EX-99.3


TFI International Inc.	CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(UNAUDITED)


(in thousands of U.S. dollars)		As at			As at
	Note	June 30, 2026			December 31, 2025
Assets
Cash and cash equivalents			205,446			210,186
Trade and other receivables			1,067,098			881,432
Inventoried supplies			20,503			19,529
Current taxes recoverable			21,568			26,074
Prepaid expenses			70,990			60,035
Assets held for sale			18,032			11,906
Current assets			1,403,637			1,209,162

Property and equipment	7		2,666,231			2,779,326
Right-of-use assets	8		541,783			590,216
Intangible assets	9		2,821,607			2,864,436
Investments	10		19,067			24,954
Other assets			31,499			30,729
Deferred tax assets			10,156			10,412
Non-current assets			6,090,343			6,300,073
Total assets			7,493,980			7,509,235

Liabilities
Bank indebtedness			4,544			8,256
Trade and other payables			772,893			667,246
Current taxes payable			24,223			7,609
Provisions	14		92,021			86,864
Other financial liabilities			38,485			12,713
Long-term debt	11		192,533			222,498
Lease liabilities	12		157,775			165,291
Current liabilities			1,282,474			1,170,477

Long-term debt	11		2,258,952			2,355,477
Lease liabilities	12		435,093			472,473
Employee benefits	13		41,139			46,405
Provisions	14		152,235			142,159
Other financial liabilities			74,350			97,866
Deferred tax liabilities			514,358			546,751
Non-current liabilities			3,476,127			3,661,131
Total liabilities			4,758,601			4,831,608

Equity
Share capital	15		1,134,815			1,125,109
Contributed surplus	15, 17		26,327			32,331
Accumulated other comprehensive loss			(297,299	)		(257,796	)
Retained earnings			1,871,536			1,777,983
Total equity			2,735,379			2,677,627

Contingencies, letters of credit and other commitments	21
Subsequent events	22
Total liabilities and equity			7,493,980			7,509,235

The notes on pages 6 to 22 are an integral part of these condensed consolidated interim financial statements.


TFI International Inc.	CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


(In thousands of U.S. dollars, except per share amounts)		Three months			Three months			Six months			Six months
		ended			ended			ended			ended
	Note	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025

Revenue			1,899,988			1,794,001			3,602,614			3,508,494
Fuel surcharge			389,862			243,620			636,339			493,514
Total revenue			2,289,850			2,037,621			4,238,953			4,002,008

Materials and services expenses	18		1,192,587			997,347			2,177,989			1,986,347
Personnel expenses			626,866			617,910			1,239,599			1,225,355
Other operating expenses			111,166			99,350			225,010			211,660
Depreciation of property and equipment	7		78,171			90,584			161,346			178,475
Depreciation of right-of-use assets	8		45,437			43,898			90,474			85,825
Amortization of intangible assets	9		22,574			21,928			45,250			43,403
Gain on sale of rolling stock and equipment			(4,612	)		(3,592	)		(8,662	)		(6,849	)
(Gain) loss on derecognition of right-of-use assets			(99	)		30			(365	)		(43	)
Loss on sale of land and buildings			5			-			5			-
(Gain) loss, net of impairment, on sale of
assets held for sale			(2,606	)		1			(8,647	)		(6,973	)
Total operating expenses			2,069,489			1,867,456			3,921,999			3,717,200

Operating income			220,361			170,165			316,954			284,808

Finance (income) costs
Finance income	19		(2,973	)		(989	)		(3,475	)		(972	)
Finance costs	19		43,172			40,613			87,838			80,905
Net finance costs			40,199			39,624			84,363			79,933

Income before income tax			180,162			130,541			232,591			204,875
Income tax expense	20		44,010			32,361			53,131			50,663

Net income			136,152			98,180			179,460			154,212

Earnings per share
Basic earnings per share	16		1.66			1.18			2.18			1.84
Diluted earnings per share	16		1.65			1.17			2.18			1.83

The notes on pages 6 to 22 are an integral part of these condensed consolidated interim financial statements.


TFI International Inc.	CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


(In thousands of U.S. dollars)	Three months			Three months			Six months			Six months
	ended			ended			ended			ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Net income		136,152			98,180			179,460			154,212

Other comprehensive (loss) income
Items that may be reclassified to income or loss in future periods:
Foreign currency translation differences		12,098			(5,769	)		22,043			(6,607	)
Net investment hedge, net of tax		(35,155	)		72,038			(61,277	)		83,059
Items directly reclassified to retained earnings:
Unrealized (loss) gain on investments in equity securities
measured at fair value through OCI, net of tax		(362	)		673			138			(1,937	)
Other comprehensive (loss) income, net of tax		(23,419	)		66,942			(39,096	)		74,515

Total comprehensive income		112,733			165,122			140,364			228,727

The notes on pages 6 to 22 are an integral part of these condensed consolidated interim financial statements.


TFI International Inc.	CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
	PERIODS ended June 30, 2026 and 2025 (UNAUDITED)


(In thousands of U.S. dollars)								Accumulated			Accumulated
								foreign			unrealized						Total
								currency			gain (loss)						equity
								translation			on invest-						attributable
								differences			ments in						to owners
		Share			Contributed			& net invest-			equity			Retained			of the
	Note	capital			surplus			ment hedge			securities			earnings			Company

Balance as at December 31, 2025			1,125,109			32,331			(254,155	)		(3,641	)		1,777,983			2,677,627

Net income			-			-			-			-			179,460			179,460
Other comprehensive (loss) income, net of tax			-			-			(39,234	)		138			-			(39,096	)
Realized (loss) gain on equity securities, net of tax			-			-			-			(407	)		407			-
Total comprehensive (loss) income			-			-			(39,234	)		(269	)		179,867			140,364

Share-based payment transactions, net of tax	17		-			9,802			-			-			-			9,802
Stock options exercised, net of tax	15, 17		1,766			(458	)		-			-			-			1,308
Dividends to owners of the Company	15		-			-			-			-			(77,258	)		(77,258	)
Net settlement of restricted share units
and performance share units, net of tax	15, 17		7,940			(15,348	)		-			-			(9,056	)		(16,464	)
Total transactions with owners, recorded directly in equity			9,706			(6,004	)		-			-			(86,314	)		(82,612	)

Balance as at June 30, 2026			1,134,815			26,327			(293,389	)		(3,910	)		1,871,536			2,735,379

Balance as at December 31, 2024			1,135,500			30,971			(330,710	)		(1,193	)		1,838,707			2,673,275

Net income			-			-			-			-			154,212			154,212
Other comprehensive income (loss), net of tax			-			-			76,452			(1,937	)		-			74,515
Total comprehensive income (loss)			-			-			76,452			(1,937	)		154,212			228,727

Share-based payment transactions, net of tax	17		-			6,865			-			-			-			6,865
Stock options exercised, net of tax	15, 17		5,482			(829	)		-			-			-			4,653
Dividends to owners of the Company	15		-			-			-			-			(74,862	)		(74,862	)
Repurchase of own shares	15		(17,036	)		-			-			-			(126,897	)		(143,933	)
Net settlement of restricted share units
and performance share units, net of tax	15, 17		9,341			(12,086	)		-			-			(14,361	)		(17,106	)
Total transactions with owners, recorded directly in equity			(2,213	)		(6,050	)		-			-			(216,120	)		(224,383	)

Balance as at June 30, 2025			1,133,287			24,921			(254,258	)		(3,130	)		1,776,799			2,677,619

The notes on pages 6 to 22 are an integral part of these condensed consolidated interim financial statements.


