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Q2 2026 FINANCIAL RESULTS
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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, 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, 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, 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 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; 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, 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' 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 vehicle sales, including those related to the sales process, emissions standards, or electrification; 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; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeframe, or at all; 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 risks and uncertainties are addressed in Penske Automotive Group's Form10-K for the year ended December 31, 2025, it’s form 10-Q for the quarterly period ended March 31, 2026, 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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*For the twelve months ended December 31, 2025 3 WHY PAG? 362 Automotive Franchised Locations 45 Retail Commercial Truck Locations 13 Used Vehicle Centers 20 Commercial Vehicle, Power System & Parts Distribution Locations 257,500 New & Used Units Delivered (Includes Commercial Trucks) 28,600+ Employees Worldwide 4 8 Continents Countries 55 World Class Brands DIVERSIFIED Transportation Services Company RESILIENT Business Model RECURRING Revenue Streams SEASONED Management Team *For the six months ended June 30, 2026
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4 ($ in Millions, except Per Share Amount) Q2 ‘26 Q2 ‘25 CHG 6M ‘26 6M ‘25 CHG Revenue Retail Automotive $7,301 $6,888 +6% $14,268 $13,806 +3% Retail Commercial Truck $928 $944 -2% $1,622 $1,767 -8% Commercial Vehicle Distribution & Other $284 $201 +41% $486 $413 +18% Total Revenue $8,513 $8,033 +6% $16,376 $15,986 +2% Income Before Taxes $354 $354 --- $678 $704 -4% Adjusted Income Before Taxes* $323 --- --- $600 $677 -11% Income Attr. to Common Stockholders $260 $267 -3% $495 $524 -6% Adjusted Inc. Attrib. to Common Stockholders* $238 --- --- $438 $506 -13% Income Per Share $3.96 $4.03 -2% $7.52 $7.89 -5% Adjusted Income Per Share* $3.62 --- --- $6.66 $7.62 -13% *Refer to Non-GAAP Reconciliation Section 2026 SUMMARY
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5 60% 28% 12% NORTH AMERICA U.K. OTHER INT'L 69% 12% 15% 4% RETAIL AUTO RETAIL COMM TRUCKS NON-AUTO INVESTMENTS OTHER REVENUE & EBT (For the six months ended June 30, 2026) $16.4B REVENUE $678M EBT
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6 KEY TAKEAWAYS GROSSES Q2 2026 Retail Automotive new and used grosses consistent with Q1 2026 New down sequentially $1/unit to $4,782 Used up sequentially $19/unit to $2,095 Q2 2026 Variable Gross Profit of $5,199/unit, up $107 sequentially from Q1 2026 Q2 2026 Commercial Truck used vehicle gross/unit up $2,034 sequentially from Q1 2026 FIXED OPERATIONS Q2 2026 Retail Automotive same-store service & parts revenue growth of 2.0%; related gross profit up 3.4% Q2 2026 Retail Automotive same-store service & parts gross margin up 80 bps to 59.5% compared to Q2 2025 Q2 2026 Commercial Truck same-store service & parts revenue up 4.2% CAPITAL ALLOCATION Acquired 2 Lexus dealerships in Q1 2026 in the Orlando Metropolitan area of Central Florida with estimated annualized revenue of $450 million 6M 2026 repurchased 265,000 shares of common stock for $43 million Increased dividend from $1.40 in Q4 2025 to $1.44 per share in Q2 2026. Annualized payout of $5.76
