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Investor Presentation June + Q3 TY26 Earnings Call October 29, 2026
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2 Certain statements in this presentation may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act, such as statements regarding future financial targets, business strategies,management’s views with respect to future events and financial performance, and the assumptions underlying such targets, strategies, and statements. Forward-looking statements include those preceded by, followed by, or that include the words“will,”“may,”“could,”“would,”“should,”“believes,”“expects,”“forecasts,”“anticipates,”“plans,”“estimates,”“targets,”“projects,”“intends,” or similar expressions. Such forward- looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to: economic conditions in the markets in which FedEx Freight operates; significant changes in the volumes of shipments transported through FedExFreight’s network, customer demand for FedExFreight’s various services, and the prices it obtains for its services; geopolitical developments and additional changes in international trade policies and relations; the price and availability of fuel and limitations on FedEx Freight's ability to recover fuel costs through surcharges; failure to successfully implement FedExFreight’s business strategy and effectively respond to changes in market dynamics and customer preferences; FedExFreight’s ability to achieve some or all of the anticipated benefits from its spin-off from FedEx Corporation (the "Spin-Off"); the consequences of FedEx Freight no longer operating as part of a globally diversified company; dis-synergies and other costs incurred in connection with the Spin-Off exceeding FedEx Freight’s estimates; the distribution of shares of FedEx Freight, together with certain related transactions, not qualifying for the intended tax treatment; a significant data breach or other disruption to FedExFreight’s technology infrastructure, and its ability to mitigate the technological, operational, legal, regulatory, and reputational risks related to emerging technologies such as autonomous technology and artificial intelligence (“AI”); increased insurance and claims expenses related to vehicle accidents,workers’ compensation claims, property and cargo loss, general business liabilities, and benefits paid under employee disability programs; failure to receive or collect expected insurance coverage; the effect of any international conflicts or terrorist activities; failure of third-party service providers to perform as expected, or disruptions in FedExFreight’s relationships with those providers or their provision of services to FedEx Freight; widespread outbreak of an illness or any other communicable disease or public health crisis; damage to FedExFreight’s or FedExCorporation’s reputation or loss of brand equity; the intense competition within FedEx Freight’s industry; FedEx Freight’s ability to maintain good relationships with its employees and avoid attempts by labor organizations to organize groups of its employees; any effects on FedEx Freight’s businesses resulting from evolving or new U.S. domestic or international government regulations, laws, policies, and actions; any liability resulting from and the costs of defending against litigation and governmental proceedings; the sufficiency of insurance coverage FedEx Freight purchases; the effect of technology developments (including AI and machine learning) on FedExFreight’s operations and on demand for its services, and FedEx Freight’s ability to identify and eliminate unnecessary information technology redundancy and complexity throughout the organization, including exiting the transition service agreements with FedEx Corporation in the expected timeframe and at the expected cost; disruptions in global supply chains; constraints, volatility, or disruption in the global capital and credit markets; FedExFreight’s ability to maintain its current credit ratings and senior unsecured debt credit ratings, and its ability to meet credit agreement financial covenants; and other factors which can be found in FedExFreight’s press releases and filings with the Securities and Exchange Commission, including FedEx Freight's Annual Report on Form 10-K that was filed with the SEC on August 5, 2026 and subsequent quarterly reports on Form 10-Q. Any forward-looking statement speaks only as of the date on which it is made. Neither FedEx Freight nor anyone else undertakes or assumes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. See“GAAP to non-GAAPreconciliations” below for additional information on non-GAAP financial measures and reconciliations of non-GAAP financial measures to GAAP financial measures. The financial targets and outlook provided herein and discussed during this presentation assume the company's current economic outlook and fuel price expectations, and no additional economic, geopolitical, or international trade-related developments. FedEx Freight's earnings per share and effective tax rate forecasts are based on current law and related regulations and guidance. Guidance discussed during this presentation was effective as of October 29, 2026. Nothing discussed during this presentation should be considered as confirming or disaffirming such guidance. Forward-looking statements and non-GAAP financial measures
