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A B G | A s b u r y A u t o m o t i v e Investor Relations Presentation Third Quarter 2025
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NYSE: ABG This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans, objectives, beliefs, expectations and assumptions, projections regarding Asbury's financial position, liquidity, results of operations, cash flows, leverage, market position, the timing and amount of any stock repurchases, and dealership portfolio, revenue enhancement strategies, operational improvements, projections regarding the expected benefits of present and new technologies, the ability to implement those technologies, and the ability to transition to new technologies from existing systems; management’s plans, projections and objectives for future operations, scale and performance, integration plans and expected synergies from acquisitions, capital allocation strategy, and business strategy. These statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, adverse outcomes with respect to current and future litigation and other proceedings; our inability to realize the benefits expected from recently completed transactions; our inability to promptly and effectively integrate completed transactions and the diversion of management’s attention from ongoing business and regular business responsibilities; our inability to complete future acquisitions or divestitures and the risks resulting therefrom; any supply chain disruptions impacting our industry and business; market factors and changes thereto, including changes related to trade; Asbury's relationships with, and the financial and operational stability of, vehicle manufacturers and other suppliers, including in response to the imposition of tariffs; acts of God and other natural disasters, including hurricanes; acts of war or similar incidents; the shortage of automotive parts and components, which may adversely impact supply from vehicle manufacturers and/or present retail sales challenges; risks associated with Asbury's indebtedness and our ability to comply with applicable covenants in our various financing agreements, or to obtain waivers of these covenants as necessary; risks associated with technology integration and implementation; risks related to competition in the automotive retail and service industries, general economic conditions both nationally and locally; governmental regulations and legislation, including changes in automotive state franchise laws and tariffs; our ability to execute our strategic and operational strategies and initiatives; our ability to leverage gains from Asbury’s dealership portfolio; our ability to capitalize on opportunities to repurchase Asbury’s debt and equity securities or purchase properties that Asbury currently leases; and our ability to stay within Asbury’s targeted range for capital expenditures. There can be no guarantees that Asbury's plans for future operations will be successfully implemented or that they will prove to be commercially successful. These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are and will be discussed in Asbury's filings with the U.S. Securities and Exchange Commission from time to time, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. 2 Forward-Looking Statements
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NYSE: ABG 01 Company Highlights ……………………………………………………………………………………………………………………………….…………………………………………….. Page 6 02 3Q25 Review ……………………………………………………………………………………………………………………………….…………………………………………….. Page 11 03 Growth Strategy ……………………………………………………………………………………………………………………………….…………………………………………….. Page 24 04 Appendix ……………………………………………………………………………………………………………………………….…………………………………………….. Page 27 Agenda: October 28, 2025 5
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NYSE: ABG A B G | A s b u r y A u t o m o t i v e 01 6 Company Highlights
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NYSE: ABG $7.2B $7.1B $9.8B $15.4B $14.8B $17.2B 2019 2020 2021 2022 2023 2024 Revenue ($B) 88 91 155 139 158 152 New Car Dealerships (1) Comparison versus 2024; CAGR based on 5 years. (2) See Appendix for Non-GAAP Reconciliations. • 138% increase in revenue; +19% CAGR • 188% increase in Adj EPS(2); +24% CAGR • 73% increase in new car dealerships 2023 2022 2021 2020 $333 $427 $828 $1,336 $1,135 $982 Adj EBITDA(2) ($MM) $282 $443 $632 $987 $705 $688 Adj Op. Cash Flow(2) ($MM) 2019 CAGR (1) +24% +19% 2024 As of December 31st of each year $9.46 $12.90 $27.29 $37.66 $32.60 $27.24 Adj EPS G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Asbury, Since 2019(1) (2) Company Highlights 7