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7 $189 $386 $382 $215 $274 $378 $78 $786 $344 $325 $182 $385 $186 $135 $43 $670*2023 2024 2025 6M 2026 CAPITAL ALLOCATION (USD in Millions) (As of December 31 for each applicable year, unless indicated otherwise) PAG Stock Dividends Capital Expenditures PAG Share Repurchases Acquisitions * Including $100 million for property and $15 million for the repayment of floorplan notes
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RETAIL AUTOMOTIVE
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9 RETAIL BRAND MIX 24% 19% 10% 9% 8% 7% 6% 5% 4% 3% 2% 2% 1% (For the six months ended June 30, 2026) (% of Total Worldwide Automotive Dealership Revenue) 71% Premium 23% Volume Non-U.S. 2% U.S. 4% Used Only Others Used Only
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10 45% 34% 12% 3% 6% RETAIL AUTOMOTIVE DIVERSIFIED REVENUE STREAM 25% 11% 45% 18% 1% New Used S&P F&I F&Wh $14.3 Bil REVENUE $2.3 Bil GROSS PROFIT (For the six months ended June 30, 2026)
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11 RETAIL AUTOMOTIVE GROSS PROFIT PER UNIT – NEW PER UNIT - USED SERVICE & PARTS ($ in Millions) PER UNIT – F&I $1,293 $1,863 $1,795 $1,857 $1,787 $1,807 Q4 '19 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 $341 $501 $502 $488 $510 $517 Q4 '19 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 $1,250 $2,298 $2,083 $1,770 $2,076 $2,095 Q4 '19 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 $3,066 $5,337 $4,642 $4,689 $4,783 $4,782 Q4 '19 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 // // // // Note: Excludes Agency
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12 RETAIL AUTOMOTIVE KEY METRICS – Q2 VOLUME Q2 ’26 Q2 ’25 Chg New Units 53,774 51,847 +4% New Agency Units 11,195 10,079 +11% Total New Units 64,969 61,926 +5% Used Units 57,802 55,034 +5% Total Units Delivered 122,771 116,960 +5% REVENUE ($ in Millions) Q2 ’26 Q2 ’25 Chg New Vehicle $3,375 $3,188 +6% Used Vehicle $2,472 $2,259 +9% Finance & Insurance $211 $208 +1% Service & Parts $867 $853 +2% Fleet & Wholesale $376 $379 (1%) Total $7,301 $6,888 +6% TOTALSAME-STORE VOLUME Q2 ’26 Q2 ’25 Chg New Units 55,136 52,985 +4% New Agency Units 11,195 10,079 +11% Total New Units 66,331 63,064 +5% Used Units 59,070 56,802 +4% Total Units Delivered 125,401 119,866 +5% REVENUE ($ in Millions) Q2 ’26 Q2 ’25 Chg New Vehicle $3,282 $3,126 +5% Used Vehicle $2,423 $2,204 +10% Finance & Insurance $207 $204 +2% Service & Parts $852 $836 +2% Fleet & Wholesale $356 $367 (3%) Total $7,120 $6,737 +6%
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13 RETAIL AUTOMOTIVE KEY METRICS – 6M VOLUME 6M ’26 6M ’25 Chg New Units 102,305 105,889 (3%) New Agency Units 24,206 20,765 +17% Total New Units 126,511 126,654 --- Used Units 116,007 112,858 +3% Total Units Delivered 242,518 239,512 +1% REVENUE ($ in Millions) 6M ’26 6M ’25 Chg New Vehicle $6,456 $6,436 --- Used Vehicle $4,901 $4,524 +8% Finance & Insurance $413 $414 --- Service & Parts $1,731 $1,679 +3% Fleet & Wholesale $766 $754 +2% Total $14,268 13,806 +3% TOTALSAME-STORE VOLUME 6M ’26 6M ’25 Chg New Units 105,172 108,509 (3%) New Agency Units 24,206 20,765 +17% Total New Units 129,378 129,274 --- Used Units 119,196 117,289 +2% Total Units Delivered 248,574 246,563 +1% REVENUE ($ in Millions) 6M ’26 6M ’25 Chg New Vehicle $6,269 $6,299 (1%) Used Vehicle $4,793 $4,393 +9% Finance & Insurance $405 $403 --- Service & Parts $1,693 $1,640 +3% Fleet & Wholesale $730 $729 --- Total $13,890 $13,464 +3%
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14 RETAIL AUTOMOTIVE SERVICE & PARTS 6M 2026 same-store revenue +3.3%; gross profit +4.5%; gross margin +60 bps +5.6% Customer Pay 6M YOY Gross Change* + 2.6 % Warranty +4.1% Collision $960 $1,003 6M '25 6M '26 $1,640 $1,693 6M '25 6M '26 S&P Revenue* S&P Gross* S&P Margin* 58.6% 59.2% 6M '25 6M '26 *Same-store results for the six months ended June 30, 2026
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RETAIL COMMERCIAL TRUCKS
