ArcBest has announced financial results for the fourth quarter and full year ended 31 December 2025. Fourth quarter 2025 revenue totalled US$972.7 million, compared to US$1.0 billion in the prior-year period. Net loss from continuing operations was US$8.1 million versus net income of US$29.0 million in Q4, 2024. Included in Q4, 2025 net loss is a US$9.1 million after-tax, noncash charge associated with impairments. On a non-GAAP basis, net income was US$8.2 million compared to US$31.2 million in the prior year.

ArcBest’s full year 2025 revenue totalled US$4.0 billion, compared to US$4.2 billion in the prior year. Net income from continuing operations in 2025 was US$60.1 million versus US$173.4 million in 2024, which included a US$67.9 million after-tax benefit from the reduction in the fair value of contingent consideration related to the MoLo acquisition. On a non-GAAP basis, net income was US$84.8 million compared to US$149.7 million in the prior year.

2025 was a year of strong execution. Amid a challenging freight environment, the Company delivered growth in LTL shipments and tonnage, restored profitability in Asset-Light, and achieved record Asset-Light productivity as customers increasingly embraced its integrated, technology-driven solutions.

Results of Operations Comparisons

Asset-Based

Fourth Quarter 2025 Versus Fourth Quarter 2024

> Revenue of US$648.8 million compared to US$656.2 million, a per-day decrease of 0.3%
> Tonnage per day increase of 2.6%
> Shipments per day increase of 2.4%
> Billed revenue per hundredweight decrease of 2.7%
> Billed revenue per shipment decrease of 2.5%
> Weight per shipment increase of 0.2%
> Operating income of US$24.4 million and an operating ratio of 96.2%, compared to US$52.3 million and 92.0%

Tonnage growth was driven by an increase in daily shipments, largely attributable to newly onboarded core LTL customers. Average weight per shipment was slightly higher due to the heavier profile of new business; however, this was partially offset by lower weight per shipment from existing customers, reflecting continued softness in the manufacturing sector.

Customer contract renewals and deferred pricing agreements averaged a 5.0% increase during Q4. However, billed revenue per hundredweight, including and excluding fuel, declined approximately 3.0% year-over-year as pricing gains were offset by changes in freight mix. Overall, LTL industry pricing remains rational.

Operating expenses increased due to additional labour supporting shipment growth, annual union wage adjustments, and higher equipment depreciation.

Compared sequentially to Q3, 2025, Q4 daily revenue decreased 6.3%. Shipments per day declined 4.4% while weight per shipment increased 2.7%, resulting in a 1.8% decrease in tonnage per day. Billed revenue per hundredweight both including and excluding fuel, decreased approximately four percent, reflecting the heavier-weighted shipments. Billed revenue per shipment decreased 1.9%, due primarily to the seasonal step down in U-Pack moving shipments. The non-GAAP operating ratio increased by 370 basis points, due in part to three fewer revenue days.

Asset-Light

Fourth Quarter 2025 Versus Fourth Quarter 2024

> Revenue of US$353.5 million compared to US$375.4 million, a per-day decrease of 5.1%
> Shipments per day increase of 0.8%
> Revenue per shipment decrease of 5.8%
> Purchased transportation expense was 86.4% of revenue compared to 86.6%
> Operating loss of US$9.9 million compared to operating loss of US$1.6 million

On a non-GAAP basis, breakeven operating results compared to operating loss of US$5.9 million. Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) of US$1.4 million compared to negative US$4.2 million. Revenue declined primarily due to lower revenue per shipment in a soft-rate environment and a higher mix of managed transportation business, which typically involves smaller, lower-revenue shipments. Shipments per day were up slightly, as growth in managed solutions offset a strategic reduction in less profitable truckload volumes. Despite revenue declines, disciplined cost management and productivity gains enabled breakeven non-GAAP operating results.

Compared sequentially to Q3, 2025, Q4 daily revenue increased 4.2% despite a 3.0% decrease in shipments per day, reflecting a 7.4% increase in revenue per shipment. The increase in revenue per shipment was driven by higher spot rates, which raised customer pricing but also elevated purchased transportation costs and pressured margins. Operating expenses were lower, but the impact of three fewer revenue days resulted in breakeven non-GAAP operating results, compared to profit in the third quarter.

Full Year Results of Operations Comparisons

Asset-Based

Full Year 2025 Versus Full Year 2024

> Revenue of US$2.7 billion, compared to US$2.8 billion, a per-day decrease of 0.2%
> Tonnage per day increase of 1.2%
> Shipments per day increase of 3.0%
> Billed revenue per hundredweight decrease of 1.3%
> Billed revenue per shipment decrease of 3.0%
> Weight per shipment decrease of 1.7%
> Operating income of US$172.0 million and an operating ratio of 93.7%, which includes US$15.7 million of net gains on asset sales, compared to US$242.6 million and 91.2%
> Non-GAAP operating income of US$156.3 million and an operating ratio of 94.3%, compared to US$242.6 million and 91.2%

Asset-Light

Full Year 2025 Versus Full Year 2024

> Revenue of US$1.4 billion compared to US$1.6 billion, a per-day decrease of 9.0%
> Shipments per day decrease of 1.8%
> Revenue per shipment decrease of 7.4%
> Purchased transportation expense was 85.3% of revenue compared to 86.3%
> Operating loss of US$15.3 million, compared to operating income of US$58.4 million, which included a US$90.3 million pre-tax change in the fair value of contingent earnout consideration related to the MoLo earnout

On a non-GAAP basis, operating income of US$1.5 million compared to operating loss of US$17.1 million. Adjusted EBITDA of US$7.2 million compared to negative US$9.8 million. The Company achieved record employee productivity, measured by shipments per person per day.

In 2025, total net capital expenditures, including equipment financed, were US$198.0 million. This included US$133.0 million of revenue equipment and US$31.0 million in real estate, net of US$25.0 million in proceeds from real estate sales. The majority of these investments supported ArcBest’s Asset-Based operation. Depreciation and amortisation costs on property, plant and equipment were US$158.0 million in 2025.

ArcBest returned more than US$86.0 million to shareholders in 2025 through both share repurchases and dividends, while continuing to make organic capital investments in the business.

Schneider National, Inc. announced results for the period ended 31 December 2025. Annual operating revenues climbed 7.0% to US$5.7 billion, from US$5.3 billion in 2024. Income from operations increased 2.0% to US$168.9 million, as net income fell 11.0% to US$103.6 million.

Q4 results fell short of guidance as a result of softer than expected market conditions beginning in November, particularly for volume, reflecting a very truncated peak season. There was strong improvement in late December reflecting a combination of weather disruption and some positive seasonality being met with thinner supply, a direct result of the accelerated capacity attrition seen in recent months. However, the strength exiting the year was not enough to offset the tempered demand that characterised much of the quarter, as well as spiking third-party carrier capacity costs, unplanned auto production shutdowns with certain customers, and heightened healthcare costs.

Schneider expect the full impact of recent regulatory actions will be felt over several quarters and is likely to result in additional supply rationalisation. The Company is not satisfied with its results and, while it looks forward to transitioning to more supportive market conditions, it enters 2026 with even more conviction in the importance of driving structural improvement in its business. The Company is taking momentum from its cost savings programme, the launch of an Intermodal Fast Track service, Dedicated start-up activity, and Network earnings improvement efforts into this year.

Enterprise Results

Operating revenues in Q4 were US$1.4 billion, up 5.0% from US$1.3 billion in Q4, 2024. Enterprise income from operations for Q4, 2025 was US$36.5 million, a decrease of US$5.9 million, or 14.0%, compared to the same quarter in 2024. As of 31 December 2025, the Company had US$402.5 million outstanding on total debt and finance lease obligations and cash and cash equivalents of US$201.5 million. Net capital expenditures decreased compared to the same period a year ago due to reduced purchases of transportation equipment and other property and equipment. Free cash flow increased US$60.7 million compared to the same period in 2024.

Results of Operations – Reportable Segments

Truckload revenues (excluding fuel surcharge) for Q4, 2025 were US$610.0 million, an increase of US$49.9 million, or 9.0%, compared to the same quarter in 2024 driven by a 21.0% increase in Dedicated volume largely attributable to the Cowan Systems acquisition, partially offset by lower Dedicated revenue per truck per week. Truckload revenue per truck per week was US$4,004, down US$96, or 2.0%, from the same quarter in 2024. Friction costs related to onboarding new Dedicated business were partially offset by improved Network productivity. Dedicated average truck count grew 18.0% year over year with the acquisition of Cowan in December 2024, while Network average truck count declined slightly. Truckload income from operations totalled US$23.0 million in Q4, 2025, an increase of US$3.2 million, or 16.0%, compared to the same quarter in 2024 driven by increased volume, partially offset by increases in salaries and wages expense and depreciation and equipment related costs (primarily related to increased headcount and equipment counts, respectively, both resulting largely from the Cowan acquisition). Truckload operating ratio was 96.2% in Q4, 2025 compared to 96.5% in Q4, 2024, an improvement of 30 basis points.

Intermodal revenues (excluding fuel surcharge) for Q4, 2025 were US$268.2 million, a decrease of US$8.0 million, or 3.0%, compared to the same quarter in 2024. The decline was driven by a 5.0% decrease in revenue per order, related to customer rate and freight mix, partially offset by volume growth of 3.0%. Intermodal income from operations for Q4, 2025 was US$18.0 million, an increase of US$0.8 million, or 5.0%, compared to the same quarter in 2024. The increase was primarily due to volume growth and lower purchased transportation costs as a result of lane mix, partially offset by the reduction in revenue per order. Intermodal operating ratio was 93.3% compared to 93.8% in the same quarter in 2024, an improvement of 50 basis points.

Logistics revenues (excluding fuel surcharge) for Q4, 2025 were US$329.3 million, an increase of US$5.4 million, or 2.0%, compared to the same quarter in 2024 primarily due to the acquisition of Cowan Systems, partially offset by lower legacy brokerage volume.

Logistics income from operations for Q4, 2025 was US$2.6 million, a decrease of US$5.9 million, or 69.0%, compared to the same quarter in 2024 driven by lower volume within the brokerage business and net revenue per order within the Company’s Power Only offering. Logistics operating ratio was 99.2% in Q4, 2025, compared to 97.4% in Q4, 2024, an increase of 180 basis points.

Looking ahead, the Company will continue to grow specialty dedicated and intermodal volumes, especially in Mexico, and leverage its multi-modal platform to be nimble to evolving market conditions. Having achieved its 2025 cost savings target, it will look to make continued strides in 2026 with another US$40.0 million in targeted cost savings. The priority is to grow earnings by leveraging productivity and asset efficiency actions; improving the topline without incremental growth investments.

The Company is also entering 2026 with capacity continuing to exit the market at an accelerated pace as a result of various regulatory actions that have been taken which will be supportive of improving market conditions. However, fourth quarter results also underscore the variability in demand, which will be key in determining the pace and magnitude of improvement in the cycle.

2026 full year adjusted diluted earnings per share guidance is US$0.70 to US$1.00, which assumes a full year effective tax rate of approximately 24.0%. Full year net capital expenditures are expected to be approximately US$400.0-450.0 million which consists primarily of replacement capital.

Covenant Logistics Group, Inc. announced financial and operating results for the fourth quarter ended 31 December 2025. Q4 revenues increased to US$295.4 million, up from US$277.3 million. Q4, 2025 saw a loss of US$0.73 per diluted share, driven by impairment charges to goodwill and equipment and elevated insurance expense. Excluding these charges, non-GAAP adjusted results reflect income of US$0.31 per diluted share.

These adjusted results were in line with expectations, with operating positives and negatives roughly offsetting. A seasonal uplift in volume provided some benefit, which was largely offset by the longest US government shut down in history that affected specialised team operations, increased costs of securing capacity in the Managed Freight segment, and start-up costs in Warehousing for a new location in November.

For the full year 2025, total revenue reached US$1,164.5 million, up 2.9% from US$1,131.5 million. Operating income declined to US$2.9 million, from US$44.8 million. Net income fell to US$7.2 million, from US$35.9 million.

The Company’s plan for 2026 includes continued reallocation of capital to better returning operations while positioning for an expected improvement in freight fundamentals. During the first half of the year, it expects to exit unprofitable business relationships, moderately reduce its total truckload fleet (while growing the most profitable components), improve free cash flow and deleverage its balance sheet. It will be opportunistic in investing in areas that differentiate it from other carriers, focusing on high value and high service requirement freight. The truckload business requires substantial capital and carries significant risks, and it needs to seek and execute on business where the returns justify continued reinvestment.

While tightly managing its asset-based fleet, the Company recently expanded its logistics platform and ability to flex with market demand by acquiring the assets of an approximately US$130.0 million revenue truckload brokerage business, which it is operating under the brand “Star Logistics Solutions.” The deal picked up an enviable customer list and great people with strong capability in both consumer retail and disaster relief sectors where the Company has historically lacked exposure. It expects the consumer retail expertise will allow it to access more freight and afford upside leverage to a future freight market recovery. In addition, the disaster recovery market is highly specialised and synergistic with Expedited business and offers occasional, high volume and high margin opportunities.

A 49.0% equity method investment with Transport Enterprise Leasing (“TEL”) contributed pre-tax net income of US$3.1 million, was comparable to the 2024 quarter of US$3.0 million.

Fourth Quarter Financial Performance:

Combined Truckload Revenue

For the quarter, total revenue in truckload operations slightly decreased 0.8%, to US$188.9 million. The decrease in total revenue consisted of US$0.1 million less freight revenue and US$1.4 million less fuel surcharge revenue, which varies with the cost of fuel.

Expedited Truckload Revenue

Freight revenue in the Expedited segment decreased US$10.3 million, or 12.2%. Average total tractors decreased by 42 units or 4.8% to 833, compared to 875 in the prior year quarter. Average freight revenue per tractor per week decreased 7.8% as a result of a 5.0% decrease in utilisation and a 3.3% decrease in freight revenue per total mile. Negative mix associated with the government shutdown contributed to the revenue per mile decline.

Dedicated Truckload Revenue

For the quarter, freight revenue in the Dedicated segment increased US$10.1 million, or 12.6%. Average total tractors increased by 90 units or 6.3% to 1,514, compared to 1,424 in the prior year quarter. Average freight revenue per tractor per week increased 5.8% as a result of a 10.3% increase in freight revenue per total mile, partially offset by a 4.2% decrease in utilisation. Positive mix associated with growing its specialised agriculture capacity and shrinking more commoditised capacity contributed to the increase in revenue per mile.

Combined Truckload Operating Expenses

On a non-GAAP adjusted basis, operating expenses increased approximately 14 cents per total mile or 6.0% as a result of year over year business mix changes, as well as the continuation of inflationary cost pressures, particularly with compensation and equipment related costs.