TFI International Inc.	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
	(UNAUDITED)


(In thousands of U.S. dollars)			Three months			Three months			Six months			Six months
			ended			ended			ended			ended
	Note		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025

Cash flows from operating activities
Net income				136,152			98,180			179,460			154,212
Adjustments for:
Depreciation of property and equipment		7		78,171			90,584			161,346			178,475
Depreciation of right-of-use assets		8		45,437			43,898			90,474			85,825
Amortization of intangible assets		9		22,574			21,928			45,250			43,403
Share-based payment transactions		17		4,241			4,112			8,526			7,257
Net finance costs		19		40,199			39,624			84,363			79,933
Income tax expense		20		44,010			32,361			53,131			50,663
Gain on sale of property and equipment				(4,607	)		(3,592	)		(8,657	)		(6,849	)
(Gain) loss on derecognition of right-of-use assets				(99	)		30			(365	)		(43	)
(Gain) loss, net of impairment,
on sale of assets held for sale				(2,606	)		1			(8,647	)		(6,973	)
Employee benefits				(2,349	)		(2,225	)		1,752			(5,619	)
Provisions, net of payments				4,371			(14,881	)		8,950			(14,854	)
Net change in non-cash operating working capital		6		(41,209	)		35,614			(100,651	)		37,680
Interest paid				(33,694	)		(39,914	)		(75,261	)		(79,015	)
Income tax paid				(34,997	)		(59,040	)		(62,561	)		(83,857	)
Net cash from operating activities				255,594			246,680			377,110			440,238

Cash flows used in investing activities
Purchases of property and equipment		7		(74,574	)		(83,820	)		(100,686	)		(118,331	)
Proceeds from sale of property and equipment				15,499			14,550			31,520			30,337
Proceeds from sale of assets held for sale				5,609			4,935			17,865			21,829
Purchases of intangible assets		9		(973	)		(1,135	)		(2,125	)		(7,334	)
Business combinations, net of cash acquired		5		(4,380	)		(38,639	)		(57,383	)		(36,392	)
Purchases of investments				-			-			-			(4,755	)
Proceeds from sale of investments				-			-			5,450			-
Others				(45	)		(2,110	)		(1,017	)		(1,249	)
Net cash used in investing activities				(58,864	)		(106,219	)		(106,376	)		(115,895	)

Cash flows used in financing activities
Net decrease in bank indebtedness				(11,630	)		-			(3,712	)		(6,777	)
Proceeds from long-term debt		11		8,545			217,438			8,545			217,438
Repayment of long-term debt		11		(27,318	)		(79,199	)		(64,047	)		(127,791	)
Net decrease in revolving facilities		11		(63,992	)		(103,650	)		(43,297	)		(60,420	)
Repayment of lease liabilities		12		(43,406	)		(41,164	)		(85,236	)		(82,034	)
Decrease of other financial liabilities				(123	)		(128	)		(2,675	)		(5,774	)
Dividends paid				(38,859	)		(38,815	)		(76,839	)		(77,005	)
Repurchase of own shares		15		-			(84,865	)		-			(141,037	)
Proceeds from exercise of stock options		15		275			2,223			1,308			4,653
Share repurchase for settlement of restricted share
units and performance share units				(4,486	)		(83	)		(16,464	)		(16,857	)
Net cash used in financing activities				(180,994	)		(128,243	)		(282,417	)		(295,604	)

Net change in cash and cash equivalents				15,736			12,218			(11,683	)		28,739
Cash and cash equivalents, beginning of period				185,814			16,433			210,186			-
Effect of movements in exchange rates on
cash and cash equivalents				3,896			(713	)		6,943			(801	)
Cash and cash equivalents, end of period				205,446			27,938			205,446			27,938

The notes on pages 6 to 22 are an integral part of these condensed consolidated interim financial statements.

Reporting entity

TFI International Inc. (the “Company”) is incorporated under the Canada Business Corporations Act, and is a company domiciled in Canada. The address of the Company’s registered office is 8801 Trans-Canada Highway, Suite 500, Montreal, Quebec, H4S 1Z6.

The condensed consolidated interim financial statements of the Company as at and for the three and six months ended June 30, 2026 and 2025 comprise the Company and its subsidiaries (together referred to as the “Group” and individually as “Group entities”).

The Group is involved in the provision of transportation and logistics services across the United States, Canada and Mexico.

Basis of preparation

Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting of the IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”). These condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the most recent annual consolidated financial statements of the Group.

These condensed consolidated interim financial statements were authorized for issue by the Board of Directors on July 27, 2026.

Basis of measurement

These condensed consolidated interim financial statements have been prepared on the historical cost basis except for the following material items in the statements of financial position:

•

investment in equity securities and contingent consideration are measured at fair value;

•

the defined benefit pension plan liability is recognized as the net total of the present value of the defined benefit obligation less the fair value of the plan assets; and

•

assets and liabilities acquired in business combinations are measured at fair value at acquisition date.

Seasonality of interim operations

The activities conducted by the Group are subject to general demand for freight transportation. Historically, demand has been relatively stable with the first quarter being generally the weakest in terms of demand. Furthermore, during the winter months, fuel consumption and maintenance costs tend to rise. Consequently, the results of operations for the interim period are not necessarily indicative of the results of operations for the full year.

Functional and presentation currency

The Company’s condensed consolidated interim financial statements are presented in U.S. dollars (“U.S. dollars” or “USD”).

The Company’s functional currency is the Canadian dollar (“CAD” or “CDN$”). Translation gains and losses from the application of the U.S. dollar as the presentation currency while the Canadian dollar is the functional currency are included as part of the accumulated foreign currency translation differences and net investment hedge.

