Canadian National Railway Company (CNR:CA) Presents at 25th Annual CIBC Eastern Institutional Investor Conference Transcript

Canadian National Railway Company ( CNR:CA ) 25th Annual CIBC Eastern Institutional Investor Conference September 24, 2026 8:00 AM EDT Company Participants Ghislain Houle - Executive VP & CFO Conference Call Participants Kevin Chiang - CIBC Capital Markets, Research Division Presentation Kevin Chiang CIBC Capital Markets, Research Division First session here. Thank you very much, everyone, for joining us at our Eastern Conference. It's my pleasure to introduce Ghislain Houle from CN Rail, I think, a man that doesn't need any introduction here. We have Nicolas Schmidt from CN, Senior Manager of IR, in the audience as well. I've got a bunch of questions here. It will be a fireside chat. But if anyone has any questions in the audience, please raise your hand and I'll call you out. So Ghislain, thank you for joining us here in Montreal. Ghislain Houle Executive VP & CFO Thank you, Kevin. [Foreign Language] Thanks for you guys to be here today. It's a pleasure to be here, Kevin. And thanks to the people on the webcast listening and taking interest in our great company called Canadian National Railway. If you agree, Kevin, I'll make a few -- and even if you don't, I'll make a few introductory remarks, and then we can go through that. So listen, let's start talking about our volumes. I think -- our volumes, we're very pleased with where our volumes are either quarter-to-date or year-to-date. I mean, as you know, our volumes, and we talk volumes in terms of revenue ton-miles because that's a better proxy versus carloads. Our volumes are up 4.5% quarter-to-date, and they're up 4% year-to-date. And this is a lot on the back of Canadian grain. As you know, we have -- and we're benefiting from a bumper crop in Canada this year, which is good because that allows us to move grain well into the third quarter, which