Schneider National, Inc. (SNDR): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the strategy of a North American logistics powerhouse, and frankly, understanding how they manage a fleet of 11,000 company trucks while navigating market shifts is tough. Honestly, the core of their business isn't just moving freight; it's their multimodal platform, where their 70% dedicated contract services provide a stable base, generating a combined $956.6 million in Truckload and Logistics revenue (excl. fuel) in Q3 2025 alone. This Business Model Canvas distills how they connect that massive asset base-from their 38,000 trailers to their digital FreightPower® marketplace-with key rail partners to deliver consistent value, so you can see the exact levers they pull for structural improvement. Keep reading to see the nine building blocks that define this strategy.

Schneider National, Inc. (SNDR) - Canvas Business Model: Key Partnerships

You're looking at the network that lets Schneider National, Inc. (SNDR) scale capacity beyond its own assets. This is where the asset-based core meets the non-asset flexibility, which is critical for their Logistics segment.

The scale of their third-party capacity is significant, though the exact number you mentioned isn't confirmed in the latest filings. As of the data available from 2024, Schneider National reported managing 21,000 qualified carrier relationships. For context, in their 2023 annual report, the Logistics segment managed over 50,000 qualified carrier relationships. This network supports the movement of freight, with approximately $2.3 billion in third-party freight managed per year, based on 2024 figures.

The table below summarizes the key partnership types and associated metrics we can confirm for late 2025:

Partnership Type	Partner/Focus Area	Key Metric/Financial Data
Rail Carrier	CPKC (Canadian Pacific Kansas City)	Schneider's cross-border intermodal volume grew at twice the Mexico cross-border market rate (which grew 17% in 2024). Q3 2025 cross-border volume was up more than 50%.
Third-Party Capacity	Logistics Brokerage Network	Managed 21,000 qualified carrier relationships as of 2024. Managed approximately $2.3 billion in third-party freight per year (2024 est.).
Technology Integration	Mastery Logistics Systems & Platform Science	Mastery's MasterMind platform integrates with Schneider's Quest ecosystem. New features from the integration are slated for release in Q3 2025.
Strategic Acquisition	Cowan Systems	Acquired for approximately $421 million (including $31 million for real estate). Expected annual synergies are $20 million to $30 million.
Innovation Hub	The Grove Innovation Center	A 20,000 square-foot facility designed for co-creation with customers and industry allies.

The acquisition of Cowan Systems, which closed in December 2024 for roughly $421 million, immediately bolstered the Dedicated services segment. Post-acquisition, the dedicated fleet grew to over 8,400 tractors, representing 70% of Schneider's Truckload fleet. This move is expected to yield $20 million to $30 million in annual synergies. In Q3 2025, Dedicated freight volume increased 22% year-over-year, largely credited to the Cowan acquisition.

The preferred rail partnership with CPKC is a major driver for Intermodal growth, especially cross-border. Schneider's intermodal volume on the CPKC network grew at twice the industry rate in Mexico in 2024. For the third quarter of 2025, Schneider's overall intermodal volume was up 10% to 116,592 loads.

Technology partnerships are focused on platform integration. Schneider made a strategic investment in Mastery Logistics Systems and also invested in Platform Science in 2024. Platform Science expanded its reach by acquiring Trimble's global transportation telematics business units in February 2025.

Innovation is centralized at The Grove Innovation Center, a 20,000 square-foot facility on the Green Bay campus. This space is used to co-create solutions with customers.

• Dedicated average truck count grew 28% year-over-year in Q3 2025.
• Q2 2025 Intermodal volume grew 5% year-over-year.
• Logistics revenue (excluding fuel surcharge) was up 7% in Q2 2025, largely due to the Cowan acquisition.
• The company paid $17 million in dividends in Q2 2025.

Finance: draft 13-week cash view by Friday.

Schneider National, Inc. (SNDR) - Canvas Business Model: Key Activities

You're looking at the core engine of Schneider National, Inc. right now, late in 2025. These are the things the company absolutely has to do well to make the model work, grounded in the latest operational realities.

