Rush Enterprises, Inc. · NASDAQ:RUSHA
Rush Enterprises — Rush Enterprises Inc \tx\ — Investor Presentation (November 2025)
26 slides from Rush Enterprises's investor presentation, Nov 14, 2025
Slide 1: Investor Presentation November 2025
INVESTOR PRESENTATION November 2025 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 + 7,450 dedicated employees + $7.8B in revenue in 2024 + 38,615 trucks sold in 2024 + 2024 Class 8 market share: 6.1% U.S. and 1.7% Canada + 2024 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 * Ongoing freight recession and tariffs impacting truck demand + Uncertainty related to engine emissions regulations causing fleets to delay purchase decisions + Vocational segments remain stable + Used truck demand stable, prices have normalized g + Parts and service demand stable
Slide 6: Liquidity and Expense Management
LIQUIDITY AND EXPENSE MANAGEMENT + Strong free cash flow; $242M in cash as of September 2025 * Continuing to invest in strategic initiatives + Increased share repurchase program to $200M in May 2025 * Quarterly cash dividend in Q3 2025 - $0.19 + Disciplined expense management approach + $1.6B in flo
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 20172018 2019 2020 2021 202220232024 2025E_— 2026E_—-2027E | Class 8 197 | 256 | 281 | 196 | 227 | 259 | 272 | 247 | 216 | 167 | 214 | [Class 4-7/ 242 | 258 | 267 | 232 || 249 | 234 | 253 | 258 | 211 | 214 | 232 | Units (Tho
Slide 8: Strategic Growth Initiatives
STRATEGIC GROWTH INITIATIVES Financial goals ~ $10B 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% Cap
Slide 9: Rush Truck Centers
RUSH TRUCK CENTERS * Largest commercial vehicle dealer network in North America * 143 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, Blue Arc, growin
Slide 10: Rush Truck Centers Network
RUSH TRUCK CENTERS NETWORK ~ \ © PereRALT DEALERSHIPS © wvreriona OEALERSIRS © Foo DEALERSHES ‘© 1woerenoenr pants AND SERVIC Locanons PETERBILT AO INTERNATIONAL AOR
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 - 3,000 service bays 3,064 technicians i
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 ABSORPTION RATIO* . 145% + Measures less cyclical gross profit compared to controllable expenses a + 129.3% in Q3 2025 ‘se + Sustained performance highlights effectiveness of strategic initiatives 115% 100% ns me mT me me mM mH we m2
Slide 14: Quality of Earnings 2024
QUALITY OF EARNINGS 2024 Truck Sales 30% Taek | REVENUE GROSS Sales Lease, Rental/Finance, PROFIT 63% 7 InsurancelOther —| 9% ™ Lease, Rental/Finance, InsurancelOther 5%
Slide 15: Rush Enterprises Annual Truck Sales
RUSH ENTERPRISES ANNUAL TRUCK SALES 50 40 150 175 155 ia 168 124 107 14 20 © 13 105 11.0 133 ia 134 10 Units (Thousands) 0 2019 2020 2021 2022 2023 2024 2025E expect Used si LightdutymMediumeluty Class 8 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 Ez tc DENNIS EAGLE Isuzu, Class 4-5 - 30 locations, 13 states, 4 in On
Slide 17: Class 8 Customers
CLASS 8 CUSTOMERS + Rush Enterprises 2024 U.S. Class 8 market share - 6.1% + 2024 Canadian Class 8 market share - 1.7% * 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 2024 U.S. Class 4-7 market share — 5.3% 2024 Canadian Class 4-7 market share - 3.1% + Vocational and specialty markets + Ready-to-Roll® inventory + National fleet accounts + Market tied closely to general economy SS] amazon FedEx. —@EauipmentShare is ly @ ccosi
Slide 19: Rush Truck Leasing
RUSH TRUCK LEASING + Full-service leasing and rental LEASING AND RENTAL REVENUE + PacLease and Idealease franchises i 5350 $353 9369 * 66 locations in 21 states and Ontario, CAN $350 $322 * 12,000+ units in truck fleet, including cranes $300 sia + 2,035+ units under contract fleet maintenance g S20
Slide 20: Historical Results
» HISTORICAL RESULTS Revenue $5125.41 87,1017 $79250 Gross profit $1093 14872 $1598.41 Gross profit margin 213% 209% 201% ‘Adjusted EBIT(1)* $3148 $5059 $4591 Adjusted EBIT margin’ 6.1% 71% 58% Netincome S24 $3014 sun ‘Adjusted net income (1)* $2414 $3816 S347 EPS (2) $278 SA5T $4.15 ‘Adjusted EPS (
Slide 21: Adjusted Return on Invested Capital
a ADJUSTED RETURN ON INVESTED CAPITAL Total debt (GAAP) Adjustments Dett related to lease and rental fleet Floor plannctes payable Adjusted total debt (non-GAAP) Cash and cash equvalents ‘Adjusted net (cash) debt” Shareholders equity Adjusted invested capita” ‘Adjusted return on invested capital (1)
Slide 22: Free Cash Flow
2 FREE CASH FLOW Net cash provided by (used in) operating activities ‘Acquistion of property/equipment Free cash flow? Adjustments Draws (payments) on flor plan financing, net Acquistion of L&R Assets Non-maintenance capital expenditures ‘Adjusted FCF-Quarter “Non GAAP fnancial measure. See Append $
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: Adjusted Net Income and EPS
APPENDIX RECONCILIATION Adjusted Net Income and EPS Net income $241,415 $391,382 $347,055 $304,153 $729,401 $203,238 Adjustment: Gain on equty investment - (89,788) - - - - Adjusted Net Income* (1) $241,415 $381,594 $347,055 $304,153 $229,401 $203,238 Ditted shares outstanding EPS 86817 85727 84.250
Slide 25: Appendix Reconciliation: Adjusted EBITDA and EBIT
APPENDIX RECONCILIATION Adjusted EBITDA and EBIT Net Income SUAS $391382 —ST055 $304,153 $229.401 $203.238 ‘Adjusted Net income™ SUIM5 SSRIS SUTO = $304153——«$229.401 $203,238 Provision for Income Taxes $72,168 stig47t 114000 $92,845 $7422 $62,204 Interest expense $1770 $19,124 $2917 $70 858 $55,101
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Rush Enterprises Inc \tx\ — Investor Presentation (November 2025) on 6ix