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16 PREMIER TRUCK OVERVIEW One of the largest dealership groups for Daimler Truck North America Retail new and used Freightliner and Western Star trucks 9,014 units sold 6M YTD; revenue of $1.6 billion Return on sales of 5.1% 35 Full sales and service facilities 5 Stand-alone service & parts facilities 2 Stand-alone parts facilities 11 Collision centers (3 stand alone)
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17 61% 8% 29% 1% 1% 20% 6% 69% 3% 2% New Used S&P F&I F&Wh $1,622M REVENUE $271M GROSS PROFIT (For the six months ended June 30, 2026) RETAIL COMMERCIAL TRUCKS REVENUE AND PROFIT STREAMS SERVICE & PARTS REPRESENTS 69% OF GROSS PROFIT
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18 PREMIER TRUCK GROUP PERFORMANCE 5,248 5,339 5,431 Q2 '24 Q2 '25 Q2 '26 $892 $944 $928 Q2 '24 Q2 '25 Q2 '26 $52 $54 $47 Q2 '24 Q2 '25 Q2 '26 9,788 10,053 9,014 6M '24 6M '25 6M '26 $1,684 $1,767 $1,622 6M '24 6M '25 6M '26 $102 $99 $84 6M '24 6M '25 6M '26 Q2 UNITS Q2 Earnings Before Taxes ($ in Millions) Q2 REVENUE ($ in Millions) 6M UNITS 6M Earnings Before Taxes ($ in Millions) 6M REVENUE ($ in Millions) (For the three month and six month periods specified below)
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19 Q2 ’26 Q2 ’25 Chg VOLUME METRICS New Units 4,276 4,638 -8% Used Units 1,155 701 +65% Total Units 5,431 5,339 +2% GROSS PER UNIT New $7,083 $7,889 -10% Used $8,923 $7,037 +27% F&I $833 $741 +12% RETAIL COMMERCIAL TRUCK KEY METRICS 6M ’26 6M ’25 Chg VOLUME METRICS New Units 7,062 8,377 -16% Used Units 1,952 1,676 +17% Total Units 9,014 10,053 -10% GROSS PER UNIT New $7,568 $8,367 -10% Used $8,092 $7,278 +11% F&I $887 $839 +6% 6M 2026Q2 2026
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PENSKE AUSTRALIA/ NEW ZEALAND
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21 AUSTRALIA/NEW ZEALAND MARKET SEGMENTS
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22 AUSTRALIA/ NEW ZEALAND OVERVIEW 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 transmissions Parts & service gross profit approximately 60% of total gross profit Serves on-highway truck, mining, construction, defense, marine, oil & gas, and energy solutions market segments AUTOMOTIVE Operate three Porsche and one used dealership in Melbourne
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PENSKE TRANSPORTATION SOLUTIONS
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24 PENSKE TRANSPORTATION SOLUTIONS (PTS) OVERVIEW $5.1B 6M ’26 YTD Revenue 379,296 Tractors, trucks & trailers Q2 ’26 Q2 ’25 Chg 6M ’26 6M ’25 Chg Operating Revenue (in billions) $2.6 $2.7 ($0.1) $5.1 $5.3 ($0.2) Earnings Before Taxes (in millions) $207 $195 +$12 $357 $319 +$38 Return on Sales 7.9% 7.3% +60 bps 7.0% 6.0% +100 bps PAG Equity Income (in millions) $57.4 $53.5 +$3.9 $98.5 $86.7 $11.8 PAG recorded equity income from PTS investment of $57.4 million for the three months ended June 30, 2026 and $98.5 million for the six months ended June 30, 2026 40,100 Employees worldwide 3,279 Locations across 4 countries 24
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NON-GAAP RECONCILIATIONS
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*For the twelve months ended December 31, 2025 26 The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and adjusted EBITDA for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 vs. 2025 (Amounts in Millions) 2026 2025 Change % Change Net Income $ 261.2 $ 267.5 $ (6.3) (2.4) % Add: Depreciation 45.4 43.1 2.3 5.3 % Other Interest Expense 33.1 21.6 11.5 53.2 % Income Taxes 92.6 86.0 6.6 7.7 % EBITDA $ 432.3 $ 418.2 $ 14.1 3.4 % Less: Gain on Sale of Dealerships (30.5) — (30.5) nm Add: Disposals and Other Charges — — — nm Less: Common Control — (17.6) 17.6 nm Adjusted EBITDA $ 401.8 $ 400.6 $ 1.2 0.3 % Six Months Ended June 30, 2026 vs. 2025 (Amounts in Millions) 2026 2025 Change % Change Net Income $ 496.1 $ 525.9 $ (29.8) (5.7) % Add: Depreciation 90.2 83.7 6.5 7.8 % Other Interest Expense 61.5 44.1 17.4 39.5 % Income Taxes 181.4 178.1 3.3 1.9 % EBITDA $ 829.2 $ 831.8 $ (2.6) (0.3) % Less: Gain on Sale of Dealerships (90.9) (52.3) (38.6) 73.8 % Add: Disposals and Other Charges 13.0 25.2 (12.2) nm Less: Common Control — (31.7) 31.7 nm Adjusted EBITDA $ 751.3 $ 773.0 $ (21.7) (2.8) % nm – not meaningful