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NYSE: ABG (store footprint as of September 30, 2025) 39 COLLISION CENTERS $17.8 BILLION Total Revenue (1) 325,930 New and Used Vehicles Retailed(1) 3.2x Transaction Adjusted Net Leverage(2,3) $687 MILLION Available Liquidity(2) $744 MILLION LTM Adjusted Op Cash Flow(1,3) 3 MILLION + Repair Orders Serviced(1) MD ID UT CO AZ NM TX MO IN VA SC GA FL 3 9 17 13 6 13 6 9 14 4 15 24 9 G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 (1) For the twelve months ending September 30, 2025. (2) As of September 30, 2025. (3) See Appendix for Non-GAAP Reconciliations. Company Profile 36 BRANDS 230 FRANCHISES 175 NEW CAR DEALERSHIPS MD 8 31 2MA RI
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NYSE: ABG DOMESTIC 27% IMPORTS 41% LUXURY 32% LUXURY IMPORTS DOMESTIC G r o w t h A p p e n d i xH i g h l i g h t s 3 Q25 Attractive Brand Mix A diversified portfolio with the right brands in the right markets (Based on New Vehicle Revenue — 3Q25 QTD) Lexus 10% Mercedes-Benz 7% BMW 4% Audi 2% Land Rover 2% Porsche 2% Other Luxury 5% Toyota 19% Honda 9% Hyundai 7% Kia 2% Other Import 5% Ford 13% Stellantis 8% GM 6% May not add to 100% due to rounding. Other Luxury includes Acura, Bentley, Genesis, Infiniti, Jaguar, Lamborghini, Lincoln, Maserati, Rolls Royce and Volvo. Oth er Imports includes Mini, Sprinter, Isuzu, Nissan, Subaru, Vespa, and Volkswagen 9
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NYSE: ABG Diversified business mix provides multiple profit streams 52% 20% 30% 9% 14% 48% 4% 23% Revenue Gross Profit F&I, includes TCA Parts & Service Used New (3Q25 YTD) 10 G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 The Four Key Components May not add to 100% due to rounding
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NYSE: ABG 11 A B G | A s b u r y A u t o m o t i v e Third Quarter 2025 02
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NYSE: ABG (1) G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 (1) Includes Total Care Auto, or “TCA”. Summary 2025 Year-Over-Year 3Q25 Revenue Total Company Same Store Total 13% 5% New Vehicle 17% 8% Used Vehicle Retail 7% (1%) Finance & Insurance(1) 8% 1% Parts & Service 11% 4% 12
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NYSE: ABG 13 8% Customer Pay 7% Warranty 4% Wholesale Parts (5%) Collision 7% Same Store Parts & Service Gross Profit Growth, YoY3Q25 Same Store Drivers(1) G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Parts & Service Driving profitable growth 55% 65% 16% 18% 19% 7% 11% 10% Revenue Gross Profit Collision Wholesale Parts Warranty Customer Pay (1) May not add to 100% due to rounding; excludes internal reconditioning in gross profit calculation. Fixed absorption calculation: parts & service gross profit divided by Adj. SG&A, net of variable expenses. 8% Combined Customer Pay & Warranty Fixed Absorption: >100%
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NYSE: ABG 14 ICE & Hybrid: 98% G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Parts & Service: By Powertrain BEV: 1% PHEV: 1% 3Q25 Proportion of RO Count by Powertrain $552 $622 $925 ICE & Hybrid PHEV BEV 3Q25 Dollars per RO by Powertrain Same store basis; may not add to 100% due to rounding
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NYSE: ABG 15 G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Parts & Service: Average Mileage Serviced Extending relationships with our guests Average Vehicle Mileage in our Service Drives 69K 70K 72K 71K 2022 2023 2024 3Q25 YTD Customer Pay Increased average mileage serviced leads to higher customer lifetime value and stronger retention Same store basis Valuable service work well beyond warranty period A key metric for the health of our service department, Customer Pay mileage, continues to stay elevated
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NYSE: ABG $2,179 $2,175 $64 3Q24 PVR 3Q25 PVR Ex-TCA Headwind PVR: $2,239 TCA deferral headwind, YoY G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 F&I Profit Per Vehicle Retailed (PVR) Attractive insurance product offerings to support our guests Same Store F&I PVR 2/3 1/3 Insurance Product Reserve Historical & Current F&I PVR Composition 16
