Slides
Page 1
& FINANCIAL Q3 2026 OPERATING RESULTS MARTEN TRANSPORT, LTD.
Page 2
MEXICOBROKERAGEDEDICATEDTRUCKLOAD Diversity of Services 53% of Revenue 67% temp | 33% dry Regional temp, dry & OTR operating from 14 regional service centers 30% of Revenue 53% customer-owned trailers | 23% temp | 24% dry Customized solutions utilizing temp, dry & specialized equipment 17% of Revenue 68% temp | 32% dry Surge flexibility for customers’ needs beyond Marten’s assets with new specialized solutions including flatbed, high-value and hazmat Door-to-door between Mexico and the U.S. through our network of trusted partner carriers, with border crossing in Laredo, TX and Otay Mesa, CA Marten Transport is a multifaceted business offering a network of refrigerated and dry truck-based transportation and distribution capabilities across our distinct business platforms 1
Page 3
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 stockholders. We are committed to operating in an environmentally friendly and safe manner. Our Mission 2
Page 4
We are focused on mitigating the impact of the recent rise in diesel fuel prices to record levels through disciplined fuel expense and fuel surcharge management initiatives. The margin pressure results primarily from the timing lag inherent in truckload industry fuel surcharge programs relative to rapidly rising diesel fuel costs, as well as higher fuel consumption associated with our temperature- controlled operations. Despite these positive trends, our earnings were negatively affected by unusually high net fuel and health insurance costs. Relative to our average quarterly levels during the first half of the year, net fuel increased by $3.5 million and health insurance, within salaries, wages and benefits, increased by $2.0 million in the third quarter. Over the same period, the increase in our rate of driver pay negatively impacted results by $1.0 million, while a larger gain on sale of revenue equipment provided a $1.5 million benefit. Collectively, these factors reduced our third quarter net income by $3.7 million, or 4.5 cents per share. The truckload freight market has sharply tightened since earlier this year as renewed and enhanced enforcement of federal and state law is removing a meaningful amount of noncompliant and unqualified driver capacity from the marketplace. We are securing higher pricing from our customers for our premium services while enhancing freight quality across our network within these early stages of the freight market upcycle. Our Truckload average rate per total mile, net of fuel surcharges, increased 14.1% over the third quarter of 2025. Q3 2026 Summary and Outlook 3 As we continue through our 80th year, our priorities remain unchanged: delivering safe, premium service, driving operating efficiencies through data and technology, and maintaining rigorous cost discipline. Our strong, debt-free balance sheet provides the financial flexibility to continue investing in our technology and modern fleet, while positioning the Company to capitalize on attractive opportunities for profitable organic growth.
Page 5
Pre-Recession Operating Results Multifaceted Business Model Marten’s Continued Focus • 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 • Value is highlighted by operating results for dedicated and brokerage • Capitalize on profitable organic growth across our business platforms • Continuous investment in safety • Culture to drive continuous improvement • Fair compensation for our services Operating Results Operating Revenue Operating Revenue (net of fuel surcharges) Operating Income Net Income Q3 ’26 vs ‘25 ’25 vs ‘24 ’24 vs ‘23 ’23 vs ‘22 ’22 vs ‘21 ’21 vs ‘20 ’20 vs ‘19 ’19 vs ‘18 1.3% (8.3)% (14.8)% (10.5)% 29.8% 11.4% 3.7% 7.1% (5.0)% (7.3)% (13.6)% (7.7)% 23.1% 8.3% 6.8% 8.6% 11.9% (31.0)% (63.1)% (37.1)% 28.3% 19.8% 21.9% 8.7% 30.7% (35.2)% (61.7)% (36.2)% 29.2% 22.9% 13.8% 11.0% Operating Results Comparison – Percentage Change vs. Same Period of Prior Year 4 Q1 ’26 vs ‘25 (8.8)% (9.5)% (72.8)% (68.1)% Q2 ’26 vs ‘25 (2.8)% (9.1)% (29.0)% (25.7)%
Page 6
The freight market has sharply tightened in recent months with truckload rates increasing significantly • Freight rates and revenue per tractor declined significantly from 2023 through 2025—during a period of elevated cost inflation that would typically be passed through • Improved utilization has partially offset this impact, driven by continued efficiency gains and the addition of new customer business Dedicated Rate per Total Mile, Utilization & Revenue per Tractor Truckload Rate per Total Mile, Utilization & Revenue per Tractor Rates and Utilization Since 2023 5
