Slide 1: Forward Air Corporation Earnings Presentation 1Q26
Forward Air Corporation Earnings Presentation 1Q26 May 7, 2026
Slide 2: Statements & Disclaimers
Earnings Presentation Statements & Disclaimers Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private factors, including the imposition of additional tariffs, potential escalation from trading partners,
Slide 3: Agenda
Earnings Presentation Agenda 01 Combined Overview 02 1Q26 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: 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 States1 United States Americas (ex U.S.) • 230+ global facilities in 21 countries APAC • No single customer represents more than 10% of re
Slide 9: 1Q26 Results
Earnings Presentation 1Q26 Results 9
Slide 10: 1Q26 Highlights
1Q26 Results 1Q26 Highlights In millions, except for LTM Net Leverage 1Q26 $582 $20 $70 $402 5.4x Revenue Operating Income Consolidated EBITDA1 Liquidity LTM Net Leverage2 12.1% Margin 1. Reconciliation of Non-GAAP financial measures available in the Appendix. 2. Calculated pursuant to Senior Secure
Slide 11: Consolidated Results by Quarter
1Q26 Results | Consolidated Consolidated Results by Quarter In millions, except for margin Revenue Consolidated EBITDA1 & Consolidated EBITDA Margin %1 $632 $631 $619 $78 $79 $77 $613 $73 $70 $582 2 2 2 2 2 11.9% 12.6% 2 12.5% 2 12.2% 2 12.1% 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1. Reco
Slide 12: Expedited Freight Segment Results by Quarter
1Q26 Results | Expedited Freight Expedited Freight Segment Results by Quarter In millions, except for margin Segment Revenue1 Reported EBITDA2 & Reported EBITDA Margin2 $273 $258 $259 $30 $30 $249 $247 $28 $26 $25 10.4% 11.6% 11.5% 10.1% 10.4% 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1. Seg
Slide 13: Expedited Freight Segment: Year over year pricing and margin
1Q26 Results | Expedited Freight Expedited Freight Segment: Year over year pricing and margin Revenue per CWT, ex fuel1,2 & Revenue per Shipment, ex fuel1,2 & Reported EBITDA Margin3 Reported EBITDA Margin3 +2.1% -1.1% • In 1Q26, lapped the pricing action completed in 1Q25 $212 $24.98 $209 $210 $208
Slide 14: Expedited Freight Segment Financial Results
1Q26 Results | Expedited Freight Expedited Freight Segment Financial Results 11.0 9,499 $212 LTL Shipments LTL Tonnage LTL Revenue per Workday1 per Workday1 per Shipment ex-fuel In millions, except for margin 1Q 2026 1Q 2025 Change Revenue $273 $249 9.4% Operating Income $20 $16 28.2% Operating Rati
Slide 15: Expedited Freight Segment: Continued superior service
1Q26 Results | Expedited Freight Expedited Freight Segment: Continued superior service Expedited Freight Segment Claims Ratio1 • Industry-leading claims ratio of ~0.1% • Superior service to 96% of all continental United States zip codes • Maintaining priority focus on customer service during integra
Slide 16: Omni Logistics Segment Results by Quarter
1Q26 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 $323 $328 $30 $302 $26 $25 7.9% 9.0% 9.6% 10.0% 8.3% 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1. Segment tot
Slide 17: Omni Segment Financial Results
1Q26 Results | Omni Logistics Omni Segment Financial Results In millions, except for margin 1Q 2026 1Q 2025 Change Revenue $302 $323 (6.5%) Operating Income $1 $3 NM Operating Ratio 99.8% 99.0% (0.8%) Reported EBITDA $25 $26 (1.5%) Reported EBITDA Margin 8.3% 7.9% 0.4% 17
Slide 18: Intermodal Segment Results by Quarter
1Q26 Results | Intermodal Intermodal Segment Results by Quarter In millions, except for margin Segment Revenue1 Reported EBITDA2 & Reported EBITDA Margin %2 $62 $59 $58 $10 $9 $53 $8 $51 $7 $5 16.4% 15.1% 14.5% 14.2% 10.1% 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1. Segment totals do not in
Slide 19: Intermodal Segment Financial Results
1Q26 Results | Intermodal Intermodal Segment Financial Results 51,476 $876 Drayage Drayage Revenue Shipments per Shipment 1Q 2026 1Q 2025 Change Revenue $53 $62 (15.0%) Operating Income $1 $6 (77.9%) Operating Ratio 97.7% 91.1% (6.6%) Reported EBITDA $5 $10 (47.6%) Reported EBITDA Margin 10.1% 16.4%