Salaries, wages, and related expenses increased by US$0.06 per total mile, representing a year-over-year growth of approximately 5.0%. This rise is primarily attributable to the expanded scale of dedicated agriculture supply chain operations and the strategic reduction in commoditised freight across both the expedited and dedicated fleets. As the Company transition its business mix toward higher-value, specialised freight, it recognises that its cost structure, including driver compensation, will trend upward accordingly. These specialised segments necessitate investment in skilled personnel and maintenance resources due to the operational demands of heavier loads and shorter hauls, which elevate per-mile costs. Additionally, as the freight market improves and the driver market tightens, the Company anticipate driver pay to continue to rise.

Equipment related expenses, including operations and maintenance, leased revenue equipment and depreciation and amortisation expense, increased approximately US$0.07 cents per total mile, or approximately 12.0%, compared to the prior year. This increase is a result of multiple factors, including escalating costs to acquire new equipment, a soft used equipment market, and excess unproductive equipment in the quarter, as well as year over year business mix changes between Expedited and Dedicated fleets.

Managed Freight Segment

For the quarter, Managed Freight achieved a 28.8% year over year increase in freight revenue, primarily attributable to the integration of assets acquired during the period now operating as Star Logistics Solutions. However, segment operating income and adjusted segment operating income were negatively impacted compared to the same quarter last year due to heightened costs associated with securing capacity during peak season. Freight volumes and capacity costs are not expected to remain as elevated in the first quarter due to normal seasonality. However, the significant market tightening in the fourth quarter could be an indicator of stronger freight fundamentals later in the year.

Warehousing Segment

For the quarter, Warehousing’s freight revenue increased US$1.1 million, while segment operating income and adjusted segment operating income declined by US$1.4 million and US$1.6 million, respectively, compared to Q4, 2024. The onboarding of a significant new customer contributed to incremental revenue in this segment; however, the associated startup expenses and operational inefficiencies more than offset the additional revenue. Looking ahead, as activities within this startup normalise, the Company expect operating income margins to recover to the high-single digit range.

It is positive about its outlook with a year full of challenge and opportunity. Challenge because the Company need to do more with the assets it has. Opportunity because a high-value pipeline and ability to capitalise on a freight recovery are as strong as ever. After a few years of using its balance sheet to fundamentally change the Company, and buy back shares at an attractive value, it looks to operate more efficiently, refine its capital allocation, de-lever, and look for the next opportunity.

Smiths News, the UK's largest news wholesaler and a leading provider of early morning end-to-end supply chain solutions, has provided shareholders with an update on trading ahead of its Annual General Meeting.

The Board confirms that trading for the year ending 29 August 2026 ("FY2026") remains in line with market expectations. The Company's strategy of maintaining shareholder returns alongside the development of additional revenue streams that leverage the Company's existing capabilities and networks remains on track.

Smiths News has performed strongly since the start of the year. The Company continues to make progress in broadening its market reach, whilst ensuring it maintains its best class service across its newspaper and magazine activities.

The Company will provide a further update to shareholders at the half year results in May.

Freightliner has announced the successful completion of its acquisition by the CMA CGM Group. This milestone marks the beginning of a new chapter for Freightliner and further reinforces its position as the leading intermodal rail freight operator in the UK.

This acquisition confirms the shared commitment from Freightliner and CMA CGM to building a stronger, more integrated and sustainable intermodal offering for the UK and for customers worldwide. Freightliner consists of 10 terminals, circa 1.4m rail slots and 2,000 wagons, and owns one of the largest fleets of electric locomotives in the UK.

As previously reported Freightliner will remain a standalone, multi-user, multi-customer intermodal service provider serving the UK Intermodal logistics market with a national sustainable network reducing thousands of tonnes of CO2 emissions.

Heavy Haul Rail, previously part of The Freightliner Group, will operate independently remaining under the current shareholder ownership. This is the same for European businesses, Rotterdam Rail Feeding and Freightliner PL and DE, which will continue to operate independently from Freightliner Ltd, also remaining with current shareholder ownership.

CMA CGM has a strong presence in the UK with nearly 7,200 employees across its maritime, logistics, and inland services. The Group’s shipping agency employs 286 staff and operates 28 services connecting the UK with the rest of the world. In 2024, CMA CGM carried 802,000 TEUs to and from the UK. In intermodal transport, CMA CGM Group, through its subsidiary CCIS, transported 200,000 TEUs by rail and road between January and July 2025, confirming its role as a pioneer in decarbonised logistics. CEVA Logistics, a subsidiary of the Group, employs 6,768 people across 103 sites. With 718,000 m2 of warehousing and consolidation capacity, as well as annual volumes of 33,800 tonnes in air freight and 69,400 TEUs in ocean freight, CEVA delivers integrated, end-to-end solutions, reinforcing the Group’s position as a major logistics player in the UK and across Europe.

Logista Libros, a leading distributor for the publishing sector, closed 2025 with sustained growth in its activity and an increase in its operational capacity, in line with the evolution of the book market in Spain. This performance comes in a context of consolidating reading habits. 69.8% of the country’s population reads books at least quarterly, and 54.1% purchased books (non‑textbooks) over the last 12 months.

In 2025, Logista Libros increased by 4.0% the total volume of copies delivered across all its business lines, a figure that rises to more than 11.0% in the general editions segment that is maintained continuously. Both traditional physical distribution and the eCommerce channel recorded solid growth last year. However, although eCommerce continues to gain relevance, conventional distribution remains the majority channel for Logista Libros. In addition, the number of shipments (logistics deliveries) also grew by more than 3.0% compared to the previous year.

The Company strengthened the availability of its catalogue throughout the year, closing 2025 with more than 330,000 references in stock, representing 6.4% growth.

The evolution was especially significant in the eCommerce channel, which has transformed the way consumers purchase products and services, enabling fast and secure transactions from anywhere. This trend reflects the shift towards an increasingly multichannel purchasing environment.

Finally, returns showed different behaviours depending on the channel. In the bookstore channel, the number of returned copies increased, while returns in the eCommerce channel and centralised chains fell by 12.0%, reflecting differentiated purchasing dynamics.

C.H. Robinson Worldwide, Inc. has reported financial results for the quarter ended 31 December 2025. In the face of significant market headwinds, C.H. Robinson delivered a strong Q4 performance driven by market share gains, disciplined revenue management, a cost of hire advantage versus the market, and evergreen productivity improvements fuelled by its Lean AI strategy. North American Surface Transportation ("NAST") total volume increased approximately 1.0% and NAST truckload volume increased approximately 3.0%. Income from operations decreased 1.3% to US$181.4 million

Q4 provided a challenging macro environment, with weak global freight demand, rising spot costs in trucking and falling ocean rates all providing headwinds. C.H. Robinson has consistently focused on controlling what it can control, which is providing differentiated service and solutions to customers and carriers, executing with discipline, and continuously improving its business model and cost to serve. This focus, and the strength of its Lean AI - which is the combination of its Lean operating model, industry-leading technology and the best logisticians - has enabled it to consistently outperform over the last two years.

Spot market costs for truckload capacity spiked during the last five weeks of the quarter, due to a seasonal decline in capacity, three winter storms and incremental pressure from the cumulative enforcement of various commercial driver regulations. International freight continues to be impacted by global trade policies, which caused previous front-loading, a dislocation of shipments and a more pronounced decline in demand after the Q3 peak season. Combined with excess vessel capacity, this caused ocean rates to decline substantially versus a year ago - consistent with the expectations. So, the macro conditions for global transportation companies were difficult in Q4.

NAST saw another quarter of demonstrable market share growth. This was accomplished while mitigating some of the market pressure on gross profits through strong revenue management practices and by improving a cost of hire advantage. These disciplines enabled the Company to improve its NAST AGP margin by 20 basis points on a year-over-year basis, despite the pressure on spot market costs from a decline in available capacity.

In Global Forwarding, the Company expanded gross margins by 120 basis points year-over-year through improved revenue management discipline. It also continued to evolve its Global Forwarding business to a more cohesive, centralised model with standardised and Lean AI-enabled processes. The Company continued to improve productivity and cost to serve across the enterprise, resulting in a double-digit productivity increase in NAST for the full year and a high-single-digit productivity increase in Global Forwarding. As it continues to purposefully engineer work to drive higher automation, a lower cost to serve and improved customer outcomes, all of this is aimed at building the best model for demonstrable outgrowth while continuing to have industry-leading operating margins. While the Company is pleased with the results it has delivered in the last two years, it is still in the early stages of its transformation. Significant runway exists as it continues to deepen the Lean mindset and scale custom-built AI agents across the enterprise.

In Q4, 2025, total revenues decreased 6.5% to US$3.9 billion, primarily driven by the divestiture of the Company’s Europe Surface Transportation business, lower pricing and volume in ocean services, and lower pricing in truckload services. This was partially offset by higher volume in truckload services.

Gross profits decreased 4.5% to US$642.5 million. Adjusted gross profits decreased 4.0% to US$657.0 million, primarily driven by lower adjusted gross profit per transaction in ocean services and the divestiture of the Europe Surface Transportation business.

Operating expenses decreased 5.0% to US$475.7 million. Personnel expenses decreased 4.9% to US$337.0 million, primarily due to cost optimisation efforts and productivity improvements and the divestiture of the Europe Surface Transportation business. This was partially offset by higher restructuring charges related to workforce reductions. Average employee headcount declined 12.9%. Other selling, general and administrative (“SG&A”) expenses decreased 5.3% to US$138.7 million, primarily due to cost optimisation efforts and prior year restructuring charges for impairments related to reducing the facilities footprint. These decreases were partially offset by a US$12.6 million favourable adjustment in the prior year related to the divestiture of the Europe Surface Transportation business. Income from operations totalled US$181.4 million, down 1.3% due to the decrease in adjusted gross profit and higher restructuring charges, partially offset by the decrease in operating expenses. Adjusted operating margin of 27.6% increased 80 basis points. Net income totalled US$136.3 million, down 8.7% from a year ago.

For the full year 2025 period, total revenues decreased 8.4% to US$16.2 billion, primarily driven by the divestiture of the Europe Surface Transportation business, in addition to lower pricing and volume in ocean services and lower fuel surcharges in truckload services. Gross profits decreased 1.8% to US$2.7 billion. Adjusted gross profits decreased 1.3% to US$2.7 billion, primarily driven by lower adjusted gross profit per transaction in ocean services and the divestiture of the Europe Surface Transportation business, which were partially offset by higher adjusted gross profit per transaction in LTL, truckload, and customs services. Operating expenses decreased 7.7% to US$1.9 billion. Personnel expenses decreased 5.9% to US$1.4 billion, primarily due to cost optimisation efforts and productivity improvements and the divestiture of the Europe Surface Transportation business. Average employee headcount declined 11.5%. Other SG&A expenses decreased 11.8% to US$564.3 million primarily due to a US$44.5 million loss in the prior year related to the divestiture of the Europe Surface Transportation business and prior year restructuring charges for impairments related to reducing facilities footprint. In addition, other SG&A expenses declined across several expense categories in 2025 due to cost optimisation efforts. Income from operations totalled US$795.0 million, up 18.8% from last year due to the decrease in operating expenses. Adjusted operating margin of 29.1% increased 490 basis points. Net income totalled US$587.1 million, up 26.1% from a year ago.

Q4 revenues for the NAST segment totalled US$2.8 billion, an increase of 0.3% over the prior year, primarily driven by higher volumes in truckload services, partially offset a shorter average length of haul in truckload services. NAST adjusted gross profits increased 1.9% in the quarter to US$411.6 million. Adjusted gross profits in truckload decreased 0.4% due to a 3.0% decrease in adjusted gross profit per shipment, which was partially offset by a 3.0% increase in volume. Average truckload linehaul rate per mile charged to customers, which excludes fuel surcharges, increased approximately 2.5% in the quarter compared to the prior year, while truckload linehaul cost per mile, excluding fuel surcharges, also increased 2.5%, resulting in a flat truckload adjusted gross profit per mile. LTL adjusted gross profits increased 6.0% versus the year-ago period, driven by a 5.5% increase in adjusted gross profit per order and a 0.5% increase in LTL volume. Total NAST truckload and LTL volume increased 1.0% for the quarter and outpaced the market indices. Operating expenses decreased 0.3%, primarily due to cost optimisation efforts and productivity improvements, partially offset by restructuring charges related to workforce reductions. Fourth quarter average employee headcount was down 7.1% year-over-year. Income from operations increased 6.6% to US$141.3 million, and adjusted operating margin expanded 150 basis points to 34.3%.

Q4 total revenues for the Global Forwarding segment decreased 17.3% to US$731.0 million, primarily driven by lower pricing and volume in ocean services. Adjusted gross profits decreased 12.7% in the quarter to US$178.0 million. Ocean adjusted gross profits decreased 22.0%, driven by a 15.0% decrease in adjusted gross profit per shipment and an 8.0% decline in shipments. Air adjusted gross profits decreased 17.3%, driven by a 12.5% decline in metric tons shipped and a 5.5% decrease in adjusted gross profit per metric ton shipped. Customs adjusted gross profits increased 30.0%, driven by a 26.0% increase in adjusted gross profit per transaction and a 3.0% increase in transaction volume. Operating expenses decreased 9.5%, primarily due to cost optimisation efforts and productivity improvements and lower incentive compensation, partially offset by restructuring charges related to workforce reductions. Fourth quarter average employee headcount decreased 11.8% year-over-year. Income from operations decreased 21.9% to US$40.5 million, and adjusted operating margin declined 260 basis points to 22.8% in the quarter.

Q4 Robinson Fresh adjusted gross profits increased 8.0% to US$38.9 million due to an increase in integrated supply chain solutions for foodservice customers. Managed Solutions adjusted gross profits increased 1.6% due to an increase in freight under management.

Cash generated from operations totalled US$305.4 million in Q4, compared to US$267.9 million in Q4, 2024. The US$37.5 million increase in cash flow from operations was primarily related to a US$28.2 million increase in cash generated by changes in net operating working capital, due to a US$119.0 million sequential decrease in net operating working capital in Q4, 2025 compared to a US$90.8 million sequential decrease in Q4, 2024.

In Q4, 2025, cash returned to shareholders totalled US$207.7 million, with US$133.3 million in repurchases of common stock and US$74.3 million in cash dividends. Capital expenditures totalled US$15.7 million in Q4. Capital expenditures for 2026 are expected to be US$75.0 million to US$85.0 million.

