Canadian Pacific Kansas City Limited (CP) 2026 Q3 法說會逐字稿

Please stand by your meeting is about to begin.

請稍候，您的會議即將開始。

Good afternoon, everyone. My name is Bo, and I will be your conference operator today. At this time, I would like to welcome everyone to CPKC's third quarter 2026 conference call. The slides accompanying today's call are available at investor.cpkcr.com.

各位下午好。我叫 Bo，今天將擔任本次會議的接線員。此刻，我謹代表公司歡迎各位參加 CPKC 2026 年第三季電話會議。今日電話會議所搭配的簡報投影片可於 investor.cpkcr.com 取得。

(Operator Instructions) I would now like to introduce Mr. Chris de Bruyn, Vice President, Capital Markets, Tax and Treasurer. Please go ahead, sir.

(接線員指示) 現在我很榮幸介紹 Chris de Bruyn 先生，資本市場、稅務與財務長（Treasurer）副總裁。先生，請開始。

Thank you, Bo. Good afternoon, everyone, and thank you for joining us today. Before we begin, I want to remind you this presentation contains forward-looking information. Actual results may differ.

謝謝你，Bo。各位下午好，感謝各位今天加入我們。在開始之前，我想提醒各位，本簡報包含前瞻性資訊。實際結果可能有所不同。

The risks, uncertainties and other factors that could influence actual results are described on Slide 2 in the press release and in the MD&A filed with Canadian and US regulators. This presentation also contains non-GAAP measures outlined on Slide 3.

可能影響實際結果的風險、不確定性及其他因素，已於新聞稿第 2 頁投影片以及向加拿大與美國監管機關提交的 MD&A 中說明。本簡報亦包含於第 3 頁投影片所列示的非 GAAP 衡量指標。

With me here today is Keith Creel, our President and Chief Executive Officer; Nadeem Velani, our Executive Vice President and Chief Financial Officer; John Brooks, our Executive Vice President and Chief Marketing Officer; and Mark Redd, our Executive Vice President and Chief Operating Officer.

今天與我一同出席的有：我們的總裁兼執行長 Keith Creel；我們的執行副總裁兼財務長 Nadeem Velani；我們的執行副總裁兼行銷長 John Brooks；以及我們的執行副總裁兼營運長 Mark Redd。

The formal remarks will be followed by Q&A. In the interest of time, we would appreciate if you limit your questions to one.

正式發言後將進行問答。為節省時間，敬請各位將問題限制為一題。

It is now my pleasure to introduce our President and CEO, Mr. Keith Creel.

現在我很榮幸介紹我們的總裁兼執行長 Keith Creel 先生。

Thanks, Chris, and good afternoon, ladies and gentlemen. Thank you for joining us on the call today. First and foremost, I want to extend a heartfelt thank you to our 20,000 strong family of railroaders across the three countries that produced the results our team has the honor of discussing today.

謝謝，Chris，各位女士、先生下午好。感謝各位今天參加本次電話會議。首先也是最重要的，我要向我們橫跨三個國家、超過 20,000 名的鐵路同仁大家庭致上由衷的感謝；正是他們創造了今天我們團隊有幸與各位分享的成果。

We're extremely proud of what this team has delivered during this quarter, handling strong growth, running the railroad extremely well and continuing to create opportunities across this very unique network.

我們對這個團隊在本季的表現感到非常自豪：在因應強勁成長的同時，將鐵路營運得非常出色，並持續在這個極為獨特的網路上創造機會。

Looking at the quarter on the results side, we delivered third quarter revenues of $4.2 billion, volume growth of 6%, an operating ratio of 61.9% that generated 16% adjusted EPS growth.

就本季的成果而言，我們第三季營收達 42 億美元，運量成長 6%，營運比率為 61.9%，帶動調整後每股盈餘（EPS）成長 16%。

Against a pretty dynamic backdrop, I'm pleased with what the team has delivered. We handled 6% more volume while continuing to improve the performance of the railroad. And more importantly, there is so much more opportunity in front of us.

在相當多變的環境下，我對團隊所交出的成績感到滿意。我們在運量增加 6% 的同時，仍持續提升鐵路營運表現。更重要的是，前方還有更多機會等著我們。

On the car velocity, train velocity, fuel efficiency, terminal fluidity, all showed strong improvement year-over-year in operations. And this credit belongs to Mark, the senior team and the railroaders across our network executing our plan every day.

在車輛周轉速度、列車速度、燃油效率、場站流動性等方面，營運指標皆呈現顯著的年對年改善。這份成果要歸功於 Mark、資深團隊，以及我們網路上每天落實計畫的所有鐵路同仁。

Nick Walker, Greg Squires, Jason Ross, Brad Robertson, Baden Tidd, Tom Bourgonje continue to provide strong leadership. And I'll tell you, we're fortunate to have a deep experience and talented bench of operating leaders across this network.

Nick Walker、Greg Squires、Jason Ross、Brad Robertson、Baden Tidd、Tom Bourgonje 持續展現強而有力的領導。我必須說，我們很幸運在整個網路中擁有一支經驗深厚、才華洋溢的營運領導梯隊。

We've invested ahead of growth. We've got the people, the locomotives and the infrastructure along with our demand.

我們已在成長之前提前投資。我們具備人力、機車與基礎設施，並與需求同步到位。

We're prepared to grow, and we're becoming better railroaders each and every day. Operational excellence is a journey. It's not a destination. There's more opportunity to be mined. And rest assured, I'm confident this team will continue to find it.

我們已準備好成長，而且每天都在成為更好的鐵路人。卓越營運是一段旅程。它不是終點。還有更多機會有待發掘。請放心，我有信心這個團隊會持續把它找出來。

On the commercial side, John and his team continue to convert the reach and the opportunities this network creates in new markets, new products and profitable, sustainable growth during the quarter. We established all-time volume records in domestic intermodal, international intermodal and US grains.

在商務面，John 與他的團隊持續把這個網路所帶來的觸及範圍與機會，轉化為新市場、新產品，以及本季具獲利性且可持續的成長。我們在加拿大國內聯運、國際聯運以及美國穀物等業務創下歷史最高運量紀錄。

These outcomes reflect strong service, discipline in the market and the unique options this network creates for our customers.

這些成果反映出強勁的服務水準、市場紀律，以及此網路為客戶創造的獨特選項。

We also announced a meaningful expansion of our relationship with Elk Valley Resources to move their product from the mines that we serve in Southeastern British Columbia to Vancouver for global export.

我們也宣布與 Elk Valley Resources 的合作關係將大幅擴展，將其產品自我們服務的卑詩省東南部礦區運往溫哥華，以供全球出口。

This expanded agreement reduces complexity, strengthens end-to-end supply chain and positions CPKC and EVR to grow together for years to come.

這項擴大後的協議降低了複雜度、強化端到端供應鏈，並使 CPKC 與 EVR 得以在未來多年共同成長。

Our Canada-Mexico land bridge is another powerful proof point, which continues to generate value in the face of uncertainty. When we brought these two railroads together just over three years ago, this traffic was about $100 million in annual revenue. We expect to exit this year north of $600 million.

我們的加拿大—墨西哥陸橋是另一個有力的佐證，即使面對不確定性仍持續創造價值。在我們於三年多前將兩家鐵路合併時，這項運輸業務的年營收約為 1 億美元。我們預期今年年底的年化水準將超過 6 億美元。

And this is not growth we inherited. It's growth that we created, taking a challenge and turning that challenge into an opportunity, creating new markets enabled by this unique North American network.

而這並非我們承接而來的成長。這是我們創造的成長：把挑戰轉化為機會，透過這個獨特的北美網路開創新市場。

And importantly, we delivered 6% volume growth despite headwinds across certain markets during the quarter. That tells you something about the quality and the diversity of our growth opportunities as we remain well on track for another year of mid-single-digit volume growth.

更重要的是，儘管本季部分市場面臨逆風，我們仍實現 6% 的運量成長。這說明了我們成長機會的品質與多元性；我們仍穩健朝向再一年中個位數（mid-single-digit）的運量成長目標前進。

It also speaks to the alignment between our operating and commercial teams. The operating team delivers the service, the commercial team takes the service to the marketplace and creates opportunities. They've been doing it consistently since we brought these two networks together over 3.5 years ago.

這也反映出我們營運與商務團隊之間的高度一致。營運團隊提供服務，商務團隊把服務帶到市場並創造機會。自我們在 3.5 年前將兩個網路整合以來，他們一直持續穩定地做到這一點。

So the bottom line, when you combine industry-leading operations, a unique network built for growth and a hungry, disciplined commercial team, you create a very compelling outcome.

因此，結論是：當你結合業界領先的營運、一個為成長而打造的獨特網路，以及一支積極進取且自律的商務團隊，就能創造非常具吸引力的成果。

So let me leave you with this. The larger message has not changed. We have a railroad that's running extremely well, a differentiated network, a deep pipeline of growth opportunities that are in front of us.

最後我想留給各位這段話。更大的訊息並未改變。我們擁有一條運行得非常出色的鐵路、一個差異化的網路，以及一條深厚的成長機會管線就在眼前。

I'm proud of what the team has delivered in this quarter, but rest assured, we are not satisfied. We know there's more work to do and more importantly, opportunity to capture.

我為團隊本季的表現感到自豪，但請放心，我們並不滿足。我們知道還有更多工作要做，更重要的是，還有更多機會需要把握。

The team will remain focused on execution, taking care of our customers, converting these opportunities into profitable, sustainable growth.

團隊將持續專注於執行、照顧我們的客戶，並把這些機會轉化為具獲利性且可持續的成長。

And with that, I'll turn it over to Mark to walk through the operations, John to give you some color on the markets and Nadeem will close it up before our questions, elaborating on those numbers.

接下來我會把時間交給 Mark 介紹營運狀況，John 會就市場提供一些補充說明，而 Nadeem 會在問答前做總結，並進一步說明這些數字。

So over to you, Mark.

那麼交給你了，Mark。

So thank you, Keith, and good afternoon. I want to begin by thanking our railroaders for another strong quarter of execution.

謝謝你，Keith，各位下午好。我想先感謝我們的鐵路同仁，本季再次展現強勁的執行力。

Our network is running very well, delivering reliable service to our customers while supporting continued growth across the business. We saw strong improvement across several of our operating metrics.

我們的網路運行得非常順暢，在支持業務持續成長的同時，也為客戶提供可靠的服務。我們在多項營運指標上看到顯著改善。

Train speed improved 8%, dwell improved 7%, car miles per car day increased 10%, locomotive productivity up 4%, fuel efficiency improved 3%.

