Earnings Press Release

Exhibit 99.1

For Immediate Release

TFI International Announces 2023 Third Quarter Results

Montreal, Quebec, October 23, 2023 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced its results for the third quarter ended September 30, 2023. All amounts are shown in U.S. dollars.

“We executed well during this stretch of weaker demand as our team was able to quickly adapt to changing market conditions while further streamlining operations. As a result, we were able to post solid results including close to $280 million of net cash from operating activities,” said Alain Bédard, Chairman, President and Chief Executive Officer. “Looking ahead, we’re well positioned to capitalize on the eventual pick-up in demand given our efficient platform, our team’s focus on profitability and cash flow, and our solid financial foundation, which further benefitted from our post-quarter, half billion dollar private placement. It’s this foundation that allows us to strategically allocate capital including eleven acquisitions this year, along with our share repurchases and our Board’s recently approved dividend increase.”

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THIRD QUARTER RESULTS

Total revenue of $1.91 billion compared to $2.24 billion in the prior year period and revenue before fuel surcharge of $1.63 billion compared to $1.86 billion in the prior year period. The decline is primarily due to a reduction in volumes driven by weaker end market demand, and the sale of CFI’s Truckload, Temp Control and Mexican non-asset logistics business ("CFI") in August 2022, which had sales of $107.6 million in Q3 2022.

Operating income of $200.6 million compares to $318.4 million from the prior year period. The decrease in the operating income can be attributed to overall lower revenues and volumes associated with freight as well as the divestiture of CFI of $75.7 million from the gain on sale and $5.6 million from Q3 2022 contribution, $5.5 million of IT system and transition expenses in U.S. LTL, a $4.7 million expense for the MTM of Director share units and a $2.9 million unfavorable currency translation impact1 relative to the same prior year period.

Net income of $133.3 million compared to $245.2 million in the prior year period, and net income of $1.54 per diluted share compared to $2.72 in the prior year period. Adjusted net income, a non-IFRS measure, was $136.0 million, or $1.57 per diluted share, compared to $181.2 million, or $2.01 per diluted share, the prior year period. The net income was burdened by the items described in the operating income.

Total revenue declined in three segments relative to the prior year period with decreases of 12% for Package and Courier, 15% for Less-Than-Truckload, 25% for Truckload, which is due in part to a $107.6 million decrease from the divestiture of CFI, and 0% for Logistics. Operating income decreased by 26% for Package and Courier and 48% for Truckload, was relatively flat for Less-Than-Truckload and increased 41% for Logistics in the third quarter in comparison to the prior-year.

NINE-MONTH RESULTS

Total revenue of $5.55 billion compared to $6.86 billion in the prior year period and revenue before fuel surcharge of $4.74 billion compared to $5.74 billion in the prior year period. The decline is primarily due to a reduction in volumes driven by weaker end market demand, and the sale of CFI in August 2022, which had sales of $415.2 million for the nine-month period in 2022.

Operating income of $559.4 million compares to $929.2 million from the prior year period. The decrease in the operating income can be attributed to overall lower revenues and volumes associated with freight as well as the divestiture of CFI of $75.7 million for the gain on sale and $46.1 million for the year to date contribution, $19.2 million of IT system and transition expenses in U.S. LTL, $11.8 million variance in the MTM of DSUs, and a $16.6 million unfavorable currency translation impact1 relative to the same prior year period.

Net income of $373.5 million compared to $669.7 million in the prior year period, and net income of $4.28 per diluted share was compared to $7.27 in the prior year period. Adjusted net income, a non-IFRS measure, was $391.4 million, or $4.48 per diluted share, compared to $579.9 million, or $6.29 per diluted share, the prior year period. The net income was burdened by the items described in the operating income.

