Railroads Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › TRANSPORTATION › RAILROADS

Merger Momentum Builds Even as the Group Trades Lower

This update covers rail sector events, movers and transaction activity for the two-week period September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Railroads Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INDUSTRIALS › TRANSPORTATION › RAILROADS

   This cover page introduces the September 14–28, 2026 bi-weekly update on the Railroads industry.

   We open this update with the two-week record for Railroads — what changed, who moved and why, what transacted, and what it means. Over the pages that follow, we walk through the public record building for the transcontinental combination and the market's response.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › TRANSPORTATION › RAILROADS Merger Momentum Builds Even as the Group Trades Lower This update covers rail sector events, movers and transaction activity for the two-week period September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Railroads Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Public Record for the Transcontinental Combination Keeps Building While Every Covered

   This page summarizes the two-week period across five covered rail names, the merger record and the transaction pipeline.

   We start with the bottom line: all five covered names fell over the window even as the broader market rose, a divergence worth flagging early. At the same time, the public record for the Union Pacific–Norfolk Southern combination kept building, with shippers and a state governor adding their support. FTAI Infrastructure's bolt-on acquisition shows the transaction pipeline staying active below the trunk-line scale, and CSX's position in our standing valuation band gives us a frame for reading the period. So what: price and process are telling two different stories right now, and we think that gap is the story.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Public Record for the Transcontinental Combination Keeps Building While Every Covered The two-week period in one page · 5 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Railroads Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Every Covered Name Fell While the Broad Market Went the Other Way 5 of 5 covered names fell; the median move was -3.7%. The S&P 500 returned +0.8% over the same window, so the group drifted lower against a rising market rather than alongside it. 2 Customers and a State Governor Line up Behind the Transcontinental Combination Norfolk Southern Corporation (NSC) said more than 500 shippers backed the Union Pacific–Norfolk Southern combination, and Union Pacific Corporation (UNP) pointed to two further milestones and to South Carolina's governor voicing support. NeuraCap reads this as the parties building a public-interest record ahead of review, not as an outcome. 3 The Period's Signed Activity Sat Below the Trunk Lines FTAI Infrastructure Inc. (FIP) said a subsidiary entered a definitive agreement to acquire crude oil logistics assets. That is the pattern the sector's transaction record keeps showing: terminals, transload and connecting assets change hands while scale combination moves through process. 4 The Standing Valuation Band Frames the Period Rather than the Other Way Round NeuraCap's standing lens carries a sector median of 13.7x CY2027E EV/EBITDA, with the Premium tier at 14.5x and the Discount tier at 13.4x. CSX Corporation (CSX) sits in the Core tier, and the period's moves are read against that band rather than as a re-cut of it. -2.2% Best mover — NSC worst: CSX -4.4% · 0 up / 5 down of 5 covered -3.7% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   A Broad Drift Lower, Not a Single-Name Story

   This page shows the two-week share-price moves for the five covered rail names against the S&P 500.

   We see a broad drift lower rather than a single-name story: the sector's median move was -3.7% while the S&P 500 returned +0.8% over the same window. Every covered name moved against the broader market, and our materiality bar helps separate ordinary drift from moves worth flagging. Where a driver is recorded in filings or headlines, we link the move to it; where none is recorded, we say so rather than guess. So what: this is a sector-wide repricing, not a company-specific event, and we read it that way.

   Everything on this page

   PUBLIC MARKET MOVERS A Broad Drift Lower, Not a Single-Name Story Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -3.7% · S&P 500 +0.8% · materiality bar ±5.5% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Railroads Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -3.7% CSX Corporation (CSX) -4.4% No notable in-window news was identified that clearly explains the move. Its -4.4% return sat slightly below the sector median of -3.7%, with the largest single day a -2.4% move on Sep 21. When every covered name falls together, the move says more about how the group is being priced than about one franchise. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What the Companies Actually Did: Merger Record-Building, a Bolt-on and Fleet Testing

   This page lists the two-week period's highest-impact company events, including merger record-building, a bolt-on acquisition and fleet testing.

