Penske Automotive Group, Inc. · NYSE:PAG
Penske Automotive — Q2 2025 Earnings Presentation
32 slides from Penske Automotive's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter and Six Months 2025 Financial Results
SECOND QUARTER AND SIX MONTHS 2025 FINANCIAL RESULTS July 2025
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 and future plans. Actual results may vary materially because of risks and un
Slide 3: Company Overview
COMPANY OVERVIEW A Diversified International Transportation Services Company Headquartered in Bloomfield Hills, MI USA For the Six Months Ended June 30, 2025: over 28,400 4 8 employees worldwide continents countries 242,451 $15.3B new & used units delivered revenue (includes commercial trucks) 353 1
Slide 4: World Class Brands in Automotive & Trucks
WORLD CLASS BRANDS IN AUTOMOTIVE & TRUCKS PENSKE AUTOMOTIVE GROUP / 4
Slide 5: Capital Allocation
CAPITAL ALLOCATION (In Millions) 2019 2020 2021 2022 2023 2024 2025* Dividends $131 $68 $143 $154 $189 $274 $165 Capital Expenditures $245 $186 $249 $283 $375 $369 $147 Share Repurchases $174 $35 $294 $887 $382 $78 $133 Acquisitions $327 --- $432 $393 $215 $786 --- (incl. repayment of seller’s floor
Slide 6: PAG Historical Long-Term Debt and Leverage
PAG HISTORICAL LONG-TERM DEBT AND LEVERAGE (USD in Millions) (As of December 31 for each applicable year, unless noted) $2,500 $2,360 3.5 3 $2,000 $1,852 $1,783 2.9X $1,690 $1,622 $1,629 2.5 $1,500 $1,474 2 $1,000 1.8X 1.5 1.2X 1.2X 1 $500 1.0X 0.8X 0.8X 0.5 $- 0 2019 2020 2021 2022 2023 2024 6/30/2
Slide 7: Key Highlights
KEY HIGHLIGHTS OPERATIONS CAPITAL ALLOCATION Revenue flat at $7.7 billion Repurchased 630,000 shared during Q2 2025 and 885,000 during 6M 2025 Gross margin increased 50 bps to 16.9% Availability under credit agreements of $2.2 Same-store retail automotive service and parts billion as of Ju
Slide 8: Q2 & 6M Performance Highlights
Q2 & 6M PERFORMANCE HIGHLIGHTS ($ in Millions, except Per Share Amount) Q2 ‘25 Q2 ‘24 CHG 6M ’25 6M ‘24 CHG Revenue $7,662 $7,697 — $15,267 $15,145 +1% Income Before Taxes $337 $326 +4% $674 $620 +9% Adjusted Income Before Taxes --- --- --- $647 $620 +4% Inc. Attributable to Common Stockholders $250
Slide 9: Retail Automotive
RETAIL AUTOMOTIVE
Slide 10: Retail Automotive Brand Mix
RETAIL AUTOMOTIVE BRAND MIX 73% 21% 2% 4% Premium Volume Non-U.S. U.S. Used Only 27% (For the six months ended June 30, 2025) (% of Total Worldwide Automotive Dealership Revenue) 13% 10% 9% 8% 8% 7% 5% 4% 3% 2% 2% 2% Other Used Only PENSKE AUTOMOTIVE GROUP / 10
Slide 11: Retail Automotive Diversified Revenue Stream
RETAIL AUTOMOTIVE DIVERSIFIED REVENUE STREAM Q2 ‘25 6M ‘25 (For the three months ended June 30, 2025) (For the six months ended June 30, 2025) 5% 1% 1% 3% 5% 18% 26% 3% 18% 26% 13% 12% 45% GROSS 46% GROSS REVENUE REVENUE PROFIT PROFIT 12% 12% 34% 43% 34% 43% PENSKE AUTOMOTIVE GROUP / 11
Slide 12: Retail Automotive Same-Store Revenue
RETAIL AUTOMOTIVE SAME-STORE REVENUE ($ in Millions) Q2 ’25 Q2 ’24 Chg 6M ’25 6M ’25 Chg New Vehicle $2,850 $2,920 -2% $5,754 $5,631 +2% Used Vehicle $2,140 $2,168 -1% $4,249 $4,358 -3% Finance & Insurance $198 $201 -2% $391 $397 -1% Service & Parts $793 $742 +7% $1,553 $1,472 +6% Fleet & Wholesale
Slide 13: Retail Automotive Gross Profit
RETAIL AUTOMOTIVE GROSS PROFIT PER UNIT – NEW PER UNIT – USED $2,326 $5,229 $5,302 $5,072 $5,146 $5,059 $5,443 $2,149 $1,876 $1,822 $1,882 $1,797 $3,286 $1,255 Q4 '19 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q4 '19 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 PER UNIT – F & I SERVICE & PARTS ($ in Mil
Slide 14: Retail Commercial Trucks
RETAIL COMMERCIAL TRUCKS
Slide 15: North American Locations
NORTH AMERICAN LOCATIONS One of the largest dealership groups for Freightliner North America Retail new and used Freightliner and Western Star trucks 34 full sales and service facilities 9 stand-alone service and parts facilities 2 stand-alone parts facilities 12 collision centers (2 sta
Slide 16: Retail Commercial Trucks Diversified Revenue Stream
RETAIL COMMERCIAL TRUCKS DIVERSIFIED REVENUE STREAM Q2 ‘25 6M ‘25 (For the three months ended June 30, 2025) (For the six months ended June 30, 2025) 2% 1%1% 3% 1% 1% 3% 2% 26% 25% 24% 25% REVENUE GROSS GROSS PROFIT 3% REVENUE PROFIT 4% 69% 67% 5% 6% 66% 66% PENSKE AUTOMOTIVE GROUP / 16
