Slide 1: 4Q25 and Full Year 2025 Earnings Presentation
4Q25 AND FULL YEAR 2025 EARNINGS PRESENTATION FEBRUARY 5, 2026 1
Slide 2: Disclosure Statement
DISCLOSURE STATEMENT This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and made pursuant to the safe harbor provisions of the Private Securities Lit
Slide 3: Business Overview
BUSINESS OVERVIEW DEREK LEATHERS Chairman and Chief Executive Officer
Slide 4: Werner Overview (WERN)
WERNER OVERVIEW (WERN) 6TH 70 2,352 TOTAL DRIVERS IN COMPANY YEARS IN OMAHA, NE LARGEST HISTORY WITH ONE MILLION OR MORE SAFE DRIVING BUSINESS HEADQUARTERS DEDICATED CARRIER IN U.S.3 MILES WITH WERNER 4,850 DEDICATED 4 > 86% DEDICATED CUSTOMER 2,250 ONE-WAY TRUCKLOAD 4 $2.1B 1.6% 1 1 2 2 12,031 315
Slide 5: Fourth Quarter 2025 Highlights
FOURTH QUARTER 2025 HIGHLIGHTS Disciplined pricing led to a smaller fleet size and lower Truckload Logistics volumes, 1 mitigated by higher OWT miles/truck resulting in slightly lower consolidated revenues vs. the prior year 2 Dedicated revenues increased in Q4 vs. last year, strengthened by a highe
Slide 6: DriveSM Strategy Supports 2026 Strategic Priorities
DRIVESM STRATEGY SUPPORTS 2026 STRATEGIC PRIORITIES WERNER DRIVESM BUILDING ON 5Ts AND SHAPING OUR FUTURE DRIVING GROWTH IN CORE BUSINESS • Growing Dedicated fleet size • Increasing One-Way production and rates • Expanding TTS & Logistics adjusted operating income margin DRIVING OPERATIONAL EXCELLEN
Slide 7: FirstFleet Acquisition Strengthens Our Most Profitable, Specialized Service Offering
FIRSTFLEET ACQUISITION STRENGTHENS OUR MOST PROFITABLE, SPECIALIZED SERVICE OFFERING What How the Dedicated FirstFleet Deal Impacts Attributes Brings to Werner Werner • $30B+ TAM • Added scale ✓ Adds highly qualified drivers; creates • More resilient / longer-duration, • Geographic density top 5 Ded
Slide 8: 2025 Revenues Snapshot – Pre & Post Acquisition
2025 REVENUES SNAPSHOT1 – PRE & POST ACQUISITION BY SEGMENT BY VERTICAL BY CUSTOMER Top 50 Customers Retail 66% Top 5 38% 43% Dedicated Manufacturing 26% One-Way Truckload & Industrial 13% Top 10 50% $3.0B 29% Logistics 2% Other Food & Beverage 13% Top 25 68% TOTAL REVENUES Logistics & Other 8% Top
Slide 9: 2026 Market Outlook
2026 MARKET OUTLOOK • Capacity attrition continues, forcing further closures and fleet reductions; continued regulation/enforcement on ELP, Non-Domiciled CDL’s, B1 Visas, ELD’s and CDL training schools act as supply catalysts • Consumers remain selective but resilient, with the potential for lower i
Slide 10: Financial Results
FINANCIAL RESULTS CHRIS WIKOFF Executive Vice President, Treasurer and Chief Financial Officer
Slide 11: 4Q25 and FY25 Financial Results
4Q25 AND FY25 FINANCIAL RESULTS 4Q25 2025 HIGHLIGHTS Y/Y Change Y/Y Change Revenues $738M $2,974M • Slightly lower revenues Y/Y, driven by a smaller (2)% (2)% OWT fleet and softer Logistics volumes, partially offset by a slightly higher average Dedicated fleet GAAP EPS $(0.46) $(0.24) • Dedicated av
Slide 12: Truckload Transportation Services (TTS) Results
TRUCKLOAD TRANSPORTATION SERVICES (TTS) RESULTS 4Q23 4Q24 4Q25 4Q25 vs. 4Q24 Revenues ($M) $580.1 $527.3 $512.6 (3)% Revenues, net FSC ($M)1 $495.4 $469.7 $455.2 (3)% Adjusted Operating Income ($M)1 $37.2 $14.6 $12.7 (13)% Adjusted Operating Margin1, 2 7.5% 3.1% 2.8% (30) bps Adjusted Operating Rati
Slide 13: TTS Fleet Metrics Update
TTS1 FLEET METRICS UPDATE YEAR END TTS FLEET DOWN 4.7% Y/Y AT 7,100 | TTS RPTPW2 DOWN 0.4% Y/Y TRUCKING REVENUES2 ($M) AVERAGE TRUCKS REVENUES / TRUCK / WEEK2 DEDICATED TRUCKLOAD $1,236 $1,164 $4,541 $4,593 $4,541 $4,496 $4,546 $4,548 $1,150 5,284 5,239 4,836 4,954 4,924 4,864 $309 $289 $292 4Q23 4Q
Slide 14: Werner Logistics Results