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NYSE: ABG G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Total Care Auto: Overview 17 Strategic, standalone asset with four decades of serving guests Vehicle Sold (Dealership) TCA F&I Product Sold (Dealership and TCA) Claims Paid (TCA) Repair Work (Dealership) Service Drives F&I Products Sold (Dealership and TCA) TCA Life Cycle 1.6M+ Active Contracts $400M+ Investment & Cash Balance A Rated Increased from A- Post-Acquisition Vehicle Service Contracts • Extensive list of vehicle parts and systems • High sales and service retention Prepaid maintenance • Customizable plans • Oil and filter changes, lubrication Protection Plans • Vehicle theft assistance • Guaranteed Asset Protection Key & Remote Replacement • 24-hour emergency road and service • Lost key or lockout service Vehicle Protection • Interior and exterior protection • Glass protection and broken parts Tire & Wheel Protection • Covered road hazards • Flat tire coverage
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NYSE: ABG G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Total Care Auto: Estimated Roadmap for Growth 18 (1) FY24 figures are incorporated in reported EPS. May not tie due to rounding. Estimated assuming normal deferral rate over the select time period, subject to change due to, but not limited to, SAAR and acquisition activity Estimated future periods as indicated with “E”. Pre-Tax Estimates ($ in millions) 2024 1Q25 2Q25 3Q25 4Q25 E 2025 E 2026 E 2027 E 2028 E 2029 E TCA Standalone Pre-Tax Income $73 $21 $19 $20 $20 $80 $65 $67 $77 $91 Non-Cash Deferral $6 ($2) ($11) ($6) ($10) ($29) ($69) ($90) ($83) ($70) Consolidated TCA Pre-Tax Income(1) $78.5 $19.5 $7.2 $13.6 $10.3 $50.6 ($3.3) ($23.8) ($5.6) $21.1 Earnings Per Share Contribution Estimates 2024 1Q25 2Q25 3Q25 4Q25 E 2025 E 2026 E 2027 E 2028 E 2029 E TCA Standalone Income $2.72 $0.81 $0.70 $0.75 $0.78 $3.04 $2.50 $2.54 $2.95 $3.47 Non-Cash Deferral $0.22 ($0.06) ($0.43) ($0.23) ($0.39) ($1.11) ($2.63) ($3.45) ($3.16) ($2.66) Consolidated TCA Income(1) $2.94 $0.74 $0.27 $0.52 $0.39 $1.93 ($0.13) ($0.91) ($0.21) $0.81 Updated SAAR assumptions and portfolio mix lowers magnitude of deferral headwind 2026 E 2027 E 2028 E 2029 E SAAR Estimate 15.7M 15.7M 16.0M 16.3M
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NYSE: ABG G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 See Appendix for Non-GAAP Reconciliations. Operating Income & Margin Trend We consistently deliver best in class operating efficiency $334 $405 $793 $1,274 $1,075 $997 $738 $762 2021 2022 2023 4.6% 5.7% 8.1% 8.3% 7.3% 5.8% Adj. Operating Income ($M) Adj. Operating Margin 20202019 19 2024 5.8% 5.7% 3Q24 YTD 3Q25 YTD
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NYSE: ABG G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Note: See Appendix for Non-GAAP reconciliations Cash Flow Summary As a larger company with more robust operating cash flow, we have increased capacity for capital deployment $282 $443 $632 $987 $705 $688 $487 $543 $225 $396 $556 $893 $563 $526 $383 $438 2019 2020 2021 2022 2023 2024 3Q24 YTD 3Q25 YTD Adj. Operating Cash Flow Adj. Free Cash Flow $14.63 $22.93 $31.52 $44.15 $33.64 $34.40 Adj. Operating Cash Flow per Share 20 $24.21 $27.62
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NYSE: ABG 21 Transaction Adjusted Net Leverage Ratio Total Liquidity ($M) G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Leverage and Liquidity Robust cash flow providing opportunity for capital deployment — share repurchases and acquisitions $768 $828 $964 $1,116 $687 3Q24 4Q24 1Q25 2Q25 3Q25 Note: See Appendix for Non-GAAP reconciliations 2.9x 2.9x 2.8x 2.5x 3.2x 3Q24 4Q24 1Q25 2Q25 3Q25
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NYSE: ABG NET DEBT/EBITDA Normal Target Range2.5x 3.0x Factors Influencing Leverage ECONOMIC CYCLE MACRO ECONOMIC RISK INVESTMENT OPPORTUNITIES EQUITY VALUATION MULTIPLE DEBT STRUCTURE DEBT MATURITY REAL ESTATE HOLDINGS Top High Anticipated High Unfavorable Near Term Small Bottom Low Executed Low Favorable Long Term Large G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Leverage Varies Based on Business Conditions & Environment Equilibrium leverage target range balances financial flexibility with an efficient capital structure 22
