 16.6% 15.4% 16.0% US Less-Than-Truckload 12.5% 9.8% 8.0% 7.6% 8.2% Canadian Truckload 8.1% 8.3% 8.3% 7.3% 7.5% Specialized Truckload 8.5% 6.5% 6.2% 5.9% 5.6% Logistics 17.6% 17.0% 15.7% 14.6% 12.0% Done
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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 Not touched
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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 2025 2025 2025 1,171 4.37 978 6,913 2002 2025
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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% 884% 2,248% 232% 171% 10-Year 1,030% 380% 929% 85% 126% 5-Year 145% 46% 113% 9% 15% 1-Year 4 (8)% (14)% (9)% (1)% 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 12/31/25. Peers included only in rows during which their stocks were public throughout the period. Total return performance includes dividends, assuming dividends reinvested. 1,025% 622% 114% (22)% TFII Shareholder Return file… only file that is FS related/has FS formulas
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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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165 465 2012 2025 E-Commerce Revenue (US$ in millions) 20 E - Commerce Provides Additional Growth Evolution of B2B/B2C Split 8.3% CAGR ◼ E-Commerce is a powerful secular force, driving new shipping demands including greater emphasis on last-mile logistics B2B/B2C – File E- Commerce Reporting file (sent by Vanessa)… Rows 108/9 File E-Commerce Reporting file (sent by Vanessa)… F104… Then calculate CAGR 57% 59% 58% 42% 47% 33% 49% 61% 54% 43% 41% 42% 58% 53% 67% 51% 39% 46% 17 18 19 20 21 22 23 24 25 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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191.9 16.8 32.5 8.8 95.2 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$136.5 million ◼ Total U.S. E-Commerce revenue: US$328.5 million 2025 E-Commerce Revenue by Segment (US$ in millions) US/CAN Ecomm total revenue – Ecomm file… Cells E94-95 Graph – Ecomm file… Cell range B101-E102 119.8
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23 Robust Balance Sheet With Strategic Flexibility Line 22 Line 53 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 December 31, 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 2.49 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 3.83 #s given to us by Vanessa Done
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24 Track Record of M&A Execution and Integration Number of Acquisitions per Year ◼ Acquired 95 companies across our highly fragmented markets since 2016, of which 6 were major acquisitions1. Make sure proper additions accounted for Update number 10 7 9 8 13 10 11 12 11 4 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 Hearn
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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 Not touched
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26 Appendix All appendix numbers given to us previously from Vanessa
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27 Additional Operational Data (Slide 1 of 5) Operational Data – LTL 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 U.S. based LTL Revenue (in thousands of dollars) 484,314 492,199 479,496 449,722 424,682 434,508 429,570 394,934 GFP Revenue (in thousands of dollars) 67,327 55,422 51,004 34,312 33,238 34,925 34,288 27,993 FSC Revenue (in thousands of dollars) 103,512 100,775 91,311 80,170 81,290 82,366 86,506 78,419 Adjusted operating ratio1 92.6% 90.8% 92.2% 97.3% 98.9% 94.0% 92.2% 95.3% Revenue per hundredweight (excluding fuel) 2 $28.90 $27.62 $27.03 $27.73 $26.81 $25.80 $26.13 $26.13 Revenue per shipment (excluding fuel) 2 $349.43 $337.35 $330.23 $340.18 $335.19 $331.18 $331.46 $335.26 Revenue per hundredweight (including fuel)2 $35.08 $33.28 $32.18 $32.67 $31.94 $30.69 $31.39 $31.31 Revenue per shipment (including fuel)2 $424.11 $406.42 $393.12 $400.83 $399.35 $393.96 $398.21 $401.83 Tonnage (in thousands of tons) 2 838 891 887 811 792 842 822 756 Shipments (in thousands) 2 1,386 1,459 1,452 1,322 1,267 1,312 1,296 1,178 Average weight per shipment (in lbs) 2 1,209 1,221 1,222 1,227 1,250 1,284 1,269 1,284 Average length of haul (in miles) 2 1,153 1,157 1,172 1,194 1,168 1,133 1,130 1,122 Cargo claims (% revenue) 0.7% 0.5% 0.8% 0.9% 0.9% 0.7% 0.7% 0.9% Vehicle count, average3 3,836 3,976 4,276 4,515 4,391 4,298 4,180 4,081 Truck age4 4.6 4.3 4.1 4.2 4.3 4.3 4.5 4.4 Business days 64 64 64 62 63 64 64 62 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 3,245, (December 31, 2024 – 3,468). 4The truck age of U.S. LTL operations has been presented for active trucks. Done See Comment, handwritten instructions unclear
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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 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Canadian based LTL Revenue (in thousands of dollars) 134,918 143,906 137,963 134,653 125,398 131,301 126,743 124,021 FSC revenue (in thousands of dollars) 35,408 36,996 33,863 30,119 30,509 29,206 28,512 28,161 Adjusted operating ratio1 80.9% 75.6% 76.3% 81.0% 80.2% 80.6% 81.2% 81.7% Revenue per hundredweight (excluding fuel) $10.81 $11.16 $11.29 $11.06 $10.75 $11.07 $11.20 $11.01 Revenue per shipment (excluding fuel) $231.82 $227.70 $225.43 $230.18 $233.52 $228.75 $236.46 $231.38 Revenue per hundredweight (including fuel)2 $13.65 $14.03 $14.06 $13.53 $13.37 $13.53 $13.72 $13.52 Revenue per shipment (including fuel)2 $292.66 $286.24 $280.76 $281.66 $290.33 $279.63 $289.65 $283.92 Tonnage (in thousands of tons) 624 645 611 609 583 593 566 563 Shipments (in thousands) 582 632 612 585 537 574 536 536 Average weight per shipment (in lbs) 2,144 2,041 1,997 2,092 2,171 2,066 2,112 2,101 Average length of haul (in miles) 761 762 804 842 840 833 848 899 Cargo claims (% revenue) 0.2% 0.4% 0.2% 0.2% 0.2% 0.2% 0.2% 0.0% Vehicle count, average 907 922 943 920 889 833 808 780 Truck age 4.3 4.4 4.4 4.4 4.0 4.0 4.0 4.1 Business days 62 64 63 63 62 63 63 63 Done
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29 Additional Operational Data (Slide 3 of 5) Operational Data - LTL 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 P&C* Revenue (in thousands of dollars) 103,180 108,565 108,631 125,033 101,965 112,345 108,467 123,269 FSC Revenue (in thousands of dollars) 25,464 27,180 26,972 29,421 25,808 23,682 22,736 26,070 Adjusted Operating Ratio1 82.4% 77.9% 78.2% 73.9% 83.0% 82.1% 84.6% 80.5% Revenue per pound (including fuel) $0.62 $0.56 $0.53 $0.56 $0.57 $0.54 $0.51 $0.51 Revenue per pound (excluding fuel) $0.50 $0.44 $0.42 $0.45 $0.45 $0.45 $0.42 $0.42 Revenue per package (including fuel) $7.73 $7.93 $8.00 $7.83 $7.68 $7.50 $7.25 $7.86 Revenue per package (excluding fuel) $6.20 $6.34 $6.41 $6.34 $6.13 $6.20 $5.99 $6.49 Tonnage (in thousands of metric tons) 104 122 129 138 113 126 128 146 Packages (in thousands) 16,642 17,123 16,943 19,726 16,663 18,127 18,104 18,988 Average weight per shipment (in lbs) 12.50 14.25 15.23 13.99 13.59 13.90 14.14 15.38 Vehicle count, average 968 948 917 926 895 876 854 843 Weekly revenue per vehicle (incl. fuel, in thousands of dollars) 10.22 11.01 11.38 12.83 10.98 11.94 11.82 13.63 Business Days 62 64 63 63 62 63 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. Done
