UPS says Q3 brought a ‘wave of tariff changes’

Says continues to see strength in Healthcare. Says network reconfiguration and cost-efforts are on schedule. Says Amazon glide-down efforts “proceeding as planned.” Says Amazon’s total volume was down 21.2% y/y in Q3. Expects 2025 total peak ADV in U.S. to be down y/y due to Amazon glide-down plan. Expects two thirds on U.S. volume to move through automated processes in Q4. Says “more than sufficient liquidity” to deliver on transformation. Comments taken from Q3 earnings conference call.