Norfolk Southern : Financial document (Q3 2025 Earnings Combined Presentation Final)

Q3 2025 EARNINGS CALL

October 23, 2025

01

OPENING REMARKS

Mark George

President & Chief Executive Officer

02

OPERATIONS OVERVIEW

John Orr

Executive Vice President & Chief Operating Officer

SAFETY

Ongoing Commitment to Safety Yields Results

FRA Personal Injury Index FRA Accident Rate FRA Mainline Accident Rate

5-Year FY Average

4.53

1.16

3.95

5-Year FY Average

0.93

Better

Better

Better

5-Year FY Average

1.04

1.09

1.07

3.07

2.22

0.62

0.38

0.53

2022 2023 2024 YTD

2025

FRA Personal Injury Index calculates the number of reportable injuries/illnesses per year per 200,000 hours worked.

2022 2023 2024 YTD

2025

FRA Train Accident Rate calculates the total number of reportable accidents per million train miles.

2022 2023 2024 YTD

2025

FRA Mainline Accident Rate calculates the total number of reportable events occurring on that portion of the track that connects stations (other than auxiliary track) on which trains operate (a "Mainline") per one million Mainline miles.

Leveling Up: From Foundational Skills to Advanced Capabilities

5

The amounts above are reported through September 30th, 2025 and remain subject to future adjustment due to updated medical reports (with respect to the FRA Personal Injury Index) or cost information (with respect to the FRA Accident Rate and the FRA Mainline Accident Rate) or other FRA review. The amounts provided for 2025 are preliminary and include data not yet reported to the FRA. Five-Year Averages as presented are provided through December 31, 2024.

NETWORK UPDATE

NETWORK HEALTH

AAR Terminal Dwell (Hours)

5-Year FY Average

ASSET EFFICIENCY

Car Miles per Day

CUSTOMER FACING

Intermodal Svc Composite

92%

22.1

22.5

22.5

22.7

22.4

117

118

116 115

118

89%

86%

85%

89%

Better

Better

Better

5-Year FY Average 5-Year FY Average

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q3

2024

Q4

2024

Q1

2025

Q2

2025

Q3

2025

Q3

2024

Q4

2024

Q1

2025

Q2

2025

Q3

2025

Train Speed (MPH)

Locomotive Productivity

(GTMs / Avail HP)

Merch Plan Compliance

22.4

20.3

22.5 22.3

5-Year FY Average

20.3

19.9

21.6

19.2

22.0

19.5

Better

122

Better

130 130

131

132

Better

82%

80% 79%

5-Year FY Average

78%

80%

Q3 Q4

Q1 Q2 Q3

Q3 Q4

5-Year FY Average

Q1 Q2 Q3

Q3 Q4

Q1 Q2 Q3

2024

2024

2025

2025

2025

2024

2024

2025

2025

2025

2024

2024

2025

2025

2025

6

PSR 2.0 PRODUCTIVITY AND AGILITY

Accelerated and Exceeded Cost Take-out Commitments

~$600M

All Time Quarterly Fuel Efficiency Record

1.30

$292M

$250M

$150M

~$200M

$150M

~100M+

$550M

2026

2025

1.25

% Fuel Consumed per 1000 GTMs

1.20

1.15

Better

1.10

1.05

2024

1.00

0.95

Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3
2019	2020	2021	2022	2023	2024	2025

0.90

Original 3yr Commitment

Current Revised Projection

7

OPERATIONS TECHNOLOGY & PORTAL EVOLUTION

Premier Wheel Integrity System being

installed on our busiest main lines

-36%

Reduction in YoY Wayside Stops

~4.2M

Axles Inspected Per Day

+6

New Algorithm Deployments in Q3

40+

Wheel Integrity Algorithm Intercepts

8

03

MARKET OVERVIEW

Ed Elkins

Executive Vice President

& Chief Commercial Officer

3RD QUARTER 2025 RESULTS

($47)

$3,103

$3,051

($30)

Record IP Revenue (less fuel) highlighting volume & price w/ some unfavorable mix