Operating a premier multimodal transportation network (Truckload, Intermodal, Logistics)

Running the network involves managing significant scale across three main areas. For the third quarter of 2025, here's how the revenue breakdown looked, excluding fuel surcharges:

Segment	Revenue (Excl. Fuel Surcharge)	Operating Ratio
Truckload	$624.5 million	96.8%
Intermodal	$281.4 million	94.0%
Logistics	$332.1 million	98.1%

Overall Enterprise Revenues, excluding fuel surcharge, hit $1.3 billion for the third quarter of 2025. The Intermodal segment saw volume growth of 10% year-over-year in Q3 2025.

Managing a large-scale Dedicated contract fleet (70% of Truckload)

The focus on Dedicated services is a defining feature of Schneider National, Inc.'s current Truckload strategy. This segment provides a more stable revenue base, which is key when the broader market is uncertain.

• Dedicated services now represent 70% of Schneider National, Inc.'s Truckload fleet.
• This Dedicated segment also accounted for 71% of Truckload revenue in the first quarter of 2025.
• Dedicated average truck count grew 28% year over year as of the third quarter of 2025.
• The company is targeting low to mid-single-digit percentage increases in Truckload Network pricing renewals.

Developing and deploying AI-enabled efficiency and pricing programs

Technology deployment is directly tied to cost control and service improvement. You can see the impact in specific process metrics.

• Using technology from EXL, Schneider National, Inc. achieved a more than 50% improvement in average cycle time to schedule appointments.
• That same AI deployment resulted in a 24% reduction in the cost per appointment scheduled.
• Historical data shows AI/automation contributed to a 14.6% reduction in fuel consumption back in 2022.

Maintaining and replacing a massive fleet of trucks, trailers, and containers

Capital deployment is essential for maintaining service quality and modernizing the asset base. The full-year 2025 outlook for net capital expenditures has been adjusted.

The full-year 2025 Net Capital Expenditures guidance is approximately $300 million, revised down from earlier projections. This spending supports fleet needs, including a commitment to expand the electric vehicle fleet. Schneider National, Inc. has committed $65 million to this EV expansion, integrating 147 electric trucks into operations by 2025.

Executing cost reduction initiatives targeting over $40 million in savings

Cost containment remains a priority, especially given the tempered market conditions seen through the third quarter of 2025.

• Schneider National, Inc. has identified more than $40 million in structural cost reductions.
• These cost takeouts are intended to offset the impact of a weaker economy and trade policy uncertainty.
• Third quarter 2025 results were negatively impacted by claims costs of $16.0 million, which equated to $0.07 per earnings per share greater than guidance.

Finance: draft 13-week cash view by Friday.

Schneider National, Inc. (SNDR) - Canvas Business Model: Key Resources

You're looking at the hard assets and core capabilities that let Schneider National, Inc. actually run its massive logistics operation. These aren't just line items; they are the physical and intellectual engines of the business.

The foundation of Schneider National, Inc.'s scale is its physical footprint, which is substantial enough to handle complex, multi-modal freight across the continent. This physical asset base is supported by a significant financial structure that allows for continuous investment and weathering of market cycles.

Key Resource Category	Metric/Value	As of/Context
Company Trucks	11,000	Stated Key Resource
Trailers	38,000	Stated Key Resource
Containers	18,000	Stated Key Resource
Total Debt & Finance Lease Obligations	$522.8 million	As of September 30, 2025
Cash and Cash Equivalents	$194.1 million	As of September 30, 2025
Dedicated Truck Count Growth (YoY)	28%	Q3 2025 vs Q3 2024

The geographic reach is a critical non-physical asset. Schneider National, Inc. maintains a North American network that effectively spans the United States, Canada, and Mexico, enabling cross-border and long-haul services that many smaller carriers can't manage. This network is supported by a large, dedicated workforce.

The human capital is substantial; as of 2024, Schneider National, Inc. reported having 19,400 associates worldwide, which includes the highly skilled professional drivers and logistics associates essential for operations. These personnel are recognized for their commitment, with 220 drivers achieving elite safety milestones in 2025 alone. It's a big team executing complex moves daily.

The proprietary digital platform, Schneider FreightPower® marketplace, is a key intangible resource that enhances asset utilization and efficiency. This platform is designed to connect shippers with flexible capacity and carriers with quality freight.

• Platform accessible on mobile, desktop, or tablet.
• Provides detailed load information and favorite search options.
• Over 95% of freight opportunities for owner-operators are drop and hook shipments.
• Road miles are shown for more accurate trip planning.

