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Investor Presentation SECOND QUARTER2026
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The Securities and Exchange Commission (the SEC) encourages companies to disclose forward -looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This presentation contains these types of statements, which are “forward -looking statements” with in the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,” “should,” “potent ial” and similar words or expressions are intended to identify forward -looking statements. Investors should not place undue reliance on forward -looking statements and the Company undertakes no obligation to publicly update or revise any forward -looking statements, except as otherwise required by applicable law. All forward-looking statements reflect the present expectation of future events of our management as of the date of this present ation and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward -looking statements. The se factors, risks, uncertainties and assumptions include, but are not limited to, the following: • general economic conditions including downturns or inflationary periods in the business cycle; • operati on within a highly competitive industry and the adverse impact from downward pricing pressures, including in connection with fuel surcharges, and other factors; • industry -wide external factors largely out of our control; • cost and availability of qualified drivers, dock workers, mechanics and other employees, purchased transportation and fuel; • inflationary increases in expenses and corresponding redu ctions of profitability; • cost and availability of diesel fuel and fuel surcharges; • cost and availability of insurance coverage and claims expenses and other expense volatility, including for per sonal injury, cargo loss and damage, workers’ compensation, employment and group health plan claims; • failure to successfully execute the strategy to expand our service geography; • unexpected liabil ities resulting from the acquisition of real estate assets; • costs and liabilities from the disruption in or failure of our technology or equipment essential to our operations, including as a result of cyber incidents, security breaches, malware or ransomware attacks; • risks arising from remote work, including increased risk of related cybersecurity incidents;• failure to keep pace with technological developmen ts; • liabilities and costs arising from the use of artificial intelligence; • labor relations, including the adverse impact should a portion of our workforce become unionized; • cost, availability and resale valu e of real property and revenue equipment; • supply chain disruption and delays on new equipment delivery; • changes in U.S. trade policy and the impact of tariffs; • capacity and highway infrastruc ture constraints; • risks arising from international business operations and relationships; • seasonal factors, harsh weather and disasters caused by climate change; • the creditworthiness of our custom ers and their ability to pay for services; • our need for capital and uncertainty of the credit markets; • the possibility of defaults under our debt agreements, including violation of financial covenants; • inaccuracies and changes to estimates and assumptions used in preparing our financial statements; • dependence on key employees; • employee turnover from changes to compensation and benefits or market factors; • increased costs of healthcare benefits; • damage to our reputation from adverse publicity, including from the use of or impact from social media; • failure to achieve acquisition sy nergies or disruption to our business due to such acquisitions; • the effect of litigation and class action lawsuits arising from the operation of our business, including the possibility of claims or judgm ents in excess of our insurance coverages or that result in increases in the cost of insurance coverage or that preclude us from obtaining adequate insurance coverage in the future; • the potential of higher co rporate taxes and new regulations, including with respect to climate change, employment and labor law, healthcare and securities regulation; • unforeseen costs from new and existing data privacy laws; • the effect of governmental regulations, including hours of service and licensing compliance for drivers, engine emissions, the Compliance, Safety, Accountability (CSA) initiative, regulations of t he Food and Drug Administration and Homeland Security, and healthcare and environmental regulations; • changes in accounting and financial standards or practices; • widespread outbreak of an illness or any other communicable disease; • international conflicts and geopolitical instability; • evolving stakeholder expectations regarding environmental and social issues; • government shutdown or failure to fund services; • provisions in our governing documents and Delaware law that may have anti-takeover effects; • issuances of equity that would dilute stock ownership; •weakness, disruption or loss of c onfidence in financial or credit markets; and • other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s SEC filings. As a result of these and other factors, no assurance can be given as to our future results and achievements. Accordingly, a f orward-looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur. You should not place undue reliance on the fo rward-looking statements, which speak only as of the date of this presentation. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward -looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by applicable law. Operating results to date for 2026 are not necessarily indicative of the results of operations that may be expected for the f ull year ended December 31, 2026. Forward Looking Statement 2
