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THAT POWERS THE GLOBAL ECONOMY THE INDUSTRIAL NETWORK RAJ SUBRAMANIAM PRESIDENT AND CHIEF EXECUTIVE OFFICER
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INVESTOR DAY2026 FEDEX: THE INDISPENSABLE INDUSTRIAL NETWORK 99% of global GDP connected ~$2T of goods transported every year 500K+ global employees committed to safety, service, and excellence 17M+ packages delivered each business day INVESTOR DAY2026 2
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INVESTOR DAY2026 GLOBAL, HIGH-VALUE INDUSTRIAL NETWORK: THE FEDEX PORTFOLIO RESILIENT REVENUE GROWTH ACROSS CYCLES2 TWO GLOBALL Y ADVANTAGED BUSINESSES U.S. DOMESTIC INTERNATIONAL ! Intelligent, integrated network powering U.S. commerce ! Intra-U.S. services ! ~70% of total revenue1 ! Leading network with global reach ! Rest of world including U.S. export business ! ~30% of total revenue1 +6% CAGR INVESTOR DAY20261. As a percent of FY25 FEC revenue 2. FY00 based on legacy Express and Ground revenue; FY25 based on FEC revenue FY00 FY25 3
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INVESTOR DAY2026 DIGITAL BACKBONE OF GLOBAL TRADE Generating 2 petabytes of data daily Leveraging AI and data analytics across network Combining physical scale with digital insight INVESTOR DAY2026 4
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INVESTOR DAY2026 ONE INTEGRATED, INTELLIGENT INDUSTRIAL NETWORK Enabling better service with a modern technology stack and a structurally lower cost to serve NETWORK Physical redesign of integrated air and surface network World-class workforce and culture with DRIVE disciplineORGANIZATIONAL Digital backbone and AI capabilities enabling intelligent orchestrationDIGITAL POWERED BY One FedEx DIGITAL NETWORK ORGANIZATIONAL 5
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INVESTOR DAY2026 ENABLING STRUCTURAL CHANGE FedEx’s enterprise-wide value creation and execution framework $4B Cumulative structural cost reduction in FY24 and FY25 Network 2.0 Integration of U.S. and Canada legacy Express and Ground surface operations $2B Expected Network 2.0 and associated One FedEx savings by the end of 2027 6
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INVESTOR DAY2026 GO-FORWARD STRATEGY: FOUR KEY PRIORITIES GROW IN HIGH- MARGIN VERTICALS BUILD ON OUR DATA AND TECH ADVANTAGE Scale digital, AI, and automation capabilities to enhance customer value and strengthen operational leverage while moving up value chain Target premium B2B and specialized B2C TRANSFORM OUR NETWORK Modernize and optimize our leading industrial network to improve service and lower cost to serve DELIVER ONGOING EFFICIENCY GAINS Continue to embed DRIVE and One FedEx operating model to support durable value creation 7
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INVESTOR DAY2026 INPOST: LEADING OUT-OF-HOME DELIVERY NETWORK IN EUROPE Minority investment strengthens FedEx’s access to profitable last-mile B2C capabilities in Europe Additional lever in improving our financial performance in Europe Accretive to FedEx earnings in year one post-close Allows participation in rapid growth of out-of-home parcel delivery across key European markets Clear path to unlocking growth, improving efficiency of B2C last-mile operations, and better serving global customers across Europe Complements FedEx profitable growth strategy INVESTOR DAY2026 8
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INVESTOR DAY2026 2029 VALUE CREATION FRAMEWORK Continue to maintain balance sheet strength while supporting significant cash return to stockholders REVENUE GROWTH1 FY26-2029 CAGR ~4% Continued growth across U.S. Domestic and International, with ramping contributions from higher- margin B2B and premium B2C ADJ. OPERATING INCOME GROWTH1 FY26-2029 CAGR ~14% Continued operating leverage supports 200bps of adj. operating margin expansion in 2029 ADJ. FREE CASH FLOW1 In 2029 ~$6B Driving significant adj. FCF improvement from increased operating profit and lower capital spend INVESTOR DAY20261. Excludes FedEx Freight 9
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INVESTOR DAY2026 FedEx is an indispensable industrial network with unmatched global reach, reliability, and expertise Advancing network, digital, and organizational transformations to redefine intelligent industrial network Strategic agenda is clear: grow high-margin verticals, leverage technology & data advantages, transform network, and deliver continuous efficiency Positioned to deliver durable value creation with high-quality growth, higher margins, stronger cash flow, and improved shareholder returns KEY TAKEAWAYS INVESTOR DAY2026 10
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COMMERCIAL STRATEGY BRIE CARERE EXECUTIVE VICE PRESIDENT AND CHIEF CUSTOMER OFFICER
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INVESTOR DAY2026 WHY OUR CUSTOMERS CHOOSE FEDEX UNMATCHED CUSTOMER TRUST UNRIVALED RELIABILITY UNPARALLELED REACH PROPRIETARY DIGITAL TOOLS 12
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INVESTOR DAY2026 GROWING & LEADING INDUSTRIAL NETWORK Breadth and balance of portfolio create a powerful and differentiated network 45% B2B revenue1 U.S. DOMESTIC Intelligent, integrated network powering U.S. commerce 75% B2B revenue1 INTERNATIONAL Leading network with global reach and focus on growth markets INTERNATIONAL REVENUE 30% U.S. DOMESTIC REVENUE 70% GLOBAL PORTFOLIO1 INVESTOR DAY20261. Based on FY25 FEC revenue 13
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INVESTOR DAY2026 REDEFINED GROWTH PHILOSOPHY Focus on premium B2B aligned with target markets1 2 3 Prioritize high-value B2C Grow with customers who value speed, flexibility, and reach COMMERCIAL COMMERCIAL GROWTH GROWTH GROWTH STRATEGY INVESTOR DAY2026 14
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INVESTOR DAY2026 B2B GROWTH STRATEGY GROWTH STRATEGY HEAL THCARE AUTOMOTIVE DATA CENTERS AEROSPACE Target verticals represent a combined total addressable market1 (TAM) >$130B INVESTOR DAY20261. FedEx estimate 15
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INVESTOR DAY2026 PRECISION LOGISTICS FOR HEAL THCARE Leading transportation provider for medical devices and building capabilities for pharma HEALTHCARE OPPORTUNITY ACTIONS AT SCALE ! End-to-end pharma solutions ! Upgraded quality systems and CEIV Pharma certification including 22 sites ! Time- and temperature-controlled reliability ESTABLISHED MARKET LEADER $9B+ Healthcare FY25 revenue ~$80B HEAL THCARE TAM1 ~$40B PHARMA TAM1 +9% Pharma revenue growth through Q2 FY26 INVESTOR DAY20261. FedEx estimate 16
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INVESTOR DAY2026 SCALING AUTOMOTIVE SUPPLY CHAINS AUTOMOTIVE OPPORTUNITY ACTIONS AT SCALE ! Expanded Detroit facility to improve customer service capabilities ! Growing international capabilities ! Expanding U.S. Saturday delivery offerings commercially Leading logistics provider for automotive and strengthening capabilities for a wide range of needs DELIVERING HIGH- MARGIN GROWTH $4.4B Automotive FY25 revenue ~$25B AUTOMOTIVE TAM1 INVESTOR DAY20261. FedEx estimate 17
