Werner Enterprises, Inc. · NASDAQ:WERN
Werner Enterprises — Investor Presentation (August 2026)
38 slides from Werner Enterprises's investor presentation, August 2026
Slide 1: Investor Presentation August 2026
WE RN E R ophVNg | i—a% INVESTOR a 3 Os — 2026
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
WERNER a BUSINESS OVERVIEW
Slide 4: Werner Overview
WERNER OVERVIEW 5TH Largest Dedicated Carrier in the U.S.2 6,960 1,735 8,695 DEDICATED3 ONE-WAY TRUCKLOAD3 TTS TRUCKS3 15% Company 95% 37,980 Trailing Assets 3 drivers with military Dedicated Customer experience > 14,500 Retention Rate Associates1 13% Company ~300 55% 3,823 drivers who are women Ind
Slide 5: Why Invest
WHY INVEST Well-Positioned to Benefit from Strong Macro Tailwinds Complementary Portfolio Spanning Dedicated, One-Way and Logistics Comprehensive Footprint Across North America & Mexico Technology Leadership Drives Efficiency, Safety and Performance Strong Balance Sheet Creates Significant Financial
Slide 6: Strong Macro Tailwinds: Truckload Transportation Trends
STRONG MACRO TAILWINDS: TRUCKLOAD TRANSPORTATION TRENDS FREIGHT VOLUME2 CASS FREIGHT INDEX-SHIPMENTS ● The Cass Freight Index experienced four consecutive months of month-over-month January 2020 - June 2026 improvement before dipping 3.1% in June, while year-over-year declines persist. This recent a
Slide 7: Complementary Portfolio Spans Highly Attractive Lines of Business
COMPLEMENTARY PORTFOLIO SPANS HIGHLY ATTRACTIVE LINES OF BUSINESS 6,960 trucks1 1,735 trucks1 Strategically located regional ~290 dedicated fleets 25+ terminals centers across North America 80% of TTS fleet 20% of TTS fleet ● Consistent and durable revenue ● 70 years of experience ● Comprehensive servi
Slide 8: Our Dedicated Expertise Is a Distinct Competitive Advantage
OUR DEDICATED EXPERTISE IS A DISTINCT COMPETITIVE ADVANTAGE ● Driver involved freight loading/unloading ● Highly integrated with customers ● Werner is the 5th largest Dedicated (management on-site at shipper’s location) truckload carrier in U.S.2 ● High reliability for “hard-to-serve” freight ● Sign
Slide 9: FirstFleet Accelerates Planned Portfolio Transition to Higher-Margin Dedicated Business
FIRSTFLEET ACCELERATES PLANNED PORTFOLIO TRANSITION TO HIGHER-MARGIN DEDICATED BUSINESS 1 ▪ Founded in 1986, HQ in Murfreesboro, TN ▪ $615M+ of Revenue2 1. Accelerates Portfolio Transition to Higher-Margin ◦ Top 11 Dedicated carrier in the U.S.3 Dedicated Trucking Business ▪ Average 17-year Tenure A
Slide 10: Specialized One-Way Asset Based Solutions
SPECIALIZED ONE-WAY ASSET BASED SOLUTIONS BACKED BY ASSET LIGHT LOGISTICS SERVICES ONE OF THE LARGEST DELIVERING VALUE TO CUSTOMERS U.S. TL CARRIERS SPECIALIZING IN: STRATEGIC TERMINAL 1,735 NETWORK SAFETY TRUCKS Modern trucks and trailers equipped with the latest safety technology INDUSTRY LEADING
Slide 11: Comprehensive Logistics Portfolio Is Key Component of Our Strategy
COMPREHENSIVE LOGISTICS PORTFOLIO IS KEY COMPONENT OF OUR STRATEGY GREATER PORTFOLIO OF SOLUTIONS TO LARGE CUSTOMERS • EXPANDING REACH TO SMALL & MID-SIZED CUSTOMERS COMPREHENSIVE APPROACH EFFICIENCY ● U.S. AND MX COVERAGE ● SPECIALIZED SERVICE Tailor-fit solutions leveraging Utilizing a single trail
Slide 12: Werner's Comprehensive Footprint + Mexico and Canada
WERNER’S COMPREHENSIVE FOOTPRINT 48 STATE COVERAGE + MEXICO AND CANADA CROSS-BORDER SERVICE ● Tremendous scale among the top 5 U.S. public truckload carriers* as measured by revenue ● Over 90% of U.S. population is within 150 miles of a Werner Dedicated fleet location, ● 25+ Terminals (including ter