Werner Enterprises, Inc. announced it has acquired privately owned Dedicated trucking company, First Enterprises, Inc. (“FirstFleet”), for approximately US$245.0 million in cash. Werner will also separately acquire real estate properties directly from FirstFleet. The acquisition establishes Werner as the fifth-largest Dedicated carrier in the US, meaningfully increases revenues from its higher-margin Dedicated division and delivers immediate accretion to earnings per share.

Headquartered in Murfreesboro, Tennessee, FirstFleet has sustained profitable growth over four decades and cultivated deep relationships with top-tier customers under multi-year contracts, with an average 17-year tenure among their top 10 customers. FirstFleet brings significant added scale to Werner with approximately 2,400 tractors, 11,000 trailers and 37 strategically located properties near 130 customer sites around the country. FirstFleet has unique capabilities to service attractive and durable end markets such as grocery, bakery goods and corrugated packaging.

With more than US$615.0 million in annual revenues and consistent operating income margins, FirstFleet is expected to be immediately accretive to Werner’s EPS, with even greater earnings uplift expected within the first two years as approximately US$18.0 million in annual synergies are realised. With FirstFleet’s strong track record of cash flow conversion, Werner also expects the transaction to increase free cash flow.

Beyond the strong financial alignment, this combination offers a range of strategic advantages for customers, associates and shareholders, including:

> Accelerating Werner’s portfolio mix emphasis in Dedicated: Over the past several years, Werner has been strategically expanding the percentage of Truckload Transportation Services ("TTS") revenues generated by its higher-margin, long-term contractual Dedicated business. With the addition of FirstFleet, Werner is expected to grow its Dedicated revenues by approximately 50.0% and become North America's fifth-largest Dedicated carrier by power units. The transaction also increases Werner’s share in more resilient categories such as grocery and baked goods.

> Expanding Werner’s Scale and Network Density: As of 30 September 2025, the combined company had approximately 7,365 total Dedicated trucks and nearly 40,000 trailers. With FirstFleet’s highly complementary geographic footprint across the eastern half of the US, Werner expects to benefit from greater fixed cost absorption, purchasing power, asset utilisation and selling an expanded solution-set to FirstFleet and Werner customers.

FirstFleet will operate as a business unit within Werner’s TTS segment, complementing the existing Dedicated division.

Under the terms of the agreement, Werner will acquire FirstFleet and the real estate properties for a total of approximately US$282.8 million. The real estate includes 11 properties for US$37.8 million. The transaction will be funded using operating cash on hand and Werner’s existing revolving credit facility. Werner plans to retain the majority of FirstFleet’s management and maintain its headquarters in Murfreesboro.

Rinchem, a specialty warehousing and logistics company with a global network of chemical and gas logistics capabilities, announced a combination with Dupré Logistics, L.L.C. ("Dupré"), a regional leader in transportation and logistics solutions for the chemical supply chain.

Rinchem and Dupré are highly complementary businesses. Through this transaction, Rinchem will complement its existing capabilities with Dupré's distribution and strategic capacity brokerage services. Rinchem will continue to manage critical cold-chain infrastructure, including high purity, pre-packaged chemicals and gases.

Headquartered in Lafayette, Louisiana, US, Dupré maintains a fleet of more than 550 trucks and 700 professional drivers, and is partnered with more than 16,000 preferred carriers across the country.

In conjunction with the combination, Rinchem also announced that it has entered into a new money financing transaction with its lenders. Per the terms of the financing transaction, a substantial majority of Rinchem's lenders will, among other things, invest approximately US$100.0 million and exchange up to approximately US$300.0 million of their existing term loans for new term loans with maturities extended by two years to 2031. In addition, 100.0% of Rinchem's revolving lenders agreed to, among other things, extend the maturity of Rinchem's US$35.0 million revolving credit facility for over three years to 2030, further strengthening Rinchem's liquidity position.

The Company is grateful for the ongoing support of Stonepeak and its lenders. With reduced leverage, increased liquidity, and no near-term maturities, it and Dupré are poised to achieve their strategic growth objectives as a combined organisation.

Financial terms were not disclosed. Following the completion of the transaction, Rinchem and Dupré will each maintain their respective headquarters, brands, and leadership teams.

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as Rinchem's legal advisor and Houlihan Lokey Capital, Inc. served as its financial advisor.

Eimskip has reported Q4, 2025 results shaped by challenging external conditions. Revenue amounted to €201.4 million, decreasing by €25.8 million or 11.4% compared with Q4, 2024. Volume in Liner decreased by 6.1% during the quarter. There was a significant year-over-year increase in imports to Iceland, driven primarily by a sharp rise in vehicle imports. This was offset by a decline in exports from Iceland due to substantially lower volume of industrial cargo. Volume in Trans-Atlantic were solid, although lower than the exceptionally strong levels in Q4 2024. Reduced capacity in Norway also impacted volumes, as one out of four reefer vessels was out of operation for the entire quarter due to docking.

A substantial decline in global freight rates affected international forwarding during the quarter, but the segment still delivered acceptable results. Other logistics performed well, with continued improvement in Iceland domestic trucking, which was a focus area throughout the year.

Operating expenses amounted to €188.6 million, down €11.4 million or 5.7% year over year, mainly due to lower global freight rates and reduced fuel consumption. Salary expenses increased by €1.9 million, or 4.7%, a smaller year-over-year rise than in recent quarters. The increase was mainly driven by contractual wage increases and currency effects.

EBITDA for the quarter amounted to €12.7 million, compared with €27.1 million in the same period of 2024, a decrease of 53.0%. Significant wage increases in recent years, cost increases from major suppliers, and lower unit prices in the sailing system were the main drivers of the EBITDA decline, as the higher costs have not been reflected in unit prices.

Over the autumn months, substantial cost-saving measures were implemented, including reductions in the vessel fleet, changes to the sailing system, FTE reductions, and restraints of investments. Liquidity remained strong at the end of the period despite lower cash flow from operations compared to the same period last year.

The year 2025 was challenging for the Company. Despite relatively stable volume in Liner and Forwarding, along with solid performance in Logistics services, the overall financial results were disappointing.

Revenue for the year amounted to €807.5 million, decreased by €39.6 million or 4.7%. Total expenses amounted to €737.8 million, a decrease of €11.5 million or 1.5%. Salary expenses increased by €11.8 million or 7.8%, driven largely by contractual wage increases and currency effects. EBITDA amounted to €69.7 million, down 28.7% compared with €97.8 million in 2024. EBIT amounted to €9.2 million, versus €34.9 million in 2024. Share of profit from associates was strong, totalling €12.5 million for the year. Net earnings amounted to €9.3 million, compared with €30.0 million in 2024.

The leverage ratio was 3.17 at year-end, compared with 2.28 at year-end 2024, while the long-term target range is 2-3. Equity ratio was 46.7%, in line with the Company’s long-term target of approximately 40%.

Q4, 2025 remained challenging, consistent with recent quarters, but despite the difficult external environment, Eimskip continued to pursue targeted efficiency initiatives to enhance the Company’s performance. Significant wage increases in recent years, rising supplier costs, and declining unit prices in the sailing system were the main drivers of the weaker performance, and these cost increases have not been fully passed through to pricing.

Exports from Iceland declined significantly, primarily due to lower volume of industrial cargo. This reduction had a notable impact on overall Liner volumes and port operations. Limited availability of cold storage space in Europe also affected exports, while imports of vehicles surged due to changes in vehicle taxes toward year end. These effects were similar to those seen at year end 2023, when tax changes for electric vehicles drove substantial temporary increases in import volumes.

In the Faroe Islands, exports declined, both frozen fish and pelagic, and disruptions in the sailing system affected performance. Reduced sailing capacity in Norway also impacted volumes, as one out of four vessels was out of operation for the entire quarter due to mechanical issues.

International forwarding delivered acceptable results, supported by contributions across the Company’s global network, despite a substantial year-over-year drop in global freight rates. Eimskip’s flexibility in responding quickly to shifts in global supply chains proved beneficial when export flows from Asia to the US shifted to other markets during the quarter.

Changes were made to coastal services in Iceland in Q4, with fewer port calls. Cargo previously carried by a dedicated coastal vessel was transferred to domestic trucking, and the transition has proceeded successfully. Customers have responded well to the new service set-up, and service levels have remained strong.

In recent months, the Company continued to implement mitigation measures aimed at strengthening operations and improving performance in the coming quarters. These include fleet reductions, restructuring of the sailing system, workforce efficiency, and tighter investment discipline.

Measures already implemented are expected to deliver annual savings of €13.5 million, and additional initiatives are underway to support long-term performance.

During autumn, a new company strategy was developed, Eimskip 3.0. It was both important and highly rewarding to see such strong global employee participation throughout the process. Workshops, surveys, focus groups and meetings ensured that the perspectives, experiences and ideas of employees formed an integral part of the outcome.

Stolt-Nielsen Limited has reported unaudited results for the fourth quarter and full year ended 30 November 2025. The Company reported a fourth-quarter net profit of US$59.6 million with revenue of US$680.6 million, compared with a net profit of US$91.4 million with revenue of US$709.4 million in Q4, 2024. The net profit for 2025 was US$350.2 million with revenue of US$2,769.0 million, compared with a net profit of US$394.8 million, with revenue of US$2,890.6 million for 2024.

Highlights for Q4, 2025, compared with Q4, 2024, were:

> Stolt-Nielsen Limited (SNL) consolidated EBITDA of US$186.0 million, down from US$212.7 million
> Stolt Tankers reported operating profit of US$54.8 million, down from US$83.4 million
> The STJS average time-charter equivalent (TCE) revenue was US$24,518 per operating day, down from US$30,185
> Stolthaven Terminals reported operating profit of US$24.1 million, down from US$26.2 million
> Stolt Tank Containers reported operating profit of US$8.1 million, down from US$16.6 million
> Stolt Sea Farm (SSF), Stolt-Nielsen Gas (SNG), Corporate & Other reported a combined operating profit of US$8.5 million, up from US$4.2 million (US$6.6 million before the fair value adjustment of biomass, up from US$3.1 million)
> Acquisition of Suttons International Holdings Limited (Suttons) in November and proposed deconsolidation of Avenir LNG Limited (Avenir LNG) after the year end

The Company’s strategic initiatives and investments continue to be focused on enhancing its position in liquid logistics, to optimise supply chains and enhance productivity, creating long-term value through the cycle. In November, it acquired 100.0% of Suttons, a UK-based ISO tank operator, adding 11,000 tanks to its fleet and leveraging the scale and flexibility of STC’s global platform whilst expanding service offering for customers.

The Company is in discussions to sell down a portion of its equity in Avenir LNG to support its future growth opportunities within small-scale LNG bunkering.

Macro-economic and geopolitical developments continue to be highly unpredictable and these factors, combined with trade tariff instability, result in a complex logistics marketplace. Stolt Tankers experienced increased volumes from spot demand this quarter however, due to weaker freight rates, TCE earnings dropped 19.0% to US$24,518 per day. Stolthaven Terminals kept utilisation steady despite a sluggish chemical market, though higher costs resulted in a profit decline in the quarter. Operating profit at Stolt Tank Containers fell year-over-year due to increased competitive pressure on margins.

CMA CGM Group and Stonepeak, a leading alternative investment firm specialising in infrastructure and real assets, announced an agreement to launch UNITED PORTS LLC, a US Joint Venture (“JV”) to acquire 10 of the major CMA CGM-operated port terminals worldwide. The JV is backed by a US$2.4 billion investment from Stonepeak for a 25.0% minority stake.

Included in this strategic partnership are ten CMA CGM-operated terminals across six countries, including major facilities such as FMS in Los Angeles, Port Liberty in New York, Santos in Brazil and Nhava Sheva in India. By joining forces with a partner with strong infrastructure expertise, CMA CGM aims to strengthen its ability to invest further in its port terminals, secure access to key gateways and enhance service quality for customers.

Container terminals play an essential role in global trade and are among the most difficult to substitute or replicate transportation infrastructure assets. This joint venture represents a truly differentiated opportunity to invest in a high-quality portfolio of strategically located terminals alongside one of the largest and most respected shipping and logistics groups in the world.

The transaction will include 10 key assets: Los Angeles Fenix Marine Services (US), Port Liberty terminals in New York and Bayonne (US), Santos terminals (Brazil), CSP Valencia and CSP Bilbao (Spain), Terminal Maritima del Guadalquivir (Spain), TTI Algeciras (Spain), Nhava Sheva Freeport Terminal (India), CMA CGM Kaohsiung Terminal (Taiwan), and Gemalink in Cai Mep (Vietnam).

CMA CGM and Stonepeak will respectively hold 75.0% and 25.0% ownership stakes in United Ports LLC, while CMA CGM will retain full operational control. CMA CGM plans to reinvest the US$2.4 billion in proceeds from the transaction in the continued growth of Group core businesses, while expanding supply chain capacity to meet the ever-growing demand for state-of-the-art shipping and logistics solutions across sea, land, air and logistics.

This announcement is also the beginning of a long-term relationship between CMA CGM and Stonepeak, including the potential to develop and support future investment capacity and new terminal projects in the US and globally. As part of the transaction, Stonepeak will have the opportunity to contribute an additional U$3.6 billion in funding for future joint terminal projects.

The transaction is expected to close in the second half of 2026, subject to customary regulatory approvals, including relevant antitrust and foreign direct investment approvals.

UPS has announced Q4, 2025 consolidated revenues of US$24.5 billion. UPS outperformed its financial expectations in Q4 and saw its strongest Q4 revenue-per-piece growth rate in four years.

Consolidated operating profit was US$2.6 billion; non-GAAP adjusted consolidated operating profit was US$2.9 billion. For Q4, 2025, GAAP results include total charges of US$238.0 million comprised of a non-cash, after-tax charge of US$137.0 million due to a write-off of the Company’s MD-11 aircraft fleet and after-tax transformation charges of US$101.0 million. Regarding the MD-11 aircraft, UPS accelerated its fleet modernisation plans, completing the retirement of its MD-11 fleet during Q4, 2025.

> US Domestic Segment
Revenue declined 3.2% to US$16.8 billion, primarily driven by an expected decline in volume. Revenue per piece grew by 8.3%. Operating profit declined 15.1% to US$1.4 billion. Operating margin was 8.5%; non-GAAP adjusted operating margin was 10.2%.

> International Segment
Revenue increased 2.5% to US$5.0 billion, driven by a 7.1% increase in revenue per piece. Operating income declined 13.2% to US$884.0 million. Operating margin was 17.5%; non-GAAP adjusted operating margin was 18.0%.

> Supply Chain Solutions
Revenue declined 12.7% to US$2.7 billion, primarily due to a decline in volume in the Mail Innovations business.
Operating income climbed 16.4% to US$263.0 million. Operating margin was 9.8%; non-GAAP adjusted operating margin was 10.3%.