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INVESTOR DAY2026 BUILDING THE DATA CENTERECONOMY Winning network for data center infrastructure and building capabilities for AI-driven demand COMPETITIVE ADVANTAGES ! Specialized handling capabilities required for large, high-valued shipments ! Advanced analytics and predictive routing capabilities ! Dedicated data center sales vertical to establish FedEx as a leader DATA CENTER AND IT EQUIPMENT TAM 1 DATA CENTER AND IT OPPORTUNITY INVESTOR DAY2026 ~$7B 1. FedEx estimate 18
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INVESTOR DAY2026 ADVANCING THE FUTURE OF AEROSPACE Trusted logistics provider supporting the full aerospace value chain, moving with speed and precision COMPETITIVE ADVANTAGES ! International Priority Freight Service has fastest transit times in market ! Expansive off-cycle delivery options enable faster, more customized global transit ! Can move globally, faster, and with more customization AEROSPACE TAM 1 AEROSPACE OPPORTUNITY BUILDING MOMENTUM ~$1B Estimated FY26 aerospace revenue INVESTOR DAY2026 ~$11B 1. FedEx estimate 19
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INVESTOR DAY2026 POWERING HIGH-MARGIN SMALL AND MEDIUM BUSINESS GROWTH Clear speed advantage, seven-day delivery, and industry-leading rural coverage 1 2 Best-in-class returns solutions, transparent pricing, and digital tools 3 Unrivaled loyalty program SMB SMB CUSTOMER CUSTOMER CUSTOMER VALUE VALUE VALUE PROPOSITION 13% Y o Y SMB revenue growth in H1 FY26 INVESTOR DAY2026 20
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INVESTOR DAY2026 WINNING HIGH-VALUE B2C Growing profitable share in higher-value, longer-haul B2C B2C OPPORTUNITY COMPETITIVE ADVANTAGES ! 70% of ground service revenue from shipments traveling >300 miles ! Advanced digital suite of solutions ! Superior value proposition and disciplined focus on revenue quality FEDEX TARGET: ~$95B TOTAL B2C TAM1 >30% GLOBAL FEDEX B2C MARKET SHARE INVESTOR DAY20261. FedEx estimate 2. Based on FY26E-2029E Low-single digit Volume growth CAGR2 21
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INVESTOR DAY2026 HIGH-QUALITY, DURABLE REVENUE GROWTH +4% CAGR +4% CAGR TOTAL CORE REVENUE SUSTAINABLE, PROFITABLE GROWTH Focus on B2B, SMBs, and high-value B2C revenue opportunities $6B of incremental yield-related revenue through 2029 $6B of incremental volume-related revenue through 2029 Additional $1B of revenue from Office, Logistics, Supply Chain, and Dataworks Positioned to generate premium revenue and drive sustained, strong bottom-line flow-through INVESTOR DAY2026 +4% CAGR FY26E 2029E U.S. Domestic International 1. Represents midpoint of FedEx FY26 guidance range, issued in December 2025; excludes FedEx Freight 1 22
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INVESTOR DAY2026 Winning profitable share with market-leading yields and superior customer experience Customer trust drives demand, loyalty, and long-term value creation Incredible team remains committed to making every FedEx experience outstanding KEY TAKEAWAYS INVESTOR DAY2026 23
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VISHAL TALWAR EXECUTIVE VICE PRESIDENT AND CHIEF DIGITAL AND INFORMATION OFFICER, PRESIDENT OF FEDEX DATAWORKS DIGITAL AND AI STRATEGY
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INVESTOR DAY2026 MAKING SUPPL Y CHAINS SMARTER FOR EVERYONE INTERCONNECTED ELEMENTS OF OUR AMBITION CORE OPERATIONS Making supply chains smarter for FedEx and for our customers Reshaping the supply chain ecosystem for our customers and partners BEYOND FEDEX INVESTOR DAY2026 25
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INVESTOR DAY2026 APPROACHING CRITICAL INFLECTION POINT IN OUR TECHNOLOGY JOURNEY Historically, FedEx leveraged manual tools, local expertise, and fragmented systems – including 7,500 inherited applications across legacy operating companies One FedEx allowed us to shift Now, we can focus on building the digital supply chain of the future by: ! Standardizing processes ! Digitizing workflows ! Embedding AI in decision loops This enables faster response times, fewer exceptions, and lower costs INVESTOR DAY2026 26
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INVESTOR DAY2026 OPERATING MODEL: OPPORTUNITY ENABLES EXECUTION Converting ambition into outcomes. Scaling what works. VALUE CREATION OPPORTUNITY EFFICIENCY DIFFERENTIATION NEW VALUE CREATION Build talent and governanceSimplify work Modernize platforms Embed AI into decision-making DISCIPLINED EXECUTION ACROSS KEY PRIORITIES 27
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INVESTOR DAY2026 DRIVING STRUCTURAL EFFICIENCY Simpler processes. Smarter workflows. Powered by AI. One FedEx AI+ = Speed to value EXAMPLE IN ACTION: TRANSFORMED DEMAND & CAPACITY MANAGEMENT Shifting from static processes to connected workflows unlocks: ! Faster response times ! More precise adjustments ! Increased supply chain resilience INVESTOR DAY2026 28
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INVESTOR DAY2026 Transforming our physical network into a strategic advantage through predictive intelligence and dynamic orchestration FROM LEGACY PROCESSES TO AI-DRIVEN RETURNS EXAMPLE IN ACTION: PREDICTIVE MAINTENANCE Shift from fixed schedule to a predictive science Better anticipate equipment failures Maintain network operations & continuity $10M+ annual savings with significant scaling ahead New standards of customer service & satisfaction INVESTOR DAY2026 29
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INVESTOR DAY2026 DIFFERENTIATE THROUGH INTELLIGENCE EXAMPLE IN ACTION: CLEARANCE Using process reinvention, technology modernization, and AI, our teams have reduced customs cage volume and preserved strong customer experience Premium solutions, more consistent service, faster recovery Leveraging a powerful suite of tools, FedEx sustained high performance through surge in brokerage filings after U.S. de minimis exemption ended INVESTOR DAY2026 30
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INVESTOR DAY2026 FEDEX DATAWORKS: MOVING UP THE VALUE CHAIN TURN OPERATIONS INTO REVENUE Unlock insights from 2 petabytes of data flowing through FedEx every day—generating predictive signals of market forces STREAMLINE WORKFLOWS TO ACTION INSIGHTS Leveraging physical assets, data, and relationships to help customers deliver and coordinate action across the supply chain ecosystem ORCHESTRATE SUPPL Y CHAINS Externalizing FedEx’s digital assets to predict and resolve disruptions across the supply chain Leveraging internal success to make supply chains smarter, more efficient, and more reliable INVESTOR DAY2026 31