Slide 17: Performance Summary – Retail Commercial Trucks
PERFORMANCE SUMMARY – RETAIL COMMERCIAL TRUCKS (For the three months and six months ended June 30, 2024) Q2 Units Q2 Revenue Q2 Earnings Before Taxes ($ in Millions) 5,399 $919 $892 $944 $56 $52 $54 5,243 5,248 Q2 '23 Q2 '24 Q2 '25 Q2 '23 Q2 '24 Q2 '25 Q2 '23 Q2 '24 Q2 '25 6M Units 6M Revenue 6M Ear
Slide 18: Retail Commercial Truck Key Metrics
RETAIL COMMERCIAL TRUCK KEY METRICS Same-Store Q2 ’25 Q2 ’24 Chg 6M ’25 6M ’24 Chg VOLUME METRICS New Units 4,311 4,465 -3% 7,730 7,956 -3% Used Units 684 764 -10% 1,638 1,813 -10% Total Units 4,995 5,229 -4% 9,368 9,769 -4% GROSS PER UNIT New $7,711 $8,743 -12% $8,202 $9,254 -11% Used $7,016 $4,487
Slide 19: Australia / New Zealand
AUSTRALIA / NEW ZEALAND
Slide 20: Penske Australia
PENSKE AUSTRALIA Exclusive importer and distributor of certain heavy/medium-duty trucks, buses and refuse collection vehicles – Western Star, MAN, Dennis Eagle Distributor of diesel/gas engines and power systems – MTU, Detroit Diesel, Allison Transmission, and Bergen engines Serves on-highway
Slide 21: Penske Transportation Solutions
PENSKE TRANSPORTATION SOLUTIONS
Slide 22: Penske Transportation Solutions (PTS)
PENSKE TRANSPORTATION SOLUTIONS (PTS) PENSKE AUTOMOTIVE GROUP / 22
Slide 23: PTS Highlights
PTS HIGHLIGHTS OPERATING REVENUE (For the three and six months ended June 30, 2025) Managed fleet of over 414,000 trucks, tractors and trailers 29% Q2 PAG recorded equity income from PTS investment of 2025 50% $53.5 million for the three months ended June 30, 2025 and 4% $86.7 million for the si
Slide 24: PTS Fleet
PTS FLEET Managed fleet consists of trucks, tractors and trailers under lease, rental and/or maintenance contracts (Units in Thousands, as of June 30, except as noted ) 439 435 416 414 360 327 327 297 271 247 231 215 205 201 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 6/30/2025
Slide 25: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS
Slide 26: Reconciliation of Net Income and EPS to Adjusted
The following tables reconcile reported net income and earnings per share to adjusted net income and adjusted earnings per share for the six months ended June 30, 2025 and 2024 Six Months Ended (Amounts in Millions) June 30, 2025 2024 % Change Net Income Attributable to Common Stockholders $ 494.3 $
Slide 27: Reconciliation of SG&A to Adjusted SG&A
The following table reconciles reported selling, general, and administrative expenses (SG&A) and SG&A to gross profit to adjusted SG&A and adjusted SG&A to gross profit for the net income and earnings per share to adjusted net income and adjusted earnings per share for the six months ended June 30,
Slide 28: Reconciliation of Net Income Before Taxes to Adjusted
The following table reconciles net income before taxes to adjusted net income before taxes for the six months ended June 30, 2025 and 2024 Six Months Ended (Amounts in Millions) June 30, 2025 2024 % Change Net Income Before Taxes $ 674.0 $ 620.3 8.7 % Less: Gain on Sale of Dealership (52.3) — nm Add
Slide 29: Reconciliation of Net Income to EBITDA
The following tables reconcile reported net income and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the three and six months ended June 30, 2025 and 2024 nm – not meaningful PENSKE AUTOMOTIVE GROUP / 29
Slide 30: Leverage Ratio Reconciliation
The following table reconciles the leverage ratio as of June 30, 2025 and December 31, 2024 Six Six Trailing Twelve Twelve Months Ended Months Ended Months Ended Months Ended (Amounts in Millions) December 31, 2024 June 30, 2025 June 30, 2025 December 31, 2024 Net Income $ 464.3 $ 495.9 $ 960.2 $ 92
Slide 31: EBITDA, Adj. EBITDA & Leverage Ratio Reconciliation
EBITDA, ADJ. EBITDA & LEVERAGE RATIO RECONCILIATION The following table reconciles EBITDA, Adj. EBITDA and Leverage Ratio as of December 31, 2024, 2023, 2022, 2021, 2020 and 2019 ($ in Millions) 12M ‘24 12M ‘23 12M ‘22 12M ’21 12M ’20 12M ‘19 Net Income $923.4 $1,058.6 $1,386.2 $1,192.7 $545.3 $435.
Slide 32: Automotive
Automotive
Penske Automotive Group — Q2 2025 Earnings Presentation on 6ix