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30 Additional Operational Data (Slide 4 of 5) Operational Data – TL 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Specialized TL Revenue (in thousands of U.S. dollars) 278,468 565,936 553,870 531,890 493,823 542,496 525,586 517,307 Brokerage revenue (in thousands of U.S. dollars)2 42,698 98,583 94,090 87,164 99,644 102,426 97,600 96,464 FSC revenue (in thousands of U.S. dollars)2 57,904 100,853 94,126 81,814 83,791 81,664 81,488 77,756 Adjusted operating ratio1 89.2% 88.7% 90.5% 91.6% 94.1% 90.3% 92.4% 93.4% Revenue per truck per week (excluding fuel) $4,187 $4,550 $4,453 $4,298 $4,201 $4,540 $4,476 $4,524 Revenue per truck per week (including fuel) $5,057 $5,361 $5,210 $4,959 $4,914 $5,223 $5,170 $5,204 Truck count, average 3,928 6,785 6,832 6,888 6,593 6,676 6,675 6,469 Trailer count, average 10,134 20,613 20,155 20,392 19,904 19,625 18,892 18,424 Truck age 3.4 3.3 3.2 3.2 3.3 3.2 3.1 3.2 Trailer age 12.2 12.2 11.9 11.2 11.3 11.4 11.4 11.6 Number of owner operators, average 1,188 2,783 2,736 2,631 2,448 2,517 2,358 2,327 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. Done
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31 Additional Operational Data (Slide 5 of 5) Operational Data – TL 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Canadian based Conventional TL Revenue (in thousands of U.S. dollars) 51,596 49,484 47,665 46,511 42,039 43,233 40,113 39,702 Brokerage revenue (in thousands of U.S. dollars)3 26,885 26,272 29,775 29,771 29,840 26,335 22,563 23,016 FSC revenue (in thousands of U.S. dollars)3 14,185 13,731 12,733 11,473 11,370 9,744 9,296 9,411 Adjusted operating ratio1 91.2% 89.3% 89.9% 90.3% 90.4% 88.3% 91.2% 91.1% Total mileage (in thousands) 25,326 25,028 23,704 23,185 21,574 21,369 19,884 19,832 Revenue per mile (excluding fuel)2 $2.04 $1.98 $2.01 $2.01 $1.95 $2.02 $2.02 $2.00 Revenue per mile (including fuel)2 $2.60 $2.53 $2.55 $2.50 $2.48 $2.48 $2.48 $2.48 Revenue per truck per week (excluding fuel) $3,096 $3,178 $3,055 $2,981 $2,969 $3,162 $2,994 $2,991 Revenue per truck per week (including fuel) $3,947 $4,060 $3,872 $3,716 $3,771 $3,874 $3,688 $3,700 Truck count, average 1,018 969 982 977 876 836 826 813 Trailer count, average 3,650 3,512 3,638 3,463 3,357 3,281 3,230 3,195 Truck age 3.1 3.0 3.1 2.8 2.7 2.7 2.6 2.7 Trailer age 7.9 7.5 7.6 7.4 7.5 7.7 7.7 8.0 Number of owner operators, average 264 229 218 223 213 216 204 208 1 This is a non-IFRS measure. Please refer to the reconciliation on pages 38 and 39. The Company uses this measure as it is a widely recognized measure in the transportation industry, which the Company believes provides a comparable benchmark for evaluating the Company’s performance. 2 The revenue per mile calculation excludes brokerage revenues. Done
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32 Reconciliations
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33 Five - Year Reconciliation of Adjusted EBITDA 1 (US$ in millions) (from Continuing Operations) 2025 2024 2023 2022 2021 Net Income 310.6 422.5 504.9 823.2 754.4 Net Finance Costs 160.0 158.2 80.9 80.4 73.0 Income Tax Expense 94.8 138.2 171.9 242.4 151.8 Depreciation of Property and Equipment 350.9 332.6 249.8 248.6 225.0 Depreciation of Right-of-Use Assets 172.8 169.5 132.1 126.3 112.8 Amortization of Intangible Assets 86.8 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 (5.4) 0.2 (14.7) (77.9) (12.2) Adjusted EBITDA 1,170.5 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. 5YFH… Sheet: 2022 USD… Row 123 Done
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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) 2025 2024 2023 2022 2021 Net Income 310.6 422.5 504.9 823.2 754.4 Amortization of Intangible Assets Related to Business Acquisitions 76.5 73.7 56.2 52.0 50.5 Net Change in Fair Value and Accretion Expense of Contingent Considerations (0.5) (6.0) 0.2 0.2 1.9 Net Foreign Exchange (Gain) Loss 0.4 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) Loss, Net of Impairment, on Sale of Land and Buildings and Assets Held for Sale (5.4) 0.2 (14.7) (77.9) (12.2) Restructuring From Business Acquisition – 19.7 – – – Tax Impact of Reconciling Items (16.6) (24.3) (10.7) 3.3 (11.2) Adjusted Net Income from Continuing Operations 364.9 489.6 538.3 731.7 498.3 Adjusted EPS from Continuing Operations – Basic 4.39 5.79 6.27 8.19 5.36 Adjusted EPS from Continuing Operations – Diluted 4.37 5.75 6.18 8.02 5.23 EPS from Continuing Operations – Diluted 3.72 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. 5YFH… Sheet: 2022 USD… Row 182 Done