Slide 20: Liquidity, Leverage and Cash Flow
Earnings Presentation Liquidity, Leverage and Cash Flow 20
Slide 21: Resilient cash generation despite freight recession
Liquidity, Leverage and Cash Flow Resilient cash generation despite freight recession In millions Operating Cash Flow1 1Q25 2Q25 3Q25 4Q25 1Q26 Change in Unrestricted Cash $11 ($21) $45 ($34) $35 (+) Debt Service 25 59 24 58 23 (+) Term Loan Paydown 0 0 0 0 0 (-) LC Release 0 0 0 0 0 2 $79 Unlevered
Slide 22: 1Q26 Cash Bridge
Liquidity, Leverage and Cash Flow 1Q26 Cash Bridge In millions Change in Unrestricted Cash $58 $141 ($23) • Operating cash flow1, 2 of $58M in 1Q26 $106 compared to $37M in 1Q25 • Unrestricted cash balance increased $35M from 4Q25 to 1Q26 12/31 Unrestricted Cash 3/31 Unrestricted Cash Operating Cash
Slide 23: Liquidity and Leverage
Liquidity, Leverage and Cash Flow Liquidity and Leverage In millions Liquidity5 Net Leverage1 $393 $368 $413 $367 $402 6.25x Gross Cash* $117 $95 $140 $106 $141 * $17 $26 * * $15 5.2x 5.5x 5.4x 5.5x 5.4x <$1* $16 * $15 <$1 <$1 $101 $123 $79 $91 $115 1Q25 2Q25 3Q25 4Q25 1Q26 Net Leverage Ratio1 Requi
Slide 24: 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 25: Investment Rationale
Earnings Presentation Investment Rationale 25
Slide 26: 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 27: 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 4Q25 Peers versus FWRD by segment 23.4% 19.7% 13.1% Average3 18.6% Average3 15.1% 14.1% 14.3% 13.6% 13.3% 11.2% 10.9% 10.4% 5.2%
Slide 28: Closing Summary
Earnings Presentation Closing Summary 01 Recognized for delivering award winning service Expedited Freight segment’s first quarter Reported EBITDA results 02 improved year-over-year and sequentially Omni Logistics segment improved Reported EBITDA margin year-over- 03 year 04 Liquidity remains strong
Slide 29: Appendix
Earnings Presentation Appendix 29
Slide 30: Net Income to Adjusted and Consolidated EBITDA Reconciliation
Appendix Net Income to Adjusted and Consolidated EBITDA In millions, except for margin Reconciliation LTM Adjusted & Consolidated EBITDA Reconciliation 1Q25 2Q25 3Q25 4Q25 1Q26 (3/31/2026) Net (loss) income from continuing operations ($61) ($20) ($24) ($36) ($40) ($121) Interest expense 46 45 45 45
Slide 31: Segment Performance – Expedited Freight
Appendix Segment Performance – Expedited Freight In millions, except for margin Expedited Freight1,2 1Q25 2Q25 3Q25 4Q25 1Q26 LTM 1Q26 Operating revenue $249 $258 $259 $247 $273 $1,036 Operating expenses Purchased transportation 121 124 125 122 142 513 Salaries, wages, and employee benefits 53 54 54
Slide 32: Segment Performance – Omni Logistics
Appendix Segment Performance – Omni Logistics In millions, except for margin Omni Logistics1,2 1Q25 2Q25 3Q25 4Q25 1Q26 LTM 1Q26 Operating revenue $323 $328 $340 $360 $302 $1,330 Operating expenses Purchased transportation 186 185 196 208 169 758 Salaries, wages, and employee benefits 57 62 58 55 53
Slide 33: Segment Performance – Intermodal
Appendix Segment Performance – Intermodal In millions, except for margin Intermodal1,2 1Q25 2Q25 3Q25 4Q25 1Q26 LTM 1Q26 Operating revenue $62 $59 $58 $51 $53 $221 Operating expenses Purchased transportation 20 20 19 17 19 76 Salaries, wages, and employee benefits 16 15 14 12 14 55 Operating leases
Slide 34: Consolidated LTM Financials by Quarter
Appendix Consolidated LTM Financials by Quarter In millions, except for margin Consolidated1 LTM 1Q25 LTM 2Q25 LTM 3Q25 LTM 4Q25 LTM 1Q26 Operating revenue $2,546 $2,521 $2,497 $2,495 $2,464 Operating expenses Purchased transportation 1,278 1,260 1,243 1,244 1,224 Salaries, wages, and employee benef
Slide 35: 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 fuel1,2 867 $212 858 856 846 $207 $208 $209 $210 $206 13.6 840 843 841 $203 13.0 821 $200 12.2 11.5 11.5 11.4 11.1 11.0 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q2
Slide 36: Forward Air Corporation IR Contact
Forward Air Corporation (NASDAQ: FWRD) IR Contact | Tony Carreño investorrelations@forwardair.com https://ir.forwardaircorp.com