Slide 13: Leading Cross Border Transportation Provider
LEADING CROSS BORDER TRANSPORTATION PROVIDER WERNER’S INDUSTRY LEADING WERNER U.S. / MEXICO BORDER LOCATIONS MEXICO CROSS-BORDER FRANCHISE ● Providing Mexico cross border services for 25+ years ● Leveraging our leadership experience in Mexico to expand efficiently and capture future growth opportuni
Slide 14: Technology Leadership Drives Efficiency, Safety and Performance
TECHNOLOGY LEADERSHIP DRIVES EFFICIENCY, SAFETY AND PERFORMANCE BEST-OF-BREED BRANDED COMPETITIVE ADVANTAGE TECHNOLOGY PARTNERS TECHNOLOGY SOLUTIONS ENABLING THE BUSINESS TO GO ALL LOADS NOW VISIBLE ON EDGE1 FASTER WITH STRATEGICALLY DEPLOYED AI 1 Excludes FirstFleet. 14
Slide 15: Strong Balance Sheet Creates Significant Financial and Capital Allocation Flexibility
STRONG BALANCE SHEET CREATES SIGNIFICANT FINANCIAL AND CAPITAL ALLOCATION FLEXIBILITY STRATEGIC PRIORITIES CAPEX REINVESTMENT FOR GROWTH Reinvestment for Long-Term Growth 2026 Net CapEx Priorities: ● Reinvestments to maintain low-age, safe and modern trucks and trailers ● Ongoing strategic reinvestm
Slide 16: Financial Overview
WERNER a FINANCIAL OVERVIEW
Slide 17: Financial Performance
FINANCIAL PERFORMANCE TOTAL REVENUES ($M) ADJUSTED CONSOLIDATED ADJUSTED EARNINGS (LOSS) OPERATING INCOME 1 ($M) AND PER SHARE 1 ADJUSTED CONSOLIDATED OPERATING MARGIN 1 $3,290 $3,283 $333.2 $3,030 $316.8 $3.70 $2,974 $3.45 $2,734 $189.7 $1.93 11.6% 10.1% $73.7 5.8% $0.53 $37.0 2.4% 1.2% $(0.02) $30
Slide 18: Positive Cash Flow & Strong Balance Sheet
POSITIVE CASH FLOW & STRONG BALANCE SHEET CASH FLOW ($ millions) Solid Cash Flow & Liquidity • Ability to generate free cash flow throughout the cycle • 2Q26 operating cash flow of $84M and $167M YTD • Net CapEx (proceeds) of $(11)M in 2Q26 and $(9)M YTD • 2Q26 free cash flow of $94M2 or 10.1% of re
Slide 19: 2026 Guidance Metrics and Assumptions
2026 GUIDANCE METRICS AND ASSUMPTIONS PRIOR CURRENT ACTUAL 2026 GUIDANCE (as of 6/30/26) 2026 GUIDANCE 2026 GUIDANCE (as of 4/28/26) (as of 7/28/26) 23% to 28% 15.2% 16% to 18% TTS Average Truck Count Growth 2026 vs. 2025 1H26 vs. 1H25 2026 vs. 2025 $185M to $225M $(8)M $215M to $250M Net Capital Ex
Slide 20: Pathway to Double-Digit Adjusted OI Margins in TTS
PATHWAY TO DOUBLE-DIGIT ADJUSTED OI MARGINS IN TTS PORTFOLIO 10.0%+ MANAGEMENT (Double-Digits) COST SAVINGS NORMALIZATION OF USED EQUIPMENT OWT restructuring MARKET early in 2026 leading to SUPPORTIVE improved profitability DEDICATED ENVIRONMENT Structural Cost Savings in 2H WITH STRONG EXECUTION Te
Slide 21: Drive Strategy
WERNER a DRIVE RVIN STRATEGY : of " oy ee oo 4 e, eee PP, aa a ce a - — Ky £ * 2026 < 7 S
Slide 22: Werner DRIVE Strategy Supports 2026 Strategic Priorities
DRIVE SM STRATEGY SUPPORTS 2026 STRATEGIC PRIORITIES WERNER DRIVE SM BUILDING ON 5Ts AND SHAPING OUR FUTURE DRIVING GROWTH IN CORE BUSINESS ● Growing Dedicated fleet size ● Increasing One-Way production and rates ● Expanding TTS & Logistics adjusted operating income margin DRIVING OPERATIONAL EXCELL
Slide 23: Durable
DURABLE ● Deliberately designed and durable portfolio of asset-heavy and asset-light solutions ● Highly diversified client base of large enterprise industry leaders in select verticals with emphasis on necessity-based goods ● Strategic North American network of terminals, Dedicated fleet locations,
Slide 24: Durable, Resilient Revenues and Customer Mix
