Slide 1: LTL Freight Investor Presentation Second Quarter 2025
LTL Freight INVESTOR PRESENTATION SECOND QUARTER 2025
Slide 2: Forward Looking Statement
SoA TL Freight FORWARD LOOKING STATEMENT The Securities and Exchange Commission (the SEC) encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release contains these ty
Slide 3: Less Than Truckload Industry Overview
LESS THAN TRUCKLOAD SAlA INDUSTRY * Saia competes in the domestic less-than-truckload (LTL) market. EOFS OVE RVI EW * The LTL market has an estimated annual industry revenue of $53 billion, with the top 10 carriers owning 76% of market share Top 10 US LTL Carriers — Revenue* (M) $10,000 $0,098 $9,00
Slide 4: Second Quarter 2025 Overview
SECOND QUARTER 2025 OVERVIEW REVENUE $817.1M ~33K 213* TERMINALS SHIPMENTS NON-UNION TRACTORS & OPERATING INCOME DELIVERED DAILY $99.4M EARNINGS PER SHARE $2.67 EMPLOYEES TRAILERS
Slide 5: Investing to Support Enhanced Customer Experience
INVESTING TO SUPPORT ENHANCED CUSTOMER EXPERIENCE Net CapEx and EBITDA* (in millions) $1,041 $376 252 $287 $219 $277 2017 2018 2019 2020 2021 2022 2023 2024 2025 $217 $ mmmEquipment mmmProperties ml Technology&Other Adjusted EBITDA* * Investments continue to drive market share gains and customer sat
Slide 6: Providing direct service to the contiguous 48 states
Providing direct service to the Average length of haul ~893 miles contiguous 48 states ~60% of shipments delivered within 48 Average LTL shipment weighs ~1 ,394 hours pounds Q2 2025 cargo claims ratio of 0.51% Claims Ratio* 0.90% 0.80% 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% 2017 2018 2019 2
Slide 7: Diverse Customer Base
DIVERSE CUSTOMER BASE — Se GINS ECOLAB RY Walmart >|: YS a DCLL Benjamin Moore’ ‘$FERGUSON —Schilunberger Honeywell («ec II RAVI! Office a 2 \ = sh * SHERWIN LOWE'S: DEPOT. ISAN= HunterDouglas €, ESSENDANT s = EMERSON Energizer No single customer represents greater than 5% of sales
Slide 8: Core Values Drive Customer First Approach
CORE VALUES DRIVE CUSTOMER Customer is at the center of our core values SPECIALIZED Fl RST Actively recruit top talent TRAIN I NG O-n for sales, drivers, and ops to provide APP ROACH ° Onboarding solutions and solve problems. ° Annual training programs . pay | DRIVER * Driver Academy 332 ACADEMY GRA
Slide 9: Safety Driven
SAFETY SAA DRIVEN UL Freight PEOPLE * Hire experienced drivers * 80+ hours of onboarding for drivers and dockworkers * 300+ driver trainers on staff PROCESS ° Annually certify all drivers in defensive driving ° Weekly pre-shift safety meetings * 100% of drivers are hazmat certified TECHNOLOGY * Trac
Slide 10: Profitable Growth
PROFITABLE GROWTH Operating Income and Operating Ratio $600 96% 94% REVENUE $500 9.7% 2 e 0 90% $400 88% OPERATING INCOME $300 86% 0) 84% 12.3% — — 82% 80% EARNINGS PER SHARE ae 13.5% fall a e $0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD *CAGR calculated from Q2 2015 to Q2 2025 . . r : 2
Slide 11: Pricing to Match Service
PRICING TO * Strategic investments in facilities build density and improve proximity to customer, which MATCH SERVICE S 4 Prove proximity help drive premier quality and service offering * ~61% of zip codes are within 50 miles of a Saia facility, up from ~35% in 2017 ° Directly service 99% of outboun
Slide 12: Mix Optimization
levels, revenue per shipment has increased M IX * Despite headwinds from weight per shipment being lower than pre industry disruption ES LL Freight OPTIMIZATION ° $4.5-5.5M headwind impact from mix components length of haul and weight per shipment in 2Q25 Revenue Per Shipment, Excl. FSC and Weight p
Slide 13: Continued Volume Growth