All financial information presented in U.S. dollars has been rounded to the nearest thousand.

e) Use of estimates and judgments

The preparation of the accompanying financial statements in conformity with IFRS Accounting Standards requires management to make judgments, estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities, the disclosures about contingent assets and liabilities, and the reported amounts of revenues and expenses. Such estimates include the valuation of goodwill and intangible assets, the measurement of identified assets and liabilities acquired in business combinations, contingent consideration, income tax provisions, defined benefit obligation and self-insurance and other provisions and contingencies. These estimates and assumptions are based on management’s best estimates and judgments.

Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from these estimates. Changes

in those estimates and assumptions resulting from changes in the economic environment will be reflected in the financial statements of future periods.

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 2025 annual consolidated financial statements.

Material accounting policies

The accounting policies described in the Group’s 2025 annual consolidated financial statements have been applied consistently to all periods presented in these condensed consolidated interim financial statements, unless otherwise indicated below. The accounting policies have been applied consistently by Group entities.

New standards and interpretations adopted during the period

The following new standards, and amendments to standards and interpretations, are effective for the first time for interim periods
beginning on or after January 1, 2026 and have been applied in preparing these condensed consolidated interim financial statements.

Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures

In May 2024, the IASB issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, which are effective for annual reporting periods beginning on or after 1 January, 2026.

The amendment introduces an accounting policy choice for the derecognition of financial liabilities settled via electronic payment systems. Under the amendment, an entity may elect to derecognize a financial liability before the cash is delivered, provided that:

•

No practical ability to withdraw, stop or cancel the payment instruction;

•

No practical ability to access the cash to be used for settlement as a result of the payment instruction;

•

The settlement risk associated with the electronic payment system is insignificant.

The adoption of the amendments did not have a material impact on the Group’s condensed consolidated interim financial statements.

New standards and interpretations not yet adopted

The following new standards are not yet effective, and have not been applied in preparing these condensed consolidated interim financial statements:

Presentation and Disclosure in Financial Statements – IFRS 18

On April 9, 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements to improve reporting of financial performance. IFRS 18 replaces IAS 1 Presentation of Financial Statements. It carries forward many requirements from IAS 1 unchanged. IFRS 18 applies for annual reporting periods beginning on or after January 1, 2027. Earlier application is permitted.

The new Accounting Standard introduces significant changes to the structure of a company’s income statement, more discipline and transparency in presentation of management's own performance measures (commonly referred to as non-GAAP measures) and less aggregation of items into large, single numbers. The main impacts of the new Accounting Standard include:

•

introducing a newly defined ‘operating profit’ subtotal and a requirement for all income and expenses to be allocated between three new distinct categories based on a company’s main business activities (i.e. operating, investing and financing);

•

requiring disclosure about management performance measures (MPMs); and

•

adding new principles for aggregation and disaggregation of information

The Group is currently evaluating the impact of the adoption of IFRS 18 on its consolidated financial statements.

Segment reporting

The Group operates within the transportation and logistics industry in the United States, Canada and Mexico in different reportable segments, as described below. The reportable segments are managed independently as they require different technology and capital resources. For each of the operating segments, the Group’s CEO reviews internal management reports.

The following summary describes the operations in each of the Group’s reportable segments:



Less-Than-Truckload (a):	Pickup, consolidation, transport and delivery of smaller loads.
Truckload (b):	Full loads carried directly from the customer to the destination using a closed van or specialized equipment to meet customers’ specific needs. Includes expedited transportation, flatbed, tank, container and dedicated services.
Logistics:	Asset-light logistics services, including brokerage, freight forwarding and transportation management, as well as small package parcel delivery.

(a)

The Less-Than-Truckload reporting segment represents the aggregation of the Canadian Less-Than-Truckload, U.S. Less-Than-Truckload and Package and Courier operating segments. The aggregation of the segment was analyzed using management’s judgment in accordance with IFRS 8. The operating segments were determined to be similar, amongst others, with respect to the nature of services offered and the methods used to distribute their services. Additionally, they have similar economic characteristics with respect to long-term expected gross margin, levels of capital invested and market place trends.

(b)

The Truckload reporting segment represents the aggregation of the Canadian Conventional Truckload and Specialized Truckload operating segments. The aggregation of the segment was analyzed using management’s judgment in accordance with IFRS 8. The operating segments were determined to be similar, amongst others, with respect to the nature of services offered and the methods used to distribute their services. Additionally, they have similar economic characteristics with respect to long-term expected gross margin, levels of capital invested and market place trends.

Information regarding the results of each reportable segment is included below. Performance is measured based on segment operating income or loss. This measure is included in the internal management reports that are reviewed by the Group’s CEO, the Group's Chief Operating Decision Maker, and refers to “Operating income” in the consolidated statements of income. Segment operating income or loss is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.


	Less-
	Than-
	Truckload			Truckload		Logistics			Corporate			Eliminations			Total
Three months ended June 30, 2026
Revenue(1)		724,906			760,818		431,902			-			(17,638	)		1,899,988
Fuel surcharge(1)		216,238			143,802		34,740			-			(4,918	)		389,862
Total revenue(1)		941,144			904,620		466,642			-			(22,556	)		2,289,850
Operating income (loss)		85,783			105,782		49,697			(20,901	)		-			220,361
Selected items:
Materials and services
expenses		429,480			491,769		296,193			(2,299	)		(22,556	)		1,192,587
Personnel expenses		331,127			204,753		72,855			18,131			-			626,866
Other operating expenses		50,177			29,582		27,096			4,311			-			111,166
Depreciation and
amortization		47,421			77,207		20,796			758			-			146,182
Loss on sale of land
and buildings		-			-		(5	)		-			-			(5	)
Gain, net of
impairment on sale of
assets held for sale		2,606			-		-			-			-			2,606
Intangible assets		389,490			1,509,911		920,839			1,367			-			2,821,607
Total assets		2,499,942			3,343,117		1,374,854			276,067			-			7,493,980
Total liabilities		772,805			785,746		417,496			2,782,673			(119	)		4,758,601
Additions to property
and equipment		31,643			41,589		1,167			175			-			74,574

Three months ended June 30, 2025
Revenue(1)		703,698			712,283		393,110			-			(15,090	)		1,794,001
Fuel surcharge(1)		134,531			91,189		20,704			-			(2,804	)		243,620
Total revenue(1)		838,229			803,472		413,814			-			(17,894	)		2,037,621
Operating income (loss)		73,560			70,565		37,728			(11,688	)		-			170,165
Selected items:
Materials and services
expenses		342,039			409,679		273,610			(10,087	)		(17,894	)		997,347
Personnel expenses		325,369			211,429		62,382			18,730			-			617,910
Other operating expenses		45,783			26,456		24,403			2,708			-			99,350
Depreciation and
amortization		51,336			89,035		15,702			337			-			156,410
(Loss) gain, net of
impairment on sale of
assets held for sale		(126	)		125		-			-			-			(1	)
Intangible assets		413,271			1,536,573		728,542			2,309			-			2,680,695
Total assets		2,567,878			3,441,925		1,095,475			104,181			-			7,209,459
Total liabilities		765,621			827,059		343,281			2,596,002			(123	)		4,531,840
Additions to property
and equipment		26,072			52,884		4,735			129			-			83,820

(1) Includes intersegment revenue and intersegment fuel surcharge, which are eliminated in the consolidated results and are not disclosed by reportable segment due to the non-material amounts.