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INVESTOR DAY2026 DATAWORKS: SOLVING THE COORDINATION GAP Addressing a fragmented global market where trapped capital and systemic delays create a massive need for intelligence THE COORDINATION GAP Global supply chains are disconnected networks, leading to delayed decision- making and frequent service failures THE COST OF MARKET FRAGMENTATION Lack of visibility results in $1.8T in trapped capital annually 1 from inventory distortions REVENUE LOSS Global stockouts and product unavailability result in significant loss in sales across major industries BETTER CUSTOMER SOLUTIONS Helps existing transportation customers and expands our base into new sectors First-party data + = The FedEx edgePhysical network INVESTOR DAY20261. Boston Consulting Group study 32
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INVESTOR DAY2026 DATAWORKSNEXT: FROM INSIGHTS TO ORCHESTRATION THREE LA YERS OF VALUE CREATION DATA INTELLIGENCE & INSIGHTS Embed predictive signals and benchmarks into customer workflows, as we are doing with ServiceNow and Dun & Bradstreet partnerships INVESTOR DAY2026 PRODUCTIZED CAPABILITIES Externalize proven internal tools (planning, risk, customs intelligence) as modular offerings ORCHESTRATION Selectively coordinate action across multiple parties—closing the loop between digital insight and physical execution 33
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INVESTOR DAY2026 OPERATING MODEL: OPPORTUNITY ENABLES EXECUTION Converting ambition into outcomes. Scaling what works. VALUE CREATION OPPORTUNITY EFFICIENCY DIFFERENTIATION NEW VALUE CREATION Simplify work Modernize platforms Embed AI into decision-making Build talent and governance DISCIPLINED EXECUTION ACROSS KEY PRIORITIES 34
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INVESTOR DAY2026 Redesigning core processes to streamline operations and scale transformation STRATEGIC PRIORITY 1: SIMPLIFY WORK 9 1Sort processes Unified mega process INVESTOR DAY2026 Origin Station Origin Hub/Ramp Destination Station Destination Hub/Ramp 35
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INVESTOR DAY2026 STRATEGIC PRIORITY 2: MODERNIZE TECHNOLOGY Retiring legacy systems to unlock speed and operational reliability 30% of application footprint reduced to date 50% application footprint reduction target in 2029 Lower run costs Higher resiliency Faster speed to market INVESTOR DAY2026 36
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INVESTOR DAY2026 INVESTOR DAY2026 AI: A historic force multiplier for FedEx BEFORE TO DAY BEYOND EFFICIENCY FOUNDATION Predictive & prescriptive analytics Enables segmentation and simulation; limited strategic scope Robotic process automation Task-level efficiency; limited strategic impact INTELLIGENCE LA YER APPL YING UNIFIED AI FOUNDATION Responsible AI framework Trusted data and governed models; joined Hedera Council Agentic / autonomous From passive to agentic: autonomous collaboration and problem solving Addressing complexity AI integrated into more than 50% of core operational workflows by 2028 ATLAS: Enterprise data platforms Home to substantial portion of FedEx data 200+ AI use cases Expect full data consolidation in 2027 STRATEGIC PRIORITY 3: EMBED AI AND DECISION-MAKING INVESTOR DAY2026 37
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INVESTOR DAY2026 STRATEGIC PRIORITY 4: BUILD TALENT & GOVERNANCE Scaling AI literacy, continuing to build future-ready talent and accountability GOVERNANCE & EXECUTION Continuing to build accountability through scorecards and governance to track adoption, performance impact, and risk controls INVESTOR DAY2026 Create foundational AI knowledge and shared language ~300K EMPLOYEES Participating in advanced training 100% OF TECHNOLOGY SPECIALISTS 38
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INVESTOR DAY2026 Moat: Combination of our physical network and unique proprietary data Growth engines: Data and technology benefits to core operations and new revenue streams Delivering now: Disciplined execution driving measurable results KEY TAKEAWAYS INVESTOR DAY2026 39
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KAWAL PREET EXECUTIVE VICE PRESIDENT, PLANNING, ENGINEERING, AND TRANSFORMATION NETWORK TRANSFORMATION STRATEGY
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INVESTOR DAY2026 UNLOCKING THE FULL POTENTIAL OF THE FEDEX NETWORK DESIGNING & BUILDING THE FEDEX OF TOMORROW INVESTOR DAY2026 41
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INVESTOR DAY2026 THE FEDEX TRANSFORMATION POWERED BY One FedEx DIGITAL NETWORK ORGANIZATIONAL INVESTOR DAY2026 42
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INVESTOR DAY2026 A NEW ERA FOR OUR NETWORK Best-in-class customer experience AI embedded end to end Structurally lower cost to serve Fundamentally reimagining and redesigning our FedEx network for the future U.S. P&D Cost Europe Hub Productivity MEASURABLE PERFORMANCE IMPROVEMENT ~(10)% ~20% INVESTOR DAY2026 43
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INVESTOR DAY2026 NETWORK REIMAGINED: A GLOBAL INTEGRATED APPROACH Centralized approach to how network is designed, built, and operated BGlobal redesign of the intercontinental air network across three distinct tiers TRICOLOR NETWORK 2.0 & ONE FEDEX EUROPE Creating integrated parcel network across U.S. and Canada … “one truck, one neighborhood” Simplifying complex legacy footprint into a more productive, integrated network AUTOMATION AND TECHNOLOGY AS THE FOUNDATION INVESTOR DAY2026 44
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INVESTOR DAY2026 REDESIGNED NETWORK: DELIVERING IMPROVED FINANCIAL OUTCOMES Creating a smarter, more capable, and more profitable FedEx network B Improved air fleet performance and density enables profitable growth TRICOLOR NETWORK 2.0 & ONE FEDEX EUROPE On track to unlock $2B in savings by the end of 2027 Expect to drive significant improvement to operating income 45
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INVESTOR DAY2026 ONE TRANSFORMATION, THREE POWERFUL FORCES Collaborate seamlessly Accelerate outcomes with disciplined prioritization Optimize investments for greatest enterprise value Deliver results with transparency and accountability DRIVE turns strategy into measurable outcomes INVESTOR DAY2026 46
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INVESTOR DAY2026 Our network is a living equation of possibilities Economics compound with an integrated, end-to-end design Our talented team is strengthening the enterprise for the long term KEY TAKEAWAYS INVESTOR DAY2026 47
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SCOTT RAY CHIEF OPERATING OFFICER-ELECT FOR U.S. AND CANADA SURFACE NETWORK 2.0
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INVESTOR DAY2026 NETWORK 2.0 RAMPING WITH SIGNIFICANT PROGRESS TO DATE 10% P&D cost reduction in completed markets of eligible U.S. and Canada ADV optimized ~25% optimized stations across U.S. and Canada ~360 closed stations >200 NETWORK OPTIMIZATION WELL UNDERWA Y NETWORK 2.0: ONE TRUCK, ONE NEIGHBORHOOD INVESTOR DAY2026 49