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3 June + Q3 TY 2026 highlights See "GAAP to non-GAAP reconciliations" for reconciliations of and additional information regarding non-GAAP financial measures. 1 Claims ratio defined as claims paid as a percentage of revenue. 2 2026 Mastio Survey. Team • 10 podium finishes at the transportation industry's leading driver and technician competitions • Two drivers selected for the Women In Trucking Image Team • Launched Employee Stock Purchase Plan; ~14,000 eligible participants enrolled Customer Profit • Delivered ~98% pick-up reliability and ~98% on-time service • Reduced claims ratio to 0.43%, reflecting improvements in customer experience1 • Improved in 17 of 28 Mastio survey attributes, reflecting Y oY progress2 • Reported $3.3B revenue and $2.15 adjusted diluted earnings per share • Delivered $510M adjusted operating income and 15.5% adjusted operating margin • Generated $239M of free cash flow and repaid $100M of debt ahead of schedule Four months ended September 30, 2026
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4 THE FUTURE OPTIMIZING THE NETWORK • Claims ratio and filing frequency each improved by +20bps since 20221 • Achieved ~98% pick-up reliability and ~98% on-time service through September 2026 • Achieved >3% YoY improvement in cube utilization LEADING COMMERCIAL OFFERING • Improved monthly net revenue churn Y oY , reflecting customer-focused mindset • Positioning for greater penetration in high-value verticals outlined at Investor Day • Delivered YoY improvements in key Mastio attributes, including overall NPS improvement2 FINANCIAL VALUE CREATION • Generated $239M in free cash flow, underscoring strength of operating model • Reduced debt by $100M, making progress toward achieving gross leverage ratio of ~2.5x • Converting three key service centers from lease to own ADVANCING TECH CAPABILITIES • Delivered ~200bps YoY improvement in first- time invoice accuracy3 • Significantly improved first-call resolution to 92% • Entered into strategic alliance to enhance AI and productivity efficiencies Unlocking FedEx Freight’s value Led by safety, driven by market-leading scale, published transit times, and service 1 Filing frequency defined as claims filed as a percentage of total shipments and claims ratio defined as claims paid as a percentage of revenue. 2 2026 Mastio Survey. 3 Reported for the three months ended May 31, 2026 to ensure completeness and year-over-year comparability. Unless otherwise noted, all results and metrics reflect the four months ended September 30, 2026. See "GAAP to non-GAAP reconciliations" for reconciliations of and additional information regarding non-GAAP financial measures.
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5 Meaningful momentum during the transition period • Volume and base yield trends continue to show signs of stabilization, supported by focus on commercial priorities • Yield metrics also benefited from higher fuel surcharge revenue • Building momentum into 2027 through progress on technology and commercial initiatives Commentary Supported by deep commitment to operational excellence AVERAGE DAILY SHIPMENTS 89k -1.4% YoY 89k -0.7% YoY REVENUE PER SHIPMENT ($ incl. fuel / $ excl. fuel) $413.00 / $318.23 +10.1% YoY / +1.6% YoY $412.05 / $316.78 +9.5% YoY / +1.1% YoY REVENUE PER HUNDREDWEIGHT ($ incl. fuel / $ excl. fuel) $44.03 / $33.93 +8.6% YoY / +0.3% YoY $44.20 / $33.98 +8.8% YoY / +0.4% YoY WEIGHT PER SHIPMENT 938 lbs +1.3% YoY 932 lbs +0.6% YoY TY2026 operational results Three months ended Sept. 30Four months ended Sept. 30 See "GAAP to non-GAAP reconciliations" for reconciliations of and additional information regarding non-GAAP financial measures.
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-2% 0% 2% 4% 6% 8% Q1 CY24 Q2 CY24 Q3 CY24 Q4 CY24 Q1 CY25 Q2 CY25 Q3 CY25 Q4 CY25 Q1 CY26 Q2 CY26 Q3 CY26 Revenue per shipment (excl. fuel) Revenue per hundredweight (excl. fuel) Stabilizing year-over-year volume and yield performance 6 Average daily shipments 2026 YoY performance Yield (excluding fuel) 2024 – 2026 YoY performance -7.6% -5.1% -6.3% -5.9% -5.2% -3.4% -2.2% -0.7% 0.9% Jan Feb Mar Apr May Jun Jul Aug Sep Strong pricing renewals position FedEx Freight for future yield improvement See "GAAP to non-GAAP reconciliations" for reconciliations of and additional information regarding non-GAAP financial measures.
