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February 2026 4Q and 12M 2025 FINANCIAL RESULTS
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PENSKE AUTOMOTIVE GROUP / 2 FORWARD-LOOKING STATEMENT DISCLAIMER Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, acquisition activity, future plans, and future revenues. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, our ability to complete customary acquisition closing conditions, 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 t rucks 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, p ersonal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from o ur 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, 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 from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomwar e 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, integ rate, 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, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in values of used trucks which affects PTS' profitabi lity on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealershi p 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 inter national markets relating to dealerships and vehicles sales, including those related to the sales process, emissions standards, or electrification; the succe ss 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 c ould affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks 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 periods ended March 31, 2025, June 30, 2025, and September 30, 2025, and its other filings with the Securities and Exchange Commission. This press release 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 Seasoned Management Team Diversified Transportation Services Company Resilient Business model Recurring Revenue Streams over 27,700 employees worldwide 504,753* new & used units delivered (includes commercial trucks) *For the twelve months ended December 31, 2025 WHY PAG? 15 used vehicle centers 3.6M vehicles serviced annually 365 automotive franchised locations 21 commercial vehicle, power system & parts distribution locations 4 8 continents countries 45 Commercial retail truck locations
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PENSKE AUTOMOTIVE GROUP / 4 CAPITAL ALLOCATION (USD in Millions) (As of December 31 for each applicable year) $189 $386 $382 $215 $274 $378 $78 $786 $344 $325 $182 $385 2023 2024 2025 PAG Stock Capital PAG Share Acquisitions Dividends Expenditures Repurchases
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PENSKE AUTOMOTIVE GROUP / 5 KEY HIGHLIGHTS OPERATIONS CAPITAL ALLOCATION Repaid $550 million of 3.5% senior subordinated notes due September 1, 2025 at scheduled maturity Through December 31, 2025, repurchased 1.2 million shares of common stock for $182 million In 2025, acquired $1.6 billion in estimated annualized revenue During 2025 and 2024, completed divestitures of 23 non- strategic retail automotive dealerships representing $700 million in revenue Paid $344 million in cash dividends. Dividend increased 16% from $1.19 in Q4 ’24 to $1.38 in Q4 ’25 Increased dividend to $1.40 payable in March 2025 In January 2026, announced acquisition of two Lexus dealerships in Central Florida with estimated annualized revenue of $450 million Completed acquisitions of two Toyota, two Lexus and one Ferrari dealership representing $1.6 billion in estimated annualized revenue Q4 new vehicle gross per unit increased sequentially by $47 from $4,642 to $4,689 Q4 variable gross profit per unit delivered of $5,091 Q4 same-store service & parts revenue up 5.1%; related gross profit up 4.8%; Customer pay +7%; Warranty +2% 12M 2025 new vehicle gross per unit of $4,920, down $178 12M 2025 used vehicle gross per unit of $2,074, up $250 12M 2025 F&I gross per unit of $1,812, up $88 12M 2025 variable gross profit of $5,274, up $194