	Less-
	Than-
	Truckload			Truckload		Logistics			Corporate			Eliminations			Total
Six months ended June 30, 2026
Revenue(1)		1,381,210			1,433,572		820,230			-			(32,398	)		3,602,614
Fuel surcharge(1)		355,304			235,130		53,748			-			(7,843	)		636,339
Total revenue(1)		1,736,514			1,668,702		873,978			-			(40,241	)		4,238,953
Operating income (loss)		116,356			161,545		84,087			(45,034	)		-			316,954
Selected items:
Materials and services
expenses		773,899			897,262		550,266			(3,197	)		(40,241	)		2,177,989
Personnel expenses		651,254			405,012		145,229			38,104			-			1,239,599
Other operating expenses		101,865			60,841		53,288			9,016			-			225,010
Depreciation and
amortization		95,755			159,031		41,173			1,111			-			297,070
Loss on sale of
land and buildings		-			-		(5	)		-			-			(5	)
Gain, net of
impairment, on sale of
assets held for sale		2,308			6,339		-			-			-			8,647
Intangible assets		389,490			1,509,911		920,839			1,367			-			2,821,607
Total assets		2,499,942			3,343,117		1,374,854			276,067			-			7,493,980
Total liabilities		772,805			785,746		417,496			2,782,673			(119	)		4,758,601
Additions to property
and equipment		47,081			50,422		2,330			853			-			100,686

Six months ended June 30, 2025
Revenue(1)		1,382,648			1,375,138		778,058			-			(27,350	)		3,508,494
Fuel surcharge(1)		271,326			186,102		41,441			-			(5,355	)		493,514
Total revenue(1)		1,653,974			1,561,240		819,499			-			(32,705	)		4,002,008
Operating income (loss)		120,683			119,343		68,961			(24,179	)		-			284,808
Selected items:
Materials and services
expenses		680,798			814,527		545,924			(22,198	)		(32,704	)		1,986,347
Personnel expenses		648,909			413,632		123,737			39,077			-			1,225,355
Other operating expenses		101,338			54,512		49,371			6,439			-			211,660
Depreciation and
amortization		101,932			173,406		31,504			861			-			307,703
(Loss) gain, net of
impairment, on sale of
assets held for sale		(173	)		7,146		-			-			-			6,973
Intangible assets		413,271			1,536,573		728,542			2,309			-			2,680,695
Total assets		2,567,878			3,441,925		1,095,475			104,181			-			7,209,459
Total liabilities		765,621			827,059		343,281			2,596,002			(123	)		4,531,840
Additions to property
and equipment		37,193			75,724		4,803			129			-			117,849

(1) Includes intersegment revenue and intersegment fuel surcharge, which are eliminated in the consolidated results and are not disclosed by reportable segment due to the non-material amounts.

Geographical information

Revenue is attributed to geographical locations based on the origin of service’s location.


	Less-
	Than-
	Truckload		Truckload		Logistics		Eliminations			Total
Three months ended June 30, 2026
Canada		300,912		341,432		68,383		(9,566	)		701,161
United States		640,232		563,188		398,259		(12,990	)		1,588,689
Total		941,144		904,620		466,642		(22,556	)		2,289,850

Three months ended June 30, 2025
Canada		276,659		296,639		62,519		(7,878	)		627,939
United States		561,570		506,833		351,295		(10,016	)		1,409,682
Total		838,229		803,472		413,814		(17,894	)		2,037,621

Six months ended June 30, 2026
Canada		557,942		609,308		131,482		(17,210	)		1,281,522
United States		1,178,572		1,059,394		742,496		(23,031	)		2,957,431
Total		1,736,514		1,668,702		873,978		(40,241	)		4,238,953

Six months ended June 30, 2025
Canada		541,366		579,842		122,740		(15,859	)		1,228,089
United States		1,112,608		981,398		696,759		(16,846	)		2,773,919
Total		1,653,974		1,561,240		819,499		(32,705	)		4,002,008

Segment assets are based on the geographical location of the assets.


	As at		As at
	June 30, 2026		December 31, 2025
Property and equipment, right-of-use assets and intangible assets
Canada		2,212,939		2,333,857
United States		3,816,682		3,900,121
		6,029,621		6,233,978

Business combinations

In line with the Group’s growth strategy, the Group acquired one business during 2026, which was not considered to be material. This transaction was concluded in order to add density in the Group’s current network and further expand value-added services.

As of the reporting date, the Group had not yet completed the determination of the fair value of assets acquired and liabilities assumed of the 2026 acquisition. Information to confirm the fair value of certain assets and liabilities still needs to be obtained for this acquisition. As the Group obtains more information, the allocation will be completed.

The table below presents the determination of the fair value of assets acquired and liabilities assumed at the date of acquisition based on the best information available to the Group to date:


Identifiable assets acquired and liabilities assumed	Note
Cash and cash equivalents			831
Trade and other receivables			7,125
Inventoried supplies and prepaid expenses			(498	)
Property and equipment		7	16,552
Right-of-use assets		8	16,983
Intangible assets		9	11,110
Trade and other payables			(3,025	)
Income tax receivable			885
Lease liabilities		12	(16,983	)
Deferred tax liabilities			(4,279	)
Total identifiable net assets			28,701
Total consideration transferred			58,214
Goodwill		9	29,513

The total trade receivables comprise gross amounts due of $7.2 million, of which $0.1 million was expected to be uncollectible at the acquisition date.

Goodwill

The goodwill is attributable mainly to the premium of an established business operation with a good reputation in the transportation industry, and the synergies expected to be achieved from integrating the acquired entity into the Group’s existing business.

The goodwill arising in the business combinations has been allocated to operating segments as indicated in the table below, which represents the lowest level at which goodwill is monitored internally.


