Rush Enterprises, Inc. · NASDAQ:RUSHA
Rush Enterprises — Rush Enterprises Inc \tx\ — Investor Presentation (March 2026)
26 slides from Rush Enterprises's investor presentation, Mar 19, 2026
Slide 1: Rush Enterprises Investor Presentation
RUSH ENTERPRISES INVESTOR PRESENTATION March 2026 expect Pitore.
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. Itis important to note that our actual results c
Slide 3: Company Performance
COMPANY PERFORMANCE + Largest commercial vehicle dealer group in North America + Full-service solutions provider to commercial vehicle industry * 7,830 dedicated employees + $7.4B in revenue in 2025 * 36,032 trucks sold in 2025 + 2025 Class 8 market share: 5.8% U.S. and 1.4% Canada + 2025 Class 4-7
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 Increased optimism multi-year freight recession may end in 2026 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 Parts and service de
Slide 6: Liquidity and Expense Management
LIQUIDITY AND EXPENSE MANAGEMENT * Strong free cash flow; $213M in cash as of December 2025 * Continuing to invest in strategic initiatives + Renewed share repurchase program at $150M in Dec. 2025 * Quarterly cash dividend in Q4 2025 - $0.19 + Disciplined approach to expense management. + $1.6B in f
Slide 7: U.S. Retail Truck Sales Projections to 2027
7 U.S. RETAIL TRUCK SALES PROJECTIONS TO 2027 325 300 275 250 225 200 175 150 201720182019 Class 8| 197 | 256 | 281 Class 4-7| 242 | 258 | 267 Source: ACT Research Units (Thousands) 2020 2021 196 | 227 232 | 249 Class 8 2022, 2023 259 | 272 | 234 253 Class 4-7 2024 247 258 2025 213 217 2026E _ 2027E
Slide 8: Strategic Growth Initiatives
STRATEGIC GROWTH INITIATIVES + Financial goals ~ $11B in annual revenue ~ 6% retum on sales * Growth goals and opportunities ~ Grow aftermarket parts and service revenue to $3.58 — Increase U.S. Class 8 market share to 7.5% ~ Increase U.S. Class 4-7 market share to 6.5% ~ Maintain RTL retum on sales
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, Blue Arc, g
Slide 10: Rush Truck Centers Network
RUSH TRUCK CENTERS NETWORK
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 2,644 technicians in
Slide 12: An Unrivaled Portfolio of Aftermarket Solutions
AN UNRIVALED PORTFOLIO OF AFTERMARKET SOLUTIONS moat semVEE 0 (HE EGC, DATAAND TECHNOLOGY
Slide 13: Absorption Performance
ABSORPTION PERFORMANCE * Critical metric for dealership efficiency ABSORPTION RATIO‘ : 145% + Measures less cyclical gross profit compared to controllable expenses aoe ae + 129.3% in Q4 2025 130% * Strong performance despite multi-year freight recession highlights the effectiveness of strategic init
Slide 14: Quality of Earnings 2025
QUALITY OF EARNINGS 2025 Sues | REVENUE Leeafermten 61% InsurancelOther —| 9% Parts and Service ™ Lease, RentaliFinance, 64% Insurance/Other 5%
Slide 15: Rush Enterprises Annual Truck Sales
RUSH ENTERPRISES ANNUAL TRUCK SALES Units (Thousands) 50 40 30 168 175 10.7 1.1 20 F a 13 105 11.0 133 10 , wf 2021 Used 2022 Light-duty 2023 1 Medium-duty 128 2028E expect Patore.
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% Strong vocational component Large fleets consolidating Private mid-size fleets remain viable Independent owner-operator now variable component of truckload carrier 15.20% FedEx. Walma
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% Vocational and specialty markets Ready-to-Roll® inventory National fleet accounts Market tied closely to general economy 5 7 % oe amazon FedEx. @Equipmentshare iss @ Apple rucre
Slide 19: Rush Truck Leasing
RUSH TRUCK LEASING + Full-service leasing and rental + PacLease and Idealease franchises + 56 locations in 21 states and Ontario, CAN * 10,000 units in truck fleet, including cranes + 2,000 units under contract fleet maintenance * Growing need by customers for outsourced maintenance IDEALEASE ——— Mi
Slide 20: Historical Results
HISTORICAL RESULTS Revenue $5,126.1 $7,101.7 $7,925.0 $7,804.7 $7,434.2 Gross profit $1,092.3. $1,487.2 $1,593.1 $1,531.4 $1,460.7 Gross profit margin 21.3% 20.9% 20.1% 19.6% 19.6% Adjusted EBIT (1)* $3148 $5059 $45.1 SHIA 8241.3, Adjusted EBIT margin* 6.1% 71% 5.8% 5.3% 4.6% Net income S244 $3914 $
Slide 21: Adjusted Return on Invested Capital
a ADJUSTED RETURN ON INVESTED CAPITAL Total debt (GAAP) $1,082,187 $1,331,328 $1,687,482 $1,620,350 $1,315,548 ‘Adjustments: Debt related to lease and rental leet ($447,098) ($393,879) ($543,626) ($535,580) ($304,176) Floor plan notes payable ($630,731) ($933,203) ($1,199,744) ($1,081,199) ($917,955
Slide 22: Free Cash Flow
2 FREE CASH FLOW Net cash provided by (used in) operating activities Acquisition of propertyequipment Free cash flow ‘Adjustments: Draws (payments) on floor plan financing, net Acquisition of L&R Assets Non-maintenance capital expenditures Adjusted FCF* “Neo GAP franca mesure. See Append $422,346 $2
Slide 23: Appendix
2 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 Retum on Invested Capital
Slide 24: Appendix Reconciliation: Adjusted Net Income and EPS
APPENDIX RECONCILIATION Adjusted Net Income and EPS Net income $241,415 $391,382 $347,055 $304,153 $263,778 Adjustment: Gain on equity investment - ($9,788) = 2 ca Adjusted Net Income* (1) $241,415 $381,594 $347,055 $304,153 $263,778 Diluted shares outstanding EPS 86,817 85,727 84,250, 81,818 80,726
Slide 25: Appendix Reconciliation: Adjusted EBITDA and EBIT
6 APPENDIX RECONCILIATION Net Income ‘Adjusted Net Income” Provision for Income Taxes Interest expense Depreciation end amortization (Gein) Loss on sales of assets EBITOAY ‘Adjustments: Interest expense associated with oorplen notes payable ‘Adjusted EBITDA" Depreciation and amortization Adjusted EB
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Rush Enterprises Inc \tx\ — Investor Presentation (March 2026) on 6ix