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INVESTOR DAY2026 Optimized geography by end of CY26 ENTERING THE SCALING PHASE: FROM PROOF OF CONCEPT TO ENTERPRISE FOCUS SHIFTING TO LARGEST METROS AND SCALE ROLLOUT COMPLETION of eligible U.S. and Canada ADV optimized PROGRESS EXPECTED BY END OF CY26 ~65% optimized stations across U.S. and Canada >900 closed stations >475 closed stations >30% PROGRESS EXPECTED BY END OF 2027 INVESTOR DAY2026 50
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INVESTOR DAY2026 ~$1B Savings expected by the end of CY26 PRIMARY STRUCTURAL COST LEVERS RAMPING NETWORK 2.0 AND ONE FEDEX SAVINGS BY END OF 2027 PICK UP AND DELIVERY ONE FEDEX SAVINGS REDUCED FOOTPRINT SAVINGS ON TRACK $2B Savings expected by the end of 2027 INVESTOR DAY2026 51
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INVESTOR DAY2026 THE TECH & PHYSICAL ENGINE BEHIND NETWORK 2.0 LAST-MILE EFFICIENCIES ! Better service area planning ! Denser, more efficient vehicle load and route planning ! Recognize and prioritize high-value traffic UNIFIED, REAL-TIME NETWORK PLANNING ! Better forecasting ! Improved visibility into load factors, weather impacts, and performance by lane, route, and station ! Predictive analytics enable proactive rerouting INVESTOR DAY 2026 MEANINGFUL IMPACT Better asset utilization Faster recovery from disruptions Lower contingency costs INVESTOR DAY2026 52
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INVESTOR DAY2026 EMPOWERING OUR PEOPLE NETWORK 2.0: Enables live routing, load balancing, and real-time visibility Creates more efficient, predictable routes Leverages automation and physical AI to reduce repetitive, physically demanding tasks Establishes a unified playbook, consistent KPIs, and standard processes across network INVESTOR DAY2026 53
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INVESTOR DAY2026 Transforming FedEx’s surface operations into the industry’s smartest, most efficient, and most flexible network Network 2.0 and One FedEx on track to achieve $2B in related savings by the end of 2027 Predictive analytics, automation, and continuous improvement enabling real-time network management Clear outcomes: better service quality, consistent profitability, and a smaller footprint with fewer miles KEY TAKEAWAYS INVESTOR DAY2026 54
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RICHARD SMITH CHIEF OPERATING OFFICER, INTERNATIONAL, AND CHIEF EXECUTIVE OFFICER, AIRLINE EVOLUTION OF THE INTERNATIONAL STRATEGY THE INTERNATIONAL
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INVESTOR DAY2026 THE POWER OF THE FEDEX GLOBAL NETWORK ~$2T of goods transported every year 220+ countries and territories served Memphis Paris Dubai Miami INVESTOR DAY2026 Guangzhou 56
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INVESTOR DAY2026 B OUR GLOBAL COMPETITIVE EDGE World’s largest express air fleet, thousands of facilities and vehicles, and customs and brokerage expertise SCALE FLEXIBILITY TECHNOLOGY Tricolor and Network 2.0 provide more levers than ever to align cost with value on a lane-by-lane basis Predictive routing, AI forecasting, and visibility capabilities create more intelligent supply chains 57
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INVESTOR DAY2026 FROM EXPANSION TO TRANSFORMATION EXPANSION ! Network built across all major economies ! Established global gateways and routes ! >50 years of targeted investment INTEGRATION ! TNT Express enabled powerful European surface infrastructure ! Integrating assets to operate as One FedEx TRANSFORMATION ! Network: Tricolor, Europe, linkage to Network 2.0 ! Digital: Advanced planning and data- driven solutions ! Organizational: Adopting one global operating model Turning global reach into improved financial outcomes Evolving to deliver consistent, profitable, high-value international growth LEADING NETWORK WITH GLOBAL REACH INVESTOR DAY2026 58
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INVESTOR DAY2026 COMPETING AND WINNING IN INTERNATIONAL Shift to higher-value mix, optimize network, and drive process efficiencies FOCUSED EUROPE TRANSFORMATION Diversify lanes in-line with shifting trade patterns and grow revenue share on new ones LANE DIVERSIFICATION Redesign global air network and grow premium air freight ADVANCING TRICOLOR INVESTOR DAY2026 59
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INVESTOR DAY2026 ADVANCING LANE DIVERSIFICATION STRATEGY Trans-Pacific Asia outbound capacity ADAPTING NETWORK IN REAL-TIME (27)% FEDEX’S REDESIGNED NETWORK IS A REAL DIFFERENTIATOR Applying AI-enabled planning to reallocate capacity to new corridors Tricolor allows for participation in freight recovery selectively and profitability Dynamically reallocating capacity to faster- growing lanes ! Reduced Purple Tail capacity by ~25% and White Tail by nearly 35% Asia-to-Europe outbound capacity ! Grew Purple Tail capacity by ~20% for faster service and premium growth ! Reduced White Tail capacity by ~30% Flat Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 60
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INVESTOR DAY2026 INTERNATIONAL PORTFOLIO POSITIONED TO GROW LATIN AMERICA & CARIBBEAN Nearshoring-driven growth via Mexico and Latin America B2B trade MEISA Targeted B2B opportunities and emerging cross-border e-commerce ASIA-PACIFIC Key growth engine for freight and cross-border e-commerce EUROPE Largest trading market in the world, connecting end- markets and networks Balanced regional presence creates resilience and more predictable earnings across cycles 61
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INVESTOR DAY2026 EUROPE: FROM INTEGRATION TO TRANSFORMATION ACCELERATING TRANSFORMATION PLANS Rebalancing mix away from low-yield domestic toward higher-value cross-border Reengineering the surface network and modernizing hubs and stations Simplifying service offering to run on a single, modern tech stack INVESTOR DAY2026 62
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INVESTOR DAY2026 AIR FLEET STRATEGY Path forward optimizes total hours flown and size of the U.S. domestic jet fleet Prioritizing international routes with high-capacity, high-efficiency modern aircraft such as 777F Committed to annual aircraft CapEx at or below $1B for foreseeable future Committed to safely returning MD-11s to service 63
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INVESTOR DAY2026 THE INTERNATIONAL PATH FORWARD: SUSTAINED, PROFITABLE GROWTH 1. FY26- 2029 CAGR International package volume grows low single digits with yield growth +4% REVENUE GROWTH CAGR1 Asia-Pacific leads regional growth International air freight volume grows faster as Tricolor drives share gains Europe on path to deliver $650M of operating income improvement +30% ADJ. OPERATING INCOME CAGR1 ADJ. OPERATING MARGIN EXPANSION: ~440BPS Commitment to better mix, increased efficiency, and better asset utilization Tricolor driving significant incremental operating income through 2029 64
