Rush Enterprises, Inc. · NASDAQ:RUSHA
Rush Enterprises — Rush Enterprises Inc \tx\ — Investor Presentation (May 2026)
26 slides from Rush Enterprises's investor presentation, May 13, 2026
Slide 1: Rush Enterprises Investor Presentation May 2026
RUSH ENTERPRISES INVESTOR PRESENTATION May 2026 expect more.
Slide 2: Disclosure/Safe Harbor
DISCLOSURE/SAFE HARBOR This presentation may contain forward-looking statements (as defined in the Private Securities Litigation Reform Act 1995). Any forward-looking statements are based on current expectations with respect to important risk factors. It is important to note that our actual results
Slide 3: Company Performance
COMPANY PERFORMANCE + Largest commercial vehicle dealer group in North America + Full-service solutions provider to commercial vehicle industry + 7,830 dedicated employees + $7.4B in revenue in 2025 + 36,032 trucks sold in 2025 + 2025 Class 8 market share: 5.8% U.S. and 1.4% Canada * 2025 Class 4-7
Slide 4: The Premier Full-Service Solutions Provider
THE PREMIER FULL-SERVICE SOLUTIONS PROVIDER Rush Truck Centers The House of Trucks Rush Refuse Systems Cummins Clean Fuel Technologies Rush Crane Systems Custom Vehicle Solutions Rush Towing Systems Perfection Truck Parts & Equipment Rush Bus Centers Chrome Country Rush Truck Leasing World Wide Tire
Slide 5: Industry Outlook
INDUSTRY OUTLOOK * Customer outlook improving partially due to rising freight rate/tonnage + Increased certainty on tariffs and engine emissions regs allowing customers to develop fleet replacement strategies + Vocational segments remain stable + Used truck demand stable, prices have normalized + Pa
Slide 6: Liquidity and Expense Management
LIQUIDITY AND EXPENSE MANAGEMENT + Strong free cash flow; $240M in cash as of March 2026 * Continuing to invest in strategic initiatives + Renewed share repurchase program at $150M in Dec. 2025 * Quarterly cash dividend in Q1 2026 - $0.19 + Disciplined approach to expense management 4am + $2.3B in f
Slide 7: U.S. Retail Truck Sales Projections to 2027
U.S. RETAIL TRUCK SALES PROJECTIONS TO 2027 325 300 275 250 225 200 175 150 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E | Class 8| 256 | 281 | 196 | 227 | 259 | 272 | | 225 | 223 | 266 | Class 4-7) 258 | 267 | 232) 249 | 234 | 253, | 258 | 217 | 218 | 241 | 262 | Source: ACT Research e
Slide 8: Strategic Growth Initiatives
STRATEGIC GROWTH INITIATIVES Financial goals ~ $11B in annual revenue ~ 6% retum on sales Growth goals and opportunities Grow aftermarket parts and service revenue to $3.5B Increase U.S. Class 8 market share to 7.5% Increase U.S. Class 4-7 market share to 6.5% Maintain RTL return on sales > 15% Capi
Slide 9: Rush Truck Centers
RUSH TRUCK CENTERS * Largest commercial vehicle dealer network in North America * Over 125 franchised locations in 23 states, 17 locations in Canada * Class 3-8 commercial vehicle sales, full range of aftermarket solutions + Largest dealer group for Peterbilt, International, Hino, Isuzu, growing wit
Slide 10: Rush Truck Centers Network
RUSH TRUCK CENTERS NETWORK SE Kl y bs
Slide 11: Solutions Network
SOLUTIONS NETWORK * Capabilities for all makes and models + Aftermarket parts — Expansive offering of all makes and proprietary parts — Genuine OEM and all-makes parts, including proprietary Rig Tough and Premium Power powertrain parts * Service and body shop - 3,770 service bays — 2,164 technicians
Slide 12: Single Source Solutions
‘SINGLE SOURCE SOLUTIONS EMBEDDED TEGHNICANS DRESS SERVICES RUSHCARE CUSTOMER, DATAAND TECHNOLOGY
Slide 13: Absorption Performance
ABSORPTION PERFORMANCE * Critical metric for dealership efficiency + Measures less cyclical gross profit compared to controllable expenses + 126.9% in Q1 2026 + Strong performance despite multi-year freight recession highlights the effectiveness of strategic initiatives "Absorption ratio is calulate
Slide 14: Quality of 2026 Earnings
QUALITY OF 2026 EARNINGS Truck Sales 27% Taek | REVENUE GROSS Sales Lease, Rental/Finance, PROFIT 61% 7 InsurancelOther —| 9% ™ Lease, Rental/Finance, InsurancelOther 5%
Slide 15: Rush Enterprises Annual Truck Sales
RUSH ENTERPRISES ANNUAL TRUCK SALES Units (Thousands) 50 40 30 20 10 168 us iS 128 10.7 11.1 113 105 110 133 139 133 2020 2021 Used 2022 Light-duty 2023 1 Medium-duty 2024 mClass 8 2025 127 2026E expect more.