列車速度提升 8%，停留時間（dwell）改善 7%，每車每日車里程增加 10%，機車生產力提升 4%，燃油效率改善 3%。

These results demonstrate the strength of our PSR operating model. In review of the safety results, our personal injury frequency was 1.12, which is 20% higher than last year.

這些結果展現了我們 PSR 營運模式的實力。在安全成果方面回顧，我們的人身傷害發生頻率為 1.12，較去年高出 20%。

Our train accidents improved 60% to 0.46. While we are pleased with the train accident result, the increase of the personal injuries does not meet our standard. Safety is a never-ending journey.

列車事故率改善 60% 至 0.46。雖然我們對列車事故的結果感到欣慰，但人身傷害的增加未達到我們的標準。安全是一段永無止境的旅程。

We will learn from every incident, reduce the fundamentals -- or reinforce the fundamentals, stay focused on what matters most, every railroader going home safe at each and every shift.

我們將從每一起事件中學習，強化基本功，持續聚焦最重要的事：每一位鐵路同仁在每一個班次都能平安回家。

Turning to labor. In the US, we reached agreements that bring employees from several separate agreements under our Mid-South agreement that simplifies how we operate, provides greater flexibility, helps us run a more consistent, reliable service for our customers.

接著談勞動力。在美國，我們達成協議，將原本分屬數個不同協議的員工納入我們的「中南部協議」（Mid-South agreement）之下，簡化我們的營運方式、提供更大的彈性，並協助我們為客戶提供更一致、更可靠的服務。

I'm also pleased to announce that we have two new collective agreements with BLET, SMART have been ratified on the DM&E and Soo Line properties. In Canada, CPKC and the IBEW agreed to binding arbitration, ending the strike involving approximately 300 signal and communications employees.

我也很高興宣布，我們與BLET、SMART簽訂的兩份新的集體協議，已在DM&E與Soo Line資產上獲得批准（ratified）。在加拿大，CPKC與IBEW同意接受具約束力的仲裁，結束了涉及約300名號誌與通訊員工的罷工。

Turning to capital. We continue to make disciplined investments in safety, growth and efficiency. We have received 170 of the Tier 4 locomotives from Wabtec. We're starting to -- beginning to receive 35 more from Progress Rail. In total, we expect to bring on 300 new locomotives through 2028.

接著談資本。我們持續以嚴謹的紀律投資於安全、成長與效率。我們已自Wabtec接收170台Tier 4機車。我們也開始——正開始從Progress Rail再接收另外35台。整體而言，我們預期在2028年前將新增300台新機車投入營運。

We're already seeing benefits in these investments. The newer locomotives have contributed to more than 35% reduction in our service interruptions on our 100 series trains in Canada, a 10% reduction in interruptions in our Western Canadian grain fleet while improving fuel efficiency on both services.

我們已經在這些投資上看到效益。較新的機車使我們在加拿大100系列列車的服務中斷降低超過35%，在西加拿大穀物車隊的中斷降低10%，同時提升兩項服務的燃油效率。

We are strengthening the tools of our service design team uses to plan and operate the railroad. We recently moved into the new planning platform that gives the team near real-time visibility into traffic and network conditions, along with a greater control of the data and the models used to build the operating plan. This in-house tool replaces a legacy third-party application.

我們正在強化服務設計團隊用來規劃與營運鐵路的工具。我們近期已移轉至新的規劃平台，讓團隊幾乎能即時掌握運量與路網狀況，同時對用於建立營運計畫的資料與模型有更高的掌控度。這套內部工具取代了既有的第三方舊系統應用程式。

That visibility allows us to evaluate operating scenarios faster, responding to changing traffic patterns sooner, refine the plan as conditions change. This is what disciplined PSR execution looks like, better information, quicker decisions and even more tighter alignment between the operating plan, our resources and customer demand.

這種可視性讓我們能更快評估各種營運情境、更早回應運量型態的變化，並在條件改變時精進計畫。這就是嚴謹執行PSR的樣貌：更好的資訊、更快的決策，以及營運計畫、我們的資源與客戶需求之間更緊密的對齊。

In closing, I'm proud of the way that the railroad has continued to execute across the network. This railroad is running well.

最後，我為鐵路在整個路網持續落實執行的方式感到自豪。這條鐵路運行得很好。

We're beginning -- we're building on that strong foundation with disciplined investments in our people, capacity, equipment and technology. Together with our PSR model, these investments are improving reliability, creating capacity, positioning us to safely handle John's and his team's growth. We're never satisfied.

我們正開始——在這個堅實基礎上，透過對人員、運能、設備與科技的紀律性投資持續加碼。結合我們的PSR模式，這些投資正在提升可靠性、創造運能，並讓我們能以安全方式承接John與其團隊的成長。我們永遠不會滿足於現狀。

And we keep control of what we can control, keep our foot on the gas and continue making this railroad better every day.

我們會把能掌控的事情掌控好，持續踩著油門，每一天都讓這條鐵路變得更好。

With that, I'll turn it to John.

接下來我把時間交給John。

All right. Thank you, Mark, and good afternoon. The CPKC team and this unique network produced another record quarter, driven by strong operating and commercial execution.

好的。謝謝你，Mark，大家午安。CPKC團隊與這個獨特的路網再度創下破紀錄的一季，主要由強勁的營運與商務執行所帶動。

We delivered record Q3 freight revenues and RTMs, up 15% and 6%, respectively. Cents per RTM increased 9%, reflecting sustained pricing strength and higher fuel surcharge revenue.

我們第三季貨運營收與RTM（收入噸英里）創下新高，分別年增15%與6%。每RTM收入（cents per RTM）增加9%，反映定價力道持續強勁以及燃油附加費收入較高。

Our capacity and reliable service support new business initiatives and share gains while disciplined pricing remains a core focus.

我們的運能與可靠服務支撐新的業務推動與市占提升，而紀律性的定價仍是核心重點。

Moving on to the next slide, I want to highlight the consistency of our industry-leading growth. We have delivered consistent RTM growth across our three-nation network with year-to-date Q3 volumes, ex-coal, up 17% since the merger.

接著到下一張投影片，我想強調我們在業界領先的成長一致性。在我們橫跨三國的路網中，我們持續交出一致的RTM成長；以第三季累計（year-to-date Q3）來看，扣除煤炭後的運量自合併以來成長17%。

That performance, despite a tough macro backdrop, is driven by disciplined commercial execution, self-help initiatives and strategic share gains.

即使在嚴峻的總體環境下，這樣的表現仍由紀律性的商務執行、自助（self-help）措施與策略性的市占提升所驅動。

And our strong service product network fluidity and available capacity provide the foundation for this growth. Now taking a closer look at our third quarter revenue performance, I'll speak to the FX adjusted results.

而我們強健的服務產品、路網流動性與可用運能，為這項成長奠定基礎。接著更仔細看第三季營收表現，我將說明經匯率（FX）調整後的結果。

Starting with bulk. Q3 was another record quarter for grain with record revenue, RTMs and carloads. Revenue increased 27% on 23% volume growth.

先從散裝（bulk）開始。第三季穀物再度創下破紀錄的一季，營收、RTM與車皮量（carloads）皆創新高。在運量成長23%的帶動下，營收增加27%。

Canadian grain volumes increased 35%, driven by a high carryout of stocks following the record harvest, growth into our Mexico market and strong Vancouver exports. US grain volumes increased 13%, driven by strong corn demand into Mexico and exports through the P&W.

加拿大穀物運量增加35%，主要受創紀錄收成後的高期末庫存（carryout of stocks）、墨西哥市場拓展，以及溫哥華出口強勁所帶動。美國穀物運量增加13%，主要由玉米輸往墨西哥的強勁需求，以及透過P&W的出口所驅動。

Now looking ahead, we expect continued grain volume growth through the end of the year and into early 2027, supported by healthy supply and demand fundamentals, combined with our diverse market reach.

展望未來，我們預期穀物運量成長將持續到年底並延伸至2027年初，受惠於健康的供需基本面，以及我們多元的市場觸及範圍。

We are also very encouraged by new crush production coming online in both Canada and the US, including our new contract with LDC at Yorkton. Potash revenues were up 8% on a 7% decline in volume, with performance reflecting the impact of Canpotex's Portland terminal maintenance during the quarter.

我們也對加拿大與美國兩地陸續上線的新壓榨（crush）產能感到非常振奮，其中包括我們與LDC在Yorkton簽訂的新合約。鉀肥（potash）營收在運量下滑7%的情況下仍成長8%，表現反映Canpotex波特蘭（Portland）碼頭於本季進行維護所帶來的影響。

Now looking ahead, export demand fundamentals remain healthy and Portland's maintenance is now completed. We expect a return to solid growth for the remainder of the year.

展望未來，出口需求的基本面仍然健康，而波特蘭的維護目前已完成。我們預期今年剩餘期間將回到穩健成長。

To round out bulk, coal revenue declined 1% on 11% reduction in volume. The decrease continued to reflect production-related challenges at the mines.

散裝的最後一項是煤炭：煤炭營收在運量減少11%的情況下下滑1%。下降仍主要反映礦場端與生產相關的挑戰。

However, as expected, this volume headwind is continuing to moderate. And more importantly, as Keith mentioned, I'm very excited about our new five year contract with EVR. This agreement establishes a strategic long-term partnership for CPKC and EVR, resetting to what good service looks like for our Canadian coal franchise.

不過，如同預期，這項運量逆風正在持續趨緩。更重要的是，如Keith所提到，我對我們與EVR簽訂的新五年合約感到非常興奮。這份協議為CPKC與EVR建立策略性的長期夥伴關係，並重新定義我們加拿大煤炭業務中「良好服務」應有的樣貌。

And moving on to merchandise. Energy, chemicals and plastics revenue increased 9% on flat RTMs. Higher energy prices have shifted some of our commodity flows into shorter haul domestic and export market, creating a headwind versus our expectations on the quarter.

接著談到一般貨物（merchandise）。能源、化學品與塑膠營收在RTM持平下成長9%。較高的能源價格使部分貨物流向轉為較短程的國內與出口市場運輸，對本季表現相較我們原先預期形成逆風。

As energy prices moderate over time, we expect those trade flows to normalize. At the same time, I can tell you this team remains laser-focused on controlling what we can control, and that's winning new business and pursuing self-help opportunities that only set us up well as we go to 2027.

