Forward Air Corporation · NASDAQ:FWRD
Forward Air — Q2 2025 Earnings Presentation
35 slides from Forward Air's earnings presentation, Aug 11, 2025
Slide 1: Forward Air Corporation Earnings Presentation 2Q25
Forward Air Corporation Earnings Presentation 2Q25 August 11, 2025
Slide 2: Statements & Disclaimers
Earnings Presentation Statements & Disclaimers Forward Looking Statements the expected timeframes or at all, the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected, the risk that operating costs, customer los
Slide 3: Agenda
Earnings Presentation Agenda 01 Combined Overview 02 2Q25 Results 03 Liquidity, Leverage and Cash Flow 04 Investment Rationale 05 Closing Summary 06 Appendix 3
Slide 4: Combined Overview
Earnings Presentation Combined Overview 4
Slide 5: Who We Are: A Story of Transformation and Excellence
Combined Overview Who We Are: A Story of Transformation and Excellence Our Heritage Forward Air's revolutionary expedited ground freight network, established in 1981, and Omni’s innovative logistics solutions, founded in 2000, represent decades of excellence in logistics innovation. Our Combined Str
Slide 6: By the Numbers
Combined Overview By the Numbers All figures for FY24 $2.5B $308M 6K+ 2K FY 2024 Revenue FY 2024 CEBITDA1 Total Employees Freight Handlers2 4M+ 0.1% 250+ 21 Total Shipments3 Claims Ratio4 Global Facilities Countries 1. Consolidated EBITDA (“CEBITDA”). Reconciliation of Non-GAAP financial measures av
Slide 7: Our key product groups provide end-to-end capabilities
Combined Overview Our key product groups provide end-to-end capabilities All figures for FY24 ~ 70% ~ 12% ~ 9% ~ 9% of revenue of revenue of revenue of revenue 4M+ 80K+ 250K+ 4M+ Shipments Shipments Shipments Global warehousing sqft. Ground Transportation Air & Ocean Forwarding Intermodal Drayage Wa
Slide 8: Differentiated and diversified solutions
Combined Overview Differentiated and diversified solutions All figures for FY24 Reporting Segments Expedited Freight Omni Logistics Intermodal Combined Ground Transportation Diversified portfolio Key Product Groups Customs of vertically- Intermodal Drayage integrated solutions Air / Ocean Forwarding
Slide 9: Scalable global footprint
Combined Overview Scalable global footprint All figures for FY24 FY24 Revenue % by Customer Region1 ~7% <1% ~4% • ~12% of revenue generated outside of the United States.1 United States Americas (ex U.S.) • 250+ global facilities in 21 countries. APAC • No single customer represents more than 10% of
Slide 10: Recognized for Exceptional Service, Performance, and Partnership
Combined Overview Recognized for Exceptional Service, Performance, and Partnership Expediter GLT doTERRA AMD Services Logistics Omni Logistics Named doTERRA's AMD Honors Reflect Strong Expediter Services Presents Forward Forward Air Selected as GLT 2024 International and Domestic Collaboration and D
Slide 11: 2Q25 Results
Earnings Presentation 2Q25 Results 11
Slide 12: 2Q25 Highlights
2Q25 Results 2Q25 Highlights In millions, except for LTM Net Leverage 2Q25 $619 $20 $74 $368 5.7x Revenue Operating Income Consolidated EBITDA1 Liquidity LTM Net Leverage2 11.9% Margin 1. Reconciliation of Non-GAAP financial measures available in the Appendix. 2. Calculated pursuant to Senior Secure
Slide 13: Consolidated Results by Quarter