For the full-year 2025, consolidated results saw revenue of US$88.7 billion, down 2.6%. Operating profit was US$7.9 billion, down 7.1%; non-GAAP adjusted operating profit was US$8.7 billion. The operating margin was 8.9%; non-GAAP adjusted operating margin was 9.8%. Cash from operations was US$8.5 billion and non-GAAP adjusted free cash flow was US$5.5 billion. In addition, the Company returned US$6.4 billion of cash to shareowners through dividends and share repurchases. Net income declined 3.6% to US$5.6 billion. US Domestic revenue declined 1.4%, International reported 3.4% growth and Supply Chain Solutions registered a decline of 17.0% (with a 38.3% drop in Forwarding). US Domestic operating profits declined 9.6%, International reported a 10.0% fall and Supply Chain Solutions registered growth of 14.6%.

Overall, the Company described 2025 as a year of considerable progress for the Company as it took action to strengthen its revenue quality and build a more agile network. During the year, the Company reduced 48,000 operational positions, including 15,000 seasonal positions. It completed 195 operational closures, including 93 buildings and deployed automation in 57 buildings and reached its Amazon volume reduction target of ~1.0 million pieces per day.

Looking ahead, upon completion of the Amazon glide-down, 2026 will be an inflection point in the execution of its strategy to deliver growth and sustained margin expansion. Overall, UPS targets a reduction of 30,000 operational positions and expects to process 68.0% of US volume through automated facilities by the end of 2026, up from 66.5% at the end of 2025. It will close 24 buildings in the first half of the year.

For 2026, on a consolidated basis, UPS expects revenue to be approximately US$89.7 billion and non-GAAP adjusted operating margin to be approximately 9.6%. The Company is planning capital expenditures of about US$3.0 billion and dividend payments of around US$5.4 billion, subject to board approval. The effective tax rate is expected to be approximately 23.0%.

Best ever full year for freight revenue excluding fuel surcharge, other income, and net income

Mahindra Logistics Ltd. (MLL), one of India’s leading integrated logistics and mobility solutions providers, announced its unaudited consolidated financial results for the quarter ended 31 December,2025.

Q3 FY26 (Consolidated) performance compared with Q3 FY25
> Revenue Rs. 1,898 crores as compared to Rs. 1,594 crores.
> EBITDA Rs. 103 crores as compared to Rs.74 crores.
> Operational PAT(2) Rs.9.2 crores compared to Rs. (9.03) crores
> Reported PAT(1) Rs. 3.25 crores compared to Rs. (9.03) crores.

9M FY26 (Consolidated) performance compared with 9M FY25
> Revenue Rs. 5,208 crores as compared to Rs. 4,535 crores.
> EBITDA Rs. 264 crores as compared to Rs.206 crores.
> Operational PAT(2) loss Rs 11.9 crores compared to Rs. 29.1 crores
> Reported PAT(1) loss Rs. 17.90 crores compared to Rs. 29.10 crores.

Q3 FY26 MLL Standalone compared with Q3 FY25
> Revenue Rs.1,545 crores as compared to Rs.1,327 crores.
> EBITDA Rs.93 crores as compared to Rs.77 crores.
> Operational PAT(2) Rs.14.9 crores compared to 11.62 crores
> Reported PAT(1) Rs.11.40 crores as compared to Rs.11.62 crores.

9M FY26 MLL Standalone compared with 9M FY25
> Revenue Rs.4,258 crores as compared to Rs.3,719 crores.
> EBITDA Rs.254 crores as compared to Rs. 218 crores.
> Operational PAT(2) Rs.25.2 crores as compared to Rs.30.38 crores
> Reported PAT(1) Rs.21.63 crores as compared to Rs.30.38 crores.

(1) During Q3FY26, in accordance with the new Labour Codes, the Company has currently estimated the incremental, impact on retiral benefits to be Rs.7.36 crore and Rs. 4.76 crores in the Consolidated and Standalone financial results respectively. This has been presented under “Exceptional Items” in the financial results. The Company continues to monitor developments on the Rules to be notified by regulatory authorities, including clarifications/additional guidance from authorities and will continue to assess the accounting implications, basis such developments/guidance. (2) Operational PAT is excluding impact of retiral benefits in Q3FY26.

The Company delivered 19.0% YoY consolidated revenue growth in Q3 FY26, driven by broad-based momentum across 3PL, Freight Forwarding, Mobility and Express segments. Management’s continued focus on portfolio consolidation, customer service excellence, and cost discipline has resulted in a profitable quarter after 11 consecutive quarters of loss.

The Express business continued its margin improvement journey with gross margin expansion supported by yield discipline and a 19.0% YoY increase in delivered volumes.

The Freight Forwarding segment grew 33.0% YoY, despite ongoing cost and infrastructure challenges. The Mobility business maintained strong momentum, recording 38.0% YoY growth and 18.0% sequential growth, supported by higher volumes from new B2B customer wins.

The LMD business exited from low-margin activities and had a productivity-led cost rationalisation, however competitive pricing pressure impacted the revenue and margin.

The Company believes that Q3 FY26 marks a defining inflection point for Mahindra Logistics. After 11 straight quarters of losses, it has returned to profitability, driven by sharper execution, stronger cost discipline, and a more focused growth strategy. Over the past few months, it has stabilised its leadership structure, strengthened alignment across the organisation, and rebuilt execution rigor on the ground.

These actions are translating into visible operational improvements, both in margin expansion and revenue growth. It is also making disciplined choices by exiting unviable relationships and selectively investing in high return opportunities.

The transformation underway at Mahindra Logistics is real, systemic, and accelerating. Looking ahead, the priorities remain clear: drive profitable growth, enhance customer satisfaction, and build a high quality, future ready revenue base.

Geopolitical tensions, economic uncertainty, and industrial action weighed on the activities of Port of Antwerp-Bruges in 2025. Total throughput declined but remains broadly in line with previous years. Container traffic remained stable, confirming the port’s role as a logistics hub and underlining the need for additional capacity. In 2026, Port of Antwerp-Bruges will continue to focus on infrastructure, transition and safety as the foundations for long-term sustainable growth.

Geopolitical and economic headwinds contributed to a 4.1% decline in total throughput. 2025 for Port of Antwerp-Bruges was marked by geopolitical tensions and economic uncertainty. The war in Ukraine, trade conflicts between the US, Europe and China, and volatile global trade coincided with prolonged congestion at container terminals and an unprecedented level of industrial action. Unexpectedly, the US emerged as the largest trade partner, accounting for 31.3 million tonnes of throughput, supported by higher LNG imports. Traffic fluctuated strongly throughout the year, partly due to anticipation of import duties and a decline from the second quarter onwards. Higher US tariffs had a dampening effect on exports of iron, steel and cars, among others.

At the same time, container imports from China increased by 3.8%, further widening the imbalance in container flows with the Far East. China was already the main country of origin for containers and became the leading origin for cars in 2025.

In Zeebrugge, the European ban on transshipment of Russian LNG to non-EU destinations negatively impacted energy volumes. However, expanding LNG production capacity in the US and Middle East may support future growth.

Operationally, the logistics chain was also under pressure. Between January and July, disrupted sailing schedules, rerouted cargo, and the simultaneous phasing out of previous container alliances and start-up of new alliances added extra pressure to container logistics. Additionally, around 25 days of industrial action disrupted all cargo segments, resulting in an estimated total loss of 2.4 million tonnes, equivalent to about 1.0% of annual throughput.

Against this backdrop, Port of Antwerp-Bruges ended 2025 with total maritime throughput of 266.5 million tonnes, a 4.1% decline compared with 2024, but broadly in line with previous years. The port remains a strong import–export hub, but in 2025 most cargo types reflected a shift towards a higher share of imports.

Container throughput remained almost stable, with slight growth of 0.4% in tonnage and 0.7% in TEU. Market share in the Hamburg–Le Havre Range fell by 1.2 percentage points to 29.3% in the first nine months, partly as a result of ongoing congestion. This confirms the urgency of projects such as Extra Container Capacity Antwerp (ECA).

Liquid bulk saw a sharp decline due to a drop in oil products (-19.0%). This decline is mainly due to lower gasoline exports to West Africa and reduced diesel imports. Pressure on the European chemicals sector also continues.

Conventional general cargo ended the year with a 1.6% increase, supported by strong volumes in Q4. Throughput of iron and steel fell by 1.7%, while other conventional general cargo flows increased by a combined 14.4%. RoRo throughput rose by 3.0%, driven by growth in trucks, heavy equipment and used cars. Dry bulk fell by 12.1%, mainly due to lower volumes of fertilisers, coal and sand.

In total, 20,236 seagoing vessels visited the port (+0.2%). The number of cruise ships fell to 166, carrying 466,089 passengers.

ID Logistics has had a successful year in 2025, with strong growth all along the year and the last quarter exceeding €1.0 billion in revenue for the first time in its history. Driven by another year of sustained growth of 16.0% on a like-for-like basis in 2025, ID Logistics has more than doubled its revenue in five years.

ID Logistics recorded revenues of €1,037.5 million in Q4, 2025, up +12.2%. Adjusted for an overall unfavourable currency effect during the quarter, growth amounted to +14.7% like-for-like compared to Q4, 2024. During Q4, 2025, the following trends were particularly noticeable:

> Continued robust growth in France, with an increase of +7.2% (25.0% of Group revenues), despite a high base effect linked to the strong performance in Q4, 2024 (+15.0%);
> Strong growth in quarterly revenue in Europe excluding France, up 13.1% on a comparable basis, a region that accounts for 49.0% of Group revenues;
> Continued very strong momentum in North America (19.0% of Group revenues), with revenue growth of 32.0% on a comparable basis;
> Sustained activity in Latin America and Asia, up 13.0% on a comparable basis (7.0% of Group revenues).

As of 31 December 2025, ID Logistics posted revenues of €3,737.0 million, up +14.2%. Adjusted for an unfavourable exchange rate effect in 2025, growth was +16.0% on a like-for-like basis compared with 2024. ID Logistics also recorded strong commercial momentum with 27 new projects launched during the 2025 financial year.

During Q4, 2025, ID Logistics continued its intense commercial development, winning or launching new contracts such as:

> In the UK, ID Logistics will open a new site in 2026 for a global eCommerce leader, a long-standing customer of the Group. This activity will be based in the south-east of England on a 41,000 m2 site and will employ 450 people. With this fourth activity since its entry into the UK less than three years ago, ID Logistics will have 1,200 employees and 130,000 m2 of space in the country.
> ID Logistics is developing its partnership with a long-standing customer, a global leader in furniture. After Germany and Poland, in 2026 the Group will open a new 35,000 m2 facility in southern Lisbon, Portugal, dedicated to kitchenware.
> ID Logistics is continuing its development in the fashion sector with its first collaboration with the H&M group in Brazil. In Q4, 2025, the Group completed the ramp-up of a new 25,000 m2 site in the state of Minas Gerais, which employs 150 people.

Looking ahead, the growth in the Group's business recorded in 2025, characterised by 27 new operations and the opening of Canada, constitutes a lever for growth in the coming months. At the same time, ID Logistics remains attentive to the increase in productivity at recently opened sites and confirms its willingness to seize external growth opportunities as they arise.

The Company’s next publication will be its annual results 2025, on 11 March 2026, after market close.

In 2025, in an environment that remained tense, the Port Boulogne Calais consolidated its position thanks to generally stable results and a strong capacity to adapt. The Boulogne-sur-Mer fish auction maintained its momentum, cross- Channel tourism grew and freight remained solid despite a slight decline. Trade terminals maintained their tonnages, rail motorways set a new record, and shipbuilding confirmed the strength of its activity. Only the import-export of new vehicles and the export of submarine cables proved less buoyant than expected.

In 2025, 1,714,187 heavy goods vehicles passed through the port of Calais, representing a decline of 3.6% in line with the general contraction of the market across the Channel. In a particularly challenging economic, geopolitical and regulatory environment, the port of Calais nevertheless demonstrated remarkable resilience.

Since Brexit came into effect in January 2021, cross-Channel freight traffic has fallen by nearly 15.0%, representing more than half a million fewer heavy goods vehicles. Against this backdrop, the port of Calais has managed to strengthen its competitiveness and gain seven points of market share, confirming the performance of its infrastructure and organisation. More than one in two lorries uses the Calais facilities. Unaccompanied freight (trailers without drivers) also saw a slight decline of 2.0%, with 43,343 units transhipped.

In 2025, the commercial terminals in Boulogne and Calais recorded a combined tonnage of 1.9 million tonnes, slightly lower than in 2024.

> Boulogne: a particularly dynamic year in 2025

The commercial terminal at the port of Boulogne has recorded remarkable performance, with a 7.0% increase in bulk traffic, exceeding 710,000 tonnes, a level not seen since 2018. Export traffic, which accounts for more than 80.0% of total activity, reached 583,539 tonnes, an increase of 17.0%. This growth was mainly driven by flows to Finland and Sweden, particularly in limestone (301,000 tonnes) and quicklime (214,000 tonnes). In terms of imports, the terminal handled a total of 129,472 tonnes, a volume largely supported by natural sand traffic (nearly 95,000 tonnes), which saw a sharp increase. This sand, sourced from Belgian and Dutch underwater quarries, is intended for the construction sector.

> Calais: a more mixed year for bulk cargo

The Calais commercial terminal is experiencing less favourable conditions, with a 31.0% decline in bulk cargo handled, representing 415,000 tonnes (imports and exports combined). On the import side, after a particularly dynamic 2024, sand traffic fell by 57.0% (47,500 tonnes compared to 110,500 tonnes). Petroleum coke, on the other hand, grew strongly, with an increase of nearly 70.0% (36,200 tonnes). In terms of exports, construction materials (gravel) fell by nearly 60.0% (66,650 tonnes). Activity at the sugar terminal remained stable at 52,720 tonnes. The volume of submarine fibre optic cable exports reached 20,000 tonnes, down 57.0%. Initial forecasts for growth in ASN’s activities for 2025 have ultimately been postponed to 2026. Rail tonnage reached nearly 825,000 tonnes in 2025, an increase of 12.0%, driven by the sustained development of rail motorways. The tonnage of the commercial port of Calais is down slightly to 1.2 million tonnes (1.3 million tonnes in 2024).

In 2025, the rail motorways operated by partner VIIA continued to grow. 52,203 units – trailers and containers – were transported to and from the Calais intermodal terminal, representing a 14.0% increase in activity. This performance is based on the consistently strong Calais/Le Boulou route, but also on the sharp acceleration of the Calais/Sète route, where traffic doubled during the year. The outlook for 2026 looks particularly favourable. The commissioning at the end of last year of a new rail terminal at the port of Sète, equipped with Modalhor technology, will increase the service’s capacity from three to five weekly rotations.

