Penske Automotive Group, Inc. · NYSE:PAG
Penske Automotive — Q1 2026 Earnings Presentation
33 slides from Penske Automotive's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 Financial Results
Q1 2026 FINANCIAL RESULTS April 2026
Slide 2: Forward-Looking Statement Disclaimer
FORWARD-LOOKING STATEMENT DISCLAIMER Statements in this presentation may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, acquisition activity, future plans, and future revenues. Actual results may
Slide 3: Why PAG?
WHY 368 DIVERSIFIED 504,753* New & Used Units Automotive Transportation PAG? Franchised Locations Services Company Delivered (Includes Commercial Trucks) *For the twelve months ended December 31, 2025 45 RESILIENT 28,800+ Commercial Retail Truck Locations Business Model Employees Worldwide 15 RECURR
Slide 4: Q1 2026 Summary
Q1 2026 SUMMARY ($ in Millions, except Per Share Amount) Q1 ‘26 Q1 ‘25 CHG Revenue New/Used Retail Automotive $6,967 $6,919 +1% Retail Commercial Truck $695 $824 (16%) Commercial Vehicle Distribution & Other $202 $211 (4%) Total Revenue $7,864 $7,954 (1%) Income Before Taxes $324 $351 (8%) Adjusted
Slide 5: Q1 Revenue & EBT
Q1 REVENUE & EBT (For the three months ended March 31, 2026) 4% 2% 8% 13% $7.9B 11% $324M REVENUE EBT 30% 58% 74% NORTH AMERICA U.K. RETAIL AUTO RETAIL COMM TRUCKS EUROPE AUSTRALIA/JAPAN NON-AUTO INVESTMENTS OTHER 5
Slide 6: Key Takeaways
KEY TAKEAWAYS FIXED CAPITAL GROSSES OPERATIONS ALLOCATION Retail Automotive new Retail Automotive Acquired 2 Lexus and used grosses up same-store service & dealerships in the sequentially from Q4 parts revenue growth of Orlando Metropolitan 2025 4.6%; related gross area of Central Florida New up $94
Slide 7: Capital Allocation
CAPITAL ALLOCATION (USD in Millions) (As of December 31 for each applicable year, unless indicated otherwise) $786 $670* 2023 2024 2025 Q1 2026 $386 $378 $382 $385 $344 $325 $274 $189 $215 $182 $93 $78 $63 $26 PAG Stock Capital PAG Share Acquisitions Dividends Expenditures Repurchases * Including $1
Slide 8: Retail Automotive
RETAIL AUTOMOTIVE
Slide 9: Retail Brand Mix
RETAIL BRAND MIX 72% 22% 2% 4% Premium Volume Non-U.S. U.S. Used Only (For the three months ended March 31, 2026) (% of Total Worldwide Automotive Dealership Revenue) 24% 18% 10% 9% 8% 8% 6% 5% 4% 3% 2% 2% 1% Others Used Only 9
Slide 10: Retail Automotive Diversified Revenue and Profit Streams
RETAIL AUTOMOTIVE Diversified Revenue and Profit Streams Q1 ‘26 6% (For the three months 2% 3% ended March 31, 2026) 18% 24% 12% New 44% Used $1.1B $7.0B GROSS REVENUE S&P PROFIT 11% F&I 35% F&Wh 45% 10
Slide 11: Retail Automotive Key Metrics
RETAIL AUTOMOTIVE KEY METRICS SAME-STORE TOTAL VOLUME Q1 ’26 Q1 ’25 Chg VOLUME Q1 ’26 Q1 ’25 Chg New Units (Excluding Agency) 49,098 54,555 (10%) New Units (Excluding Agency) 50,036 55,524 (10%) Used Units 59,552 59,138 +1% Used Units 60,126 60,487 (1%) Total 108,650 113,693 (4%) Total 110,162 116,0
Slide 12: Retail Automotive Gross Profit
RETAIL AUTOMOTIVE GROSS PROFIT PER UNIT - NEW PER UNIT - USED PER UNIT – F&I SERVICE & PARTS ($ in Millions) 12
Slide 13: Retail Automotive Service & Parts
RETAIL AUTOMOTIVE SERVICE & PARTS Record service & parts revenue and gross profit Q1 same-store revenue +4.6%; gross profit +5.7%; gross margin +60 bps Q1 ‘26 Revenue Change* S&P Revenue* S&P Gross* S&P Margin* $853 +5.9% $815 Customer $503 Pay 59.0% $476 58.4% +2.2% +1.4% Warranty Collision 1Q'
Slide 14: Retail Commercial Trucks
RETAIL COMMERCIAL TRUCKS
Slide 15: Premier Truck Overview
One of the largest dealership groups for Daimler Truck North America PREMIER TRUCK OVERVIEW Retail new and used Freightliner and Western Star trucks 3,583 units sold in Q1 2026; revenue of $695 million Return on sales of 5.2% 35 Full sales and service facilities 5 Stand-alone service & parts facilit
Slide 16: Retail Commercial Trucks Revenue and Profit Streams