2Q25 Results | Consolidated Consolidated Results by Quarter In millions, except for margin Revenue Consolidated EBITDA1 & Consolidated EBITDA Margin %1 $656 $644 $633 $613 $619 $89 $86 $74 $69 $69 13.8% 13.1% 10.9% 11.2% 11.9% 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 1. Reconciliation of No
Slide 14: Expedited Freight Segment Results by Quarter
2Q25 Results | Expedited Freight Expedited Freight Segment Results by Quarter In millions, except for margin Segment Revenue1 Reported EBITDA2 & Reported EBITDA Margin2 $291 $285 $266 $33 $258 $30 $30 $249 $26 $18 11.2% 10.4% 6.6% 10.4% 11.6% 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 1. Segm
Slide 15: Expedited Freight Segment: Continued pricing and margin improvement
2Q25 Results | Expedited Freight Expedited Freight Segment: Continued pricing and margin improvement Revenue per CWT, ex fuel1,2 & Revenue per Shipment, ex fuel1,2 & Reported EBITDA Margin3 Reported EBITDA Margin3 +4.5% +2.9% • Corrective pricing action implemented in 4Q24 and is now fully reflected
Slide 16: Expedited Freight Segment: Continued superior service following acquisition
2Q25 Results | Expedited Freight Expedited Freight Segment: Continued superior service following acquisition Expedited Freight Segment Claims Ratio1 • Industry-leading claims ratio of ~0.1%. Omni acquisition • Superior service to 96% of all continental United States zip codes. • Maintaining priority
Slide 17: Omni Logistics Segment Results by Quarter
2Q25 Results | Omni Logistics Omni Logistics Segment Results by Quarter In millions, except for margin Segment Revenue1 Reported EBITDA2 & Reported EBITDA Margin %2 $335 $328 $326 $323 $312 $32 $30 $27 $26 $20 6.4% 8.0% 9.8% 7.9% 9.0% 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 1. Segment tota
Slide 18: Intermodal Segment Results by Quarter
2Q25 Results | Intermodal Intermodal Segment Results by Quarter In millions, except for margin Segment Revenue1 Reported EBITDA2 & Reported EBITDA Margin %2 $62 $60 $59 $59 $57 $10 $10 $10 $9 $9 16.9% 15.1% 17.5% 16.4% 15.1% 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 1. Segment totals do not
Slide 19: Liquidity, Leverage and Cash Flow
Earnings Presentation Liquidity, Leverage and Cash Flow 19
Slide 20: Resilient cash generation despite freight recession
Liquidity, Leverage and Cash Flow Resilient cash generation despite freight recession In millions Operating Cash Flow & Unlevered Free Cash Flow1 +$40M year-over-year 2Q24 3Q24 4Q24 1Q25 2Q25 1H25 Change in Unrestricted Cash ($67) $52 ($32) $11 ($21) ($10) (+) Debt Service 46 27 64 25 59 84 $81 (-)
Slide 21: 1H25 Cash Bridge
Liquidity, Leverage and Cash Flow 1H25 Cash Bridge In millions Change in Unrestricted Cash $52 $46 • Operating cash flow1 of $98M in 1H25. ($25) $116 $105 ($9) ($59) $95 • Debt service of $84M in 1H25, including $34M ($14) of semi-annual coupon on SSN in 2Q25. • Unrestricted cash balance decreased $
Slide 22: Liquidity and Leverage
Liquidity, Leverage and Cash Flow Liquidity and Leverage In millions Liquidity5 Net Leverage1 $445 $460 $382 $393 $368 6.75x Gross Cash* $105 $138 $105 $117 $95 $15 * $17 * $2 5.2x 5.4x 5.5x 5.3x 5.7x $20 $15 $122 * $19 * <$1 * $16 $68 <$1 <$1 $86 $101 $79 2Q24 3Q24 4Q24 1Q25 2Q25 Net Leverage Ratio
Slide 23: No debt maturities over the next 5 years
Liquidity, Leverage and Cash Flow No debt maturities over the next 5 years In millions Debt maturities by year $1,045 $725 No Long-Term Debt Maturities Until December 2030 $300 2025 2026 2027 2028 2029 2030 2031 (Jan) (Dec) (Oct) Revolving Credit Facility First Lien Term Loan Senior Secured Notes 1.
