Slide 1: 3Q25 Earnings Presentation
3Q25 EARNINGS PRESENTATION OCTOBER 30, 2025 1
Slide 2: Disclosure Statement
DISCLOSURE STATEMENT This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and made pursuant to the safe harbor provisions of the Private Securities Lit
Slide 3: Business Overview
BUSINESS OVERVIEW DEREK LEATHERS Chairman and Chief Executive Officer
Slide 4: Werner Overview (WERN)
WERNER OVERVIEW (WERN) 6TH 69 2,330 TOTAL DRIVERS IN COMPANY YEARS IN OMAHA, NE LARGEST HISTORY WITH ONE MILLION OR MORE SAFE DRIVING BUSINESS HEADQUARTERS DEDICATED CARRIER IN U.S.3 MILES WITH WERNER 4,965 DEDICATED 4 > 85% DEDICATED CUSTOMER 2,480 ONE-WAY TRUCKLOAD 4 $1.7B 2.0% 1 1 2 2 12,716 325
Slide 5: DriveSM Strategy Supports 2025 Strategic Priorities
DRIVESM STRATEGY SUPPORTS 2025 STRATEGIC PRIORITIES WERNER DRIVESM BUILDING ON 5Ts AND SHAPING OUR FUTURE DRIVING GROWTH IN CORE BUSINESS • Expanding TTS & Logistics adjusted operating income margin • Increasing One-Way rates • Growing Dedicated fleet size DRIVING OPERATIONAL EXCELLENCE • Resolute f
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS 3Q25 Y/Y Change HIGHLIGHTS Revenues $771M 3% GAAP EPS $(0.34) • Revenues net of fuel surcharge increased $29M or 4% (425)% • Dedicated startups are progressing as planned while improving Adj. EPS1 $(0.03) margin and new fleets were awarded in the quarter (123)% • One–Way Truckin
Slide 7: Market Outlook
MARKET OUTLOOK • Consumers remain resilient and engaged as they search for value and trade down, when necessary; non-discretionary spending stable • Retail inventories have mostly normalized, despite some likely front-loading of inventories tied to tariff policy, non- discretionary items have had mo
Slide 8: Financial Results
FINANCIAL RESULTS CHRIS WIKOFF Executive Vice President, Treasurer and Chief Financial Officer
Slide 9: 3Q25 Results
3Q25 RESULTS ADJUSTED OPERATING INCOME1 ($M) TOTAL REVENUES ($M) AND ADJUSTED OPERATING MARGIN1 ADJUSTED EPS1 $50 .0 20. 0% $818 $41.9 18. 0% $40 .0 16. 0% 14. 0% $0.42 $771 $0. 45 $30 .0 12. 0% $21.6 10. 0% $0. 40 $0. 35 $746 $20 .0 5.1% 8.0 % $0. 30 $10.9 6.0 % $0. 25 $0. 20 $0.15 $10 .0 2.9% 4.0
Slide 10: Truckload Transportation Services (TTS) Results
TRUCKLOAD TRANSPORTATION SERVICES (TTS) RESULTS 3Q23 3Q24 3Q25 3Q25 vs. 3Q24 Revenues ($M) $572.2 $522.8 $519.8 (1)% Revenues, net FSC ($M) 1 $489.5 $460.1 $460.3 0% Adjusted Operating Income1 ($M) $41.6 $24.5 $8.9 (63)% Adjusted Operating Margin1, 2 8.5% 5.3% 1.9% (340) bps Adjusted Operating Ratio
Slide 11: TTS Fleet Metrics Update
TTS1 FLEET METRICS UPDATE QUARTER END TTS FLEET FLAT Y/Y AT 7,445 | TTS RPTPW2 DOWN 0.7% TRUCKING REVENUES2 ($M) AVERAGE TRUCKS REVENUES / TRUCK / WEEK2 DEDICATED TRUCKLOAD $306 $4,488 $4,563 $4,624 $285 $292 5,254 4,809 4,865 3Q23 3Q24 3Q25 3Q23 3Q24 3Q25 3Q23 3Q24 3Q25 ONE-WAY TRUCKLOAD $176 $18 0
Slide 12: Werner Logistics Results
WERNER LOGISTICS RESULTS 3Q23 3Q24 3Q25 3Q25 vs. 3Q24 Revenues ($M) $230.3 $206.8 $232.6 12% Revenues, less purchased $35.3 $30.6 $33.0 8% transportation expense ($M)1 Adjusted Operating Income (loss) ($M)1 $3.2 $0.8 $4.2 418% Adjusted Operating Margin1 1.4% 0.4% 1.8% 140 bps Y/Y COMMENTARY (3Q25 vs
Slide 13: Leaner Organization Leading to Improved Leverage
LEANER ORGANIZATION LEADING TO IMPROVED LEVERAGE $45M+ COST CONTAINMENT 2025 Target FOCUS & DISCIPLINE 2023 $36M $45M+ • Largely structural and sustainable Savings Achieved Projected Savings through 3Q25 • Disciplined approach through: ➢ Operational Execution ➢ Leveraging Technology ➢ M&A Integratio