RETAIL COMMERCIAL SERVICE & PARTS REPRESENTS 73% OF GROSS PROFIT TRUCKS REVENUE AND 1% 1% 3% 2% PROFIT STREAMS (For the three months ended March 31, 2026) 18% $128M 33% $695M GROSS REVENUE 58% PROFIT 4% 73% 7% 16 *For the twelve months ended December 31, 2025
Slide 17: Premier Truck Group Performance – Q1
PREMIER TRUCK GROUP PERFORMANCE – Q1 Retail commercial truck provides 9% of total PAG revenue and 10% of gross profit in Q1 2026 Sequential increase in used vehicle gross profit per unit from $2,265 in Q4 2025 to $6,889 in Q1 2026 Q1 2026 fixed cost absorption of 127% UNITS REVENUE Earnings Before T
Slide 18: Retail Commercial Truck Key Metrics
RETAIL COMMERCIAL TRUCK KEY METRICS SAME-STORE TOTAL Q1 ’26 Q1 ’25 Chg Q1 ’26 Q1 ’25 Chg VOLUME METRICS VOLUME METRICS New Units 2,786 3,739 (26%) New Units 2,786 3,739 (26%) Used Units 797 975 (18%) Used Units 797 975 (18%) Total Units 3,583 4,714 (24%) Total Units 3,583 4,714 (24%) GROSS PER UNIT
Slide 19: Penske Australia/New Zealand
PENSKE AUSTRALIA/ NEW ZEALAND
Slide 20: Australia/New Zealand Market Segments
AUSTRALIA/NEW ZEALAND MARKET SEGMENTS 20
Slide 21: Australia/New Zealand Overview
AUSTRALIA/ NEW ZEALAND OVERVIEW COMMERCIAL VEHICLE/POWER SYSTEMS Exclusive importer and distributor of certain medium, and heavy-duty trucks, buses and refuse collection vehicles – Western Star, MAN, Dennis Eagle Distributor of diesel/gas engines and power systems – MTU, Detroit Diesel and Bergen en
Slide 22: Penske Transportation Solutions (PTS)
PENSKE TRANSPORTATION SOLUTIONS (PTS)
Slide 23: PTS Overview
PTS OVERVIEW $2.5B 387,500 Q1 ’26 Revenue Tractors, trucks & PAG recorded equity income from PTS trailers investment of $41 million for the three months ended March 31, 2026 PENSKE Q1 ’26 Q1 ’25 Chg TRANSPORTATION Operating Revenue (in billions) $2.5 $2.6 (3.9%) SOLUTIONS Earnings Before Taxes (in m
Slide 24: Acquisitions
ACQUISITIONS
Slide 25: Lexus of Orlando (Acquired Feb. 2026)
LEXUS OF ORLANDO (ACQUIRED FEB. 2026) #20 volume Lexus dealer in U.S. 170,000 sq feet facilities 25 acres 46 service bays 25 *For the twelve months ended December 31, 2025
Slide 26: Lexus of Winter Park (Acquired Feb. 2026)
LEXUS OF WINTER PARK (ACQUIRED FEB. 2026) #34 volume Lexus dealer in U.S. 100,000 sq feet facilities 16 acres 40 service bays 26 *For the twelve months ended December 31, 2025
Slide 27: Penske Motor Group (Acquired Nov. 2025)
PENSKE MOTOR GROUP (ACQUIRED NOV. 2025) Acquired dealerships retailed over 28,000 new and used units in 2024 Acquired dealerships expected to add $1.5 billion in estimated annualized revenue Longo Toyota #1 volume Toyota dealer in the U.S. for 58 consecutive years Longo Lexus #1 volume Lexus
Slide 28: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS
Slide 29: Reconciliation of net income to EBITDA and adjusted EBITDA
The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and adjusted EBITDA for the three months ended March 31, 2026 and 2025 29
Slide 30: Leverage ratio reconciliation
The following table reconciles the leverage ratio as of March 31, 2026, and December 31, 2025 30
Slide 31: Key adjusted financial line items
The following table represents key adjusted financial line items excluding certain disposals and other charges. Management believes this presentation is useful to investors in evaluating the Company’s operating performance and comparability across periods. 31
Slide 32: Adjusted results excluding impairments and Penske Motor Group common control
Our quarterly results include the impact of certain impairments and other charges, as well as the full quarterly results of Penske Motor Group in all periods, which is required by GAAP for common control transactions. The following tables present key adjusted financial line items excluding certain i
Slide 33: Q1 2026 Financial Results
Q1 2026 FINANCIAL RESULTS April 2026
Penske Automotive Group — Q1 2026 Earnings Presentation on 6ix