CONTINUED SAA ° We experienced volume growth for the full quarter, led by terminals opened in the past three LTL Freight VO LU | E years, and we continue to be pleased with customer acceptance in these markets G ROWTH ¢ Shipment per workday year-over-year decrease of 2.8% * Tonnage per workday year-
Slide 14: Growth Strategy Validated by Customers
SAA, GROWTH STRATEGY ° As evidenced by customer feedback, investments in people, equipment, and facilities VALIDATED BY w you inv in people, equip iit LTL Freight have resulted in improved service offering and market share gains CUSTOMERS P 8 8 * Third-party data reaffirms growth strategy to drive f
Slide 15: Q2 2025 Financial Results
Q2 2025 FINANCIAL UL Freight RESULTS ©? @ LTL SHIPMENTS LTL TONNAGE LTL REVENUE PER WORKDAY PER WORKDAY PER SHIPMENT EXCLUDING FUEL SURCHARGE pars | azo | Change Revenue (in millions) $817.1 $823.2 -0.7% Operating Income (in millions) $99.4 $137.6 -27.8% Operating Ratio (%) 87.8 83.3 450bps Diluted
Slide 16: Investment Summary
INVESTMENT SUMMARY egan in 1924 wh seat of the family car was removed Unique story in that we are a 100+ year-old company, to create the first Saia truck. with above-market growth potential Today, we've been driving business for a ° Investments in our network have us well positioned for century by p
Slide 17: Appendix: Thank You for Your Continued Interest in Saia
SAA. LTL Freight APPENDIX THANK YOU FOR YOUR CONTINUED INTEREST IN SAIA For more information, visit our website saia.com or contact investors@saia.com
Slide 18: Relationship Between Yield and Weight per Shipment
RELATIONSHIP BETWEEN YIELD AND WEIGHT PER SHIPMENT Weight per shipment and yield are inversely correlated Continued focus on pricing has driven revenue per shipment higher, period over period in spite of fluctuations in weight per shipment Revenue per shipment increase continues to be our strategic
Slide 19: Q2 2025 Financial Position
Q2 2025 FINANCIAL POSITION Solid capital position Capacity to fund growth Private shelf agreement allows for $250M in additional funding in millions) BORROWINGS | LIQUIDITY Cash Finance Leases Senior Fixed Notes Revolving Credit Facility Total Revolving Credit Facility Borrowings Letters of Credit O
Slide 20: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES - In thousands, except percentages and per share amounts TL Freight Net Debt / Total Capital: 06/30/2025 Total debt $309,091 Q2 2025 Trailing Twelve Months (TTM) fF Less: Cash and cash equivalents $18,837 Operating revenue from TTM $3,235,745 Net debt $290,254 Inc
Slide 21: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES oe In thousands PT ais [any [zoe | zoia | 2020 | 2021 | 202 | 2008 | 2024 | Operating Income $79,136 $94,710 $141,177 $152,586 $180,321 $335,141 $470,488 $460,496 $482,160 Depreciation and on 76,240 87,102 102,153 119,135 134,655 141,700 157,203 178,845 210,105 am
Slide 22: Historical Trends
3,500 3,000 2,500 2,000 1,500 1,000 50 Oo ) HISTORICAL TRENDS Revenue ($mil) 2018 2019 2020 2021 2022 2023 2024 600 500 400 300 200 10 fo) Operating Income ($mil) = 7 a a a a Se 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 EPS ($) 2018 2019 2020 2021 2022 2023 2024 TIM NK SAA LTL Freight
Slide 23: Our Company
OUR COMPANY FY 2022 1Qtr 2Qtr 3 Qtr 4Qtr Rev (in millions) $661 $746 $730 $656 OR 84.4 80.4 82.4 85.9 LTLTon (inthousands) 1,387 1,446 1,397 1,243 LTL Ship (in thousands) 1,962 2,048 1,954 1,734 LTLYield $23.29 $25.05 $25.10 $25.42 LTL Rev Per Ship $329.30 $353.75 $359.04 $364.44 LTLWt Per Ship 1,41
Slide 24: Management Overview
MANAGEMENT OVERVIEW Management Team Industry Experience President & CEO EVP & CFO EVP, Chief Customer Officer EVP, Chief Human Resources Officer EVP, Operations EVP, Chief Information Officer 11 10 28 14 13 34 SoA TL Freight