1 This is a non-IFRS measure. For a reconciliation, please refer to the “Non-IFRS Financial Measures” section below.

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Total revenue declined for all segments relative to the prior year period with decreases of 11% for Package and Courier, 19% for Less-Than-Truckload, 25% for Truckload, which is due to a $415.2 million decrease from the divestiture of CFI, and 13% for Logistics. Operating income decreased by 18% for Package and Courier, 38% for Less-Than-Truckload, 37% for Truckload and 1% for Logistics as compared to the prior-year period. Truckload operating income in the prior year period included a $46.1 million contribution from CFI.

CASH FLOW

Net cash flow from operating activities was $278.7 million during Q3 compared to $337.8 million the prior year. The decrease is attributable to a decrease in net income.

Net cash from investing activities decreased by $998.0 million as a result of $548.3 million of proceeds from the divestiture of CFI in the prior year quarter, to an increase in spending on business acquisitions of $424.7 million and to an increase in capital expenditures of $46.4 million.

The Company returned $30.2 million to shareholders during the quarter through dividends.

On September 18, 2023, the Board of Directors of TFI International declared a quarterly dividend of $0.35 per outstanding common share paid on October 16, 2023, representing a 30% increase over the $0.27 quarterly dividend declared in Q3 2022. The annualized dividend represents 16.7% of the trailing twelve month free cash flow1.

NORMAL COURSE ISSUER BID RENEWAL

TFI International also announced that the Toronto Stock Exchange (“TSX”) has approved the renewal of TFI International’s normal course issuer bid (“NCIB”). Under the renewed NCIB, TFI International may purchase for cancellation a maximum of 7,161,046 common shares, representing 10% of the 71,610,462 shares forming TFI International’s public float. The shares may be purchased through the facilities of the TSX and the New York Stock Exchange and on alternative trading systems over the twelve-month period from November 2, 2023 to November 1, 2024. As of October 19, 2023, TFI International had 85,932,700 common shares issued and outstanding.

1 This is a non-IFRS measure. For a reconciliation, please refer to the “Non-IFRS Financial Measures” section below.

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Under TFI International’s current NCIB, which entered into effect on November 2, 2022 and expires on November 1, 2023, TFI International is authorized to purchase up to 6,370,199 shares. As at October 19, 2023, TFI International has repurchased 1,546,720 shares at a volume weighted average purchase price of CAD $139.41 per share, through the facilities of the TSX and the New York Stock Exchange and on alternative trading systems in Canada and the United States. All of the repurchased shares were cancelled by TFI International.

Any shares purchased by TFI International under the renewed NCIB will be at the market price of the shares at the time of such purchases. The actual number of shares that may be purchased and the timing of any such purchases will be determined by TFI International. Any purchases made by TFI International pursuant to the renewed NCIB will be made in accordance with the rules and policies of the TSX or, as applicable, Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended. TSX rules permit TFI International to purchase daily, through TSX facilities, a maximum of 58,264 shares under the NCIB, representing 25% of TFI International's average daily trading volume of 233,056 on the TSX over the last six calendar months, subject to an exception for a “block purchase” on the TSX once per calendar week.

The Board of Directors of TFI International believes that, at appropriate times, repurchasing its shares through the NCIB represents a good use of TFI International’s financial resources, as such action can protect and enhance shareholder value when opportunities arise.

In connection with the renewed NCIB, TFI International has entered into an automatic share purchase plan with RBC Dominion Securities Inc. in order to allow for purchases under the NCIB during TFI International’s “black-out” periods, as permitted by the TSX Company Manual and the Securities Act (Québec). Outside of these “black-out” periods, TFI International may repurchase shares at its discretion.

CONFERENCE CALL

TFI International will host a conference call on Tuesday, October 24, 2023 at 9:00 a.m. Eastern Time to discuss these results.

Interested parties can join the call by dialing 1-855-327-6837 or 1-631-891-4304. A recording of the call will be available until 11:59 p.m Eastern Time, Tuesday, November 7, 2023 by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 10022413.

