Norfolk Southern hosted our first Investor Day since 2019, at our corporate headquarters in Atlanta. During the day’s event, Norfolk Southern President and CEO Alan H. Shaw laid out the company’s growth strategy. The strategy is built upon balancing three elements: Reliable and resilient service; continuous productivity improvement; and smart and sustainable growth. Throughout the day, senior leadership expanded on that strategy, laying out our long-term financial outlook based on capitalizing existing market opportunities. You may read Shaw’s full remarks here, and access materials from the day, including a copy of the webcast, on our Investor’s page.

WE WILL PROVIDE RESILIENT SERVICE OUR CUSTOMERS CAN COUNT ON LONG-TERM.

We will provide service that is resilient through future operational and economic disruptions. When we do that, our customers will be able to incorporate rail confidently into their long-term supply chain strategies. This is an essential element of our plan to compete in the flexible freight market.

WE ARE A CUSTOMER-CENTRIC, OPERATIONS-DRIVEN ORGANIZATION.

We will innovate solutions that help our customers grow and compete in an evolving global supply chain. We will make it easier for our customers to ship by rail - delivering the efficiency of rail, coupled with the simplicity of truck. We will make reliable and resilient service an enduring competitive strength.

OUR STRATEGY BALANCES SERVICE, PRODUCTIVITY AND GROWTH.

We are taking the next step with TOP | SPG, a modern, PSR-based operating plan that balances service, productivity, and growth. Reducing our operating ratio is not our singular focus. We strive for more. Our pursuit of margin improvement will be balanced with other important financial measures, such as earnings per share, return on invested capital, and revenue.

To achieve that, we will deliver a reliable and resilient service product that enables us to pursue smart and sustainable growth. Our sharpest focus will be on opportunities where we and our customers can be mutually successful.

WE HAVE A UNIQUE VALUE PROPOSITION FOR SUSTAINABLE GROWTH.

Norfolk Southern is a franchise built for growth and faces the fastest growing segments of the U.S. economy. We intend to leverage that strength. We have a powerful network with:

• A robust, well-designed route structure that serves major population centers
• More short-line partnerships than any other Class I railroad
• Close partnerships with East Coast ports
• Trusted, long-standing relationships with customers who are leaders in their markets and the best channel partners in the industry

These strengths leverage our desirable geographic footprint and position Norfolk Southern perfectly to compete for flexible freight. We see enduring market trends that play to our strengths. These trends are good for rail; they are great for Norfolk Southern – and they are another reason we are uniquely positioned in our industry to deliver competitive margins and sustainable growth.

OUR PEOPLE ARE OUR GREATEST STRENGTH.

Our new workforce management strategy will create resilience through economic cycles and a better culture. We have a vision of moving conductors off the road and giving them fixed work locations with predictable schedules. We’re harnessing mobile technologies to empower our workforce and make routine administrative functions roles easier. We are leveraging technology that will one day mean our people won’t need to walk the length of a mile-long train, at night, in Chicago, in the winter, inspecting for potential defects.