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*For the twelve months ended December 31, 2025 27 The following table reconciles the leverage ratio as of June 30, 2026, and December 31, 2025: Six Six Trailing Twelve Twelve Months Ended Months Ended Months Ended Months Ended (Amounts in Millions) December 31, 2025 June 30, 2026 June 30, 2026 December 31, 2025 Net Income $ 412.0 $ 496.1 $ 908.1 $ 937.9 Add: Depreciation 88.6 90.2 178.8 172.3 Other Interest Expense 47.5 61.5 109.0 91.6 Income Taxes 147.7 181.4 329.1 325.8 EBITDA $ 695.8 $ 829.2 $ 1,525.0 $ 1,527.6 Less: Gain on Sale of Dealerships — (90.9) (90.9) (52.3) Add: Disposals and Other Charges 7.3 13.0 20.3 32.5 Less: Common Control (16.9) — (16.9) (48.6) Adjusted EBITDA $ 686.2 $ 751.3 $ 1,437.5 $ 1,459.2 Total Non-Vehicle Long-Term Debt $ 2,496.0 $ 2,165.5 Leverage Ratio 1.7x 1.5x
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*For the twelve months ended December 31, 2025 28 The following tables present key adjusted financial line items excluding the gain on the sale of dealerships and certain disposals and other charges. Management believes this presentation is useful to investors in evaluating the Company’s operating performance and comparability across periods.
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*For the twelve months ended December 31, 2025 29 Our results include the impact of the gain on the sale of a dealership and certain disposals and other charges, as well as the full quarterly and year-to-date results of Penske Motor Group in all periods, which are required by GAAP for common control transactions. The following tables present key adjusted financial line items excluding certain disposals and other charges and present 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 performance and comparability across periods. Three Months Ended June 30, 2025 ($ Amounts in millions, except per share data) As Reported Gain on Sale of Dealership Disposals and Other Charges Adjusted Common Control Adjusted Excluding Common Control Revenue $ 8,032.5 $ — $ — $ 8,032.5 $ (370.2) $ 7,662.3 Gross Profit $ 1,352.2 $ — $ — $ 1,352.2 $ (55.6) $ 1,296.6 Selling, General, & Administrative Expenses $ 943.8 $ — $ — $ 943.8 $ (37.5) $ 906.3 EBITDA $ 418.2 $ — $ — $ 418.2 $ (17.6) $ 400.6 Income Before Taxes $ 353.5 $ — $ — $ 353.5 $ (16.6) $ 336.9 Net Income Attributable to Common Stockholders $ 266.6 $ — $ — $ 266.6 $ (16.6) $ 250.0 Earnings Per Share $ 4.03 $ — $ — $ 4.03 $ (0.25) $ 3.78 SG&A to Gross Profit 69.8% 69.8% 69.9% New Retail Automotive Units 52,985 — — 52,985 (5,439) 47,546 Used Retail Automotive Units 56,802 — — 56,802 (1,803) 54,999 Six Months Ended June 30, 2025 ($ Amounts in millions, except per share data) As Reported Gain on Sale of Dealership Disposals and Other Charges Adjusted Common Control Adjusted Excluding Common Control Revenue $ 15,986.3 $ — $ — $ 15,986.3 $ (719.5) $ 15,266.8 Gross Profit $ 2,673.6 $ — $ — $ 2,673.6 $ (108.0) $ 2,565.6 Selling, General, & Administrative Expenses $ 1,895.2 $ — $ (25.2) $ 1,870.0 $ (75.3) $ 1,794.7 EBITDA $ 831.8 $ (52.3) $ 25.2 $ 804.7 $ (31.7) $ 773.0 Income Before Taxes $ 704.0 $ (52.3) $ 25.2 $ 676.9 $ (30.0) $ 646.9 Net Income Attributable to Common Stockholders $ 524.3 $ (38.9) $ 20.9 $ 506.3 $ (30.0) $ 476.3 Earnings Per Share $ 7.89 $ (0.58) $ 0.31 $ 7.62 $ (0.45) $ 7.17 SG&A to Gross Profit 70.9% 69.9% 70.0% New Retail Automotive Units 108,509 — — 108,509 (10,361) 98,148 Used Retail Automotive Units 117,289 — — 117,289 (3,804) 113,485