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Investment Summary • Unique story of a 100+ year-old company with above- market growth potential • Network investments position us for volume growth and share gains • 14,000+ non-union employees • Competitive cost structure • Significant revenue growth opportunities: • Ongoing pricing improvements • Market penetration in legacy geographies • Partnerships in Canada and Mexico • Significant operating leverage: 100 bps of operating ratio improvement adds $0.95 to EPS* • #6 US LTL carrier by revenue in 2025, up from #9 in 2017 It all began in 1924 when the back seat of the family car was removed to create the first Saia truck. Today, we’ve been driving business for over a century by providing our customers with superior service. *Non-GAAP Financial Measure reconciliation included in Appendix 3
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Enhanced Customer Experience INVESTING TO SUPPORT • Investments continue to drive market share gains and customer satisfaction • 74 terminals opened since start of 2017, expanding Saia’s footprint across the Great Plains to a national network • Over $2 billion invested since 2022, largely from operating cash flow • $350 – $400 million investment planned for 2026 to better support customers • Generational 2024 real estate opportunity from 2023 market disruption, pulling forward national- network investment *Non-GAAP Financial Measure reconciliation included in Appendix 4 $252 $287 $219 $277 $366 $437 $1,041 $544 $158 $- $200 $400 $600 $800 $1,000 $1,200 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Net CapEx and EBITDA* (in millions) Equipment Properties Technology & Other EBITDA*
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100 120 140 160 180 200 220 240 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Revenue (Millions) and T erminal Count Revenue Terminal Count Driving Revenue Growth • Terminal expansion since 2017 has driven market share gains and profitable growth with new and existing customers • New facilities continue to build density as they mature • The LTL market has estimated annual revenue of $52 billion, with the top 10 carriers holding 76% share in 2025* TERMINAL EXPANSION * Based on 2025 fiscal year data, with privately held carriers’ revenue estimated for 2025. 5
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*National Transportation Data supplied by SMC 3 • Expanded national footprint lets us serve customers better and drive market share nationwide • Saia’s estimated total market share in 2025 was 7.0%, up from 4.0% in 2017 • Strong market share growth across geographies over the past four years • T erminals opened in the past three years keep delivering volume growth, with strong customer acceptance Market Share By Region 6 Pacific Northwest 2022 – 4.1% 2023 – 5.0% 2024 – 5.9% 2025 – 6.6% West 2022 – 6.0% 2023 – 6.4% 2024 – 7.1% 2025 – 6.9% South Central 2022 – 9.3% 2023 – 10.0% 2024 – 10.6% 2025 – 10.5% Midwest 2022 – 4.4% 2023 – 5.0% 2024 – 5.8% 2025 – 6.0% Northeast 2022 – 3.4% 2023 – 4.1% 2024 – 4.7% 2025 – 5.1% Southeast 2022 – 5.3% 2023 – 6.1% 2024 – 7.2% 2025 – 7.2% MARKET SHARE GROWTH
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$0 $100 $200 $300 $400 $500 $600 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Operating Income (Millions) ↑11.0% R E V E N U E * ↑17.8% O P E R A T I N G I N C O M E * ↑13.4% E A R N I N G S P E R S H A R E * *CAGR calculated from 2017 to 2025 Operating Trends 7 PROFITABLE GROWTH
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2015 HaulPlan: Linehaul Load Plan Optimization ▪ Planning tool with multiple optimization scenario generators May 2019 RouteMax: IB Planning ▪ Optimizes pickup and delivery to create an optimal dynamic city plan March 2021 RouteMax: Driver Phone Application ▪ InRoute optimization with route deviation feedback ▪ Truck based turn-by-turn with traffic for accurate ETA and routing August 2021 DriverPlan: Linehaul Driver Optimization ▪ Converts route plans into optimal driver schedules May 2023 RouteMax: Dispatch ▪ City dispatch tool enabling live pickup optimization and driver management January 2025 Livehaul: Linehaul Execution Optimization ▪ Live linehaul optimization engine ▪ Tonnage projection deployed across network ▪ Dispatch optimization deploying in 2026 ▪ Turns volatility into efficiency – and efficiency into margin 2026+ ▪ Cross Dock Implementation ▪ Integration of data fabric and pricing optimization ▪ Further opportunity leveraged from prior deployments Evolution of Optimization Tools 8