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NYSE: ABG G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Capital Allocation History We have a track record of prudent capital allocation (1) Excludes real estate purchased in acquisitions. (2) 2021 acquisitions are presented net of divestitures in 2022; in 2022, these divestitures contributed ~$147M to revenue. (3) 2022 revenue divested excludes LHM planned divestitures, netted from revenue, in 2021 revenue acquired. (4) 2023 acquisitions are presented net of divestiture in 2024; in 2024, this divestiture contributed ~$22M to revenue. Capital Expenditures $104M Total Spend ▪ LHM & TCA – 7 States ▪ Stevinson, Arapahoe Hyundai, Greeley Subaru – Colorado ▪ Kahlo CDJR – Indiana ▪ David McDavid Austin - Texas ▪ Crown North Carolina divestitures ▪ LHM Nissan stores – Colorado ▪ LHM Honda – Washington ▪ Nalley Nissan & Chevy – Georgia ▪ $76M ▪ $225M ▪ $95M ▪ $10M ▪ $142M ▪ $14M ▪ $163M ▪ $158M Divestitures $40M Revenue Divested Share Repurchases Acquisitions $5.8B(2) Revenue Acquired N/A $2.7B (4) Revenue Acquired N/A $583M (3) Revenue Divested $58M Revenue Divested $225M Revenue Divested N/A $270M Repurchased $301M Total Spend $105M Total Spend Capex excl. Real Estate Real Estate and Lease Buyouts(1) $156M Total Spend $320M Total Spend $183M Repurchased$258M Repurchased $50M Repurchased $3.1B Revenue Acquired $1.3B Revenue Divested $832M Repurchased ▪ 12.3M shares ▪ $68 avg. share price ▪ $399M ▪ $131M $529M Total Spend ▪ Dealerships in Princeton, St. Louis, Mississippi, South Carolina, Atlanta and Little Rock ▪ Nissan – Houston Market $2.9B Revenue Acquired ▪ $104M ▪ $0M ▪ Dealerships in Jacksonville, Atlanta, Colorado and Indiana ▪ Park Place - Dallas ▪ Charlottesville BMW – Virginia ▪ 830K shares ▪ $220 avg. share price ▪ 1.6M shares ▪ $182 avg. share price 3Q25 YTD20242023202220212014–2020 $698M Revenue Divested ▪ 11 dealerships in California., South Carolina, Utah and Colorado 23 ▪ Jim Koons Automotive Group – Greater Washington- Baltimore region ▪ 1.3M shares ▪ $196 avg. share price ▪ Herb Chambers Group – Boston ▪ 220K shares ▪ $226 avg. share price
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NYSE: ABG A B G | A s b u r y A u t o m o t i v e Growth Strategy 03 24
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NYSE: ABG 25 Delivering on Our Mission to Transform Our Business • Achieve scale through M&A • Enter strategic markets • Deliver best in class operating efficiency • Strong balance sheet; efficient approach to capital allocation Our Guiding Principles • More than doubled the size of our revenue and operations • Established presence across the West region, D.C. and New England; doubled presence in Dallas metro • Generated industry leading operating margins Fulfilling the Vision Meeting the Future • Balanced capital allocation • Accelerate same store growth and guest experience through technology investment • Prioritize transactions in great markets Smart growth strategy powering us to $30B+ in revenue Since starting our journey, we’ve: Affirming our commitment to growth: G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 203020252024 2026 2027 2028 2029 $17B Revenue 152 Stores Adjusting our compass to account for Macro factors • M&A timing and valuation • Used inventory levels • Interest Rates • SAAR recovery $30B+ Revenue
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NYSE: ABG 26 Disciplined Pursuit of Capital AllocationEnd of 2019 As of September 30, 2025 Deepened market presenceExisting market New market Portfolio management to optimize brand and segment mix Acquisitions in strategically important markets Portfolio Acquisitions: 2020 - 2025 (1) G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Capital Allocation Acquisitions have played a vital part in growing the portfolio … And will continue to be a core element of our balanced approach to allocating capital ID UT CO AZ NM TX MO IN VA SC GA FL MD MA RI Share repurchases
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NYSE: ABG A B G | A s b u r y A u t o m o t i v e Appendix 04 27
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NYSE: ABG 28 G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 TCA: Simplified Accounting Example—Cash View • Customer Price of Insurance Contract: $2,500 • Contract Term: 5 Years • Dealership profit: $1,500 • Commission Paid to Sales Employee (~25% of dealership profit): $375 • Claim under customer contract in Year 3 Example Fact Pattern • TCA Cost: o Overhead Costs: $250 o Claims Reserve: $525 o Fixed Ops Margin (Same Store 2024: 57.6%) DEALERSHIPS TCA ABG CONSOLIDATED Day 1 Year 1 Years 2 - 5 Day 1 Year 1 Years 2 - 5 Day 1 Year 1 Years 2 - 5 1 A TCA contract is sold to a dealership guest. $2,500 $2,500 - - - - $2,500 $2,500 - 2 The store pays TCA for its portion of the contract and TCA invests the cash proceeds in debt securities. ($1,000) ($1,000) - $1,000 $1,000 - - - - 3 The store pays the commission to the sales employee. ($375) ($375) - - - - ($375) ($375) - 4 TCA pays its overhead costs (employee salaries, other SG&A, etc.). - - - - ($50) ($200) - ($50) ($200) 5 Repair work is performed for claim under the customer's contract. - - $302 - - ($525) - - ($223) Total Cash Flow $1,125 $1,125 $302 $1,000 $950 ($725) $2,125 $2,075 ($423) Note: the above is an indicative example; the numbers above do not reflect an actual transaction and should be treated as illustrative
