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SECOND QUARTER AND SIX MONTHS 2025 FINANCIAL RESULTS July 2025
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PENSKE AUTOMOTIVE GROUP / 2 FORWARD-LOOKING STATEMENT DISCLAIMER Statements in this presentation may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions (PTS) and Premier Truck Group and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes or work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model either from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of EVs; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; changes in interest rates and foreign currency exchange rates; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes or work stoppages by its employees, a reduction in PTS' asset utilization rates, continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various government mandates concerning the electrification of its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicles sales, including those related to the sales process, emissions standards or electrification, as well as changes in consumer sentiment relating to commercial truck sales that may hinder our or PTS' ability to maintain, acquire, sell, or operate trucks; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risk and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2024, its Form 10-Q for the quarterly period ended March 31, 2025, and its other filings with the Securities and Exchange Commission. This presentation speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
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PENSKE AUTOMOTIVE GROUP / 3 over 28,400 employees worldwide $15.3B revenue 4 continents 8 countries COMPANY OVERVIEW A Diversified International Transportation Services Company Headquartered in Bloomfield Hills, MI USA For the Six Months Ended June 30, 2025: 353 automotive franchised dealerships 15 used vehicle centers 21 commercial vehicle, power system & parts distribution locations 45 commercial retail truck locations 242,451 new & used units delivered (includes commercial trucks)
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PENSKE AUTOMOTIVE GROUP / 4 WORLD CLASS BRANDS IN AUTOMOTIVE & TRUCKS
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PENSKE AUTOMOTIVE GROUP / 5 CAPITAL ALLOCATION (In Millions) Dividends $131 $68 $143 $154 $189 $274 $165 Capital Expenditures $245 $186 $249 $283 $375 $369 $147 Share Repurchases $174 $35 $294 $887 $382 $78 $133 Acquisitions (incl. repayment of seller’s floorplan notes) $327 --- $432 $393 $215 $786 --- Total $877 $289 $1,118 $1,717 $1,161 $1,507 $445 2019 2020 2021 2022 2023 2024 2025* * For the six months ended June 30, 2025
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PENSKE AUTOMOTIVE GROUP / 6 $2,360 $1,690 $1,474 $1,622 $1,629 $1,852 $1,783 2.9X 1.8X 0.8X 0.8X 1.0X 1.2X 1.2X 0 0.5 1 1.5 2 2.5 3 3.5 $- $500 $1,000 $1,500 $2,000 $2,500 2019 2020 2021 2022 2023 2024 6/30/2025 Debt Leverage* (USD in Millions) (As of December 31 for each applicable year, unless noted) Note: * Refer to Non-GAAP Reconciliation Section PAG HISTORICAL LONG-TERM DEBT AND LEVERAGE
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PENSKE AUTOMOTIVE GROUP / 7 KEY HIGHLIGHTS Revenue flat at $7.7 billion Gross margin increased 50 bps to 16.9% Same-store retail automotive service and parts revenue +7%: related gross profit +9% Service and parts gross margin +50 bps Selling, general, and administrative expenses as a percentage of gross profit improved by 30 bps quarter over quarter, and improved by 10 bps sequentially compared to Q1 2025 Penske Transportation Solutions equity earnings increased to $53.5 million from $52.9 million Retail automotive same-store variable vehicle gross increased 9% to $5,724 from $5,236 Repurchased 630,000 shared during Q2 2025 and 885,000 during 6M 2025 Availability under credit agreements of $2.2 billion as of June 30, 2025 Acquired Ferrari Modena in July 2025 with estimated annualized revenue of $40 million On July 23rd increased quarterly dividend by 4.8% to $1.32, the 19th consecutive quarterly increase Strategic divestures or dealership closures impacted Q2 2025 revenue by approximately $200 million in annualized revenue OPERATIONS CAPITAL ALLOCATION