隨著能源價格隨時間趨於溫和，我們預期這些貿易流向將回歸常態。同時，我可以告訴各位，這個團隊仍高度聚焦於掌控我們能掌控的事情——也就是贏得新業務並尋求自助機會，讓我們在邁向2027年時具備更好的條件。

Forest products revenue increased 9% on a 2% volume growth. We delivered solid and resilient growth in this space despite softness in housing and cross-border tariffs. Our focus on industrial development opportunities supports growth against the softer macro backdrop.

林產品營收在運量成長2%的情況下增加9%。儘管房市疲弱與跨境關稅帶來壓力，我們在此領域仍交出穩健且具韌性的成長。我們聚焦於工業開發機會，有助於在較疲弱的總體環境下支撐成長。

The metals, minerals and consumer products area, revenue increased 13% on 8% volume growth. We continue to deliver growth and record quarterly volumes in steel, aluminum and metals, supported by good demand from industrial production and construction activity.

金屬、礦物與消費品領域，營收在運量成長8%的帶動下增加13%。在工業生產與建築活動的良好需求支撐下，我們持續在鋼鐵、鋁與金屬品項交出成長並創下單季運量新高。

Moving to the automotive area. Revenue increased 5% on a 5% volume decline. While the quarter was significantly impacted by plant retooling and production holds, we remain confident in the long-term growth outlook for our automotive franchise. We have line of sight to return to volume growth for the fourth quarter and into 2027, supported by share opportunities and the conversion of short sea traffic to rail.

再看汽車業務。營收成長5%，但運量下滑5%。雖然本季受到工廠改裝（retooling）與停產（production holds）的顯著影響，我們仍對汽車業務的長期成長前景保持信心。我們已清楚看到第四季以及進入2027年後可回到運量成長的路徑，成長動能將由市占機會與短海運（short sea）貨量轉由鐵路承運所支撐。

Now closing with intermodal, revenue increased 21% on a 10% volume growth, an all-time record performance.

最後是聯運（intermodal）：營收在運量成長10%的帶動下增加21%，創下歷史新高的表現。

Domestic intermodal volumes increased 7% in the quarter. Growth was supported by strong performance across our Canadian domestic lanes, along with continued strength in our US lanes and Mexico cross-border service. Our SMX product with CSX continues to build momentum with volumes up 30% sequentially.

本季國內聯運運量成長7%。成長主要受加拿大國內各主要路線的強勁表現所支撐，同時美國路線與墨西哥跨境服務也持續強勁。我們與CSX合作的SMX產品持續累積動能，運量較前一季成長30%。

Our service reliability on both our MMX and SMX intermodal products position us well to continue to build trust with our customers and capitalize on favorable truck-to-rail conversion opportunities.

我們在MMX與SMX兩項聯運產品上的服務可靠性，使我們具備良好條件持續建立客戶信任，並把握卡車轉鐵路（truck-to-rail）轉換的有利機會。

In international intermodal, volumes increased 11%, driven by continued strength in shipments from the Port of Vancouver for Gemini and also CMA. Our capacity at both the port and inland terminals support reliable service and sustainable, profitable growth.

在國際聯運方面，運量成長11%，主要受惠於溫哥華港出貨持續強勁，涵蓋Gemini以及CMA。我們在港口與內陸場站的運能可支撐可靠服務，以及可持續、具獲利性的成長。

We are particularly excited about the recent federal funding announcement for the Port of Saint John, including significant investments in the port, water access, warehousing and rail efficiency.

我們對近期聯邦政府針對聖約翰港（Port of Saint John）的資金挹注公告感到特別振奮，其中包括對港口、水路通行、倉儲與鐵路效率的重大投資。

This nearly $500 million investment will unlock capacity to handle up to 1 million TEUs of capacity and support growth for this premier gateway for years to come.

這項近5億美元的投資將釋放可處理最高達100萬TEU的能力，並在未來多年支持這一頂級門戶的成長。

So to close, the growth we are delivering is differentiated and sustainable. It is supported by strong service, disciplined pricing and an expanding pipeline of self-help opportunities that are unlocked by this unique network.

最後總結，我們正在實現的成長具差異化且可持續。這得益於強勁的服務、嚴謹的定價紀律，以及由這一獨特網路所解鎖、持續擴大的自助式（self-help）機會管線。

We are well positioned for a strong finish to the year, and I remain confident in our ability to carry this momentum into 2027 and beyond.

我們已為今年強勁收官做好準備，我也仍然有信心能將這股動能延續至2027年及更長遠。

So with that, I'll pass it over to Nadeem.

那麼接下來我把時間交給Nadeem。

Okay. Great. Thanks, John, and good afternoon. I'm pleased with the solid results the team delivered this quarter. Strong volume growth, disciplined pricing and continued productivity gains drove 16% growth in core adjusted diluted EPS despite the margin pressure from higher fuel prices.

好的，很好。謝謝你，John，大家下午好。我對團隊本季交出的穩健成果感到滿意。強勁的運量成長、嚴謹的定價紀律以及持續的生產力提升，推動核心調整後稀釋每股盈餘（EPS）成長16%，儘管較高燃油價格帶來的利潤率壓力仍在。

Now turning to our third quarter on Slide 15. CPKC's reported operating ratio was 64.8%. Our core adjusted OR was 61.9%, up 120 basis points from last year.

接著看第15頁投影片的第三季表現。CPKC公布的營運比率為64.8%。我們的核心調整後營運比率為61.9%，較去年上升120個基點。

Diluted earnings per share was $1.04 and core adjusted diluted EPS was $1.28, up 16% versus last year. Taking a closer look at our expenses on Slide 16, I will speak to the year-over-year variances on an FX-adjusted basis.

稀釋每股盈餘為1.04美元，核心調整後稀釋EPS為1.28美元，較去年成長16%。在第16頁投影片更仔細看費用，我將以剔除匯率影響（FX-adjusted）的基礎說明年對年差異。

Core adjusted comp and benefits expense was $708 million. The year-over-year increase was driven by higher stock-based and incentive compensation, wage inflation and volume-related expense.

核心調整後薪酬與福利費用為7.08億美元。年對年增加主要由較高的股票基礎與激勵性薪酬、薪資通膨以及與運量相關的費用所帶動。

These increases were partially offset by strong productivity gains, including lower overtime and workforce efficiencies. Looking ahead, we now expect full year headcount to be down slightly.

上述增加部分被強勁的生產力提升所抵銷，包括較低的加班費與人力效率提升。展望未來，我們目前預期全年員工人數將略為下降。

This, combined with mid-single-digit volume growth continues to drive strong labor productivity and operating leverage.

這一點，加上中個位數的運量成長，持續推動強勁的勞動生產力與營運槓桿。

Fuel expense was up 56% year-over-year, driven by a 53% increase in average fuel price as well as higher volumes.

燃油費用年對年上升56%，主要由平均燃油價格上升53%以及運量增加所驅動。

The change in fuel price was a 190 basis points headwind to core adjusted OR in the quarter while providing a modest benefit to earnings. Our continued focus on fuel efficiency supported by our locomotive investments drove a 3% improvement in the quarter and generated $21 million in savings.

燃油價格變動在本季對核心調整後營運比率造成190個基點的不利影響，但對盈餘帶來小幅助益。我們持續聚焦燃油效率，在機車投資的支持下，本季效率提升3%，並帶來2,100萬美元的節省。

Materials expense was up 12% year-over-year, driven primarily by higher fuel prices on our non-locomotive fleet. Lower locomotive material costs partially offset the increase. Equipment rents were 9% lower versus prior year as improved network performance and cycle times more than offset the impact of increased volumes.

材料費用年對年上升12%，主要由非機車車隊的燃油價格上升所致。較低的機車材料成本部分抵銷了增幅。設備租賃費用較去年下降9%，因網路表現與周轉時間改善，足以抵銷運量增加的影響。

Depreciation and amortization expense was up 4%, driven by a larger asset base. Core adjusted PS&O expense was $568 million. The year-over-year increase reflected inflation, volume growth and other operating costs, partially offset by lower casualty costs and productivity gains, including lower crew and terminal costs.

折舊與攤銷費用上升4%，主要由資產基礎擴大所帶動。核心調整後PS&O費用為5.68億美元。年對年增加反映通膨、運量成長及其他營運成本，但部分被較低的傷亡/事故成本與生產力提升所抵銷，包括較低的乘務與場站成本。

Overall, I'm pleased with the operating leverage we delivered in the quarter. Volume growth, disciplined pricing and continued productivity improvements drove double-digit earnings growth despite higher fuel prices, creating pressure on the operating ratio.

整體而言，我對本季實現的營運槓桿感到滿意。運量成長、嚴謹的定價紀律與持續的生產力改善，推動盈餘雙位數成長；儘管燃油價格上升對營運比率造成壓力。

Moving below the line on Slide 17.

接著看第17頁投影片的線下項目（below the line）。

Net interest expense was $239 million or $235 million, excluding purchase accounting. The increase was driven primarily by interest on new debt, partially offset by debt repayments.

淨利息費用為2.39億美元；若排除購併會計（purchase accounting）影響則為2.35億美元。增加主要由新增債務的利息所致，部分被償還債務所抵銷。

Income tax expense was $448 million or $369 million adjusted for purchase accounting and significant items. We continue to expect a full year core adjusted effective tax rate of approximately 24.75%.

所得稅費用為4.48億美元；若就購併會計與重大項目調整後則為3.69億美元。我們仍預期全年核心調整後有效稅率約為24.75%。

Now turning to Slide 18 and cash flow. Our earnings growth continues to translate into strong cash generation. Year-to-date net cash provided by operating activities is up 12%, while adjusted free cash flow increased 59% to $2.4 billion.

接著看第18頁投影片與現金流。我們的盈餘成長持續轉化為強勁的現金創造能力。年初至今，營運活動提供的淨現金成長12%，而調整後自由現金流增加59%至24億美元。

Year-to-date capital expenditures were $2 billion, down 12% from last year, and we remain on track to deliver full year CapEx of approximately $2.65 billion, a 15% reduction versus last year.

年初至今資本支出為20億美元，較去年下降12%；我們仍按計畫達成全年約26.5億美元的資本支出目標，較去年減少15%。

Our targeted investments over the last several years in network capacity and locomotives are delivering tangible benefits as demonstrated by our operating productivity and fuel efficiency performance.

過去數年我們針對網路運能與機車的投資正在帶來具體效益，從我們的營運生產力與燃油效率表現即可看出。

Through the first 3 quarters of the year, our disciplined approach to capital management delivered over $4 billion of shareholder returns through share repurchases and dividends, reflecting a balanced and opportunistic allocation of capital.

今年前三季，我們嚴謹的資本管理方式透過庫藏股回購與股利，為股東帶來超過40億美元的回報，體現了均衡且具機會性的資本配置。

Stepping back, I'm pleased with the overall performance in the quarter. We delivered strong earnings growth and cash generation while continuing to improve productivity across the business.