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Improved Network Operations INVESTING TO SUPPORT 9 • New national coverage and technology improvements let us redesign routes, reducing touches and handles to boost efficiency • The maps show trailer routes from Phoenix and Dallas to Indianapolis terminals, before and after the redesign • After shows more unified movement on a single timeline • Enabling greater route density and consistency, less freight handling, and better service Before After
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Quality and Service Delivered • Customer feedback confirms that investments in people, equipment, and facilities are improving service and driving market share gains • Third-party data reaffirms the growth strategy driving customer satisfaction • Direct service to all 48 contiguous states • ~60% of shipments delivered within 48 hours • Q2 2026 claims ratio of 0.33% vs. 0.50% in 2025 *Claims ratio is a ratio of cargo claims as a percentage of revenue 10 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 Q2'26 Claims Ratio* DRIVING CUSTOMER SATISFACTION
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Developing, Supporting, & Recognizing Our People Building a strong talent pipeline • Internships • Driver Academy • Scholarship Program Investing in leadership capability at all levels • Structured leadership development • Continuous learning resources Advancing safety, performance, and excellence • Safety recognition • Performance-based awards Supporting our employees and families • Saia Employee Relief Foundation Recognizing commitment and tenure across the organization • Milestone service anniversaries • Core-value-aligned recognition behaviors Equipping employees to succeed • Standardized uniform program • Modern training tools • Accessible education platforms 11 COMMITTED TEAM
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Safety Embedded in our Culture PEOPLE PROCESS TECHNOLOGY • Recruit experienced, safety-focused drivers • 80+ hours of onboarding for every driver and dockworker • 300+ dedicated driver trainers on staff • Non-union model enabling flexible schedules, routing, and workforce agility • Annual defensive-driving certification for all drivers • Weekly pre-shift safety briefings • 100% of drivers hazmat certified • Fleet equipped with advanced collision- avoidance technology • Forward collision mitigation and adaptive cruise control across the fleet • 80%+ equipped with lane-departure warning and side-object detection • In-cab cameras and video-based driver training 12 SAFETY DRIVEN
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Investing in the Communities We Serve 13 National & Ongoing Partnerships • Toys for Tots • Truckers Against Trafficking • Wreaths Across America Community & Industry Engagement • Charitable transportation services • Community engagement events & sponsorships • Student outreach – investing in future industry talent COMMUNITY INVOLVEMENT
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$178.28 $195.45 $203.47 $213.71 $247.56 $279.16 $291.00 $294.23 $297.79 $297.11 $303.12 $- $50.00 $100.00 $150.00 $200.00 $250.00 $300.00 $350.00 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 Revenue Per Shipment, Excl. FSC Pricing To Match Service • Strategic facility investments build density and customer proximity, driving premier quality and service • ~61% of zip codes within 50 miles of a Saia facility, up from ~35% in 2017 • Directly serve 99% of outbound industry revenue, up from 84% in 2017 • Nationwide footprint expands the addressable market and adds value for new and existing customers • Ongoing technology investment enables data -driven decisions and deeper insight into customer freight mix 14*CAGR calculated from 2017 to 2025 FOCUS ON PRICING INITIATIVES
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Diverse Customer Base No single customer represents greater than 5% of revenue 15
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Financial Results Q2 2026 Q2 2026 Q2 2025 Change Revenue (in millions) $956.5 $817.1 17.1% Operating Income (in millions) $125.2 $99.4 26.0% Operating Ratio (%) 86.9% 87.8% -90bps Diluted Earnings Per Share $3.51 $2.67 31.5% Net Debt / Capital* (%) 0.6% 10.6% N/A Adjusted EBITDA* (in millions) $191.4 $162.8 17.6% *Non-GAAP Financial Measure reconciliation included in Appendix LTL SHIPMENTS PER WORKDAY +4.4% LTL TONNAGE PER WORKDAY +8.4% LTL REVENUE PER SHIPMENT +12.0% 16
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Thank you for your continued interest in Saia For more information, visit our website saia.com or contact investors@saia.com APPENDIX
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Q2 2026 Financial Position • Solid capital position • Capacity to fund growth • $564 million in Revolving Credit Facility availability • Private shelf agreement allows for $250M in additional funding (in millions) BORROWINGS LIQUIDITY Cash $ − $84.0 Finance Leases 0.1 − Senior Fixed Notes 100.0 − Revolving Credit Facility − 564.0 Total $100.1 $648.0 Revolving Credit Facility $600.0 Borrowings − Letters of Credit Outstanding -36.0 Revolving Credit Facility Availability $564.0 A P P E N D I X $84 $177 $191 $200 $296 $309 $219 $164 $113 $100 $0 $50 $100 $150 $200 $250 $300 $350 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Total Debt
