GXO Logistics, Inc. (GXO) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

GXO Logistics, Inc. ( GXO ) Morgan Stanley's 14th Annual Laguna Conference September 16, 2026 6:20 PM EDT Company Participants Mark Suchinski - Chief Financial Officer Kristine Kubacki - Chief Strategy Officer Conference Call Participants Ravi Shanker - Morgan Stanley, Research Division Presentation Ravi Shanker Morgan Stanley, Research Division Great. Next up, we have long-time friends of Laguna, GXO, and very happy to welcome CFO, Mark Suchinski, and Chief Strategy Officer, Kristine Kubacki. Thank you so much for being here. Mark Suchinski Chief Financial Officer Thank you. Question-and-Answer Session Ravi Shanker Morgan Stanley, Research Division So it's been an interesting 12 months for everybody, especially for you guys, kind of lots going on. Obviously, with macro kind of idiosyncratically with you guys as well. Maybe you can start by just giving us an update on business trends and kind of how they have trended versus your expectations kind of especially since the last time you spoke with us in 2Q call? Mark Suchinski Chief Financial Officer Yes. Thanks. Things really haven't, I think, materially changed since our since our last earnings call. We started the year with the assumptions that volumes would be flat. As we've progressed throughout the year, at least through the first half of the year, what we've seen is maybe B2B a bit stronger than we had anticipated. B2C maybe a little bit softer than we had anticipated. But overall, I would say, when you think about the breadth of our customers, 30% of our customers are blue-chip Fortune 100, we've got a very diversified customer base. And we have a lot of our customers in certain sectors that are growing very strongly, like aerospace and defense, like data centers. So there's a little bit of a natural hedge as it relates to how diversified our business is and how global we are.