Mr. Keith Creel reports

CPKC REPORTS FIRST-QUARTER RESULTS; CELEBRATING ONE YEAR AS A COMBINED COMPANY

Canadian Pacific Kansas City Ltd. has released its first quarter results, including revenues of $3.5-billion, diluted earnings per share (EPS) of 83 cents and core adjusted combined diluted EPS of 93 cents.

"One year into our historic combination, I am proud of what our dedicated family of railroaders has accomplished as we deliver on the benefits of our unrivalled network -- spurring competition, increasing safety and connecting more markets for our customers," said Keith Creel, Canadian Pacific Kansas president and chief executive officer. "Today's results show the success of our efforts to drive growth as the only railway connecting Canada, the United States and Mexico."

First quarter 2024 results:

• Reported operating ratio (OR) increased by 400 basis points to 67.4 per cent from 63.4 per cent in Q1 2023.
• Core adjusted combined OR increased 50 basis points to 64 per cent from 63.5 per cent in Q1 2023.
• Reported diluted EPS decreased to 83 cents from 86 cents in Q1 2023.
• Core adjusted combined diluted EPS increased 3 per cent to 93 cents from 90 cents in Q1 2023.
• Volumes, as measured in revenue ton-miles (RTMs), increased 1 per cent on a combined basis.
• FRA-reportable (Federal Railroad Administration) train accident frequency increased to 0.89 from 0.71 in Q1 2023 on a combined basis.
• FRA-reportable personal injury frequency increased to 1.15 from 1.12 in Q1 2023 on a combined basis.

"We exited last year with strong momentum and our performance in the first quarter, combined with an improving demand environment, has us well positioned to deliver on our 2024 guidance," Mr. Creel added. "As we enter the second year of our forever story, we are focused on safely executing on the unique and undeniable opportunities this franchise creates and delivering long-term value for our employees, customers and shareholders."

Conference call details

Canadian Pacific Kansas will discuss its results with the financial community in a conference call beginning at 9:45 a.m. ET (7:45 a.m. MT) on April 24, 2024.

Conference call access

Canada and U.S.: 800-225-9448

International: 203-518-9708

Conference ID: CPKCQ124

Callers should dial in 10 minutes prior to the call.

Webcast

The company encourages you to access the webcast and presentation material in the investors section of Canadian Pacific Kansas's website.

A replay of the first quarter conference call will be available through May 1, 2024, at 800-839-8705 (Canada/U.S.) or 402-220-6075 (international).

About Canadian Pacific Kansas Ltd.

With its global headquarters in Calgary, Alta., Canada, Canadian Pacific Kansas is the first and only single-line transnational railway linking Canada, the United States and Mexico, with unrivalled access to major ports from Vancouver to Atlantic Canada to the Gulf of Mexico to Lazaro Cardenas, Mexico. Stretching approximately 20,000 route miles and employing 20,000 railroaders, Canadian Pacific Kansas provides North American customers unparalleled rail service and network reach to key markets across the continent. Canadian Pacific Kansas is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise.

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