Penske Automotive Group, Inc. · NYSE:PAG
Penske Automotive — Q4 2025 Earnings Presentation
33 slides from Penske Automotive's earnings presentation, Feb 11, 2026
Slide 1: 4Q and 12M 2025 Financial Results
4Q and 12M 2025 FINANCIAL RESULTS February 2026
Slide 2: Forward-Looking Statement Disclaimer
FORWARD-LOOKING STATEMENT DISCLAIMER Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, acquisition activity, future plans, and future revenues. Actual results ma
Slide 3: Why PAG?
WHY PAG? 365 Diversified 504,753* automotive franchised Transportation new & used units delivered locations Services Company (includes commercial trucks) 45 Resilient over 27,700 Commercial retail truck employees worldwide locations Business model 15 Recurring 4 8 used vehicle centers continents cou
Slide 4: Capital Allocation
CAPITAL ALLOCATION (USD in Millions) (As of December 31 for each applicable year) 2023 2024 2025 $786 $386 $378 $382 $385 $344 $325 $274 $215 $189 $182 $78 PAG Stock Capital PAG Share Acquisitions Dividends Expenditures Repurchases PENSKE AUTOMOTIVE GROUP / 4
Slide 5: Key Highlights
KEY HIGHLIGHTS OPERATIONS CAPITAL ALLOCATION Completed acquisitions of two Toyota, two Lexus and one Repaid $550 million of 3.5% senior subordinated notes Ferrari dealership representing $1.6 billion in estimated due September 1, 2025 at scheduled maturity annualized revenue Through December 3
Slide 6: PAG Performance Summary
PAG PERFORMANCE SUMMARY (For the three months and twelve months ended December 31) Q4 Total Revenue Q4 Net Income Attributable to Q4 Income Per Share ($ in Billions) Common Stockholders ($ in Millions) $8.1 $249 $3.73 $2.91 $7.8 $186 $192 $2.83 Q4 '24 Q4 '25 Q4 '24 Q4 '25 Q4 '25 Adj * Q4 '24 Q4 '25
Slide 7: Q4 & 12M Performance Highlights
Q4 & 12M PERFORMANCE HIGHLIGHTS ($ in Millions, except Per Share Amount) Q4 ‘25 Q4 ‘24 CHG 12M ’25 12M ‘24 CHG Revenue New/Used Retail Automotive $6,741 $7,080 (5%) $27,475 $27,566 --- Retail Commercial Truck $725 $774 (6%) $3,411 $3,521 (3%) Commercial Vehicle Distribution & Other $303 $224 +35% $9
Slide 8: Retail Automotive
RETAIL AUTOMOTIVE
Slide 9: Retail Automotive Brand Mix
RETAIL AUTOMOTIVE BRAND MIX 71% 23% 3% 3% Premium Volume Non-U.S. U.S. Used Only (For the twelve months ended December 31, 2025) (% of Total Worldwide Automotive Dealership Revenue) 25% 18% 10% 9% 8% 7% 6% 4% 3% 3% 3% 2% 2% Other Used Only PENSKE AUTOMOTIVE GROUP / 9
Slide 10: Retail Automotive Diversified Revenue Stream
RETAIL AUTOMOTIVE DIVERSIFIED REVENUE STREAM Q4 ‘25 12M ‘25 (For the three months ended December 31, 2025) (For the twelve months ended December 31, 2025) 5% 1% 5% 1% 3% 3% 18% 26% 18% 26% 13% 12% REVENUE 48% GROSS GROSS REVENUE 47% PROFIT 9% PROFIT 11% 31% 33% 46% 44% PENSKE AUTOMOTIVE GROUP / 10
Slide 11: Retail Automotive Same-Store Metrics
RETAIL AUTOMOTIVE SAME-STORE METRICS VOLUME Q4 ’25 Q4 ’24 Chg 12M ’25 12M ’24 Chg New Units* 52,282 58,943 (11%) 206,331 213,249 (3%) Used Units 52,145 54,037 (4%) 218,702 238,402 (8%) Total 104,427 112,980 (8%) 425,033 451,651 (6%) Agency Units 11,471 10,539 +9% 43,966 37,871 +16% Total Units 115,8
Slide 12: Retail Automotive Gross Profit
RETAIL AUTOMOTIVE GROSS PROFIT PER UNIT – NEW PER UNIT – USED $5,337 $2,298 $5,001 $5,071 $5,014 $2,119 $2,083 $4,642 $4,689 $1,865 $1,773 $1,770 $3,066 $1,250 // // Q4 ’19 Q3 ’24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ’25 Q4 ‘25 Q4 ’19 Q3 ’24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ’25 Q4 ‘25 PER UNIT – F & I SERVICE & PARTS $1,
Slide 13: Retail Automotive Service & Parts
RETAIL AUTOMOTIVE SERVICE & PARTS Record revenue and gross profit Q4 same-store revenue +5.1%; gross profit +4.8%; gross margin 58.0% Q4 ‘25 REVENUE CHANGE Q4 ‘25 S&P MIX 1% 5% 14% Other +7% 23% 7% Collision Customer Pay 21% Warranty Customer Pay 71% 58% +2% +2% Collision Warranty Revenue Gross
Slide 14: Retail Commercial Trucks
RETAIL COMMERCIAL TRUCKS PENSKE AUTOMOTIVE GROUP / 14
Slide 15: Premier Truck Overview