Slide 14: Positive Cash Flow & Strong Balance Sheet
POSITIVE CASH FLOW & STRONG BALANCE SHEET CASH FLOW ($ millions) Solid Cash Flow & Liquidity $449 $474 $446 • Q3 operating cash flow of $44M and $120M YTD $409 $333 $330 • Low net CapEx at $35M in Q3 and $93M YTD, $318 $266 down $53M or 60% Y/Y in Q3 $235 $193 • Free cash flow YTD of 1.2% of revenue
Slide 15: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION STRATEGIC PRIORITIES CAPEX REINVESTMENT FOR GROWTH Reinvestment for Long-Term Growth 2025 Net CapEx Priorities: • Reinvestments to maintain low-age, safe and modern trucks and trailers • Ongoing strategic reinvestment, although lower than historical ranges • Growth inv
Slide 16: 2025 Guidance Metrics and Assumptions
2025 GUIDANCE METRICS AND ASSUMPTIONS Prior 2025 Current 2025 Guidance Actual Guidance Commentary (as of 7/29/25) (as of 9/30/25) (as of 10/30/25) 2025 GUIDANCE TTS Truck Count from BoY to EoY 1% to 4% (0.1)% (2)% to 0% New Dedicated fleet implementation progressing. (annual) (YTD25) (annual) One-Wa
Slide 17: Appendix
APPENDIX
Slide 18: Revenues Snapshot
REVENUES SNAPSHOT 2024 REVENUES 2024 REVENUES 2024 REVENUES BY SEGMENT BY VERTICAL BY CUSTOMER Top 50 Customers 2% Retail 62% Top 5 36% 27% 28% $3.0B Manufacturing TOTAL 16% Top 10 48% REVENUES 70% & Industrial 71% Food & Top 25 14% 65% Beverage Truckload Transportation Services (TTS) Logistics & 8%
Slide 19: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) Non-GAAP Adjusted Operating Income and Non-GAAP Adjusted Operating Margin (1) Quarter Ended September 30, 2023 2024 2025 % of Op. % of Op. % of Op. $ Rev. $ Rev. $ Rev. Operating income
Slide 20: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) Non-GAAP Adjusted Operating Revenues, Net of Fuel Surcharge (1) Quarter Ended September 30, 2023 2024 2025 $ $ $ Operating revenues — (GAAP) $ 817,744 $ 745,701 $ 771,499 Non-GAAP adjust
Slide 21: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) Non-GAAP Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA); Non-GAAP Net Debt; and Non-GAAP Net Debt to EBITDA Ratio (1), (9) LTM Year Ended December 31, Sept. 30,
Slide 22: Reconciliation of Non-GAAP Financial Measures – TTS Segment
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT (Unaudited) (In thousands) Non-GAAP Adjusted Operating Income and Non-GAAP Adjusted Operating Margin (1) Quarter Ended September 30, 2023 2024 2025 % of Op. % of Op. % of Op. $ Rev. $ Rev. $ Rev. Operatin
Slide 23: Reconciliation of Non-GAAP Financial Measures – TTS Segment (Continued)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT (Continued) (Unaudited) (In thousands) Non-GAAP Adjusted Operating Revenues, Net of Fuel Surcharge; Non-GAAP Adjusted Operating Expenses, Net of Fuel Surcharge; Non-GAAP Adjusted Operating Margin, Net of
Slide 24: Reconciliation of Non-GAAP Financial Measures – Werner Logistics Segment
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – WERNER LOGISTICS SEGMENT (Unaudited) (In thousands) Non-GAAP Adjusted Operating Revenues, Less Purchased Transportation Expense (1) Quarter Ended September 30, 2023 2024 2025 $ $ $ Operating revenues — (GAAP) $ 230,252 $ 206,774 $ 232,585 Non-GAAP adju
Slide 25: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1) Non-GAAP adjusted operating income; non-GAAP adjusted operating margin; non-GAAP adjusted operating margin, net of fuel surcharge; non-GAAP adjusted net income (loss) attributable to Werner; non-GAAP adjusted diluted earnings (loss) per share; non-GA
Slide 26: For More Information, Visit Werner.com
FOR MORE INFORMATION, VISIT WERNER.COM