Tag: GlobeNewswire

• Delivered diluted earnings per share (EPS) of C$2.00, an increase of 9% and adjusted diluted EPS of C$2.16, an increase of 18%, or 17% at constant currency ⁽¹⁾
• Generated free cash flow of C$2,918 million, an increase of 25% for the first nine months of 2026 (consisting of net cash provided by operating activities of C$4,780 million and net cash used in investing activities of C$1,862 million) ⁽¹⁾
• Realized record third quarter fuel efficiency performance and on track for annual record
• Repurchased approximately 3.9 million shares for C$676 million

MONTREAL, Oct. 30, 2026 (GLOBE NEWSWIRE) — CN (TSX: CNR) (NYSE: CNI) today reported its financial and operating results for the third quarter ended September 30, 2026.

“I am very proud of CN’s dedicated railroaders for delivering another strong quarter. Their relentless focus on safely executing the plan across our unique network continues to strengthen service, enhance productivity, and support our customers’ success. Together with our disciplined financial management, these rigorous efforts position CN to deliver profitable growth, continue to create long-term value for our shareholders, and capitalize on the opportunities ahead.”

– Tracy Robinson, President and Chief Executive Officer, CN

Third-Quarter 2026 Results Highlights
CN’s commercial momentum and service performance were supported by a 4% increase in gross ton miles (GTMs) to 116,264 (millions) and a 4% increase in RTMs to 59,383 (millions). The Company delivered diluted EPS of C$2.00, an increase of 9%, and adjusted diluted EPS of C$2.16, an increase of 18%, or C$2.14 on an adjusted basis at constant currency, an increase of 17%. ⁽¹⁾

The quarter’s operating performance reflects CN’s commitment to strong service execution, enabling its ability to meet customer demand in key markets including grain and energy, while continuing to advance operational improvements through Fast Track.

Quarterly Financial Results Highlights
Third-quarter 2026 compared to third-quarter 2025

• Revenues of C$4,771 million, an increase of C$606 million, or 15%.
• Operating income of C$1,730 million, an increase of C$124 million, or 8%, and adjusted operating income of C$1,862 million, an increase of C$256 million, or 16%. ⁽¹⁾
• Operating ratio, defined as operating expenses as a percentage of revenues, of 63.7%, an increase of 230 basis points, and adjusted operating ratio of 61.0%, an improvement of 40 basis points. ⁽¹⁾
• Net income of C$1,209 million, an increase of C$70 million, or 6%, and adjusted net income of C$1,307 million, an increase of C$168 million, or 15%. ⁽¹⁾
• Diluted EPS of C$2.00, an increase of 9% and adjusted diluted EPS of C$2.16, an increase of 18%, or C$2.14 on an adjusted basis at constant currency, an increase of 17%. ⁽¹⁾
• Free cash flow for the first nine months of 2026 was C$2,918 million, an increase of C$577 million, or 25%. ⁽¹⁾
• Adjusted EBITDA reported for the twelve months ended September 30, 2026 of C$9,080 million, an increase of 5%. ⁽¹⁾
• Adjusted debt-to-adjusted EBITDA of 2.61 times as at and for the twelve months ended September 30, 2026. ⁽¹⁾
• Repurchased approximately 3.9 million shares in the third quarter of 2026 for C$676 million.

Quarterly Operating Performance Highlights *
Third-quarter 2026 compared to third-quarter 2025

• GTMs increased 4% to 116,264 (millions).
• RTMs increased 4% to 59,383 (millions).
• Through dwell increased by 1% to 7.1 (entire railroad, hours).
• Car velocity decreased by 2% to 207 (car miles per day).
• Through network train speed decreased by 2% to 19.1 (mph).
• Fuel efficiency of 0.814 (US gallons of locomotive fuel consumed per 1,000 GTMs), was 2% more efficient.
• Train length remained flat at 8,083 (feet).
• GTMs per average number of employees increased 7% to 4,888 (thousands).
• Operating expenses per GTM increased 14% to 2.62 (cents).

_{* 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 2026 dividend on the Company’s common shares outstanding. A quarterly dividend of ninety-one and a half cents (C$0.9150) per common share will be paid on December 30, 2026, to shareholders of record at the close of business on December 9, 2026.

2026 financial guidance ⁽¹⁾⁽²⁾
The Company continues to assume to deliver low single-digit RTM growth in 2026. The Company continues to expect adjusted diluted EPS growth in the mid-to-high single-digit range and is currently tracking more towards the upper end of this range.

In 2026, CN is still on track to invest approximately C$2.8 billion in its capital program, net of amounts reimbursed by customers. The Company also expects to continue improving its free cash flow conversion throughout 2026.

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 30, 2026. 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 5186426 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,” “goals,” or other similar words.}

_{2026 key assumptions
CN has made a number of economic and market assumptions in preparing its 2026 outlook. The 2025/2026 grain crops in Canada and the U.S. were above their respective five-year averages. The Company now assumes that the 2026/2027 grain crops in Canada and the U.S. will be above their respective five-year averages (compared to its January 30, 2026 assumption that the 2026/2027 grain crops in Canada and the U.S. will be in line with their respective five-year averages). CN continues to assume low single-digit RTM growth. CN continues to assume that for the balance of 2026, the value of the Canadian dollar in U.S. currency will be $0.71 and the average price of crude oil (West Texas Intermediate) will be in the range of US$80 – US$110 per barrel. The Company notes there is a heightened demand risk as a result of volatile macroeconomic conditions, geopolitical conflicts 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 or 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 and other regulatory claims or proceedings; increases in maintenance and operating costs; security threats; reliance on technology, including the use of artificial intelligence, 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.

Contacts:
Media	Investment Community
Ashley Michnowski	Jamie Lockwood
Senior Manager	Vice-President, Investor Relations
Media Relations	and Special Projects
(438) 596-4329	(514) 399-0052
media@cn.ca	investor.relations@cn.ca

SELECTED RAILROAD STATISTICS – UNAUDITED

	Three months ended September 30			Nine months ended September 30
	2026	2025		2026	2025
Financial measures
Key financial performance indicators (1)
Total revenues ($ millions)	4,771	4,165		13,903	12,840
Freight revenues ($ millions)	4,574	3,991		13,400	12,369
Operating income ($ millions)	1,730	1,606		5,060	4,854
Adjusted operating income ($ millions) (2)(3)	1,862	1,606		5,226	4,854
Net income ($ millions)	1,209	1,139		3,604	3,472
Adjusted net income ($ millions) (2)(3)	1,307	1,139		3,670	3,472
Diluted earnings per share ($)	2.00	1.83		5.93	5.54
Adjusted diluted earnings per share ($) (2)(3)	2.16	1.83		6.03	5.54
Net cash provided by operating activities ($ millions)	1,904	1,913		4,780	4,822
Net cash used in investing activities ($ millions)	828	1,120		1,862	2,481
Free cash flow ($ millions) (2)(4)	1,076	793		2,918	2,341
Gross property additions ($ millions)	805	1,105		1,939	2,429
Share repurchases ($ millions)	676	1,041		1,999	1,448
Dividends per share ($)	0.9150	0.8875		2.7450	2.6625
Financial ratio
Operating ratio (%) (5)	63.7	61.4		63.6	62.2
Adjusted operating ratio (%) (2)(3)	61.0	61.4		62.4	62.2
Operational measures (6)
Statistical operating data
Gross ton miles (GTMs) (millions)	116,264	111,901		355,735	344,079
Revenue ton miles (RTMs) (millions)	59,383	57,188		183,467	176,452
Carloads (thousands)	1,364	1,368		4,109	4,095
Route miles (includes Canada and the U.S., end of period)	18,900	18,900		18,900	18,900
Employees (end of period)	23,822	24,237		23,822	24,237
Employees (average for the period)	23,784	24,408		23,685	24,679
Key operating measures
Freight revenue per RTM (cents)	7.70	6.98		7.30	7.01
Freight revenue per carload ($)	3,353	2,917		3,261	3,021
GTMs per average number of employees (thousands)	4,888	4,585		15,019	13,942
Operating expenses per GTM (cents)	2.62	2.29		2.49	2.32
Labor and fringe benefits expense per GTM (cents)	0.75	0.73		0.75	0.75
Diesel fuel consumed (US gallons in millions)	94.6	93.2		301.4	300.0
Average fuel price ($ per US gallon)	6.09	3.82		5.24	3.93
Fuel efficiency (US gallons of locomotive fuel consumed per 1,000 GTMs)	0.814	0.833		0.847	0.872
Train weight (tons)	9,370	9,225		9,357	9,141
Train length (feet)	8,083	8,049		8,013	7,923
Car velocity (car miles per day)	207	211		206	204
Through dwell (entire railroad, hours)	7.1	7.0		7.2	7.2
Through network train speed (miles per hour)	19.1	19.5		18.9	18.7
Locomotive utilization (trailing GTMs per total horsepower)	200	191		200	188
Safety indicators (7)
Injury frequency rate (per 200,000 person hours)	0.80	1.18		0.97	1.04
Accident rate (per million train miles)	1.51	1.92		2.09	1.84