ABOUT TFI INTERNATIONAL

TFI International Inc. is a North American leader in the transportation and logistics industry, operating across the United States and Canada through its subsidiaries. TFI International creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TFI International umbrella, companies benefit from financial and operational resources to build their businesses and increase their efficiency. TFI International companies service the following segments:

TFI International Inc. is publicly traded on the New York Stock Exchange and the Toronto Stock Exchange under symbol TFII. For more information, visit www.tfiintl.com.

FORWARD-LOOKING STATEMENTS

The Company may make statements in this report that reflect its current expectations regarding future results of operations, performance and achievements. These are “forward-looking” statements and reflect management’s current beliefs. They are based on information currently available to management. Words such as “may”, “might”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, “to its knowledge”, “could”, “design”, “forecast”, “goal”, “hope”, “intend”, “likely”, “predict”, “project”, “seek”, “should”, “target”, “will”, “would” or “continue” and words and expressions of similar import are intended to identify these forward-looking statements. 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.

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The Company wishes to caution readers not to place undue reliance on any forward-looking statements which reference issues only as of the date made. The following important factors could cause the Company’s actual financial performance to differ materially from that expressed in any forward-looking statement: the highly competitive market conditions, the Company’s ability to recruit, train and retain qualified drivers, fuel price variations and the Company’s ability to recover these costs from its customers, foreign currency fluctuations, the impact of environmental standards and regulations, changes in governmental regulations applicable to the Company’s operations, adverse weather conditions, accidents, the market for used equipment, changes in interest rates, cost of liability insurance coverage, downturns in general economic conditions affecting the Company and its customers, credit market liquidity, and the Company’s ability to identify, negotiate, consummate, and successfully integrate acquisitions. In addition, any material weaknesses in internal control over financial reporting that are identified, and the cost of remediation of any such material weakness and any other control deficiencies, may have adverse effects on the Company and impact future results.

The foregoing list should not be construed as exhaustive, and the Company disclaims any subsequent obligation to revise or update any previously made forward-looking statements unless required to do so by applicable securities laws. Unanticipated events are likely to occur. Readers should also refer to the section “Risks and Uncertainties” at the end of the 2023 Q3 MD&A for additional information on risk factors and other events that are not within the Company’s control. The Company’s future financial and operating results may fluctuate as a result of these and other risk factors.

NON-IFRS FINANCIAL MEASURES

This press release includes references to certain non-IFRS financial measures as described below. These non-IFRS measures do not have any standardized meanings prescribed by International Financial Reporting Standards as issued by the international Accounting Standards Board (IASB) and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, they should not be considered in isolation, in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. The terms and definitions of the non-IFRS measures used in this press release and a reconciliation of each non-IFRS measure to the most directly comparable IFRS measure are provided in the exhibits.

Adjusted EBITDA:

Adjusted EBITDA is calculated as net income before finance income and costs, income tax expense, depreciation, amortization, impairment of intangible assets, bargain purchase gain, and gain or loss on sale of land and buildings, assets held for sale, sale of business, and gain or loss on disposal of intangible assets. Management believes adjusted EBITDA to be a useful supplemental measure. Adjusted EBITDA is provided to assist in determining the ability of the Company to assess its performance.

Adjusted net income and adjusted earnings per share (adjusted “EPS”), basic or diluted

Adjusted net income is calculated as net income excluding amortization of intangible assets related to business acquisitions, net change in the fair value and accretion expense of contingent considerations, net change in the fair value of derivatives, net foreign exchange gain or loss, bargain purchase gain, gain or loss on sale of land and buildings and assets held for sale, gain on sale of business and directly attributable expenses due to the disposal of the business. Adjusted earnings per share, basic or diluted, is calculated as adjusted net income divided by the weighted average number of common shares, basic or diluted. The Company uses adjusted net income and adjusted earnings per share to measure its performance from one period to the next, without the variation caused by the impact of the items described above. The Company excludes these items because they affect the comparability of its financial results and could

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potentially distort the analysis of trends in its business performance. Excluding these items does not imply they are necessarily non-recurring.

Free cash flow:

Net cash from operating activities less additions to property and equipment plus proceeds from sale of property and equipment and assets held for sale. Management believes that this measure provides a benchmark to evaluate the performance of the Company in regard to its ability to meet capital requirements.