DURABLE, RESILIENT REVENUES AND CUSTOMER MIX STRUCTURED TO PRODUCE STRONG EARNINGS AND FREE CASH FLOW RESILIENT, CONSUMER-ORIENTED FREIGHT BASE Top 50 Customers* • ~74% of Top 50 customer revenues are retail, food and beverage • Discount and value retailers and most food and beverage customers have
Slide 25: Growing Logistics Segment Adding to Improved Business Resiliency and Vertical Mix
GROWING LOGISTICS SEGMENT ADDING TO IMPROVED BUSINESS RESILIENCY AND VERTICAL MIX LOGISTICS REVENUES COMPOSITION* GROWING LOGISTICS SEGMENT ● 29% of 2025 revenues ● Produced over $850M of revenue in 2025 ● Strategic benefits to growing Logistics segment: ○ Portfolio Diversification and Capabilities
Slide 26: Results
RESULTS ● Customers: Exceptional experience through superior, award-winning on-time service and solutions for complex freight challenges ● Associates: Safety-first culture and industry-leading opportunities, training and modern equipment that attracts and retains elite drivers and associates ● Share
Slide 27: A Recognized Industry Leader in Transportation and Logistics
A RECOGNIZED INDUSTRY LEADER IN TRANSPORTATION AND LOGISTICS We are proud to be consistently recognized for our collaboration and our associates' excellence in fulfilling stakeholder needs. ● 2026 Dollar General Outbound ● 2026 Carrier of the Quarter (Baylor) – Echo Network Top Service Provider Glob
Slide 28: Innovation
INNOVATION ● Accelerate Werner EDGE ® platform to customer-facing cloud-based solutions ● Advance digitization and deepen technology capabilities to drive efficiency, accuracy and advantages ● Secure and efficient API-driven IT infrastructure and data security through “Cloud First, Cloud Now” strate
Slide 29: Values
VALUES ● Live our Core Values of Safety, Service and Integrity through unwavering commitment to Inclusion, Community, Innovation and Leadership ● Maintain strongest safety standards that go beyond numbers and statistics to keep our associates and the motoring public safe ● Invest in innovation to pr
Slide 30: Werner Values
WERNER VALUES ● Focused on maintaining a low DOT preventable accident rate per million miles and work injury rate, while continuing to strive for further improvements ○ DOT preventable accident rate per million miles down an impressive 45% in 1H26 ● Diverse Board of Directors with expertise in trans
Slide 31: Quest for Quality
QUEST FOR QUALITY Is widely regarded as the most important measure of customer satisfaction and performance excellence in transportation and logistics. The research group received more than 3,500 total responses. X X X X X X X X X X Transportation Service Providers are rated on Logistic Management’s
Slide 32: Sustainability
SUSTAINABILITY ● Embrace a sustainable world through executing carbon reduction plan and exploring alternative fuels, equipment and partnerships through WernerBlue, our sustainability initiative ● Investing in technology with one of the newest fleets and testing electric, hydrogen and alternative-fu
Slide 33: Appendix
WERNER a APPENDIX
Slide 34: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (unaudited) (In thousands, except per share amounts) 34
Slide 35: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) 35
Slide 36: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) 36
Slide 37: GAAP to Non-GAAP Reconciliation
GAAP to NON-GAAP RECONCILIATION 37
Slide 38: Thank You
THANKYOU For more information, visit werner.com £ | in | Werner Enterprises inc. (@One_Werner (@0ne_Werner Werner Enterprises WERNER 1e&
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