(1)	Amounts expressed in Canadian dollars and prepared in accordance with United States generally accepted accounting principles (GAAP), unless otherwise noted.
(2)	These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.
(3)	See the supplementary schedule entitled Non-GAAP Measures – Adjusted performance measures for an explanation of these non-GAAP measures.
(4)	See the supplementary schedule entitled Non-GAAP Measures – Free cash flow for an explanation of this non-GAAP measure.
(5)	Operating ratio is defined as operating expenses as a percentage of revenues.
(6)	Statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. Definitions of gross ton miles, revenue ton miles, freight revenue per RTM, fuel efficiency, train weight, train length, car velocity, through dwell and through network train speed are included within the Company’s Management’s Discussion and Analysis. Definitions of all other indicators are provided on CN’s website, www.cn.ca/glossary.
(7)	Based on Federal Railroad Administration (FRA) reporting criteria.

SUPPLEMENTARY INFORMATION – UNAUDITED

	Three months ended September 30							Nine months ended September 30
	2026	2025	% Change Fav (Unfav)		% Change at constant currency (1) Fav (Unfav)			2026	2025	% Change Fav (Unfav)		% Change at constant currency (1) Fav (Unfav)
Revenues ($ millions) (2)
Petroleum and chemicals	1,000	854	17	%	16	%		2,869	2,577	11	%	12	%
Metals and minerals	561	477	18	%	16	%		1,557	1,496	4	%	5	%
Forest products	495	451	10	%	8	%		1,424	1,406	1	%	2	%
Coal	246	237	4	%	3	%		708	725	(2	%)	(2	%)
Grain and fertilizers	923	775	19	%	18	%		2,952	2,560	15	%	16	%
Intermodal	1,065	980	9	%	8	%		3,114	2,928	6	%	7	%
Automotive	284	217	31	%	29	%		776	677	15	%	15	%
Total freight revenues	4,574	3,991	15	%	14	%		13,400	12,369	8	%	9	%
Other revenues	197	174	13	%	12	%		503	471	7	%	7	%
Total revenues	4,771	4,165	15	%	14	%		13,903	12,840	8	%	9	%
Revenue ton miles (RTMs) (millions) (3)
Petroleum and chemicals	12,260	11,662	5	%	5	%		36,818	34,238	8	%	8	%
Metals and minerals	7,311	6,871	6	%	6	%		20,397	20,697	(1	%)	(1	%)
Forest products	4,978	5,159	(4	%)	(4	%)		15,106	15,659	(4	%)	(4	%)
Coal	4,888	5,131	(5	%)	(5	%)		14,793	15,635	(5	%)	(5	%)
Grain and fertilizers	16,333	14,562	12	%	12	%		54,227	48,325	12	%	12	%
Intermodal	12,680	13,027	(3	%)	(3	%)		39,473	39,469	—	%	—	%
Automotive	933	776	20	%	20	%		2,653	2,429	9	%	9	%
Total RTMs	59,383	57,188	4	%	4	%		183,467	176,452	4	%	4	%
Freight revenue / RTM (cents) (2)(3)
Petroleum and chemicals	8.16	7.32	11	%	10	%		7.79	7.53	3	%	4	%
Metals and minerals	7.67	6.94	11	%	9	%		7.63	7.23	6	%	6	%
Forest products	9.94	8.74	14	%	12	%		9.43	8.98	5	%	6	%
Coal	5.03	4.62	9	%	8	%		4.79	4.64	3	%	3	%
Grain and fertilizers	5.65	5.32	6	%	5	%		5.44	5.30	3	%	3	%
Intermodal	8.40	7.52	12	%	11	%		7.89	7.42	6	%	7	%
Automotive	30.44	27.96	9	%	8	%		29.25	27.87	5	%	5	%
Total freight revenue / RTM	7.70	6.98	10	%	9	%		7.30	7.01	4	%	5	%
Carloads (thousands) (3)
Petroleum and chemicals	171	162	6	%	6	%		511	479	7	%	7	%
Metals and minerals	236	225	5	%	5	%		684	677	1	%	1	%
Forest products	69	68	1	%	1	%		206	212	(3	%)	(3	%)
Coal	109	122	(11	%)	(11	%)		327	355	(8	%)	(8	%)
Grain and fertilizers	181	163	11	%	11	%		570	518	10	%	10	%
Intermodal	542	576	(6	%)	(6	%)		1,649	1,695	(3	%)	(3	%)
Automotive	56	52	8	%	8	%		162	159	2	%	2	%
Total carloads	1,364	1,368	—	%	—	%		4,109	4,095	—	%	—	%
Freight revenue / carload ($) (2)(3)
Petroleum and chemicals	5,848	5,272	11	%	10	%		5,614	5,380	4	%	5	%
Metals and minerals	2,377	2,120	12	%	11	%		2,276	2,210	3	%	4	%
Forest products	7,174	6,632	8	%	7	%		6,913	6,632	4	%	5	%
Coal	2,257	1,943	16	%	15	%		2,165	2,042	6	%	6	%
Grain and fertilizers	5,099	4,755	7	%	6	%		5,179	4,942	5	%	5	%
Intermodal	1,965	1,701	16	%	15	%		1,888	1,727	9	%	10	%
Automotive	5,071	4,173	22	%	20	%		4,790	4,258	12	%	13	%
Total freight revenue / carload	3,353	2,917	15	%	14	%		3,261	3,021	8	%	8	%

(1)	This non-GAAP measure does not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. See the supplementary schedule entitled Non-GAAP Measures – Constant currency for an explanation of this non-GAAP measure.
(2)	Amounts expressed in Canadian dollars.
(3)	Statistical operating data and related 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.

NON-GAAP MEASURES – UNAUDITED

In this supplementary schedule, the “Company” or “CN” refers to Canadian National Railway Company, together with its wholly-owned subsidiaries. Financial information included in this schedule is expressed in Canadian dollars, unless otherwise noted.

CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). The Company also uses non-GAAP measures that do not have any standardized meaning prescribed by GAAP, including adjusted performance measures, free cash flow, constant currency and adjusted debt-to-adjusted EBITDA multiple. These non-GAAP measures may not be comparable to similar measures presented by other companies. From management’s perspective, these non-GAAP measures are useful measures of performance and provide investors with supplementary information to assess the Company’s results of operations and liquidity. These non-GAAP measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

Adjusted performance measures

Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted operating expenses and adjusted operating ratio are non-GAAP measures that are used to set performance goals and to measure CN’s performance and may include the following adjustments:

1. operating expense adjustments: workforce reduction program, advisory costs related to rail consolidation matters, depreciation expense on the deployment of a replacement system, advisory fees related to shareholder matters, asset impairments and held-for-sale recoveries, business acquisition-related costs;
2. non-operating expense adjustments: business acquisition-related financing fees, merger termination income, gains and losses on disposal of property; and
3. the effect of changes in tax laws including rate enactments and changes in tax positions affecting prior years.

These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.

For the three and nine months ended September 30, 2026, the Company’s adjusted net income was $1,307 million, or $2.16 per diluted share, and $3,670 million, or $6.03 per diluted share, respectively. The adjusted figures for the three and nine months ended September 30, 2026 exclude:

• asset impairments related to CN’s decision to discontinue the development of certain components of its dispatching and back office information technology projects before completion of $118 million, or $87 million after tax ($0.14 per diluted share) recorded in the third quarter in Asset impairments within the Consolidated Statements of Income, representing the full carrying amount of the affected software components, which had no alternative use and were no longer expected to provide future economic benefits;
• advisory costs related to the analysis and advocacy for the U.S. Surface Transportation Board (STB) review of the impacts to fair competition pertaining to the potential merger between Union Pacific and Norfolk Southern, including participation in ongoing merger-related regulatory proceedings, discovery activities and efforts to secure competitive access conditions, of $14 million, or $11 million after-tax ($0.02 per diluted share) and $48 million, or $36 million after tax ($0.05 per diluted share), respectively, recorded in Purchased services and material within the Consolidated Statements of Income; and
• the sale of a portion of the Newmarket subdivision located in Washago and Sundridge, Ontario, Canada, together with rail fixtures, for cash proceeds of $84 million, which resulted in a gain of $66 million, or $57 million after-tax ($0.09 per diluted share) recorded in the first quarter in Other income within the Consolidated Statements of Income.

For the three and nine months ended September 30, 2025, the Company’s net income was $1,139 million, or $1.83 per diluted share, and $3,472 million, or $5.54 per diluted share, respectively. There were no adjustments in the third quarter and the first nine months of 2025.

Adjusted net income is defined as Net income in accordance with GAAP adjusted for certain significant items. Management believes that adjusted net income provides additional insight to management and investors into the Company’s operations and underlying business trends as well as facilitates period-to-period comparisons, as it excludes certain significant items that are not reflective of CN’s underlying business operations and could distort the analysis of trends in business performance. Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted-average diluted shares outstanding. This measure helps management and investors evaluate the Company’s profitability on a per-share basis, facilitating the assessment of period-over-period performance by removing the impact of significant, non-recurring items.

The following table provides a reconciliation of Net income and Earnings per share in accordance with GAAP, as reported for the three and nine months ended September 30, 2026 and 2025, to the non-GAAP adjusted performance measures presented herein:

	Three months ended September 30					Nine months ended September 30
In millions, except per share data		2026			2025		2026			2025
Net income	$	1,209		$	1,139	$	3,604		$	3,472
Adjustments:
Operating expense adjustments:
Asset impairments		118			—		118			—
Advisory costs related to rail consolidation matters		14			—		48			—
Non-operating expense adjustment:
Gain on disposal of property		—			—		(66	)		—
Tax adjustment:
Tax effect of adjustments (1)		(34	)		—		(34	)		—
Total adjustments	$	98		$	—	$	66		$	—
Adjusted net income	$	1,307		$	1,139	$	3,670		$	3,472
Diluted earnings per share	$	2.00		$	1.83	$	5.93		$	5.54
Impact of adjustments, per share		0.16			—		0.10			—
Adjusted diluted earnings per share	$	2.16		$	1.83	$	6.03		$	5.54

(1)	The tax impact of adjustments is based on the nature of the item for tax purposes and related tax rates in the applicable jurisdiction.

Adjusted operating income is defined as Operating income in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN’s underlying business operations. This measure helps management and investors assess the Company’s core operating results by excluding items that may distort the analysis of ongoing business performance. Adjusted operating expenses is defined as Operating expenses in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN’s underlying business operations. This measure provides management and investors with a view of ongoing costs which exclude unusual or non-recurring items, enabling more accurate assessment of cost management and resource allocation across reporting periods. Adjusted operating ratio is defined as adjusted operating expenses as a percentage of revenues. For management and investors, the adjusted operating ratio serves as a key performance indicator of cost management and overall operational effectiveness, as it demonstrates how effectively management controls costs relative to total revenue by excluding unusual or non-recurring items.

The following table provides a reconciliation of Operating income, Operating expenses and operating ratio, as reported for the three and nine months ended September 30, 2026 and 2025, to the non-GAAP adjusted performance measures presented herein:

	Three months ended September 30						Nine months ended September 30
In millions, except percentages		2026			2025			2026			2025
Operating income	$	1,730		$	1,606		$	5,060		$	4,854
Adjustments:
Asset impairments		118			—			118			—
Advisory costs related to rail consolidation matters		14			—			48			—
Total adjustments	$	132		$	—		$	166		$	—
Adjusted operating income	$	1,862		$	1,606		$	5,226		$	4,854
Operating expenses	$	3,041		$	2,559		$	8,843		$	7,986
Total adjustments		(132	)		—			(166	)		—
Adjusted operating expenses	$	2,909		$	2,559		$	8,677		$	7,986
Operating ratio		63.7	%		61.4	%		63.6	%		62.2	%
Impact of adjustments		(2.7	)%		—	%		(1.2	)%		—	%
Adjusted operating ratio		61.0	%		61.4	%		62.4	%		62.2	%

Free cash flow

Free cash flow is a useful measure of liquidity as it demonstrates the Company’s ability to generate cash for debt obligations and for discretionary uses such as payment of dividends, share repurchases, and strategic opportunities. The Company defines its free cash flow measure as the difference between net cash provided by operating activities and net cash used in investing activities, adjusted for the impact of (i) business acquisitions and combinations; and (ii) merger transaction-related payments, cash receipts and cash income taxes, which are items that are not indicative of operating trends. Free cash flow does not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.

The following table provides a reconciliation of net cash provided by operating activities in accordance with GAAP, as reported for the three and nine months ended September 30, 2026 and 2025, to the non-GAAP free cash flow presented herein:

	Three months ended September 30						Nine months ended September 30
In millions		2026			2025			2026			2025
Net cash provided by operating activities	$	1,904		$	1,913		$	4,780		$	4,822
Net cash used in investing activities		(828	)		(1,120	)		(1,862	)		(2,481	)
Free cash flow	$	1,076		$	793		$	2,918		$	2,341

Constant currency

Financial results at constant currency allow results to be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons in the analysis of trends in business performance. Measures at constant currency are considered non-GAAP measures and do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. Financial results at constant currency are obtained by translating the current period results denominated in US dollars at the weighted average foreign exchange rates used to translate transactions denominated in US dollars of the comparable period of the prior year.

The weighted average foreign exchange rates were $1.399 and $1.385 per US$1.00 for the three and nine months ended September 30, 2026, respectively and $1.378 and $1.400 per US$1.00 for the three and nine months ended September 30, 2025, respectively. On a constant currency basis, the Company’s net income for the three and nine months ended September 30, 2026 would have been lower by $10 million ($0.02 per diluted share) and higher by $16 million ($0.03 per diluted share), respectively.

