Wabash National Corporation · NYSE:WNC
Wabash National — Davidson Conference 2026
27 slides from Wabash National's conference presentation, Sep 24, 2026
Slide 1: Investor Presentation Davidson Conference
Investor Presentation Davidson Conference 24th September 2026 September 2026
Slide 2: Safe Harbor Statement & Non-GAAP Financial Measures
2 Safe Harbor Statement & Non-GAAP Financial Measures This presentation contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey Wabash National Corporation's (the "Company") current expectations or forecasts of
Slide 3: Wabash Snapshot
3 CONFIDENTIAL Wabash Snapshot (NYSE: WNC) Leveraging One of the Industry’s Broadest Portfolios Across All Phases of Transportation $1.5B14$475M (1)Lafayette, IN1985 2025 RevenueManufacturing FacilitiesMarket-capHeadquartersFounded • Long-haul routes of goods • Driven by freight activity • Products
Slide 4: Purpose, Vision and Mission
4WNC Investor Day | Purpose, Vision and Mission PURPOSE Changing How the World Reaches You VISION To be a premier provider of diverse solutions that optimize customers’ end-to-end supply chains across transportation, logistics and infrastructure markets. MISSION To transform Wabash into a more resil
Slide 5: Key Investment Highlights
5 CONFIDENTIAL Diversified Business Across Sizeable Trailers, Truck Bodies, Parts and Services Markets Market Recovery and Expanding Backlog Support Revenue Visibility Growing Revenue Through Aftermarket and Service Solutions Innovation Leader in Composite Materials, Lightweighting and Fleet Technol
Slide 6: Freight Market Tightening Supports Equipment Demand Recovery
6 CONFIDENTIAL 705 837 956 Dec. 2025 Mar. 2026 Jun. 2026 5.15% 13.54% Jun 2025 Jun 2026 Loads Rejected by Carrier (%) 8.3 24.3 May-25 May-26 Trailer Net Orders (000s) Freight Market Tightening Supports Equipment Demand Recovery Freight conditions are showing meaningful signs of improvement, supporti
Slide 7: U.S. Trailer Demand is Rebounding
7 CONFIDENTIAL 290 321 332 208 267 310 321 235 190 199 258 311 313 299 317 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E '27E '28E '29E '30E '31E Dry Vans Reefer Vans Flatbeds All Other 3 221 222 223 222 219 215 212 213 217 222 226 229 230 233 238 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E '27E '28E '29E '
Slide 8: Parts & Services Drives Higher-Margin Lifecycle Growth
8 CONFIDENTIAL Parts & Services Drives Higher-Margin Lifecycle Growth Parts & Services Revenue ($M) + = Growing Parts & Services increases Wabash’s exposure to lifecycle-oriented revenue across aftermarket, upfitting, TaaS and engineered products Revenue Growth $32M YoY P&S expanded meaningfully in
Slide 9: Differentiated Product Platform Supports Positioning
9 CONFIDENTIAL Differentiated Product Platform Supports Positioning Wabash’s 293-patent global IP portfolio (1) supports differentiated products, retention and value-added pricing across core transportation equipment and digital trailer solutions Wabash x Acutherm Refrigerated Truck AcuTherm solutio
Slide 10: Freight economics and cycle converging; increased quotation activity
10 Freight economics and cycle converging; Leading to increased quotation activity Quotes converted to 2027 backlog show >500Bps Material Margin Growth vs Q2-26 70% increase in unique quote activity vs prior year. 127% increase in quoted volume vs prior year >500bps MM growth Supply driven recovery
Slide 11: Our growth story is expected to develop in stages
Our growth story is expected to develop in stages Multiple earnings levers can build sequentially as the cycle broadens POTENTIAL TRADE ACCELERATOR | AD/CVD 01 Supply-driven cycle recovery Tighter industry capacity and replacement needs support the initial recovery. 02 Margin expansion Price, mix an
Slide 12: Second Quarter 2026 Earnings Release
July 29, 2026 Second Quarter 2026 Earnings Release Changing How the World Reaches You®
Slide 13: CEO Highlights
13 Backlog grew 14% to $956m in Q2-26, outperforming traditional seasonal trends. Changing How the World Reaches You® 1 2 3 4 5 $150m of convertible senior notes executed in July, enhancing balance sheet strength and agility. Section 232 tariff calculation changes and AD/CVD rulings expected to favo
Slide 14: Q2 2026 Consolidated Financial Performance
14 Non-GAAP Adjusted Financial Results GAAP Financial Results $417MRevenue $(23.5)M1$(25.3)MOperating Loss (5.6)%1(6.1)%Operating Margin $(21.6)M2$(22.9)M Net Loss Attributable to Common Stockholders $(0.53)2$(0.56) Diluted EPS Attributable to Common Stockholders New Shipments 8,292 Trailers3 1,380
Slide 15: Q2 2026 Adjusted Segment Financial Performance
15 Q2 2026 Adjusted Segment Financial Performance Transportation Solutions Parts & Services 1Adjusted operating margin, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) income under U.S. GAAP, bu
Slide 16: Cash Flow & Capital Allocation Summary
16 Cash Flow & Capital Allocation Summary Q2 2025Q2 2026 ($M) $(15.8)$5.1 Net cash provided by (used in) operating activities $(6.2)$(2.1)Cash payments for capital expenditures $(0.7)$—Expenditures for revenue generating assets $(22.8)$3.1Free Cash Flow1 Free cash flow is defined as net cash provide
Slide 17: Q3 2026 Financial Outlook
17 A Meaningful Step Forward in Financial Results $450M (4.0%) ($0.45) Revenue (midpoint) Operating Margin (midpoint) EPS (midpoint) OTHER KEY METRICS • Revenue: $440M - $460M • SG&A: $40M - $45M • Intangible Amortization: $3M • Interest Expense: $7M - $8M • Tax Rate: 25% • EPS Range: $(0.40) - $(0.