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NYSE: ABG 29 G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 TCA: Simplified Accounting Example—GAAP View DEALERSHIPS TCA ABG CONSOLIDATED Day 1 Year 1 Years 2-5 Day 1 Year 1 Years 2-5 Day 1 Year 1 Years 2-5 Balance Sheet Cash/Investments $1,125 $1,125 $1,125 -$1,427 $1,000 $950 $900 - $225 $2,125 $2,075 $2,025 - $1,652 Deferred contract cost (capitalized sales commission) - - - $375 $300 $225 - $0 $325 $300 $225 - $0 Deferred revenue - - - $2,500 $2,000 $1,500 - $0 $2,500 $2,000 $1,500 - $0 Income Statement F&I revenue (including investment income) $1,500 $1,500 - ($1,500) ($1,000) $2,000 - $500 $2,000 F&I cost of sales (claims expense) - - - - - $525 - - $525 Fixed ops revenue - - $525 - - ($525) - - - Fixed ops cost of sales - - $223 - - ($525) - - ($302) Gross Profit $1,500 $1,500 $302 ($1,500) ($1,000) $1,475 - $500 $1,777 SG&A expense (overhead costs and contract expenses) - - - - $50 $200 - $50 $200 SG&A expense (amortization of capitalized commissions over 5 years) $375 $375 - ($375) ($300) $300 - $75 $300 Pre-tax income (loss) $1,125 $1,125 $302 ($1,125) ($750) $975 - $375 $1,277 • Customer Price of Insurance Contract: $2,500 • Contract Term: 5 Years • Dealership profit: $1,500 • Commission Paid to Sales Employee (~25% of dealership profit): $375 • Claim under customer contract in Year 3 Example Fact Pattern • TCA Cost: o Overhead Costs: $250 o Claims Reserve: $525 o Fixed Ops Margin (Same Store 2024: 57.6%) Math for 5 Year Life of Contract Revenue $2,500 Claim Yr 3 ($525) Fixed Ops Gross Profit on Claim $302 SG&A ($250) Amortized Commission ($375) Pre-tax Income $1,652 Note: the above is an indicative example; the numbers above do not reflect an actual transaction and should be treated as illustrative
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NYSE: ABG 30 G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Segment Reporting 3Q24 & 3Q25 *Segment operating income is calculated as GAAP operating income, excluding the effects of asset impairments and including floor plan interest expense. ($ in millions) Dealerships TCA After Eliminations Total Company Dealerships TCA After Eliminations Total Company Revenue New 2,163.5$ -$ 2,163.5$ 2,528.9$ -$ 2,528.9$ Used 1,294.7 - 1,294.7 1,412.2 - 1,412.2 Parts and service 603.3 (10.2) 593.1 668.4 (9.0) 659.4 Finance and insurance, net 155.9 29.6 185.4 176.7 23.7 200.3 Total Revenue 4,217.3 19.4 4,236.7 4,786.2 14.7 4,800.9 Cost of Sales New 2,013.1$ -$ 2,013.1$ 2,367.9$ -$ 2,367.9$ Used 1,235.3 - 1,235.3 1,347.0 - 1,347.0 Parts and service 266.2 (10.2) 256.0 279.2 (9.0) 270.2 Finance and insurance - 14.2 14.2 - 13.2 13.2 Total cost of sales 3,514.6 4.0 3,518.6 3,994.1 4.2 3,998.3 Gross Profit New 150.4$ -$ 150.4$ 161.0$ -$ 161.0$ Used 59.4 - 59.4 65.3 - 65.3 Parts and service 337.1 - 337.1 389.1 - 389.1 Finance and insurance, net 155.9 15.3 171.2 176.7 10.4 187.1 Total gross profit 702.7 15.3 718.0 792.1 10.4 802.5 Selling, general and administrative 469.2 (2.7) 466.5 530.3 (3.2) 527.1 Depreciation and amortization 18.8 0.1 18.9 21.2 0.0 21.2 Floor plan interest expense 22.3 - 22.3 26.7 - 26.7 Segment operating income* 192.4$ 17.9$ 210.3$ 213.9$ 13.6$ 227.5$ Three Months Ended September 30, 2025Three Months Ended September 30, 2024