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INVESTOR DAY2026 International leader with global reach, strengthening local capabilities, and data and technology advantages Europe is a critical unlock with a path to structural profit improvement Next phase of growth is about leveraging scale with the smartest, most efficient, and most flexible network KEY TAKEAWAYS INVESTOR DAY2026 65
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WOUTER ROELS REGIONAL PRESIDENT OF EUROPE EUROPE TRANSFORMATION
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INVESTOR DAY2026 Integrated network with leading positions in one of most diverse and important global logistics markets Driving Europe transformation across network, technology, and organization FedEx’s largest lever for international operating income improvement 45 European countries connected daily 30% of global imports and exports European population740M EUROPE AS A TRANSFORMATION ENGINE Re-engineering region for performance and profitability INVESTOR DAY2026 67
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INVESTOR DAY2026 FROM COMPLEXITY TO PERFORMANCE EUROPEAN MIX AND FOOTPRINTTO DAY ! 27 hubs and 500+ stations, many built for specific countries ! Significant domestic footprintsin key markets ! Volumes historicallyweighted toward domestic shipments OPPORTUNITIESTO STRENGTHEN PERFORMANCE ! Integrateand modernize the footprint, simplifying hubs and stations ! Rebalance mix towardhigh-value cross-border and B2B shipments ! Drive end-to-end process efficiency that lowers our cost to serve INVESTOR DAY2026 68
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INVESTOR DAY2026 MEANINGFUL PROGRESS THROUGH A PHASED APPROACH Europe’stransformation is visible and accelerating PHASE I: TURNAROUND FY23-FY25 ! Delivered significant structural cost savings via DRIVE ! Stabilized operation ! Tech simplification and process optimization PHASE II: REORGANIZATION FY25-FY26 ! Revamped leadership ! Introducedbest-in- class FedEx surface standards ! Improved data visibility PHASE III: TRANSFORMATION FY26-2029 ! Scale higher value international mix ! Re-engineer network ! Modernize technology stack ! Increase process efficiencies IMPACT $600M in structural cost savings FY23-FY25 10 consecutivequarters of accretive International revenue share growth ~20% hub productivity improvement Best service levels in years 69
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INVESTOR DAY2026 OUR STRATEGYTO DRIVE FUNDAMENTAL PROFIT IMPROVEMENT SCALE HIGHER-VALUE INTERNATIONALMIX Focus on B2B, cross-border e-commerce, and intercontinentalexpress air freight RE-ENGINEER THE NETWORK Redesign hubs, stations, and flows, powered by technology and data capabilities DRIVE END-TO-END PROCESS EFFICIENCIES Simplify operations, standardizebest practices, and deliver excellentservice Europe expected to be the primary driver of International operating margin expansion in 2029 ~$650M of operating income improvement in Europe by end of 2029 INVESTOR DAY2026 1 2 3 70
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INVESTOR DAY2026 Strengtheningposition in growing high-margin verticals to improve Europe mix shift and drive structural profit improvement MIX SHIFT LEVERS B2B Expand in time-critical B2B verticals E-commerce Target cross-border flow Customer experience Improve onboarding and service consistency Pricing Strengthen data insights, surcharge processes and mix EUROPE CROSS-BORDER REVENUE MIX SHIFT GROWING Increase in cross-border revenuemix YoY 1H FY25 1H FY26 +4pp INVESTOR DAY2026 1 SCALING A HIGH-VALUE INTERNATIONAL MIX 71
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INVESTOR DAY2026 Domestic capacity reduction 30% U.K. ACTION TAKEN Facility optimization: moving to a right-sized station network1 Flow redesign: simplifying linehaul patterns and creating more direct, efficient routings 2 In-station process redesign: reducing touches, improvinglayouts,increasing sort productivity 3 OUTPUTS ! Best serviceperformancein years ! Hub productivitywill be further improved with more packagesper labor hour ! Connectivityacrossthe road networkimproving ! Network aligned to higher-value cross-border and B2B volumes Creating physical foundation for performance to unlock full potential INVESTOR DAY2026 20% Italy Domestic capacity reduction 2 RE-ENGINEER THE NETWORK 72
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INVESTOR DAY2026 ACTIONS TAKING HOLD Efficiency agenda TECH MODERNIZATION Moving to more unified, scalable, and resilient platforms across Europe DATA VISIBILITY Enable faster,better decisions across package journey PROCESS SIMPLIFICATION Reducing complexity across commercial, operational, and support processes Teamsworking with more modern, reliable tools End-to-end visibility improving Processesbecoming more standardized Better positioned to scale with strong focus on costs INVESTOR DAY2026 3 DRIVE END-TO-END PROCESS EFFICIENCY 73
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INVESTOR DAY2026 PROGRESS IN ACTION: U.K. CASE STUDY $100M of operating income improvement from FY23 through FY25 PAST Collection of hubs REDESIGNED STATE Streamlined operating model ! High costs ! Complex footprint ! Intense competition ! Right-sized network, closed 40% of total stations ! One technologystack and one value proposition ! Tightenedfocus on more profitable segments INVESTOR DAY2026 PAST Collection of ! ! ! Kingsbury Atherstone Parkhouse Marston Gate Dartford REDESIGNED model network, closed 40% of total stations technology stack and one value proposition focus on more profitable segments New Midlands Hub Marston Gate 2 Hub Parkhouse Kingsbury Atherstone Dartford Prior Hub New Hub 74
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INVESTOR DAY2026 NEXT PHASE: FRANCE Simplifying, modernizing, and aligning network by applying U.K. blueprint to realize long-term vision for Europe NETWORK & FOOTPRINT OPTIMIZATION ! Optimize hub-and-spoke footprint with fewer, better-placed hubs ! Expect to close 17 stations, in addition to 48 stations closed in 2024, driving a net reduction of 43% MIX & REVENUE QUALITY ! Pivot to cross-border-led volumes targeting significantly improved volume mix OPERATING MODEL & TECHNOLOGY ! Simplify linehaul, standardize operations, move to a unified tech stack ! Targeting 30% reduction in linehaul miles by end of 2029 FRANCE APPROACH INVESTOR DAY2026 75
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INVESTOR DAY2026 INPOST: A SCALED & PROFITABLE BUSINESS STRONG GROWTH AND PROFITABILITY STRUCTURE 1.4B FY25 parcels delivered 29% YTD adj. EBITDA margin (Q1-Q3 FY25) 25% FY25 parcel growth INNOVATIVE B2C PLATFORM WITH BROAD NETWORK 94.5K Out-of-home points 14K New APMs in FY25 61K+ Automated parcel machines (APM) Source: InPost Q3 FY25 earnings presentation 76