回頭看，我對本季整體表現感到滿意。我們在持續提升全公司生產力的同時，實現了強勁的盈餘成長與現金創造。

As we move into the fourth quarter, we remain focused on execution, and we are very well positioned to deliver on our full year guidance.

進入第四季後，我們仍專注於執行力，並且非常有把握達成全年財測指引。

With that, let me turn it back over to Keith.

接下來我把時間交回給Keith。

Thank you, gentlemen. Operator, if you could, let's open it up for questions.

謝謝兩位。接線員，如果可以的話，讓我們開始提問。

(Operator Instructions) Steve Hansen, Raymond James.

（接線員指示）Steve Hansen，Raymond James。

Yeah, good afternoon, guys. Thanks for the time. Keith, I'm hoping you can provide a little more color on this new Elk Valley agreement, your additional or higher share of the haulage.

是的，各位下午好。謝謝撥冗。Keith，我希望你能就這份新的Elk Valley協議多補充一些細節，特別是你們額外或更高比例的運輸份額。

And just what kind of growth you might contemplate through the new term. It does sound like service and route simplicity played a role here. I'm curious if the investment announcements in Neptune also played a role recently.

以及在新的合約期間，你們可能考量的成長幅度大概會是什麼樣子。聽起來服務品質與路線簡化在這裡扮演了角色。我也想了解，近期Neptune的投資公告是否也在其中發揮了作用。

Thanks, Steven. Thanks for the question. Just in context, if you go back to the last contract, I guess, with our competitor, Canadian National.

謝謝你，Steven。謝謝你的提問。先提供一些背景，如果你回顧上一份合約，我想是與我們的競爭對手加拿大國家鐵路（Canadian National，CN）之間的那份。

Historically, before that contract, CP originates 100% of this coal and terminated 100% of the coal kind of from the mine to the Tidewater. Now the stuff going to the North Shore, CN acts as our agent as they do for potash, as they do for grain.

在那份合約之前，從歷史上看，CP承運這些煤炭的始發量為100%，並且從礦區到潮水港（Tidewater）全程終到也都是100%。至於運往北岸（North Shore）的貨量，CN作為我們的代理，就像他們在鉀肥與穀物業務上所扮演的角色一樣。

Well, this last contract, CN and, back then, I guess, it would have been Teck Coal, introduced an interchange of Kamloops, which you have 100% of the traffic we originate that some interchange to CN at Canadian National to go to those same locations at Tidewater in Vancouver.

而在上一份合約中，CN以及當時我想應該是Teck Coal，引入了在Kamloops的交接（interchange）：也就是我們始發的貨量中，有一部分在Kamloops交接給CN，再由加拿大國家鐵路運往溫哥華潮水港的相同目的地。

And I think we all understand every time you introduce a handoff and/or interchange, you create complexity and an opportunity for introducing supply chain cost and/or compromising reliability.

我想大家都明白，每當你引入一次交接和/或轉運（interchange），就會增加複雜度，也會帶來供應鏈成本上升和/或可靠性受影響的風險。

And I would suggest over the period of that contract, that has happened in small and large part to a point that in our negotiations, that became a topical point.

我會認為，在那份合約期間，這種情況在不同程度上確實發生了；以至於在我們談判時，這成為一個重要議題。

So what's happening now is about half of the traffic that today interchanges to our competitor at Kamloops to go to the North Shore of Vancouver will be reclaimed back to CP origin to destination and the interchange of Kamloops will be eliminated for that traffic. So about 1.5 trains will flip back to CP's route cradle to grave.

因此，現在的變化是：目前在Kamloops交接給競爭對手、再運往溫哥華北岸的貨量中，大約有一半將回歸由CP從始發到終到全程承運，並且該部分貨量將取消Kamloops的交接。因此，大約有1.5列車將回到CP的路線，實現從起點到終點（cradle to grave）的全程運輸。

Very helpful, thanks.

非常有幫助，謝謝。

Thanks, Steve.

謝謝你，Steve。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Hey, afternoon, thanks for taking the question. Maybe just a big picture question for John. Just how are you thinking about the pricing opportunity going forward and balancing that with volume growth and, of course, network resources. I would assume there's some inflation you're expecting to cover.

嗨，下午好，謝謝讓我提問。也許先問一個給John的宏觀問題：你如何看待未來的定價機會，以及如何在定價與量的成長、當然還有網路資源之間取得平衡？我想你們應該也預期需要涵蓋一些通膨。

But in terms of just the broader truckload market and all the support that we see from the market itself, should we expect something a little bit better than usual when we think about just kind of the run rate, maybe up mid-single digits? And of course, probably an impact from the Canadian grain being lagged with the fuel surcharge. So I would appreciate some comments on that.

但就更廣泛的整車（truckload）市場而言，以及我們從市場本身看到的各種支撐來看，當我們思考整體的運行水準（run rate）時，是否可以期待比以往稍微好一些，例如中個位數的成長？當然，加拿大穀物的影響可能會因燃油附加費（fuel surcharge）的滯後而反映出來。所以希望你能對此做些評論。

So Brian, you know what, I'm bullish on the pricing outlook. We've got -- it's been a pretty good run. And I think you've seen our commercial team be extremely disciplined in the marketplace. That's not going to change. I'd just be candid, renewals continue to be that 3% to 4%, or even more in some cases.

Brian，你知道嗎，我對定價前景是偏樂觀的。我們——這段時間表現相當不錯。而且我想你也看到我們的商務團隊在市場上非常自律。這點不會改變。坦白說，續約價格仍然是3%到4%，有些情況甚至更高。

So I don't see that changing. We're going to stay aggressive on that front.

所以我不認為這會改變。我們在這方面會持續積極。

Obviously, fuel surcharge, where it's at in the marketplace kind of has introduced another dynamic that we're keeping an eye on and making sure that we're competing in the markets like we need to be. But I continue to have a pretty favorable outlook to close out this year. Most of our book is already pretty much renewed, but I got a favorable outlook as we look into the beginning of 2027.

顯然，燃油附加費在市場上的位置也帶來了另一個我們正在關注的動態，並確保我們在需要的市場中保持競爭力。但我對今年收官仍然相當看好。我們的大部分合約基本上都已續約完成，但展望到2027年初，我也抱持正面看法。

Fadi Chamoun, BMO Capital Markets.

Fadi Chamoun，BMO資本市場。

Yes, good evening. You talked about the deep pipeline and growth going forward. I was hoping you can elaborate on kind of what verticals, what do you see -- share with us some thoughts on where these opportunities are as you go kind of over the next 12, 24 months?

是的，晚安。你提到未來有很深的案源（pipeline）與成長。我希望你能更詳細說明一下：主要是哪些垂直領域？你看到——能否分享一些想法，談談未來12到24個月這些機會會在哪裡？

And any kind of high-level idea on how to think about RTM growth in 2027, given this kind of the pipeline and now you have a bit of a visibility into the grain and the coal story, I guess, going into next year. How do you see things shake out from an RTM growth next year?

另外，鑑於這個案源狀況，而且你們現在對穀物與煤炭的情況在進入明年時也有一些能見度，能否從高層次談談2027年的RTM成長該如何思考？你怎麼看明年RTM成長會如何發展？

Fadi, I don't think they're going to let me quite guide to '27 yet, but I will give you some color. Certainly, we've had a really good bulk year this year. So those compares are going to be tougher as you look at 2027.

Fadi，我想他們還不會讓我現在就對2027年給出指引，但我可以提供一些背景。當然，我們今年散裝（bulk）業務表現非常好。所以當你看向2027年時，這些比較基期會更具挑戰。

But I'll tell you, I'm still pretty bullish that we have not run out all the opportunity specific to this grain franchise. We continue to uncover more and more opportunities into the southern part of our network and growth into Mexico and driving efficiency there.

但我可以告訴你，我仍然相當看好：就這個穀物特許經營（grain franchise）而言，我們的機會還沒有用盡。我們持續在網路南部發掘越來越多的機會，並拓展到墨西哥，同時在那裡提升效率。

So despite what I do see is tougher comps in that space, I'm convinced we have some upside in there. This crush market and the development of that business, not only in Canada, but also in the US has been pretty good. And it really diversifies our grain business. And those crushers got a crush 365 days a year.

因此，儘管我確實看到該領域的比較基期會更嚴峻，我仍然相信其中有上行空間。這個壓榨（crush）市場以及相關業務的發展，不僅在加拿大，在美國也進展得相當不錯。而且它確實讓我們的穀物業務更加多元化。而這些壓榨廠一年365天都要壓榨。

They're a production facility. So that's really good business. And I think that's an area that you should look to as some upside.

它們是生產設施。所以那是非常好的業務。我認為這是你應該關注、可能帶來上行的一個領域。

Keith mentioned the land bridge earlier. There's -- I spent, here, the last few weeks in Mexico meeting with customers, and that area only continues to build momentum. And that's just -- that's both carload type business and steel products and paper products, but it's intermodal opportunities in that, too. So I expect to build on that land bridge.

Keith先前提到陸橋（land bridge）。我在過去幾週在墨西哥與客戶會面，而那個區域的動能只會持續增強。那不僅是整車（carload）類型的業務，如鋼鐵產品與紙品，也包含其中的聯運（intermodal）機會。所以我預期會在這條陸橋上持續擴張。

I would suggest to you that we're also in the early innings of this domestic intermodal story. I remain bullish on our team's ability to convert truck opportunities.

我會建議你，我們在國內聯運這個故事上也仍處於早期階段。我對我們團隊把卡車運輸機會轉換過來的能力依然很有信心。

I've talked about we've got a hunter group in Mexico that is keenly focused on uncovering those opportunities and converting new customers. And we're working close with CSX on our SMX product. That only provides further upside.

我之前談過，我們在墨西哥有一個獵手團隊（hunter group），專注於發掘這些機會並轉換新客戶。而且我們正與CSX緊密合作推進我們的SMX產品。這也會帶來更多上行空間。

And we posted really good international numbers this year on some wins. But between the opportunity and the investment that's going to go in at Saint John, there's a lot of upside there.

另外，我們今年在一些勝出案子上，國際業務數字表現非常好。但在Saint John的機會以及即將投入的投資之間，那裡還有很大的上行空間。

And we continue to see, albeit singles and doubles, we continue to see growth at Lázaro. And who knows, as you see, the canal has had some challenges here on water levels.