Operating segment	Reportable segment	June 30, 2026
Specialized Truckload	Truckload		20,035
Logistics	Logistics		9,478
			29,513

Contingent consideration

The contingent consideration balance at June 30, 2026 is $103.6 million (December 31, 2025 - $99.6 million) and is presented in other financial liabilities on the consolidated statements of financial position. The movement during the six months ended June 30, 2026 primarily relates to the accretion of the contingent consideration liability, which is recognized in finance costs.

Adjustment to the provisional amounts of prior year’s business combinations

The 2025 annual consolidated financial statements included details of the Group’s business combinations and set out provisional fair values relating to the consideration paid and net assets acquired of various acquisitions. These acquisitions were accounted for under the provisions of IFRS 3.

As required by IFRS 3, the provisional fair values have been reassessed in light of information which existed at the acquisition date and was obtained during the measurement period following the acquisitions. Consequently, the fair value of certain assets acquired, and liabilities assumed of the acquisitions in fiscal 2025 have been adjusted and finalized in 2026. No material adjustments were required to the provisional fair values for these prior year's business combinations.

Additional cash flow information

Net change in non-cash operating working capital


	Three months			Three months			Six months			Six months
	ended			ended			ended			ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Trade and other receivables		(88,417	)		46,861			(193,231	)		17,216
Inventoried supplies		(393	)		460			(1,015	)		1,277
Prepaid expenses		(7,842	)		(4,233	)		(12,804	)		(11,795	)
Trade and other payables		55,443			(7,474	)		106,399			30,982
		(41,209	)		35,614			(100,651	)		37,680

Property and equipment


			Land and			Rolling
	Note		buildings			stock			Equipment			Total
Cost
Balance at December 31, 2025				1,511,761			2,363,556			236,219			4,111,536
Additions through business combinations		5		559			15,993			-			16,552
Other additions				29,327			54,262			17,097			100,686
Disposals				(395	)		(46,141	)		(4,707	)		(51,243	)
Reclassification (to) from assets held for sale				(14,965	)		1,096			-			(13,869	)
Effect of movements in exchange rates				(18,196	)		(29,938	)		(6,751	)		(54,885	)
Balance at June 30, 2026				1,508,091			2,358,828			241,858			4,108,777

Accumulated Depreciation
Balance at December 31, 2025				137,373			1,057,112			137,725			1,332,210
Depreciation				13,618			136,709			11,019			161,346
Disposals				(280	)		(23,689	)		(4,411	)		(28,380	)
Reclassification (to) from assets held for sale				847			733			-			1,580
Effect of movements in exchange rates				(2,869	)		(17,014	)		(4,327	)		(24,210	)
Balance at June 30, 2026				148,689			1,153,851			140,006			1,442,546

Net carrying amounts
At December 31, 2025				1,374,388			1,306,444			98,494			2,779,326
At June 30, 2026				1,359,402			1,204,977			101,852			2,666,231

As at June 30, 2026, there are no amounts included in trade and other payables for the purchases of property and equipment (December 31, 2025 – nil).

Right-of-use assets


			Land and			Rolling
	Note		buildings			stock			Equipment			Total
Cost
Balance at December 31, 2025				841,220			337,632			3,501			1,182,353
Additions through business combinations		5		12,753			4,230			-			16,983
Other additions				32,902			10,260			37			43,199
Derecognition*				(21,705	)		(26,356	)		(708	)		(48,769	)
Effect of movements in exchange rates				(20,239	)		(8,650	)		(42	)		(28,931	)
Balance at June 30, 2026				844,931			317,116			2,788			1,164,835

Depreciation
Balance at December 31, 2025				430,951			159,071			2,115			592,137
Depreciation				53,612			36,718			144			90,474
Derecognition*				(19,752	)		(23,616	)		(703	)		(44,071	)
Effect of movements in exchange rates				(11,198	)		(4,259	)		(31	)		(15,488	)
Balance at June 30, 2026				453,613			167,914			1,525			623,052

Net carrying amounts
At December 31, 2025				410,269			178,561			1,386			590,216
At June 30, 2026				391,318			149,202			1,263			541,783

* Derecognized right-of-use assets include negotiated asset purchases and extinguishments resulting from accidents as well as fully amortized or end of term right-of-use assets.

Intangible assets


					Other intangible assets
											Non-
					Customer			Trademarks			compete			Information
Note		Goodwill			relationships			and other			agreements			technology			Total
Cost
Balance at December 31, 2025			2,168,438			1,006,470			160,509			32,934			42,114			3,410,465
Additions through business combinations	5		29,513			9,200			875			1,035			-			40,623
Other additions			-			-			-			-			2,125			2,125
Extinguishments			-			(2,596	)		-			(1,918	)		(5,740	)		(10,254	)
Effect of movements in
exchange rates			(35,832	)		(11,337	)		(1,070	)		(619	)		(768	)		(49,626	)
Balance at June 30, 2026			2,162,119			1,001,737			160,314			31,432			37,731			3,393,333

Amortization and impairment losses
Balance at December 31, 2025			77,445			387,242			36,353			17,919			27,070			546,029
Amortization			-			35,292			4,937			2,576			2,445			45,250
Extinguishments			-			(2,596	)		-			(1,918	)		(5,740	)		(10,254	)
Effect of movements in
exchange rates			(1,610	)		(6,103	)		(469	)		(399	)		(718	)		(9,299	)
Balance at June 30, 2026			75,835			413,835			40,821			18,178			23,057			571,726

Net carrying amounts
At December 31, 2025			2,090,993			619,228			124,156			15,015			15,044			2,864,436
At June 30, 2026			2,086,284			587,902			119,493			13,254			14,674			2,821,607

10.

Investments


	As at		As at
	June 30, 2026		December 31, 2025
Level 1 investments		1,956		7,350
Level 2 investments		3,758		3,740
Level 3 investments		13,353		13,864
		19,067		24,954

The Group elected to designate all of its investments at fair value through OCI.

During the six months ended June 30, 2026, the Group sold Level 1 investments for proceeds of $5.5 million resulting in a realized loss, net of tax, of $0.4 million on equity securities transferred from OCI to retained earnings.

11.

Long-term debt


	As at		As at
	June 30, 2026		December 31, 2025
Non-current liabilities
Unsecured senior notes		1,714,684		1,722,452
Unsecured revolving facilities		484,475		546,713
Conditional sales contracts		59,793		82,717
Other long-term debt		-		3,595
		2,258,952		2,355,477

Current liabilities
Current portion of unsecured senior notes		150,000		150,000
Current portion of conditional sales contracts		38,749		72,121
Current portion of other long-term debt		3,784		377
		192,533		222,498

The table below summarizes changes to the long-term debt:


		Six months ended			Six months ended
	Note	June 30, 2026			June 30, 2025
Balance at beginning of period			2,577,975			2,402,881
Proceeds from long-term debt			8,545			217,438
Repayment of long-term debt			(64,047	)		(127,791	)
Net decrease in revolving facilities			(43,297	)		(60,420	)
Amortization of deferred financing fees			502			852
Effect of movements in exchange rates			(89,471	)		100,031
Effect of movements in exchange rates - debt
designated as net investment hedge			61,278			(83,142	)
Balance at end of period			2,451,485			2,449,849

The Group’s revolving facilities have a total size of $924.6 million (December 31, 2025 - $955.2 million) and an additional $177.6 million of credit availability (CAD $245 million and USD $5 million) (December 31, 2025 - $184.2 million). The additional credit is available under certain conditions under the Group’s syndicated revolving credit agreement.