After an encouraging end to 2024, new vehicle traffic for both imports and exports failed to reach expected levels in 2025. The closure of the Stellantis plant in Luton (UK) in the second quarter had a significant impact on import volumes. A total of 16,637 vehicles were handled at the port of Calais in 2025, a decrease of 33.0%. Nearly 90.0% of these flows came from imports, mainly from Turkey (nearly 9,000 units) and the UK (6,500 units). However, the outlook for 2026 looks much more favourable. The Charles André Group (GCA) has confirmed the signing of a contract for 35,000 Stellantis vehicles, starting in April, from the Hordain and Rennes plants to Sheerness (England). Flows from Turkey and the UK are also expected to consolidate during the year.

According to press reports, Quiet, formerly Quiet Logistics, is closing its 3PL operations. American Eagle Outfitters (AEO) had acquired the company in December 2021, for approximately US$360.0 million, but in a reversal of strategy it is now focusing more closely on its own logistics operations. Many retailers had sought to monetise their supply chain by selling it as a service but have found challenges in serving third-party brands while managing their own volumes.

Quiet Logistics was a wholly owned AEO subsidiary and operated independently. It operates fulfilment centres across the US and worked for companies such as Mack Weldon, Outdoor Voices and Peloton. More recently, it has operated more as a regionalised fulfilment centre network for AEO. The Company’s network had supported AEO’s efforts to improve its own supply chain performance by locating inventory closer to stores and customers, boosting delivery times.

Reports suggest that operations in Boston and Dallas will close in H1, 2026. A facility in La Palma, California, will close as previously planned as AEO opens a distribution centre in Phoenix. An Atlanta fulfilment centre will continue to provide services for AEO.

Preliminary traffic and transport figures show that Schiphol airport handled 1.43 million tonnes of cargo in 2025, 4.0% less than in 2024 (1.49 million tonnes). There were 15,348 cargo-only flights, a decrease of 2.0% compared to 2024 (15,661).

Elsewhere, Vienna Airport achieved record cargo volumes, albeit on a smaller scale compared to Schiphol. The airport registered 5.3% higher cargo volumes (air cargo and trucking) from the previous year to 313,763 tonnes.

Ayala has announced to the Philippine Stock Exchange that on 23 January 2026, subsidiary company AC Logistics signed an Investment Agreement for the acquisition a majority stake of up to ~84.0% stake in Glacier Megafridge, Inc. (GMI)

This agreement builds on the existing partnership between AC Logistics and GMI through GMAC Logitech Refrigeration Corporation, a joint venture that operates a cold storage facility in Cagayan de Oro and is currently expanding another facility in Davao.

GMI is one of the leading cold storage operators in the country by capacity. The deal is consistent with AC Logistics’ strategy to expand its cold chain business, one of its key growth pillars, and to leverage the capabilities of an established cold storage player.

Since it was established in 2005, GMI has combined advanced Japanese refrigeration technology with Filipino expertise to ensure the efficient and reliable storage and distribution of perishable goods nationwide. Today, it operates 12 cold storage facilities across the Philippines with a total capacity of an estimated 75,000 pallet positions, delivering broad coverage and dependable service in key regions, helping sustain the country’s food supply chain and support economic growth.

The partnership with GMI highlights AC Logistics’ focus on expanding in high -growth, high - impact areas. By strengthening its cold storage capabilities, AC Logistics is poised to deliver customer, focused cold chain solutions that leverage technology, reliability, and responsiveness, creating long-term value for stakeholders and supporting the country’s economic development.

The completion of the transaction is subject to the satisfaction of certain closing conditions by GMI as well as regulatory approval.

Once finalised, the agreement with GMI will provide AC Logistics a strong platform to develop integrated cold chain services, addressing the significant supply-demand gap in the sector and contributing to efforts to reduce spoilage rates of agricultural products. Studies estimate that the spoilage rate in the Philippines is at 40.0% to 50.0%.

Mitsui O.S.K. Lines, Ltd. (MOL) and PSA Singapore (PSA) announced the formation of a joint-venture (JV) Ro-Ro (roll-on/roll-off) terminal in Singapore. The partnership marks a significant step towards enhancing operational quality and unlocking greater synergies in global automobile logistics. The JV terminal is currently subject to regulatory approval and is expected to commence operations in the first half of this year.

As Southeast Asia's largest automotive transhipment hub, Singapore is a key gateway connecting Asia to major global markets, offering multiple regional connections and value-added services for vehicles transiting from source to market. This strategic partnership will enhance terminal service reliability and operational efficiency for MOL's Ro-Ro service, while securing long-term terminal capacity to support its growing automobile transport demand.

Through this joint-venture, MOL will leverage its extensive global service network, while PSA will contribute its longstanding expertise as a terminal operator, strengthening their long-term partnership as they jointly manage the terminal operations.

Beyond terminal operations, MOL and PSA will deepen their collaboration across three key areas of operational optimisation, digital innovation and sustainability leadership. These efforts are aligned with PSA's vision of connecting its nodes into a synchronised network that can adapt to evolving trade patterns, as well as MOL's management plan "BLUE ACTION 2035" which aims to strengthen its global market position and drive sustainable business growth.

PSA Singapore operates the world's largest container transhipment hub in Singapore, handling 44.5 million TEUs of containers in 2025. With connections to 600 ports globally, shippers have access to daily sailings to every major port in the world, operating 24/7 all year round. Beyond port operations, PSA also offers port adjacency services, a unique differentiator in mid-mile logistics, to meet customers' dynamic needs. This value adding service, supported by bespoke port adjacency digital solutions, will provide shared visibility of the end-to-end supply chain.

Mitsui O.S.K. Lines, Ltd. (MOL), headquartered in Tokyo, is a leading shipping company with the world's largest fleet of over 900 vessels. It is developing various social infrastructure businesses, technologies, and services centred on marine transport to meet the ever-changing needs of society, such as environmental protection. MOL's fleet includes dry bulkers, LNG carriers, car carriers, container ships, and tankers. In addition to the traditional shipping business, it is also developing social infrastructure businesses such as container terminals, logistics, and offshore wind power, as well as wellbeing life businesses such as real property, cruises, and ferries. It also leads global automobile transport, by operating one of the world's largest fleets of nearly 100 Pure Car and Truck Carriers, nearly 100 vessels, under its unified brand MOL Auto Carrier Express (MOL ACE).

Pickup, a subsidiary of La Poste Group and France's leading parcel locker and collection point network, announced that it has surpassed 6,000 parcel lockers nationwide. To mark this symbolic achievement, Pickup is celebrating the complementarity of its out-of-home delivery solutions: the convenience and autonomy of its 24/7 parcel lockers, combined with the strength of human interaction embodied by its 17,000 local retail partners.

Over the past three years, Pickup has increased its number of lockers by 7.5 times, from 800 lockers at the end of 2022 to 6,000 today.

Building on its pioneering role in 2014, Pickup has accelerated its expansion by focusing on strategic partnerships, combined with a data-driven geomarketing approach. Deployments are targeted, complementing the network of collection points. The objective is simple: to become part of customers' everyday lives, in train stations, post offices, local shops, retail outlets.

Pickup has also developed new locker formats aligned with evolving consumer expectations and usage patterns: low-height lockers, “tiny” lockers with narrow columns, as well as multi-service Fresh lockers combining ambient and refrigerated compartments. Each installation is supported by local stakeholder consultation, with the dual aim of ensuring convenient user access while achieving seamless integration into the surrounding environment.

Among Pickup's major innovations is the launch in 2023 of France's first solar-powered lockers. This energy-autonomous model requires no installation work, delivering a tangible reduction in greenhouse gas emissions and a lower environmental footprint. A solar-powered locker consumes ten times less energy than a conventional locker.

These 6,000 parcel lockers complement the 17,000 parcel shops that have formed the backbone of the Pickup network for over 25 years. Long-standing partners, these local retailers provide personalised service, assistance and flexibility, close to where people live.

Pickup works closely with its retail partners on a daily basis to boost their visibility, footfall and revenue. Pickup is launching an event-based branding campaign across a selection of parcel lockers. These unique visual designs, which combine lockers and nearby parcel shops, highlight local retail partners to promote their stores and businesses.

FedEx announced the launch of five new weekly flights connecting Asia Pacific (APAC) and the US via Türkiye. The new flights further strengthen the Company’s worldwide air network offering significant routing flexibility and providing strong support for trade along the new routes. This strategic enhancement leverages the newly inaugurated FedEx global air transit facility at Istanbul Airport (IST), ensuring seamless connectivity across its global network.

All five flights utilise B777 freighters, enhancing daily parcel and freight capacity into the FedEx network. Three flights depart from the FedEx APAC hub at Guangzhou Baiyun International Airport, while two flights depart from the FedEx Shanghai International Express and Cargo Facility at Shanghai Pudong International Airport. This enhanced capacity provides businesses in Türkiye with greater flexibility and reliability for imports from Asia and exports to Europe and the US.

The recently announced flights will also offer significant benefits for customers trading on this route. The next-day arrival of the B777 from China provides Turkish importers with an earlier clearance opportunity. FedEx will now provide the required customs documentation one day earlier, enabling customers to clear their goods on the day of arrival instead of waiting an extra day.

This enhancement is especially valuable in today’s highly competitive business landscape, where every hour counts to keep production lines running smoothly. By combining expanded connectivity with faster clearance, FedEx is helping Turkish businesses stay competitive in global supply chains.

As the global trade landscape continues to evolve, Türkiye plays an increasingly important role as a bridge between Asia and the rest of the world. With expanded connectivity and continuous network optimisation, FedEx in Türkiye is creating exceptional value for customers who need more options. These flights mark a key step in strengthening its international air network, enhancing its ability to support key trade lanes with greater capacity and reliability.

Wexco Cargo GSSA (Wexco) has been appointed as Alaska Airlines’ United Kingdom (UK) General Sales Agent, supporting the airline’s entry into long-haul cargo operations from the UK. The appointment will see Wexco, part of Kales Group B.V., lead cargo sales, marketing, and customer engagement in the UK from May 2026.

Alaska Airlines will launch daily widebody services from London Heathrow Airport to Seattle, US, from the end of May 2026, creating new long-haul cargo capacity and onward connectivity to more than 100 destinations across North America, Hawaii, Central America, and the Asia Pacific region.

Wexco will support Alaska Airlines through targeted sales and marketing activity, providing real time capacity visibility, yield management, and live reporting metrics through its data suite.

Alaska Air Group is the parent company of Alaska Airlines and Hawaiian Airlines, bringing together two carriers with long standing aviation heritage and complementary networks across North America, Hawaii, and the Pacific region.

The airline’s European expansion plans also include new routes from Rome, Italy, and Keflavik, Iceland, from mid-2026, supporting cargo flows between the UK, Europe, and North America.

From the beginning of February, Lufthansa Cargo will welcome two additional destinations to its A321 short- and medium-haul freighter network. From 7 February 2026, Rome-Fiumicino (FCO) will be included in the regular freighter flight schedule. The new connection from Frankfurt (FRA) to Rome will be offered once a week, on Saturdays, with flight number LH8344. The route continues from the Italian capital to Istanbul (IST) and the hub in Munich (MUC).

Since December 2025, the newest Lufthansa Cargo hub has also been served by A321 freighters on an ad hoc basis to meet high demand. Its inclusion in the regular cargo flight schedule once again highlights the importance of the new hub in Southern Europe. This means that Lufthansa Cargo will offer its customers in Europe one of the densest and best-connected freight networks in the industry. Flexible transport options in ITA Airways' additional cargo capacities, via road feeder service or now also with its own freighters, enable reliable connections to over 120 destinations from Rome.

With Algiers airport (ALG), the cargo airline is also expanding its A321 freighter network to Africa. Starting 10 February 2026, the new destination will be added to the flight schedule every Tuesday under flight number LH8308. In addition to Beirut, Casablanca, Cairo, Yerevan, Tel Aviv, and Tunis, customers can now book direct freighter connections to a total of seven destinations in the Middle East and Africa.

The airline's short- and medium-haul network comprises a total of 22 destinations, which are served by a fleet of four A321 freighters. In addition, 18 B777 freighters in the long-haul fleet and belly cargo capacity from Lufthansa Airlines, Austrian Airlines, Brussels Airlines, Discover Airlines, ITA Airways, and SunExpress complement Lufthansa Cargo's global route network.

The hubs in Frankfurt, Munich, Vienna, Brussels, and Rome provide the infrastructural basis for fast freight transport. This creates a global network that covers around 350 destinations in 100 countries.

Nippon Express has welcomed a delegation from the India Semiconductor Mission (ISM), an initiative overseen by the Ministry of Electronics and Information Technology of the Government of India, for an exchange of views on forming a strategic partnership to build logistics and warehouse infrastructure for India's semiconductor sector and establish a world-class logistics hub in the Dholera area of the Indian state of Gujarat.

The NX Group regards the Indian market as one of its most important bases for realising its long-term vision of becoming "a logistics company with a strong presence in the global market." The Group has set a target of expanding the revenues from its Indian operations to ¥60.0 billion (approximately US$400.0 million) by 2028, roughly triple the 2023 level. It currently operates 103 business locations and 60 warehouses (with a total area of approximately 417,971 m2) across 39 cities in India.

As the core agency leading the development of infrastructure for the semiconductor and display industries, ISM is seeking to propel India to global leadership in electronics manufacturing and design. Guided by advice from international experts, it collaborates with government ministries and agencies, industry, and academia to carry out the "Programme for Development of Semiconductor and Display Ecosystem in India" (also known as the Semicon India Programme) in an integrated and efficient manner. The Indian government's "ISM 2.0" semiconductor strategy has extended support to cover the advanced packaging, equipment, chemical, gas, and material sectors as well, anticipating participation from Japanese companies.

This visit was conducted to discuss logistics collaboration between the NX Group and ISM in developing India's semiconductor industry and laying the groundwork for accelerating the construction of a logistics hub in the Dholera area of Gujarat. The Dholera Special Investment Region (DSIR) is a new industrial planned city located along the Delhi-Mumbai Industrial Corridor (DMIC) that hosts a cluster of semiconductor and electronic component-related companies, and railway, road, port and other infrastructure is being systemically developed.

Discussions ensued on warehouse plans in Dholera, progress on railway development, potential government support, land utilisation by the NX Group, and expansion into other regions. Both parties agreed to strengthen their collaboration going forward and jointly promote the enhancement of logistics infrastructure to support the semiconductor industry's growth.

