Slide 1: 2Q26 Earnings Presentation
2Q26 EARNINGS PRESENTATION JULY 28, 2026 11
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
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 experience ~14,500 Dedicated Customer Retention Rate Associates1 13% Company ~300 55% 3,823 drivers Independent Emis
Slide 5: Second Quarter 2026 Highlights
SECOND QUARTER 2026 HIGHLIGHTS OWT restructuring gaining further traction, leading to significant increase in RPTPW and margin 1 improvement High Dedicated customer retention and higher revenue per truck per week contributing to improved 2 profitability Strong continuity with FirstFleet drivers, assoc
Slide 6: 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 7: 2026 Updated Market Outlook
2026 UPDATED MARKET OUTLOOK • Capacity attrition continues, forcing further closures and fleet reductions; continued enforcement on ELP, Non-Domiciled CDL’s, B1 Visas, ELD’s and CDL training schools, as well as the Montgomery ruling, act as supply catalysts • Spot freight rates remained elevated in
Slide 8: Financial Results
FINANCIAL RESULTS CHRIS WIKOFF Executive Vice President, Treasurer and Chief Financial Officer
Slide 9: 2Q26 Financial Results
2Q26 FINANCIAL RESULTS 2Q26 Y/Y Change HIGHLIGHTS Revenues $934M +24% ● Higher revenues, driven by a full quarter of contribution from the acquisition of FirstFleet, higher fuel surcharge revenues and better asset production, partially offset by a smaller One-Way fleet and lower Logistics revenues GA
Slide 10: Truckload Transportation Services (TTS) Results
TRUCKLOAD TRANSPORTATION SERVICES (TTS) RESULTS 2Q25 2Q26 Y/Y Revenues ($M) $517.6 $702.6 +36% Revenues, net FSC ($M) $462.4 $582.0 +26% Adjusted Operating Income ($M)1 $12.8 $32.3 +153% Adjusted Operating Margin1,2 2.8% 5.5% +270 bps Adjusted Operating Ratio1,2 97.2% 94.5% (270) bps Y/Y COMMENTARY
Slide 11: TTS Fleet Metrics Update
TTS 1 FLEET METRICS UPDATE TTS AVERAGE TRUCKS UP 16.3% Y/Y; QUARTER END TTS FLEET UP 15.2% Y/Y AT 8,695 $4,789 $434 $4,534 $4,542 $289 6,976 $287 4,901 4,855 2Q24 2Q25 2Q26 2Q24 2Q25 2Q26 2Q24 2Q25 2Q26 $6,114 $4,787 $4,770 $169 $164 $138 2,730 2,634 1,736 2Q24 2Q25 2Q26 2Q24 2Q25 2Q26 2Q24 2Q25 2Q2
Slide 12: Werner Logistics Results
WERNER LOGISTICS RESULTS 2Q25 2Q26 Y/Y Revenues ($M) $221.2 $211.7 (4)% Revenues less purchased $32.9 $26.0 (21)% transportation expense ($M)1 Adjusted Operating Income (loss) ($M)1 $5.9 $(2.7) (146)% Adjusted Operating Margin1 2.7% (1.3)% (400) bps Y/Y COMMENTARY • Truckload Logistics revenues (72%
Slide 13: Positive Cash Flow & Strong Balance Sheet
POSITIVE CASH FLOW & STRONG BALANCE SHEET CASH FLOW ($ millions) Solid Cash Flow & Liquidity • Q2 operating cash flow of $85M and $168M YTD • Net CapEx (proceeds) of $(10)M in Q2 and $(8)M YTD • Free cash flow of $94M or 10.1% of revenues Strong Balance Sheet • Maintaining high liquidity • $841M of
Slide 14: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION 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 reinvestment, although lower than historical ranges • Growth inv
Slide 15: 2026 Guidance Metrics and Assumptions
2026 GUIDANCE METRICS AND ASSUMPTIONS PRIOR CURRENT 2026 GUIDANCE ACTUAL 2026 GUIDANCE 2026 GUIDANCE (as of 4/28/26) (as of 6/30/26) (as of 7/28/26) COMMENTARY 23% to 28% 15.2% 16% to 18% Reducing fleet size guidance as previously TTS Average Truck Count 2026 vs. 2025 1H26 vs. 1H25 2026 vs. 2025 anti
Slide 16: Appendix
WERNER APPENDIX
Slide 17: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) 17
Slide 18: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) 18
Slide 19: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) 19
Slide 20: Reconciliation of Non-GAAP Financial Measures – TTS Segment
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT (Unaudited) (In thousands) 20
Slide 21: Reconciliation of Non-GAAP Financial Measures – TTS Segment (Continued)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT (Continued) (Unaudited) (In thousands) 21
Slide 22: Reconciliation of Non-GAAP Financial Measures – Werner Logistics Segment
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – WERNER LOGISTICS SEGMENT (Unaudited) (In thousands) 22
Slide 23: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 23
Slide 24: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 24
Slide 25: Thank You
THANKYOU For more information, visit werner.com £ | in | Werner Enterprises inc. (@One_Werner (@0ne_Werner Werner Enterprises WERNER 1e&