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35 Adjusted Operating Ratio 1 Reconciliation (US$ in thousands) 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 US Based Less-Than-Truckload Total revenue 655,153 648,396 621,812 564,204 539,210 551,800 550,364 501,346 Total operating expenses 614,031 597,611 582,185 552,054 534,259 523,777 514,196 486,477 Operating income 41,122 50,785 39,627 12,150 4,951 28,023 36,168 14,869 Operating expenses 614,031 597,611 582,185 552,054 534,259 523,777 514,196 486,477 Gain (loss) on sale of land and buildings and assets held for sale 213 274 (2,013) (1,023) (47) (126) (49) (5,014) Adjusted operating expenses 614,244 597,885 580,172 551,031 534,212 523,651 514,147 481,463 Fuel surcharge revenue (103,512) (100,775) (91,311) (80,170) (81,290) (82,366) (86,506) (78,419) Adjusted operating expenses, net of fuel surcharge revenue 510,732 497,110 488,861 470,861 452,922 441,285 427,941 403,044 Revenue before fuel surcharge 551,641 547,621 530,501 484,034 457,920 469,434 463,858 422,927 Adjusted operating ratio 92.6% 90.8% 92.2% 97.3% 98.9% 94.0% 92.2% 95.3% 1 This is a non-IFRS measure. File: Tableau… Sheet: Segmented Summary Total revenue and Operating income excluded from Tableau, ask Vanessa for them Done
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36 Adjusted Operating Ratio 1 Reconciliation 1 This is a non-IFRS measure. (US$ in thousands) 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Canadian Based Less-Than-Truckload Total revenue 170,326 180,902 171,826 164,772 155,907 160,507 155,255 152,182 Total operating expenses 144,573 145,809 139,127 139,202 131,085 135,083 130,411 129,512 Operating income 25,753 35,093 32,699 25,570 24,822 25,424 24,844 22,670 Operating expenses 144,573 145,809 139,127 139,202 131,085 135,083 130,411 129,512 Gain on sale of land and buildings and assets held for sale - - - - - - 1,022 - Adjusted operating expenses 144,573 145,809 139,127 139,202 131,085 135,083 131,433 129,512 Fuel surcharge revenue (35,408) (36,966) (33,863) (30,119) (30,509) (29,206) (28,512) (28,161) Adjusted operating expenses, net of fuel surcharge revenue 109,165 108,813 105,264 109,083 100,576 105,877 102,921 101,351 Revenue before fuel surcharge 134,918 143,906 137,963 134,653 125,398 131,301 126,743 124,021 Adjusted operating ratio 80.9% 75.6% 76.3% 81.0% 80.2% 80.6% 81.2% 81.7% Tableau… Sheet: Segmented Summary Total revenue and Operating income excluded from Tableau, ask Vanessa for them Done
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37 Adjusted Operating Ratio 1 Reconciliation (US$ in thousands) 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 P&C Total revenue 128,644 135,745 135,603 154,454 127,773 136,027 131,203 149,339 Total operating expenses 110,489 111,702 111,969 121,848 110,423 115,914 114,487 125,336 Operating income 18,155 24,043 23,634 32,606 17,350 20,113 16,716 24,003 Operating expenses 110,489 111,702 111,969 121,848 110,423 115,914 114,487 125,336 Loss on sale of land and buildings and assets held for sale - - - - - - (12) - Adjusted operating expenses 110,489 111,702 111,969 121,848 110,423 115,914 114,475 125,336 Fuel surcharge revenue (25,464) (27,180) (26,972) (29,421) (25,808) (23,682) (22,736) (26,070) Adjusted operating expenses, net of fuel surcharge revenue 85,025 84,522 84,997 92,427 84,615 92,232 91,739 99,266 Revenue before fuel surcharge 103,180 108,565 108,631 125,033 101,965 112,345 108,467 123,269 Adjusted operating ratio 82.4% 77.9% 78.2% 73.9% 83.0% 82.1% 84.6% 80.5% 1 This is a non-IFRS measure. File: Tableau… Sheet: Segmented Summary Total revenue and Operating income excluded from Tableau, ask Vanessa for them