The following table provides a reconciliation of the impact of constant currency and related percentage change at constant currency on the financial results, as reported for the three and nine months ended September 30, 2026:

	Three months ended September 30											Nine months ended September 30
In millions, except per share data		2026		Constant currency impact				2025		% Change at constant currency Fav (Unfav)			2026		Constant currency impact				2025		% Change at constant currency Fav (Unfav)
Revenues
Petroleum and chemicals	$	1,000		$	(9	)	$	854		16	%	$	2,869		$	16		$	2,577		12	%
Metals and minerals		561			(6	)		477		16	%		1,557			11			1,496		5	%
Forest products		495			(6	)		451		8	%		1,424			10			1,406		2	%
Coal		246			(2	)		237		3	%		708			2			725		(2	%)
Grain and fertilizers		923			(7	)		775		18	%		2,952			17			2,560		16	%
Intermodal		1,065			(4	)		980		8	%		3,114			7			2,928		7	%
Automotive		284			(3	)		217		29	%		776			4			677		15	%
Total freight revenues		4,574			(37	)		3,991		14	%		13,400			67			12,369		9	%
Other revenues		197			(2	)		174		12	%		503			1			471		7	%
Total revenues		4,771			(39	)		4,165		14	%		13,903			68			12,840		9	%
Operating expenses
Labor and fringe benefits		871			(5	)		815		(6	%)		2,674			11			2,597		(3	%)
Purchased services and material		628			(3	)		562		(11	%)		1,892			3			1,715		(10	%)
Fuel		662			(10	)		418		(56	%)		1,804			16			1,349		(35	%)
Depreciation and amortization		496			(4	)		500		2	%		1,466			5			1,482		1	%
Equipment rents		108			(1	)		103		(4	%)		326			3			326		(1	%)
Other		158			(1	)		161		2	%		563			3			517		(9	%)
Asset impairments		118			—			—		—	%		118			—			—		—	%
Total operating expenses		3,041			(24	)		2,559		(18	%)		8,843			41			7,986		(11	%)
Operating income		1,730			(15	)		1,606		7	%		5,060			27			4,854		5	%
Interest expense		(245	)		3			(227	)	(7	%)		(720	)		(5	)		(679	)	(7	%)
Other components of net periodic benefit income		133			—			125		6	%		399			—			376		6	%
Other income		3			—			3		—	%		83			—			44		89	%
Income before income taxes		1,621			(12	)		1,507		7	%		4,822			22			4,595		5	%
Income tax expense		(412	)		2			(368	)	(11	%)		(1,218	)		(6	)		(1,123	)	(9	%)
Net income	$	1,209		$	(10	)	$	1,139		5	%	$	3,604		$	16		$	3,472		4	%
Diluted earnings per share	$	2.00		$	(0.02	)	$	1.83		8	%	$	5.93		$	0.03		$	5.54		8	%
Adjusted net income (1)	$	1,307		$	(10	)	$	1,139		14	%	$	3,670		$	16		$	3,472		6	%
Adjusted diluted earnings per share (1)	$	2.16		$	(0.02	)	$	1.83		17	%	$	6.03		$	0.03		$	5.54		9	%

(1)

These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. See the section of this MD&A entitled Adjusted performance measures for an explanation and reconciliation of these non-GAAP measures. Adjusted net income at constant currency and adjusted diluted EPS at constant currency allow results to be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons in the analysis of trends in business performance. For the three months ended September 30, 2026, the Adjusted net income at constant currency was $1,297 million, calculated as adjusted net income of $1,307 million, adjusted for the impact of fluctuations in foreign currency exchange rates of $10 million. For the nine months ended September 30, 2026, the Adjusted net income at constant currency was $3,686 million, calculated as adjusted net income of $3,670 million, adjusted for the impact of fluctuations in foreign currency exchange rates of $16 million. For the three months ended September 30, 2026, the Adjusted diluted EPS at constant currency was $2.14, calculated as adjusted diluted EPS of $2.16, adjusted for the impact of fluctuations in foreign currency exchange rates of $0.02 per diluted share. For the nine months ended September 30, 2026, the Adjusted diluted EPS at constant currency was $6.06, calculated as adjusted diluted EPS of $6.03, adjusted for the impact of fluctuations in foreign currency exchange rates of $0.03 per diluted share.

Adjusted debt-to-adjusted EBITDA multiple

Management believes that the adjusted debt-to-adjusted EBITDA multiple is a useful credit measure because it reflects the Company’s ability to service its debt and other long-term obligations. The Company calculates the adjusted debt-to-adjusted EBITDA multiple as adjusted debt divided by the last twelve months of adjusted EBITDA. Adjusted debt is defined as the sum of Long-term debt and Current portion of long-term debt as reported on the Company’s Consolidated Balance Sheets as well as Operating lease liabilities, including current portion and pension plans in deficiency recognized on the Company’s Consolidated Balance Sheets due to the debt-like nature of their contractual and financial obligations. Adjusted EBITDA is calculated as Net income excluding Interest expense, Income tax expense, Depreciation and amortization, operating lease cost, Other components of net periodic benefit income, Other income (loss), and other significant items that are not reflective of CN’s underlying business operations and which could distort the analysis of trends in business performance. Adjusted debt and adjusted EBITDA are non-GAAP measures used to compute the adjusted debt-to-adjusted EBITDA multiple. These measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.

The following table provides a reconciliation of debt and Net income in accordance with GAAP, reported as at and for the twelve months ended September 30, 2026 and 2025, to the adjusted measures presented herein, which have been used to calculate the non-GAAP adjusted debt-to-adjusted EBITDA multiple:

In millions, unless otherwise indicated	As at and for the twelve months ended September 30,		2026			2025
Debt (1)		$	22,812		$	21,120
Adjustments:
Operating lease liabilities, including current portion (2)			534			452
Pension plans in deficiency (3)			333			341
Adjusted debt		$	23,679		$	21,913
Net income		$	4,852		$	4,618
Interest expense			954			910
Income tax expense			1,639			1,485
Depreciation and amortization			1,922			1,971
Operating lease cost (4)			150			159
Other components of net periodic benefit income			(525	)		(489	)
Other income			(127	)		(42	)
Adjustments:
Workforce reduction program (5)			34			—
Advisory costs related to rail consolidation matters (6)			63			—
Asset impairments (7)			118			—
Adjusted EBITDA		$	9,080		$	8,612
Adjusted debt-to-adjusted EBITDA multiple (times)			2.61			2.54

(1)	Represents the aggregate of Current portion of long-term debt and Long-term debt as disclosed on the Consolidated Balance Sheets.
(2)	Represents the present value of operating lease payments.
(3)	Represents the total funded deficit of all defined benefit pension plans with a projected benefit obligation in excess of plan assets.
(4)	Represents the operating lease costs recorded in Purchased services and material and Equipment rents within the Consolidated Statements of Income.
(5)	Relates to employee termination benefits and severance costs related to a workforce reduction program, recorded in the fourth quarter of 2025 in Labor and fringe benefits within the Consolidated Statements of Income.
(6)	Represents advisory costs related to the analysis and advocacy for the STB review of the impacts to fair competition pertaining to the potential merger between Union Pacific and Norfolk Southern recorded in Purchased services and material within the Consolidated Statements of Income.
(7)	Represents an impairment related to the discontinued development of portions of certain components of its dispatching and back office information technology projects before completion recorded in Asset impairments within the Consolidated Statements of Income. See Note 6 – Properties to the Company’s unaudited Interim Consolidated Financial Statements for additional information.

The Extraordinary General Meeting (the “EGM”) in INQ Group AB (publ) (the ”Company”) was held today on 30 October 2026 and in particular the following resolutions were adopted.

