Penske Automotive Group, Inc. · NYSE:PAG
Penske Automotive — Q3 2025 Earnings Presentation
34 slides from Penske Automotive's earnings presentation, Oct 29, 2025
Slide 1: Third Quarter 2025 Financial Results
THIRD QUARTER 2025 FINANCIAL RESULTS INVESTOR PRESENTATION October 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: Why PAG?
WHY PAG? Diversified 356 Transportation 362,800* new & used units delivered automotive franchised locations Services Company (includes commercial trucks) Resilient 45 over 28,300 Commercial retail truck locations Business model employees worldwide Recurring 15 4 8 used vehicle centers Revenue Stream
Slide 4: World Class Automotive & Truck Brands
WORLD CLASS AUTOMOTIVE & TRUCK BRANDS 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 $253 Capital Expenditures $245 $186 $249 $283 $375 $369 $227 Share Repurchases $174 $35 $294 $887 $382 $78 $142 Acquisitions $327 --- $432 $393 $215 $786 $22 (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 2.9X $1,690 $1,622 $1,629 $1,571 2.5 $1,500 $1,474 2 $1,000 1.8X 1.5 1.2X 1 $500 1.0X 1.0X 0.8X 0.8X 0.5 $- 0 2019 2020 2021 2022 2023 2024 9/30/2
Slide 7: Key Highlights
KEY HIGHLIGHTS OPERATIONS CAPITAL ALLOCATION Revenue increased 1% to $7.7 billion for the three Repaid $550 million of 3.5% senior subordinated months ended September 30, 2025 vs same period in notes due September 1, 2025 at scheduled maturity the prior year Through October 24, 2025, repurchas
Slide 8: PAG Performance Summary
PAG PERFORMANCE SUMMARY (For the three months and nine months ended September 30) Q3 Total Revenue Q3 Net Income Attributable to Q3 Income Per Share ($ in Billions) Common Stockholders ($ in Millions) $7.6 $7.7 $340 $4.61 $7.4 $263 $3.92 $6.9 $226 $213 $3.39 $3.23 Q3 '22 Q3 '23 Q3 '24 Q3 '25 Q3 '22
Slide 9: Q3 & 9M Performance Highlights
Q3 & 9M PERFORMANCE HIGHLIGHTS ($ in Millions, except Per Share Amount) Q3 ‘25 Q3 ‘24 CHG 9M ’25 9M ‘24 CHG Revenue New/Used Retail Automotive $6,570 $6,341 +4% $19,657 $19,434 +1% Retail Commercial Truck $919 $1,063 -14% $2,686 $2,747 -2% Commercial Vehicle Distribution & Other $206 $187 +10% $619
Slide 10: Retail Automotive
RETAIL AUTOMOTIVE
Slide 11: Retail Automotive Brand Mix
RETAIL AUTOMOTIVE BRAND MIX 73% 20% 3% 4% Premium Volume Non-U.S. U.S. Used Only 27% (For the nine months ended September 30, 2025) (% of Total Worldwide Automotive Dealership Revenue) 13% 10% 10% 8% 7% 7% 5% 4% 3% 3% 2% 1% Other Used Only PENSKE AUTOMOTIVE GROUP / 11
Slide 12: Retail Automotive Diversified Revenue Stream
RETAIL AUTOMOTIVE DIVERSIFIED REVENUE STREAM Q3 ‘25 9M ‘25 (For the three months ended September 30, 2025) (For the nine months ended September 30, 2025) 5% 1% 2% 3% 5% 24% 3% 25% 19% 18% 13% 12% 45% GROSS 46% GROSS REVENUE REVENUE PROFIT 11% PROFIT 11% 34% 34% 45% 44% PENSKE AUTOMOTIVE GROUP / 12
Slide 13: Retail Automotive Same-Store Metrics
RETAIL AUTOMOTIVE SAME-STORE METRICS VOLUME Q3 ’25 Q3 ’24 Chg 9M ’25 9M ’24 Chg New Units* 47,115 46,969 +0.3% 141,674 143,099 (1.0%) Used Units 53,593 55,023 (2.6%) 163,336 179,604 (9.1%) Total 100,708 101,992 (1.3%) 305,010 322,703 (5.5%) Agency Units 11,730 9,672 +21.3% 32,495 27,332 +18.9% Total
Slide 14: Retail Automotive Gross Profit
RETAIL AUTOMOTIVE GROSS PROFIT PER UNIT – NEW PER UNIT – USED $5,443 $2,326 $5,072 $5,146 $5,059 $2,149 $2,112 $4,726 $1,882 $1,797 $3,286 $1,255 // // Q4 '19 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '19 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 PER UNIT – F & I SERVICE & PARTS ($ in Millions) $1,919 $450 $45
Slide 15: Service & Parts
SERVICE & PARTS Record revenue and gross profit Q3 same-store Service & Parts revenue +4.9%; gross profit +7.5%; gross margin +140 bps to 59.1% Q3 ‘25 REVENUE CHANGE Q3 ‘25 S&P MIX 5% 7% 1% 15% Collision +5% +3% 23% Other/Internal Customer Pay Warranty 20% Warranty Customer Pay 71% 58% +7% +13%
Slide 16: Retail Commercial Trucks
RETAIL COMMERCIAL TRUCKS PENSKE AUTOMOTIVE GROUP / 16
Slide 17: Premier Truck Overview
