Slide 1: Forward Air Corporation Earnings Presentation 4Q25
Forward Air Corporation Earnings Presentation 4Q25 February 23, 2026
Slide 2: Statements & Disclaimers
Earnings Presentation Statements & Disclaimers Forward Looking Statements more limited liquidity than expected which limits our ability to make key investments, the creditworthiness of our customers and their ability to pay for services rendered, our inability to maintain our historical growth rate
Slide 3: Agenda
Earnings Presentation Agenda 01 Combined Overview 02 4Q25 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 FY25 $2.5B $307M 6K+ 2K+ FY 2025 Revenue FY 2025 CEBITDA1 Total Employees Freight Handlers2 3.7M+ 0.1% 230+ 21 Total Shipments3 Claims Ratio4 Global Facilities Countries 1. Consolidated EBITDA (“CEBITDA”). Reconciliation of Non-GAAP financial measures
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 FY25 ~ 63% ~ 13% ~ 9% ~ 15% of revenue of revenue of revenue of revenue Ground Transportation Air & Ocean Customs Intermodal Drayage Contract Logistics • Expedited Less Than Truckload (LTL) • Next Flight Out /Ti
Slide 8: Differentiated and diversified solutions
Combined Overview Differentiated and diversified solutions All figures for FY25 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 FY25 FY25 Revenue % by Customer Region1 ~8% <1% ~2% • ~10% of revenue generated outside of the United States.1 United States Americas (ex U.S.) • 230+ global facilities in 21 countries. APAC • No single customer represents more than 10% of
Slide 10: 4Q25 Results
Earnings Presentation 4Q25 Results 10
Slide 11: 4Q25 Highlights
4Q25 Results 4Q25 Highlights In millions, except for LTM Net Leverage 4Q25 $631 ($3) $77 $367 5.5x Revenue Operating Loss Consolidated EBITDA1 Liquidity LTM Net Leverage2 12.2% Margin 1. Reconciliation of Non-GAAP financial measures available in the Appendix. 2. Calculated pursuant to Senior Secured
Slide 12: Consolidated Results by Quarter
4Q25 Results | Consolidated Consolidated Results by Quarter In millions, except for margin Revenue Consolidated EBITDA1 & Consolidated EBITDA Margin %1 $633 $632 $631 $619 $78 $79 $77 $613 $72 $73 2 2 2 $77 $78 $72 2 2 2 2 2 11.4% 11.9% 2 12.6% 2 12.5% 2 12.2% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25
Slide 13: Expedited Freight Segment Results by Quarter
4Q25 Results | Expedited Freight Expedited Freight Segment Results by Quarter In millions, except for margin Segment Revenue1 Reported EBITDA2 & Reported EBITDA Margin2 $266 $258 $259 $30 $249 $247 $30 $26 $25 $18 6.6% 10.4% 11.6% 11.5% 10.1% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 1. Segm
Slide 14: Expedited Freight Segment: Year over year pricing and margin improvement
4Q25 Results | Expedited Freight Expedited Freight Segment: Year over year pricing and margin improvement Revenue per CWT, ex fuel1,2 & Revenue per Shipment, ex fuel1,2 & Reported EBITDA Margin3 Reported EBITDA Margin3 +2.4% +1.2% • Corrective pricing action implemented in 4Q24. $209 $210 $24.98 $20
Slide 15: Expedited Freight Segment Financial Results
4Q25 Results | Expedited Freight Expedited Freight Segment Financial Results 11.1 9,355 $206 LTL Shipments LTL Tonnage LTL Revenue per Workday1 per Workday1 per Shipment ex-fuel In millions, except for margin 4Q 2025 4Q 2024 Change Revenue $247 $266 (7.1%) Operating Income $15 $7 110.1% Operating Ra
Slide 16: Expedited Freight Segment: Continued superior service following acquisition
4Q25 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
4Q25 Results | Omni Logistics Omni Logistics Segment Results by Quarter In millions, except for margin Segment Revenue1 Reported EBITDA2 & Reported EBITDA Margin %2 $360 $36 $340 $33 $326 $323 $328 $32 $30 $26 9.8% 7.9% 9.0% 9.6% 10.0% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 1. Segment tot
Slide 18: Omni Segment Financial Results
4Q25 Results | Omni Logistics Omni Segment Financial Results In millions, except for margin 4Q 2025 4Q 2024 Change Revenue $360 $326 10.5% Operating Income $10 $91 4.2% Operating Ratio 97.3% 97.1%1 (0.2%) Reported EBITDA $36 $321 12.0% Reported EBITDA Margin 10.0% 9.8%1 0.1% 1. Operating Income, Ope
Slide 19: Intermodal Segment Results by Quarter
4Q25 Results | Intermodal Intermodal Segment Results by Quarter In millions, except for margin Segment Revenue1 Reported EBITDA2 & Reported EBITDA Margin %2 $62 $60 $59 $10 $58 $10 $9 $8 $51 $7 17.5% 16.4% 15.1% 14.5% 14.2% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 1. Segment totals do not i
Slide 20: Intermodal Segment Financial Results