Note to readers: Unaudited condensed consolidated interim financial statements and Management’s Discussion & Analysis are
available on TFI International’s website at www.tfiintl.com.

For further information:

Alain Bédard

Chairman, President and CEO

TFI International Inc.

647-729-4079

abedard@tfiintl.com

EXHIBIT 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the third quarter ended

September 30, 2023

CONTENTS

Management’s Discussion and Analysis

GENERAL INFORMATION

The following is TFI International Inc.’s management discussion and analysis (“MD&A”). Throughout this MD&A, the terms “Company”, “TFI International” and “TFI” shall mean TFI International Inc., including its operating subsidiaries. This MD&A provides a comparison of the Company’s performance for its three- and nine-month periods ended September 30, 2023 with the corresponding three- and nine-month period ended September 30, 2022 and it reviews the Company’s financial position as of September 30, 2023. It also includes a discussion of the Company’s affairs up to October 23, 2023, which is the date of this MD&A. The MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements as of September 30, 2023 and the audited consolidated financial statements and accompanying notes as at and for the year ended December 31, 2022.

In this document, all financial data are prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) unless otherwise noted. All amounts are in United States dollars (U.S. dollars), and the term “dollar”, as well as the symbol “$”, designate U.S. dollars unless otherwise indicated. Variances may exist as numbers have been rounded. This MD&A also uses non-IFRS financial measures. Refer to the section of this report entitled “Non-IFRS Financial Measures” for a complete description of these measures.

The Company’s unaudited consolidated condensed interim financial statements have been approved by its Board of Directors (“Board”) upon recommendation of its audit committee on October 23, 2023. Prospective data, comments and analysis are also provided wherever appropriate to assist existing and new investors to see the business from a corporate management point of view. Such disclosure is subject to reasonable constraints for maintaining the confidentiality of certain information that, if published, would probably have an adverse impact on the competitive position of the Company.

Additional information relating to the Company can be found on its website at www.tfiintl.com. The Company’s continuous disclosure materials, including its annual and quarterly MD&A, annual and quarterly consolidated financial statements, annual report, annual information form, management proxy circular and the various press releases issued by the Company are also available on its website, or directly through the SEDAR system at www.sedar.com, or through the EDGAR system at www.sec.gov/edgar.shtml.

FORWARD-LOOKING STATEMENTS

The Company may make statements in this report that reflect its current expectations regarding future results of operations, performance and achievements. These are “forward-looking” statements and reflect management’s current beliefs. They are based on information currently available to management. Words such as “may”, “might”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, “to its knowledge”, “could”, “design”, “forecast”, “goal”, “hope”, “intend”, “likely”, “predict”, “project”, “seek”, “should”, “target”, “will”, “would” or “continue” and words and expressions of similar import are intended to identify these forward-looking statements. 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.

The Company wishes to caution readers not to place undue reliance on any forward-looking statements which reference issues only as of the date made. The following important factors could cause the Company’s actual financial performance to differ materially from that expressed in any forward-looking statement: the highly competitive market conditions, the Company’s ability to recruit, train and retain qualified drivers, fuel price variations and the Company’s ability to recover these costs from its customers, foreign currency fluctuations, the impact of environmental standards and regulations, changes in governmental regulations applicable to the Company’s operations, adverse weather conditions, accidents, the market for used equipment, changes in interest rates, cost of liability insurance coverage, downturns in general economic conditions affecting the Company and its customers, credit market liquidity, and the Company’s ability to identify, negotiate, consummate and successfully integrate business acquisitions.

The foregoing list should not be construed as exhaustive, and the Company disclaims any subsequent obligation to revise or update any previously made forward-looking statements unless required to do so by applicable securities laws. Unanticipated events are likely to occur. Readers should also refer to the section “Risks and Uncertainties” at the end of this MD&A for additional information on risk factors and other events that are not within the Company’s control. The Company’s future financial and operating results may fluctuate as a result of these and other risk factors.

