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    Benjamin Mohr Mok • Citigroup

    Benjamin Mohr Mok's questions to TFI International Inc (TFII) leadership

    Benjamin Mohr Mok's questions to TFI International Inc (TFII) leadership • Q1 2025

    Question

    Benjamin Mohr Mok asked for the U.S. LTL operating ratio outlook for Q2 and the full year, and requested more detail on the strategy to grow small and medium-sized business (SMB) accounts.

    Answer

    Executive Alain Bedard projected the U.S. LTL operating ratio would improve from 99% in Q1 to around 96% in Q2, with a goal of reaching the low 90s by year-end. He explained the SMB strategy involves smarter pricing to retain profitable accounts rather than losing them to broad-based rate increases. He also highlighted a renewed focus on growing the GFP product, whose revenue decline has now stabilized.

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    Benjamin Mohr Mok's questions to TFI International Inc (TFII) leadership • Q3 2024

    Question

    Benjamin Mohr Mok, on for Ariel Rosa, asked for clarification on the timeline for achieving a sub-90% OR in U.S. LTL. He also questioned why service perception hasn't improved from 2023 to 2024 despite significant efforts.

    Answer

    CEO Alain Bedard clarified that he would be very concerned if a sub-90% OR isn't achieved in the second half of 2025, admitting he underestimated the time required for the cultural turnaround. He attributed the lack of service improvement to a step back in claims performance and ongoing issues with missed pickups, suggesting the current incentive programs are not effective and will be revamped for 2025.

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