DHL Supply Chain has confirmed the renewal of its contract with Airbus, a leading aircraft
manufacturer, to manage and orchestrate its global transport flows for its commercial aircraft activities. This lead transport partnership (LTP), launched in 2008, now encompasses air, sea, road, and parcel transport, as well as a dedicated 24/7 service for critical AOG (Aircraft on Ground) operations. DHL’s LTP solution is designed not just to manage supply chains, but to transform them through embedded value creation.

Each year, DHL Supply Chain manages nearly 350,000 shipments for around twenty Airbus sites worldwide, from its centres of expertise in Toulouse, France and Valencia, Spain. Services include coordination of inbound flows (from suppliers to factories), inter-factory flows (Europe, US, China), and outbound flows (spare parts, returns to suppliers), with a strong focus on lead times, service quality, and regulatory compliance.

DHL Supply Chain will also continue to manage carrier contracts, lead transport tenders, conduct quality control, and handle claims on behalf of Airbus.

Supply chain complexity is increasing due to globalisation, increased product variety and technological changes; raising expectations and demands for improved service, greater visibility and control across supply chains. DHL creates this visibility for Airbus through its LTP control towers in Valencia, Spain and Toulouse, France, to ensure efficient flows of their manufacturing parts globally.

Crystal International Group is investing in the construction of a logistics centre at its lifestyle wear factory in China. The facility will be equipped with an automated cutting workshop and a centralised smart warehouse for materials and finished goods. An automated storage and retrieval system will enable the autonomous flow of fabric materials and finished goods, allowing the Company to optimise inventory management and enable just-in-time delivery. The AS/RS system can deliver finished goods from the warehouse to loading areas autonomously as soon as trucks arrive.

The warehouse completes a full closed-loop auto-material flow system that includes four facilities: the logistics centre, a parts manufacturing centre, an assembly centre and a finishing centre. Operations will escalate during Q1.

The new logistics centre also includes an automated cutting area, where sewn parts are transferred by automated guided vehicles (AGVs) to create an unmanned flow of materials and goods.

Sustainability will play a big role in the new facility. It will be powered by a rooftop solar photovoltaic system and will integrate technological solutions and smart factory processes that reduce waste and energy usage.

Panattoni has completed a further letting at Panattoni Park Burgess Hill, supporting the continued expansion of EVRi’s UK parcel delivery network. The transaction marks EVRi’s fourth facility within a Panattoni scheme, taking the total space occupied across Panattoni parks to approximately 22,761 m2.

Panattoni Park Burgess Hill is a well-established last mile logistics location, strategically positioned to serve population centres across Sussex, Surrey, and the wider South East. The park benefits from direct access to key A-road routes and onward motorway connections, making it well suited to high frequency, time sensitive distribution operations.

The latest letting follows Austin Racing’s occupation at the park last year and further underlines the breadth of demand from occupiers seeking modern, efficient logistics space in supply constrained Southeast markets. Panattoni Park Burgess Hill is already home to a diverse range of occupiers, including Roche, DPD, EMED Group, and Austin Racing, with discussions ongoing with additional occupiers for remaining units.

Maersk has opened a new Ground Freight facility in Fontana, California, reinforcing its commitment to integrated logistics solutions across North America. The 15,329 m2 site is strategically located in the Inland Empire, one of the nation’s critical logistics hubs, to deliver faster, more reliable service for customers moving goods in and out of Southern California, US. It operates 24/7with 22 docks/bays and a fleet of 18 vehicles.

By positioning this hub in Fontana, Maersk accelerates turnaround times by up to five hours and expands customer options through the Ontario (ONT) corridor just 2.5 hours inland, complementing LAX for greater flexibility. This central location enables faster regional and interstate connections, strengthening supply chain resilience.

Customers benefit from shorter transit times, stronger network connectivity, and access to Maersk’s extensive Inland Empire Contract Logistics campus for expanded warehousing and distribution services. The Fontana site complements Maersk’s existing Ground Freight stations in Sacramento (SMF), San Francisco (SFO), San Diego (SAN), and Los Angeles (LAX), reinforcing network strength across California.

With more than 65 Ground Freight facilities across North America, Maersk continues to invest in regional hubs that connect seamlessly to global trade lanes, offering end-to-end visibility and resilience for businesses. One partner from start to finish, reducing the complexity of logistics with a single point of contact from door to door.

Logicor has signed a partnership with its new client, DG Group, owner of the Expert Italia brand specialising in large-scale retail distribution of household appliances and consumer electronics, for a new logistics hub currently under construction in Pomezia, Rome, Italy.

The site is located on land owned by the closed-end real estate investment fund Mazer, which is managed by Kryalos SGR. It covers approximately 12,000 m2, with over 11,000 m2 allocated to warehouse space and 500 m2 reserved for offices.

The new logistics hub, scheduled for completion in February 2026, is strategically located just 20 km from the capital and near the entrance to the Grande Raccordo Anulare (GRA), the SS148 Pontina highway, and the future extension of the A12 Livorno-Civitavecchia motorway.

The building, which will include 12 loading bays, 23 truck parking spaces, and 48 car parking spaces, will be BREEAM Excellent certified and will feature several features demonstrating its strong focus on sustainability, including a 1.2 MW photovoltaic system and LED lighting.

For DG group, the opening of the Pomezia logistics hub is part of a broader project to restructure the logistics and transportation network, aiming to increase the level of service to the Expert brick-and-mortar stores. The functions of the peripheral warehouses located in Northern, Central, and Southern Italy meet the need to have large parcels, large appliances, and large TVs, which are expensive to transport, close to the end market, reducing transportation costs and increasing service levels for the stores. The transportation network with nighttime sorting complements this need for speed of service, which is essential to be competitive with online services.

With a portfolio exceeding 2.2 million m2 in Lombardy, Veneto, Emilia-Romagna, Tuscany and Lazio, Logicor is continuing to grow its presence in Italy through the development and redevelopment of cutting-edge logistics centres in strategically vital locations for goods distribution, managing over 240,000 m2. In the Pomezia area in particular, Logicor recently acquired an area of over 54,000 m2 with Kryalos SGR for a major urban regeneration project.

John Deere has announced plans to open two new US-based facilities: a state-of-the-art distribution centre near Hebron, Indiana, and a cutting-edge excavator factory in Kernersville, North Carolina, both set to open in the next year.

John Deere recently broke ground on a new distribution centre near Hebron, Indiana, strategically located to enhance its supply chain capabilities nationwide. This facility will be designed to streamline operations and ensure timely delivery of equipment and parts. The Indiana project is anticipated to generate significant employment opportunities with approximately 150 jobs, contributing to the state’s economic growth.

This new facility is an investment in customer expectations around world class product support through parts availability for US based ag, turf, construction, forestry, mining and turf customers.

John Deere will continue to maintain its primary North American Parts Distribution Centre in Milan, Illinois, which has been in operation since 1973 and employs about 1,200 people.

The new US$70.0 million factory in Kernersville, North Carolina, will bolster John Deere's manufacturing capabilities, leveraging advanced technologies to produce industry leading excavators for the construction market. The North Carolina factory will assume production of future generation excavators previously produced in Japan.

Just a few weeks after opening its site with the DIMOLOG teams, ARGAN is already welcoming a new tenant at its AutOnom site in Bain-de-Bretagne, France, with the signing of a 5,700 m2 unit leased to Ducournau Logistique.

The AutOnom site in Bain-de-Bretagne is approximately 30,700 m2 in size. Divided into five units, it now hosts two users, with Ducournau Logistique joining DIMOLOG, part of the DIMOTRANS Group, which already leases three units representing a total of 19,300 m2.

The Ducournau Logistique teams moved into their new workplace in early December 2025. They operate a 5,400 m2 storage unit, complemented by a 300 m2 office block.

A family-owned company experiencing strong growth, Ducournau Logistique is a group specialising in transport and logistics, historically based in southern France. It continues to expand its operations nationwide, with nine branches across eight regions and more than 700 employees today.

With this new lease, the relevance of the Bain-de-Bretagne location is further confirmed. Located around thirty kilometres south of Rennes, with direct access to National Road 137, a major route linking the capital of Brittany to Nantes, Bain-de-Bretagne is an ideal location for transport and logistics activities in the region.

With the signing of Ducournau Logistique in Bain-de-Bretagne, Argan’s development teams closed out 2025 with more than 65,000 m2 of new space leased across four projects. This is a notable performance in a less favourable market environment and a strong indicator of the relevance of ARGAN’s model, which is based on controlling the entire value creation chain.

SEGRO has signed a lease with Ponktuel Services for the last available unit at SEGRO Centre Le Thillay, France. The Company is leasing unit C, representing a total area of 6,233 m2. Opened in September 2023, the site now has a 100.0% occupancy rate.

Founded in 2019, Ponktuel Services is a company specialising in transport, freight forwarding and event logistics management. It currently serves more than 220 clients, including major Parisian trade shows and leading organisations in the decoration, fashion and design sectors, including brands such as Hugo Boss, LVMH and USM. This new location will enable the Company to support the growth of its activities in the Île-de-France region and strengthen its presence in the event and retail ecosystem.

This signing follows on from the arrival of the Solina Group, via its subsidiary Cap Traiteur, and the companies Dushow and IEFS. It confirms the appeal of SEGRO Centre Le Thillay, a state-of-the-art urban distribution centre, and more broadly illustrates the appeal of the Roissy Pays de France region for leading companies in logistics, food and business services.

Located in the town of Le Thillay (Val-d'Oise), 7.5 miles north of Paris, SEGRO Centre Le Thillay benefits from a strategic location between Paris-Charles de Gaulle and Le Bourget airports, close to the Goussainville (line D) and Roissy-CDG (line B) RER stations, as well as the main roads connecting Paris and the north of Île-de-France (A1, A104, A3, N104, D317).

With a total surface area of 25,200 m2, the building is divided into four independent units, each offering approximately 5,830 m2 of commercial space and 234 m2 of new offices that comply with RT 2012 energy efficiency standards. Designed by Atelier M3, the SEGRO Centre Le Thillay has been awarded a BREEAM “Very Good” rating. It features a 100.0% wooden superstructure for the offices, charging stations for electric vehicles, high-quality green spaces, and amenities that promote comfort and quality of life at work.

With the arrival of Ponktuel Services, SEGRO Centre Le Thillay now hosts several major organisations and strengthens SEGRO's offering at the heart of a major logistics hub, already structured around SEGRO Park Le Thillay and SEGRO Park Roissy.

DACHSER is expanding its Hegau-Bodensee logistics centre in Steisslingen, Germany, with a new warehouse building that offers 8,950 m2 of logistics space and room for 22,000 pallets. In addition, the Company is expanding its existing transit terminals for industrial and consumer goods as well as food. With this investment, DACHSER Steisslingen, strategically located close to Switzerland, is responding to demand from new and existing customers in industry and retail for additional storage capacity. As part of the construction work, the branch is also expanding its sustainable energy supply and electromobility.

DACHSER is building a new logistics warehouse with state-of-the-art technical equipment right at its Steisslingen location. The Company offers the full range of logistics services there, including small parts warehousing, value-added services such as finishing and labelling, and many special services. DACHSER Steisslingen, together with its warehouses in and around Singen, currently has over 45,000 pallet spaces; the expansion will increase that total to 67,000. The new warehouse will also feature more office space and modern common areas, and is scheduled for completion in early 2027. The new facility is expected to initially create 30 to 50 jobs.

At the same time, DACHSER is expanding the two existing transit terminals at the site, which will benefit its customers in the industrial goods and food sectors. Once the expansion work is completed, a total of 9,350 m2 will be available for the handling of industrial goods (an increase of 2,760 m2) as well as 4,200 m2 of refrigerated space (an increase of 1,370 m2) for handling food. There will also be additional office space and common rooms in the extension to the food handling terminal.

The Company is investing not only in space, but above all in future viability. This includes improving the way it gets its power: As part of the new warehouse, it is building a new transformer station, which will increase its grid connection capacity from 720 to 3,200 kilowatts.

DACHSER is building four charging stations with 400 kilowatts (kW) of power in Steisslingen for e‑trucks and battery-electric yard transfer vehicles, as well as two 180 kW charging stations and three 50 kW charging stations. The branch deployed its first e-truck in 2025 and plans to purchase further battery-electric transport vehicles in the coming years.

In addition, the existing photovoltaic system will be expanded from 163 to 493 kWp, with potential to take that even higher. There will also be an energy management system including battery storage. Work is underway to set up another PV system over the course of the year.

The Hegau-Bodensee logistics centre was established in 2009 and currently employs around 375 people. Every year, the branch handles some 900,000 shipments, together weighing 550,000 metric tons, for its customers in industry, consumer goods, and food.

Ocado has announced an update to its partnership with Sobeys following a period of engagement to ensure the partnership is appropriately structured to drive long term, sustainable growth. Following those discussions, Empire Company Limited has made an announcement related to Sobeys' eCommerce operations in certain Canadian geographies.

Following an assessment of eCommerce demand in key markets, Sobeys has decided to close its CFC in Calgary largely due to the Alberta grocery eCommerce market's size and the rate of expansion being slower than originally anticipated.

With improving eCommerce penetration and high-growth potential in Ontario and Quebec, Sobeys will continue to serve customers through its Ocado-enabled Voilà banner in those regions, supported by its two existing CFCs in the Greater Toronto and Montreal areas.

Ocado is deploying new technology into Sobeys' operations in Toronto and Montreal, including the delivery of 'Ocado Swift Router', a functionality designed to enable a higher proportion of same day and short-lead time orders to be served from CFCs. This also includes the option for Ocado-fulfilled orders to be integrated with third party platforms, such as online aggregators. Ocado and Sobeys have also agreed on a number of further actions to place the partnership on a strong footing for continued long term growth.

In addition, and as previously communicated, the companies will continue the pause on development of its CFC located in the Vancouver area. The go-live timeline for that site remains under regular review, with the site able to commission and scale quickly when required. In addition, Sobeys continues to use Ocado's AI-powered in store fulfilment software across 87 stores nationwide.

Sobeys is an important partner to Ocado, with a pragmatic approach to refining the network and placing its partnership on the right footing to secure long-term, sustainable growth in the Canadian market.

Online grocery in North America has continued to develop, and Ocado's technology has evolved significantly since its first CFCs were launched in the region. The changes made in its relationships with both Sobeys and Kroger represent a reset of its North American business, placing those partnerships in the best position to secure long-term growth, while reopening a substantial market for Ocado's much evolved technology.

Ocado expects to receive compensation during the current financial year of £18.0 million for the closure of the CFC in Alberta. The closure of the CFC in Alberta is expected to reduce Ocado's fee revenue by £7.0 million in FY26.