The company is actively integrating AI into operations, reporting productivity improvements of 50% to 60% in some areas, which directly translates to better utilization of the physical assets listed above. Finance: draft 13-week cash view by Friday.

Schneider National, Inc. (SNDR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Schneider National, Inc. over the competition as of late 2025. It's about the breadth of what they offer, the commitment of their dedicated capacity, the smart use of tech, and their focus on safety and the environment.

Multimodal portfolio offering one of the industry's broadest solutions

Schneider National, Inc. offers a comprehensive suite of services, which they frame as one of the broadest portfolios in the industry. This means you can consolidate more of your freight needs with one provider. The company offers truckload, intermodal, and logistics services, which include Regional and Long-Haul Truckload, Expedited, Dedicated, Bulk, Intermodal, Brokerage, Warehousing, Supply Chain Management, Port Logistics, and Logistics Consulting. As of the second quarter of 2025, the Intermodal and Logistics segments together accounted for 49% of segment revenues. The sheer scale of operations is evident, with Schneider moving 9.1 million freight miles per day.

Here's a look at recent revenue performance across the enterprise:

Metric (Excluding Fuel Surcharge)	Q3 2025	Q2 2025
Operating Revenues	$1.45 billion	$1.3 billion
Truckload Revenues	$624.5 million	$622.2 million
Intermodal Revenues	$281.4 million	$265.1 million

Dedicated contract services providing reliable, committed capacity

For reliable, committed capacity, the Dedicated segment is a cornerstone of the Truckload business. Dedicated contracts made up 70% of the Truckload fleet as of the second quarter of 2025. This focus on contracted business provides revenue stability. The dedicated average truck count saw a 28% growth in the third quarter of 2025. The company touts a 95%+ Dedicated retention rate. For one major specialty retailer, Schneider provided consistent capacity solutions, handling seasonal surges where commitments increased by 50% or more during the spring.

Technology-driven supply chain visibility and optimized freight movement

Schneider National, Inc. uses its technology platform to coordinate freight movement effectively. Their digital marketplace is called Schneider FreightPower®. This technology helps provide shippers access to an expanded, flexible capacity network. The Logistics segment's improved income from operations in Q1 2025 was partly due to effective brokerage net revenue management, which is enabled by their industry-leading technology.

Focus on sustainability via electric trucks and GreenSight.ai tools

The commitment to sustainability is quantified by fleet electrification efforts. Schneider operates one of the largest battery electric vehicle (BEV) fleets in North America, having deployed fully 92 Freightliner eCascadias as of late 2024. This fleet has surpassed 6 million zero-emission miles, which translates to cutting over 20 million pounds of carbon dioxide ($\text{CO}_2$) emissions. This reduction is stated as equivalent to removing over 2,100 gas-powered passenger vehicles from the road for one year. Schneider's stated mission includes reducing company carbon emissions by 7.5% per mile by 2025 and by 60% per mile by 2035.

Safety and on-time, damage-free delivery for superior customer experience

Safety is presented as the cornerstone of the culture, with drivers traveling over 9 million freight miles every day. This focus resulted in an all-time low United States Department of Transportation reportable accident frequency in 2024. For Dedicated services, the on-time delivery rate is cited as 99.60%. In a specific case study, Schneider exceeded an on-time delivery goal of 98.7%, achieving 98.8% for a major retailer.

You can see some of the safety recognition numbers from June 2025:

• 220 drivers recognized for unparalleled safety milestones.
• 98 drivers received the Consecutive Safe Driving Award (10+ years without a preventable accident).
• 92 drivers earned the Million Mile Award (over one million miles accident-free).
• 435 total inductees in the Haul of Fame (3 million safe miles or 20 consecutive years accident-free).

Finance: review Q3 2025 operating ratio variances against Q3 2024 for all segments by next Tuesday.

Schneider National, Inc. (SNDR) - Canvas Business Model: Customer Relationships

You're looking at how Schneider National, Inc. keeps its customers locked in and satisfied, which is key since their Dedicated segment drives a huge chunk of their business. The relationship strategy centers on stability through long-term contracts, supported by digital tools and direct engagement.

