Marten Transport, Ltd. · NASDAQ:MRTN
Marten Transport — Q4 2025 Earnings Presentation
22 slides from Marten Transport's earnings presentation, January 2026
Slide 1: Marten Transport, Ltd. Q4 2025
MARTEN TRANSPORT, LTD. S IN CE 1 9 4 6 Q 4 2 0 2 5
Slide 2: Marten Transport
2 MARTEN TRANSPORT INTERNATIONAL TRANSPORTATION LEADER SINCE 1946 Marten Transport is a multifaceted business offering a network of refrigerated and dry truck-based transportation and distribution capabilities across the company’s distinct business platforms DRY TRUCKLOAD REFRIGERATED TRUCKLOAD REFR
Slide 3: Our Mission
3 OUR MISSION At Marten Transport, our mission is to be an international leader in transportation and logistics. Through the development of our people, innovation, and commitment to excellence, we will exceed our customers' expectations and provide superior returns to our shareholders. We are commit
Slide 4: Operating Results
4 OPERATING RESULTS We are encouraged by the sequential improvement in our profitability. Our people also drove sequential increases this quarter in our revenue per tractor, rate per total mile and miles per tractor within each of our truckload and dedicated operations. Our unique multifaceted busin
Slide 5: Operating Results
5 OPERATING RESULTS Pre-Recession Marten’s Unique Marten’s Focus Operating Results Multifaceted Business - Minimizing market impact on operations 2018 2022 Model Set the then-current record for - Capitalize on profitable highest annual operating revenue Value is highlighted by operating organic grow
Slide 6: Continued Efficiency Improvements Have Lessened the Impact of Decreased Freight Rates
6 OUR CONTINUED EFFICIENCY IMPROVEMENTS HAVE LESSENED THE IMPACT OF THE SIGNIFICANT DECREASE IN OUR FREIGHT RATES AND REVENUE PER TRACTOR SINCE Q4 ‘22 Truckload Rate per Total Mile, Utilization & Revenue per Tractor • Our freight rates and revenue per tractor significantly decreased since the beginn
Slide 7: The Foundation of Marten's Operations
7 THE FOUNDATION OF MARTEN’S OPERATIONS Our business platforms are young and positioned to capitalize on growth opportunities as the market moves out of the freight market recession REGIONAL IN STRUCTURE Truckload Business (51% of Q4 ’25 revenue) Regional temp, dry, and OTR operating from 15 regiona
Slide 8: Marten's Dedicated Operations
8 MARTEN’S DEDICATED OPERATIONS Our dedicated operations significantly contributed to our total operating income in 2024 and 2025 Dedicated Operating Revenue (excluding fuel surcharges) Dedicated Operating Income In millions In thousands $350 22% (1)% $16,000 $325 267% 279% 67% $14,000 $300 21% 2% (
Slide 9: Marten's Brokerage Operations
9 MARTEN’S BROKERAGE OPERATIONS Our brokerage operations significantly contributed to our total operating income in 2024 and 2025 Brokerage Operating Revenue Brokerage Operating Income In millions In thousands $220 41% $7,000 $200 345% 132% 11% $6,000 $180 (19)% 3% 229% $160 50% (12)% $5,000 $140 26
Slide 10: Brokerage Loads Growth
10 BROKERAGE LOADS GROWTH Since 2022 we have focused on increasing our volume of non-dedicated and dry customer brokerage loads to minimize the impact of a number of our dedicated customers shifting brokerage loads due to the freight market recession
Slide 11: MRTN de Mexico Operations
11 MRTN de MEXICO OPERATIONS MRTN de Mexico Dry TL and Brokerage Operating Revenue (excluding fuel surcharges) In thousands $3,100 $2,600 $2,100 $1,600 We are optimistic that stricter standards for non- $1,100 domiciled commercial driver’s licenses and increased enforcement of the English Language $
Slide 12: Investing for Future Growth and Safety