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PENSKE AUTOMOTIVE GROUP / 6 $31.9 $31.8 12M '24 12M '25 $14.49 $14.13 $13.94 12M '24 12M '25 12M '25 Adj $969 $935 $923 12M '24 12M '25 12M '25 Adj $249 $186 $192 Q4 '24 Q4 '25 Q4 '25 Adj $3.73 $2.83 $2.91 Q4 '24 Q4 '25 Q4 '25 Adj PAG PERFORMANCE SUMMARY 12M Total Revenue ($ in Billions) 12M Income Per Share12M Net Income Attributable to Common Stockholders ($ in Millions) Q4 Total Revenue ($ in Billions) Q4 Income Per ShareQ4 Net Income Attributable to Common Stockholders ($ in Millions) (For the three months and twelve months ended December 31) * * * * $8.1 $7.8 Q4 '24 Q4 '25 *Refer to Non-GAAP Reconciliation Section
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PENSKE AUTOMOTIVE GROUP / 7 Q4 & 12M PERFORMANCE HIGHLIGHTS ($ in Millions, except Per Share Amount) Q4 ‘25 Q4 ‘24 CHG 12M ’25 12M ‘24 CHG Revenue New/Used Retail Automotive $6,741 $7,080 (5%) $27,475 $27,566 --- Retail Commercial Truck $725 $774 (6%) $3,411 $3,521 (3%) Commercial Vehicle Distribution & Other $303 $224 +35% $923 $778 +19% Total Revenue $7,769 $8,078 (4%) $31,809 $31,865 --- Income Before Taxes $256 $328 (22%) $1,264 $1,290 (2%) Adjusted Income Before Taxes* $263 $328 (20%) $1,244 $1,290 (4%) Income Attr. to Common Stockholders $186 $249 (25%) $935 $969 (4%) Adjusted Inc. Attributable to Common Stockholders* $192 249 (23%) $923 $969 (5%) Income Per Share $2.83 $3.73 (24%) $14.13 $14.49 (3%) Adjusted Income Per Share* $2.91 $3.73 (22%) $13.94 $14.49 (4%) *Refer to Non-GAAP Reconciliation Section
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RETAIL AUTOMOTIVE
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PENSKE AUTOMOTIVE GROUP / 9 25% 18% 10% 9% 8% 7% 6% 4% 3% 3% 3% 2% 2% RETAIL AUTOMOTIVE BRAND MIX Other (For the twelve months ended December 31, 2025) (% of Total Worldwide Automotive Dealership Revenue) 71% Premium 23% Volume Non-U.S. 3% U.S. 3% Used Only Used Only
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PENSKE AUTOMOTIVE GROUP / 10 DIVERSIFIED REVENUE STREAM 48% 31% 13% 3% 5% 26% 9% 46% 18% 1% 47% 33% 12% 3% 5% 26% 11% 44% 18% 1% 12M ‘25Q4 ‘25 REVENUE GROSS PROFIT (For the three months ended December 31, 2025) RETAIL AUTOMOTIVE REVENUE GROSS PROFIT (For the twelve months ended December 31, 2025)
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PENSKE AUTOMOTIVE GROUP / 11 RETAIL AUTOMOTIVE SAME-STORE METRICS REVENUE ($ in Millions) Q4 ’25 Q4 ’24 Chg 12M ’25 12M ’24 Chg New Vehicle $3,182 $3,518 (10%) $12,308 12,360 --- Used Vehicle $2,099 $2,041 +3% $8,591 8,549 +1% Finance & Insurance $199 $206 (3%) $797 804 (1%) Service & Parts $832 $792 +5% $3,248 3,083 +5% Fleet & Wholesale $355 $355 --- $1,417 1,453 (3%) Total $6,667 $6,912 (4%) $26,361 $26,249 --- VOLUME Q4 ’25 Q4 ’24 Chg 12M ’25 12M ’24 Chg New Units* 52,282 58,943 (11%) 206,331 213,249 (3%) Used Units 52,145 54,037 (4%) 218,702 238,402 (8%) Total 104,427 112,980 (8%) 425,033 451,651 (6%) Agency Units 11,471 10,539 +9% 43,966 37,871 +16% Total Units 115,898 123,519 (6%) 468,999 489,522 (4%) *Excluding agency
