Marten Transport, Ltd. · NASDAQ:MRTN
Marten Transport — Q2 2026 Earnings Presentation
25 slides from Marten Transport's earnings presentation, July 2026
Slide 1: Q2 2026 Operating & Financial Results
MARTEN TRANSPORT, LTD. Q2 2026 OPERATING & FINANCIAL RESULTS
Slide 2: Diversity of Services
Diversity of Services Marten Transport is a multifaceted business offering a network of refrigerated and dry truck-based transportation and distribution capabilities across our distinct business platforms TRUCKLOAD DEDICATED BROKERAGE MEXICO 52% of Revenue 30% of Revenue 18% of Revenue Door-to-door
Slide 3: Our Mission
Our Mission At Marten Transport, our mission is to be an international leader in transportation and logistics. Through the development of our people, innovation and commitment to excellence, we will exceed our customers' expectations and provide superior returns to our stockholders. We are committed
Slide 4: Q2 2026 Summary and Outlook
Q2 2026 Summary and Outlook We are encouraged by the sequential improvement in profitability in each of our truckload, dedicated and brokerage operations this quarter. The freight market has sharply tightened in recent months and is now breaking out from the longest freight market recession on recor
Slide 5: Operating Results
Operating Results Pre-Recession Multifaceted Marten’s Operating Results Business Model Continued Focus • 2018-2022 Set the then- • We are encouraged by the • Capitalize on profitable current record for highest sequential improvement in organic growth across our annual operating revenue profitability
Slide 6: Rates and Utilization Since 2023
Rates and Utilization Since 2023 The freight market has sharply tightened in recent months with truckload rates increasing significantly Our continued efficiency improvements lessened the impact of the significant decrease in our freight rates and revenue per tractor from 2023 through 2025 Truckload
Slide 7: Operational Footprint
Operational Footprint Regional in Structure National in Scope International in Reach Wilsonville, OR Mondovi, WI Carlisle, PA Zionsville, IN Jurupa Valley, CA Transformation is a Edwardsville, KS Colonial Heights, VA process, not an event. - John P. Kotter, Leading Change Memphis, TN Phoenix, AZ Ota
Slide 8: Dedicated Operations
Dedicated Operations Our dedicated operations significantly contributed to our total operating income in 2024 through 1H ’26 Dedicated Operating Revenue Dedicated Operating Income (excluding fuel surcharges) In thousands In millions % increases are from ’14 to ’26 for Q1 and Q2 and from ‘14 to ‘25 f
Slide 9: Brokerage Operations
Brokerage Operations Our brokerage operations significantly contributed to our total operating income in 2024 through 1H ’26 Brokerage Operating Revenue Brokerage Operating Income In millions In thousands % increases are from ’14 to ’26 for Q1 and Q2 and from ‘14 to ‘25 for Q3 and Q4 $220 $7,000 $20
Slide 10: Brokerage Load Growth
Brokerage Load Growth • We continue to grow our brokerage business by diversifying our operations beyond dedicated and truckload support, expanding into additional verticals to strengthen our market presence and create new growth opportunities • We are also placing significant emphasis on carrier de
Slide 11: MRTN de Mexico
MRTN de Mexico • Cross Border market yield is improving and growth resumed during Q2 ‘26 • Have minimized the impact of the freight market recession -- $53.3 million operating revenue for 2025 vs. $62.9 million for 2024, and $19.3 million for 1H ’26 vs. $27.9 million for 1H ’25 (excluding fuel surch
Slide 12: Investing in Growth & Safety
Investing in Growth & Safety Investments For a Safe Future 20% 25% • Added Equipment Safety Tractor Cost Increase • Collision Avoidance 2026 vs. 2021 • Blind Spot Detection • Lane Departure Alerts Reefer Trailer Cost Increase • Side Camera Visibility 2026 vs. 2021 • Platform Science • Smart Drive Ne
Slide 13: Solar Advantage
