Slide 1: Rush Enterprises Investor Presentation May 2026
RUSH ENTERPRISES INVESTOR PRESENTATION May 2026
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 5 YEAR HISTORICAL STOCK PRICE $60 dealer group in North America $50 $40 • Full-service solutions provider to $30 $20 commercial vehicle industry $10 2021 2022 2023 2024 2025 • 7,830 dedicated employees RUSHA RUSHB • $7.4B in revenue in 2025 • 36,032 t
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 • Customer outlook improving partially due to rising freight rate/tonnage • Increased certainty on tariffs and engine emissions regs allowing customers to develop fleet replacement strategies • Vocational segments remain stable • Used truck demand stable, prices have normalized • Pa
Slide 6: Liquidity and Expense Management
LIQUIDITY AND EXPENSE MANAGEMENT • Strong free cash flow; $240M in cash as of March 2026 • Continuing to invest in strategic initiatives • Renewed share repurchase program at $150M in Dec. 2025 • Quarterly cash dividend in Q1 2026 – $0.19 • Disciplined approach to expense management • $2.3B in floor
Slide 7: U.S. Retail Truck Sales Projections to 2027
U.S. RETAIL TRUCK SALES PROJECTIONS TO 2027 325 Units (Thousands) 300 275 250 225 200 175 150 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E Source: ACT Research 7 Class 8 Class 4-7
Slide 8: Strategic Growth Initiatives
STRATEGIC GROWTH INITIATIVES • Financial goals – $11B in annual revenue – 6% return 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 sal
Slide 9: Rush Truck Centers
RUSH TRUCK CENTERS • Largest commercial vehicle dealer network in North America • Over 125 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, growing wit
Slide 10: Rush Truck Centers Network
RUSH TRUCK CENTERS NETWORK @ PETERBILT DEALERSHIPS @ INTERNATIONAL DEALERSHIPS @ FORD DEALERSHIPS PETERBILT AOR 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 – 3,770 service bays – 2,164 technicians
Slide 12: An Unrivaled Portfolio of Aftermarket Solutions
AN UNRIVALED PORTFOLIO OF AFTERMARKET SOLUTIONS SINGLE SOURCE SOLUTIONS vv v v v v ALL-MAKES PARTS MOBILE SERVICE AND SAME-DAY COLLISION AND BODY VEHICLE MODIFICATION AND SERVICE EXPERTISE EMBEDDED TECHNICIANS XPRESS SERVICES REPAIR SERVICES AND UPFITTING EXPERIENCE CUSTOMER RUSHCARE vv v v v vv DED
Slide 13: Absorption Performance
ABSORPTION PERFORMANCE • Critical metric for dealership efficiency ABSORPTION RATIO* 145% • Measures less cyclical gross profit 137% compared to controllable expenses 135% 133% • 126.9% in Q1 2026 130% 131% 130% • Strong performance despite multi-year 122% 121% 120% freight recession highlights the
Slide 14: Quality of 2026 Earnings
QUALITY OF 2026 EARNINGS Truck Parts and Sales Service 27% 34% Truck REVENUE GROSS Sales 61% Lease, Rental/Finance, Insurance/Other PROFIT 9% Parts and Service 66% Lease, Rental/Finance, Insurance/Other 5% 14
Slide 15: Rush Enterprises Annual Truck Sales
RUSH ENTERPRISES ANNUAL TRUCK SALES 50 40 Units (Thousands) 30 17.5 15.5 12.8 16.8 12.7 10.7 11.1 20 13.3 13.9 13.3 13.1 11.3 10.5 11.0 10 3.0 2.8 1.1 1.7 2.0 1.8 2.1 7.4 7.5 7.1 7.1 7.1 7.0 7.0 0 2020 2021 2022 2023 2024 2025 2026E Used Light-duty Medium-duty Class 8 15
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 • Isuzu, Class 4-5 – 30 locations, 13 states, 4 in Ontario, CA
Slide 17: Class 8 Customers
CLASS 8 CUSTOMERS • Rush Enterprises 2025 U.S. Class 8 market share – 5.8% • 2025 Canadian Class 8 market share – 1.4% Large Fleets • Strong vocational component 30-35% • Large fleets consolidating • Private mid-size fleets remain viable • Independent owner-operator now variable component of trucklo
Slide 18: Class 4-7 Customers
CLASS 4-7 CUSTOMERS • Rush Enterprises 2025 U.S. Class 4-7 market share – 5.7% • 2025 Canadian Class 5-7 market share – 6.3% Towing/ Food/ • Vocational and specialty markets Beverage Recovery 10% 15% • Ready-to-Roll® inventory Government/ Leasing/ • National fleet accounts Municipal Rental 5.7% 10%
Slide 19: Rush Truck Leasing
RUSH TRUCK LEASING • Full-service leasing and rental LEASING AND RENTAL REVENUE $400 $380 • PacLease and Idealease franchises $350 $353 $370 $350 $322 • 56 locations in 21 states and Ontario, CAN $300 • 9,850 units in truck fleet, including cranes $247 • 2,150+ units under contract fleet maintenance
Slide 20: Historical Results
HISTORICAL RESULTS Three Months Three Months $ in Millions 2022 2023 2024 2025 ended ended Except per Share Amounts 03/31/2025 03/31/2026 Revenue $7,101.7 $7,925.0 $7,804.7 $7,434.2 $1,850.8 $1,684.2 Gross profit $1,487.2 $1,593.1 $1,531.4 $1,460.7 $357.8 $343.8 Gross profit margin 20.9% 20.1% 19.6%
Slide 21: Adjusted Return on Invested Capital
ADJUSTED RETURN ON INVESTED CAPITAL Three Months Three Months $ in Thousands 2022 2023 2024 2025 ended ended 03/31/2025 03/31/2026 Total debt (GAAP) $1,331,328 $1,687,482 $1,620,350 $1,315,548 $1,610,920 $1,313,095 Adjustments: Debt related to lease and rental fleet ($393,879) ($543,626) ($535,580)
Slide 22: Free Cash Flow
FREE CASH FLOW Twelve Twelve $ in Thousands 2022 2023 2024 2025 Months ended Months ended 03/31/2025 03/31/2026 Net cash provided by (used in) operating activities $294,729 $295,713 $619,550 $847,982 $928,800 $768,335 Acquisition of property/equipment ($243,060) ($368,881) ($433,047) ($399,831) ($46
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 Three Months Three Months $ in Thousands 2022 2023 2024 2025 ended ended Except per Share Amounts 03/31/2025 03/31/2026 Net income $391,382 $347,055 $304,153 $263,778 $60,322 $61,454 Adjustment: Gain on equity investment ($9,788) – – – – – Adjusted
Slide 25: Appendix Reconciliation: Adjusted EBITDA and EBIT
APPENDIX RECONCILIATION Adjusted EBITDA and EBIT Three Months Three Months $ in Thousands 2022 2023 2024 2025 ended ended 03/31/2025 03/31/2026 Net Income $391,382 $347,055 $304,153 $263,778 $60,322 $61,454 Adjusted Net Income* $381,594 $347,055 $304,153 $263,778 $60,322 $61,454 Provision for Income
Slide 26: Enterprises
WN ENTERPRISES