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  "documentTitle": "Pershing Square | Investor Presentation Deck | 75 slides",
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  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2025-02-01 00:00:00",
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      "kind": "callout",
      "text": "CPKC's one-of-a-kind network and industry-leading management team continue to deliver synergy wins and excellent operations",
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      "text": "Revenue and cost synergies tracking ahead of plan\nCPKC exited 2024 with more than $800 million of new business wins\nOn track to realize nearly $1.5 billion of synergies by 2028, leading to double-digit earnings and free cash flow per share growth",
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      "text": "2024 results exceeded expectations in a challenging freight market\nEarnings per share grew 11% in 2024 despite labor disruptions and soft freight demand, outpacing the other Class 1 railroads(1)",
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      "text": "High-quality, inflation-protected business model\nOperates in an oligopolistic industry with significant barriers to entry\nPricing power underpins growth and provides inflation protection\nRail is often the cheapest or only viable method for transporting heavy freight over long distances\nUnique Canada to Mexico network benefits from North American onshoring",
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      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein. (1) Earnings per share excludes transaction costs related to the Kansas City Southern acquisition.",
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      "text": "Canadian Pacific Kansas City (\"CPKC\")",
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