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MARTEN TRANSPORT, LTD. S I N C E 1 9 4 6 Q 3 2 0 2 5
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MARTEN TRANSPORT INTERNATIONAL TRANSPORTATION LEADER SINCE 1946 *We closed on the previously announced agreement to sell assets related to our intermodal business to Hub Group, Inc. (NASDAQ: HUBG), effective September 30, 2025. The transaction was structured as an asset sale of certain intermodal equipment, including over 1,200 refrigerated containers, and contracts to Hub Group, Inc. for $51.8 million in cash. This transaction clarifies our focus on investing in and positioning our core operations for future expansion. Marten Transport is a multifaceted business offering a network of refrigerated and dry truck-based transportation and distribution capabilities across the company’s six distinct business platforms DRY TRUCKLOAD DRY TRUCKLOAD DEDICATED DEDICATED INTERMODAL* INTERMODAL* BROKERAGE BROKERAGE MRTN DE MEXICO MRTN DE MEXICO 2 REFRIGERATED TRUCKLOAD REFRIGERATED TRUCKLOAD
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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 shareholders. We are committed to operating in an environmentally friendly and safe manner. 3
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OPERATING RESULTS Our earnings have continued to be significantly pressured by the historic duration and depth of the freight market recession’ s oversupply and weak demand -- and the cumulative impact of inflationary operating costs, unacceptable freight rate reductions and freight network disruptions. Our unique multifaceted business model’s value continued to be highlighted by the operating resu lts of our dedicated and brokerage operations for the first nine months of this year and throughout last year. We remain focused on minimizing the freight market’s impact with our emphasis on safe, premium service, data-driven operating efficiencies and cost controls. Our strong, debt-free balance sheet enhances our ability to continue investing in our technology and modern fleet and position our operations to capitalize on future profitable organic growth opportunities. We expect the curre nt administration’s recent immigration enforcement efforts including stricter standards for non-domiciled driver’s licenses and increased enforcement of English Language Proficiency and B-1 visa regulations to positively impact such opportunities. Set the then-current record for highest annual operating revenue and operating income Achieved then-best operating ratio, net of fuel s/c, for any year since became public company in 1986 2020 2022 Marten’s Unique Multifaceted Business Model Value is highlighted by operating results for dedicated and brokerage Marten’s Focus - Minimizing market impact on operations - Capitalize on profitable organic growth across our business platforms - Continuous investment in safety - Culture to drive continuous improvement - Fair compensation for our services 4 2018 2022 Pre-Recession Operating Results Operating Results Comparison-Percentage Change vs. Same Period of Prior Year Q3 ’25 Q2 ’25 Q1 ’25 vs. Q3 ’24 vs. Q2 ’24 vs. Q1 ’24 ’24 vs. ’23 ’23 vs. ’22 ’22 vs. ’21 ’21 vs. ’20 ’20 vs. ’19 ’19 vs. ’18 Operating revenue (7.1)% (6.6)% (10.6)% (14.8)% (10.5)% 29.8% 11.4% 3.7% 7.1% Operating revenue, net of fuel surcharges (6.7)% (4.6)% (9.2)% (13.6)% (7.7)% 23.1% 8.3% 6.8% 8.6% Operating income (35.9)% (2.4)% (52.2)% (63.1)% (37.1)% 28.3% 19.8% 21.9% 8.7% Net income (40.7)% (8.9)% (55.1)% (61.7)% (36.2)% 29.2% 22.9% 13.8% 11.0%
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207 223 224 245 98 107 71 81 0 50 100 150 200 250 300 2022 2023 2024 Q3 YTD 2025 New Codes New Customers OUR CONTINUED EFFICIENCY IMPROVEMENTS HAVE LESSENED THE IMPACT OF THE SIGNIFICANT DECREASE IN OUR FREIGHT RATES AND REVENUE PER TRACTOR SINCE Q4 ‘22 5 • Our freight rates and revenue per tractor significantly decreased since the beginning of ’23 -- at a time with significant cost inflation that would normally be passed on • An overall improvement in our utilization has lessened the hit to our revenue per tractor -- primarily driven by our continued efficiency improvements and our adding business with new customers Dedicated Rate per Total Mile, Utilization & Revenue per Tractor Truckload Rate per Total Mile, Utilization & Revenue per Tractor $3,500 $3,550 $3,600 $3,650 $3,700 $3,750 $3,800 $3,850 $3,900 $3,950 $4,000 $4,050 19,400 19,600 19,800 20,000 20,200 20,400 20,600 20,800 21,000 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Axis Title Utilization Rev/Tractor $2.25 $2.30 $2.35 $2.40 $2.45 $2.50 $2.55 $2.60 RPTM Utilization Rev/Tractor RPTM
