1、THIRD QUARTER 2025 EARNINGSTHIRD QUARTER 2025 EARNINGSOCTOBER 23,2025OCTOBER 23,2025UNION PACIFIC CORPORATIONUNION PACIFIC CORPORATION2Cautionary InformationThis presentation and related materials contain statements that are forward looking statements.Forward-looking statements should not be read as

2、 a guarantee of future performance or results,and will not necessarily be accurate indications of the times that,or by which,such performance or results will be achieved.Forward-looking information,including expectations regarding operational and financial improvements and future performance or resu

3、lts are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement.Important factors,including risk factors,could affect future results and could cause those results or other outcomes to differmaterially from those exp

4、ressed or implied in the forward-looking statements.Information regarding risk factors and other cautionary information are available in Annual Report on Form 10-K for 2024,which was filed with the SEC on February 7,2025 and Norfolk Southerns Annual Report on Form 10-K,which was filed with the SEC o

5、n February 10,2025.Each Company updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequentAnnual Reports on Form 10-K(or such other reports that may be filed with the SEC).Forward-looking statements speak only as of,and ar

6、e based only upon information available on,the date the statements were made.Neither company assumes any obligation to update forward-looking information to reflect actual results,changes in assumptions or changes in other factors affecting forward-looking information.If an update is made,no inferen