│2

Management’s Discussion and Analysis

SELECTED FINANCIAL DATA AND HIGHLIGHTS

Q3 Highlights

1 This is a non-IFRS measure. For a reconciliation, please refer to the “Non-IFRS financial measures” section below.

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Management’s Discussion and Analysis

ABOUT TFI INTERNATIONAL

Services

TFI International is a North American leader in the transportation and logistics industry, operating in the United States and Canada. TFI International creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TFI International umbrella, companies benefit from financial and operational resources to build their businesses and increase their efficiency. TFI International companies service the following reportable segments:

Seasonality of operations

The activities conducted by the Company are subject to general demand for freight transportation. Historically, demand has been relatively stable with the weakest generally occurring during the first quarter. Furthermore, during the harsh winter months, fuel consumption and maintenance costs tend to rise.

Human resources

As at September 30, 2023, the Company had 25,998 employees throughout TFI International’s various business segments across North America. This compares to 25,030 employees as at September 30, 2022. The year-over-year increase of 968 employees is attributable to business acquisitions that added 2,668 employees offset by rationalizations affecting 1,700 employees mainly in the LTL segment. The Company believes that it has a relatively low turnover rate among its employees in Canada, and a normal turnover rate in the U.S. comparable to other U.S. carriers, and that its employee relations are very good.

Equipment

The Company is a significant transportation provider throughout North America. As at September 30, 2023, the Company had 11,636 trucks, 35,056 trailers and 7,882 independent contractors. This compares to 11,509 trucks, 40,630 trailers and 6,933 independent contractors as at September 30, 2022.

Facilities

TFI International’s head office is in Montréal, Québec and its executive office is in Etobicoke, Ontario. As at September 30, 2023, the Company had 608 facilities, as compared to 550 facilities as at September 30, 2022. Of these 608 facilities, 335 are located in the United States and 273 are located in Canada. In the last twelve months, 84 facilities were added from business acquisitions and terminal consolidation decreased the total number of facilities by 26, mainly in the LTL and Package and Courier segments.

Customers

The Company has a diverse customer base across a broad cross-section of industries with no single client accounting for more than 5% of consolidated revenue. Because of its customer diversity, as well as the wide geographic scope of the Company’s service offerings and the range of segments in which it operates, a downturn in the activities of an individual customer or customers in a particular industry would not be expected to have a material adverse impact on operations. The Company has forged strategic partnerships with other transport companies in order to extend its service offerings to customers across North America.

4

Management’s Discussion and Analysis

CONSOLIDATED RESULTS

This section provides general comments on the consolidated results of operations. A more detailed analysis is provided in the “Segmented Results” section.

2023 business acquisitions

In line with its growth strategy, the Company acquired eleven businesses during 2023 through the end of the third quarter.

On January 9, 2023, TFI International acquired selected assets of Stallion Express, LLC (“Stallion”). Stallion services the long-term care pharmacy of the medical logistics market in the eastern United States and will be reported in the Logistics segment.

On February 5, 2023, TFI International acquired D.M. Breton Inc. (“D.M. Breton”). Based out of Quebec, D.M. Breton transports freight, lumber and paper products between Canada and the United States and will be reported in the Truckload segment.

On February 17, 2023, TFI International acquired Axsun Inc. and its subsidiaries ("Axsun"). Based out of Montreal, Quebec, but operated from multiple locations, Axsun is a provider of intermodal and freight brokerage services across Canada and the United States. Axsun will be reported in the Logistics segment.

On March 20, 2023, TFI International acquired Hot-Line Freight Systems, Inc. and Hot-Line Logistics, LLC (collectively referred to as "Hot-Line"). Hot-Line is a Wisconsin-based LTL provider servicing the Midwestern USA and will be reported in the LTL segment.

On April 2, 2023, TFI international acquired SM Freight Inc. ("SM Freight"). SM Freight is based in Southern Ontario and specializes in refrigerated services to and from the U.S., and also provides warehousing services.