而且我們也持續看到——雖然是單筆與雙筆（singles and doubles）——我們仍持續看到在Lázaro的成長。再加上你也知道，運河在水位方面一直面臨一些挑戰。

You got -- could have a potential West Coast US strike with the longshoreman in 2027. We continue to be pretty bullish on Lázaro also in terms of growth. So that's a few nuggets that are out there, let alone some of the other things that we have coming down the pipeline.

你還可能在2027年面臨美國西岸碼頭工人的潛在罷工。因此，就成長而言，我們對Lázaro也持續相當看好。所以這裡先提供幾個重點，更不用說我們管線中還有其他正在推進的事情。

John, if I can add that point about the strike in the West Coast. I think we all understand the complexity of how that might develop. And what's true now that wasn't true the last time is we have a viable, reliable route from Lázaro into the Houston markets and into the Midwest that shippers did not have a chance or an opportunity to diversify their risk relative to that strike.

John，如果我可以補充一下關於西岸罷工的觀點。我想我們都理解這件事可能如何發展的複雜性。而現在有一點與上次不同：我們已經有一條可行且可靠的路線，從Lázaro進入休士頓市場並延伸到中西部；過去托運人沒有機會或選項，無法就罷工風險進行分散。

And I would suggest that will be part of the playbook. And once you get some of that traffic on the railroad, they experience the service, they experience the reliability. It may not all stick, but from a diversification play, we realized our experience that some of it will. And I think that bodes well to our growth aspiration.

我會說這將成為作戰手冊的一部分。一旦有部分貨量上到鐵路，他們體驗到服務、體驗到可靠性。也許不會全部留下，但從風險分散的角度，我們的經驗是其中一部分會留下。我認為這對我們的成長企圖是個好兆頭。

Yeah, one comment I'd make is just also just staying in front of John with capacity. I know we are lockstep with different things that he's doing, business he's bringing on this railroad.

是的，我想補充的一點是：在產能方面也要持續走在John前面。我知道我們與他在不同事項上步調一致，包括他為這條鐵路帶進來的業務。

So we certainly got locomotives in place, resources in place for crews and certainly better agreements that I spoke about that we can move people around in and around that southern part of the US Shreveport area for sure.

所以我們當然已經配置好機車、也配置好人力資源與乘務組，並且如我提到的，我們也有更好的協議，能讓我們在美國南部、特別是Shreveport一帶更靈活地調度人員。

Thank you.

謝謝。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Thank you, guys. Good afternoon. John, I know they won't let you talk about the '27 RTMs, but maybe as it relates to the fourth quarter, you're running at about 5.5%. You spoke about a lot of favorable things in your favor right now from auto to potash, et cetera. And then you also should still have some carryout, I would think, from the grain side. So how do you think about momentum for the rest of the quarter given some of those things that seem to be shifting potentially from headwinds to tailwinds?

謝謝各位。下午好。John，我知道他們不會讓你談2027年的RTM，但或許就第四季而言，你們目前大約是5.5%的運行水準。你提到目前有很多有利因素，從汽車到鉀肥（potash）等等。另外我想穀物方面應該也還會有一些結轉量（carryout）。那麼，考量到其中一些因素似乎可能從逆風轉為順風，你如何看待本季剩餘時間的動能？

Yeah, Jonathan, it's on. We're going to push it as hard as we can. And I think there's a -- look, the markets are not perfect. There's ups and downs. We've got some headaches that are out there, but we're going to push it hard.

是的，Jonathan，現在就是要衝了。我們會盡可能用力推進。而且我認為——你看，市場並不完美。有起有落。我們確實還有一些頭痛的事情存在，但我們會全力推進。

And to your point, as I think about the bulk area today to close out the year, I think it looks pretty good.

就你提到的重點而言，當我思考目前散裝業務在今年收官階段的表現時，我覺得看起來相當不錯。

Domestic intermodal, our international business, I think, looks pretty good. We've had a little bit of a rough go in the automotive sector here, but we also had the chip issues in that in November, December last year. Those compares will turn for us in those months. And I'm super proud of my merchandise team.

國內聯運、我們的國際業務，我認為看起來都相當不錯。汽車產業這邊我們確實走得有點顛簸，但去年11月、12月也有晶片問題。到了那幾個月份，這些同比比較對我們會轉為有利。而且我對我們的商品貨運團隊感到非常自豪。

That's an area that has just been strapped with tariffs and issues and ups and downs. And we -- you've seen in the numbers, we've continued to battle in forest products in the merchandise sector to post some pretty good numbers there. So I'm not going to give you a number, but I'm optimistic that we can close pretty strong.

那是一個長期被關稅、各種問題以及起起落落所拖累的領域。而且我們——你們從數字也看得到——在商品貨運板塊的林產品方面持續奮戰，仍繳出相當不錯的成績。所以我不會給你一個具體數字，但我對我們能以相當強勁的態勢收官感到樂觀。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Hey, great. Good afternoon. Maybe I know you've talked a lot about maybe capturing some of the good grain crop or I guess, continuing it, but I don't think we got your expectation for next year in terms of do you expect it to be down 5%, 10% given the crop? Or do you make that up?

嗨，很好。下午好。也許我知道你們談了很多關於抓住這波良好穀物收成、或說延續這股動能，但我想我們還沒聽到你們對明年的預期：考量收成，你們預期會下滑5%、10%嗎？還是你們會用其他業務把缺口補回來？

And then maybe just your thoughts on capacity. You talked about buying locomotives and getting them on board. Where do you feel like you are in terms of this mid- to upper single-digit RTM growth in terms of your ability to sustain that? Or should we expect a rise in CapEx into '27?

另外也想請教你們對運能的看法。你提到購買機車並讓它們投入運營。就你們維持中到高個位數RTM成長而言，你覺得目前的能力處於什麼位置、能否持續支撐？或者我們應該預期資本支出在2027年前後會上升？

Ken, I'll let John address the commercial question. When it comes to capacity, I'll just remind everyone, we made a commitment to the STB with our transaction to build out this network to handle high single-digit RTM growth. We haven't experienced that yet, but we've invested the capital. The infrastructure is there. We've got the locomotives.

Ken，我讓John來回答商務面的問題。至於運能，我提醒大家，我們在那筆交易中向STB承諾要擴建這個網路，以承接高個位數的RTM成長。我們還沒真正遇到那樣的成長，但我們已經投入資本。基礎設施已到位。我們也有機車。

We've got the cars. We've got the terminal and the track capacity. We've got a new bridge. We're built forward for growth. There'll be no issues with us adjusting our capital envelope.

我們有車輛。我們有場站與軌道運能。我們還有一座新橋。我們是以前瞻方式為成長而建。我們在調整資本支出額度方面不會有任何問題。

Yeah, Ken. I mean, we're going to finish the year, as I mentioned, $2.65 billion this year. We might get a modest increase off of that given where the Canadian dollar is. But outside of that, we've guided long term $2.6 billion to $2.8 billion range of CapEx. So you should expect that range.

是的，Ken。我的意思是，如我提到的，我們今年將以26.5億美元收官。考量加幣匯率，我們可能在此基礎上小幅增加。除此之外，我們長期指引的資本支出區間是26億到28億美元。所以你應該預期會落在那個範圍。

Yes, Ken, there's no doubt, this is -- we're coming off a record crop. I think the numbers are bouncing around still a little bit. It feels like it's narrowing in on the 76 million to 78 million metric ton area. So what would that be down, I don't know, about 8% or so.

是的，Ken，毫無疑問——我們是從創紀錄的收成基期下來。我想數字仍在小幅波動。感覺正逐步收斂到7,600萬到7,800萬公噸的區間。那會下滑多少呢？我不確定，大概約8%左右。

But that being said, I know there's some growing territory in Southern Alberta and Southern Saskatchewan that historically, we've had struggles the last few years in terms of drought in that, that are actually producing much better results this year.

但即便如此，我知道在阿爾伯塔省南部與薩斯喀徹溫省南部有一些種植區域，過去幾年因乾旱我們一直比較吃力，但今年實際上產出好很多。

So we're optimistic actually in our growing territory that we -- in some areas, we might actually be a little ahead of last year. So we'll see what that all produces as we go into the next year.

所以我們對我們的種植腹地其實是樂觀的——在某些地區，我們甚至可能會略高於去年。我們會看看進入明年後，最終會呈現什麼結果。

I would say, so far, the customers are signaling sold out demand pretty much through the end of this year. And I think the early outlook on Q1 is they remain fairly bullish. So we'll see how that plays out.

我會說，到目前為止，客戶端的訊號是需求幾乎一路滿檔到今年年底。而且對第一季的初步展望是，他們仍相當看多。所以我們再看看後續如何發展。

Walter Spracklin, RBC Capital Markets.

Walter Spracklin，RBC資本市場。

Thanks very much, operator. Good afternoon, everyone. I just want to come back to your Elk Valley Resources agreement there, and congratulations on that. The question I have is really for how we model that now with all the moving parts that we saw this year with the outage at the mine level, and now you're recapturing half of what you lost to CN before.

非常感謝，接線員。各位下午好。我想回到你們與Elk Valley Resources的協議，並恭喜你們。我的問題是：今年我們看到礦場層級的停產等各種變動因素，而現在你們又把先前流失給CN的一半量拿回來，這讓我們很難展望明年並為明年建立一個數字模型。

It just makes it really difficult to look out to next year and put a number on what we should look at next year. I know that if we just go back to last year's numbers, you're up -- that brings you up 15%, 20%. But now layer on this business, are we looking north of -- are we getting in that 20% range for what you could be up year-over-year in the coal side?

這使得要看向明年、並為明年放一個數字變得非常困難。我知道如果只回到去年的數字，你們會上升——那會讓你們增加15%、20%。但現在再把這筆業務疊加進來，在煤炭這一塊，我們是否要看年增超過——是否會落在20%左右的年增幅？

Just any kind of given the moving parts there would be -- I'd really appreciate any guidance you can provide on that particular vertical.

就那邊的各種變動因素而言——如果你們能就那個垂直領域提供任何形式的指引，我會非常感謝。

Yeah. So Walter, it's a tricky one. There is a lot of moving parts there. I think Elk Valley has been pretty transparent around some of the challenges at the mines. That being said, the performance certainly has been much better, and we're watching it closely as we move through Q4 here. I think if you look at year-over-year, their volumes overall probably going to end up 15% plus down in terms of tonnage.

是的。Walter，這題確實棘手。那裡有很多變動因素。我想Elk Valley對礦場面臨的一些挑戰一直相當透明。即便如此，表現確實已經好很多，我們在第四季推進的過程中也在密切觀察。如果你看年對年，他們的總運量（以噸數計）最終可能會是下滑15%以上。

And honestly, it's kind of early in terms of what they're looking towards 2027.