   We highlight what the companies actually did: record-building around the transcontinental combination, FTAI Infrastructure's bolt-on acquisition of crude oil logistics assets, and fleet testing activity. Each event links to its underlying filing or article, and our 'why it matters' lines are NeuraCap reads of that recorded evidence. We keep sourcing to a fixed reliability order — SEC filings, press releases, established outlets — so nothing here comes from video or social platforms. So what: the operating and transactional record gives us more to act on than the price action alone.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What the Companies Actually Did: Merger Record-Building, a Bolt-on and Fleet Testing The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Railroads Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · GlobeNewsWire FTAI Infrastructure subsidiary signs a definitive agreement to buy crude oil logistics assets This is the kind of terminal and transload asset that keeps changing hands while line-haul combination sits in process. It is bought for corridor position, port access and contracted throughput. Owners of rail-served terminal and transload capacity have an active counterparty set. Sep 22 · NEWS · Business Wire Union Pacific and Norfolk Southern say their proposed combination cleared two further milestones The parties are assembling the public-interest case that a combination of this size is judged on. Progress here shapes expectations on gateways, interchange and service commitments across the network. Connecting carriers and shippers should track the commitments being made, not just the timetable. Sep 21 · NEWS · GlobeNewsWire CSX sets Oct. 21 for its third quarter results release and call It fixes the date the market gets its next read on operating ratio, carload mix and trip plan compliance. For a Core-tier name, that print is the near-term test of the standing view. The autumn reporting calendar is now the next scheduled source of operating evidence. Sep 16 · NEWS · PRNewsWire More than 500 shippers file support for the Union Pacific–Norfolk Southern combination Customer voice is a core input to public-interest review, and expanded market access is the benefit the shippers cited. It shows the parties organising the demand-side case rather than resting on network maps. Shipper relationships are becoming visible currency in combination review, not just commercial terms. Sep 15 · NEWS · PRNewsWire South Carolina's governor voices support for the Union Pacific–Norfolk Southern merger State-level backing widens the constituency behind the combination beyond the two carriers. NeuraCap reads the pattern of customer and political support as a deliberate record-building sequence. Regional economic development arguments are being run in parallel with the regulatory case. Sep 28 · NEWS · PRNewsWire Canadian Pacific Kansas City launches a debt offering under its shelf prospectus A Premium-tier name going to market signals continued funding access for a capital-intensive network that must keep renewing track and equipment. It speaks to balance sheet position rather than to any change in strategy. Capital access remains a live differentiator in a sector that consumes its own asset base.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Reference Set Holds While the Trunk Lines Work Through Process

   This page presents the sector's precedent transaction reference set and where the current bolt-on activity sits against it.

   The reference set holds at 36 recorded deals with a 12.1x median EV/LTM EBITDA, and no new precedent transactions landed in this window. FTAI Infrastructure's signed bolt-on sits below the trunk-line scale, which is the pattern we keep seeing: connecting and terminal assets trade while the large combination works through review. Multiples shown are LTM at announcement where disclosed, and our 'why the deal happened' framing is a read of the recorded evidence, not a restatement of old news. So what: underwriting for bolt-on activity can still anchor to this trailing record even while the trunk-line outcome is pending.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Reference Set Holds While the Trunk Lines Work Through Process September 14–28, 2026 · precedent transactions: 36 recorded deals · median 12.1x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Railroads Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 36 precedent transactions still carries a median EV/EBITDA of 12.1x, and the period's signed activity sat below the trunk lines, where FTAI Infrastructure Inc. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 36 Recorded precedent transactions the reference set buyers and sellers price against 12.1x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Softer Two Weeks and a Building Merger Record Mean for You

   This page translates the two-week period's price action and merger record into observations for operators, acquirers and advisors.

   For owners and operators, we think the separators now are operating ones — operating ratio, carload mix, revenue per carload against cost inflation, and trip plan compliance. For acquirers, the reference set of 36 transactions at a 12.1x median still frames underwriting, with live activity remaining bolt-on rather than trunk-line scale. For advisors, we'd lead with the public-interest record — shippers, a governor's support and two milestones — rather than the two-week price move. So what: each audience has a different lever to pull, and we've mapped the period to each one directly.

   Everything on this page

   WHAT IT MEANS What a Softer Two Weeks and a Building Merger Record Mean for You The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Railroads Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 13.7x 5 companies in the study 3 valuation tiers Standing thesis: Railroads: Class I Mainline Networks Frame the Pricing Observed Here; Short-Line and Terminal Holdings Sit Against It FOR OWNERS & OPERATORS The Operating Evidence Is What the Next Print Is Judged On Companies in the space traded lower together, so the separators are operating ones: operating ratio, carload mix, revenue per carload against rail cost inflation, and trip plan compliance on both carload and intermodal. FOR ACQUIRERS The Reference Set Did Not Change; The Pipeline Below the Trunk Lines Did No new precedent transactions landed in the window, so the trailing record of 36 transactions at a 12.1x median EV/EBITDA still frames underwriting. The live activity remains bolt-on: FTAI Infrastructure Inc. FOR ADVISORS Lead with the Public-Interest Record, Not the Price Action The period's dominant theme is record-building around the Union Pacific–Norfolk Southern combination: more than 500 shippers on record, a state governor's support and two milestones cited by the parties.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind the bi-weekly update and includes an important notice.

   Every figure in this update links back to the record it was taken from — filings, publisher-sourced news and market data through 2026-09-28. We built this page so a reader can trace any statement in the deck to its source and understand the basis for our calibrated language. So what: the record is auditable, which is what lets us stand behind the reads on the pages before it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Railroads Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T090310Z_417_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · businesswire.com · prnewswire.com

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