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PENSKE AUTOMOTIVE GROUP / 12 $1,865 $1,773 $2,119 $2,298 $2,083 $1,770 $1,250 $1,719 $1,778 $1,737 $1,863 $1,795 $1,857 $469 $469 $482 $501 $502 $488 RETAIL AUTOMOTIVE GROSS PROFIT PER UNIT – NEW SERVICE & PARTSPER UNIT – F & I PER UNIT – USED ($ in Millions) $5,001 $5,071 $5,014 $5,337 $4,642 $4,689 // // //// $1,293 $3,066 $341 Q4 ’19 Q3 ’24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ’25 Q4 ‘25 Q4 ’19 Q3 ’24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ’25 Q4 ‘25 Q4 ’19 Q3 ’24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ’25 Q4 ‘25 Q4 ’19 Q3 ’24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ’25 Q4 ‘25
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PENSKE AUTOMOTIVE GROUP / 13 RETAIL AUTOMOTIVE SERVICE & PARTS +7% Customer Pay +2% Collision +2% Warranty Q4 ‘25 REVENUE CHANGE 71% 58% 23% 21% 5% 7% 1% 14% Revenue Gross Profit Other Collision Warranty Customer Pay Q4 ‘25 S&P MIX Record revenue and gross profit Q4 same-store revenue +5.1%; gross profit +4.8%; gross margin 58.0%
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PENSKE AUTOMOTIVE GROUP / 14 RETAIL COMMERCIAL TRUCKS
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PENSKE AUTOMOTIVE GROUP / 15 PREMIER TRUCK OVERVIEW One of the largest dealership groups for Daimler Truck North America Retail new and used Freightliner and Western Star trucks 18,950 units sold in 2025; revenue of $3.4 billion Return on sales of 5.0% 35 Full sales and service facilities 5 Stand-alone service and parts facilities 2 Stand-alone parts facilities 11 Collision centers (3 stand alone)
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PENSKE AUTOMOTIVE GROUP / 16 DIVERSIFIED REVENUE STREAM 62% 7% 29% 1% 1% 21% 1% 74% 2% 2% 66% 6% 26% 1% 1% 24% 3% 68% 3% 2% REVENUE REVENUE GROSS PROFIT GROSS PROFIT RETAIL COMMERCIAL TRUCKS 12M ‘25Q4 ‘25 (For the three months ended December 31, 2025) (For the twelve months ended December 31, 2025)
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PENSKE AUTOMOTIVE GROUP / 17 $774 $725 Q4 '24 Q4 '25 PERFORMANCE SUMMARY – RETAIL COMMERCIAL TRUCK Q4 Units Q4 Revenue ($ in Millions) 12M Units 12M Revenue ($ in Millions) 4,432 3,789 Q4 '24 Q4 '25 $45 $34 Q4 '24 Q4 '25 Q4 Earnings Before Tax ($ in Millions) 12M Earnings Before Taxes ($ in Millions) $204 $174 12M '24 12M '25 20,551 18,950 12M '24 12M '25 $3,521 $3,411 12M '24 12M '25 (For the three months and twelve months ended December 31)
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PENSKE AUTOMOTIVE GROUP / 18 RETAIL COMMERCIAL TRUCK KEY METRICS Same-Store Q4 ’25 Q4 ’24 Chg 12M ’25 12M ’24 Chg VOLUME METRICS New Units 3,028 3,543 (15%) 14,580 16,362 (11%) Used Units 755 888 (15%) 3,148 3,593 (12%) Total Units 3,783 4,431 (15%) 17,728 19,955 (11%) GROSS PER UNIT New $8,227 $10,187 (19%) $8,079 $9,083 (11%) Used $2,265 $5,739 (61%) $5,088 $4,586 +11% F&I $765 $930 (18%) $734 $861 (15%)
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PENSKE AUTOMOTIVE GROUP / 20 AUSTRALIA / NEW ZEALAND COMMERCIAL VEHICLE/POWER SYSTEMS Exclusive importer and distributor of certain medium and heavy-duty trucks, buses and refuse collection vehicles – Western Star, MAN, Dennis Eagle Distributor of diesel/gas engines and power systems – MTU, Detroit Diesel and Bergen engines and Allison Transmission Parts & service gross profit approximately 59% of total gross profit Serves on-highway truck, mining, construction, defense, marine, oil & gas, and energy solutions market segments (In Millions of US $) Q4 ‘25 Q4 ‘24 CHG 12M ’25 12M ’24 CHG Revenue $303 $224 +35% $923 $778 +19% EBT $23 $11 +109% $48 $45 +7% AUTOMOTIVE Operate three Porsche dealerships in Melbourne Integrated “One-Eco System” strategy to reduce costs utilizing scale of existing commercial vehicle business