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THE FOUNDATION OF MARTEN’S OPERATIONS Truckload Business (48% of revenue) Regional temp, dry, and OTR operating from 15 regional service centers - 65% temp / 35% dry Marten Dedicated (30% of revenue) Customized solutions utilizing temp, dry vans, and specialized equipment - 55% customer-owned trailers / 21% dry / 24% temp Marten Brokerage (18% of revenue) Surge flexibility for customers’ needs beyond Marten’s assets - 75% temp / 25% dry Marten Intermodal (4% of revenue) Refrigerated COFC with extended dray from Marten’s truck network - 90% temp / 10% dry Our Intermodal operations were sold September 30, 2025 MRTN de Mexico Door-to-door service between Mexico, the U.S. and Canada utilizing our Mexican partner carriers. Border crossing terminals: Laredo TX, McAllen TX & Otay Mesa CA. Otay, Mesa, CA Phoenix, AZ Jurupa Valley, CA Wilsonville, OR Kansas City, KS Desoto, TX Laredo, TX McAllen, TX Tucker, GA Memphis, TN Mondovi, WI CORPORATE OFFICE Richmond, VA Tampa, FL Carlisle, PA Indianapolis, IN Transformation is a process, not an event. “Leading Change” by John P. Kotter Our business platforms are young and positioned to capitalize on growth opportunities as the market moves out of the freight market recession REGIONAL IN STRUCTURE NATIONAL IN SCOPE INTERNATIONAL IN REACH 6 ” “
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$0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 $300 $325 $350 '17 '18 '19 '20 '21 '22 '23 '24 Q1 '24 Q1 '25 Q2 '24 Q2 '25 Q3 '24 Q3 '25 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 Q1 Q2 Q3 Q4 267% 279% 67% 74% Dedicated Operating Income In thousands MARTEN’S DEDICATED OPERATIONS Our dedicated operations significantly contributed to our total operating income in 2024 and Q3 YTD ’25 Dedicated Operating Revenue (excluding fuel surcharges) In millions % increases are from ’14 to ’25 for Q1-Q3 and from ’14 to ’24 for Q4 22% 20% 21% 2% 22% (1)% ’14 ’15 ’16 ’17 ’18 ‘19 ’20 ’21 ’22 ’23 ’24 ‘25 7 (20)% (9)%(13)% (10)%
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$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 Q1 Q2 Q3 Q4 229% 345% 132% 235% Brokerage Operating Income In thousands MARTEN’S BROKERAGE OPERATIONS Brokerage Operating Revenue In millions Our brokerage operations significantly contributed to our total operating income in 2024 and Q3 YTD ’25 % increases are from ’14 to ’25 for Q1-Q3 and from ‘14 to ‘24 for Q4 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 $220 '17 '18 '19 '20 '21 '22 '23 '24 Q1 '24 Q1 '25 Q2 '24 Q2 '25 Q3 '24 Q3 '25 23% 26% 50% (11)% 41% (19)% 8 ’14 ’15 ’16 ’17 ’18 ‘19 ’20 ’21 ’22 ’23 ’24 ’25 (12)% (7)% 7% (2)%
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BROKERAGE SHIPPERS AND LOADS 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 our dedicated customers shifting brokerage loads due to the freight market recession To protect our future brokerage growth, we have diversified our freight base from 90 customers at the start of 2022 to an average of 140 customers in 2023, 128 customers in 2024 and 145 customers in Q3 YTD ’25 9
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Minimizing the impact of the freight market recession -- $62.9 million operating revenue for 2024 vs. $79.2 million for 2023 and $41.3 million for Q3 YTD ’25 vs. $48.6 million for Q3 YTD ’24 (excluding fuel surcharges) 100 400 700 1,000 1,300 1,600 1,900 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 MRTN de Mexico Dry TL and Brokerage Operating Revenue (excluding fuel surcharges) In thousands $100 $600 $1,100 $1,600 $2,100 $2,600 $3,100 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 MRTN de Mexico Dry TL and Brokerage Loads MRTN de MEXICO OPERATIONS Facility expansion at all three MRTN de Mexico entry ports • Moved into new Otay Mesa facility in June 2022 • Expanded present Laredo facility operations space • Purchased land in McAllen for building new facility with increased capacity Temperature growth history with more expansive growth in the works Dry expansion with first loads in Feb. 2022 and expected continued growth 10 We are optimistic that stricter standards for non- domiciled commercial driver’s licenses and increased enforcement of the English Language Proficiency and B-1 visa regulations will positively impact our MRTN de Mexico business
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INVESTING FOR FUTURE GROWTH AND SAFETY $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 '20 '21 '22 '23 '24 '25 Est.* $106.3 $134.9 $123.7 $172.5 $152.1 In millions Net Capital Expenditures 17% Cost of tractors up 17% in 2025 over 2021 30% Cost of refrigerated trailers up 30% in 2025 over 2021 ❑ Added Equipment Safety ❑ Collision Avoidance System ❑ Blind Spot Detection System ❑ Lane Departure System ❑ Side Camera System ❑ Platform Science ❑ Smart Drive ❑ Solar Panels INVESTMENTS 11 $64 *Reflects the sale of our intermodal assets