IP Rev +4%

Auto Rev +18%

Soft intermodal volumes due to market and external factors

RPU benefit from empty move normalization

Weak seaborne coal market affecting Export volume & RPU, partially offset by strong demand in Utility

Q3 2024

Q3 2025 vs . Q3 2024 / Revenue change $ in millions / favorable / unfavorable

$122

$7

	Merchandise			Intermodal			Coal			Fuel		Total
Volume	595,100	6%		1,032,100	(2%)		176,700	(5%)				1,803,900	-
Revenue	$1,969M	6%		$759M	(1%)		$375M	(12%)				$3,103M	2%
RPU	$3,310	-		$735	1%		$2,120	(8%)				$1,721	2%

Revenue (less fuel)(1)	$1,896M	7%		$628M	1%		$371M	(11%)		$208M (13%)		$2,895M	3%
RPU (less fuel)(1)	$3,189	1%		$608	3%		$2,096	(7%)				$1,605	3%

(1) Please see reconciliation to GAAP posted on our website on the Investors page under Events and Presentations for this event. 10

Merchandise

• Vehicle Production

• Manufacturing Activity

• Marcellus / Utica Basin Activity

MARKET OUTLOOK

Competitor res pons e to the merger announcement is expected to have a negative impact on volumes in the s hort and medium term Intermodal

• Import Demand

• Warehouse Inventories

• Truck Capacity

  Coal

• Seaborne Prices

• Export Demand

• Utility Demand

Sentiment versus prior expectation 11

04

FINANCIAL RESULTS

Jason Zampi

Executive Vice President & Chief Financial Officer

RECONCILIATION OF THIRD QUARTER 2025 NON-GAAP RESULTS

Non-GAAP adjustment

Increase / (Decrease)

$ in millions, exceptper share

$3,103

Revenues

GAAP

Q3'25

-

E. Ohio Incident net impact

-

Restructuring & other charges

-

Merger-related expenses

$3,103

Adjusted (1)

Q3'25

Operating expenses $2,005

($13)

($12)

($15)

$1,965

Operating ratio 64.6%

(40 bps)

(40 bps)

(50 bps)

63.3%

Operating income $1,098

$13

$12

$15

$1,138

Income tax expense $213

$3

$3

$4

$223

Net income $711

$10

$9 $11

$741

EPS - diluted $3.16

$0.05

$0.04

$0.05

$3.30

E. Ohio Detail
Legal & other	$29
Recoveries	($16)

(1) Adjusted results modifies Q3'25 GAAP results for overall expenses associated with the Eastern Ohio incident, restructuring and other charges, and merger-related expenses. All presentations of

revenues above refer to U.S. GAAP revenue. Please see the reconciliation to GAAP posted on our website on the Investors page under Events and Presentations for this event. 13

ADJUSTED(1) RESULTS

Third quarter versus prior year and prior quarter

favorable / unfavorable

$ millions, except per share

Q3'25

Adjusted(1)

Q3'24

Q2'25

Q3'25 vs. Q3'24

Variances

Q3'25 vs. Q2'25

Variances

Revenues		$3,103	$3,051	$3,110		$52	2%		($7)	--%
Operating expenses		$1,965	$1,934	$1,972		$31	2%		$7	--%
Operating ratio		63.3%	63.4%	63.4%		10 bps			10 bps
Operating income		$1,138	$1,117	$1,138		$21	2%		--	--%
Net income		$741	$737	$741		$4	1%		--	--%
EPS - diluted		$3.30	$3.25	$3.29		$0.05	2%		$0.01	--%

(1) Adjusted Q3'25 results modifies Q3'25 GAAP for expenses associated with the Eastern Ohio incident, restructuring and other charges, and merger-related expenses (as reflected on the preceding slide). Adjusted Q3'24 modifies Q3'24 GAAP expenses associated with the Eastern Ohio incident, gains on railway line sales, and restructuring and other charges (as reflected in the appendix).

