Delivered 6% Earnings Growth and Operating Ratio of 61.4%, an improvement of 170 basis points

• Repurchased close to 8 million shares in the quarter for approximately C$1 billion.
• Improving productivity, including an additional C$75 million in labor cost reductions.
• Guiding to 2026 capital expenditures of C$2.8 billion*. ⁽²⁾

MONTREAL, Oct. 31, 2025 – Business NEWS – CN (TSX: CNR) (NYSE: CNI) today reported its financial and operating results for the third quarter ended September 30, 2025.

“I want to thank the entire CN team for delivering a strong quarter that combined solid performance with excellent customer service. Our seasoned team of railroaders continues to run a safe, on time, and efficient operation focused on service, and capturing every freight movement opportunity across our unique network and diversified portfolio.”

“We are taking decisive actions to navigate a challenging macro environment including doubling down on productivity efforts, setting our 2026 capital spend at C$2.8 billion*, down nearly C$600 million from this year’s levels, driving increased free cash flow on a go-forward basis. We are positioning this business to benefit from higher future volumes and ensuring everything we do enhances our customers and shareholders long term value.” ⁽²⁾
                –  Tracy Robinson, President and Chief Executive Officer, CN

Highlights **

• Maintaining guidance for 2025 of mid-to-high single digit adjusted diluted earnings per share (EPS) growth. ⁽¹⁾⁽²⁾
• Revenues of C$4,165 million, an increase of C$55 million, or 1%.
• Operating income of C$1,606 million, an increase of $91 million, or 6%.
• Operating ratio, defined as operating expenses as a percentage of revenues, of 61.4%, an improvement of 170 basis points.
• Net income of C$1,139 million, an increase of C$54 million, or 5%.
• Diluted EPS of C$1.83, an increase of 6%.
• Adjusted EBITDA reported for the twelve months ended September 30, 2025 of C$8,612, an increase of 1%. ⁽¹⁾
• Free cash flow for the first nine months of 2025 was C$2,341 million, an increase of C$281 million, or 14%, from the prior period in 2024.‌ ‌⁽¹⁾
• Net cash provided by operating activities of C$4,822 million, an increase of C$118 million, or 3%, and net cash used in investing activities of C$2,481 million, a decrease of C$163 million, or 6%, for the first nine months of 2025 compared to the prior period in 2024.
• Adjusted debt-to-adjusted EBITDA of 2.54 times as at and for the twelve months ended September 30, 2025. ⁽¹⁾
• The Company repurchased close to 8 million shares in the third quarter for approximately C$1 billion.

Operating performance ***

• Gross ton miles (GTMs) increased 1% to 111,901 (millions).
• Revenue ton miles (RTMs) increased 1% to 57,188 (millions).
• Through dwell decreased by 1% to 7.0 (entire railroad, hours).
• Car velocity increased by 1% to 211 (car miles per day).
• Through network train speed increased by 2% to 19.5 (mph).
• Fuel efficiency of 0.833 (US gallons of locomotive fuel consumed per 1,000 gross ton miles (GTMs)), was 2% more efficient.
• Train length increased by 3% to 8,049 (feet).
• GTMs per average number of employees increased 6% to 4,585 (thousands).
• Operating expenses per GTM decreased 3% to 2.29 (cents).

^{* Net of customer reimbursements.
** For the quarter unless otherwise specified.
*** Statistical operating data and key operating measures are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available.}

Dividends
CN’s Board of Directors has approved a fourth-quarter 2025 dividend on the Company’s common shares outstanding. A quarterly dividend of eighty-eight and three-quarter cents (C$0.8875) per common share will be paid on December 30, 2025, to shareholders of record at the close of business on December 9, 2025.

2025 guidance ⁽¹⁾⁽²⁾
CN continues to expect to deliver adjusted diluted EPS growth in the mid to high single-digit range and continues to invest approximately C$3.35 billion in its capital program, net of amounts reimbursed by customers.

CONFERENCE CALL DETAILS
CN’s senior officers will review the results and the railway’s outlook in a conference call starting at 8:30 a.m. Eastern Time on October 31. Tracy Robinson, CN President and Chief Executive Officer, will lead the call. Parties wishing to participate via telephone may dial 1-800-715-9871 (Canada/U.S.), or 1-647-932-3411 (International), using 4715336 as the passcode. Participants are advised to dial in 10 minutes prior to the call.

^{(1) Non-GAAP Measures
CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). CN may also use non-GAAP measures in this news release that do not have any standardized meaning prescribed by GAAP. These non-GAAP measures may not be comparable to similar measures presented by other companies. For further details of these non-GAAP measures, including a reconciliation to the most directly comparable GAAP financial measures, refer to the attached supplementary schedule, Non-GAAP Measures.}

^{CN’s outlook, guidance, or targets (2) exclude certain adjustments, which are expected to be comparable to adjustments made in prior years. However, management cannot individually quantify on a forward-looking basis the impact of these adjustments, which could be significant, are difficult to predict and may be highly variable. As a result, CN does not provide a corresponding GAAP measure for, or reconciliation to, its outlook, guidance or targets.}

^{(2) Forward-Looking Statements
Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to CN. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.}

^{2025 key assumptions
CN has made a number of economic and market assumptions in preparing its 2025 outlook. The Company continues to assume slightly positive growth in North American industrial production in 2025. For the 2024/2025 crop year, the grain crop in Canada was in line with its five-year average and the U.S. grain crop was above its five-year average. The Company now assumes that the 2025/2026 grain crop in Canada will be above its five-year average (compared to its January 30, 2025 assumption that the 2025/2026 grain crop in Canada will be in line with its five-year average) and continues to assume that the U.S. grain crop will be above its five-year average. CN continues to assume RTM growth will be in the low single-digit range. CN also continues to assume that in 2025, the value of the Canadian dollar in U.S. currency will be in the range of $0.70 to $0.75 and continues to assume that in 2025 the average price of crude oil (West Texas Intermediate) will be in the range of US$60 – US$70 per barrel. The Company notes there is a heightened demand risk as a result of the volatile macroeconomic conditions and global trade tensions.}

^{Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, general economic and business conditions, including factors impacting global supply chains such as pandemics and geopolitical conflicts and tensions; trade restrictions, trade barriers, or the imposition of tariffs or other changes to international trade arrangements; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings and other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; the availability of and cost competitiveness of renewable fuels and the development of new locomotive propulsion technology; reputational risks; supplier concentration; pension funding requirements and volatility; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis (MD&A) in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN.}

^{The achievement of CN’s climate goals is subject to several risks and uncertainties, including those disclosed in the MD&A in CN’s annual and interim reports. There can be no certainty that the Company will achieve any or all of these goals within the stated timeframe, or that achieving any of these goals will meet all of the expectations of its stakeholders or applicable legal requirements.}

^{Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Information contained on, or accessible through, our website is not incorporated by reference into this news release.}

This earnings news release, as well as additional information, including the Financial Statements, Notes thereto and MD&A, is contained in CN’s Quarterly Review available on the Company’s website at www.cn.ca/financial-results and on SEDAR+ at www.sedarplus.ca as well as on the U.S. Securities and Exchange Commission’s website at www.sec.gov through EDGAR.

About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.