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PENSKE AUTOMOTIVE GROUP / 21 PENSKE TRANSPORTATION SOLUTIONS
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PENSKE AUTOMOTIVE GROUP / 22 PENSKE TRANSPORTATION SOLUTIONS $2.6B 2025 Revenue $22.8B Total Assets 396.6K Tractors, trucks & trailers 42,000 Employees worldwide 3,400 Locations across 4 countries (For the twelve months ended December 31, 2025)
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PENSKE AUTOMOTIVE GROUP / 23 PENSKE TRANSPORTATION SOLUTIONS (PTS)
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PENSKE AUTOMOTIVE GROUP / 24 17% 3% 29% 51%2025 PTS HIGHLIGHTS Managed fleet of over 396,600 trucks, tractors and trailers PAG recorded equity income from PTS investment of $48 million for the three months ended December 31, 2025 and $193 million for the twelve months ended December 31, 2025 OPERATING REVENUE (For the twelve months ended December 31, 2025) Q4 ’25 Q4 ’24 Chg 12M ’25 12M ’24 Chg Operating Revenue (in billions) $2.6 $2.7 (5%) $10.6 $10.9 (3%) Earnings Before Taxes (in millions) $171 $188 (9%) $701 $720 (3%) Return on Sales 6.6% 6.8% (20bp) 6.6% 6.6% --- PAG Equity Income (in millions) $48 $53 (9%) $193 $198 (3%)
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PENSKE AUTOMOTIVE GROUP / 25 PTS FLEET Managed fleet consists of trucks, tractors and trailers under lease, rental and/or maintenance contracts 327 327 360 416 439 435 396 2019 2020 2021 2022 2023 2024 2025 (Units in Thousands, as of December 31, except as noted )
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ACQUISITIONS
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PENSKE AUTOMOTIVE GROUP / 27 PENSKE MOTOR GROUP – ACQUIRED NOV. 2025 Acquired dealerships retailed over 28,000 new and used units in 2024 Acquired dealerships expected to add $1.5 billion in estimated annualized revenue Longo Toyota #1 volume Toyota dealer in the U.S. for 58 consecutive years Longo Lexus #1 volume Lexus dealer in the Western Area of the U.S. for 35 years; #4 Lexus dealership in U.S. in 2025 Lexus Stevens Creek #1 volume Lexus dealer in North California for 22 years
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PENSKE AUTOMOTIVE GROUP / 28 FERRARI MODENA - ITALY • Acquired in July 2025 • Estimated annualized revenue of $50 million • Ferrari home market FERRARI MODENA - ITALY
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NON - GAAP RECONCILIATIONS
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PENSKE AUTOMOTIVE GROUP / 30 The following tables reconcile reported net income to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the three and twelve months ended December 31, 2025 and 2024:
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PENSKE AUTOMOTIVE GROUP / 31 THE FOLLOWING TABLE RECONCILES THE LEVERAGE RATIO AS OF DECEMBER 31, 2025, AND DECEMBER 31, 2024
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PENSKE AUTOMOTIVE GROUP / 32 Our quarterly and annual results include the impact of certain impairments and other charges, as well as the full quarterly and annual results of Penske Motor Group in all periods, which is required by GAAP for common control transactions. The following tables present key adjusted finan cial line items excluding certain impairments and other charges and presents the acquisition of Penske Motor Group as if we acquired it on November 1, 2025, without common control accounting. Management believes this presentation is useful to investors in evaluating the Company’s operating perfor mance and comparability across periods.