The debts are subject to certain covenants regarding the maintenance of financial ratios. These are the same covenants as previously required by the Company’s syndicated revolving credit agreement as described in note 25(f) of the 2025 annual consolidated financial statements. As at June 30, 2026, the Group was in compliance with these financial covenants.

12.

Lease liabilities


	As at		As at
	June 30, 2026		December 31, 2025
Current portion of lease liabilities		157,775		165,291
Long-term portion of lease liabilities		435,093		472,473
		592,868		637,764

The table below summarizes changes to the lease liabilities:


			Six months ended			Six months ended
	Note		June 30, 2026			June 30, 2025
Balance at beginning of period				637,764			573,662
Business combinations		5		16,983			156
Additions				43,199			69,455
Derecognition*				(5,063	)		(7,680	)
Repayment				(85,236	)		(82,034	)
Effect of movements in exchange rates				(14,779	)		17,763
Balance at end of period				592,868			571,322

* Derecognized lease liabilities include negotiated asset purchases and extinguishments resulting from accidents.

Extension options

Some real estate leases contain extension options exercisable by the Group. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The Group assesses at the lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there are significant events or significant changes in circumstances within its control.

The lease liabilities include future lease payments of $11.0 million (December 31, 2025 – $8.3 million) related to extension options that the Group is reasonably certain to exercise.

The Group has estimated that the potential future lease payments, should it exercise the remaining extension options, would result in an increase in lease liabilities of $549.4 million (December 31, 2025 - $577.2 million).

The Group does not have a significant exposure to termination options and penalties.

Contractual cash flows

The total contractual cash flow maturities of the Group’s lease liabilities are as follows:


	As at
	June 30, 2026
Less than 1 year		182,357
Between 1 and 5 years		354,445
More than 5 years		149,379
		686,181

13.

Employee benefits

The Group has various benefit plans, mainly TForce Freight pension plans and TFI International pension plans, under which participants are entitled to benefits once participation requirements are satisfied. Additional information relating to the retirement benefit plans is provided in Note 15 - Employee benefits of the Group’s 2025 annual consolidated financial statements.

Net periodic benefit cost and pension contributions are as follows for the TForce Freight pension plans:


	Three months		Three months		Six months		Six months
	ended		ended		ended		ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Current service cost		10,848		11,565		22,930		24,330
Net interest cost		86		794		168		1,038
Net periodic cost		10,934		12,359		23,098		25,368

Pension contributions		13,650		13,790		25,940		27,580

The pension plan is funded in line with the statutory funding requirements of the Employee Retirement Income Security Act.

14.

Provisions


	Self-insurance		Other		Total
As at June 30, 2026
Current provisions		80,335		11,686		92,021
Non-current provisions		145,400		6,835		152,235
		225,735		18,521		244,256

As at December 31, 2025
Current provisions		76,277		10,587		86,864
Non-current provisions		135,596		6,563		142,159
		211,873		17,150		229,023

Self-insurance provisions represent the uninsured portion of outstanding claims at period-end. The current portion reflects the amount expected to be paid in the following year. Other provisions include, amongst others, litigation provisions of $6.5 million (December 31, 2025 - $6.7 million). Litigation provisions contain various pending claims for which management used judgment and assumptions about future events. The outcomes will depend on future claim developments.

15.

Share capital and other components of equity

The following table summarizes the number of common shares issued:


(in number of shares)			Six months		Six months
			ended		ended
	Note		June 30, 2026		June 30, 2025
Balance, beginning of period				82,151,032		84,408,437
Repurchase and cancellation of own shares				-		(1,549,795	)
Stock options exercised		17		41,999		163,622
Balance, end of period				82,193,031		83,022,264

The following table summarizes the share capital issued and fully paid:


	Six months		Six months
	ended		ended
	June 30, 2026		June 30, 2025
Balance, beginning of period		1,125,109		1,135,500
Repurchase and cancellation of own shares		-		(17,036	)
Cash consideration of stock options exercised		1,308		4,653
Ascribed value credited to share capital on stock options exercised, net of tax		458		829
Net settlement of RSUs and PSUs, net of tax		7,940		9,341
Balance, end of period		1,134,815		1,133,287

Pursuant to the normal course issuer bid (“NCIB”) which began on November 4, 2025 and ends on November 3, 2026, the Company is authorized to repurchase for cancellation up to a maximum of 7,667,696 of its common shares under certain conditions. As at June 30, 2026, and since the inception of this NCIB, the Company has repurchased and cancelled no shares.

During the six months ended June 30, 2026, the Company repurchased no common shares relating to the current NCIB. During the six months ended June 30, 2025, the Company repurchased 1,549,795 common shares at a weighted average price of $91.00 per share for a total purchase price of $141.0 million relating to the NCIB. The excess of the purchase price paid over the carrying value of the shares repurchased in the amount of nil (2025– $126.9 million) was charged to retained earnings as share repurchase premium.

16.

Earnings per share

Basic earnings per share

The basic earnings per share and the weighted average number of common shares outstanding have been calculated as follows:


(in thousands of dollars and number of shares)	Three months		Three months			Six months		Six months
	ended		ended			ended		ended
	June 30, 2026		June 30, 2025			June 30, 2026		June 30, 2025
Net income		136,152		98,180			179,460		154,212
Issued common shares, beginning of period		82,186,031		83,971,757			82,151,032		84,408,437
Effect of stock options exercised		4,000		28,100			26,062		72,468
Effect of repurchase of own shares		-		(542,575	)		-		(664,402	)
Weighted average number of common shares		82,190,031		83,457,282			82,177,094		83,816,503

Earnings per share – basic (in dollars)		1.66		1.18			2.18		1.84

Diluted earnings per share

The diluted earnings per share and the weighted average number of common shares outstanding after adjustment for the effects of all dilutive common shares have been calculated as follows:


(in thousands of dollars and number of shares)	Three months		Three months		Six months		Six months
	ended		ended		ended		ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Net income		136,152		98,180		179,460		154,212
Weighted average number of common shares		82,190,031		83,457,282		82,177,094		83,816,503
Dilutive effect:
Stock options, restricted share units
and performance share units		215,619		197,636		236,020		285,454
Weighted average number of diluted common shares		82,405,650		83,654,918		82,413,114		84,101,957

Earnings per share - diluted (in dollars)		1.65		1.17		2.18		1.83

As at June 30, 2026, no stock options were excluded from the calculation of diluted earnings per share (June 30, 2025 – 122,380) as they were deemed to be anti-dilutive.