12 INVESTING FOR FUTURE GROWTH AND SAFETY 17% Cost of tractors up 17% in 2025 over 2021 INVESTMENTS ❑ Added Equipment Safety ❑ ❑ Collision Avoidance System Blind Spot Detection System 30% Cost of refrigerated trailers up 30% in 2025 over ❑ Lane Departure System 2021 ❑ Side Camera System Net Capital
Slide 13: Marten's Solar Advantage
13 MARTEN’S SOLAR ADVANTAGE Nationwide Terminal and Office Installments at Each of our Facilities Solar panels on our tractors improve APU fuel efficiency along with battery and parts service + 3 million kWh of generation and offset each year lives = 2,125 metric tons* of CO2 offset each year 400 Ho
Slide 14: Recent Safety Technology Enhancements
14 RECENT SAFETY TECHNOLOGY ENHANCEMENTS PLATFORM SCIENCE SmartDrive telematics + fleet management Video based safety system ✓ All Fleet Apps in ONE Place on ONE Device ✓ SAFETY: Forward-facing camera technology Safer for drivers focused on driver behavior ✓ Compliance ✓ COACHING/TERMINATING DRIVERS
Slide 15: Marten's Operating Revenue
15 MARTEN’S OPERATING REVENUE 12 th 2022 12th straight year of highest operating Operating Revenue (excluding fuel surcharge) revenue In millions (excluding fuel surcharges) $1,100 23% (8)% $1,000 223 Customer diversity increased by 223 shipper $800 $900 9% 7% 8% (14)% (7)% codes and 107 new custome
Slide 16: Marten's Operating Income
16 MARTEN’S OPERATING INCOME In each of the five years from 2018 through 2018-2022 2022 we had the then-best operating income in our history Operating Income In millions $150 28% $140 $130 $120 20% $110 $100 22% (37)% $90 9% $80 24% $70 20% (5)% (2)% $60 13% (2)% 7% $50 22% $40 20% (63)% $30 (31)% $
Slide 17: Marten's Operating Ratio Net of Fuel S/C
17 MARTEN’S OPERATING RATIO Net of Fuel S/C Operating Ratio 100% Net of Fuel S/C 98.6% 2020-2022 99% 97.9% 97.5% 98% 97.1% 96.7% 97% 96% 96.0% 97.0% 95.3% In each of 2020 through 95.2% 95% 94.3% 94% 93% 93.5% 2022 we achieved our 92.0% 92% 91.2% 91.1% 90.7% 91% 90.2% 90.6% 91.0% 89.7% 89.7% 89.7% 90
Slide 18: Earnings Per Diluted Share, Dividend, No Debt
18 (1) MARTEN’S EARNINGS PER DILUTED SHARE $1.40 31% $1.30 $1.20 $1.10 23% $1.00 (36)% $0.90 13% $0.80 11% 62%(2) $0.70 $0.60 $0.50 10% 20% (3)% -%(2) $0.40 12% (2)% (62)% 23% $0.30 21% (35)% $0.20 (55)% (9)% $0.10 (34)% (41)% $0.00 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25
Slide 19: Commitment to Excellence
19 COMMITMENT TO EXCELLENCE EXCELLENCE isn't just a goal; it's a standard We are pleased to be certified by the Truckload Carriers Association, or TCA, as a TCA Elite Fleet – 2025 Best Place to Drive, with the same recognition recently awarded for 2026 The TCA partnered with the University of Denver
Slide 20: Marten People and Culture as We Begin Our 80th Year
20 MARTEN PEOPLE AND CULTURE AS WE BEGIN OUR 80TH YEAR ” Financially Stable & Debt Free North American Network If you can’t measure it, you can’t manage it. – Peter Drucker Invested in our People Great things in business are never done by one person. Disciplined, Data-Driven Culture They’re done by
Slide 21: Embracing a Positive Outlook in Challenging Times
21 EMBRACING A POSITIVE OUTLOOK IN CHALLENGING TIMES We are seeing Increased Interest By Our Customers To Secure Dedicated Capacity The Brokerage division has Effectively Capitalized On The Dry Van Market Space, contributing to its overall volume, and will continue to do so We are optimistic that st
Slide 22: Thank You
22 THANK YOU This presentation and discussion contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “intends,” “estimates,” or similar expressions are intended to identify these forward-looking statemen