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Reconciliation of Non-GAAP Financial Measures In thousands, except percentages, shareand per share amounts Q 2 2026 Trail in g Twel ve Mo n th s ( T TM ) Revenue from continuing operations $3,392,316 Increase in operating income resulting from 1% operating ratio improvement $33,923 Marginal tax rate 24.9% Increase in net income resulting from 1% operating ratio improvement $25,476 Common shares outstanding - Dilutive 26,833 Increase in earnings per share resulting from 1% operating ratio improvement $0.95 N et D e bt / To ta l Ca p it a l: 06/30/2025 Total debt $309,091 Less: Cash and cash equivalents $18,837 Net debt $290,254 Shareholders' equity $2,436,522 Total capital $2,726,776 Net debt / Total capital 10.6% N et D ebt / To tal Cap it al: 06/30/2026 Total debt $100,124 Less: Cash and cash equivalents $84,014 Net debt $16,110 Shareholders' equity $2,726,728 Total capital $2,742,838 Net debt / Total capital 0.6% A P P E N D I X
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Reconciliation of Non-GAAP Financial Measures EBITDA 2019 2020 2021 2022 2023 2024 2025 Net Income $ 113,719 $ 138,340 $ 253,235 $ 357,422 $ 354,857 $ 362,065 $ 255,036 Interest Income - - (11) (217) (6,208) (1,049) (151) Interest Expense 6,688 5,177 3,212 2,611 2,535 8,930 16,444 Income Tax Expense 32,933 37,938 79,538 110,626 111,370 113,943 82,353 Depreciation and amortization 119,135 134,655 141,700 157,203 178,845 210,105 248,573 EBITDA $ 272,475 $ 316,110 $ 477,674 $ 627,645 $ 641,399 $ 693,994 $ 602,255 EBITDA Q2 2025 Q2 2026 Net Income $71,391 $ 94,260 Interest Income (34) (317) Interest Expense 4,742 2,048 Income Tax Expense 24,173 31,215 Depreciation and Amortization 62,546 64,181 EBITDA $ 162,818 $ 191,387 A P P E N D I X In thousands
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Historical Trends A P P E N D I X*Non-GAAP Financial Measure reconciliation included in Appendix 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2020 2021 2022 2023 2024 2025 TTM Revenue ($mil) - 100.0 200.0 300.0 400.0 500.0 600.0 2020 2021 2022 2023 2024 2025* TTM Operating Income ($mil) - 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 2020 2021 2022 2023 2024 2025* TTM EPS ($)
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Reconciliation of Non-GAAP Financial Measures A d j u s t e d O p e ra t i n g In co me 2025 Operating Income (GAAP) $352,200 Less: Net Operating Income impact of Gain on Real Estate Disposal and Impairment of Real Estate (14,503) Adjusted Operating Income (Non-GAAP) $337,697 A d j u s t e d D i l u t e d E a r n i n g s Pe r S h a r e 2025 Diluted Earnings Per Share (GAAP) $9.52 Less: Net Diluted earnings per share impact of Gain on Real Estate Disposal and Impairment of Real Estate (0.41) Adjusted Diluted Earnings Per Share (Non-GAAP) $9.11 A d j u s t e d O p e ra t i n g R a t i o 2025 Operating Ratio 89.1% Add: Net Operating Ratio impact of Gain on Real Estate Disposal and Impairment of Real Estate 0.5% Adjusted Operating Ratio 89.6% In thousands, except percentages and per share amounts A P P E N D I X
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Our Company FY 2023 FY 2024 FY 2025 FY 2026 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr Rev (in millions) $661 $695 $775 $751 $755 $823 $842 $789 $788 $817 $840 $790 $806 $956 OR 85.0 82.7 83.4 85.0 84.4 83.3 85.1 87.1 91.1 87.8 87.6* 91.9 91.7 86.9 LTL Ton (in thousands) 1,311 1,421 1,467 1,345 1,392 1,559 1,605 1,481 1,545 1,576 1,581 1,459 1,513 1,709 LTL Ship (in thousands) 1,822 1,970 2,158 2,047 2,108 2,327 2,379 2,174 2,170 2,261 2,333 2,164 2,192 2,361 LTL Yield $24.63 $23.85 $25.87 $27.21 $26.51 $25.75 $25.64 $25.73 $24.97 $25.20 $25.76 $26.13 $25.93 $27.18 LTL Rev Per Ship $354.37 $344.08 $351.64 $357.50 $350.18 $345.07 $345.93 $350.51 $355.48 $351.36 $349.07 $352.27 $357.93 $393.56 LTL Wt Per Ship 1,439 1,443 1,360 1,314 1,321 1,340 1,349 1,362 1,424 1,394 1,355 1,348 1,380 1,448 LTL LOH (in miles) 892 892 896 895 888 888 890 898 905 893 894 897 890 888 Op Days 64 64 63 61 64 64 64 62 63 64 64 62 63 64 2023 2024 2025 2026 YTD Rev (in millions) $2,881 $3,209 $3,234 $1,763 OR 84.0 85.0 89.6* 89.1 LTL Ton 5,543 6,037 6,161 3,222 1.3% 8.9% 2.1% 3.2% LTL Ship 7,997 8,988 8,929 4,553 3.9% 12.4% -0.7% 2.7% LTL Yield $25.38 $25.89 $25. 50 26.59 2.8% 2.0% -1.5% 6.0% LTL Rev Per Ship $351.90 $347.81 $351.99 $376.41 0.2% -1.2% 1.2% 6.5% LTL Wt Per Ship 1,386 1,343 1,380 1,416 -2.5% -3.1% 2.8% 0.5% LTL LOH 894 891 897 889 Op Days 252 254 253 127 Comparing Q2 2026 YTD to Q2 2025 YTD *Non-GAAP Financial Measure reconciliation included in Appendix A P P E N D I X
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Management Overview Management Team Saia Tenure Industry Experience President & CEO 12 15 EVP & CFO 11 14 EVP, Chief Customer Officer 29 35 EVP, Chief Human Resources Officer 4 4 EVP, Operations 10 10 EVP, Chief Information Officer 1 1 A P P E N D I X