Page 7
Regional in Structure National in Scope International in Reach Corporate Office Regional Operating Centers Sustainable Solar Power in each of our Facilities Transformation is a process, not an event. - John P. Kotter, Leading Change Operational Footprint Wilsonville, OR Jurupa Valley, CA Otay Mesa, CA Phoenix, AZ Laredo, TX De Soto, TX Edwardsville, KS Mondovi, WI Zionsville, IN Memphis, TN Tucker, GA Tampa, FL Carlisle, PA Colonial Heights, VA 6
Page 8
Coca Cola Midwest Dedicated Carrier of the Year | 2025 Chemours Carrier of the Year | 2020-2023 Our dedicated operations significantly contributed to our total operating income in 2024 through Q3 YTD ’26 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 Q1 Q2 Q3 Q4 Dedicated Operating Income In thousands ’14 ’15 ’16 ’17 ’18 ‘19 ’20 ’21 ’22 ’23 ’24 ’25 ‘26 $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 $300 $325 $350 '19 '20 '21 '22 '23 '24 '25 Q1 '25 Q1 '26 Q2 '25 Q2 '26 Q3 '25 Q3 '26 Dedicated Operating Revenue (excluding fuel surcharges) In millions Dedicated Operations 7 Rise Baking Asset Carrier of the Year | 2023-2025
Page 9
$0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 $220 '19 '20 '21 '22 '23 '24 '25 Q1 '25 Q1 '26 Q2 '25 Q2 '26 Q3 '25 Q3 '26 Our brokerage operations significantly contributed to our total operating income in 2024 through Q3 YTD ’26 Brokerage Operating Revenue In millions $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 Q1 Q2 Q3 Q4 Brokerage Operating Income In thousands ’14 ’15 ’16 ’17 ’18 ‘19 ’20 ’21 ’22 ’23 ’24 ’25 ‘26 Brokerage Operations 8
Page 10
MRTN de Mexico • Cross Border market yield is improving and growth resumed during Q2 and Q3 ‘26 • Have minimized the impact of the freight market recession -- $53.3 million operating revenue for 2025 vs. $62.9 million for 2024, and $31.2 million for Q3 YTD ’26 vs. $41.3 million for Q3 YTD ’25 (excluding fuel surcharges) • Tight market supply aided by stricter standards for non- domiciled commercial driver’s licenses and increased enforcement of English Language Proficiency and B-1 visa compliance has positively affected the MRTN de Mexico network after considerable negative impact of the freight market recession • Trade between U.S. and Mexico is likely to remain stable as tariffs remain very low or zero under the USMCA 9
Page 11
>1,000 Million Mile Safe Drivers Investments For a Safe Future • Added Equipment Safety • Collision Avoidance • Blind Spot Detection • Lane Departure Alerts • Side Camera Visibility • Platform Science • Smart Drive 20% 25% Tractor Cost Increase 2026 vs. 2021 Reefer Trailer Cost Increase 2026 vs. 2021 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 '20 '21 '22 '23 '24 '25 '26 Est. $106.3 $134.9 $123.7 $172.5 $152.1 Net Capital Expenditures In millions *Reflects the sale of our intermodal assets Investing in Growth & Safety $42.8* $60 10
Page 12
Our first solar project was completed in 2018. Since then, we’ve completed 18 additional solar installations at Marten facilities across our national network. Today, every tractor and refrigeration unit is equipped with solar power. 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 (United States Environmental Protection Agency) carbon offset calculation = + = = Solar Advantage 11
Page 13
Our journey spans from innovative solutions to sustainable milestones, ensuring a greener future in every mile Equipment Modernization Initiatives Temp-Controlled Efficiency Initiatives Solar Energy across Facilities and Fleet Let’s Talk Green DECADES OF SUSTAINABLE PROGRESS Steadfast Commitment 12
Page 14
Platform Science is the in-cab technology platform that supports safe driving, regulatory compliance and real-time visibility across our fleet All Fleet Apps in ONE Place on ONE Device Safer for drivers 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 tractor-safe routes which improves safety and on-time performance Data Real-time telematics. Unifies the tractor and the device’s information in one place and reports the data back How it supports safety: Platform Science 100% of drivers equipped with Platform Science technology 13
Page 15