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PENSKE AUTOMOTIVE GROUP / 8 Q2 & 6M PERFORMANCE HIGHLIGHTS ($ in Millions, except Per Share Amount) Q2 ‘25 Q2 ‘24 CHG 6M ’25 6M ‘24 CHG Revenue $7,662 $7,697 — $15,267 $15,145 +1% Income Before Taxes Adjusted Income Before Taxes $337 --- $326 --- +4% --- $674 $647 $620 $620 +9% +4% Inc. Attributable to Common Stockholders Adjusted Inc. Attributable to Common Stockholders $250 --- $241 --- +4% --- $494 $476 $456 $456 +8% +4% Income Per Share Adjusted Income Per Share $3.78 --- $3.61 --- +5% --- $7.44 $7.17 $6.81 $6.81 +9% +5%
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RETAIL AUTOMOTIVE
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PENSKE AUTOMOTIVE GROUP / 10 27% 13% 10% 9% 8% 8% 7% 5% 4% 3% 2% 2% 2% RETAIL AUTOMOTIVE BRAND MIX Other (For the six months ended June 30, 2025) (% of Total Worldwide Automotive Dealership Revenue) 73% Premium 21% Volume Non-U.S. 2% U.S. 4% Used Only Used Only
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PENSKE AUTOMOTIVE GROUP / 11 DIVERSIFIED REVENUE STREAM 45% 34% 13% 3% 5% 26% 12% 43% 18% 1% 46% 34% 12% 3% 5% 26% 12% 43% 18% 1% 6M ‘25Q2 ‘25 REVENUE GROSS PROFIT (For the three months ended June 30, 2025) (For the six months ended June 30, 2025) RETAIL AUTOMOTIVE REVENUE GROSS PROFIT
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PENSKE AUTOMOTIVE GROUP / 12 RETAIL AUTOMOTIVE SAME-STORE REVENUE ($ in Millions) Q2 ’25 Q2 ’24 Chg 6M ’25 6M ’25 Chg New Vehicle $2,850 $2,920 -2% $5,754 $5,631 +2% Used Vehicle $2,140 $2,168 -1% $4,249 $4,358 -3% Finance & Insurance $198 $201 -2% $391 $397 -1% Service & Parts $793 $742 +7% $1,553 $1,472 +6% Fleet & Wholesale $338 $370 -9% $685 $737 -7% Total $6,319 $6,401 -1% $12,632 $12,595 ---
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PENSKE AUTOMOTIVE GROUP / 13 $324 $432 $440 $450 $450 $463 $481 Q4 '19 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 RETAIL AUTOMOTIVE GROSS PROFIT PER UNIT – NEW SERVICE & PARTSPER UNIT – F & I PER UNIT – USED ($ in Millions) ($ in Millions) $1,255 $1,876 $1,822 $1,882 $1,797 $2,149 $2,326 Q4 '19 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 $1,324 $1,719 $1,766 $1,761 $1,826 $1,782 $1,919 Q4 '19 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 $3,286 $5,229 $5,302 $5,072 $5,146 $5,059 $5,443 Q4 '19 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25
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RETAIL COMMERCIAL TRUCKS
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PENSKE AUTOMOTIVE GROUP / 15 NORTH AMERICAN LOCATIONS One of the largest dealership groups for Freightliner North America Retail new and used Freightliner and Western Star trucks 34 full sales and service facilities 9 stand-alone service and parts facilities 2 stand-alone parts facilities 12 collision centers (2 stand alone)
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PENSKE AUTOMOTIVE GROUP / 16 DIVERSIFIED REVENUE STREAM 69% 5% 24% 1% 1% 26% 3% 66% 3% 2% 67% 6% 25% 1% 1% 25% 4% 66% 3% 2% 6M ‘25Q2 ‘25 REVENUE REVENUE GROSS PROFIT GROSS PROFIT (For the three months ended June 30, 2025) (For the six months ended June 30, 2025) RETAIL COMMERCIAL TRUCKS