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Improving service for our customers 7 Claims filing frequency and claims expense ratios at record lows 0.0% 0.4% 0.8% 1.2% 1.6% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Claims Ratio Claims Filing Frequency Customer claims filing frequency and claims ratio Claims filed as % of total shipments and claims paid as % of revenue 0.27% 0.43% ON-TIME SERVICE1 ~98% Reinforcing the strength of our network and the runway to drive continued improvement CLAIMS IMPROVEMENT +20bps Claims ratio and filing frequency improvement since 2022 PICK-UP RELIABILITY1 ~98% Reflecting disciplined operations and a dependable customer experience (through Sept.) 1 Results represent the four months ended September 30, 2026.
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June + Q3 TY25 June + Q3 TY26 Adj. operating income June + Q3 TY25 June + Q3 TY26 Revenue +9% Maintaining commitment to profitability Strong financial performance during the four months ended September 30, 2026 $3.0B $3.3B • Reflects 10.1% YoY growth in revenue per shipment • Driven by higher fuel, one additional business day, and modest improvements in weight and base yield • Solid net fall-through from higher fuel prices • Continued investment in technology and standalone organization $438M 14.6% Margin 8 $510M 15.5% Margin See "GAAP to non-GAAP reconciliations" for reconciliations of and additional information regarding non-GAAP financial measures. +16% $2.4B Q3 CY26 $839M June CY26 $358M Q3 CY26 $152M June CY26 $320M Q3 CY25 $118M June CY25 $2.3B Q3 CY25 $745M June CY25
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9 REVENUE ($M) $5,580 to $5,650 ADJ. OPERATING INCOME ($M) $695 to $715 EFFECTIVE TAX RATE ~27% ADJUSTED EPS ($/share) $2.80 to $2.90 • Results through the first four months support an adjusted outlook above the seven -month guidance issued on June 25, 2026 • Adjusted operating income margin between 12.5% and 12.7% • Interest expense of ~$130M • ~150M diluted shares outstanding 1 Additional assumptions Outlook for TY2026E Seven months ending December 31, 2026 1Includes 30M shares initially retained by FedEx Corporation. See "GAAP to non-GAAP reconciliations" for reconciliations of and additional information regarding non-GAAP financial measures. ETR and adjusted EPS presented prior to mark-to-market retirement plan accounting adjustments, which are impracticable to calculate at this time.
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10 REVENUE ($M) $2,300 to $2,370 ADJ. OPERATING INCOME ($M) $185 to $205 EFFECTIVE TAX RATE ~27% ADJUSTED EPS ($/share) $0.65 to $0.75 • Raising expectations from outlook issued on June 25, 2026 • Incorporating higher fuel expectations and early benefits from stabilizing volume and base yield • Adjusted operating income margin between 8.0% and 8.6% • Interest expense of ~$55M • ~150M diluted shares outstanding 1 Additional assumptions Outlook for Q4 TY2026E Three months ending December 31, 2026 1Includes 30M shares initially retained by FedEx Corporation. See "GAAP to non-GAAP reconciliations" for reconciliations of and additional information regarding non-GAAP financial measures. ETR and adjusted EPS presented prior to mark-to-market retirement plan accounting adjustments, which are impracticable to calculate at this time.