老實說，就他們對2027年的展望而言，現在還有點早。

When we have a better handle on what 2027 looks like in terms of their total tonnage output, that's -- that will give us a better look. I apologize for skating around it a little bit, but we're -- it's still -- the crystal ball is still a little cloudy on our side.

等我們更清楚掌握2027年他們的總噸數產出會是什麼樣子——那會讓我們看得更清楚。抱歉我有點迴避這個問題，但我們這邊的水晶球目前還是有點霧。

I think the bottom line is we feel really good about where we stand with them in terms of this additional train, 1.5 trains to Neptune.

我想重點是：就新增的這班列車——每日至Neptune約1.5班列車——我們對與他們的合作位置感到非常有信心。

In addition, as you've seen, they've signed a long-term agreement with Westshore, which is right in our wheelhouse too, and we expect some good growth there. So the combination of the two lines up for a good growth story. We just got to get nailed down exactly what this tonnage is going to look like for next year.

另外，如你所見，他們也與Westshore簽了長期協議，而那也正好在我們的核心能力範圍內，我們預期那邊會有不錯的成長。所以兩者結合起來，會形成一個很好的成長故事。我們只是需要把明年這個噸數到底會長什麼樣子釐清。

Chris Weatherbee, Wells Fargo.

Chris Weatherbee，富國銀行。

I thought Slide 10 was helpful in terms of putting some perspective on what you guys have been able to accomplish since you closed the deal a few years ago. I guess as you think about where you stand now and the opportunities sort of in front of you, I know it's been a challenging sort of maybe more challenging macro than you might have expected when you closed the deal, but you guys have obviously executed well through this.

我覺得第10頁投影片很有幫助，讓人更能理解你們在幾年前完成交易後所達成的成果。我想，當你們思考目前所處的位置以及眼前的機會時，我知道宏觀環境可能比你們在完成交易時預期的更具挑戰，但你們顯然在這段期間執行得很好。

So do we still think about sort of a two to three-point sort of revenue premium or volume premium for the deal? I don't know if we can talk a little bit about that. And I know the farther we get away from it, the more difficult it is probably to pull these two apart. But any big picture perspective, Keith or John, on how you guys are thinking about that as we look out to '27, '28?

所以，我們是否仍應以這筆交易帶來約2到3個百分點的營收溢價或運量溢價來看待？我不確定是否能多談一點。而且我知道離交易越久，可能就越難把兩者拆開來看。但就大方向而言，Keith或John，你們如何看待這件事——當我們展望2027、2028年時？

I can tell you the expectation in the room is, yes, we're going to beat by 1 points to 2 points consistently. And honestly, as much as I'm proud of our success and what we've been able to produce, you said it, it's been in the face of a pretty tough macro environment.

我可以告訴你，會議室裡的預期是：是的，我們將會持續穩定地超出1個百分點到2個百分點。而且坦白說，儘管我為我們的成功以及我們所能交出的成果感到自豪——你也說到了——這是在相當艱難的總體經濟環境下達成的。

And who knows, I've stopped guessing on when that may turn or not turn. But at some point, things will get favorable. I think that gives us a tailwind.

至於那個環境何時會轉向、或不會轉向，誰知道呢，我已經不再猜了。但在某個時間點，情勢會變得有利。我認為那會給我們帶來順風。

And you can rest assured, Chris, that I think you know we're going to continue to push hard. And there's a lot of opportunities that I mentioned earlier that I still think produce and have the opportunity to produce for the next few years, sort of an outweighted RTM performance against the industry or our peers.

而且你可以放心，Chris，我想你也知道我們會繼續全力推進。我先前提到的許多機會，我仍然認為在未來幾年會持續產出，並且有機會帶來相對於產業或同業更為突出的RTM表現。

Benoit Poirier, Desjardins.

Benoit Poirier，Desjardins。

So just in terms of nation building project, we've seen quite a lot of positive news flow going forward in terms of energy and mining. We also saw latest announcement from the Strathcona Resources on crude by rail. So I was just wondering if you could provide, maybe John or Keith, an update how you see energy performing going forward? And if you would be able to quantify any potential upside from those nation building projects longer term for CPKC.

就國家建設型專案而言，我們看到在能源與礦業方面，未來有相當多正面的消息流。我們也看到Strathcona Resources最近關於原油鐵路運輸（crude by rail）的公告。所以我想請問，或許John或Keith能否更新一下你們對未來能源業務表現的看法？以及你們是否能量化這些國家建設型專案在較長期對CPKC可能帶來的任何上行空間？

Yes, Benoit, as I think about some of those projects, obviously, we're tightly working with major project office on a number of opportunities that are out there. I think there's pretty good alignment in terms of what some redevelopment could look like in Vancouver and particularly the South Shore as it relates to energy.

是的，Benoit，當我思考其中一些專案時，很明顯我們正與重大專案辦公室就多項外部機會密切合作。我認為在溫哥華、特別是南岸（South Shore）與能源相關的再開發可能樣貌上，彼此的方向相當一致。

I think it's a little early to tell. You can probably guess what some of those projects might be. But I think it's a little early to tell on how that plays out.

我認為現在要下定論還有點早。你大概也能猜到其中一些專案可能是什麼。但我認為現在要判斷會如何發展仍然太早。

I'll tell you, I mentioned it earlier, and maybe it doesn't fit directly in the energy sector. We're super excited about basically the first project coming out of this trade diversification corridor fund being all centered on Saint John. I think it's a testament to that acquisition that we made a few years back to the short line.

我可以告訴你，我先前提到過，也許它不完全直接屬於能源領域。我們對這個貿易多元化走廊基金（trade diversification corridor fund）推出的第一個專案感到非常興奮，因為它完全以Saint John為核心。我認為這也證明了我們幾年前對那條短線鐵路所做的收購是正確的。

It's a testament to the Irving's belief in that opportunity in the port and DP World and Hapag and Maersk and CMA and those steamship lines that have supported that port. I can tell you, it's a big part of our growth profile as you look at, let's say, 2027 to 2030.

這也證明了Irving對該港口機會的信心，以及DP World、Hapag、Maersk、CMA等航運公司與那些支持該港口的航商。我可以告訴你，當你看例如2027到2030年時，這會是我們成長輪廓中的重要一環。

Brandon Oglenski, Barclays.

Brandon Oglenski，Barclays。

I apologize in advance to everyone on the call because I'm going to be that guy and ask about M&A, Keith, because I think you have filed your responsive request last month, and obviously, your competitors did that as well. And I know you think this should be rejected on the merits, but can you speak to what was in those requests? And then maybe more specifically on the comments that we heard from Kloster as well?

我先向電話會議上的各位致歉，因為我又要當那個人來問併購（M&A）了，Keith。因為我認為你們上個月已提交了回應性請求（responsive request），而且顯然你們的競爭對手也提交了。我知道你認為這件事應該基於實質理由被否決，但你能談談那些請求裡包含了什麼嗎？然後也許更具體地談談我們也從Kloster那裡聽到的評論？

Thanks for the question, Brandon. First, let me say this. CPKC in our initial filing, and you'll see in our subsequent filing, November 18, we're not asking Santa Claus to visit us on Christmas. I can tell you that. We're being very strategic.

謝謝你的問題，Brandon。首先我想說的是：CPKC在我們的初始提交文件中——你也會在我們11月18日的後續提交中看到——我們不是在要求聖誕老人於聖誕節來拜訪我們。我可以很明確地告訴你這點。我們的做法非常有策略。

We're being very pinpointed. We're being very surgical, asking for, number one, complete rejection. We don't want a condition. We don't want a concession.

我們非常精準。我們非常「外科手術式」地提出要求：第一，完全否決。我們不要附帶條件。我們不要讓步。

We don't think it's needed. We don't think UP needs it. We don't think NS needs it in spite of this narrative that the nation needs it to create something that represents that much risk, that much market power forever is completely unneeded and unnecessary, not now, and I'd say not ever.

我們認為不需要。我們認為UP不需要。我們認為NS也不需要——儘管有這種敘事說國家需要它來創造一個永遠代表如此高風險、如此大市場力量的東西——這完全沒有必要、也不需要；不只是現在，我會說永遠都不需要。

That being said, if the STB finds a way to approving their deal, and I think you clearly understand, I don't believe the facts lead to a yes. That being said, what you're going to see in our filing, again, not a Santa Claus list, but protections over gateways that are meaningful that, to this point, the applicants have not offered.

話雖如此，如果STB找到方法去核准他們的交易——而我想你也清楚理解，我不相信事實會導向「是」——即便如此，你會在我們的提交文件中看到的，也同樣不是一份聖誕願望清單，而是針對重要關口（gateways）的保護措施；到目前為止，申請方尚未提出這些有意義的保護。

Shipper access to protect competitive alternatives, to mitigate the market power that something as colossal as UP, NS would create for perhaps an industry like chemicals.

讓貨主得以進入，以保護競爭替代方案，並緩解像UP與NS這樣龐大的組合可能為例如化工等產業帶來的市場力量。

I think they would be very concerned about that. Removing restrictions on remaining independent railroads that hamper their ability to provide competition to UP, NS as well, paper barriers, et cetera, et cetera.

我認為他們會對此非常擔憂。移除對仍保持獨立的鐵路公司之限制，因為這些限制會妨礙它們也能對UP、NS提供競爭——例如紙面障礙（paper barriers）等等。

So again, not a Christmas list, a reality list. We think this whole thing, if you want to talk about Christmas, maybe it looks like a bag of coal. This isn't anyone trying to get a gift.

所以再說一次，不是聖誕清單，而是一份現實清單。我們認為整件事，如果你想談聖誕節，也許看起來更像是一袋煤。這不是任何人想要拿禮物。

And since you've asked the question, I think I might as well address and I tried to, and you're probably going to say, I don't believe you, bite my tongue, but quite frankly, the representations that continue to be made in support of UP's ambitions need to be dispelled. There's been quite a few references, and I would say absolutely, based on fact, misrepresentations of truth.

既然你問了這個問題，我想我也不妨回應一下——我也試著回應過——你可能會說你不相信我、要我閉嘴，但坦白說，為支持UP的企圖而持續提出的那些說法需要被澄清。其中有不少引用，我會說，絕對是基於事實，對真相的錯誤陳述。

One, I'll start with the whole analogy about if it's good for Canada, it's good for the United States. They've got twp transcons up there. Why shouldn't we have one in the United States? And I think maybe to quote one of the commenters, one of them doesn't like us to have the same thing here. Well, let's talk about what the same thing is.