Ocado reaffirms its priority of turning cash flow positive during FY26, driven by continued growth in live and new sites, and underpinned by rigorous cost and capital discipline.

As eCommerce and omnichannel retail continue to evolve globally, logistics and supply chain operators are facing unprecedented operational complexity. Rapid SKU expansion, frequent assortment changes, and extreme order volatility, particularly during peak sales events, are placing growing pressure on traditional warehouse models built around manual labour and fixed capacity.

To address these challenges, JINGDONG Logistics has developed the LangzuTech Tote Handling, a Goods-to-Person (G2P) system. The LangzuTech Tote Handling System is a fully integrated G2P solution that combines tote-handling AGVs, lifting robots, high-density three-dimensional racking systems, automated inbound and picking workstations, empty tote return lines, and centralised charging stations into a closed-loop operational flow.

Through intelligent spatial reconfiguration, the system maximises the use of a clear height under 12 meters, enabling high-density storage that significantly increases space efficiency and lowers unit warehousing costs. Unlike traditional warehouses that rely on strict category-based zoning, it supports multi-SKU, multi-category storage within a single tote, minimising consolidation and improving order assembly efficiency in mixed-order environments, while fully leveraging warehousing space.

Unlike conventional automated warehouses that require large upfront investment and rigid capacity planning, LangzuTech Tote Handling System adopts a modular, building-block design. Warehouses can deploy the system by zone, implement it in phases, and scale capacity by flexibly adding or redeploying robots and workstations as demand fluctuates.

This allows operators to increase investment as their business grows. As a result, automation upgrades integrate smoothly into live operations, minimising disruption while accelerating return on investment.

By shifting from labour-intensive, fixed-capacity models to a more agile, technology-driven framework, JINGDONG Logistics fundamentally reshapes the cost structure of fulfilment operations and lowers the entry barrier to intelligent warehousing for businesses of various sizes.

The solution has been successfully deployed across a wide range of industries, including apparel, eCommerce, pharmaceuticals, consumer electronics (3C), FMCG, and beauty.

In large-scale apparel fulfilment centres, where rapid onboarding of new SKUs and fast shelving are critical, it enables five- to sixfold improvements in inbound shelving efficiency without expanding warehouse footprint. In one high-volume apparel operation, hundreds of robots operate collaboratively across dense storage aisles and multiple workstations, supporting daily outbound peaks of over 30,000 orders while significantly improving fulfilment speed and stability.

In pharmaceutical applications, LangzuTech Tote Handling System delivers both efficiency and compliance. Each product is assigned a unique traceability code when it arrives, enabling end-to-end inventory visibility. The system automatically manages storage rules for cold-chain, light-sensitive, and regulated products, while continuously monitoring temperature and humidity. Near-expiry inventory triggers automated alerts, eliminating the need for manual inspections. By leveraging high-density storage and robot-driven handling, a pharmaceutical warehouse using the solution has achieved:

> Up to 4x storage density on the same footprint
> 99.0% picking accuracy
> Up to 50.0% reduction in per-order handling costs

Order consolidation across multiple downstream outlets further shortens outbound lead times and strengthens overall supply chain responsiveness. In pharmaceutical operations in China, a LangzuTech-powered warehouse feeds hundreds of downstream retail pharmacies in the Beijing region. Without having to expand warehouse footprint, the overall processing capacity has increased by approximately 600.0%, compared with pre-automation operations.

LangzuTech Tote Handling Solution has now entered a phase of large-scale replication and deployment, supporting JINGDONG Logistics’ broader vision of building efficient, resilient, and sustainable supply chains worldwide.

As JINGDONG Logistics continues to expand its global warehouse network, which now includes more than 130 overseas, bonded and direct mail facilities worldwide, the LangzuTech solutions provide a standardised, yet flexible automation foundation that can be adapted to diverse regulatory, operational, and industry environments.

XPO Logistics has developed a new platform to support planning of the transport routes connecting the sites within its network in Spain and Portugal. This initiative strengthens operational stability, service quality and the sustainability of inter-hub (linehaul) transport.

The solution brings together operational and historical information to improve volume forecasting, support decision-making and enable a more balanced planning approach, combining service reliability with environmental efficiency. The platform is integrated with the Company’s corporate systems and complements the knowledge and experience of operational teams.

Since its implementation, the platform has helped reduce empty kilometres and improve the stability of daily planning, supporting a more efficient use of transport resources. These improvements help enhance service reliability and reduce fuel consumption per tonne transported, in line with the Company’s sustainability objectives.

The project was conceived and developed at XPO Logistics’ headquarters in Spain, in Santander, by a multidisciplinary team, further strengthening the site’s role as an internal reference point for applied logistics innovation.

The initiative has received support from SODERCAN – Government of Cantabria, under the 2024 ICT R&D Projects programme.

Gatik has become the first company in North America to deploy fully driverless trucks in commercial operations at scale, with US$600.0 million in contracted revenue and daily deliveries for Fortune 50 retailers with no human driver or safety observer behind the wheel.

The milestone marks a new era for autonomous trucking, moving the technology beyond limited pilots to sustained, revenue-generating operations that are strengthening regional supply chains.

Since launching freight-only operations in mid-2025, the autonomous trucking leader specialising in regional logistics has completed 60,000 fully driverless orders without incident, operating day and night on highways and surface streets. At the heart of these operations is Gatik Driver, the Company’s safe, scalable and interpretable third-generation autonomous system that combines state-of-the-art AI and purpose-built hardware to deliver high-frequency driverless performance in commercial operations.

Gatik’s fully driverless operations represent a combination of scale, operational range, and sustained commercial deployment unprecedented in the autonomous trucking sector. To date, the Company has logged more than 2,000 hours of driverless operation across multiple logistics networks, completing over 10,000 driverless miles on public roads on routes up to 400 miles connecting dense networks of distribution centres, warehouses, and retail stores. These results demonstrate Gatik’s leadership in deploying autonomous trucking at commercial scale to meet growing demand for safe, reliable, and cost-efficient freight capacity.

Operating in the Dallas–Fort Worth region of Texas, Phoenix Metro area, Arizona and Northwest Arkansas, Gatik’s 26- and 30-foot trucks run nearly 24 hours a day, moving ambient, refrigerated, and frozen goods between distribution centres and stores to boost delivery frequency, cut costs, and keep shelves stocked. The Company is now preparing to expand its driverless operations to new US markets, helping retailers meet rising demand while addressing persistent driver shortages and delivery costs through safe, scalable automation.

Gatik launched freight-only operations only after a successful independent review of critical components of Gatik’s Safety Assessment Framework by globally recognised independent testing, inspection, and certification organisations with extensive experience in autonomous system safety assurance, and after rigorous review by state and federal transportation regulators. The Company conducted briefings with US Department of Transportation agencies including the Federal Motor Carrier Safety Administration (FMCSA) and the National Highway Traffic Safety Administration (NHTSA) ahead of launch, and with state agencies, including the Department of Transportation, Department of Public Safety, and Department of Motor Vehicles in Texas, Arizona and Arkansas. Gatik also conducted training sessions for first responders and other local stakeholders as part of its community-readiness strategy.

Gatik’s achievement also builds on its ongoing collaboration with Isuzu Motors Limited, under which Gatik integrates its SAE Level 4 autonomous driving system with Isuzu’s medium-duty platforms. This collaboration supports Gatik’s current autonomous operations, while Isuzu and Gatik continue to advance preparations for a mass-production autonomous-ready vehicle programme to support scalable autonomous logistics.

Currently, Gatik’s autonomous trucks are commercially deployed in multiple markets including Texas, Arkansas, Arizona, Nebraska and Ontario, Canada with plans to scale rapidly in the future.

When Germany’s largest grocery retailer re-evaluates its entire order-picking technology, it’s about more than just optimisation, it’s about long-term strategic viability. EDEKA recognised early on that its existing pick-by-voice system could no longer meet the growing demands for efficiency, ergonomics, and cost-effectiveness. The requirements for a new system were clear: it needed to be more powerful, more flexible, and more economically attractive, all while integrating seamlessly into existing operations.

Following a brief but intensive testing phase, the decision was clear: EPG (Ehrhardt Partner Group) won out across the board with LYDIA Voice. The solution not only met all technical and economic criteria, but also enabled a smooth, phased transition by allowing parallel operation with the legacy system. This approach allowed approximately 10,000 users across 33 locations to become familiar with the new technology without any loss in productivity. The rollout was carried out gradually across regional distribution centres.

From fresh fruits and vegetables to beverages and cosmetics, EDEKA offers an exclusive assortment of around 25,000 food and non-food items. This wide-ranging product selection meets the needs of a diverse and varied customer base. With approximately 11,100 stores, the EDEKA Group is one of the most powerful players in the German grocery retail sector and a reliable partner for independent retailers, suppliers, wholesale customers, and convenience store operators. A strong commitment to quality shapes every aspect of the Company’s operations throughout the entire value chain. This is especially evident in logistics. EDEKA’s wholesale operations are managed by seven regional companies that ensure all products arrive fresh and on time at more than 7,000 EDEKA stores. Deliveries are made from a total of 38 logistics centres spread across Germany, ensuring a seamless and reliable supply chain.

Order picking is a critical component of EDEKA’s logistics operations, playing a key role in maintaining a smooth and efficient flow of goods. However, the limitations of the existing pick-by-voice system had become increasingly apparent: lack of flexibility, ergonomic issues, and growing complexity in collaboration with the provider made a system change inevitable. EDEKA set out in search of a solution that not only delivered technologically but was also future-ready. That search led to LYDIA VoiceWear, the innovative picking vest developed by the voice recognition and logistics software experts at EPG. Already familiar to the team, LYDIA VoiceWear was put to the test under real-world conditions, and the results were convincing across the board.

EDEKA’s decentralised structure results in a highly diverse IT landscape, a factor that posed a significant challenge during the transition to the new pick-by-voice system.

The switchover took place during ongoing operations but despite the wide range of different systems and the autonomy of the regional companies, the rollout was smooth and uninterrupted. A key factor in this success was the strong commitment of EDEKA’s decision-makers and the openness of its employees. It quickly became clear that LYDIA Voice was capable of managing the existing complexity and translating it into an efficient, unified system, even under real-time, live conditions.

The decision to adopt the LYDIA VoiceWear picking vest originated from an initiative by EDEKA Minden-Hannover. The system allows for maximum freedom of movement during pick-by-voice operations while meeting key requirements for ergonomics, speed, and flexibility in order fulfilment. Instead of using a separate headset, the microphone and speaker are integrated directly into the wearable system, providing not only greater comfort but also clear voice transmission. The built-in audio system also supports users who wear hearing aids, a significant advancement in inclusion and accessibility, since traditional headsets have often posed a barrier in this area. From a technological standpoint, LYDIA VoiceWear is state-of-the-art: its digital audio transmission is robust and offers high bandwidth.

Another standout feature is the integrated beamforming technology, which significantly reduces background noise, even in high-noise warehouse environments. The microphone array, consisting of four high-performance microphones, creates a directional “funnel” effect for speech input. This ensures accurate voice recognition, even when multiple pickers are working close to each other.

Following the rollout in EDEKA Minden-Hannover, EDEKA Nordbayern also began implementation of LYDIA Voice and LYDIA VoiceWear. Today, more than 4,400 devices are in use across 33 logistics centres.

Kinaxia Logistics has unveiled a multimillion-pound investment in technology as it accelerates the digital transformation of the business. The Company has selected Qargo’s transport management software and Samsara’s Connected Operations Platform to spearhead the delivery of an enhanced customer experience, improved driver safety, more efficient route planning and a boost to the sustainability goals of Kinaxia and its customers.

For Kinaxia, Qargo’s and Samsara’s AI-enabled technologies were the standout choices following a comprehensive market review, as the Company seeks to match service standards traditionally associated with the parcel sector.

The rollout of Qargo’s transport management platform provides real-time visibility and tracking of all freight, giving customers access to up-to-the-minute data through an online portal, along with a dedicated driver’s app.

The technology, which is integrated with pallet networks operating across the UK, also optimises delivery routes and schedules, automates proof-of-delivery and invoicing processes and delivers enhanced management information to support operational decision-making.

Samsara’s platform uses telematics to monitor traffic flows and issue real-time weather alerts to drivers. In-cab cameras and digital vehicle inspection tools generate live data to improve driver safety, compliance, performance and fuel efficiency, while also helping to reduce vehicle downtime.

C.H. Robinson is using artificial intelligence to ease a widespread pain point in less-than-truckload shipping: missed pickups. New AI agents are tracking down missed pickups and using advanced reasoning to determine how to keep freight moving. They’re also collecting and analysing previously unavailable data that LTL carriers are now using to improve their technology, scheduling and operations.

This innovation has created a major leap in efficiency: 95.0% of checks on missed LTL pickups have been automated, saving over 350 hours of manual work per day. Shippers’ freight moves up to a day faster. Unnecessary return trips to pick up missed freight have been reduced by 42.0%, a win for carriers and shippers.

With one truck carrying freight from up to 20 different shippers, LTL shipping requires complex coordination to pick it all up, take it to a terminal and recombine it on other trucks with other freight heading the same direction. Across the industry, that leads to missed pickups and costly delays that ripple through LTL networks.

At C.H. Robinson, which moves more LTL freight than any other 3PL in North America, the new AI agents are resolving hundreds of shipments a day across more than 11,000 customers so far.

To make this speed and precision possible, a new AI agent calls carriers about missed pickups and then another new AI agent decides what steps to take. Because the two AI agents working together can make 100 calls and 100 decisions simultaneously, missed pickups are resolved faster, freight gets on the road faster, and shippers and their receivers get visibility to their freight sooner without hours of manual intervention. The AI agents also give carriers new problem-solving capabilities they never had before.

Sharing C.H. Robinson’s new missed-pickup data with carriers every day allows them to see which electronic communications could be improved, isolate operational issues to particular terminals and optimise their scheduling. Having more efficient LTL networks nationwide benefits employees, carriers and customers, and everybody else who uses LTL shipping.

C.H. Robinson don’t just throw AI at anything and everything and stated that it’s not a hobby. The Company use AI agents only where they can deliver tangible business results. Lean AI processes helped it uncover the extent of time wasted in handling missed pickups and where artificial intelligence had the most potential to augment its automation software. The agents first started assisting the small- and medium-size customers who use its Freightquote platform. Then in July it started scaling the agents across LTL customers, giving them faster, smarter, better supply chains.

These new agents in C.H. Robinson’s fleet of 30+ AI agents join others that C.H. Robinson built for LTL. AI agents also handle LTL price quotes, orders, freight classification, shipment tracking and proof of delivery.