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11 Illustrative adjusted operating margin bridges for TY26E Positioned to maintain solid margins through the transition period TY25 TY26ENet Yield Efficiency & Other Drivers Variable Compensation TSA Costs Net Volume 11.8% ~12.6% +370bps +5bps -200bps -85bps -10bps See "GAAP to non-GAAP reconciliations" for reconciliations of and additional information regarding non-GAAP financial measures. Q4 TY25 Q4 TY26E Net Yield Net Volume Variable Compensation TSA Costs Efficiency & Other Drivers 7.8% ~8.4% +425bps +25bps -270bps -85bps -40bps Outlook for Q4 TY26E Three months ending December 31, 2026 Outlook for TY26E Seven months ending December 31, 2026
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12 Balanced capital allocation framework Designed to grow ROIC and generate returns above cost of capital Reduce outstanding debt Gross leverage ratio expected to decrease to ~2.5x within 12 months of spin-off2 Maximize return of capital to shareholders Framework for solid dividends and repurchases to offset share dilution3 4 Evaluate accretive M&A Stringent M&A criteria, ensuring potential transactions drive shareholder value Invest in organic growth Maintaining capex at ~5% of revenue over the medium-term1 FREE CASH FLOW $239M Generated during the four months ended September 30, 2026 SIGNIFICANT LIQUIDITY $1.6B $388M in cash + $1,200M undrawn revolver on September 30, 2026 GROSS LEVERAGE RATIO 2.8x Total debt relative to trailing twelve-month adj. EBITDA as of September 30, 2026 See "GAAP to non-GAAP reconciliations" for reconciliations of and additional information regarding non-GAAP financial measures. CAPITAL DISCIPLINE 4.6% Capital expenditures as a percent of revenue in four months ended September 30, 2026
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13 WE HAVE WE ARE BUILDING WE ARE DELIVERING Structural advantage Industry-leading execution Value creation • Largest and fastest network • Best-in-class service reliability • World-class team • Improving operational efficiency • Leading commercial offering • Advanced technology capabilities • High-quality growth • Improving profitability • Balance sheet strength 1 Based on published transit times. 1 Converting strength into outcomes This is the new FedEx Freight
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14 Upcoming key dates JANUARY 2027: • Earnings Call for the three and seven months ending December 31, 2026 FEBRUARY 2027: • TY26 10-KT filed with financial statements for the transition period June 1 through December 31, 2026 APRIL 2027: • Earnings Call for the three months ending March 31, 2027 MAY 5, 2027: • First Annual Meeting of Stockholders (2027 Annual Meeting)
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GAAP to non-GAAP reconciliations 15
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Non-GAAP financial measures 16 FedEx Freight reports its results in accordance with accounting principles generally accepted in the United States (GAAP). FedEx Freight has supplemented these GAAP results and its outlook with certain non-GAAP (adjusted) financial measures, including adjusted operating income, adjusted operating margin, composite revenue per shipment excluding fuel surcharges, composite revenue per hundredweight excluding fuel surcharges, free cash flow, gross leverage ratio, effective tax rate (ETR), and adjusted earnings per share (EPS). These non-GAAP financial measures are intended to supplement, and should be read together with, FedEx Freight’s GAAP results. They should not be considered a substitute for, or superior to, reported financial results prepared in accordance with GAAP. Because non-GAAP financial measures are not standardized, they may not be comparable to similarly titled measures presented by other companies. As required by SEC rules, reconciliations of FedEx Freight’s non-GAAP financial measures to the most directly comparable GAAP measures are provided below. FedEx Freight's adjusted operating income, adjusted operating margin, and adjusted earnings per share are non-GAAP financial measures because they exclude the effects of costs related to the spin-off. FedEx Freight's revenue per shipment excluding fuel surcharges and revenue per hundredweight excluding fuel surcharges are non-GAAP financial measures because they exclude fuel surcharge revenue. Free Cash Flow and Gross Leverage Ratio While FedEx Freight views free cash flow as cash provided by operating activities less capital expenditures, free cash flow is not defined under GAAP. Therefore, FedEx Freight’s free cash flow generation 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 FedEx Freight’s free cash flow represents amounts available for discretionary expenditures. FedEx Freight calculates its gross leverage ratio as gross debt divided by the trailing twelve-month adjusted earnings before interest, taxes, depreciation, and amortization (“adjusted EBITDA”), which is not defined under GAAP. FedEx Freight excludes the effects of costs related to the spin-off in its calculation of adjusted EBITDA. Medium-Term Outlook FedEx Freight has provided a medium-term outlook for adjusted operating income and adjusted operating margin growth, free cash flow generation, and net income to free cash flow conversion; and its outlook for gross debt divided by the trailing twelve-month adjusted EBITDA as of May 31, 2027. FedEx Freight does not provide reconciliations of its medium-term adjusted operating income, adjusted operating margin, or free cash flow outlook or adjusted EBITDA for the trailing twelve months of May 31, 2027 to the most directly comparable GAAP measures because it is 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 the company’s control, and as such, any associated estimate and its impact on FedEx Freight’s GAAP financial measures could vary materially. Three and Seven Months Ending December 31, 2026 Forecasts FedEx Freight is unable to predict the amount of mark-to-market (MTM) retirement plan accounting adjustments for the three and seven months ending December 31, 2026, as such adjustments are significantly affected by changes in interest rates and financial market conditions. Accordingly, these adjustments are not included in FedEx Freight’s three and seven months ending December 31, 2026 earnings per share (EPS) and effective tax rate (ETR) forecasts, and a reconciliation of these forecasts to the most directly comparable GAAP measures is impracticable. It is reasonably possible that MTM retirement plan accounting adjustments could have a material effect on FedEx Freight’s three and seven months ending December 31, 2026 financial results and ETR. The tables below outline the estimated effects of the items excluded from FedEx Freight’s EPS forecasts, other than MTM retirement plan accounting adjustments.
