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    Oliver Holmes • Redburn Atlantic

    Oliver Holmes's questions to CSX Corp (CSX) leadership

    Oliver Holmes's questions to CSX Corp (CSX) leadership • Q2 2025

    Question

    Oliver Holmes of Rothschild & Co Redburn asked how customer conversations have been affected by the current tariff structure and requested a sizing of the opportunity and ramp-up timeline for the CPKC partnership at Myrtlewood.

    Answer

    EVP & CCO Kevin Boone noted that tariff clarity is helpful and should support investment. Regarding the CPKC Myrtlewood interchange, he said teams are actively targeting new truck-to-rail conversions. He is encouraged by early progress and expects the pace of conversions to accelerate in the second half of the year.

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    Oliver Holmes's questions to Union Pacific Corp (UNP) leadership

    Oliver Holmes's questions to Union Pacific Corp (UNP) leadership • Q1 2025

    Question

    Oliver Holmes of Redburn Atlantic asked if a scenario exists where Asia ex-China and Mexico gain shipping share amid a trade war, mitigating tariff impacts, and if this pattern was seen in 2018-19.

    Answer

    EVP Kenny Rocker confirmed that public data indicates a freight shift from China to Southeast Asia has been occurring over recent quarters and that these volumes have remained strong. CEO Vincenzo Vena added a note of caution, stating that trade flows and tariff impacts are a moving target and take time to fully materialize.

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    Oliver Holmes's questions to Westinghouse Air Brake Technologies Corp (WAB) leadership

    Oliver Holmes's questions to Westinghouse Air Brake Technologies Corp (WAB) leadership • Q1 2025

    Question

    Oliver Holmes inquired about the customer reaction to pricing pass-throughs related to tariffs and whether there is a risk that customers might delay capital expenditures or extend delivery cycles in response.

    Answer

    CEO Rafael Santana reiterated that Wabtec is focused on managing supply chain shifts in a fair manner to minimize disruption. He explained that the company uses a combination of levers—including USMCA qualifications, inventory management, and internal cost actions—in addition to pricing. This multi-faceted approach helps maintain a constructive dialogue with both customers and suppliers rather than relying solely on price increases.

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