第一，我先從那個類比開始：如果對加拿大有利，就對美國有利。他們在那裡有兩條橫貫線（transcons）。那我們為什麼不該在美國也有一條？我想也許引用其中一位評論者的話：其中一方不希望我們在這裡擁有同樣的東西。那我們就來談談「同樣的東西」到底是什麼。

Scale and size matters, whether you want to admit it or not. In Canada, you put the two railroads together, it's 21,000 route miles. If you look at UP's network alone, it's almost double that.

規模與體量很重要，不管你願不願意承認。在加拿大，把兩家鐵路合在一起，是21,000英里的營運里程（route miles）。如果只看UP的路網本身，幾乎是那個的兩倍。

You put the two networks together, 2.5x that. You think about the population, think about how capital intensive it is to run a railroad, to maintain a railroad in Canada, and I think Jim knows this because he came from Canada, there's about 40 million people today, an economy that's fed and supports 40 million people.

把兩個路網加在一起，則是那個的2.5倍。再想想人口，想想經營鐵路、維護鐵路需要多高的資本投入；我想Jim知道這點，因為他來自加拿大——今天大約4,000萬人口，一個由4,000萬人所支撐、也服務4,000萬人的經濟體。

The United States, 350, scale matters. California, 39. So why don't we take that argument to California? I would say you could probably support 2 Class 1 railroads in California. Guess what, there is 2 Class 1 railroads in California.

美國是3.5億，規模很重要。加州是3,900萬。那為什麼不把這個論點套用到加州？我會說，你大概可以在加州支撐兩家一級鐵路（Class 1 railroads）。猜猜看，加州確實就有兩家一級鐵路。

So size and scale matters.

所以體量與規模很重要。

And then the other very, very critical component, and I would suggest that UP would not want the same. I'm not going to speak for them. I'm just going to assume they wouldn't. And that comes to the regulatory regime that we exist and operate in, in Canada, in a world where you have 2 railroads. That connected all the major metropolis across the country.

然後還有另一個非常、非常關鍵的組成部分，我會認為UP不會想要「同樣的東西」。我不替他們發言。我只是推測他們不會。那就是我們在加拿大所處並運作的監管制度——在一個只有兩家鐵路的世界裡，它們連結了全國各大都會區。

There's something called zone switching, zone interswitching with a prescribed non-compensatory zone switch rate that's clear and transparent to every customer.

有一種叫做「區域轉換」（zone switching）、以及依規定之非補償性區域轉換費率（non-compensatory zone switch rate）的「區域互轉」（zone interswitching）機制，對每一位客戶都清楚且透明。

And if they don't like your rate from point A to point B, they can exercise a zone switch and have complete transparency to what the rates are and how they can compete and create their best outcome from a customer's point of view. That doesn't exist in the regulatory regime with the STB.

而且如果他們不喜歡你從A點到B點的費率，他們可以行使區域轉換，並且對費率是多少、以及他們如何競爭、從客戶角度創造最佳結果，都能完全透明地掌握。在STB的監管制度下並不存在這種機制。

To get into a rate case with the STB, it takes a prolonged period of time. It takes a lot of money. And quite often, a lot of customers have said, it's not worth what it requires to try to get that outcome. In Canada, FOA, you get a decision in 60 days. It's pretty quick.

要在STB進入費率案件程序，需要很長的一段時間。需要花很多錢。而且相當多客戶都說，為了嘗試取得那樣的結果，所需付出的代價不值得。在加拿大，FOA，你在60天內就能拿到裁決。相當快。

It's pretty swift, and it's not consequential when it comes to the money that's on the table, the money that you have to pay to get the outcome that you believe is worth fighting for. That's critically important. You can't ignore that. But to say it's the same, it's not the same. It's completely, completely different.

速度很快，而且就桌面上的金額、以及你為了取得你認為值得爭取的結果所必須支付的費用而言，影響並不重大。那一點至關重要。你不能忽視。但若說兩者一樣，並不一樣。完全、完全不同。

I think some of the other points that are completely different. If you think about the twp railroads, you think about their aspirations.

我認為還有一些其他點也完全不同。如果你想到那兩家鐵路公司，你會想到他們的企圖與目標。

Let's get to this comment about union support. 50% of the union support the merger, maybe 50% of the shingles or 50% of the organizations. I haven't gone back and back checked that, but I know for a fact that if you get to the voting union members, between those two railroads, almost 70% diametrically opposed.

我們來談談關於工會支持的這段評論。有50%的工會支持這項合併，可能是50%的分會（shingles）或50%的組織。我沒有回頭再三核對，但我確知一點：如果看的是投票的工會會員，在那兩家鐵路公司之間，將近70%是截然反對的。

That's a misrepresentation. It's simply not true. Now let's talk about this end-to-end. Well, you know what, CPKC, they were end-to-end. STB looked at their deal.

那是誤導性的陳述。根本不是真的。現在我們來談談所謂端到端（end-to-end）。你知道嗎，CPKC，他們就是端到端。STB也審查了他們的交易。

They offered zero concessions. They were zero for them, they're zero for us. Again, I go back to scale and market power. We were the two smallest railroads coming together to still remain the smallest rail network in Class 1 rail network in North America. We haven't created any concentrated market power.

他們提出零讓步。對他們是零，對我們也是零。我再次回到規模與市場力量。我們是兩家最小的鐵路公司合併，即便合併後仍將是北美一級鐵路（Class 1）網路中最小的鐵路網。我們並沒有創造任何集中的市場力量。

And when it comes to enhancing competition, even to the new rules, we were truly end-to-end. There was zero overlap. We didn't need anyone to come in to solve an overlap problem. We were hand in glove in Kansas City. We were additive to customer options, not dilutive in any way.

而且在提升競爭方面，即便依照新規則，我們確實是端到端。完全沒有重疊。我們不需要任何人進來解決重疊問題。我們在堪薩斯城是緊密配合、相互契合。我們增加了客戶的選擇，而非以任何方式削弱。

So it's not the same. To misrepresent it, if it is, I think is insulting. It's just not true. The single-line service point, that's one where I agree. I'm an advocate.

所以這不一樣。若要把它說成一樣，我認為是一種侮辱。那就是不對。至於單線服務（single-line service）這一點，我同意。我是支持者。

I said this from the beginning. There are definite benefits of single-line service and eliminating handoffs.

我從一開始就這麼說。單線服務以及消除交接（handoffs）確實有明確的好處。

I just spoke of one a few minutes ago at Kamloops, but it can't be at all cost. And contrary to some of the representations, not all shippers have 10,000 cars, that when you benefit to single-line service and turn those assets and allow them to reduce their capital cost, yes, that's true. But what about the smaller shippers that are out there in the world, which far outnumber those 10,000 car shippers that own those assets?

我幾分鐘前才在甘露市（Kamloops）提到其中一項，但不能不計代價。而且與某些說法相反，並非所有託運人（shippers）都有10,000輛車；當你受益於單線服務、提高資產周轉並讓他們降低資本成本時，是的，那是真的。但那些在世界各地的小型託運人呢？他們的數量遠遠超過那些擁有資產、擁有10,000輛車的託運人。

So again, single-line benefit is true. I'm an advocate for it, but not at all costs. Not if you create something so large with so much scale and reach that creates so much market power, that it takes customer options away.

所以再說一次，單線服務的好處確實存在。我支持它，但不是不計代價。如果你創造出一個規模與觸及範圍大到產生巨大市場力量的東西，進而剝奪客戶的選擇，那就不行。

So again, I think the truth matters. And I think making proper representations matter. And I think in the end, this regulatory body, from my experience, wants to hear the truth.

所以我認為真相很重要。我也認為做出恰當的陳述很重要。而且我認為最終，依我的經驗，這個監管機構想聽到真相。

And that's the final point I'm going to make. This process in and of itself, to me, has been compromised with the way these applicants have behaved. We've heard about it, rumor, conjecture, secondhand comments about being said if you're not for us, you're against us, don't be on the wrong side of the history.

這是我最後要說的一點。就我而言，這個程序本身，因為這些申請人的行為方式，已經被破壞了公正性。我們聽到過——傳聞、臆測、二手評論——說什麼「你若不支持我們，就是反對我們」、「別站在歷史錯的一邊」。

Remember the Louisiana purchase, don't side with the losers. I had a whole list because guess what, my phone rings and people tell me when they get threatened. Customers share that.

還提到路易斯安那購地案（Louisiana purchase），說「不要站在輸家那邊」。我本來列了一長串，因為你猜怎麼著，我的電話會響，人們在受到威脅時會告訴我。客戶也會分享這些。

And then I read a letter accusing other railroads of being the ones that threaten. And where I come from, that's called -- that's like calling the kettle black. Let's be honest about this.

然後我又讀到一封信，指控其他鐵路公司才是威脅人的那一方。在我來的地方，這叫做——這就像「五十步笑百步」（calling the kettle black）。我們就誠實面對吧。

And that's what this dispute is, that you've read about last week, that the judge rule on Friday that this video that the applicants have said as proprietary and confidential and has trade secrets or whatever the representations were that was recorded at a conference with over 900 participants.

而這就是你們上週讀到的那場爭議：法官在週五裁定，申請人所稱為專有與機密、並含有商業機密或不管他們怎麼表述的那段影片，其實是在一場有超過900名與會者的會議上錄製的。

Number one, really. And number two, just share what was said, let people make their own opinions about whether or not they were or were not threatened if they weren't in support of this transaction that should not get approved just because they did support the rates are going to be raised to teach them a lesson.

第一，真的嗎。第二，就把說了什麼分享出來，讓大家自行判斷：如果他們不支持這筆交易，是否就被威脅；而這筆交易不應該僅因為他們支持就獲准，否則費率將被提高來給他們一個教訓。

So that's why we want the video to be public. It's not confidential. It was said in a public domain, and I believe it was said with intent to chill the room.

所以這就是為什麼我們希望影片公開。它不是機密。那是在公共領域中說的話，而我相信那樣說是有意要讓全場噤聲。

I'm kidding but not kidding. And to me, in the context of a merger that will change the landscape of this industry forever and put this country at undeniable risk from an operational standpoint and a market power standpoint, this isn't a place to be kidding.

我是開玩笑，但也不是開玩笑。而對我而言，在一項將永遠改變這個產業版圖、並從營運面與市場力量面讓這個國家面臨無可否認風險的合併脈絡下，這不是可以開玩笑的地方。

Some of these customers that I guarantee you, the STB wants to understand their concerns, the fors and the against. That's their livelihood.