On April 30, 2023, TFI International acquired Launch Logistix Inc. ("Launch"). Launch is an existing independent agent of TFWW, an operating division of TFI, based in Minnesota providing logistics services.

On May 21, 2023, TFI International acquired Les Placements Jonadagi Inc. ("Jonadagi"). Jonadagi is a truckload company based in Vaudreuil, Quebec, and provides truckload services to eastern Canada.

On July 13, 2023, TFI international acquired Siemens Transportation Group ("STG"). STG is based in Saskatchewan, Canada and provides LTL, truckload and flatbed services throughout North America. STG will be reported in the LTL and Truckload segments.

On August 3, 2023, TFI International acquired Ulch Transport Limited ("Ulch"). Ulch specializes in truckload transportation of food products, including liquid food products and refrigerated goods, throughout North America. Ulch is based in Ontario, Canada and will be reported in the Truckload segment.

On August 16, 2023, TFI International acquired JHT Holdings, Inc. ("JHT"). JHT is an asset light logistics and transportation provider for Class 6-8 truck manufacturers, transporting new trucks from manufacturing and final assembly plants to dealers and end customers. JHT will be reported in the Logistics segment.

On September 1, 2023, TFI International acquired Vedder Transportation Group ("Vedder"). Vedder specializes in tank truck transport of food grade liquids and dry bulk commodities and operates in Western Canada. This transaction included the acquisition of significant real estate properties amounting to $57.2 million. Vedder will be reported in the Truckload segment.

Revenue

For the three months ended September 30, 2023, total revenue was $1,911.0 million, compared to $2,242.0 million in Q3 2022. The decrease was mainly attributable to a weakened market which resulted in weaker volumes and pricing decreased particularly in the TL segment contributing to a decrease in revenue of $363.6 million, to the sale of CFI's Truckload, Temp Control and Mexican non-asset logistics business (collectively referred to as "CFI") which had total revenue of $107.6 million in Q3 2022, and unfavorable currency translation impact1 of Canadian revenues of $19.9 million as a result of the decline in the Canadian dollar compared to the U.S. dollar. This decrease was offset by contributions from business acquisitions of $160.2 million.

For the nine months ended September 30, 2023, total revenue was $5.55 billion compared to $6.86 billion, from Q3 2022. The decrease was mainly attributable to weakened market which resulted in weaker volumes and pricing decreased particularly in the TL segment contributing to a decrease in revenue of $1,097.4 million, the sale of CFI which had revenue of $415.2 million in 2022, and unfavorable currency translation impact1 of Canadian revenues of $106.6 million as a result of the decline in the Canadian dollar compared to the U.S. dollar. This decrease was partially offset by contributions from business acquisitions of $315.9 million.

5

Management’s Discussion and Analysis

Operating expenses

For the three months ended September 30, 2023, the Company’s operating expenses decreased by $213.0 million, to $1,710.5 million, from $1,923.5 million in Q3 2022. This decrease was due to a decrease in operating expenses from existing operations of $252.1 million, as revenues decreased, and $106.0 million related to the sale of CFI. This decline was partially offset by an increase of $145.0 million from business acquisitions.

For the three months ended September 30, 2023, materials and services expenses, net of fuel surcharge, decreased by $90.0 million, to $683.8 million from $773.8 million in the same period last year due primarily to the decrease in revenues offset by an increase from business acquisitions of $67.4 million.

For the three months ended September 30, 2023, personnel expense decreased 11% to $540.8 million from $604.7 million in Q3 2022. The decrease is attributable primarily to the decline in revenues and the ability of the Company to quickly adjust to demand levels and $36.5 million related to the sale of CFI . This decrease is offset by an increase of $40.3 million from business acquisitions.

Other operating expenses, which are primarily comprised of costs related to office and terminal rent, taxes, heating, telecommunications, maintenance and security and other general administrative expenses, decreased by $33.1 million, or 24%, for the three months ended September 30, 2023, as compared to the same period last year.