Dedicated account management for long-term contract stability

Schneider National, Inc. structures its core Truckload business around dedicated services, which are transportation services with equipment devoted to customers under long-term contracts. This focus provides a revenue backbone. As of the first quarter of 2025, the Dedicated operation accounted for 70% of Truckload segment trucks and generated 71% of Truckload revenue. This segment saw significant growth, with the Dedicated average truck count increasing by 27% year over year in Q1 2025. Furthermore, in the third quarter of 2025, Dedicated wins with new customers accelerated compared to the first half of the year, showing continued success in securing these long-term commitments. The company views these dedicated solutions as essential for stability and consistent revenue.

High customer retention rates, typically in the low-90% range

Despite some expected churn as select dedicated operations moved to network-based solutions in the current environment, Schneider National, Inc. maintains a strong grip on its customer base. The dedicated retention rate remains firmly in the low 90s as reported in Q1 2025. Even with reported churn in recent quarters, the company confirmed in September 2025 that retention rates were still above 90%. To put this in perspective, in late 2024, the CEO noted that account churn within the dedicated business was down 50% from 2023 levels, with an expectation for this high-level retention to continue into 2025.

The stability of the Dedicated fleet is a major differentiator when looking at segment performance:

Metric	Segment	Q1 2025 Value	Comparison/Context
Revenue per Truck per Week	Truckload (TL)	$3,953	Up 3% year over year
Operating Ratio (OR)	Truckload (TL)	95.9%	Improved by 130 basis points year over year in Q1 2025
Dedicated Truck Count Growth	Dedicated	Up 27%	Year over year as of Q1 2025
Intermodal Container Turns	Intermodal	Nearly four times on average	A 5% year-over-year improvement in Q1 2025

Digital self-service and real-time tracking via FreightPower®

Schneider National, Inc. relies on its integrated technology platform to enhance customer service and decision-making. This platform includes the digital tool known as Schneider FreightPower®. The effective net revenue management in the Logistics segment during the first quarter of 2025 was enabled by this industry-leading technology. The platform supports end-to-end process design and is intended to boost driver productivity and customer service through its digital offerings.

Consultative sales approach for complex supply chain solutions

The company positions its multimodal platform as a way to give customers necessary optionality to navigate a fluid operating environment. This suggests a consultative approach is necessary to match complex needs with the right service mix. For instance, the Logistics segment, which includes brokerage, saw its revenue increase by 6% in the third quarter of 2025. Furthermore, Power Only volumes within Logistics remained resilient in Q3 2025, pointing to success in specific, likely complex, service offerings.

Direct communication channels with professional drivers

While direct customer communication is paramount, the relationship with the professional driver base is also a key component of service delivery. As of December 31, 2024, Schneider National, Inc. employed approximately 19,400 associates. The company is actively working on its human capital strategy, noting progress in attracting female drivers, with their numbers increasing from 7% to over 14%.

• Dedicated represents 70% of Truckload segment trucks.
• Q1 2025 Truckload revenue per truck per week was $3,953.
• Full-year 2025 Adjusted Diluted EPS guidance is $0.75 to $1.00.
• The company declared a dividend of $0.095 in October 2025.

Finance: review the impact of the Q3 2025 claims costs ($16.0 million, or $0.07 EPS impact) on the Q4 2025 outlook by next Tuesday.

Schneider National, Inc. (SNDR) - Canvas Business Model: Channels

Schneider National, Inc. uses a multi-faceted approach to reach its customers, blending direct asset-based services with extensive third-party logistics capabilities, all underpinned by digital access points.

Direct sales force for large enterprise and Dedicated contracts

The direct sales channel targets large enterprise needs, particularly for Dedicated contract services. The success of this channel is evident in the asset utilization growth; as of the third quarter of 2025, Schneider's Dedicated average truck count grew 28% year over year. This focus on long-term contracts, which are typically three to five-year agreements, is strategic for revenue consistency. Furthermore, 70% of Schneider National's total trucks, counting both organic and recent acquisitions, are configured for dedicated solutions as of September 2025.

Schneider FreightPower® digital platform for shippers and carriers

The Schneider FreightPower® digital marketplace serves as a primary channel for accessing capacity and freight. For owner-operators using the platform, the channel offers unmatched access to quality freight, with over 95% of the freight opportunities available being drop and hook shipments. This feature is designed to increase efficiency and productivity for the carrier base.