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PENSKE AUTOMOTIVE GROUP / 17 PERFORMANCE SUMMARY – RETAIL COMMERCIAL TRUCKS Q2 Earnings Before TaxesQ2 Units Q2 Revenue ($ in Millions) (For the three months and six months ended June 30, 2024) 5,243 5,248 5,399 Q2 '23 Q2 '24 Q2 '25 $919 $892 $944 Q2 '23 Q2 '24 Q2 '25 $56 $52 $54 Q2 '23 Q2 '24 Q2 '25 10,415 9,788 10,053 6M '23 6M '24 6M '25 $1,815 $1,684 $1,767 6M '23 6M '24 6M '25 $113 $102 $99 6M '23 6M '24 6M '25 6M Earnings Before Taxes6M Units 6M Revenue ($ in Millions)
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PENSKE AUTOMOTIVE GROUP / 18 RETAIL COMMERCIAL TRUCK KEY METRICS Same-Store Q2 ’25 Q2 ’24 Chg 6M ’25 6M ’24 Chg VOLUME METRICS New Units 4,311 4,465 -3% 7,730 7,956 -3% Used Units 684 764 -10% 1,638 1,813 -10% Total Units 4,995 5,229 -4% 9,368 9,769 -4% GROSS PER UNIT New $7,711 $8,743 -12% $8,202 $9,254 -11% Used $7,016 $4,487 +56% $7,322 $3,735 +96% F&I $679 $776 -13% $785 $958 -18%
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AUSTRALIA / NEW ZEALAND
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Confidential / Penske Automotive Group / 20 PENSKE AUSTRALIA Exclusive importer and distributor of certain heavy/medium-duty trucks, buses and refuse collection vehicles – Western Star, MAN, Dennis Eagle Distributor of diesel/gas engines and power systems – MTU, Detroit Diesel, Allison Transmission, and Bergen engines Serves on-highway truck, mining, construction, agriculture, marine, oil & gas, and energy solutions market segments Parts & service gross profit approximately 60% of total commercial gross profit Operate (3) Porsche Centers in Melbourne, Australia 6M YTD revenue of $541 million compared to $381 million in 6M 2024, up 42%
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PENSKE TRANSPORTATION SOLUTIONS
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PENSKE AUTOMOTIVE GROUP / 22 PENSKE TRANSPORTATION SOLUTIONS (PTS)
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PENSKE AUTOMOTIVE GROUP / 23 17% 3% 30% 50%6M 2025 17% 4% 29% 50% PTS HIGHLIGHTS Managed fleet of over 414,000 trucks, tractors and trailers PAG recorded equity income from PTS investment of $53.5 million for the three months ended June 30, 2025 and $86.7 million for the six months ended June 30, 2025 OPERATING REVENUE Q2 2025 (For the three and six months ended June 30, 2025) Q2 ’25 Q2 ’24 Chg 6M ’25 6M ’24 Chg Operating Revenue (in billions) $2.7 $2.7 (1.0%) $5.3 $5.4 (1.0%) Earnings Before Taxes (in millions) $195 $193 +1.8% $319 $314 +1.8% Return on Sales 7.3% 7.1% +20bp 6.0% 5.9% +10bp PAG Equity Income $53.5 $52.9 +1.1% $86.7 $85.4 +1.5%
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PENSKE AUTOMOTIVE GROUP / 24 PTS FLEET Managed fleet consists of trucks, tractors and trailers under lease, rental and/or maintenance contracts 205 201 215 231 247 271 297 327 327 360 416 439 435 414 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 6/30/2025 (Units in Thousands, as of June 30, except as noted )
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NON - GAAP RECONCILIATIONS
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PENSKE AUTOMOTIVE GROUP / 26 The following tables reconcile reported net income and earnings per share to adjusted net income and adjusted earnings per share for the six months ended June 30, 2025 and 2024 Six Months Ended (Amounts in Millions) June 30, 2025 2024 % Change Net Income Attributable to Common Stockholders $ 494.3 $ 456.4 8.3 % Less: Gain on Sale of Dealership (38.9) — nm Add: Impairments and Other Charges 20.9 — nm Adjusted Net Income Attributable to Common Stockholders $ 476.3 $ 456.4 4.4 % Six Months Ended June 30, 2025 2024 % Change Earnings Per Share $ 7.44 $ 6.81 9.3 % Less: Gain on Sale of Dealership (0.58) — nm Add: Impairments and Other Charges 0.31 — nm Adjusted Earnings Per Share $ 7.17 $ 6.81 5.3 %