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Reconciliations of GAAP to non-GAAP financial metrics 17 Three Months Ended September 30, 2026 and 2025 Operating Income and Margin Three Months Ended Three Months Ended September 30, 2026 September 30, 2025 Dollars in millions Operating income Operating margin Operating income Operating margin GAAP measure $ 253 10.4 % $ 290 12.8 % Spin-off costs 105 4.3 30 1.3 Non-GAAP measure $ 358 14.7 % $ 320 14.2 % Four Months Ended September 30, 2026 and 2025 Operating Income and Margin Four Months Ended Four Months Ended September 30, 2026 September 30, 2025 Dollars in millions Operating income Operating margin Operating income Operating margin GAAP measure $ 383 11.7 % $ 408 13.6 % Spin-off costs 127 3.9 30 1.0 Non-GAAP measure $ 510 15.5 % $ 438 14.6 % Note: tables may not sum to totals due to rounding
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Reconciliations of GAAP to non-GAAP financial metrics 18 One Month Ended June 30, 2026 Operating Income and Margin One Month Ended June 30, 2026 Dollars in millions Operating income Operating margin GAAP measure $ 130 15.5 % Spin-off costs 22 2.6 Non-GAAP measure $ 152 18.1 % Four Months Ended September 30, 2026 Diluted Earnings Per Share Operating Income Taxes1 Net Income2 Diluted Earnings Per ShareDollars in millions, except EPS Income Margin GAAP measure $ 383 11.7 % $ 88 $ 230 $ 1.54 Spin-off costs 127 3.9 35 92 0.62 Non-GAAP measure $ 510 15.5 % $ 123 $ 322 $ 2.15 1.Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction. 2.Effect of “total other (expense) income” on net income amount not shown. Note: tables may not sum to totals due to rounding
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Reconciliations of GAAP to non-GAAP financial metrics 19 Trailing 12-Month EBITDA Reconciliation Trailing 12 Months Ended Dollars in millions September 30, 2026 Cash provided by operating activities (GAAP measure) $ (513) Cash paid for interest 129 Cash paid for taxes 83 Cash paid for separation and other costs 473 Changes in working capital 1,726 Other noncash items including leases and deferred income taxes (297) Adjusted EBITDA (non-GAAP measure) $ 1,600
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20 Three Months Ended for Calendar Years 2024, 2025, 2026 Revenue per Shipment Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Composite revenue per shipment (GAAP) $ 380.57 $ 375.35 $ 375.77 $ 372.07 $ 372.03 $ 372.07 $ 376.23 $ 378.19 $ 386.44 $ 420.47 $ 412.05 Fuel 66.13 63.32 60.63 58.46 58.84 57.63 62.88 62.47 69.67 97.73 95.27 Composite revenue per shipment excluding fuel surcharges (non - GAAP) $ 314.44 $ 312.03 $ 315.14 $ 313.61 $ 313.19 $ 314.44 $ 313.35 $ 315.72 $ 316.77 $ 322.74 $ 316.78 Three Months Ended for Calendar Years 2024, 2025, 2026 Revenue per Hundredweight Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Composite revenue per hundredweight (GAAP) $ 40.31 $ 40.10 $ 40.83 $ 40.74 $ 40.38 $ 40.45 $ 40.64 $ 41.06 $ 41.29 $ 44.26 $ 44.20 Fuel 7.00 6.76 6.59 6.40 6.39 6.27 6.80 6.78 7.45 10.29 10.22 Composite revenue per hundredweight excluding fuel surcharges (non-GAAP) $ 33.31 $ 33.34 $ 34.24 $ 34.34 $ 33.99 $ 34.18 $ 33.84 $ 34.28 $ 33.84 $ 33.97 $ 33.98 Reconciliations of GAAP to non-GAAP financial metrics