The resolutions aim, among other things, to enable conversion of participations in Tranche 7 under the Company’s Amended and Restated Secured Convertible Agreement into ordinary shares.

Authorisation for the Board of Directors to resolve on issues

The EGM authorised the Board of Directors to resolve, until the next Annual General Meeting, with or without deviation from the shareholders’ preferential rights, on the issue of ordinary shares, warrants and/or convertibles. Disregarding any issues before the EGM under the authorisation resolved by the Annual General Meeting under item 14(e) (which shall be deducted), the authorisation comprises a maximum of 339,944,716 ordinary shares and replaces the authorisation to issue up to 390,000,000 ordinary shares by way of directed issue and/or rights issue resolved by the Annual General Meeting on 31 July 2026 (item 14(e)), to the extent not already exercised. The purpose is to increase the Company’s financial flexibility, broaden the shareholder base with strategic or long-term investors and enable conversion under the Company’s existing convertible agreements.

Amendment of the resolution on consolidation of shares (1:100)

Under the resolution of the Annual General Meeting on 31 July 2026, the consolidation of shares (1:100) was to be based on a share quota value of SEK 0.13 per share, resulting in a new share quota value of SEK 13 per share. As a result of the share issues, the reduction of the share capital and the bonus issue resolved on at the Annual General Meeting, and the share issues resolved on at today’s EGM, the quota value at the time of the consolidation will not correspond to these amounts. The EGM therefore resolved that the consolidation shall instead be carried out on the basis of the quota value applicable at the time of the consolidation, and that the Board of Directors shall determine that quota value and the quota value following the consolidation. The Board of Directors was also authorised to determine the record date and the order in which the consolidation and the registration of the share issues are carried out. The other terms remain unchanged.

Directed issues to subscribers in Tranche 7

The EGM resolved on two directed issues of a total of 45,642,164 ordinary shares to the subscribers in Tranche 7, including the Chairman of the Board of Directors and the Chief Executive Officer, with payment by way of set-off of their claims. The subscription price is SEK 0.16 per share, corresponding to the contractual conversion price, applying a fixed exchange rate of SEK/USD 9.05. The purpose is to convert debt into equity and strengthen the Company’s balance sheet.

Attachment

• Stämmokommuniké från extra bolagsstämma den 30 oktober 2026 i INQ Group AB (publ)

TORONTO, Oct. 30, 2026 (GLOBE NEWSWIRE) — Celestica Inc. (NYSE: CLS) (TSX: CLS), a global leader in data center infrastructure and advanced technology solutions, today announced that the Toronto Stock Exchange (the “TSX”) has accepted the Company’s notice to launch a Normal Course Issuer Bid (the “Bid”).

Under the Bid, the Company may repurchase on the open market, at its discretion during the period commencing on November 3, 2026 and ending on the earlier of November 2, 2027 and the completion of purchases under the Bid, up to 3,132,127 common shares, representing approximately 2.5% of the “public float” (within the meaning of the rules of the TSX) as at October 20, 2026, subject to the normal terms and limitations of such bids.

Under the TSX rules, the average daily trading volume of the common shares on the TSX during the six months ended September 30, 2026 was approximately 436,307 and, accordingly, daily purchases on the TSX pursuant to the Bid will be limited to 109,076 common shares, other than purchases made pursuant to the block purchase exception. The actual number of common shares which may be purchased pursuant to the Bid and the timing of any such purchases will be determined by management of the Company, subject to applicable laws and the rules of the TSX. In accordance with the TSX rules, the maximum number of common shares which may be repurchased for cancellation under the Bid will be reduced by the number of common shares purchased by non-independent brokers for delivery pursuant to stock-based compensation plans.

Purchases are expected to be made through the facilities of the TSX, the New York Stock Exchange (the “NYSE”), other designated exchanges and/or alternative Canadian trading systems, or by such other means as may be permitted by the Ontario Securities Commission or other applicable Canadian Securities Administrators, at prevailing market prices. The Bid will be funded using existing cash resources and draws on its credit facility or other forms of available indebtedness, and any common shares repurchased by the Company under the Bid will be cancelled.

The Company has also agreed to the form of an automatic share purchase plan (an “ASPP”) with a designated broker to allow for the purchase of common shares under the Bid at times when the Company would ordinarily not be permitted to purchase common shares due to regulatory restrictions or self-imposed blackout periods. The ASPP has been cleared by the TSX and will be entered into in connection with the commencement of the Bid.

As of October 20, 2026, the Company had 126,111,808 issued and outstanding common shares and a “public float” (within the meaning of the rules of the TSX) of 125,285,094 common shares.

The Company believes that the purchases are in the best interest of the Company and constitute a desirable use of its funds.

The Company previously implemented a normal course issuer bid for its common shares which expires on November 2, 2026. Under its prior bid, the Company was authorized to purchase up to 5,722,527 common shares and repurchased (through the facilities of the NYSE) and cancelled 205,184 common shares (through October 20, 2026) at a weighted average price of US$271.75 per share.

About Celestica

Celestica is a technology leader dedicated to driving customer success and market advancements. With deep expertise in design, engineering, manufacturing, supply chain and platform solutions, Celestica enables critical data center infrastructure for AI, cloud, and hybrid cloud and advances technologies in high-growth markets. With a talented team and a strategic global network, Celestica helps its customers achieve competitive advantages. For more information on Celestica, visit www.celestica.com. Our securities filings can be accessed at www.sedarplus.ca and www.sec.gov.

The information contained on or accessible through www.celestica.com is not incorporated by reference into, and does not form part of, this release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, including, without limitation, statements related to: the Company’s intention to commence the Bid, the timing, quantity and funding of any purchases of common shares under the Bid, and the expected facilities through which any such purchases may be made. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “continues,” “project,” “target,” “outlook,” “goal,” “guidance,” “potential,” “possible,” “contemplate,” “seek,” or similar expressions, or may employ such future or conditional verbs as “may,” “might,” “will,” “could,” “should,” or “would,” or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995, where applicable, and for forward-looking information under applicable Canadian securities laws.

Forward-looking statements are provided to assist readers in understanding management’s current expectations and plans relating to the future. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management’s perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances, including certain assumptions about: the Company’s view with respect to its financial condition and prospects; the availability of capital resources for, and the permissibility under our credit facility of, repurchases of outstanding common shares under our current normal course issuer bid, compliance with applicable laws and regulations pertaining to normal course issuer bids; the existence of potentially superior uses for the Company’s cash resources than common share repurchases; the impact of anticipated market conditions on our businesses; tax and interest rates; the economy; no material changes in business activities resulting from current macroeconomic trends and uncertainties, including evolving global tariff and trade negotiations; our ability to achieve our strategic goals; as well as other market, financial and operational assumptions. Readers are cautioned that such information may not be appropriate for other purposes. Readers should not place undue reliance on such forward-looking information.

Forward-looking statements are not guarantees of future performance and are subject to risks that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including, among others, risks related to: reduction in customer revenue; the availability of capital resources for, and the permissibility under our credit facility of, repurchases of outstanding common shares under the Bid; compliance with applicable laws and regulations pertaining to normal course issuer bids; a reduction in the size of our “public float” as a result of repurchases made under the Bid; erosion in customer market competitiveness; changing revenue mix and margins; uncertain market, industry, political and economic conditions; changes to policies or legislation; cash flow, revenue, and operating results, and tax and interest variability; technology and IT disruption; increasing legal, tax and regulatory complexity and uncertainty (including in relation to our or our customers’ businesses); and the potential adverse impacts of events outside of our control.