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NYSE: ABG 31 G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Segment Reporting 3Q24 YTD & 3Q25 YTD *Segment operating income is calculated as GAAP operating income, excluding the effects of asset impairments and including floor plan interest expense. ($ in millions) Dealerships TCA After Eliminations Total Company Dealerships TCA After Eliminations Total Company Revenue New 6,392.6$ -$ 6,392.6$ 6,970.9$ -$ 6,970.9$ Used 3,959.6 - 3,959.6 3,933.8 - 3,933.8 Parts and service 1,794.0 (29.7) 1,764.3 1,877.0 (28.5) 1,848.5 Finance and insurance, net 478.3 89.2 567.5 499.0 70.3 569.3 Total Revenue 12,624.6 59.5 12,684.1 13,280.7 41.8 13,322.5 Cost of Sales New 5,924.4$ -$ 5,924.4$ 6,506.8$ -$ 6,506.8$ Used 3,767.3 - 3,767.3 3,735.0 - 3,735.0 Parts and service 782.9 (29.7) 753.2 790.4 (28.5) 761.9 Finance and insurance - 40.5 40.5 - 40.1 40.1 Total cost of sales 10,474.5 10.8 10,485.3 11,032.2 11.6 11,043.8 Gross Profit New 468.3$ -$ 468.3$ 464.1$ -$ 464.1$ Used 192.3 - 192.3 198.8 - 198.8 Parts and service 1,011.1 - 1,011.1 1,086.6 - 1,086.6 Finance and insurance, net 478.3 48.7 527.0 499.0 30.1 529.2 Total gross profit 2,150.1 48.7 2,198.8 2,248.5 30.1 2,278.6 Selling, general and administrative 1,422.2 (10.6) 1,411.6 1,469.2 (10.3) 1,458.9 Depreciation and amortization 55.5 0.3 55.8 59.3 0.2 59.4 Floor plan interest expense 66.1 - 66.1 65.6 - 65.6 Segment operating income* 606.2$ 59.0$ 665.2$ 654.4$ 40.3$ 694.7$ Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
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NYSE: ABG G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Debt Maturity Schedule Our near-term obligations remain minimal with no significant maturities until 2026 Note: As of 9/30/2025; Excludes $8.3M of finance leases $35 $476 $58 $153 $405 $800 $445 $600 2025 2026 2027 2028 2029 2030 2031 2032 Senior Notes Mortgages ($ in Millions) 32
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NYSE: ABG In addition to evaluating the financial condition and results of our operations in accordance with GAAP, from time to time management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, and profitability improvement initiatives, and other events outside of normal or "core" business and operations, by considering certain alternative financial measures not prepared in accordance with GAAP. These measures include "Adjusted income from operations," "Adjusted net income," "Adjusted operating margins," "Adjusted EBITDA," "Adjusted diluted earnings per share ("EPS")," "Adjusted SG&A," "Adjusted operating cash flow," "Transaction adjusted EBITDA" and "Transaction adjusted net leverage ratio." Further, management assesses the organic growth of our revenue and gross profit on a same store basis. We believe that our assessment on a same store basis represents an important indicator of comparative financial performance and provides relevant information to assess our performance at our existing locations. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not be comparable to similarly titled measures used by other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with GAAP. Management cautions investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. In their evaluation of results from time to time, management excludes items that do not arise directly from core operations or are otherwise of an unusual or non-recurring nature. Because these non-core, unusual or non-recurring charges and gains materially affect Asbury’s financial condition or results in the specific period in which they are recognized, management also evaluates and makes resource allocation and performance evaluation decisions based on the related non-GAAP measures excluding such items. In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Management discloses these non-GAAP measures, and the related reconciliations, because it believes investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. Due to the significant effects that dealership acquisitions and divestitures have on our results of operations, and in order to provide more meaningful comparisons, we present herein "Transaction adjusted EBITDA" and "Transaction adjusted net leverage ratio" (collectively, the "Transaction Adjusted Metrics"), which reflect the effects of the dealership acquisitions and divestitures, if any, as if they had occurred on the first day of the last twelve-month periods being presented. For acquisitions, the pre-acquisition period amount being included in Transaction adjusted EBITDA is determined by pro-rating the forecasted adjusted EBITDA for the year following the acquisition(s). For divestitures, including divestitures due to requirements in connection with an acquisition, the adjusted EBITDA associated with the divestiture(s) is excluded from Transaction adjusted EBITDA. We believe the Transaction Adjusted Metrics provide relevant information to assess our performance at our existing dealership locations for the last twelve-month periods being presented. The Transaction Adjusted Metrics do not include