Slide 16: Vehicle Franchises
VEHICLE FRANCHISES Peterbilt, Class 6-8 - 73 locations, 12 states International, Class 5-8 - 57 locations, 12 states, 12 locations in Ontario, CAN Ford, Class 3-7 - 10 locations, 8 states Hino, Class 5-7 — 36 locations, 11 states Isuzu, Class 4-5 - 30 locations, 13 states, 4 in Ontario, CAN Blue Arc
Slide 17: Class 8 Customers
CLASS 8 CUSTOMERS + Rush Enterprises 2025 U.S. Class 8 market share - 5.8% + 2025 Canadian Class 8 market share - 1.4% * Strong vocational component + Large fleets consolidating + Private mid-size fleets remain viable + Independent owner-operator now variable component of truckload carrier FedEx. wa
Slide 18: Class 4-7 Customers
CLASS 4-7 CUSTOMERS + Rush Enterprises 2025 U.S. Class 4-7 market share - 5.7% 2025 Canadian Class 5-7 market share - 6.3% + Vocational and specialty markets + Ready-to-Roll® inventory + National fleet accounts + Market tied closely to general economy amazon FedEx. —@Equipmentshare GBR ovos RedBull
Slide 19: Rush Truck Leasing
RUSH TRUCK LEASING + Full-service leasing and rental LEASING AND RENTAL REVENUE $400 5370 $380 + PacLease and Idealease franchises $350 © $353 | | + 56 locations in 21 states and Ontario, CAN $350 $322 * 9,850 units in truck fleet, including cranes $300 ai * 2,150+ units under contract fleet mainten
Slide 20: Historical Results
HISTORICAL RESULTS Revenue $7,101.7 — $7,925.0 $7,804.7 —$7,434.2 —-$1,850.8 —$1,684.2 Gross profit $1,487.2 $1,593.1 $1,531.44 = $1,460.7 $357.8 $343.8 Gross profit margin 20.9% 20.1% 19.6% 19.6% 19.3% 20.4% Adjusted EBIT (1)* $505.9 $459.1 $411.4 $341.3 $77.5, $74.2 Adjusted EBIT margin* 71% 5.8%
Slide 21: Adjusted Return on Invested Capital
a ADJUSTED RETURN ON INVESTED CAPITAL $1,331,328 $1,687,482 $1,620,350 $1,315,548 $1,610,920 $1,313,095 Total debt (GAAP) ‘Adjustments: Debt related to lease and rental fleet Floor plan notes payable Adjusted total debt (non-GAAP) Cash and cash equivalents Adjusted net (cash) debt* Shareholders equi
Slide 22: Free Cash Flow
FREE CASH FLOW Net cash provided by (used in) operating activities $294,729 $295,713 $619,550 $847,982 $928,800 $768,335, Acquisition of property/equipment ($243,060) ($368,881) ($433,047) ($399,831) ($462,993) ($356,778) Free cash flow* $51,669 ($73,168) $186,503 $448,151 $465,807 $411,557 ‘Adjustm
Slide 23: Appendix
APPENDIX This presentation contains certain Non-GAAP financial measures as defined under SEC rules, such as Adjusted EBITDA, Adjusted EBIT, Adjusted EBIT Margin, Adjusted Net Income, Adjusted EPS, Adjusted Total Debt, Adjusted Net Debt, Adjusted Invested Capital, Adjusted Return on Invested Capital,
Slide 24: Appendix Reconciliation
APPENDIX RECONCILIATION Adjusted Net Income and EPS ‘Net income $391,382 $347,055 $304,153 $263,778 $60,322 $61,454 ‘Adjustment: Gain on equity investment ($9,788) = os = = e Adjusted Net Income* (1) $381,594 $347,055 $304,153 $263,778 $60,322 $61,454 Diluted shares outstanding EPS 85,727 84,250 81,
Slide 25: Appendix Reconciliation
% APPENDIX RECONCILIATION Net income ‘Adjusted Net income” Provision for Income Taxes Interest expense Depreciation and amortization (Gain) Loss on sales of assets EBITDA’ ‘Adjustments: Interest expense associated with floorplan and L&R notes payable ‘Adjusted EBITDA* Depreciation and amortization ‘
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Rush Enterprises Inc \tx\ — Investor Presentation (May 2026) on 6ix