Tfi International Inc.

Our strong balance sheet also supports the return of excess capital to shareholders, and during the quarter we again paid our dividend, 13% higher than the prior year, and continued to repurchase shares which has meaningfully reduced our share count over time in support of future EPS growth.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Net cash from investing activities increased by $56.0 million, primarily due to less spending on business combinations and less capital expenditures.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Net cash from financing activities increased by $14.1 million, primarily as a result of an increase in the revolving facility of $83.0 million, offset by an increase in funds required for the repurchase of shares of $67.4 million.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The Company returned $104.8 million to shareholders during the quarter, of which $37.3 million was through dividends and $67.4 million was through share repurchases.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The Company expects full-year net capital expenditures between $150 million and $175 million, down from $200 million expected previously.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

DIVIDENDS On September 15, 2025, the Board of Directors of TFI International declared a quarterly dividend of $0.45 per outstanding common share paid on October 15, 2025, representing a 13% increase over the $0.40 quarterly dividend declared in Q3 2024.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Year to date, we have generated more than $570 million of free cash flow, exceeding the prior year’s nine-month figure and further enhancing our ability to strategically operate and invest.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

TFI International creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Business combinations a) Business combinations In line with the Group’s growth strategy, the Group acquired three businesses during 2025, which were not considered to be material.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The Company has forged strategic partnerships with other transport companies in order to extend its service offerings to customers across North America.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

2025 business acquisitions In line with its growth strategy, the Company acquired three businesses in 2025 which were all tuck-in acquisitions.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and those presently anticipated or projected.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Readers should also refer to the section “Risks and Uncertainties” at the end of the 2025 Q3 MD&A for additional information on risk factors and other events that are not within the Company’s control.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

In preparing these condensed consolidated interim financial statements, the significant judgments made by management applying the Group’s accounting policies and the key sources of estimation uncertainty are the same as those applied and described in the Group’s 2024 annual consolidated financial statements.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Other provisions include mainly litigation provisions of $7.5 million (December 31, 2024 - $17.7 million) and environmental remediation liabilities of $0.9 million (December 31, 2024 - $3.5 million).

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Litigation provisions contain various pending claims for which management used judgement and assumptions about future events.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

htm EX-99.2 EX-99.2 EXHIBIT 99.2 MANAGEMENT’S DISCUSSION AND ANALYSIS For the quarter ended September 30, 2025 CONTENTS GENERAL INFORMATION 2 FORWARD-LOOKING STATEMENTS 2 SELECTED FINANCIAL DATA AND HIGHLIGHTS 3 ABOUT TFI INTERNATIONAL 4 CONSOLIDATED RESULTS 5 SEGMENTED RESULTS 8 LIQUIDITY AND CAPITAL RESOURCES 14 OUTLOOK 18 SUMMARY OF EIGHT MOST RECENT QUARTERLY RESULTS 19 NON-IFRS FINANCIAL MEASURES 19 RISKS AND UNCERTAINTIES 29 CRITICAL ACCOUNTING POLICIES AND ESTIMATES 43 CHANGES IN ACCOUNTING POLICIES 43 CONTROLS AND PROCEDURES 44 Management’s Discussion and Analysis GENERAL IN FORMATION The following is TFI International Inc.

SEC original ↗Tfi International Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025