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38 Adjusted Operating Ratio 1 Reconciliation (US$ in thousands) 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Canadian based Conventional TL Total revenue 92,666 89,486 90,172 87,755 83,249 79,312 71,972 72,129 Total operating expenses 85,721 81,323 82,341 80,347 69,265 71,139 66,429 66,518 Operating income 6,945 8,103 7,831 7,408 13,984 8,173 5,543 5,611 Operating expenses** 85,721 81,383 82,341 80,347 69,265 71,139 66,429 66,518 Gain (loss) on sale of assets held for sale - - - - 7,086 (3) - 3 Adjusted operating expenses 85,721 81,383 82,341 80,347 76,351 71,136 66,429 66,521 Fuel surcharge revenue (14,185) (13,731) (12,733) (11,473) (11,370) (9,744) (9,296) (9,411) Adjusted operating expenses, net of fuel surcharge revenue 71,536 67,652 69,608 68,874 64,981 61,392 57,133 57,110 Revenue before fuel surcharge 78,481 75,755 77,439 76,282 71,879 69,568 62,676 62,718 Adjusted operating ratio 91.2% 89.3% 89.9% 90.3% 90.4% 88.2% 91.2% 91.1% ** Operating expenses excluding intra TL eliminations 1 This is a non-IFRS measure. Tableau… Sheet: Segmented Summary
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39 Adjusted Operating Ratio 1 Reconciliation (US$ in thousands) 2024-Q1 2024-Q2* 2024-Q3* 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Specialized TL Total revenue 379,070 765,327 742,086 700,868 677,259 726,586 704,674 691,527 Total operating expenses 344,551 692,267 679,808 648,624 642,465 664,194 657,611 648,943 Operating income 34,519 73,105 62,278 52,244 34,794 62,392 47,063 42,584 Operating expenses** 344,551 692,267 679,808 648,624 642,465 664,194 657,611 648,943 Gain (loss) on sale of land and buildings and assets held for sale (34) 7 1,854 494 (65) 128 (7) 2,379 Adjusted operating expenses 344,517 692,274 681,662 649,118 642,400 664,322 657,604 651,322 Fuel surcharge revenue (57, 904) (100,853) (94,126) (81,814) (83,791) (81,664) (81,488) (77,756) Adjusted operating expenses, net of fuel surcharge revenue 286,613 591,421 587,536 567,304 558,609 582,658 576,116 573,566 Revenue before fuel surcharge 321,166 664,519 647,960 619,054 593,468 644,922 623,186 613,771 Adjusted operating ratio 89.2% 89.0% 90.7% 91.6% 94.1% 90.3% 92.4% 93.4% * 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. Tableau… Sheet: Segmented Summary
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40 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Less-Than-Truckload – US based LTL2 Operating income 143,683 107,511 84,752 81,291 84,011 Impairment on assets held for sale - 11,368 11,368 69 - (Gain) loss on sale of land, buildings and assets held for sale 2,549 (8,560) (8,161) 1,174 5,235 Amortization of intangible assets 4,865 5,695 4,990 4,950 5,083 Operating income, net of exclusions 151,097 116,014 92,949 87,484 94,329 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 111,056 85,270 68,318 64,301 69,332 Intangible assets 69,316 70,511 69,438 68,194 66,903 Total assets, excluding intangible assets 1,360,056 1,338,666 1,290,139 1,253,087 1,190,029 less: Liabilities (532,132) (536,990) (518, 911) (497,724) (447,767) Total invested capital, current year 897,240 872,187 840,666 823,557 809,165 Total invested capital, acquisition price 874,372 874,372 874,372 874,372 874,372 Average invested capital 885,806 873,280 857,519 848,965 841,769 Return on invested capital 12.5% 9.8% 8.0% 7.6% 8.2% 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. Modified ROIC file
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41 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Less-Than-Truckload – Canadian based LTL Operating income 119,117 118,186 108,515 100,661 97,760 Gain on sale of land and buildings and assets held for sale - - - (1,022) (1,022) Amortization of intangible assets 7,071 6,844 6,827 6,818 6,664 Operating income, net of exclusions 126,188 125,030 115,342 106,457 103,402 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 92,748 91,897 84,776 78,246 76,000 Intangible assets 158,936 161,330 166,942 162,295 163,946 Total assets, excluding intangible assets 386,814 388,683 396,521 377,553 381,294 less: Trade and other