For more exhaustive information on the foregoing and other material risks, uncertainties and assumptions readers should refer to our public filings at www.sedarplus.ca and www.sec.gov, including in our most recent Management’s Discussion and Analysis of Financial Condition and Results of Operations, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed with, or furnished to, the U.S. Securities and Exchange Commission, and the Canadian Securities Administrators, as applicable.

Forward-looking statements speak only as of the date on which they are made, and we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

Contacts:

Celestica Global Communications (416) 448-2200 media@celestica.com

Celestica Investor Relations (416) 448-2211 clsir@celestica.com

STOCKHOLM, SWEDEN – BTS Sverige AB, part of BTS Group AB (publ), a leading global consultancy specializing in strategy execution, change, and people development, announces that a Nomination Committee has been appointed for BTS Group AB. BTS’ three largest shareholders, in consultation with Chairman of the Board Henrik Ekelund, have appointed the following representatives to serve on the Nomination Committee:

– Anders Dahl, appointed by Henrik Ekelund
– Stefan af Petersens, private investor
– Mats Andersson, appointed by Nordea Funds
– Henrik Ekelund, Chairman of the Board, BTS Group AB

Anders Dahl has been appointed Chairman of the Nomination Committee.

The Nomination Committee’s task is to submit proposals to the 2027 Annual General Meeting regarding the Chairman of the Meeting, members of the Board of Directors, Chairman of the Board and auditors, as well as remuneration for Board members and auditors.

Shareholders of BTS Group AB are welcome to submit proposals to the Chairman of the Nomination Committee at the following email address:
dalledulsing@me.com

For more information, please contact:
Anders Dahl
dalledulsing@me.com

About BTS Group AB
BTS is a global professional services firm headquartered in Stockholm, Sweden. BTS has about 1,200 professionals in 35 offices located on six continents. BTS competes in both talent and HR consulting as well as the traditional consulting markets. BTS’s services support a broad range of client challenges including top-to-bottom and on-demand leadership development, talent selection and readiness, strategy creation and strategy implementation, as well as culture and broad-scale change. For 40 years, BTS has been focused on the people-side of change and on powering better performance using proprietary simulation, learning, coaching, and assessment methodologies. We partner with nearly 1,200 organizations, including over 40 of the world’s 100 largest global corporations. BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B. For more information, please visit www.bts.com.

Attachment

• BTS Group AB Nomination Committee

Highlights

• FDA End-of-Phase 2 meeting minutes confirmed the Phase 3 trial design and registrational pathway for ATH434 in Multiple System Atrophy (MSA)
• New U.S. composition of matter patent granted for ATH434, extending protection to 2045 and supporting future development in Parkinson’s disease
• Peer-reviewed publication in Clinical Autonomic Research from the bioMUSE Natural History Study linked skin α-synuclein deposition to autonomic dysfunction in early MSA
• Phase 3 operational activities underway
• Continued evaluation of strategic funding and partnering alternatives to support Phase 3 development and maximize long-term shareholder value
• Cash balance of A$41.3 million at 30 September 2026, inclusive of A$3.98 million Australian R&D Tax Incentive refund and approximately net A$5.5 million raised through the exercise of ATHO listed options

MELBOURNE, Australia and SAN FRANCISCO, Oct. 30, 2026 (GLOBE NEWSWIRE) — Alterity Therapeutics (ASX: ATH, NASDAQ: ATHE) (“Alterity” or “the Company”), a biotechnology company dedicated to developing disease modifying treatments for neurodegenerative diseases, today released its Appendix 4C Quarterly Cash Flow Report and update on company activities for the quarter ending 30 September 2026 (Q1 FY27).

“This was a quarter of meaningful progress for Alterity,” said David Stamler, M.D., Chief Executive Officer. “With the final minutes from our End-of-Phase 2 meeting, we have confirmed alignment with the FDA on the registrational pathway for ATH434 in MSA. That clarity has allowed us to begin the operational start-up activities as we prepare to initiate our Phase 3 trial in MSA.”

“We also strengthened the foundation for ATH434’s long-term value. The granting of a new U.S. composition of matter patent for ATH434 extends protection to 2045 and supports its future development in Parkinson’s disease. We continue to build on our scientific work with a peer-reviewed publication from the bioMUSE Natural History Study and new Phase 2 analyses presented at the MDS Congress that adds to the evidence supporting ATH434’s clinical profile and iron-chaperone mechanism. Together with the proceeds from the exercise of our listed options and receipt of our R&D tax refund, our position is strengthened as we advance toward Phase 3,” concluded Dr. Stamler.

Secured New ATH434 Intellectual Property Protection

In August 2026, the United States Patent and Trademark Office (USPTO) granted a new composition of matter patent for ATH434. The patent covers a crystalline form of the mesylate salt of ATH434, the form used in the Company’s Phase 2 clinical trials in MSA and planned for use in Phase 3, as well as methods for treating neurological conditions using it. The patent has an expiry of 2045 and is expected to be listed in the FDA’s Orange Book upon regulatory approval of ATH434. Together with existing intellectual property and regulatory designations, including Orphan Drug Designation in the U.S. and EU, the patent provides multi-layered protection for ATH434 in MSA and supports the commercial rationale for future development in Parkinson’s disease and other neurodegenerative diseases where iron dysregulation is implicated.

Continued ATH434 Clinical and Regulatory Progress

During the quarter, the Company received minutes from the U.S. Food and Drug Administration (FDA) End-of-Phase 2 (EOP2) meeting regarding the Phase 3 study design and the registrational pathway for a potential New Drug Application (NDA) for ATH434 in MSA. The minutes confirmed that the FDA agreed with the proposed Phase 3 design, including the study population, treatment regimen, and primary endpoint ‒ the 11-item UMSARS Part I¹ rating scale, a functional measure of activities of daily living affected in MSA. Agreement was also reached on selection of key secondary endpoints. The FDA indicated that a single pivotal trial plus confirmatory evidence could provide the data necessary to support approval, with the Company anticipating that the data from its ATH434-201 Phase 2 clinical trial will provide the required confirmatory evidence.

The Phase 3 study is expected to enroll approximately 200 patients who will be randomized 1:1 to ATH434 50 mg or matching placebo treatment twice daily for 12 months. Alterity has begun Phase 3 operational activities including finalizing the protocol, selecting vendors, identifying and qualifying clinical trial sites, and successfully manufacturing the first registration batch of ATH434 for use in the pivotal trial.

Scientific Engagement

Alterity continues to actively engage with the global neurology community through peer-reviewed publications and scientific presentations at leading international congresses. These activities form an important component of the Company’s strategy to disseminate clinical data, engage with key opinion leaders and specialists, and further interpret Phase 2 results for ATH434 in MSA.

During the quarter and subsequent to quarter end, Alterity presented the following new analyses and peer-reviewed publication, which are available on the Publications and Presentations page of the Company’s website:

• October 2026 – International Congress of Parkinson’s Disease and Movement Disorders (MDS Congress): Poster presented additional analyses from the ATH434-201 Phase 2 trial in MSA. Using statistical methods planned for Phase 3, the analysis showed that ATH434 50 mg significantly slowed functional decline in MSA by approximately 52% versus placebo on the 11-item UMSARS¹ at Week 52. Baseline CSF NfL predicted the rate of functional decline, supporting its use as a severity covariate in Phase 3.
• August 2026 – Peer-reviewed publication in Clinical Autonomic Research from the Company’s bioMUSE Natural History Study described phosphorylated α-synuclein deposition in the skin biopsies of study participants. At baseline, α-synuclein strongly correlated with the drop in blood pressure on standing (orthostatic hypotension), and after 12 months α-synuclein deposition was correlated with higher autonomic symptom scores. The findings support skin biopsy as a minimally invasive tool to support the diagnosis and monitoring of progression in MSA clinical trials.