4Q25 Results | Intermodal Intermodal Segment Financial Results 57,953 $790 Drayage Drayage Revenue Shipments per Shipment 4Q 2025 4Q 2024 Change Revenue $51 $60 (15.5%) Operating Income $3 $6 (51.7%) Operating Ratio 94.3% 90.1% (4.2%) Reported EBITDA $7 $10 (31.2%) Reported EBITDA Margin 14.2% 17.5%
Slide 21: Liquidity, Leverage and Cash Flow
Earnings Presentation Liquidity, Leverage and Cash Flow 21
Slide 22: Resilient cash generation despite freight recession
Liquidity, Leverage and Cash Flow Resilient cash generation despite freight recession In millions Operating Cash Flow1 4Q24 1Q25 2Q25 3Q25 4Q25 Change in Unrestricted Cash ($32) $11 ($21) $45 ($34) (+) Debt Service 64 25 59 24 58 (+) Term Loan Paydown 0 0 0 0 0 (-) LC Release (2) 0 0 0 0 $79 Unlever
Slide 23: 4Q25 & FY25 Cash Bridge
Liquidity, Leverage and Cash Flow 4Q25 & FY25 Cash Bridge • Operating cash flow1 of $32M in 4Q25. $32 $209 $140 • Operating cash flow1 of $209M for full year $106 2025. ($58) ($8) $105 ($166) $106 ($41) • Unrestricted cash balance remained strong with $106M at end of 2025 compared to $105M at the be
Slide 24: Liquidity and Leverage
Liquidity, Leverage and Cash Flow Liquidity and Leverage In millions Liquidity5 Net Leverage1 $382 $393 $368 $413 $367 6.50x Gross Cash* $105 $117 $95 $140 $106 $17 * $19 * $15 5.5x 5.3x 5.7x 5.5x 5.5x <$1 $16 $15 $0 <$1* * $86 $101 $123 * $79 $91 4Q24 1Q25 2Q25 3Q25 4Q25 Net Leverage Ratio1 Require
Slide 25: No debt maturities over the next 4 years
Liquidity, Leverage and Cash Flow No debt maturities over the next 4 years In millions Debt maturities by year $1,045 $725 No Long-Term Debt Maturities Until December 2030 $300 2026 2027 2028 2029 2030 2031 (Jan) (Dec) (Oct) Revolving Credit Facility First Lien Term Loan Senior Secured Notes 1. Cred
Slide 26: Investment Rationale
Earnings Presentation Investment Rationale 26
Slide 27: 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 28: 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 31.4% LTM 3Q25 Peers versus FWRD by segment 23.2% 23.9% 20.00% 19.5% Average3 17.3% 15.9% 14.5% 14.1% 14.3% Average3 11.9% 10.0% 10.4% 10.
Slide 29: Closing Summary
Earnings Presentation Closing Summary 01 Delivering exceptional service, performance, and partnership Omni Logistics reported another strong quarter with best results since 02 the acquisition Expedited Freight segment’s fourth quarter results improved significantly 03 year over year 04 Maintained so
Slide 30: Appendix
Earnings Presentation Appendix 30
Slide 31: Net Income to Adjusted and Consolidated EBITDA Reconciliation
Appendix Net Income to Adjusted and Consolidated EBITDA In millions, except for margin Reconciliation LTM LTM Adjusted & Consolidated EBITDA Reconciliation 4Q24 1Q25 2Q25 3Q25 4Q25 (12/31/2024) (12/31/2025) Net (loss) income from continuing operations ($35) ($61) ($20) ($24) ($36) ($1,125) ($142) In
Slide 32: Segment Performance – Expedited Freight
Appendix Segment Performance – Expedited Freight In millions, except for margin Expedited Freight1,2 4Q24 1Q25 2Q25 3Q25 4Q25 LTM 4Q24 LTM 4Q25 Operating revenue $266 $249 $258 $259 $247 $1,115 $1,013 Operating expenses Purchased transportation 136 121 124 125 122 546 492 Salaries, wages, and employ
Slide 33: Segment Performance – Omni Logistics
Appendix Segment Performance – Omni Logistics In millions, except for margin Omni Logistics1,2 4Q24 1Q25 2Q25 3Q25 4Q25 LTM 4Q24 LTM 4Q25 Operating revenue $326 $323 $328 $340 $360 $1,197 $1,351 Operating expenses Purchased transportation 183 186 185 196 208 701 775 Salaries, wages, and employee ben
Slide 34: Segment Performance – Intermodal
Appendix Segment Performance – Intermodal In millions, except for margin Intermodal1,2 4Q24 1Q25 2Q25 3Q25 4Q25 LTM 4Q24 LTM 4Q25 Operating revenue $60 $62 $59 $58 $51 $233 $231 Operating expenses Purchased transportation 19 20 20 19 17 74 77 Salaries, wages, and employee benefits 14 16 15 14 12 59
Slide 35: Consolidated LTM Financials by Quarter
Appendix Consolidated LTM Financials by Quarter In millions, except for margin Consolidated1 LTM 4Q24 LTM 1Q25 LTM 2Q25 LTM 3Q25 LTM 4Q25 Operating revenue $2,474 $2,546 $2,521 $2,497 $2,495 Operating expenses Purchased transportation 1,251 1,278 1,260 1,243 1,244 Salaries, wages, and employee benef
Slide 36: 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 fuel1,2 858 856 846 $207 $208 $209 $210 $206 13.6 840 843 841 $203 12.9 13.0 827 821 $200 $200 12.2 11.5 11.5 11.4 11.1 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q2
Slide 37: Forward Air Corporation (NASDAQ: FWRD) IR Contact
Forward Air Corporation (NASDAQ: FWRD) IR Contact | Tony Carreño investorrelations@forwardair.com https://ir.forwardaircorp.com