payables, income taxes payable and provisions (68,546) (69,979) (64,739) (55,169) (69,972) Total invested capital, current year 477,204 480,034 498,724 484,679 475,268 Intangible assets, prior year 184,025 180,385 174,541 171,231 158,936 Total assets, excluding intangible assets, prior year 418,217 411,585 413,438 419,933 386,814 less: Trade and other payables, income taxes payable and provisions, prior year (78,384) (70,336) (63,830) (61,839) (68,546) Total invested capital, prior year 523,858 521,634 524,149 529,325 477,204 Average invested capital 500,531 500,834 511,437 507,002 476,236 Return on invested capital 18.5% 18.3% 16.6% 15.4% 16.0% 1 This is a non-IFRS measure. ROIC Q4 2022 file
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42 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Less-Than-Truckload - Package and Courier Operating income 98,435 97,630 93,701 86,783 78,182 Loss on sale of land and buildings and assets held for sale - - - 13 13 Amortization of intangible assets 595 572 560 550 534 Operating income, net of exclusions 99,030 98,202 94,261 87,346 78,729 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 72,787 72,178 69,282 64,199 57,866 Intangible assets 168,280 169,311 176,891 173,645 176,842 Total assets, excluding intangible assets 203,719 188,342 196,352 234,349 241,021 less: Trade and other payables, income taxes payable and provisions (57,530) (40,287) (44,473) (37,951) (59,651) Total invested capital, current year 314,469 317,366 328,770 370,043 358,212 Intangible assets, prior year 183,841 179,653 177,976 179,584 168,280 Total assets, excluding intangible assets, prior year 175,336 163,838 172,816 210,877 203,719 less: Trade and other payables, income taxes payable and provisions, prior year (53,870) (42, 472) (39,939) (36,530) (57,530) Total invested capital, prior year 305,307 301,019 310,853 353,931 314,469 Average invested capital 309,888 309,193 319,812 361,987 336,341 Return on invested capital 23.5% 23.3% 21.7% 17.7% 17.2% 1 This is a non-IFRS measure. ROIC Q4 2022 file
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43 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Truckload - Canadian based Conventional TL Operating income 30,287 37,326 37,396 35,108 33,312 Gain on sale of assets held for sale - (7,086) (7,086) (7,083) (7,086) Amortization of intangible assets 2,286 2,141 2,141 1,806 1,654 Operating income, net of exclusions 32,573 32,381 32,451 29,831 27,880 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 23,941 23,800 23,851 21,926 20,492 Intangible assets 114,181 11,358 117,396 114,919 116,700 Total assets, excluding intangible assets 202,560 191,982 188,053 180,596 174,915 less: Trade and other payables, income taxes payable and provisions (29,470) (32,924) (32,765) (29,272) (33,212) Total invested capital, current year 287,271 270,416 272,684 266,243 258,403 Intangible assets, prior year 121,871 122,748 120,967 140,422 114,181 Total assets, excluding intangible assets, prior year 210,872 207,800 202,639 222,512 202,560 less: Trade and other payables, income taxes payable and provisions, prior year (26,866) (27,856) (24,192) (29,117) (29,470) Total invested capital, prior year 305,877 302,692 299,414 333,817 287,271 Average invested capital 296,574 286,554 286,049 300,030 272,837 Return on invested capital 8.1% 8.3% 8.3% 7.3% 7.5% 1 This is a non-IFRS measure. ROIC Q4 2022 file