According to local press reports, as Nike accelerates its use of automation, the Company is reducing its headcount by 775 people, mostly at its US-based distribution centres in Tennessee and Mississippi.

By streamlining its operations, the Company hopes to reduce complexity, improve flexibility, and build a more responsive, resilient, responsible and efficient operation as it targets long-term, profitable growth and improved margins.

FedEx introduced sustainable aviation fuel (SAF) at two more US airports towards the end of last year: Dallas Fort Worth International Airport (DFW) and John F. Kennedy International Airport (JFK). With these two additional deployments, FedEx began using blended SAF at a total of five major US airports in 2025. Combined, these agreements secure the equivalent of 5.0 million gallons of neat SAF.

While FedEx know there remains work ahead to procure more SAF and to continue to educate its stakeholders about how alternative fuels fit into its overall aviation sustainability strategy, it is proud of its steps forward in 2025.

Through an agreement with fuel provider World Fuel Services (WFS), FedEx will receive a total of two million neat gallons of SAF across the two airports, to be delivered as a minimum 30.0% blend. With the fuel deliveries to DFW that began in December 2025, based on publicly available information, FedEx became the first airline, cargo or passenger, to begin purchasing SAF at that airport outside of a pilot project.

Despite air carrier demand for SAF as part of industry sustainability goals, the International Air Transport Association (IATA) is projecting that the growth rate of SAF production worldwide will slow down in 2026.

When SAF policy focuses on the air carriers and demand side of the equation, there is a risk of not concurrently building up the actual alternative fuel supply needed to comply and make progress on emissions reduction goals. To meet the industry’s demand for SAF, both mandated and voluntary, concerted support and encouragement for increased SAF production must be part of the policy framework.

Along with increased procurement of alternative fuels to power its global fleet of more than 700 aircraft, FedEx has long pursued other efficiency improvement projects like aircraft modernisation and fuel savings initiatives. After achieving the goal of a 30.0% reduction in aircraft emissions intensity from a 2005 baseline in FY24, FedEx expanded the goal to a 40.0% reduction by 2034.

For the second year in a row, Volvo Trucks is the market leader in Europe for heavy-duty trucks, where Europe means the European Union plus UK, Norway and Switzerland (EU30).

In 2025, the Company had an overall market share in Europe of 19.0%, up from 17.9% 2024. The markets with the most registered Volvo trucks during the year were UK, France, Poland, Germany and Lithuania.

Volvo’s long-distance FH Aero truck has won the hearts of many European haulers. Thanks to improved aerodynamics and new technologies such as Volvo’s digital camera mirrors, the Volvo FH Aero can deliver up to 7.0% better fuel efficiency versus the regular Volvo FH it replaced. In total, nearly 33,000 FH Aero trucks were ordered in Europe in 2025.

Globally, Volvo Trucks is market leader or the second largest brand in 30 countries in 2025.

Volvo Trucks drives the transition towards fossil-free transport to reach its net-zero emissions target by 2040 using a three-path technology strategy. The three-path technology approach is built on battery electric, fuel cell electric and combustion engines that run on renewable fuels like green hydrogen, biogas, biodiesel or HVO (hydrotreated vegetable oil).

Zencargo, the AI-powered digital freight forwarder, has appointed Gary Jeffreys as Senior Vice President, EMEA, as the Company accelerates its push into more complex, enterprise-scale supply chains.

Jeffreys joins Zencargo to help take the business into its next phase of growth, working with larger, more sophisticated shippers that require greater control, intelligence and accountability across their global networks. His appointment reflects growing demand from enterprise customers for Zencargo’s platform-led model, underpinned by AI.

With more than 20 years experience in senior leadership roles across the logistics sector, most recently as Managing Director for UK & Ireland at A.P. Moller – Maersk, Jeffreys will lead regional strategy across EMEA, deepen executive-level customer relationships, and drive adoption of Zencargo’s technology across complex freight and supply-chain operations.

The freight and logistics sector continues to face sustained disruption following Covid-19, Brexit and ongoing geopolitical challenges, including Red Sea instability. According to Jeffreys, however, the most pressing challenges for supply chain leaders today are operational rather than geopolitical.

The biggest pain points for customers are managing exceptions, gaining real-time visibility, and reducing the number of handover points and manual processes across their supply chains. Technology, not capacity alone, will be the true differentiator going forward.

ID Logistics has announced several governance changes within its organisations in the Benelux and Canada, aimed at supporting the Group’s continued development. In this context, Marco van Walraven, until now Chief Executive Officer of ID Logistics Benelux, is appointed Chief Executive Officer of ID Logistics Canada.

With more than twenty years of experience in supply chain and contract logistics, Marco joined the ID Logistics Group in 2017. He has played a key role in the development and structuring of the Group’s activities in the Benelux region, leveraging operational excellence, economic performance and close customer relationships. In his new role, he will be responsible for contributing to the development of ID Logistics in the recently launched Canadian market and supporting the ramp-up of operations.

Bart Coenen is appointed Chief Executive Officer of ID Logistics Benelux. Already part of the Group, he previously held the position of Managing Director Contract Logistics for the Benelux.

Prior to joining ID Logistics, Bart spent many years with the DB Schenker Group, where he held several senior management roles in contract logistics, notably at national and regional levels. He has built a solid career combining the leadership of complex organisations, the structuring of multi-site operations and the development of high value-added solutions. In his new role, he will be responsible for further strengthening ID Logistics’ momentum in the Benelux, emphasising operational performance, customer proximity and strong team engagement. This appointment reflects a strategy of managerial continuity and internal promotion.

These governance changes underscore ID Logistics’ commitment to leveraging the expertise of its teams and strengthening organisational coherence in support of its development.

BNSF Logistics announced David Ivan has been named President and Chief Executive Officer, effective immediately. Ivan’s career spans more than 25 years of experience in leading complex, multi-site operations across manufacturing, logistics, and global supply chains.

Known for his hands-on leadership style and data-driven approach, Ivan has built a career delivering significant improvements in operating profit, working capital, safety, and customer performance through lean transformation, strategic planning, and organisational development.

Prior to his appointment as Chief Executive Officer, Ivan served in senior operational leadership roles across a range of global organisations, including Chief Operating Officer positions at BNSF Logistics and Vestas, where he led large-scale transformations of multi-billion-dollar businesses.

His knowledge includes scaling operations during periods of rapid growth, integrating acquisitions, restructuring cost bases, and aligning global teams around clear performance metrics and strategic priorities.

Schneider National, Inc. announced a planned leadership transition designed to ensure continuity and position the Company for its next phase of growth. Mark Rourke, who has served as Schneider’s President and Chief Executive Officer since 2019, will assume the role of Executive Chairman of the Board of Directors effective 01 July 2026. In this new capacity, Rourke will continue to contribute to Schneider’s strategic direction and provide counsel to the leadership team and Board.

In conjunction with this change, the Board of Directors has appointed Jim Filter, currently Executive Vice President and Group President of Transportation and Logistics, Schneider’s next President and Chief Executive Officer, effective 01 July 2026. Filter is expected to be appointed to Schneider’s Board of Directors at a later date, following his transition to Chief Executive Officer.

Also effective 01 July 2026, James Welch will assume the newly established role of Lead Independent Director of the Board, having served as Chairman since 2023 and as a Board member since 2018.

Jim Filter has more than 27 years of experience with Schneider, having led key business units and spearheaded operational and technology advancements. Filter has served in his current role since 2022, overseeing all of Schneider’s operating segments and playing a pivotal role in improving service quality and efficiency.

Filter began his Schneider career in 1998, holding multiple Division General Manager roles in areas such as Logistics & Supply Chain Management, Mexico Operations and Intermodal. He later advanced to Senior Vice President-General Manager of Intermodal and Chief Commercial Officer. Prior to joining Schneider, Filter served in the US Marine Corps.

Mark Rourke has been instrumental in advancing Schneider’s position as a leader in transportation and logistics. Under his direction, Schneider expanded its Intermodal network, reshaped Truckload into a preeminent Dedicated carrier through both organic and inorganic growth, advanced Logistics digital freight solutions, and strengthened its standing as a leading North American multimodal transportation provider. His deep industry expertise and commitment to Schneider’s associates and customers have shaped the company’s success for decades, which will continue in his new role.

This transition is part of the Board of Directors’ succession planning process aimed at enhancing the Company’s ability to meet evolving customer needs and ensuring stakeholder confidence.

Global E-Commerce continues its dynamic development even in a challenging market environment and is proving to be a stable growth engine, particularly in cross-border trade. In response, Hellmann has launched its new cross-border product "near" and appointed Jan Bierewirtz as Head of Sales E-Commerce to drive international market expansion.

With Bierewirtz, Hellmann is building on an established expert who has more than ten years of experience in international E-Commerce. During his career, he has been involved in both the development and marketing of modern cross-border shipping solutions. In his new position at Hellmann, Bierewirtz will be responsible for the market launch and successful positioning of the new near product at Hellmann starting in February.

near is the result of the partnership between Hellmann and SkyNet announced in autumn 2025. The joint product is a cross-border E-Commerce solution that offers a comprehensive end-to-end service, connecting consumers and manufacturers or retailers worldwide. The solution covers all aspects of the E-Commerce supply chain, including warehousing, fulfilment, re-fulfilment, B2C deliveries, and returns management, and is aimed in particular at companies in the fashion and consumer goods sectors that ship their goods directly to end customers. D2C brands, omnichannel retailers, and online marketplaces also benefit from the solution, especially when it comes to complex shipping routes, long distances, or demanding returns processes.

Cross-border E-Commerce is a key growth driver with annual increases of around 20.0%, opening up and expanding not only existing markets but also new ones. Especially in times of geopolitical upheaval, new customs regulations, and highly fluctuating demand, cross-border is not just a question of reach for many manufacturing companies today, but a strategic element in increasing the flexibility of their supply chains.

Odyssey Logistics announced the appointment of Ravi Tulsyan as Chief Financial Officer. Tulsyan joins Odyssey after last serving as CFO at XPO, Inc. Tulsyan brings more than two decades of senior finance leadership across logistics and industrial companies with deep experience supporting growth, operational discipline, and complex transformations.

At XPO, Tulsyan led global finance and legal functions, including accounting, treasury, tax, FP&A, audit, shared services and procurement. He played a key leadership role in multiple value-creating initiatives, including the successful spin-offs of GXO Logistics and RXO, as well as the divestiture of XPO’s intermodal business.

Prior to XPO, Tulsyan held senior financial positions at The ADT Corporation and Tyco International, where he guided large capital market transactions and corporate transformations. Earlier in his career, he worked at PepsiCo and Xerox Corporation.

Tulsyan succeeds Mike Pozzi, who concludes nearly 12 years with Odyssey, during which he guided the finance organisation through transformation and built a strong foundation for the future.

FedEx announced the appointment of Scott Ray as Chief Operating Officer for US and Canada Surface Operations, effective 01 June. He will begin transitioning into the role as COO-elect on 01 February. Reporting to FedEx President and CEO Raj Subramaniam, Ray will be the newest member of the FedEx Executive Committee, succeeding John Smith, who will transition to CEO of FedEx Freight as of 01 June.

Ray will be responsible for leading all aspects of Surface Operations in the US and Canada, from the daily operations of safely and reliably delivering millions of packages every day, to ensuring the effective execution and implementation of strategic initiatives, including Network 2.0.

Having served as the president of Surface Operations since 2024, Ray’s operational and leadership experience is extensive, with 39 years at FedEx, mostly spent leading operational teams throughout the US. Before serving as President of Surface Operations, Ray served as Executive Vice President and Chief Operating Officer for FedEx Ground. Ray has led multiple transformation efforts and integrations over the years, including the consolidation of the Ground and Home Delivery operational networks in 2010 and the integration of the FedEx SmartPost business in 2019.

The leadership team of surface operations will report directly to Ray, and there are no plans to backfill the President of Surface Operations position.

Americold Realty Trust, Inc. announced that Christopher Papa will join the Company as Executive Vice President and Chief Financial Officer, effective 23 February 2026. Papa is a highly regarded public-company finance leader with nearly 40 years of experience across real estate, accounting, tax, investor relations and corporate finance. He currently serves as Executive Vice President and Chief Financial Officer at CenterPoint Properties, a leading developer, owner and manager of industrial real estate.

His prior experience includes CFO roles at both Post Properties and Liberty Property Trust, reflecting a strong track record of leading finance functions at large, publicly traded real estate platforms. He began his career in public accounting, is a CPA, and later served as an audit partner at BDO and Arthur Andersen. Americold engaged Ferguson Partners to assist with the CFO appointment.

As part of the transition, Jay Wells, Executive Vice President and Chief Financial Officer, has departed the Company. During the transition period, Scott Henderson, Americold’s Chief Investment Officer, will serve as Interim Chief Financial Officer until Papa’s appointment becomes effective.

Americold also announced that Nathan Harwell, Chief Legal Officer, will assume the expanded role of Chief People Officer, in addition to his current responsibilities. As Chief Legal and People Officer, Harwell will oversee the Company’s Legal, Compliance, and Human Resources functions, supporting Americold’s commitment to associate engagement and organisational alignment. Harwell’s background in leading diverse teams positions him well to support Americold’s long-term strategic priorities.

The Company expects to deliver fourth-quarter AFFO per share of between US$0.36 – US$0.38, consistent with its previously issued 2025 outlook as communicated on 06 November 2025. Americold will release its fourth-quarter and full-year 2025 results on 19 February 2026.

FedEx has announced the appointment of Salil Chari as the new President of its Asia Pacific (APAC) region. Salil Chari, previously Senior Vice President of Marketing and Customer Experience APAC, FedEx, assumed his new role on 01 January 2026. He succeeds Kawal Preet, who has transitioned to a new role as Executive Vice President (EVP), Planning, Engineering, and Transformation.

As regional president, Chari is responsible for the shaping strategic direction of the business and leading a team of nearly 30,000 across APAC to drive profitable growth, deliver outstanding customer experiences, and advance operational excellence throughout the region.

Salil exemplifies FedEx long-standing practice of nurturing talent from within. He began his FedEx career in 1997 as a marketing analyst in Memphis, US. Through successive leadership roles across Latin America and the Caribbean, the Asia Pacific and Middle East, Indian Subcontinent, and Africa, he has demonstrated a deep commitment to elevating customer experience and empowering businesses to expand their global reach and capture new market opportunities.

Asia Pacific is home to some of the world’s most dynamic and fast-evolving trade corridors, creating powerful opportunities for businesses of all sizes to grow and compete globally. Salil’s priority is to strengthen resilience, accelerate growth, and deepen the role FedEx plays as a valued partner for customers and communities.