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MARTEN’S SOLAR ADVANTAGE 3 million kWh of generation and offset each year 2,125 metric tons* of CO2 offset each year 400 Homes* This kWh is equivalent to enough energy to power over 400 homes with electricity for each year 2,500 Acres* The carbon sequestration from this much clean energy offset each year is equivalent to the impact of over 2,500 acres of forest + = = = *Based on standard EPA (Unites States Environmental Projection Agency) carbon offset calculation 18 renewable energy projects across Marten’s national network Nationwide Terminal and Office Installments at Each of Our Facilities 12 Solar panels on our tractors improve APU fuel efficiency and battery and parts service lives
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RECENT SAFETY TECHNOLOGY ENHANCEMENTS ✓ SAFETY: Forward-facing camera technology focused on driver behavior ✓ COACHING/TERMINATING DRIVERS: SmartDrive cameras use an AI program to detect 40 types of unsafe driving events and send each event to our managers to coach or terminate using our conservative enforcement standards ✓ PROGRESS MONITORING: Shows each driver’s trends ✓ IMPROVED BOTTOM LINE: Lower operating costs and idling expense with insight and analytics telematics + fleet management ✓ All Fleet Apps in ONE Place on ONE Device ✓ Compliance Assists in compliance with state and federal HOS regulations ✓ Productivity More done in less time with driver workflows in their daily operations ✓ Navigation Smart navigation choosing truck-safe routes which improves safety and on-time performance ✓ Data Real-time telematics. Unifies the truck and the device’s information in one place and reports the data back Safer for drivers PLATFORM SCIENCE SmartDrive Video based safety system All seated drivers are on SmartDrive and Platform Science 13 Another recent safety technology enhancement is adding side cameras to our tractors which improves our drivers’ visibility
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$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Q1 '24 Q1 '25 Q2 '24 Q2 '25 Q3 '24 Q3 '25 (2)% 11% 5% 3% 3% 8% 4% 2% 9% 8% 8% 23% (8)% 7% In millions MARTEN’S OPERATING REVENUE Operating Revenue (excluding fuel surcharge) 12th 223 Customer diversity increased by 223 shipper codes and 107 new customers in 2023 2022 12th straight year of highest operating revenue (excluding fuel surcharges) 224 Customer diversity increased by 224 shipper codes and 71 new customers in 2024 While reducing fleet size to minimize impact of freight market recession 14 (14)% (9)% 245 Customer diversity increased by 245 shipper codes and 81 new customers in Q3 YTD ’25 (5)% (7)%
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$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 $110 $120 $130 $140 $150 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Q1 '24 Q1 '25 Q2 '24 Q2 '25 Q3 '24 Q3 '25 28% (37)% 20% 22% 7% 13% (2)% 20% (2)% 9% 24% 20% 22% MARTEN’S OPERATING INCOME (5)% In millions In each of the five years from 2018 through 2022 we had the then-best operating income in our history 2018-2022 Operating Income 15 (52)% (63)% (2)% (36)%
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MARTEN’S OPERATING RATIO Net of Fuel S/C 2020-2022 In each of 2020 through 2022 we achieved our then-best ratio for any year since we became a public company in 1986 Operating Ratio Net of Fuel S/C We expect to make significant improvements to our profitability as the freight market corrects 16 80% 81% 82% 83% 84% 85% 86% 87% 88% 89% 90% 91% 92% 93% 94% 95% 96% 97% 98% 99% 100% '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Q1 '24 Q1 '25 Q2 '24 Q2 '25 Q3 '24 Q3 '25 93.5% 92.0% 91.2% 91.1% 90.2% 90.7% 89.7% 90.6% 91.0% 89.7% 89.7% 87.0% 88.2% 86.4% 90.7% 96.0% 97.0% 94.3% 95.3% 95.2% 97.9% 98.6%
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MARTEN’S EARNINGS PER DILUTED SHARE (1) Restated to reflect the three-for-two stock split on August 13, 2020, the five-for-three stock split on July 7, 2017, and the three-for-two stock split on June 14, 2013 (2) Excluding the deferred income taxes benefit related to the federal Tax Cuts and Jobs Act in 2017 17 (1) DIVIDEND • Current $0.06 per share -- approx. 2.3% yield • 61 consecutive quarterly payments since initiated in 2010 • $266.3 million paid, including $134.9 million in special dividends $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $1.10 $1.20 $1.30 $1.40 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Q1 '24 Q1 '25 Q2 '24 Q2 '25 Q3 '24 Q3 '25 21% 23% 12% 10% (2)% 20% (3)% -%(2) 11%62%(2) 23% 13% (36)% 31% (62)% (55)% NO DEBT • We have not had any debt since 2017 (9)% (41)%