any adjustments for other events attributable to the dealership acquisitions or divestitures unless otherwise described. We cannot assure you that such financial information would not be materially different if such information were audited or that our actual results would not differ materially from the Transaction Adjusted Metrics if the dealership acquisitions or divestitures had been completed as of the beginning of the last twelve-month periods being presented. Same store amounts consist of information from dealerships for identical months in each comparative period, commencing with the first month we owned the dealership. Additionally, amounts related to divested dealerships are excluded from each comparative period. Amounts presented herein have been calculated using non- rounded amounts for all periods presented and therefore certain amounts may not compute. 33 Non-GAAP Financial Disclosure and Reconciliation
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NYSE: ABG 34 G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Non-GAAP Reconciliation Adjusted income from Operations and Adjusted Operating Margin ($ In millions) 2019 2020 2021 2022 2023 2024 2024 2025 Adjusted income from operations: Income from operations 325.0$ 370.8$ 791.8$ 1,272.6$ 953.5$ 835.6$ 596.0$ 734.3$ Deal diligence cost — — — 2.7 — — — — Gain on sale of real estate (0.3) (0.3) (1.9) (0.9) (3.6) — — — Legal settlements (0.6) (2.1) (3.5) — (1.9) — — — Proceeds from franchise termination — — — — — (1.9) — — Hurricane Milton losses — — — — — 6.4 — — Hail damage — — — — 4.3 7.1 7.1 — Real estate-related charges 0.6 0.7 2.1 — — — — — Professional fees associated with acquisitions — 1.3 4.9 — 4.1 — — 14.7 Park Place related costs — 11.6 — — — — — — Tekion implementation expenses — — — — — — — — 2.2 Insurance recovery — — — — — — — — (15.0) Fixed assets write-off 2.4 — — — 1.1 — — — Asset impairments 7.1 23.0 — — 117.2 149.5 135.4 26.0 Adjusted income from operations 334.2$ 405.0$ 793.4$ 1,274.3$ 1,074.9$ 996.7$ 738.4$ 762.2$ Adjusted operating margin: Total revenue 7,210.3$ 7,131.8$ 9,837.7$ 15,433.8$ 14,802.7$ 17,188.6$ 12,684.1$ 13,322.5$ Operating margin 4.5% 5.2% 8.0% 8.2% 6.4% 4.9% 4.7% 5.5% Adjusted operating margin 4.6% 5.7% 8.1% 8.3% 7.3% 5.8% 5.8% 5.7% For the Year Ended December 31, For the Nine Months Ended September 30,
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NYSE: ABG 35 G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Non-GAAP Reconciliation Adjusted EBITDA ($ In millions) 2019 2020 2021 2022 2023 2024 Adjusted EBITDA: Calculation of earnings before interest, taxes, depreciation and amortization ("EBITDA"): Net Income 184.4$ 254.4$ 532.4$ 997.3$ 602.5$ 430.3$ 147.1$ Depreciation and amortization 36.2 38.5 41.9 69.0 67.7 75.0 21.2 Income tax expense 59.5 83.7 165.3 321.8 198.8 145.0 53.1 Swap and other interest expense 54.9 57.6 94.5 152.9 158.4 179.4 51.3 Earnings before interest, taxes, depreciation and amortization ("EBITDA") 335.0$ 434.2$ 834.1$ 1,541.0$ 1,027.4$ 829.6$ 272.8$ Non-core items - expense (income): Gain on dealership divestitures (11.7) (62.3) (8.0) (207.1) (13.5) (8.6) (35.7) Proceeds from franchise termination — — — — — (1.9) — Hurricane Milton losses — — — — — 6.4 — Hail damage — — — — 4.3 7.1 — Deal diligence cost — — — 2.7 — — — Gain on sale of real estate (0.3) (0.3) (1.9) (0.9) (3.6) — — Legal settlements (0.6) (2.1) (3.5) — (1.9) — — Insurance recovery — — — — — — — Professional fees associated with acquisitions — 1.3 4.9 — 4.1 — 9.6 Park Place related costs — 11.6 — — — — — Tekion implementation costs — — — — — — 2.2 Asset impairments 7.1 23.0 — — 117.2 149.5 11.7 Loss on extinguishment of debt — 20.7 — — — — — Fixed assets write-off 2.4 — — — 1.1 — — Real estate-related charges 0.6 0.7 2.1 — — — — Total non-core items (2.5)$ (7.4)$ (6.4)$ (205.4)$ 107.8$ 152.4$ (12.2)$ Adjusted EBITDA 332.5$ 426.8$ 827.7$ 1,335.7$ 1,135.2$ 982.0$ 260.6$ For the Year Ended December 31, For the Three Months Ended September 30, 2025