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Reconciliations of GAAP to non-GAAP financial metrics 21 Four Months Ended September 30, 2026 and 2025 Revenue per Shipment Four Months Ended September 30, 2026 September 30, 2025 Composite revenue per shipment (GAAP) $ 413.00 $ 375.13 Fuel 94.77 61.95 Composite revenue per shipment excluding fuel surcharges (non-GAAP) $ 318.23 $ 313.18 Four Months Ended September 30, 2026 and 2025 Revenue per Hundredweight Four Months Ended September 30, 2026 September 30, 2025 Composite revenue per hundredweight (GAAP) $ 44.03 $ 40.53 Fuel 10.10 6.70 Composite revenue per hundredweight excluding fuel surcharges (non-GAAP) $ 33.93 $ 33.83
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Reconciliations of GAAP to non-GAAP financial metrics Three Months Ending December 31, 2026 Outlook and Three Months Ended December 31, 2025 Operating Income and Margin Three Months Ending Three Months Ended December 31, 2026 December 31, 2025 Dollars in millions Operating Income Operating Margin Operating Income Operating Margin GAAP measure $ 80 to 100 3.5% to 4.2% $ (14) (0.7)% Spin-off costs 105 4.6% to 4.4% 176 8.5 % Non-GAAP measure $ 185 to 205 8.0% to 8.6% $ 162 7.8 % Note: tables may not sum to totals due to rounding Seven Months Ending December 31, 2026 Outlook and Seven Months Ended December 31, 2025 Operating Income and Margin Seven Months Ending Seven Months Ended December 31, 2026 December 31, 2025 Dollars in millions Operating Income Operating Margin Operating Income Operating Margin GAAP measure $ 465 to 485 8.3% to 8.6% $ 394 7.8 % Spin-off costs 230 4.1% 206 4.1 % Non-GAAP measure $ 695 to 715 12.5% to 12.7% $ 600 11.8 % 23
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Reconciliations of GAAP to non-GAAP financial metrics 24 Four Months Ended September 30, 2026 and 2025 Free Cash Flow Four Months Ended Dollars in millions September 30, 2026 September 30, 2025 Cash provided by operating activities (GAAP) $ 390 $ 1,085 Capital expenditures (151) (55) Free cash flow (non-GAAP) $ 239 $ 1,030 Note: tables may not sum to totals due to rounding
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Reconciliations of GAAP to non-GAAP financial metrics Three Months Ending December 31, 2026 Outlook Dollars in millions, except EPS Adjustments Diluted Earnings Per Share Diluted earnings per share before MTM retirement plans accounting adjustments (non-GAAP)1 $ 0.15 to 0.25 Spin-off costs $ 105 Income tax effect (29) Net of tax effect $ 76 0.50 Diluted earnings per share with adjustments (non-GAAP)1 $ 0.65 to 0.75 Seven Months Ending December 31, 2026 Outlook Dollars in millions, except EPS Adjustments Diluted Earnings Per Share Diluted earnings per share before MTM retirement plans accounting adjustments (non-GAAP)1 $ 1.69 to 1.79 Spin-off costs $ 230 Income tax effect (63) Net of tax effect $ 167 1.1 1 Diluted earnings per share with adjustments (non-GAAP)1 $ 2.80 to 2.90 1. MTM retirement plan accounting adjustments, which are impracticable to calculate at this time, are excluded. Note: tables may not sum to totals due to rounding 25