The gains on the sale of assets held for sale increased $14.1 million from $1.1 million in Q3 2022 to $15.2 million.

For the nine months ended September 30, 2023, the Company’s operating expenses decreased by $933.5 million from $5.93 billion in 2022 to $4.99 billion in 2023. The decrease is mainly attributable to a reduction in existing operations of $816.4 million, driven from a decrease in revenues, and the sale of CFI which incurred $401.1 million of operating expenses in the comparative period. This is partially offset by an increase in operating expense from business acquisition of $284.0 million.

Operating income

For the three months ended September 30, 2023, the Company’s operating income was $200.6 million compared to $318.4 million during the same quarter in 2022. The decrease is primarily attributable to the decline in revenues as a result of weaker market demand in the quarter and also to the gain on sale of CFI of $75.7 million recognized in Q2 2022. In addition, the operating income includes $5.5 million of IT systems and related transition expenses in U.S. LTL, $2.9 million unfavorable currency translation impact1 relative to the same period last year and $5.6 million generated last year by the now divested CFI. The operating margin as a percentage of revenue before fuel surcharge of 12.3% compared to 17.1% in Q3 2022.

For the nine months ended September 30, 2023, the Company’s operating income of $559.4 million compared to $929.2 million in the same period in 2022.

Finance income and costs

Interest expense on long-term debt

Interest expense on long-term debt for the three-month period ended September 30, 2023 increased by $0.2 million as compared to the same quarter last year as the reduction of the average level of debt from $1.57 billion to $1.47 billion was offset by an increase in the interest rate.

The interest expense on long-term debt for the nine-month period ended September 30, 2023, decreased by $1.7 million as compared to the same period last year mainly due to a decrease in the average level of debt which was $1.39 billion in 2023 compared to $1.63 billion in 2022.

Net foreign exchange gain or loss and net investment hedge

The Company designates as a hedge a portion of its U.S. dollar denominated debt held against its net investments in U.S. operations. This accounting treatment allows the Company to offset the designated portion of foreign exchange gain (or loss) of its debt against the foreign exchange loss (or gain) of its net investments in U.S. operations and present them in other comprehensive income. Net foreign exchange gains or losses recorded in income or loss are attributable to the translation of the U.S. dollar portion of the Company’s credit facilities not designated as a hedge and to the translation of other financial assets and liabilities denominated in currencies other than the functional currency. For the three-month period ended September 30, 2023, a loss of $27.4 million of foreign exchange variations (a loss of $28.4 million net of tax) was recorded to other comprehensive income as it relates to the translation of the debt in the net investment hedge.

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Management’s Discussion and Analysis

For the three-month period ended September 30, 2022, a loss of $72.6 million of foreign exchange variations (a loss of $72.0 million net of tax) was recorded to other comprehensive income as it relates to the translation of the debt in the net investment hedge.

For the nine-month period ended September 30, 2023, a loss of $3.4 million of foreign exchange variations (a loss of $1.5 million net of tax) was recorded to other comprehensive income as it relates to the translation of the debt in the net investment hedge. For the nine-month period ended September 30, 2022, a loss of $95.8 million of foreign exchange variations (a loss of $92.2 million net of tax) was recorded to other comprehensive income as it relates to the translation of the debt in the net investment hedge.

Income tax expense

For the three months ended September 30, 2023, the Company’s effective tax rate was 25.4%. The income tax expense of $45.5 million reflects a $1.9 million favorable variance versus an anticipated income tax expense of $47.4 million based on the Company’s statutory tax rate of 26.5%. The favorable variance is due to a favorable variation from tax deductions and tax-exempt income of $3.8 million offset by an unfavorable variation from multi-jurisdiction tax of $1.4 million.

For the nine months ended September 30, 2023, the Company’s effective tax rate was 25.6%. The income tax expense of $128.3 million reflects a $4.7 million favorable variance versus an anticipated income tax expense of $133.0 million based on the Company’s statutory tax rate of 26.5%. The favorable variance is mainly due to favorable variations from tax deductions and tax-exempt income of $11.1 million which is partially offset by an unfavorable variance of $4.4 million for multi-jurisdiction tax.

