Canadian Pacific Kansas City Limited (CP:CA) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

Canadian Pacific Kansas City Limited ( CP:CA ) Morgan Stanley's 14th Annual Laguna Conference September 17, 2026 2:30 PM EDT Company Participants Keith Creel - CEO, President & Director Chris de Bruyn - Vice President Capital Markets & Treasurer Conference Call Participants Ravi Shanker - Morgan Stanley, Research Division Presentation Ravi Shanker Morgan Stanley, Research Division Let's round out the transportation track at the 14th Annual Laguna Conference by welcoming back on stage CPKC with President and CEO, Keith Creel; and Vice President of Capital Markets, Tax and Treasury, Chris de Bruyn. Gentlemen, thank you so much for coming back to Laguna. Keith Creel CEO, President & Director Always a pleasure. Question-and-Answer Session Ravi Shanker Morgan Stanley, Research Division Keith, so much going on from the cycle to M&A, to regulations and kind of obviously, your plate remains pretty full. Wherever you want to start off, again, just give us a sense of where you're spending your time today, kind of what you're focused on and kind of where you think the top priorities are for the company? Keith Creel CEO, President & Director Okay. Thanks again for having us. It's always a pleasure to talk about our story. Kind of thinking about the year, the way it's playing out, a lot of things I could not have predicted. Obviously, there's no shortage of challenges, but the things that we could, we kind of put the pain at the beginning of the year. Guiding to mid-single-digit RTM growth, which will allow us to produce a low double-digit earnings CAGR. So in spite of all the challenges, as this thing has played out, I'm very pleased with where we are. We came out of the first half in the momentum, operating strength as well as commercial strength in the second half. RTMs were about 4% year-to-date. Quarter-to-date, we're knocking on 7%. So we continue to gain a little bit of momentum. Operationally, the railroad is running extremely, extremely