The average market value of the Company’s shares for purposes of calculating the dilutive effect of stock options was based on quoted market prices for the period during which the options were outstanding.

17.

Share-based payment arrangements

Stock option plan (equity-settled)

The Company offers a stock option plan for the benefit of certain of its employees. The maximum number of shares that can be issued upon the exercise of options granted under the current 2012 stock option plan is 5,979,201. Each stock option entitles its holder to receive one common share upon exercise. The exercise price payable for each option is determined by the Board of Directors at the date of grant, and may not be less than the volume weighted average trading price of the Company’s shares for the last five trading days immediately preceding the grant date. The options vest in equal installments over three years and the expense is recognized following the accelerated method as each installment is fair valued separately and recorded over the respective vesting periods.

The table below summarizes the changes in the outstanding stock options:


(in thousands of options	Three months					Three months					Six months					Six months
and in dollars)				ended					ended					ended					ended
	June 30, 2026					June 30, 2025					June 30, 2026					June 30, 2025
				Weighted					Weighted					Weighted					Weighted
	Number			average		Number			average		Number			average		Number			average
	of			exercise		of			exercise		of			exercise		of			exercise
	options			price		options			price		options			price		options			price
Balance, beginning of period		19			40.41		190			32.03		54			34.12		278			31.44
Exercised		(7	)		40.41		(76	)		30.71		(42	)		32.32		(164	)		30.43
Balance, end of period		12			40.41		114			32.90		12			40.41		114			32.90
Options exercisable, end of period												12			40.41		114			32.90

The following table summarizes information about stock options outstanding and exercisable at June 30, 2026:


(in thousands of options and in dollars)		Options outstanding and exercisable
				Weighted
				average
		Number		remaining
		of		contractual life
Exercise prices		options		(in years)
	40.41		12		1.1

Of the options outstanding at June 30, 2026, a total of 12,000 (December 31, 2025 – 48,570) are held by key management personnel.

The weighted average share price at the date of exercise for stock options exercised in the three and six months ended June 30, 2026 was $142.36 and $121.27, respectively (2025 – $83.60 and $89.29).

No stock options were granted during 2026 and 2025 under the Company’s stock option plan.

Restricted share unit and performance share unit plans (equity-settled)

The Company offers an equity incentive plan for the benefit of senior employees of the Group. Each participant’s annual LTIP allocation
is split in awards of performance share units (“PSUs”) and of restricted share units (‘’RSUs’’). The PSUs are subject to both performance and time cliff vesting conditions on the third anniversary of the award whereas the RSUs are only subject to a time cliff vesting condition on the third anniversary of the award. The performance conditions attached to the PSUs are equally weighted between absolute earnings before interest and income tax and relative total shareholder return (“TSR”). For purposes of the relative TSR portion, there are two equally weighted comparisons: the first portion is compared against the TSR of a group of transportation industry peers and the second portion is compared against the S&P/TSX60 index.

Restricted share units

The fair value of the RSUs is determined to be the share price fair value at the date of the grant and is recognized as a share-based
compensation expense, through contributed surplus, over the vesting period.

On February 17, 2026, the Company granted a total of 73,276 RSUs under the Company’s equity incentive plan of which 46,179 were granted to key management personnel. The fair value of the RSUs granted was $120.84 per unit.

On February 18, 2025, the Company granted a total of 61,829 RSUs under the Company’s equity incentive plan of which 38,566 were granted to key management personnel. The fair value of the RSUs granted was $129.66 per unit.

The table below summarizes changes to the outstanding RSUs:


(in thousands of RSUs	Three months					Three months					Six months					Six months
and in dollars)				ended					ended					ended					ended
	June 30, 2026					June 30, 2025					June 30, 2026					June 30, 2025
				Weighted					Weighted					Weighted					Weighted
	Number			average		Number			average		Number			average		Number			average
	of			grant date		of			grant date		of			grant date		of			grant date
	RSUs			fair value		RSUs			fair value		RSUs			fair value		RSUs			fair value
Balance, beginning of period		212			120.55		161			126.40		193			119.05		158			115.34
Granted		-			-		31			81.03		73			120.84		93			113.45
Reinvested		1			120.84		1			126.41		2			124.29		1			126.41
Settled		(32	)		81.03		-			-		(87	)		103.01		(58	)		99.84
Forfeited		-			-		(1	)		121.19		-			-		(2	)		121.19
Balance, end of period		181			127.54		192			119.11		181			127.54		192			119.11

The following table summarizes information about RSUs outstanding as at June 30, 2026:


(in thousands of RSUs and in dollars)		RSUs outstanding
				Remaining
		Number of		contractual life
Grant date fair value		RSUs		(in years)
	135.00		45		0.6
	129.66		62		1.6
	120.84		74		2.6
			181		1.8

The weighted average share price at the date of settlement of the RSUs vested in six months ended June 30, 2026 was $125.49 (June 30, 2025 – $131.74). The excess of the purchase price paid to repurchase shares on the market over the carrying value of awarded RSUs, in the amount of $7.5 million (June 30, 2025 – $5.8 million), was charged to retained earnings as share repurchase premium.

In the three and six months ended June 30, 2026, the Group recognized, as a result of RSUs, a compensation expense of $1.9 million and $4.4 million respectively (June 30, 2025 - $2.4 million and $3.9 million) with a corresponding increase to contributed surplus.

Of the RSUs outstanding at June 30, 2026, a total of 118,048 (December 31, 2025 – 133,103) are held by key management personnel.

Performance share units

The fair value of the PSUs is determined at the grant date using a Monte Carlo simulation model for the TSR portion and using
management’s estimates for the absolute earnings before interest and income tax portion. The estimates of the number of equity
instruments related to the absolute earnings before interest and income tax portion are revised during the vesting period and the
cumulative amount recognized at each reporting date is based on the number of equity instruments for which service and non-market
performance conditions are expected to be satisfied. The share-based compensation expense is recognized, through contributed surplus, over the vesting period.

On February 17, 2026, the Company granted a total of 68,957 PSUs under the Company’s equity incentive plan of which 41,860 were granted to key management personnel. The fair value of the PSUs granted was $138.97 per unit as at grant date.