WERNER LOGISTICS RESULTS 4Q23 4Q24 4Q25 4Q25 vs. 4Q24 Revenues ($M) $227.0 $213.2 $207.5 (3)% Revenues, less purchased $33.8 $31.4 $27.8 (11)% transportation expense ($M)1 Adjusted Operating Income (loss) ($M)1 $3.0 $2.4 $1.0 (60)% Adjusted Operating Margin1 1.3% 1.1% 0.5% (60) bps Y/Y COMMENTARY (4
Slide 15: Positive Cash Flow & Strong Balance Sheet
POSITIVE CASH FLOW & STRONG BALANCE SHEET CASH FLOW ($ millions) Solid Cash Flow & Liquidity $449 $474 • Q4 operating cash flow of $62M and $182M FY25 $409 $333 $330 • Low net CapEx at $69M in Q4 and $163M for the $318 year, down $72M or 31% Y/Y $235 $193 $182 $163 • Free cash flow of $19M or 0.6% o
Slide 16: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION STRATEGIC PRIORITIES CAPEX REINVESTMENT FOR GROWTH Reinvestment for Long-Term Growth 2026 Net CapEx Priorities: • Reinvestments to maintain low-age, safe and modern trucks and trailers • Ongoing strategic reinvestment, although lower than historical ranges • Growth inv
Slide 17: Introducing 2026 Guidance
INTRODUCING 2026 GUIDANCE 2026 Guidance 2025 Actual Commentary (as of 12/31/25) (including FirstFleet) (as of 2/5/26) 2026 GUIDANCE TTS Average Truck Count (2.4)% 23% to 28% FirstFleet acquisition in January adds ~2,400 trucks. (2025) (2026) Expecting mid-single digit decrease in organic average TTS
Slide 18: 2026 Modeling Assumptions
2026 MODELING ASSUMPTIONS • Annual net interest expense expected to be $40M to $45M • Gains on sale of property and equipment stabilizes at low levels with improvement in 2H. Planning to sell more tractors and trailers, resulting in full year equipment gains of $8M to $18M • No change to business da
Slide 19: Appendix
APPENDIX
Slide 20: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) Non-GAAP Adjusted Operating Income and Non-GAAP Adjusted Operating Margin (1) Quarter Ended December 31, Year Ended December 31, 2023 2024 2025 2024 2025 % of Op. % of Op. % of Op. % of
Slide 21: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) Non-GAAP Adjusted Operating Revenues, Net of Fuel Surcharge (1) Quarter Ended Decem ber 31, 2023 2024 2025 $ $ $ Operating revenues — (GAAP) $ 821,945 $ 754,679 $ 737,635 Non-GAAP adjust
Slide 22: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) 22
Slide 23: Reconciliation of Non-GAAP Financial Measures – TTS Segment
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT (Unaudited) (In thousands) Non-GAAP Adjusted Operating Income and Non-GAAP Adjusted Operating Margin (1) Quarter Ended December 31, Year Ended December 31, 2023 2024 2025 2024 2025 % of Op. % of Op. % of
Slide 24: Reconciliation of Non-GAAP Financial Measures – TTS Segment (Continued)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT (Continued) (Unaudited) (In thousands) Non-GAAP Adjusted Operating Revenues, Net of Fuel Surcharge; Non-GAAP Adjusted Operating Expenses, Net of Fuel Surcharge; Non-GAAP Adjusted Operating Margin, Net of
Slide 25: Reconciliation of Non-GAAP Financial Measures – Werner Logistics Segment
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – WERNER LOGISTICS SEGMENT (Unaudited) (In thousands) Non-GAAP Adjusted Operating Revenues, Less Purchased Transportation Expense (1) Quarter Ended December 31, 2023 2024 2025 % of Op. % of Op. % of Op. $ Rev. $ Rev. $ Rev. Operating revenues — (GAAP) $
Slide 26: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1) Non-GAAP adjusted operating income; non-GAAP adjusted operating margin; non-GAAP adjusted operating margin, net of fuel surcharge; non-GAAP adjusted net income (loss) attributable to Werner; non-GAAP adjusted diluted earnings (loss) per share; non-GA
Slide 27: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 27
Slide 28: For More Information, Visit werner.com
FOR MORE INFORMATION, VISIT WERNER.COM