Net income and adjusted net income

For the three months ended September 30, 2023, TFI International’s net income was $133.3 million as compared to $245.2 million in Q3 2022. The Company’s adjusted net income1, a non-IFRS measure, which excludes items listed in the above table, was $136.0 million as compared to $181.2 million in Q3 2022, a decrease of 25% or $45.2 million. Adjusted EPS1, fully diluted, of $1.57 compared to $2.01 in Q3 2022.

1 This is a non-IFRS. For the reconciliation, refer to the “Non-IFRS financial measures” section below.

7

Management’s Discussion and Analysis

SEGMENTED RESULTS

To facilitate the comparison of business level activity and operating costs between periods, the Company compares the revenue before fuel surcharge (“revenue”) and reallocates the fuel surcharge revenue to materials and services expenses within operating expenses. Note that “Total revenue” is not affected by this reallocation.

Selected segmented financial information

1 Includes intersegment revenue.

2 Segment revenue including fuel surcharge and intersegment revenue to consolidated revenue including fuel surcharge and intersegment revenue.

3 This is a non-IFRS measures. For a reconciliation, refer to the “Non-IFRS financial measures” section below.

4 As a percentage of revenue before fuel surcharge.

8

Management’s Discussion and Analysis

Package and Courier

1 This is a non-IFRS measure. For a reconciliation, refer to the “Non-IFRS financial measures” section below.

Revenue

For the three months ended September 30, 2023, revenue decreased by $8.5 million or 7%, from $120.2 million in 2022 to $111.7 million in 2023. This decrease is mostly attributable to a 6.5% decrease in packages and a 0.5% decrease in revenue per package (excluding fuel surcharge). The decrease in packages is attributable to softness in the market, primarily in business-to-consumer deliveries.

For the nine-months ended September 30, 2023, revenue decreased by $30 million or 8%, from $370 million in 2022 to $340 million. This decrease is attributable to a 2.0% decrease in revenue per package combined with a 6.1% decrease in packages related primarily to softness in the business-to-consumer market.

Operating expenses

For the three months ended September 30, 2023, materials and services expenses, net of fuel surcharge revenue, increased $2.0 million or 5%, mostly due to a decrease of $11.1 million in fuel surcharge revenue but partially offset by an $8.0 million reduction in external labor and sub-contractor costs. Personnel expenses decreased $1.6 million, or 5%, mostly explained by reduced direct labor from lower volume.

For the nine months ended September 30, 2023, materials and services expenses, net of fuel surcharge revenue, decreased $2.1 million or 2%, mostly due to a decrease of $19.0 million in external labor and sub-contractor costs, a $2.2 million decrease in fuel costs and $1.1 million decrease in maintenance & repair offset by a $21.5 million decrease in fuel surcharge revenue. Personnel expenses decreased by $8.9 million or 8% primarily from a $5.1 million decrease in direct labor, combined with a $3.1 million decrease in admin salaries and a $0.8 million decrease in severance cost. The decrease in direct labor is primarily attributable to the decrease in overall volume.

Operating income

Operating income for the three months ended September 30, 2023, decreased by $8.6 million or 26%. The operating margin was 22.6% in the third quarter of 2023, a decrease when compared to 28.2% for the same period in 2022.

For the nine-month period ended September 30, 2023, operating income decreased by $17.1 million or 18%. The operating margin was 23.4% for this period of 2023, a decrease when compared to 26.2% for the same period in 2022.

9

Management’s Discussion and Analysis

Return on invested capital, a non-IFRS measure, decreased 340 basis points, from 31.0% in the trailing twelve months ended September 30, 2022, to 27.6% in the trailing twelve months ended September 30, 2023.

Less-Than-Truckload

1 This is a non-IFRS measure. For a reconciliation, refer to the “Non-IFRS financial measures” section below.