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INVESTOR DAY2026 WHY INPOST MATTERS TO US:PROFITABLE B2C LAST-MILE + EXPANSION + COMMERCIAL ` LEADING LAST-MILE B2C CAPABILITIES ! A critical piece of the customer proposition in e-commerce ! Out-of-home delivery is increasingly becoming the preferred option for customers CLEAR PATH TO EXPAND ACROSS EUROPE ! Underpenetrated markets with strong growth tailwinds ! The model is scalable: density drives utilization, which drives stronger economics COMMERCIAL AGREEMENTS ! InPost gains from FedEx’s broad network and customer reach ! FedEx benefits from InPost’s out-of-home scale and B2C last-mile capability STRONG DIGITAL CAPABILITIES ! 33M InPost app users ! ~20% of the most loyal users account for ~70% of volumes INVESTOR DAY2026 77
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INVESTOR DAY2026 INPOST: A DISCIPLINED INVESTMENT FINANCIAL DETAILS OPERATING MODEL Expected to be accretive to earnings in year one post-close Attractive cash flow characteristics + long- term growth opportunity Contributions from InPost have not been embedded in current 2029 targets Will remain independently run by its current CEO and leadership team InPost will continue as a standalone business with its own customer segments and operations Upon closing, expected in H2 of CY26, financial investment to be reported in Other Income INVESTOR DAY2026 78
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INVESTOR DAY2026 Europe is a major international operating income lever and tangible results are already showing A leaner,more connected, digital network aligned with our global strategy Confidence in a clear path to substantially improvedperformance KEY TAKEAWAYS INVESTOR DAY2026 79
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JOHN DIETRICH EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER UNLOCKING THE NEXT PHASE OF FEDEX FINANCIAL PERFORMANCE
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INVESTOR DAY2026 SIGNIFICANT PROGRESS IMPROVING FINANCIAL OUTCOMES $5.4B $6.2B FY23 FY26E 6.8% 4.6% FY23 FY25 $12B+ ADJ. OPERATING INCOME IMPROVEMENT1 CAPEX-TO-REVENUE REDUCTION1 Total capital returned to shareholders since FY23 $1.5B Total capital returned to shareholders FY26 YTD ROBUST SHAREHOLDER RETURNS1 1. Includes FedEx Freight 2. Represents midpoint of FedEx FY26 guidance range, issued in December 2025 2 81
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INVESTOR DAY2026 NEW ERA FOCUSED ON THREE FINANCIAL PRINCIPLES 1 2 3 Expand operating margins and grow operating income Lower capital intensity and improve ROIC Significantly and sustainably increase free cash flow INVESTOR DAY2026 82
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INVESTOR DAY2026 PRUDENT REVENUE ASSUMPTIONS $6B $6B $1B Contribution to $13B revenue growth through 2029 YIELD/VOLUME/OTHERTOTAL REVENUES INVESTOR DAY2026 +4% CAGR 1. Represents midpoint of FedEx FY26 guidance range, issued in December 2025; excludes FedEx Freight $85B $98B FY26E 2029E FEC yield FEC volume Corporate & other 1 83
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INVESTOR DAY2026 STRONG & DURABLE 2029 FINANCIAL TARGETS Operating income in 2029 ~14% adj. operating income CAGR1 ~$8B Operating margin in 2029 ~200 bps of adj. margin expansion ~8% GAAP earnings per share2 in 2029 $25 Adj. free cash flow in 2029 ~$6B INVESTOR DAY20261. Based on FY26E-2029E CAGR 2. Excludes FedEx Freight; compared to FY26 adjusted EPS of $15 for FedEx Corp. 84
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INVESTOR DAY2026INVESTOR DAY2026INVESTOR DAY2026 U.S. DOMESTIC SEGMENT U.S. DOMESTIC REVENUE Executing Network 2.0 and One FedEx initiatives… ~$2 billion in cumulative cost savings Rigorously focus our top-line growth on expanding yields and continuing to win share in the B2B market, which comes with very strong incremental margins Optimizing revenue quality through longer-haul and heavier-weight B2C shipments INVESTOR DAY2026 +4% CAGR FY26E 2029E $64B$56B 1. Represents midpoint of FedEx FY26 guidance range, issued in December 2025; excludes FedEx Freight OPERATING INCOME +110bps of adj. operating margin expansion 1 1 $1.4B FY26E 2029E $6.4B $5.0B 85
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INVESTOR DAY2026INVESTOR DAY2026INVESTOR DAY2026 INTERNATIONAL SEGMENT Leveraging our improved service, top-line performance and lower cost structure in Europe to support improved incremental margins Continued growth in the premium cross-border and intercontinental segments of the European market We will also be growing our international air freight business through Tricolor, which is already translating into very strong incremental profit flow through INTERNATIONAL REVENUE OPERATING INCOME INVESTOR DAY2026 FY26E 2029E $1.4B $2.3B $0.9B 1. Represents midpoint of FedEx FY26 guidance range, issued in December 2025; excludes FedEx Freight +440bps of adj. operating margin expansion +4% CAGR FY26E 2029E $29B$25B 1 1 86
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INVESTOR DAY2026 2029 OPERATING INCOME BRIDGE $ in billions $5.0 FY26E adj. operating income1 $2.0 Volume, net of costs $6.0 Yield ($5.0) Base expense increase, net $8.0 2029E operating income INVESTOR DAY20261. Represents midpoint of FedEx FY26 guidance range, issued in December 2025; excludes FedEx Freight 87
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INVESTOR DAY2026 LOWER CAPITAL INTENSITY ! Committed to bringing annual aircraft CapEx to $1B or below this fiscal year ! Expect aircraft CapEx to remain at or below $1B through 2029, supporting FCF expansion ! Plan assumes 90% of capital investments will be to maintain network, modernize equipment or facilities, or other efficiency related needs 8.6% 7.0% 4.6% ~4% FY20 FY23 FY25 2029E COMMITTED TO FURTHER REDUCING CAPITAL INTENSITY1 CapEx-to-revenue ratio INVESTOR DAY20261. Excludes FedEx Freight 88
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INVESTOR DAY2026 HIGHER ROIC PRIORITIZING IMPROVED ROIC! Ensuring that our business generates significant shareholder returns is a top priority ! Focused on leveraging the scale and scope of to drive unprecedented shareholder value in years to come ! Expect to drive 200 bps of ROIC expansion, driven primarily by adjusted operating income improvement INVESTOR DAY2026 +200 bps FY26E 2029 9% 11% 1. Includes FedEx Freight 1 89
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INVESTOR DAY2026 ADJUSTED FREE CASH FLOW IMPROVEMENT FY26E 2029E ! Expect to generate a cumulative $16B of adj. free cash from FY26 through 2029 ! Expect >100% adj. FCF conversion in 2029 vs. ~90% in FY25 ! Strong adj. FCF growth reflects shift from era of network expansion to new era focused on returns on >50 years of investments ~$6B $3.8B INVESTOR DAY2026 DRIVING STRONG GROWTH IN ADJ. FCF 1. Represents midpoint of FedEx FY26 guidance range, issued in December 2025, and includes FedEx Freight 1 90
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INVESTOR DAY2026 PLAN TO MONETIZE FEDEX FREIGHT OWNERSHIP WITHIN 12 MONTHS OF SPIN-OFF Investing in organic growth Continuing to increase dividend Evaluating further share repurchases Maintaining a strong balance sheet Exploring accretive M&A opportunities PUBLIC SHAREHOLDERS >80.1% FDX19.9% 1 2 3 4 5 CAPITAL ALLOCATION PRIORITIES up to INVESTOR DAY2026 FEDEX FREIGHT SPIN-OFF 91