Investor and Strategic Partner Engagement

Alterity continues to engage with the investment communities in Australia and the U.S. with presentations at several conferences in the United States: Canaccord Genuity Growth, Cantor Global Healthcare, BTIG Biotech, and Craig-Hallum Biotech. Presentations in Australia included BioShares, ASX SMIDcaps, and the Canaccord Genuity Drug and Device Conference.

Alterity continues to evaluate a range of strategic and funding alternatives to support the advancement of ATH434, including ongoing discussions with a number of pharmaceutical companies. The Company is progressing a structured evaluation process, with the assistance of external advisers, to assess these opportunities alongside other potential funding and development pathways.

The Company remains focused on maintaining strategic flexibility while pursuing the pathway that best supports the advancement of ATH434 and maximizes long-term shareholder value.

Corporate and Financial Update

In July 2026, the Company received its research and development (R&D) tax refund for the 2025 financial year totaling A$3,982,992 (including A$43,117 of interest), under the Australian Government’s R&D Tax Incentive.

In August 2026, the Company entered into an underwriting agreement with MST Financial Services Pty Ltd to underwrite the exercise of up to 8,400,000 of the 15,918,235 ATHO listed options on issue at the agreement date (exercisable at A$0.50 and expiring on 31 August 2026). In the quarter ending 30 September 2026, 3,191,983 options were exercised by option holders prior to expiry and 8,400,000 shortfall shares were issued under the underwriting, raising total proceeds of approximately A$5.5 million after costs. Proceeds will support continued late-stage clinical development of ATH434 in MSA and general working capital.

As of 30 September 2026, Alterity held cash and cash equivalents of A$41.3 million. Operating cash outflows for the quarter were A$1.34 million.

In accordance with ASX Listing Rule 4.7C, payments of A$323k made to related parties and their associates during the quarter included non-executive directors’ fees, managing director salary, consulting fees, remuneration and superannuation at commercial rates.

The full financial report can be found in the ASX filing here.

About Alterity Therapeutics Limited

Alterity Therapeutics is a clinical stage biotechnology company dedicated to creating an alternate future for people living with neurodegenerative diseases. The Company is focused on developing disease modifying therapies for Parkinson’s disease and related disorders. Alterity is preparing to initiate a Phase 3 pivotal trial in Multiple System Atrophy (MSA), a rare and rapidly progressive neurodegenerative disease without an approved treatment. ATH434, the Company’s lead asset, demonstrated clinically meaningful efficacy in a randomized, double-blind, placebo-controlled Phase 2 clinical trial in participants with MSA. Alterity has further reported positive data in its open label Phase 2 clinical trial in participants with advanced MSA. In addition, Alterity has a broad drug discovery platform generating patentable chemical compounds to treat the underlying pathology of neurological diseases. The Company is based in Melbourne, Australia, and San Francisco, California, USA. For further information please visit the Company’s website at https://alteritytx.com.

References
¹ 11-item UMSARS Part I (previously described as modified UMSARS I): Unified Multiple System Atrophy Rating Scale, 11-Items include: Orthostatic symptoms, Swallowing, Speech, Handwriting, Cutting food, Dressing, Hygiene, Walking, Falling, Urinary and Bowel function.

Authorization & Additional Information
This announcement was authorized by the Board of Directors of Alterity Therapeutics Limited.

Contacts:

Investors
Elyse Shapiro
ir@alteritytx.com

Remy Bernarda
Investor Relations Advisory Solutions
ir@alteritytx.com
+1 (415) 203-6386

Media
Melissa Tempra
NWR Communications
melissa@nwrcommunications.com.au

Casey McDonald
Tiberend Strategic Advisors, Inc.
cmcdonald@tiberend.com
+1 (646) 577-8520

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. The Company has tried to identify such forward-looking statements by use of such words as “expects,” “intends,” “hopes,” “anticipates,” “believes,” “could,” “may,” “evidences” and “estimates,” and other similar expressions, but these words are not the exclusive means of identifying such statements.

Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are described in the sections titled “Risk Factors” in the Company’s filings with the SEC, including its most recent Annual Report on Form 20-F as well as reports on Form 6-K, including, but not limited to the following: statements relating to the Company’s drug development program, including, but not limited to the initiation, progress and outcomes of clinical trials of the Company’s drug development program, including, but not limited to, ATH434, and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to the difficulties or delays in financing, development, testing, regulatory approval, production and marketing of the Company’s drug components, including, but not limited to, ATH434, the ability of the Company to procure additional future sources of financing, unexpected adverse side effects or inadequate therapeutic efficacy of the Company’s drug compounds, including, but not limited to, ATH434, that could slow or prevent products coming to market, the uncertainty of obtaining patent protection for the Company’s intellectual property or trade secrets, the uncertainty of successfully enforcing the Company’s patent rights and the uncertainty of the Company freedom to operate.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Bid procedure, 2026-11-06
Bonds	SWEDEN I/L BOND: 3104. SE0000556599. 2028-12-01 SWEDEN I/L BOND: 3111, SE0007045745, 2032-06-01
Bid date	2026-11-06
Bid times	09.00-10.00 (CET/CEST) on the Bid date
Offered volume (corresponding nominal amount)	3104: 200 million SEK +/-200 million SEK 3111: 200 million SEK +/-200 million SEK
Highest permitted bid volume (corresponding nominal amount)	3104: 200 million SEK per bid 3111: 200 million SEK per bid
Lowest permitted bid volume (corresponding nominal amount)	SEK 10 million per bid
Expected allocation time	Not later than 10.15 (CET/CEST) on the Bid date
Delivery and payment date	2026-11-10
Settlement amount	To be paid to the Riksbank’s account in Euroclear Sweden AB’s securities settlement system SWIFT: VPCSSESSXXX Account: 1 4948 6383 CTM BIC: RIKSSESS ALERT acronym: RIKSBANK

Stockholm, 2026-10-30

This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions can be retrieved at www.riksbank.se.

CALGARY, Alberta, Oct. 30, 2026 (GLOBE NEWSWIRE) — Black Diamond Group Limited (“Black Diamond” or the “Company”) (TSX: BDI) today announced the appointment of Michael Chan to its Board of Directors (the “Board”), effective Thursday, October 29^th, 2026.

“We are very pleased to welcome Michael to our Board,” said Trevor Haynes, Chairman and CEO of Black Diamond Group. “He brings over 30 years of investment industry experience and a deep understanding of public markets, capital allocation and the factors that drive long-term value creation. His experience and perspective will complement the strengths of our Board as we execute against our long-range strategy, serve our customers and deliver compounding shareholder value.”

Mr. Chan brings more than three decades of asset management industry experience, including 25 years managing institutional public equity mandates at Fiera Capital, Sceptre Investment Counsel and UBS Global Asset Management. He began his career as an equity analyst at Sun Life Investments, developing research expertise across a broad range of sectors, including financial services, industrials, resources, technology and consumer discretionary.

In 2001, Mr. Chan progressed to Portfolio Manager in Canadian Small/Mid Cap equities and has since managed one of the largest pools of capital in Canada. Over the course of his career, he has received numerous industry recognitions, including being named a Top Gun Investment Mind by Brendan Wood International for his insights into companies, management, strategies and markets.

Mr. Chan is a CFA charterholder and holds an MBA from Queen’s University, as well as a Bachelor of Industrial Engineering and Bachelor of Science in Mathematics from Dalhousie University.