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PENSKE AUTOMOTIVE GROUP / 27 The following table reconciles reported selling, general, and administrative expenses (SG&A) and SG&A to gross profit to adjusted SG&A and adjusted SG&A to gross profit for the net income and earnings per share to adjusted net income and adjusted earnings per share for the six months ended June 30, 2025 and 2024 nm – not meaningful Six Months Ended June 30, 2025 vs. 2024 (Amounts in Millions) 2025 2024 Change % Change Selling, General, & Administrative Expenses $ 1,819.9 $ 1,767.3 $ 52.6 3.0 % Less: Impairments and Other Charges (25.2) — (25.2) nm Adjusted Selling, General, & Administrative Expenses $ 1,794.7 $ 1,767.3 $ 27.4 1.6 % Selling, General, and Administrative Expenses to Gross Profit 70.9 % 70.4 % 50 bps nm Adjusted Selling, General, and Administrative Expenses to Gross Profit 70.0 % 70.4 % (40) bps nm
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PENSKE AUTOMOTIVE GROUP / 28 The following table reconciles net income before taxes to adjusted net income before taxes for the six months ended June 30, 2025 and 2024 nm – not meaningful Six Months Ended (Amounts in Millions) June 30, 2025 2024 % Change Net Income Before Taxes $ 674.0 $ 620.3 8.7 % Less: Gain on Sale of Dealership (52.3) — nm Add: Impairments and Other Charges 25.2 — nm Adjusted Net Income Before Taxes $ 646.9 $ 620.3 4.3 %
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PENSKE AUTOMOTIVE GROUP / 29 nm – not meaningful The following tables reconcile reported net income and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the three and six months ended June 30, 2025 and 2024
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PENSKE AUTOMOTIVE GROUP / 30 The following table reconciles the leverage ratio as of June 30, 2025 and December 31, 2024 Six Six Trailing Twelve Twelve Months Ended Months Ended Months Ended Months Ended (Amounts in Millions) December 31, 2024 June 30, 2025 June 30, 2025 December 31, 2024 Net Income $ 464.3 $ 495.9 $ 960.2 $ 923.4 Add: Depreciation 81.6 82.0 163.6 158.0 Other Interest Expense 46.6 44.1 90.7 87.8 Income Taxes 155.3 178.1 333.4 316.5 EBITDA $ 747.8 $ 800.1 $ 1,547.9 $ 1,485.7 Less: Gain on Sale of Dealership — (52.3) (52.3) — Add: Impairments and Other Charges — 25.2 25.2 — Adjusted EBITDA $ 747.8 $ 773.0 $ 1,520.8 $ 1,485.7 Total Non-Vehicle Long-Term Debt $ 1,782.7 $ 1,852.0 Leverage Ratio 1.2 x 1.2 x
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PENSKE AUTOMOTIVE GROUP / 31 ($ in Millions) 12M ‘24 12M ‘23 12M ‘22 12M ’21 12M ’20 12M ‘19 Net Income $923.4 $1,058.6 $1,386.2 $1,192.7 $545.3 $435.1 Add: Depreciation $158.0 $141.0 $127.3 $121.5 $115.5 $109.6 Add: Other Interest $87.8 $92.6 $70.4 $68.6 $111.0 $124.2 Add: Income Taxes $316.5 $360.9 $473.0 $416.3 $162.7 $156.7 Add: (Income) From Disc. Ops --- --- --- ($1.3) ($0.4) ($0.3) EBITDA $1,485.7 $1,653.1 $2,056.9 $1,797.8 $934.1 $825.3 Less: Net gain (loss) on dealership sales --- --- --- --- ($5.2) --- Add: Impairment Charges(1) --- $40.7 --- --- --- --- Add: Loss on investment from revaluation(2) --- --- --- $11.4 --- --- Add: Debt redemption costs(3) --- --- --- $17.0 $8.6 --- Adjusted EBITDA $1,485.7 $1,693.8 $2,056.9 $1,826.2 $937.5 $825.3 Total Non-Vehicle Long-Term Debt $1,852.0 $1,629.2 $1,622 $1,474 $1,690 $2,360 Leverage Ratio 1.2x 1.0x 0.8x 0.8x 1.8x 2.9x The following table reconciles EBITDA, Adj. EBITDA and Leverage Ratio as of December 31, 2024, 2023, 2022, 2021, 2020 and 2019 (1) Impairment charges relate to our used vehicle dealerships international reporting unit (2) Loss on investment for the revaluation of the Nicole Group (3) Related to expenses in connection with the redemption of our 5.5% senior subordinated notes due 2026 in 2021 and the redemption of our 5.75% senior subordinated notes due 2022 and our $300 million 5.375% senior subordinated notes due 2024 in 2020 EBITDA, ADJ. EBITDA & LEVERAGE RATIO RECONCILIATION