Solar Advantage Our first solar project was completed in 2018. Since then, we’ve completed 18 additional solar installations at Marten facilities across our national network. Today, every tractor and refrigeration unit is equipped with solar power. 3 million kWh + of generation and offset each year
Slide 14: Steadfast Commitment
Steadfast Commitment Let’s Talk Green Our journey spans from innovative solutions to sustainable milestones, ensuring a greener future in every mile DECADES OF SUSTAINABLE PROGRESS Equipment Modernization Initiatives Temp-Controlled Efficiency Initiatives Solar Energy across Facilities and Fleet 13
Slide 15: Platform Science
Platform Science Platform Science is the in-cab technology platform that supports safe driving, regulatory compliance and real-time visibility across our fleet How it supports safety: All Fleet Apps in ONE Place on ONE Device Safer for drivers Compliance Assists in compliance with state and federal
Slide 16: SmartDrive System
SmartDrive System SmartDrive is our video-based safety system that helps prevent accidents through early risk detection, driver coaching and continuous improvement How it supports safety: Camera Technology Forward-facing camera technology focused on driver behavior Coaching & Corrective Action Smart
Slide 17: Side Camera Program
Side Camera Program A recent technology enhancement, side camera systems provide full visibility around the vehicle—including blind spots—supporting safer maneuvers and reducing accident risk and liability exposure How it supports safety: Eliminates blind spots Improves lane changes and merging Redu
Slide 18: Operating Revenue
Operating Revenue Operating Revenue 12 (excluding fuel surcharges) In millions th $1,100 2022 12th straight year of highest operating revenue $1,000 (excluding fuel surcharges) $900 $800 223 2023 shipper codes increased by 223 with 107 $700 new customers to Marten $600 $500 224 2024 shipper codes in
Slide 19: Operating Income
Operating Income Between 2018 and 2022, we generated our highest operating income in our history each year Operating Income In millions $150 $140 $130 $120 $110 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Q1 Q1 Q2 Q2 '25 '26 '25 '26
Slide 20: Operating Ratio, net of Fuel Surcharges
Operating Ratio, net of Fuel Surcharges From 2020 through 2022, we achieved our then-best ratio for any year since becoming public in 1986 Operating Ratio Net of Fuel Surcharges 100% 99% 98% 97% 96% 95% 94% 93% 92% 91% 90% 89% 88% 87% 86% 85% 84% 83% 82% 81% 80% '09 '10 '11 '12 '13 '14 '15 '16 '17 '
Slide 21: Diluted EPS
Diluted EPS (1) $1.40 $1.30 $1.20 $1.10 NO DEBT $1.00 • We have not had any debt since 2017 $0.90 $0.80 $0.70 DIVIDEND $0.60 • Current $0.06 per share -- approx. 1.4% yield $0.50 • 64 consecutive quarterly payments since (2) $0.40 initiated in 2010 $0.30 $0.20 • $281.0 million paid, including $134.9
Slide 22: Industry Recognition
Industry Recognition CHEMOURS NORTH AMERICAN PLATINUM/GOLD EXCELLENCE isn't just a goal CARRIER OF THE YEAR 2020-2023 it's a standard JOHNSONVILLE SAUSAGE NATIONAL CARRIER OF THE YEAR 2021-2023 We are proud to be certified by the Truckload Carriers Association (TCA) as a ABBOTT NUTRITION CARRIER OF
Slide 23: Culture for Excellence
Culture for Excellence Invested in our PEOPLE, Marten is dedicated to employee development and promoting from within Marten’s nationwide operational network, proprietary information systems and disciplined culture deliver reliable operating performance for our CUSTOMERS Marten cultivates INNOVATIVE
Slide 24: Resilient Outlook in Breakout Freight Market
Resilient Outlook in Breakout Freight Market • We are seeing increased customer interest in securing dedicated and truckload capacity. • The outlook for our dry van division remains strong, supported by a significantly larger market, with approximately eight dry van loads for every refrigerated load
Slide 25: Thank You
THANK YOU THANK YOU THANK YOU This presentation and discussion contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “intends,” “estimates,” or similar expressions are intended to identify these forward