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NYSE: ABG 36 G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Non-GAAP Reconciliation Adjusted Net Income and Adjusted EPS (In millions, except per share data) 2019 2020 2021 2022 2023 2024 2025 Adjusted net income: Net income 184.4$ 254.4$ 532.4$ 997.3$ 602.5$ 430.3$ 147.1$ Non-core items - (income) expense: Gain on dealership divestitures, net (11.7) (62.3) (8.0) (207.1) (13.5) (8.6) (35.7) Proceeds from franchise termination — — — — — (1.9) — Hurricane Milton losses — — — — — 6.4 — Hail damage — — — — 4.3 7.1 — Deal diligence cost — — — 2.7 — — — Gain on sale of real estate (0.3) (0.3) (1.9) (0.9) (3.6) — — Legal settlements (0.6) (2.1) (3.5) — (1.9) — — Bridge commitment fee — — 27.5 — — — — Insurance recovery — — — — — — — Professional fees associated with acquisitions — 1.3 4.9 — 4.1 — 9.6 Fixed assets write-off 2.4 — — — 1.1 — — Real estate related charges 0.6 0.7 2.1 — — — — Park Place related costs — 11.6 — — — — — Loss on extinguishment of debt — 20.7 — — — — — Asset impairments 7.1 23.0 — — 117.2 149.5 11.7 Tekion implementation expenses — — — — — — 2.2 Acquisition-related deferred tax true-up — — — — — — 2.3 Income tax effect on non-core items above 0.6 1.9 (5.0) 50.1 (26.7) (37.6) 3.0 Total non-core items (1.9)$ (5.5)$ 16.1$ (155.2)$ 81.1$ 114.9$ (6.9)$ Adjusted net income 182.5$ 248.9$ 548.5$ 842.0$ 683.6$ 545.1$ 140.2$ Adjusted diluted earnings per share (EPS): Diluted EPS 9.55$ 13.18$ 26.49$ 44.61$ 28.74$ 21.50$ 7.52$ Total non-core items (0.09) (0.28) 0.80 (6.94) 3.87 5.74 (0.35) Adjusted diluted EPS 9.46$ 12.90$ 27.29$ 37.66$ 32.60$ 27.24$ 7.17$ Weighted average common shares outstanding - diluted 19.3 19.3 20.1 22.4 21.0 20.0 19.6 For the Year Ended December 31, For the Three Months Ended September 30,
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NYSE: ABG 37 G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Non-GAAP Reconciliation Transaction Adjusted Net Leverage Ratio ($ In millions) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Adjusted EBITDA: Calculation of earnings before interest, taxes, depreciation and amortization ("EBITDA"): Net Income 357.1$ 430.3$ 415.4$ 540.0$ 560.8$ Depreciation and amortization 73.0 75.0 75.6 76.3 78.7 Income tax expense 122.2 145.0 139.5 180.6 190.4 Swap and other interest expense 176.1 179.3 177.5 174.0 179.6 Earnings before interest, taxes, depreciation and amortization ("EBITDA") 728.3$ 829.6$ 808.0$ 971.0$ 1,009.4$ Non-core items - expense (income): Gain on dealership divestitures (8.6) (8.6) (12.7) (15.1) (45.8) Proceeds from franchise termination — (1.9) (1.9) (1.9) (1.9) Hurricane Milton losses — 6.4 6.4 6.4 6.4 Hail damage 5.3 7.1 7.1 4.0 — Tekion implementation costs — — — — 2.2 Legal settlements (1.0) — — — — Insurance Recovery — — (10.0) (15.0) (15.0) Professional fees associated with acquisitions 2.4 — 2.8 5.1 14.7 Asset impairments 252.6 149.5 163.8 28.4 40.1 Fixed assets write-off 1.1 — — — — Total non-core items 251.7$ 152.4$ 155.4$ 11.9$ 0.7$ Adjusted EBITDA 980.0$ 982.0$ 963.4$ 982.9$ 1,010.2$ Impact of dealership acquisition and divestitures on EBITDA 17.2 (1.0) (1.1) (6.9) 77.5 Transaction adjusted EBITDA 997.2$ 981.0$ 962.4$ 976.0$ 1,087.7$ Transaction adjusted net leverage ratio 2.9x 2.9x 2.8x 2.5x 3.2x For the Twelve Months Ended
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NYSE: ABG 38 G r o w t h A p p e n d i xH i g h l i g h t s 3 Q 2 5 Non-GAAP Reconciliation Adjusted Cash Flow from Operations, Adjusted Free Cash Flow and Adjusted Operating Cash Flow Per Share (In millions, except per share data) 2019 2020 2021 2022 2023 2024 2024 2025 2025 Adjusted cash flow from operations: Cash flow from operations 349.8$ 652.5$ 1,163.7$ 696.0$ 313.0$ 671.2$ 427.0$ 623.3$ 867.5$ Change in Floorplan Notes Payable Non-Trade, Net (194.7) (155.3) (608.7) (191.1) 1,018.9 (5.2) (70.6) (7.5) 57.9 Change in Floorplan Notes Payable Non-Trade associated with floorplan offset, used vehicle borrowing base changes adjusted for acquisition and divestures 138.2 9.1 131.1 462.4 (571.3) 71.9 175.9 (15.4) (119.5) Change in Floorplan Notes Payable Trade associated with floorplan offset, adjusted for acquisitions and divestitures (11.0) (63.7) (54.0) 19.7 (55.3) (49.5) (45.1) (57.8) (62.1) Adjusted cash flow from operations 282.3$ 442.6$ 632.1$ 987.1$ 705.4$ 688.4$ 487.2$ 542.6$ 743.8$ Capital expenditures excluding real estate and lease buyouts (57.6) (46.5) (75.7) (94.6) (142.3) (162.6) (104.5) (104.4) (162.5) Adjusted free cash flow 224.7$ 396.1$ 556.4$ 892.5$ 563.1$ 525.8$ 382.7$ 438.2$ 581.3$ Adjusted operating cash flow per share: Weighted average common shares outstanding - diluted 19.3 19.3 20.1 22.4 21.0 20.0 20.1 19.6 Adjusted operating cash flow per share $ 14.63 $ 22.93 $ 31.52 $ 44.15 $ 33.64 $ 34.40 $ 24.21 $ 27.62 For the Year Ended December 31, For the Nine Months Ended September 30, For the Twelve Months Ended September 30,
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