PREMIER TRUCK OVERVIEW One of the largest dealership groups for Daimler Truck North America Retail new and used Freightliner and Western Star trucks 18,950 units sold in 2025; revenue of $3.4 billion Return on sales of 5.0% 35 Full sales and service facilities 5 Stand-alone service and p
Slide 16: Retail Commercial Trucks Diversified Revenue Stream
RETAIL COMMERCIAL TRUCKS DIVERSIFIED REVENUE STREAM Q4 ‘25 12M ‘25 (For the three months ended December 31, 2025) (For the twelve months ended December 31, 2025) 1% 2% 1% 2% 1% 2% 1% 3% 21% 24% 29% 1% 26% REVENUE GROSS GROSS PROFIT REVENUE 3% 62% PROFIT 66% 7% 6% 74% 68% PENSKE AUTOMOTIVE GROUP / 16
Slide 17: Performance Summary – Retail Commercial Truck
PERFORMANCE SUMMARY – RETAIL COMMERCIAL TRUCK (For the three months and twelve months ended December 31) Q4 Units Q4 Revenue Q4 Earnings Before Tax ($ in Millions) ($ in Millions) 4,432 $45 3,789 $774 $34 $725 Q4 '24 Q4 '25 Q4 '24 Q4 '25 Q4 '24 Q4 '25 12M Units 12M Revenue 12M Earnings Before Taxes
Slide 18: Retail Commercial Truck Key Metrics
RETAIL COMMERCIAL TRUCK KEY METRICS Same-Store Q4 ’25 Q4 ’24 Chg 12M ’25 12M ’24 Chg VOLUME METRICS New Units 3,028 3,543 (15%) 14,580 16,362 (11%) Used Units 755 888 (15%) 3,148 3,593 (12%) Total Units 3,783 4,431 (15%) 17,728 19,955 (11%) GROSS PER UNIT New $8,227 $10,187 (19%) $8,079 $9,083 (11%)
Slide 19: Australia / New Zealand
AUSTRALIA / NEW ZEALAND Construction & Industrial Agriculture
Slide 20: Australia / New Zealand
(In Millions of US $) Q4 ‘25 Q4 ‘24 CHG 12M ’25 12M ’24 CHG Revenue $303 $224 +35% $923 $778 +19% EBT $23 $11 +109% $48 $45 +7% COMMERCIAL VEHICLE/POWER SYSTEMS Exclusive importer and distributor of certain medium and heavy-duty trucks, buses and refuse collection vehicles – Western Star, MAN, Den
Slide 21: Penske Transportation Solutions
PENSKE TRANSPORTATION SOLUTIONS PENSKE AUTOMOTIVE GROUP / 21
Slide 22: Penske Transportation Solutions
PENSKE TRANSPORTATION SOLUTIONS (For the twelve months ended December 31, 2025) $2.6B $22.8B 2025 Revenue Total Assets 42,000 396.6K Employees Tractors, trucks & worldwide trailers 3,400 Locations across 4 countries PENSKE AUTOMOTIVE GROUP / 22
Slide 23: Penske Transportation Solutions (PTS)
PENSKE TRANSPORTATION SOLUTIONS (PTS) PENSKE AUTOMOTIVE GROUP / 23
Slide 24: PTS Highlights
PTS HIGHLIGHTS Managed fleet of over 396,600 trucks, tractors and trailers PAG recorded equity income from PTS investment of $48 million for the three months ended December 31, 2025 and $193 million for the twelve months ended December 31, 2025 OPERATING REVENUE Q4 Q4 12M 12M (For the twelve mon
Slide 25: 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 ) 439 435 416 396 360 327 327 2019 2020 2021 2022 2023 2024 2025 PENSKE AUTOMOTIVE GROUP / 25
Slide 26: Acquisitions
ACQUISITIONS
Slide 27: Penske Motor Group – Acquired Nov. 2025
PENSKE MOTOR GROUP – ACQUIRED NOV. 2025 Acquired dealerships retailed over 28,000 new and used units in 2024 Acquired dealerships expected to add $1.5 billion in estimated annualized revenue Longo Toyota #1 volume Toyota dealer in the U.S. for 58 consecutive years Longo Lexus #1 volume Lexus
Slide 28: Ferrari Modena - Italy
FERRARI MODENA - ITALY ITALY • Acquired in July 2025 • Estimated annualized revenue of $50 million • Ferrari home market PENSKE AUTOMOTIVE GROUP / 28
Slide 29: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS
Slide 30: 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 twelve months ended December 31, 2025 and 2024: PENSKE AUTOMOTIVE GROUP / 30
Slide 31: Leverage ratio reconciliation
THE FOLLOWING TABLE RECONCILES THE LEVERAGE RATIO AS OF DECEMBER 31, 2025, AND DECEMBER 31, 2024 PENSKE AUTOMOTIVE GROUP / 31
Slide 32: Adjusted results excluding impairments and Penske Motor Group
Our quarterly and annual results include the impact of certain impairments and other charges, as well as the full quarterly and annual results of Penske Motor Group in all periods, which is required by GAAP for common control transactions. The following tables present key adjusted financial line ite
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Penske Automotive Group — Q4 2025 Earnings Presentation on 6ix