Company-owned fleet and driver network for asset-based services

The company-owned fleet is the core asset channel, supporting Truckload and Dedicated services. This network moves freight across the country, with Schneider National traveling over 9 million freight miles every day. The Truckload segment revenue (excluding fuel surcharge) for the third quarter of 2025 was $624.5 million, a 17% increase year over year, heavily influenced by the Dedicated growth.

Third-party carrier network for Logistics brokerage and Power Only

The Logistics segment, which includes Brokerage and Power Only, utilizes a third-party network to provide flexible capacity. Logistics revenues (excluding fuel surcharge) reached $332.1 million in the third quarter of 2025, reflecting growth largely from the Cowan Systems acquisition, though this was partially offset by lower brokerage volume. Power Only volumes remained resilient during this period.

Intermodal rail partners for long-haul container transport

Long-haul container transport is channeled through strategic partnerships with Class I railroads. Schneider National partners with Union Pacific in the West and with CSX in the East. This channel saw significant volume increases; overall intermodal volume was up 10% for the third quarter of 2025, reaching 116,592 loads. Cross-border volume, a key component of this channel, surged by more than 50% in the same quarter.

Here's a quick look at the segment performance metrics for the third quarter of 2025, which illustrates the scale and channel contribution:

Segment Channel Focus	Revenue (Excl. Fuel Surcharge) Q3 2025	Year-over-Year Revenue Change Q3 2025	Income from Operations Q3 2025
Truckload (Dedicated/Network)	$624.5 million	17% increase	$19.8 million
Intermodal	$281.4 million	6% increase	$16.8 million
Logistics (Brokerage/Power Only)	$332.1 million	6% increase	$6.4 million

The Intermodal segment's channel strength is further detailed by its volume metrics:

• Overall Intermodal Loads (Q3 2025): 116,592 loads.
• Cross-border Mexico Volume Growth (Q3 2025): More than 50%.
• Intermodal Revenue per Order (Q1 2025): $2,467.
• Intermodal Income from Operations Growth (Q3 2025): 7% increase.

The Dedicated channel's asset deployment is quantified by its truck count growth:

• Dedicated Average Truck Count Growth (Q3 2025 vs. Q3 2024): 22% increase.
• Dedicated Truck Percentage of Total Fleet (September 2025): 70%.
• Truckload Revenue per Truck per Week (Q3 2025): $3,923.

Finance: draft 13-week cash view by Friday.

Schneider National, Inc. (SNDR) - Canvas Business Model: Customer Segments

Large-scale shippers requiring Dedicated contract services are served by a fleet where Dedicated represents approximately 70% of Schneider National, Inc.'s truckload segment trucks, up from roughly 38% before the pandemic.

For the three months ended March 31, 2025, the Dedicated operation had an average truck count of 8,543, growing 27% year over year. Revenues for Dedicated for the first quarter of 2025, excluding fuel surcharge, were $435.5 million. Dedicated represented 71% of Truckload segment revenue in Q1 2025. Customer retention in the dedicated business remains in the low-90% range.

The customer base includes major players in specific sectors:

• Retail: 19% of the business.
• Food and beverage: 14% of the business.
• Automotive: 11% of the business.

Shippers needing cross-border freight solutions utilize services throughout the continental United States, Canada, and Mexico. The Intermodal segment experienced approximately 50% volume expansion in Mexico during the third quarter of 2025. The cross-border business is compliant with the United States-Mexico-Canada Agreement.

Small to mid-sized shippers utilize Network Truckload and Brokerage services. The Network operation saw its average truck count decrease by 10% year over year in the first quarter of 2025, with an average of 3,736 trucks. Network revenues (excluding fuel surcharge) for Q1 2025 were $177.9 million. The Logistics segment, which includes Brokerage, posted revenues (excluding fuel surcharge) of $332.1 million in the third quarter of 2025, with income from operations at $6.4 million.

The following table details the composition of the Truckload segment based on Q1 2025 results:

Truckload Component	Revenues (excl. Fuel Surcharge) - Q1 2025 (Millions USD)	Average Trucks - Q1 2025	YoY Avg Truck Count Change
Dedicated	$435.5	8,543	+27%
Network	$177.9	3,736	-10%
Total Truckload	$613.7	12,279	N/A

Independent owner-operators and third-party carriers provide capacity, as the Truckload Network focus for 2025 includes growing variable cost capacity. The Logistics segment leverages the leading Power Only offering, which remained resilient in the third quarter of 2025.

