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CN Investing $3.4 Billion to Build Capacity and Power Sustainable Growth

1. CN plans to invest $3.4 billion CAD in 2025 capital projects. 2. Investment focuses on safety, capacity growth, and infrastructure enhancements. 3. Over $500 million allocated for upgrading and expanding rolling stock. 4. Previous year's investment included $1.7 billion for safety and infrastructure. 5. Current projects aim to strengthen North American supply chain resilience.

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FAQ

Why Bullish?

The significant investment in infrastructure signals growth potential and commitment to safety, which historically leads to stock price appreciation, as seen in other rail companies following similar announcements.

How important is it?

The capital expenditure highlights CN's commitment to growth and operational efficiency, directly impacting investor confidence and market perception.

Why Long Term?

Strategic investments build a foundation for sustainable growth and profitability, promoting longer-term shareholder value while enhancing operational capabilities.

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CNRCSXNSC
MONTREAL, May 15, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today announced its 2025 capital expenditures program, underscoring its commitment to growing capacity, enhancing safety, and powering sustainable growth across its North American network. CN will invest approximately $3.4 billion CAD in capital projects this year, net of customer reimbursements. This year’s capital program includes approximately $2.9 billion allocated to its maintenance and strategic infrastructure initiatives across Canada and the United States. Projects already underway include over 225 miles of new rail installation and approximately 8 capacity building projects in Western Canada scheduled to come online by the end of this year. As part of this investment CN is also allocating over $500 million to upgrade and expand its rolling stock, reinforcing the Company’s focus on providing safe, reliable, and efficient service for customers across its network. "At CN, we believe investing in our network is investing in the future of North American supply chains. Our 2025 capital program reflects a clear focus on strengthening the resilience, efficiency, and sustainability of our operations. These investments are about delivering exceptional service today — and building a safer, more connected tomorrow for our customers, employees, supply chain partners, and the economy." Tracy Robinson, President, and Chief Executive Officer of CN In 2024, CN invested approximately $3.5 billion CAD, of which $1.7 billion was spent to maintain the safety and integrity of its network, particularly track infrastructure. More highlights from CN’s strategic infrastructure investments in 2024 included: Over $75 million CAD (USD $54 million) in a four-mile siding extension in the Greater Chicago area, boosting corridor capacity by 17%.Advancing projects to improve fluidity and capacity in the Greater Vancouver area, such as a $7.6 million initial investment in the multi-year Holdom Overpass project, and $2 million for enhancements to the Thornton Tunnel, as well as another $7 million for upgrades to both the Lulu Island and Fraser River Bridges.Over $60 million invested with its project partners, towards the completion of Phase 1 and advancement of Phase 2 of the new high efficiency loading fuel terminal at CN’s MacMillan Yard in Vaughn, Ontario, serving customers in the Greater Toronto Area. This annual investment in capital projects and maintenance activities drives the safety and efficiency of CN’s operations, laying a solid foundation for long-term sustainable growth. CN Forward-Looking Statements Certain statements by CN 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. 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,” or other similar words. 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. About CNCN 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:MediaInvestment CommunityAshley MichnowskiStacy AldersonSenior ManagerAssistant Vice-PresidentMedia RelationsInvestor Relations(438) 596-4329(514) 399-0052media@cn.cainvestor.relations@cn.ca

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