我敢保證，STB想了解其中一些客戶的疑慮——支持與反對的理由。那是他們的生計。

So to suggest you're kidding in a venue like that, I don't think you just weigh that off and ignore that. At a minimum, it's reckless and it's irresponsible, and it's wrong. That's akin to me. We like to make -- the applicant would like to make a lot of airline representations in their analogy of why this merger is necessary.

所以在那樣的場合暗示「你是在開玩笑」，我不認為你可以就此一筆帶過、置之不理。至少，那是魯莽的、不負責任的，而且是錯的。在我看來，那就類似於——申請人喜歡用航空業做很多類比，來說明為什麼這項合併是必要的。

So let's go to the airline industry. What if any of us were to go into an airport and made a joke and said, there's a bomb. I think that would be shocking.

那我們就談航空業。如果我們任何人走進機場，開玩笑說「有炸彈」。我想那會令人震驚。

And once the dust is settled, even if we said we were kidding before they took us away in handcuffs and put us in jail, rest assured, there's no way that you can assure that someone, one of those customers, feels comfortable getting on that plane, or getting on that train. How do you uncrack that egg? I don't know how you do. I really don't. So to me, this process is compromised.

而當塵埃落定之後，即便在他們把我們戴上手銬帶走、關進監獄之前，我們說「我是在開玩笑」，也請放心：你不可能保證有人——那些客戶中的任何一位——還會覺得搭上那架飛機、或搭上那列火車是安心的。你要怎麼把已經打破的蛋再黏回去？我不知道你要怎麼做。我真的不知道。所以對我而言，這個程序已經被破壞了公正性。

And again, the STB, ultimately, they're the regulator. They're the ones that have to make the decision. But I believe that the applicants have put them in a quandary. How will they ever know that they're about to make a forever decision that all the fors and against have been properly represented.

再說一次，STB 最終是監管機關。他們才是必須做出決定的人。但我相信申請方已經讓他們陷入兩難。他們怎麼可能知道自己即將做出一個永久性的決定，而所有支持與反對的觀點都已被適當呈現。

And when there has been a chill, rest assured, there are people out there, there are customers out there, and I know there's at least 1 or 2 that's spoken directly to me, and I would suggest there's a whole lot more than that, that I have not had the courage to speak nor will they speak because they're afraid of being retaliated against.

而當出現寒蟬效應時，請放心，外面確實有人、有客戶；我知道至少有 1、2 位直接跟我談過。我也會說，遠不止如此，還有很多人我沒有勇氣去聯繫，他們也不會開口，因為他們害怕遭到報復。

So again, not a joking matter. I believe the STB has been backed into a corner. I think the applicants have placed them in a quandary. So I'm not 99.999% certain of what they might decide, but I'm 100% certain. They got a tough, tough road ahead of them to try to assess facts and application that I would argue is incomplete because of the applicants behavior.

所以再說一次，這不是開玩笑的事。我相信 STB 已被逼到牆角。我認為申請方讓他們陷入兩難。所以我不是 99.999% 確定他們可能會怎麼決定，而是 100% 確定。他們前方有一條非常、非常艱難的路，要去評估事實與申請內容；而我會主張，因為申請方的行為，這份申請是不完整的。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

I guess after that, maybe I'll do a near-term operating ratio question. Nadeem, any thoughts or color on how to think about margin in Q4? And then just one more on Teck, if I can. Like if our notes are right from 5 or 6 years ago, this was like a ballpark, like $100 million, $150 million revenue loss for you. Like is that the right way to think about getting about half of that back? Is that fair?

我想在那之後，也許我問一個短期營運比率的問題。Nadeem，對於如何看待第四季的利潤率，有沒有什麼想法或補充說明？然後如果可以的話，再問一個關於 Teck 的問題。如果我們的筆記沒錯，大概在 5、6 年前，這大概是個粗略估計，對你們來說大約是 1 億到 1.5 億美元的營收損失。那麼，把其中大約一半拿回來，這樣想對嗎？這樣公平嗎？

Yes, that's a fair ballpark, Scott. Obviously, depending on what EVR's volume is for next year, that's going to have -- play a role, but you're in the ballpark. And I appreciate the OR question, Scott.

是的，Scott，這是合理的粗略估計。當然，取決於 EVR 明年的運量是多少，這會——會扮演一定角色，但你的估計範圍是對的。也謝謝你問到 OR 的問題，Scott。

First time, I appreciate it. But I'd say that we -- when you think about Q4 last year, it was a different environment as far as fuel prices and so forth. So we'll have a bit of a headwind year-over-year with fuel.

第一次提問，謝謝你。但我會說，當你回想去年第四季時，就燃油價格等因素而言，那是不同的環境。所以在燃油方面，我們同比會有一些逆風。

But the way volumes are started out, October has been extremely strong. So we saw fuel prices hurt us a little bit just as far as the timing of fuel surcharge and also some crack spread pricing that impacted fuel prices. I'm sure your models have fuel price impact on us a little bit less than our results came in. So I think that's where there's been a bit of a gap.

但從運量的開局來看，10 月非常強勁。因此，我們確實看到燃油價格在某種程度上對我們造成一些影響，主要是燃油附加費的時點，以及一些裂解價差（crack spread）定價影響了燃油價格。我確信你們的模型裡，燃油價格對我們的影響估得比我們實際結果略小一些。所以我認為差距大概就在這裡。

Now if things turn and we start seeing diesel prices, spot prices improve, certainly, we'll see a benefit of it from it. But bottom line is, I feel very comfortable we'll have a sub-60 OR in Q4 given the volume environment, given, as Mark mentioned, how well the network is running.

現在如果情況反轉，我們開始看到柴油價格、現貨價格改善，當然，我們也會從中受益。但總結來說，考量到運量環境，以及如 Mark 提到的網路運行得多好，我對第四季能做到 OR 低於 60 非常有信心。

We should have a decent weather environment in north of the border in Q4. So far, it's been good. And so that always plays a role, but I feel very good about our ability to have -- finish the year strong and have a sub-60 OR.

我們在第四季於邊境以北應該會有不錯的天氣環境；到目前為止都很好。這總是會有影響，但我對我們——以強勁表現結束今年並達成 OR 低於 60 的能力非常有信心。

Konark Gupta, Scotiabank.

Konark Gupta，豐業銀行（Scotiabank）。

Just can you frame expectations around cents per RTM, Nadeem, in Q4 as it relates to the fuel impact? And then broadly for you, John, maybe similarly, are you seeing any dislocations in your price-sensitive markets due to fuel or fuel-driven inflation?

Nadeem，你能否就燃油影響的角度，幫我們框定一下第四季每 RTM 的美分（cents per RTM）的預期？然後更廣泛地問你，John，類似地，你是否在對價格敏感的市場中看到因燃油或燃油帶動的通膨而出現任何失衡？

Konark, just so I understand, you're saying sensitive markets relative to the somewhat extreme fuel surcharge inflation that we're seeing?

Konark，為了確認我理解正確，你是指相對於我們目前看到的、某種程度上相當極端的燃油附加費通膨，那些敏感市場的情況？

Yeah. I mean you compete with trucks in some markets and also there's some price sensitivity in some pockets in your end markets.

對。我的意思是，你在某些市場會和卡車競爭，而且在你們終端市場的某些區域也存在一些價格敏感性。

Yeah. No, I think I mentioned it earlier, we are seeing it in certain areas. And whether it just be difference in mechanisms across the rail industry as a whole, different in how mechanisms roll on, roll off against our truck competitors and frankly, all modes of transportation, it is a pretty significant piece of revenue that's on there right now.

對。不是，我想我之前提過，我們在某些領域確實看到了。不論是整個鐵路產業在機制上的差異，或是這些機制相對於我們的卡車競爭對手、坦白說相對於所有運輸方式，在如何上調、下調（roll on, roll off）方面的差異，目前這是一塊相當可觀的營收組成。

And frankly, I'll tell you, customers are looking month-to-month, I think, in some instances on how to ship and how to manage that or looking at other market alternatives in terms of how to -- they might be able to get goods. So I do believe that is a real issue that I think we're all facing right now as we manage some of these markets.

坦白說，我會告訴你，我認為客戶在某些情況下會按月來看，決定如何出貨、如何管理這件事，或是就如何——他們可能取得貨物的方式，去看其他市場替代方案。所以我確實相信，這是一個真實存在的問題，而我想我們現在在管理這些市場時都正在面對。

Konark, I assume year-over-year cents per RTM kind of high single-digit increase year-over-year. So RTMs as of yesterday are up a little over 6%, high single-digit cents per RTM improvement year-over-year, you get pretty significant revenue growth. That's how we're tracking so far.

Konark，我假設每 RTM 的美分同比大概是高個位數的增幅。所以截至昨天，RTM 成長略高於 6%，每 RTM 的美分同比改善高個位數，你就會得到相當可觀的營收成長。到目前為止，我們就是這樣在追蹤。

Thank you. And ladies and gentlemen, that's all the time we have for questions this afternoon. Mr. Creel, I'd like to turn things back to you, sir, for any closing comments.

謝謝。各位女士、先生，今天下午的提問時間就到這裡。Creel 先生，我想把時間交還給您，請您做任何結語。

Okay. Once again, thanks for your time this afternoon. I hope you take away from this call that this company is enjoying some strong operating momentum. Mark, thanking the team for that.

好的。再次感謝各位今天下午撥冗參與。我希望各位從這通電話帶走的重點是：這家公司正享有強勁的營運動能。Mark，也感謝團隊在這方面的努力。

As long as we continue to operate safely and efficiently against this backdrop of overall favorable demand environment, you can expect us to close this year strong and carry that momentum into 2027.

只要我們在整體有利的需求環境背景下，持續安全且有效率地營運，各位可以預期我們將以強勁表現結束今年，並把這股動能延續到 2027 年。

We look forward to talking to you and sharing our results on the next call. Happy holidays, Happy Thanksgiving, and Merry Christmas for our US Colleagues. Feliz Navidad for our Mexican colleagues, and Merry Christmas, of course, for our Canadian as well. Thank you.

我們期待在下一次電話會議與各位交流並分享我們的業績。祝各位佳節愉快、感恩節快樂，也祝我們美國同仁聖誕快樂。也祝我們墨西哥同仁聖誕快樂（Feliz Navidad），當然也祝我們加拿大同仁聖誕快樂。謝謝。

Thank you very much, Mr. Creel. Again, ladies and gentlemen, this brings us to the end of today's meeting. We do appreciate your time and participation. You may not disconnect.

非常感謝您，Creel 先生。再次提醒各位女士、先生，今天的會議到此結束。我們非常感謝各位的時間與參與。您現在可以斷線。