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44 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Truckload - Specialized TL2 Operating income 222,148 222,423 211,708 196,494 186,833 Gain on sale of land and buildings and assets held for sale (2,321) (2,290) (2,411) (550) (2,435) Amortization of intangible assets 31,246 34,459 34,789 34,941 35,298 Operating income, net of exclusions 251,073 254,592 244,086 230,885 219,696 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 184,539 187,125 179,403 169,700 161,477 Intangible assets 1,377,192 1,391,471 1,419,176 1,403,068 1,404,307 Total assets, excluding intangible assets 1,680,076 1,670,460 1,717,303 1,701,065 1,678,517 less: Trade and other payables, income taxes payable and provisions (259,139) (253,211) (239,508) (206,292) (240,748) Total invested capital, current year 2,798,129 2,808,720 2,896,971 2,897,841 2,842,076 Intangible assets, prior year 735,795 1,421,029 1,310,063 1,310,063 1,310,063 Total assets, excluding intangible assets, prior year 935,625 1,820,381 1,824,275 1,824,275 1,824,275 less: Trade and other payables, income taxes payable and provisions, prior year (124,538) (316,108) (251,462) (251,462) (251,462) Total invested capital, prior year 1,546,882 2,925,302 2,882,876 2,882,876 2,882,876 Average invested capital 2,172,506 2,867,011 2,889,924 2,890,359 2,862,476 Return on invested capital 8.5% 6.5% 6.2% 5.9% 5.6% 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. ROIC Q4 2022 file
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45 Return on Invested Capital 1 TTM Reconciliation (US$ in thousands) 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Logistics Operating income 182,363 173,414 160,552 142,884 131,279 (Gain) loss on sale of land and buildings and assets held for sale (36) - - 5 5 Amortization of intangible assets 33,829 34,386 35,230 35,889 36,875 Operating income, net of exclusions 216,156 207,800 195,782 178,778 168,159 Income tax 26.5% 26.5% 26.5% 26.5% 26.5% Operating income net of exclusions, after tax 158,875 152,733 143,900 131,402 123,597 Intangible assets 734,736 727,813 728,542 719,042 933,876 Total assets, excluding intangible assets 363,880 356,207 366,933 336,083 445,553 less: Trade and other payables, income taxes payable and provisions (213,747) (204,865) (207,424) (195,919) (200,980) Total invested capital, current year 884,869 879,155 888,051 859,206 1,178,448 Intangible assets, prior year 782,923 764,566 757,713 747,927 734,736 Total assets, excluding intangible assets, prior year 357,251 351,366 398,054 377,756 363,880 less: Trade and other payables, income taxes payable and provisions, prior year (220,328) (201,893) (201,318) (189,281) (213,747) Total invested capital, prior year 919,846 914,039 945,449 936,402 884,869 Average invested capital 902,358 896,597 916,750 897,804 1,044,688 Return on invested capital 17.6% 17.0% 15.7% 14.6% 12.0% 1 This is a non-IFRS measure. ROIC Q4 2022 file
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46 Reconciliation of FCF Conversion 1 TTM 2025 - Q4 (US$ in thousands) Less-Than-Truckload Truckload Logistics Adjusted EBITDA1 reconciliation TTM 2025-Q4 Operating income 259,953 220,145 131,279 Depreciation and amortization 200,461 346,025 62,740 (Gain) loss on sale of land, buildings and assets held for sale 4,226 (9,521) 5 Adjusted EBITDA 464,640 556,649 194,024 Net capital expenditures1 reconciliation TTM 2025-Q4 Additions to rolling stock 51,925 146,464 3,077 Additions to equipment 14,411 4,376 2,774 Proceeds from the sale of rolling stock (10,269) (50,553) (204) Proceeds from the sale of equipment (24) - - Net capital expenditures 56,043 100,287 5,647 Adjusted EBITDA less net capital expenditures 408,597 456,362 188,377 FCF Conversion (%) 87.9% 82.0% 97.1% 1 This is a non-IFRS measure. ROIC Q4 2022 file
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47 Reconciliation of Free Cash Flow 1 Measures (US$ in millions) 2025 Reconciliation of free cash flow1 Net cash from operating activities 977.8 Additions to property and equipment (273.2) Proceeds from sale of property and equipment and AHFS 127.7 Free Cash Flow 832.3 (US$ in millions) 2025 Reconciliation of free cash conversion1 Adjusted EBITDA from continuing operations 1,170.5 Additions to rolling stock and equipment (223.3) Proceeds from sale of rolling stock and equipment 61.1 Adjusted EBITDA net of rolling stock and equipment 1,008.4 Free cash flow conversion 86.1% FCF Measures file sent by Vanessa 1 This is a non-IFRS measure.