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COMMITMENT TO EXCELLENCE isn't just a goal; it's a standard ON-TIME SERVICE TO DELIVERY 2024 – 97.0 2023 – 99.3 2022 – 96.9 2021 – 96.5 Year % 18 EXCELLENCE We are pleased to recently be certified by the Truckload Carriers Association, or TCA, as a TCA Elite Fleet – 2025 Best Place to Drive The TCA partnered with the University of Denver’s Transportation and Supply Chain Institute to recognize North American for-hire truckload carriers that foster exceptional work environments, offer competitive compensation and implement innovative practices to support their drivers – 97.5 Q3 YTD 2025
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MARTEN PEOPLE AND CULTURE AS WE APPROACH OUR 80TH YEAR Financially Stable & Debt Free North American Network Invested in our People Disciplined, Data-Driven Culture Proprietary Information Systems Innovative Solutions Focus on Sustainability Excellence is our Standard Safety is our Priority 19 The more they know, the more they’ll understand. The more they understand, the more they’ll care. Once they care, there’s no stopping them. – Sam Walton ” If you can’t measure it, you can’t manage it. – Peter Drucker Great things in business are never done by one person. They’re done by a team of people. – Steve Jobs ”
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ORGANIC OPERATING RESULTS Our earnings have continued to be significantly pressured by the historic duration and depth of the freight market recession’s oversupply and weak demand -- and the cumulative impact of inflationary operating costs, unacceptable freight rate reductions and freight network disruptions. Our unique multifaceted business model’s value continued to be highlighted by the operating results of our dedicated and brokerage operations for the first nine months of this year and throughout last year. We remain focused on minimizing the freight market’s impact with our emphasis on safe, premium service, data -driven operating efficiencies and cost controls. Our strong, debt-free balance sheet enhances our ability to continue investing in our technology and modern fleet and position our operations to capitalize on future profitable organic growth opportunities. We expect the current administration’s recent immigration enforcement efforts including stricter standards for non-domiciled commercial driver’s licenses and increased enforcement of English Language Proficiency and B-1 visa regulations to positively impact such opportunities. Quarter-over-quarter, year-over-year, Marten Transport (NASDAQ: MRTN) has delivered consistent, top quartile results. Key word is consistent. When compared to many of the others, you don’t see very many blips in operating expenses or legal exposures that may cause multi-period hangovers for others. Everything I read about them through their earnings releases and SEC filings point to a very disciplined operating team… Marten has hung with and bettered the performance of many of the big dogs. Henry, Chris. Marten Transport Delivers the Goods. TCA Truckload Indexes, Dec. 2018 Pre-Recession Operating Results 2018-2022: Set the then-current record for highest annual operating revenue and operating income 2020-2022: Achieved then-best operating ratio, net of fuel s/c, for any year since became public company in 1986 Marten’s Unique Multifaceted Business Model Value is highlighted by operating results for dedicated and brokerage Marten’s Focus -Minimizing market impact on operations -Capitalize on profitable organic growth across our business platforms -Continuous investment in safety -Culture to drive continuous improvement -Fair compensation for our services 20 “ ”
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EMBRACING A POSITIVE OUTLOOK IN CHALLENGING TIMES We are seeing Increased Interest By Our Customers To Secure Dedicated Capacity The refrigerated side of our business, the foundation of our company, will undoubtedly continue to find opportunities to Bring Innovative Solutions To Our Existing and New Customers The future is promising for our Dry Van division, as there are approximately 8 Dry Van Loads For Every Refrigerated Load The Brokerage division has Effectively Capitalized On The Dry Van Market Space, contributing to its overall volume, and will continue to do so 21 We are optimistic that stricter standards for non-domiciled commercial driver’s licenses and increased enforcement of the English Language Proficiency and B-1 visa regulations will Positively Impact Our MRTN de Mexico Business
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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-looking statements. These statements are based on Marten’s current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. For further information, please refer to Marten’s reports and filings with the Securities and Exchange Commission. 22