SmartDrive is our video-based safety system that helps prevent accidents through early risk detection, driver coaching and continuous improvement SmartDrive System Camera Technology Forward-facing camera technology focused on driver behavior Coaching & Corrective Action SmartDrive cameras use an AI program to detect 40 types of unsafe driving events and send each event to our managers to coach or take corrective action 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 How it supports safety: 100% of drivers equipped with SmartDrive system 14
Page 16
A recent technology enhancement, side camera systems provide full visibility around the vehicle—including blind spots—supporting safer maneuvers and reducing accident risk and liability exposure Side Camera Program Eliminates blind spots Improves lane changes and merging Reduces risk of visibility-related accidents How it supports safety: 1,661 tractors with cameras currently installed 15
Page 17
$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 '25 Q1 '25 Q1 '26 Q2 '25 Q2 '26 Q3 '25 Q3 '26 Operating Revenue (excluding fuel surcharges) In millions 12th 223 2023 shipper codes increased by 223 with 107 new customers to Marten 2022 12th straight year of highest operating revenue (excluding fuel surcharges) 224 2024 shipper codes increased by 224 with 71 new customers to Marten 388 2025 shipper codes increased by 388 with 98 new customers to Marten Operating Revenue 16 212 Q3 YTD ’26 shipper codes increased by 212 with 95 new customers to Marten
Page 18
$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 '25 Q1 '25 Q1 '26 Q2 '25 Q2 '26 Q3 '25 Q3 '26 Operating Income In millions Between 2018 and 2022, we generated our highest operating income in our history each year Operating Income 17
Page 19
Operating Ratio Net of Fuel Surcharges We expect to make significant improvements to our profitability as the freight market continues to improve 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 '25 Q1 '25 Q1 '26 Q2 '25 Q2 '26 Q3 '25 Q3 '26 From 2020 through 2022, we achieved our then-best ratio for any year since becoming public in 1986 Operating Ratio, net of Fuel Surcharges 18
Page 20
(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 $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 '25 Q1 '25 Q1 '26 Q2 '25 Q2 '26 Q3 '25 Q3 '26 DIVIDEND • Current $0.06 per share -- approx. 1.9% yield • 65 consecutive quarterly payments since initiated in 2010 • $285.9 million paid, including $134.9 million in special dividends NO DEBT • We have not had any debt since 2017 Diluted EPS (1) 19 (2)
Page 21
EXCELLENCE isn't just a goal it's a standard We are proud to be certified by the Truckload Carriers Association (TCA) as a 2025 & 2026 TCA Elite Fleet – Best Place to Drive, recognizing carriers that deliver exceptional driver environments, competitive pay and innovative driver- support practices Industry Recognition 20 US COLD NATIONAL CARRIER OF THE YEAR 2023- 2025 NESTLE RESPONSIBLE SOURCING STANDARD COMPLIANCE 2023 CHEMOURS NORTH AMERICAN PLATINUM/GOLD CARRIER OF THE YEAR 2020-2023 NIAGARA BOTTLING SOUTH ATLANTIC REGIONAL CARRIER OF THE YEAR 2024 GEODIS CARRIER OF THE YEAR 2024 JOHNSONVILLE SAUSAGE NATIONAL CARRIER OF THE YEAR 2021-2023 RISE BAKING ASSET CARRIER OF THE YEAR 2023 - 2025 ABBOTT NUTRITION CARRIER OF THE YEAR 2022 & 2023 COCA COLA MIDWEST DEDICATED CARRIER OF THE YEAR 2025
Page 22
Invested in our PEOPLE, Marten is dedicated to employee development and promoting from within Marten’s nationwide operational network, proprietary information systems and disciplined culture deliver reliable operating performance for our CUSTOMERS Marten cultivates INNOVATIVE solutions with willingness to challenge conventional wisdom Our SUSTAINABILITY efforts are paving the way for an eco-friendly transportation industry EXCELLENCE isn't just a goal; it's a standard, and our employees continuously meet that standard through their hard work, skill and dedication SAFETY is always at our core Culture for Excellence 21
Page 23
• We are seeing increased customer interest in securing dedicated and truckload capacity. • The outlook for our dry van division remains strong, supported by a significantly larger market, with approximately eight dry van loads for every refrigerated load. At the same time, our refrigerated business—the foundation of our company—will continue to deliver innovative solutions to both existing and new customers. • We are encouraged by our ability to improve rates, utilization and revenue per tractor which will drive earnings growth. • Our brokerage division has effectively capitalized on market opportunities in each of our service areas. Resilient Outlook in Breakout Freight Market 22
Page 24
THANK YOU THANK YOU 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.