Slide 18: Appendix
18WNC Investor Day | Appendix
Slide 19: Condensed Consolidated Balance Sheets
19 Condensed Consolidated Balance Sheets December 31, 2025June 30, 2026Unaudited - dollars in thousands Assets Current assets: $ 31,923$ 71,496Cash and cash equivalents 119,874171,818Accounts receivable, net 181,153192,261Inventories, net 86,13656,179Prepaid expenses and other 419,086491,754Total cu
Slide 20: Condensed Consolidated Statements of Operations
20 Condensed Consolidated Statements of Operations Six Months Ended June 30,Three Months Ended June 30, Unaudited - dollars in thousands 2025202620252026 $ 839,706$ 720,470$ 458,816$ 417,241Net sales 779,303715,716417,416401,912Cost of sales 60,4034,75441,40015,329Gross profit (267,676)64,46337,0093
Slide 21: Condensed Consolidated Statements of Cash Flows
21 Condensed Consolidated Statements of Cash Flows Six Months Ended June 30,Unaudited - dollars in thousands 20252026 Cash flows from operating activities $ 221,593$ (67,849)Net (loss) income Adjustments to reconcile net (loss) income to net cash used in operating activities 23,52423,291Depreciation
Slide 22: Q2 QTD Segment Information
22 Q2 QTD Segment Information Wabash National Corporation(Unaudited - dollars in thousands) 20252026Three Months Ended June 30, Units Shipped 8,0438,292New trailers (1) 3,1881,380New truck bodies 3040Used trailers (1) Trailer shipments do not include converter dollies for any period presented. Conso
Slide 23: Q2 YTD Segment Information
23 Q2 YTD Segment Information Wabash National Corporation(Unaudited - dollars in thousands) 20252026Six Months Ended June 30, Units Shipped 13,82013,670New trailers (1) 6,1862,907New truck bodies 6570Used trailers (1) Trailer shipments do not include converter dollies for any period presented. Conso
Slide 24: Reconciliation of Adjusted Segment Operating Loss
24 Reconciliation of Adjusted Segment Operating Loss1 Six Months Ended June 30, Three Months Ended June 30,Unaudited - dollars in thousands 2025202620252026 Transportation Solutions $ 2,720$ (51,250)$ 12,518$ (13,901)(Loss) income from operations Adjustments: —4,596—1,764Facility idling and related
Slide 25: Reconciliation of Adjusted Net Loss and Adjusted Diluted EPS
25 Reconciliation of Adjusted Net Loss Attributable to Common Stockholders1 and Adjusted Diluted EPS1 Unaudited - dollars in thousands Six Months Ended June 30,Three Months Ended June 30,Adjusted Net Loss Attributable to Common Stockholders1: 2025202620252026 $ 221,352$ (68,062)$ (9,589)$ (22,891)Ne
Slide 26: Reconciliation of Adjusted EBITDA and Free Cash Flow
26 Reconciliation of Adjusted EBITDA1 and Free Cash Flow2 Unaudited - dollars in thousands Six Months Ended June 30,Three Months Ended June 30,Adjusted EBITDA1: 2025202620252026 $ 221,593$ (67,849)$ (9,603)$ (22,614)Net (loss) income 75,409(21,876)(2,692)(8,856)Income tax (benefit) expense 10,33412,
Slide 27: Reconciliation of Adjusted Segment EBITDA and Margin
27 Reconciliation of Adjusted Segment EBITDA1 and Adjusted Segment EBITDA Margin1 Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segme