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INVESTOR DAY2026 Improving profitability, as reflected in adjusted operating income and margin targets Lowering capital intensity and improving ROIC, with a disciplined approach to capacity utilization Significantly and sustainably expanding adjusted free cash flow KEY TAKEAWAYS INVESTOR DAY2026 92
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INVESTOR DAY2026 35°4'7.936"N, 89°58'31.69"W INVESTOR DAY2026 THANK YOU INVESTOR DAY2026 93
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INVESTOR DAY2026 APPENDIX APPENDIX INVESTOR DAY2026
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INVESTOR DAY2026 RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES Note: Tables may not sum to totals due to rounding Fiscal 2026 and fiscal 2029 financial forecastsAdjusted operating income and margin and diluted EPSWe have provided forecasts for fiscal 2029 consolidated operating income and margin, diluted EPS, ROIC, and the U.S. Domestic and International segment operating income and margin, as well as cumulative adjusted free cash flow for fiscal 2026 through 2029. While these targets (other than adjusted free cash flow, which is discussed in more detail below) assume no non-GAAP adjustments, we present the compound annual growth rate (“CAGR”) of certain of these targets compared to the midpoint of the fiscal 2026 outlook provided in December and excluding FedEx Freight on both a GAAP and non-GAAP basis. Our fiscal 2026 consolidated adjusted operating income and margin and diluted EPS forecasts, as well as the U.S. Domestic and International segment adjusted operating income and margin forecasts, are non-GAAP financial measures because they exclude, as applicable, mark-to-market (“MTM”) retirement plans accounting adjustments, estimated costs related to business optimization initiatives, the planned spin-off of FedEx Freight, the planned fiscal year change, and the partial reversal of a loss accrual related to an international regulatory matter.We are unable to predict the amount of the MTM retirement plans accounting adjustments, as they are significantly affected by changes in interest rates and the financial markets, so such adjustments are not included in our fiscal 2026 EPS forecast. For this reason, a full reconciliation of our fiscal 2026 EPS forecast to the most directly comparable GAAP measure is impracticable. It is reasonably possible, however, that our fiscal 2026 MTM retirement plans accounting adjustments could have a material effect on our fiscal 2026 consolidated financial results. Estimated costs related to business optimization initiatives, the planned spin-off of FedEx Freight, and the planned fiscal year change, as well as the partial reversal of an accrual related to an international regulatory matter, are excluded from our fiscal 2026 consolidated adjusted operating income and margin and diluted EPS forecasts, as well as the U.S. Domestic and International segment adjusted operating income and margin forecasts, as applicable, because they are unrelated to our core operating performance and to assist investors with assessing trends in our underlying businesses.The income tax effect of these costs is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. As we execute our business strategy, we may subsequently identify non-GAAP adjustments that are appropriate to incorporate into the fiscal 2029 targets.Return on invested capital Our fiscal 2026 return on invested capital (“ROIC”) forecast is calculated, in part, using non-GAAP financial measures. Adjusted operating income is included in the numerator, as we believe it is most indicative of our core operating performance. We believe ROIC is a meaningful measure of how effectively we are deploying our key assets and using capital to generate profits. Numerous methods exist for calculating ROIC. Accordingly, the method used by FedEx may differ from the methods used by other companies. We encourage readers to understand the methods used by another company to calculate ROIC before comparing its ROIC to ours.Adjusted free cash flowFree cash flow and adjusted free cash flow are not defined under GAAP . Therefore, our fiscal 2026 through 2029 free cash flow and adjusted free cash flow forecast should not be considered a substitute for income or cash flow data prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies. It should not be inferred that our non-GAAP free cash flow and adjusted free cash flow measures represent amounts available for discretionary expenditures. We do not provide a reconciliation of 2027, 2028, or 2029 free cash flow and adjusted free cash flow to the most directly comparable GAAP forecasts because we are unable to provide a meaningful or accurate calculation or estimation of reconciling items without unreasonable effort. These items are inherently uncertain and depend on various factors, many of which are beyond our control, and as such, any associated estimate and its impact on our GAAP financial measures could vary materially.InPost adjusted EBITDA marginWe have referenced InPost’s adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) margin for the first nine months of fiscal 2025 as included in the company’s Q3 FY25 earnings presentation. InPost defines adjusted EBITDA as operating EBITDA adjusted for non-cash share-based payments and one-off costs (mainly restructuring and acquisition costs). Restructuring costs refer to the legal and advisory costs of the standardization of operating, administration, and business processes of acquired companies to align them with group standards. Acquisition costs refer to the legal and advisory costs connected with potential and actual acquisition projects. InPost believes adjusted EBITDA facilitates the comparison of operating results from period to period and between segments by removing the impact of, among other things, its capital structure, asset base, and tax consequences and one-off and non-cash costs not related to its day-to-day operations. Numerous methods exist for calculating adjusted EBITDA. Accordingly, the method used by InPost may differ from the methods used by other companies. We encourage readers to understand the methods used by another company to calculate ROIC before comparing its ROIC to InPost’s. Our non-GAAP financial measures are intended to supplement and should be read together with, and are not an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of our financial statements should not place undue reliance on these non-GAAP financial measures. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. As required by SEC rules, the tables below present a reconciliation of our presented non-GAAP financial measures to the most directly comparable GAAP measures.
