Marten Transport, Ltd. · NASDAQ:MRTN
Marten Transport — Q1 2026 Earnings Presentation
25 slides from Marten Transport's earnings presentation, Apr 1, 2026
Slide 1: Q1 2026 Operating & Financial Results
MARTEN TRANSPORT, LTD. Q1 2026 OPERATING & FINANCIAL RESULTS
Slide 2: Diversity of Services
Diversity of Services Marten Transport is a multifaceted business offering a network of refrigerated and dry truck-based transportation and distribution capabilities across our distinct business platforms TRUCKLOAD DEDICATED BROKERAGE MEXICO 52% of Revenue 31% of Revenue 17% of Revenue Door-to-door
Slide 3: Our Mission
Our Mission At Marten Transport, our mission is to be an international leader in transportation and logistics. Through the development of our people, innovation and commitment to excellence, we will exceed our customers' expectations and provide superior returns to our stockholders. We are committed
Slide 4: Q1 2026 Summary and Outlook
Q1 2026 Summary and Outlook Our people drove sequential increases in our revenue per tractor within our truckload and dedicated operations each of the last two quarters. This impact on our earnings was more than offset by the prolonged severe winter storms and the sharp spike in diesel prices in the
Slide 5: Operating Results
Operating Results Pre-Recession Multifaceted Marten’s Operating Results Business Model Continued Focus • 2018-2022 Set the then- • Value is highlighted by • Minimizing market impact current record for highest operating results for on operations annual operating revenue dedicated and brokerage • Capi
Slide 6: Offsetting Rate Pressure
Offsetting Rate Pressure Our continued efficiency improvements have lessened the impact of the significant decrease in our freight rates and revenue per tractor since Q4 '22 Truckload Rate per Total Mile, Utilization & Revenue per Tractor • Freight rates and revenue per tractor have declined signifi
Slide 7: Operational Footprint
Operational Footprint Regional in Structure National in Scope International in Reach Wilsonville, OR Mondovi, WI Carlisle, PA Zionsville, IN Jurupa Valley, CA Transformation is a Edwardsville, KS Colonial Heights, VA process, not an event. - John P. Kotter, Leading Change Memphis, TN Phoenix, AZ Ota
Slide 8: Dedicated Operations
Dedicated Operations Our dedicated operations significantly contributed to our total operating income in 2024 through Q1 ’26 Dedicated Operating Revenue Dedicated Operating Income (excluding fuel surcharges) In thousands In millions % increases are from ’14 to ’26 for Q1 and from ‘14 to ‘25 for Q2-Q
Slide 9: Brokerage Operations
Brokerage Operations Our brokerage operations significantly contributed to our total operating income in 2024 through Q1 ’26 Brokerage Operating Revenue Brokerage Operating Income In millions In thousands % increases are from ’14 to ’26 for Q1 and from ‘14 to ‘25 for Q2-Q4 $220 $7,000 $200 345% 132%
Slide 10: Brokerage Load Growth
Brokerage Load Growth Since 2022 we have focused on increasing our volume of non-dedicated and dry customer brokerage loads to minimize the impact of a number of dedicated customers shifting brokerage loads due to the freight market recession 9
Slide 11: MRTN de Mexico Operations
MRTN de Mexico Operations • We are optimistic that stricter standards MRTN de Mexico Dry TL & Brokerage Revenue (excluding fuel surcharges) for non-domiciled commercial driver’s In thousands licenses and increased enforcement of the $3,100 English Language Proficiency and B-1 visa $2,600 regulations
Slide 12: Investing in Growth & Safety
Investing in Growth & Safety Investments For a Safe Future 17% 30% • Added Equipment Safety Tractor Cost Increase • Collision Avoidance 2026 vs. 2021 • Blind Spot Detection • Lane Departure Alerts Reefer Trailer Cost Increase • Side Camera Visibility 2026 vs. 2021 • Platform Science • Smart Drive Ne
Slide 13: Solar Advantage