Schneider National, Inc. (SNDR) - Canvas Business Model: Cost Structure

You're looking at the cost side of Schneider National, Inc.'s operations as of late 2025. It's a heavy asset business, so the costs are significant and often lumpy. We need to focus on the big drivers that eat into revenue.

High variable costs are the core of the day-to-day spend. These costs scale directly with the miles driven and the freight moved. You're definitely seeing pressure here from the market.

• Purchased transportation, fuel, and driver wages represent the largest variable outflows.
• In the Truckload Segment for Q3 2025, income from operations was pressured by higher salaries, wages, and insurance costs.

The need to keep the fleet modern and competitive drives massive significant capital expenditures. This is where long-term investment meets near-term cash flow management. Schneider is actively managing this deployment.

Metric	2025 Guidance/Actual (Latest Available)
Net Capital Expenditures Guidance (Full Year 2025)	Approximately $300 million
Net Capital Expenditures Guidance (Q1 2025 Update)	$325 - $375 million
EV Fleet Expansion Commitment	$65 million
Autonomous Trucking Pilot Investment	$12.3 million

Honestly, the difference between the Q1 guidance and the Q3 guidance for CapEx shows how they are adjusting spending based on market conditions.

Then you have the fixed costs-the expenses you incur just to keep the lights on and the assets ready. These are less flexible in the short run.

• Insurance and maintenance are major components here.
• Technology infrastructure is a necessary fixed investment; in 2022, for example, the company allocated $87.3 million to technology infrastructure.

Don't forget the day-to-day operating expenses for terminals and corporate overhead. These cover the network footprint and the administrative functions supporting the entire enterprise. For the first nine months of 2025, Enterprise revenues (excluding fuel surcharge) were approximately $1.3 billion.

Finally, one of the biggest recent shocks to the cost structure was the unexpected hit from claims-related costs. This is a major risk area that management has to constantly monitor, especially with insurance inflation.

In Q3 2025, Schneider National, Inc. reported that claims costs were $16.0 million greater than their previous guidance. That was driven by unfavorable developments on claims from prior years, and management noted they do not expect those specific costs to repeat in the fourth quarter. For context, the Q3 2025 Income from Operations was $35.3 million, making that claims overrun a substantial drag.

Finance: draft 13-week cash view by Friday.

Schneider National, Inc. (SNDR) - Canvas Business Model: Revenue Streams

You're looking at how Schneider National, Inc. (SNDR) brings in its money, focusing on the hard numbers from late 2025. The revenue streams are clearly segmented across their core offerings, with the latest figures coming from the third quarter of 2025.

The primary revenue drivers are the core transportation services. Here's a look at the top-line revenue for the major segments for the third quarter of 2025, specifically excluding the fuel surcharge component, which is a separate, variable stream.

Revenue Stream Component	Q3 2025 Revenue (Excl. Fuel Surcharge)	Year-over-Year Change
Truckload services (Dedicated and Network)	$624.5 million	Increase of 17%
Logistics and Brokerage services	$332.1 million	Increase of 6%
Intermodal transportation	$281.4 million	Increase of 6%

That Truckload revenue jump of 17% was heavily influenced by the acquisition of Cowan Systems, which boosted Dedicated volume by 22% year over year. Still, Truckload revenue per truck per week was $3,923, a slight dip of 1% compared to the prior year's third quarter.

For Intermodal transportation fees, the revenue is based on volume and price per order. In Q3 2025, the 6% revenue increase was driven by 10% volume growth, which was partially offset by a 2% decrease in revenue per order, mainly because of shorter lengths of haul.

Beyond the core segments, Schneider National, Inc. captures revenue through other mechanisms:

• Fuel surcharge revenue, which fluctuates with energy prices.
• Ancillary services like warehousing and supply chain consulting.

To be fair, while the Logistics revenue grew by 6% to $332.1 million, this was partially due to the Cowan acquisition, and the segment saw lower brokerage volume, which impacted its income from operations.

As of September 30, 2025, the company also had $194.1 million in cash and cash equivalents, which supports ongoing operations and investment, though the revenue streams themselves are subject to market volatility, as seen by the claims costs impacting Q3 2025 results.

Finance: draft 13-week cash view by Friday.