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INVESTOR DAY2026 FY26 OUTLOOK NON-GAAP RECONCILIATION FY26 outlook - consolidatedDollars in millions RevenueOperating incomeOperating marginGAAP measure (including FedEx Freight)$93,500$5,2725.6%Removal of FedEx Freight segment, net of related eliminations(8,500)(740)Consolidated, excluding FedEx Freight$85,000$4,5325.3%Business optimization costs- 310 0.4%FedEx Freight spin-off costs - 140 0.2%Fiscal year change costs - 30 0.0%International regulatory matter- (12) (0.0%)Non-GAAP measure $85,000$5,0006.0% FY26 outlook - FEC U.S. domesticDollars in millions RevenueOperating incomeOperating marginGAAP measure $56,000$4,7508.5%Business optimization costs- 190 0.3%FedEx Freight spin-off costs - 30 0.1%Fiscal year change costs - 30 0.1%Non-GAAP measure $56,000$5,0008.9% FY26 outlook - FEC internationalDollars in millions RevenueOperating incomeOperating marginGAAP measure $25,000$882 3.5%Business optimization costs- 30 0.1%FedEx Freight spin-off costs - 0 0.0%Fiscal year change costs - 0 0.0%International regulatory matter- (12) (0.0%)Non-GAAP measure $25,000$900 3.6% Note: Tables may not sum to totals due to rounding FY26 outlook midpoint
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INVESTOR DAY2026 FY26 ADJUSTED EARNINGS PER SHARE FORECAST RECONCILIATIONFY26 Outlook Midpoint Dollars in millions, except EPS AdjustmentsDiluted Earnings per ShareDiluted earnings per share before MTM retirement plans accounting adjustments (non-GAAP) (including FedEx Freight)$15.40Removal of FedEx Freight (1.90)Diluted earnings per share before MTM retirement plans accounting adjustments (non-GAAP), excluding FedEx Freight$13.50FedEx Freight spin-off costs, excluding FedEx Freight$140 Business optimization costs 310 Fiscal year change costs 30 International regulatory matter (12)Total adjustments 468Income tax effect 108 Net of tax effect $3601.50Diluted earnings per share with adjustments (non-GAAP) $15.00
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INVESTOR DAY2026 ADJUSTED FREE CASH FLOW FORECAST RECONCILIATIONDollars in millions FY26ECash provided by operating activities (GAAP)$7,755- Capital expenditures (4,300)+ Proceeds from asset dispositions 115Free cash flow (non-GAAP) $3,570+ Voluntary contributions to tax qualified U.S. domestic pension plans275Adjusted free cash flow (non-GAAP) $3,845
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INVESTOR DAY2026 RETURN ON INVESTED CAPITAL FORECAST RECONCILIATIONDollars in millionsNumerator Fiscal 2026Operating income (GAAP) $5,272 FedEx Freight spin-off costs 600 Business optimization costs 310 Fiscal year change costs 30 International regulatory matter (12)Adjusted operating income (non-GAAP) $6,200 Provision for income taxes (1,550)Adjusted operating income after taxes (non-GAAP) $4,650 Denominator Fiscal 2026Average invested capital $51,400 Return on invested capital 9.0%
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INVESTOR DAY2026 INPOST: ADJUSTED EBITDA MARGIN RECONCILIATION9M 2025Net profit/(loss) from continuing operations481Income tax 266Profit/(loss) from continuing operations before tax748Adjusted byNet financial costs 501Depreciation 1,529Share of result from associates 2Operating EBITDA 2,780Incentive programmes set up by shareholders 50Incentive programmes set up by group 54M&A 12Restructuring costs 99Adjusted EBITDA 2,995Revenue 10,254 PLN m, unless otherwise stated Note: Tables may not sum to totals due to rounding Source: InPost Q3 FY25 Earnings Presentation
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INVESTOR DAY2026 GAAP TO NON-GAAP RECONCILIATIONS Note: Tables may not sum to totals due to rounding Full year FY25 Full year FY24 Dollars in millions, except EPSOperatingincomeOperatingmarginIncome taxesNet IncomeDiluted earningPershareOperatingincomeOperatingmarginIncome TaxesNet IncomeDilutedearningsPershare GAAP measure$ 5,2175.9%$ 1,349$ 4,092$ 16.81$ 5,5596.3%$ 1,505$ 4,331$ 17.21MTM retirement plans accountingadjustment——(125)(390)(1.60)——(135)(426)(1.69)Business optimization costs7560.9%1785772.375820.7%1374441.77International regulatory and legacyFedEx Ground legal matters880.1%(2)900.37(57)(0.1%)(13)(44)(0.17)FedEx Freight spin-off costs38—13440.18———— —Asset impairment charges21—5160.061570.2%371200.48Remeasurement of statedeferred income taxes under on FedExstructure———— — ——(54)540.21Non-GAAP measure$ 6,1207.0%$ 1,418$ 4,429$ 18.19$ 6,2417.1%$ 1,477$ 4,479$ 17.80 FedEx Corporation
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INVESTOR DAY2026 GAAP TO NON-GAAP RECONCILIATIONS Note: Tables may not sum to totals due to rounding FY23Dollars in millions, except EPSOperatingincomeOperatingmarginIncome taxesNet incomeDilutedearningsPershareGAAP measure$ 4,9125.4%$ 1,391$ 3,972$ 15.48MTM retirement plans accountingadjustment— — (157)(493)(1.92)Business optimization costs2730.3%64 2090.81Goodwill and other asset impairmentcharges1170.1%19 98 0.38Business realignment costs36 — 9 27 0.11FedEx Ground legal matter35 — 9 26 0.10Non-GAAP measure$ 5,3736.0%$ 1,335$ 3,839$ 14.96 FY23 reconciliation for FedEx Corporation
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INVESTOR DAY2026 GAAP TO NON-GAAP RECONCILIATIONS Note: Tables may not sum to totals due to rounding Dollars in millions FY20FY21FY22FY23FY24FY25Cash provided by operating activities (GAAP)$ 5,097$ 10,135$ 9,832$ 8,848$ 8,312$ 7,036Capital expenditures(5,868)(5,884)(6,763)(6,174)(5,176)(4,055)Proceeds from disposition of property and equipment221029484114115Free cash flow (non-GAAP) (749)4,3533,1632,7583,2503,096Voluntary pension contributions1,000300500800800800Adjusted free cash flow (non-GAAP) $ 251$ 4,653$ 3,663$ 3,558$ 4,050$3,896 FY20-FY25 free cash flow and adjusted free cash flow