Slide 24: Investment Rationale
Earnings Presentation Investment Rationale 24
Slide 25: Laying the foundation for future profitable growth
Investment Rationale Laying the foundation for future profitable growth Strong brand, customer value Robust North American LTL network with international logistics capabilities proposition and loyalty Superior service with consistently low claims ratio of 0.1%1 Differentiated and diversified Highly
Slide 26: Meaningful upside as we close margin gap with peers
Investment Rationale Meaningful upside as we close margin gap with peers Forward Consolidated Less-than-Truckload 3PL / Freight Forwarders Truckload / Intermodal 32.2% LTM 1Q25 Peers versus FWRD by segment 20.2% 17.9% Average3 16.5% 15.4% 14.6% 13.5% 13.0% 12.1% Average3 11.2% 11.1% 9.7% 10.4% 8.1%
Slide 27: Closing Summary
Earnings Presentation Closing Summary 01 Delivering exceptional service, performance, and partnership 02 Continued pricing and margin improvement in Expedited Freight 03 Steady performance from Omni Logistics and Intermodal 04 Resilient operating cash flow generation despite freight recession 05 Qua
Slide 28: Appendix
Earnings Presentation Appendix 28
Slide 29: Net Income to Adjusted and Consolidated EBITDA Reconciliation
Appendix Net Income to Adjusted and Consolidated EBITDA In millions, except for LTM Net Leverage Reconciliation LTM Adjusted & Consolidated EBITDA Reconciliation 2Q24 3Q24 4Q24 1Q25 2Q25 (6/30/2025) Net (loss) income from continuing operations ($966) ($34) ($35) ($61) ($20) ($151) Interest expense 4
Slide 30: Segment Performance – Expedited Freight
Appendix Segment Performance – Expedited Freight In millions, except for margin 1,2 Expedited Freight 2Q24 3Q24 4Q24 1Q25 2Q25 LTM 1Q25 LTM 2Q25 Operating revenue $291 $285 $266 $249 $258 $1,091 $1,058 Operating expenses Purchased transportation 143 140 136 121 124 539 521 Salaries, wages, and emplo
Slide 31: Segment Performance – Omni Logistics
Appendix Segment Performance – Omni Logistics In millions, except for margin 1,2 Omni Logistics 2Q24 3Q24 4Q24 1Q25 2Q25 LTM 1Q25 LTM 2Q25 Operating revenue $312 $335 $326 $323 $328 $1,295 $1,312 Operating expenses Purchased transportation 179 195 183 186 185 742 749 Salaries, wages, and employee be
Slide 32: Segment Performance – Intermodal
Appendix Segment Performance – Intermodal In millions, except for margin 1,2 Intermodal 2Q24 3Q24 4Q24 1Q25 2Q25 LTM 1Q25 LTM 2Q25 Operating revenue $59 $57 $60 $62 $59 $239 $239 Operating expenses Purchased transportation 19 18 19 20 20 77 77 Salaries, wages, and employee benefits 15 15 14 16 15 60
Slide 33: Consolidated LTM Financials by Quarter
Appendix Consolidated LTM Financials by Quarter In millions, except for margin Consolidated1 LTM 2Q24 LTM 3Q24 LTM 4Q24 LTM 1Q25 LTM 2Q25 Operating revenue $1,865 $2,180 $2,474 $2,546 $2,521 Operating expenses Purchased transportation 898 1,081 1,251 1,278 1,260 Salaries, wages, and employee benefit
Slide 34: Expedited Freight Segment Operating Metrics
Appendix Expedited Freight Segment Operating Metrics In thousands In pounds Shipments per Day1 Weight per Shipment Revenue per Shipment, excluding fuel1,2 858 856 $207 $208 $209 13.3 13.4 13.6 840 843 $203 12.9 13 821 827 821 $199 $200 $200 12.2 815 $195 11.5 11.5 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
Slide 35: Forward Air Corporation (NASDAQ: FWRD) IR Contact
Forward Air Corporation (NASDAQ: FWRD) IR Contact | Tony Carreño investorrelations@forwardair.com https://ir.forwardaircorp.com