“Softening vehicle sales will pressure automotive volumes That said, team continues to hustle and recent business development wins will help offset some of that softness.”

In context

“ial. We're planning for a challenging backdrop. Industrial production is forecasted to be flat. Halven stars are expected to decline by more than 2%. Our team is laser focused on business development and leveraging our strong service products to close gaps. We expect our petrochemicals markets to remain strong driven by investments we've made in our Gulf Coast franchise and winning with new and existing customers. Wrapping up with premium, we expect continued softness in international intermodal volumes in the near term as imports stay below last year's level. Later in the year, comparison but the import environment remains fluid. On the domestic side, we see continued opportunity and growth from over the road conversions enabled by our strong service product and multiple channels to win. Softening vehicle sales will pressure automotive volumes That said, team continues to hustle and recent business development wins will help offset some of that softness. Looking ahead, we're confident in our ability to compete with a strong business development pipeline and a service product that continues to differentiate Union Pacific we're focused on converting opportunities through strong customer relationships, commercial intensity and consistent execution. And with that, I'll turn it over to Eric to review our operational performance. Eric Gehringer: Thank you, Kenny and good morning. Moving to Slide 13, In the fourth quarter, we extended our safety performance delivering meaningful improvement in both personal injury and derailment rates compared to our three year rolling average. Importantly, for the full year 2025, we achieved best ever results in both areas, and we expect to lead the industry in employee safety. These outcomes reinforce our comm”