“I am pleased to join Black Diamond’s Board and look forward to working with Trevor, my fellow Directors and the Management Team,” said Michael Chan. “I spent my career evaluating businesses, management teams and strategies from an investor’s perspective, and I look forward to bringing that experience to the Board as the Company continues to execute on its proven growth strategies and track record of strong performance.”

About Black Diamond        

Black Diamond is an industrial services and asset management company with two operating business units – MSS and WFS. We operate in Canada, the United States, and Australia.

MSS through its principal brands, BOXX Modular, CLM, and Schiavi, owns a large rental fleet of modular buildings of various types and sizes. Its network of local branches rent, sell, service, and provide ancillary products and services to a diverse customer base in the construction, industrial, education, financial, and government sectors.

WFS, through its principal brands Black Diamond Lodging and Accommodations, Royal Camp Services and Summit Camps, owns a large rental fleet of modular accommodation assets of various types. Its regional operating terminals rent, sell, service, and provide ancillary products and services including turn-key operated camps with premium integrated catering and hospitality services to a wide array of customers in the resource, infrastructure, construction, disaster recovery, and education sectors.

In addition, WFS includes LodgeLink, which operates a digital marketplace for business-to-business crew accommodation, travel, and logistics in North America, Australia and the Asia-Pacific region. This proprietary digital platform enables customers to efficiently manage the full travel cycle through a rapidly growing network of hotels, remote lodges, and travel partners. LodgeLink solves the unique challenges associated with workforce crew travel and is complemented by Spencer Corporate Travel’s high-touch boutique corporate travel management service.

Learn more at www.blackdiamondgroup.com.

Investor and Media Inquiries
Emma Covenden at 403-888-1666 or investor@blackdiamondgroup.com

To sign up for news alerts please go to www.blackdiamondgroup.com/investor/subscription/

LIVONIA, Mich., Oct. 30, 2026 (GLOBE NEWSWIRE) — Alta Equipment Group Inc. (NYSE: ALTG) (“Alta” or “the Company”), a leading provider of premium material handling, construction and environmental processing equipment and related services, today announced that it will report its financial results for the third quarter ended September 30, 2026, after the U.S. markets close on Monday, November 9, 2026. In conjunction with this announcement, Alta management will host a conference call and webcast on Tuesday, November 10, at 8:00 a.m. Eastern Time to discuss and answer questions about the Company’s financial results. Prior to the conference call and webcast, Alta will issue a press release and supplementary presentation slides reporting these results on the Investors portion of the Company’s website, https://investors.altaequipment.com.

Conference Call Details:
What: Alta Equipment Group Third Quarter Earnings Call and Webcast
Date: Tuesday, November 10, 2026
Time: 8:00 a.m. Eastern Time
Live call: (833) 461-5787
International: International Dial-In Numbers
Meeting ID: 500034146
Webcast: https://events.q4inc.com/attendee/500034146

The webcast replay will be archived through November 10, 2027.

About Alta Equipment Group Inc.
Alta owns and operates one of the largest integrated equipment dealership platforms in North America. Through its branch network, the Company sells, rents, and provides parts and service support for several categories of specialized equipment, including lift trucks and other material handling equipment, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes and aerial work platforms, concrete and asphalt paving equipment, other construction equipment and allied products. Alta has operated as an equipment dealership for 42 years and has over 80 total locations across Michigan, Illinois, Indiana, Ohio, Pennsylvania, Massachusetts, Maine, Connecticut, New Hampshire, Vermont, Rhode Island, New York, Virginia, Nevada and Florida, and the Canadian provinces of Ontario, New Brunswick, and Quebec. Alta offers its customers a one-stop shop for their equipment needs through its broad, industry-leading product portfolio. More information can be found at www.altg.com.

Contacts

Investors:

Kevin Inda

SCR Partners, LLC

kevin@scr-ir.com

(225) 772-0254

NEW YORK, Oct. 30, 2026 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Pacifica Silver Corp. (CSE: PSIL; OTCQX: PAGFF), a mineral exploration company, has qualified to trade on the OTCQX® Best Market. Pacifica Silver Corp. upgraded to OTCQX from the OTCQB® Venture Market.

Pacifica Silver Corp. begins trading today on OTCQX under the symbol “PAGFF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Pacifica Silver Corp. is a Canadian resource company led by a proven management team with decades of mining and exploration experience in Mexico. The company is currently focused on its 100% owned Claudia Project located in Mexico’s Sierra Madre Occidental—one of the world’s most prolific epithermal precious metal belts.

The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

“Graduating to the OTCQX Best Market is a meaningful milestone for Pacifica Silver as we continue to broaden our presence across North America,” said Todd Anthony, Chief Executive Officer of Pacifica Silver. “Trading on OTCQX will provide greater visibility and more convenient access for U.S. investors as we advance our Claudia Project in Durango State, Mexico.”

Trading in non-U.S. North American securities on OTC Markets reached $29.38B in the third quarter of 2026, representing an 84.22% increase over Q3 2025. OTC Markets recorded $203.47B in total dollar volume in Q3. North America ranked among the top home markets by trading volume during the quarter, highlighting sustained U.S. investor demand for internationally listed names.

About Pacifica Silver Corp.
Pacifica Silver Corp. is a mineral exploration company with the high-grade Claudia Silver-Gold Project in Durango, Mexico, situated along the mineral-rich Sierra Madre Occidental belt, near major mines. The project spans 11,876 hectares, with over 30 km of known veins, of which less than 10% has been drill tested. The Company has also identified at least nine historic mines on the Claudia Project property. The project encompasses multiple previously identified mineralized zones, including Santiaguera, Mina de Oro, Mina Vieja, El Grullo, Noche Buena, Tres Reyes, Aguilareña, Guadalupana, La Concepción, Don Cose, El Cristo, and the Lizeth Vein Swarm.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN, OTC Link NQB, OTC Overnight® and MOON ATS® are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

NEW YORK, Oct. 30, 2026 (GLOBE NEWSWIRE) — Syndax Pharmaceuticals (Nasdaq: SNDX), a commercial-stage biopharmaceutical company advancing innovative cancer therapies, today announced that Michael A. Metzger, Chief Executive Officer, as well as members of the Syndax management team, will participate in the following upcoming investor conferences:

• Guggenheim 3rd Annual Healthcare Innovation Conference in Boston, MA with a fireside chat on Tuesday, November 10, 2026, at 11:00 a.m. ET.
• Stifel 2026 Healthcare Conference in New York, NY with a fireside chat on Thursday, November 12, 2026, at 9:20 a.m. ET.
• UBS Global Biopharma Conference 2026 in London, UK with a fireside chat on Tuesday, November 17, 2026, at 12:00 p.m. GMT / 7:00 a.m. ET.
• Jefferies London Healthcare Conference in London, UK with a fireside chat on Thursday, November 19, 2026, at 12:30 p.m. GMT / 7:30 a.m. ET.

A live webcast of the fireside chats will be available in the Investor section of the Company’s website at www.syndax.com, where a replay will also be available for a limited time.

About Syndax

Syndax Pharmaceuticals is a commercial-stage biopharmaceutical company advancing innovative cancer therapies. Highlights of the Company’s pipeline include Revuforj^® (revumenib), an FDA-approved menin inhibitor, and Niktimvo™ (axatilimab-csfr), an FDA-approved monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor. Fueled by our commitment to reimagining cancer care, Syndax is working to unlock the full potential of its pipeline and is conducting several clinical trials across the continuum of treatment. For more information, please visit www.syndax.com or follow the Company on X and LinkedIn.

Syndax Contacts

Sharon Klahre
Syndax Pharmaceuticals, Inc.
sklahre@syndax.com
Tel 781.684.9827

SNDX-G