Adjusted Q2'25 results modifies Q2'25 GAAP for expenses associated with the Eastern Ohio incident and restructuring and other charges (as reflected in the appendix). All presentations of

revenues above refer to U.S. GAAP revenue. Please see the reconciliation to GAAP posted on our website on the Investors page under Events and Presentations for this event. 14

$8

Materials

$9

Claims

Land sales $65

Purch. Svcs. $9

$13

Rents

$9

Benefits

$8

Productivity

$17

Pay rates

Prior year stock-

based comp $22

Prior year

recoveries $20

Volume

$8

Efficiency $10

ADJUSTED(1) OPERATING EXPENSES

Third quarter 2025 vs. 2024

favorable / unfavorable

$ millions

↑4%

↑10%

↑3%

$9

↑3%

$1,934 $24

$22 $21

$45

↓23%

$1,965

$31

↑2%

3Q 2024(1)

Compensation

& Benefits

Purchased

Svcs. & Rents

Fuel

Depreciation

Materials & Other

3Q 2025(1)

Productivity gains and higher property sales helped to partially offset higher claims accruals, inflationary and volumetric headwinds, and the absence of discrete year-over-year benefits from stock-based comp and fuel recoveries.

15

(1) Adjusted results modifies Q3'25 and Q3'24 for expenses associated with the Eastern Ohio incident and restructuring and other charges (as reflected in the appendix). Adjusted Q3'25 results also excludes merger-related expenses. In addition, adjusted Q3'24 results exclude railway line sale gains. Please see the reconciliation to GAAP posted on our website on the Investors page under Events and Presentations for this event.

05

CLOSING REMARKS

Mark George

President & Chief Executive Officer

Thank You

https://www.NorfolkSouthern.com

APPENDIX

18

RECONCILIATION OF SECOND QUARTER 2025 NON-GAAP RESULTS

Non-GAAP adjustment

Increase / (Decrease)

$ in millions, exceptper share

$3,110

Revenues

GAAP

Q2'25

-

E. Ohio Incident

net recovery

-

Restructuring and other charges

$3,110

Adjusted (1)

Q2'25

Operating expenses $1,935

$47

($10)

$1,972

Operating ratio 62.2%

150 bps

(30 bps)

63.4%

Operating income $1,175

($47)

$10

$1,138

Income tax expense $230

($12)

$2

$220

Net income $768

($35) $8

$741

EPS - diluted $3.41

($0.16)

$0.04

$3.29

E. Ohio Detail
Legal & other	$107
Recoveries	($154)

(1) Adjusted results modifies Q2'25 GAAP results for expenses associated with the Eastern Ohio incident and restructuring and other charges. All presentations of revenues above refer to U.S. GAAP

revenue. Please see the reconciliation to GAAP posted on our website on the Investors page under Events and Presentations for this event. 19

RECONCILIATION OF THIRD QUARTER 2024 NON-GAAP RESULTS

Non-GAAP adjustments Increase / (Decrease)
E. Ohio Incident		Gains on Railway Line Sales		Restructuring and Other Charges

$ in millions, except EPS

GAAP Q3'24

Adjusted(1)

Q3'24

Revenues $3,051

- - -

$3,051

Operating expenses $1,455

$159

$380

($60)

$1,934

Operating ratio 47.7%

520 bps

1250 bps

(200) bps

63.4%

Operating income $1,596

($159)

($380)

$60

$1,117

Income taxes $328

($39)

($93)

$15

$211

Net income $1,099

($120)

($287)

$45

$737

EPS - diluted $4.85

($0.53)

($1.27)

$0.20

$3.25

E. Ohio Detail
Insurance	($288)
Legal & Env	$104
Other	$25
Net	($159)

(1) Adjusted results modifies Q3'24 GAAP results for expenses associated with the Eastern Ohio incident, gains on railway line sales, and restructuring and other charges. All presentations of revenues above

refer to U.S. GAAP revenue. Please see the reconciliation to GAAP posted on our website on the Investors page under Events and Presentations for this event. 20