Solar Advantage Our first solar project was completed in 2018. Since then, we’ve completed 18 additional solar installations at Marten facilities across our national network. Today, every tractor and refrigeration unit is equipped with solar power. 3 million kWh + of generation and offset each year
Slide 14: Steadfast Commitment
Steadfast Commitment Let’s Talk Green Our journey spans from innovative solutions to sustainable milestones, ensuring a greener future in every mile DECADES OF SUSTAINABLE PROGRESS Equipment Modernization Initiatives Temp-Controlled Efficiency Initiatives Solar Energy across Facilities and Fleet 13
Slide 15: Platform Science
Platform Science Platform Science is the in-cab technology platform that supports safe driving, regulatory compliance and real-time visibility across our fleet How it supports safety: All Fleet Apps in ONE Place on ONE Device Safer for drivers Compliance Assists in compliance with state and federal
Slide 16: SmartDrive System
SmartDrive System SmartDrive is our video-based safety system that helps prevent accidents through early risk detection, driver coaching and continuous improvement How it supports safety: Camera Technology Forward-facing camera technology focused on driver behavior Coaching & Corrective Action Smart
Slide 17: Side Camera Program
Side Camera Program A recent technology enhancement, side camera systems provide full visibility around the vehicle—including blind spots—supporting safer maneuvers and reducing accident risk and liability exposure How it supports safety: Eliminates blind spots Improves lane changes and merging Redu
Slide 18: Operating Revenue
Operating Revenue Operating Revenue 12 (excluding fuel surcharges) In millions th $1,100 2022 12th straight year of highest operating revenue $1,000 (excluding fuel surcharges) 223 $900 $800 2023 shipper codes increased by 223 with 107 $700 new customers to Marten $600 $500 224 2024 shipper codes in
Slide 19: Operating Income
Operating Income Between 2018 and 2022, we generated our highest operating income in our history each year Operating Income In millions $150 $140 $130 $120 $110 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Q1 Q1 '25 '26 18
Slide 20: Operating Ratio, net of Fuel Surcharges
Operating Ratio, net of Fuel Surcharges From 2020 through 2022, we achieved our then-best ratio for any year since becoming public in 1986 Operating Ratio Net of Fuel Surcharges 100% 99% 98% 97% 96% 95% 94% 93% 92% 91% 90% 89% 88% 87% 86% 85% 84% 83% 82% 81% 80% '09 '10 '11 '12 '13 '14 '15 '16 '17 '
Slide 21: Diluted EPS
Diluted EPS (1) $1.40 $1.30 $1.20 $1.10 NO DEBT $1.00 • We have not had any debt since 2017 $0.90 $0.80 $0.70 DIVIDEND $0.60 • Current $0.06 per share -- approx. 1.7% yield $0.50 • 63 consecutive quarterly payments since (2) $0.40 initiated in 2010 $0.30 $0.20 • $276.1 million paid, including $134.9
Slide 22: Industry Recognition
Industry Recognition EXCELLENCE isn't just a goal it's a standard We are proud to be certified by the Truckload Carriers Association (TCA) as a 2025 & 2026 TCA Elite Fleet – Best Place to Drive, recognizing carriers that deliver exceptional driver environments, competitive pay and innovative driver-
Slide 23: Culture for Excellence
Culture for Excellence Invested in our PEOPLE, Marten is dedicated to employee development and promoting from within Marten’s nationwide operational network, proprietary information systems and disciplined culture deliver reliable operating performance for our CUSTOMERS Marten cultivates INNOVATIVE
Slide 24: Resilient Outlook
Resilient Outlook We are seeing increased customer interest in securing dedicated and truckload capacity. Our brokerage division has effectively capitalized on opportunities within the dry van market, contributing to overall volume growth and positioning us to continue doing so. We believe that the
Slide 25: Thank You
THANK YOU THANK YOU THANK YOU This presentation and discussion contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “intends,” “estimates,” or similar expressions are intended to identify these forward