On February 18, 2025, the Company granted a total of 58,143 PSUs under the Company’s equity incentive plan of which 34,880 were granted to key management personnel. The fair value of the PSUs granted was $134.85 per unit as at grant date.

The table below summarizes changes to the outstanding PSUs:


(in thousands of PSUs	Three months				Three months				Six months					Six months
and in dollars)			ended				ended					ended					ended
	June 30, 2026				June 30, 2025				June 30, 2026					June 30, 2025
			Weighted				Weighted					Weighted					Weighted
	Number		average		Number		average		Number			average		Number			average
	of		grant date		of		grant date		of			grant date		of			grant date
	PSUs		fair value		PSUs		fair value		PSUs			fair value		PSUs			fair value
Balance, beginning of period		172		141.46		156		140.27		157			140.35		155			127.72
Granted		-		-		-		-		69			138.97		58			135.51
Reinvested		1		142.09		1		141.27		2			141.56		2			134.91
Settled		-		-		-		-		(46	)		135.15		(71	)		100.52
(Decreased) added due to performance conditions		-		-		-		-		(8	)		135.15		14			100.43
Forfeited		-		-		-		-		(1	)		134.85		(1	)		134.12
Balance, end of period		173		141.47		157		140.52		173			141.47		157			140.52

The following table summarizes information about PSUs outstanding as at June 30, 2026:


(in thousands of PSUs and in dollars)		PSUs outstanding
				Remaining
		Number of		contractual life
Grant date fair value		PSUs		(in years)
	156.17		45		0.6
	134.85		58		1.6
	138.97		70		2.6
			173		1.7

The weighted average share price at the date of settlement of the PSUs vested in six months ended June 30, 2026 was $116.26 (June 30, 2025 – $131.74). The excess of the purchase price paid to repurchase shares on the market over the carrying value of awarded PSUs, in the amount of $1.6 million, was charged to retained earnings as share repurchase premium (June 30, 2025 – $8.6 million).

In the three and six months ended June 30, 2026, the Group recognized, as a result of PSUs, a compensation expense of $2.3 million and $4.1 million respectively (June 30, 2025 - $1.7 million and $3.4 million) with a corresponding increase to contributed surplus.

Of the PSUs outstanding at June 30, 2026, a total of 109,938 (December 31, 2025 – 101,635) are held by key management personnel.

18.

Materials and services expenses

The Group’s materials and services expenses are primarily costs related to independent contractors and vehicle operation expenses. Vehicle operation expenses consist primarily of fuel costs, repairs and maintenance, insurance, permits and operating supplies.


	Three months		Three months		Six months		Six months
	ended		ended		ended		ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Independent contractors		818,404		690,647		1,482,386		1,371,428
Vehicle operation expenses		374,183		306,700		695,603		614,919
		1,192,587		997,347		2,177,989		1,986,347

19.

Finance income and finance costs

Recognized in income or loss:


Costs (income)	Three months			Three months			Six months			Six months
	ended			ended			ended			ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Interest expense on long-term debt and amortization
of deferred financing fees		29,007			30,305			58,857			60,541
Interest expense on lease liabilities		7,040			6,583			14,130			13,110
Interest income		(2,973	)		(305	)		(3,475	)		(533	)
Net change in fair value and accretion expense
of contingent consideration		2,623			6			5,458			21
Net foreign exchange loss (gain)		675			(684	)		2,210			(439	)
Other financial expenses		3,827			3,719			7,183			7,233
Net finance costs		40,199			39,624			84,363			79,933
Presented as:
Finance income		(2,973	)		(989	)		(3,475	)		(972	)
Finance costs		43,172			40,613			87,838			80,905

20.

Income tax expense

Income tax recognized in income or loss:


	Three months			Three months			Six months			Six months
	ended			ended			ended			ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Current tax expense
Current period		57,848			36,041			85,028			63,780
Adjustment for prior periods		(1	)		(13	)		-			594
		57,847			36,028			85,028			64,374
Deferred tax expense (recovery)
Origination and reversal of temporary differences		(13,520	)		(4,699	)		(30,679	)		(13,716	)
Variation in tax rate		(317	)		(26	)		(1,224	)		(741	)
Adjustment for prior periods		-			1,058			6			746
		(13,837	)		(3,667	)		(31,897	)		(13,711	)
Income tax expense		44,010			32,361			53,131			50,663

Reconciliation of effective tax rate :


	Three months					Three months					Six months					Six months
	ended					ended					ended					ended
	June 30, 2026					June 30, 2025					June 30, 2026					June 30, 2025
Income before income tax				180,162					130,541					232,591					204,875
Income tax using the Company’s
statutory tax rate		26.5	%	47,743			26.5	%	34,594			26.5	%	61,637			26.5	%	54,292

Increase (decrease) resulting from:
Rate differential between
jurisdictions		-0.3	%	(580	)		-0.1	%	(106	)		0.1	%	162			0.3	%	713
Variation in tax rate		-0.2	%	(317	)		0.0	%	(26	)		-0.5	%	(1,224	)		-0.4	%	(741	)
Non deductible expenses		1.1	%	1,961			0.6	%	783			1.6	%	3,681			1.2	%	2,552
Tax deductions and tax
exempt income		-2.8	%	(5,060	)		-3.4	%	(4,404	)		-5.0	%	(11,625	)		-4.0	%	(8,256	)
Adjustment for prior periods		0.0	%	(1	)		0.8	%	1,045			0.0	%	6			0.7	%	1,340
Multi-jurisdiction tax		0.1	%	264			0.4	%	475			0.2	%	494			0.4	%	763
		24.4	%	44,010			24.8	%	32,361			22.8	%	53,131			24.7	%	50,663


TFI International Inc.	NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Tabular amounts in thousands of U.S. dollars, unless otherwise noted.)	PERIODS ENDED JUNE 30, 2026 AND 2025 - (UNAUDITED)


TFI International Inc.	NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Tabular amounts in thousands of U.S. dollars, unless otherwise noted.)	PERIODS ENDED JUNE 30, 2026 AND 2025 - (UNAUDITED)


TFI International Inc.	NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Tabular amounts in thousands of U.S. dollars, unless otherwise noted.)	PERIODS ENDED JUNE 30, 2026 AND 2025 - (UNAUDITED)


TFI International Inc.	NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Tabular amounts in thousands of U.S. dollars, unless otherwise noted.)	PERIODS ENDED JUNE 30, 2026 AND 2025 - (UNAUDITED)


TFI International Inc.	NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Tabular amounts in thousands of U.S. dollars, unless otherwise noted.)	PERIODS ENDED JUNE 30, 2026 AND 2025 - (UNAUDITED)