PREMIER TRUCK OVERVIEW One of the largest dealership groups for Freightliner North America Retail new and used Freightliner and Western Star trucks 2,900 team members 35 full sales and service facilities 5 stand-alone service and parts facilities 2 stand-alone parts facilities 11 colli
Slide 18: Premier Truck Group Brands
PREMIER TRUCK GROUP BRANDS PENSKE AUTOMOTIVE GROUP / 18
Slide 19: Retail Commercial Trucks Diversified Revenue Stream
RETAIL COMMERCIAL TRUCKS DIVERSIFIED REVENUE STREAM Q3 ‘25 9M ‘25 (For the three months ended September 30, 2025) (For the nine months ended September 30, 2025) 2% 1%1% 3% 1% 1% 3% 2% 25% 25% 24% 25% REVENUE GROSS GROSS PROFIT 2% REVENUE PROFIT 4% 67% 67% 7% 6% 68% 66% PENSKE AUTOMOTIVE GROUP / 19
Slide 20: Performance Summary – Retail Commercial Truck
PERFORMANCE SUMMARY – RETAIL COMMERCIAL TRUCK (For the three months and nine months ended September 30) Q3 Units Q3 Revenue Q3 Earnings Before Tax ($ in Millions) ($ in Millions) 6,031 6,331 $1,063 $1,020 $53 $61 $57 5,556 $965 $919 $41 5,108 Q3 '22 Q3 '23 Q3 '24 Q3 '25 Q3 '22 Q3 '23 Q3 '24 Q3 '25 Q
Slide 21: Retail Commercial Truck Key Metrics
RETAIL COMMERCIAL TRUCK KEY METRICS Same-Store Q3 ’25 Q3 ’24 Chg 9M ’25 9M ’24 Chg VOLUME METRICS New Units 4,298 5,405 -21% 11,755 13,119 -10% Used Units 810 926 -13% 2,421 2,730 -11% Total Units 5,108 6,331 -19% 14,176 15,849 -11% GROSS PER UNIT New $8,075 $8,503 -5% $8,102 $8,839 -8% Used $3,354
Slide 22: Retail Commercial Truck Service & Parts
RETAIL COMMERCIAL TRUCK SERVICE & PARTS 225,000 Annual Repair Orders 838 Technicians 896 Service Bays 77 Field Service Technician 80 mobile service trucks PENSKE AUTOMOTIVE GROUP / 22
Slide 23: Australia / New Zealand
AUSTRALIA / NEW ZEALAND
Slide 24: Australia / New Zealand Commercial Vehicle/Power Systems
COMMERCIAL VEHICLE/POWER SYSTEMS Exclusive importer and distributor of certain medium and heavy-duty trucks, buses and refuse collection vehicles – Western Star, MAN, Dennis Eagle Distributor of diesel/gas engines and power systems – MTU, Detroit Diesel and Bergen engines and Allison Transmissio
Slide 25: Penske Transportation Solutions
PENSKE TRANSPORTATION SOLUTIONS
Slide 26: Penske Transportation Solutions (PTS)
PENSKE TRANSPORTATION SOLUTIONS (PTS) PENSKE AUTOMOTIVE GROUP / 26
Slide 27: PTS Highlights
PTS HIGHLIGHTS Managed fleet of over 405,000 trucks, tractors and trailers PAG recorded equity income from PTS investment of $58 million for the three months ended September 30, 2025 and $145 million for the nine months ended September 30, 2025 OPERATING REVENUE Q3 Q3 9M 9M (For the nine months
Slide 28: PTS Fleet
PTS FLEET Managed fleet consists of trucks, tractors and trailers under lease, rental and/or maintenance contracts (Units in Thousands, as of December 31, except as noted ) 439 435 416 405 360 327 327 297 271 247 231 215 205 201 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9/30/2
Slide 29: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS
Slide 30: Reconciliation of net income and EPS to adjusted
The following tables reconcile net income and earnings per share to adjusted net income and adjusted earnings per share for the nine months ended September 30, 2025 and 2024 PENSKE AUTOMOTIVE GROUP / 30
Slide 31: Reconciliation of SG&A and income before taxes
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 nine months ended September 30, 2025 and 2024 The following table reconciles net income before taxes to adjusted net inco
Slide 32: Reconciliation of net income to EBITDA
The following tables reconcile reported net income to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the three and nine months ended September 30, 2025 and 2024: nm = not meaningful PENSKE AUTOMOTIVE GROUP / 32
Slide 33: Leverage ratio reconciliation
The following table reconciles the leverage ratio as of September 30, 2025, and December 31, 2024 PENSKE AUTOMOTIVE GROUP / 33
Slide 34: Slide 34
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