This report does not constitute a rating action. We expect relatively stable S&P Global Ratings-adjusted EBITDA in 2026. Imperative Worldwide benefited from elevated freight activity during the first half of 2025, particularly within its cross-border and global forwarding segments, as shippers accelerated imports into the U.S. to mitigate the impact of tariffs imposed by the current administration. However, as the market absorbed these excess shipments, demand softened slightly in the second half of 2025 and endured through the first four months of 2026. Additionally, freight volumes in its expedite and mission-critical business segments, which cater to domestic time-critical and specialized shipping needs, remained soft and are trending marginally lower. We anticipate this trend will persist through 2026 as geopolitical tensions
