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Saia Third Quarter 2026 Results
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SAIA Q3 2026 EARNINGS Forward Looking Statement 2 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” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,” “should,” “potential” 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 presentation 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. These 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; • operation 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 reductions 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 personal 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 liabilities 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 developments; • 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 value 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 infrastructure constraints; • risks arising from international business operations and relationships; • seasonal factors, harsh weather and disasters caused by climate change; • the creditworthiness of our customers 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 synergies 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 judgments 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 corporate 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 the 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 confidence 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 forward-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 forward-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 full year ended December 31, 2026.
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SAIA Q3 2026 EARNINGS Compelling Investment Thesis Supported By Scale and Service to Deliver Sustained Value Creation Saia Has Built a Leading National LTL Carrier Positioned to Drive Profitable Growth and Durable Long-Term Stockholder Value Proven track record of execution Prudent investments have established national scale Customer-centered network Capturing market share nationally Unlocking the next phase of growth Multi-year expansion has transformed Saia from a regional carrier into a nationally scaled network $2 billion invested since 2022, primarily funded by operating cash flow, to build national network, grow Saia’s fleet and strengthen operating capabilities Leading service initiatives delivering faster transit times, expanded support beyond LTL services and visibility through real-time shipment tracking National terminal buildout driving market share growth, with additional runway from maturing locations Leveraging scale to improve network efficiency, profitability and investment returns 3
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SAIA Q3 2026 EARNINGS Saia at a Glance No single customer represents greater than 5% of revenue Providing Customers With Superior Service Since 1924 #6 US LTL carrier by revenue in 2025, up from #9 in 2017 National network: 219 terminals nationwide1 Fleet comprises 7,700 tractors and 26,500 trailers2, an increase of more than 35% since early 2022 Over 60% of zip codes within 50 miles of a Saia facility, up from ~35% in 2017 14,000+ non-union employees Headquartered in Johns Creek, Georgia A Diverse Customer Base Spanning Key Industries 4 1Long Island opened October 2026 2As of 12/31/2025
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SAIA Q3 2026 EARNINGS Operating a Leading National LTL Carrier 5 Enhancing capabilities and increasing capacity to serve a broader range of customer needs and pursue opportunities in related verticals Differentiating through faster transit times, expanded support beyond LTL services and visibility through real-time shipment tracking Leveraging expanded network reach and greater density to drive market share gains, pricing power and operating leverage Southeast 2022 – 5.3% 2023 – 6.1% 2024 – 7.2% 2025 – 7.2% South Central 2022 – 9.3% 2023 – 10.0% 2024 – 10.6% 2025 – 10.5% West 2022 – 6.0% 2023 – 6.4% 2024 – 7.1% 2025 – 6.9% Midwest 2022 – 4.4% 2023 – 5.0% 2024 – 5.8% 2025 – 6.0% Pacific Northwest 2022 – 4.1% 2023 – 5.0% 2024 – 5.9% 2025 – 6.6% Market Share by Region* Increased market share: ~7.0% in 2025 from ~4.0% in 2017 *National Transportation Data supplied by SMC3
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SAIA Q3 2026 EARNINGS Third Quarter 2026 Results Highlights +5.8% LTL Revenue Per Shipment, ex. Fuel +0.8% LTL Shipments Per Workday +8.9% LTL Tonnage Per Workday 0.3% Record Low Claims Ratio 6 $982.5M Revenue +17.0% Revenue vs. Q3 2025 $122.3M Operating Income +17.5% Operating Income vs. Adjusted Q3 2025* $3.41 Diluted EPS +21.4% Diluted EPS vs. Adjusted Q3 2025* 87.6% Operating Ratio - Operating Ratio vs. Adjusted Q3 2025* $245M Free Cash Flow YTD 2026* *Non-GAAP Financial Measure. Reconciliation included in Appendix
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SAIA Q3 2026 EARNINGS A Clear Route: Our Strategy for Building a Leading National LTL Carrier Expand Network Reach and Density Growing the national terminal network and deepening customer relationships Scale the Fleet and Increase Capacity Creating the capacity and quality needed to meet evolving customer demand Leverage Technology and Optimize Efficiency Using network redesign, routing tools and real-time visibility to improve efficiency, reduce freight handling and enhance service levels Deliver Superior Service Providing faster, more predictable and more transparent freight movement through the REV program Convert Scale and Superior Customer Value Into Profitable Growth and Higher Returns Driving market share, pricing power, operating leverage and enhanced long-term stockholder returns Expanding Network Reach, Improving Service and Converting Scale Into Returns 7
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SAIA Q3 2026 EARNINGS Building a National Network 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 Terminal Count Saia is the Fastest Growing Public LTL Since 2017 by Total Revenue CAGR Organic growth: 74 terminals opened since beginning of 2017, while 39 have been relocated or expanded Strategic acquisition: 17 former Yellow terminals and leases for 14 additional locations Expanded reach: More than 60% of U.S. ZIP codes are now within 50 miles of a Saia terminal, improving customer proximity and expanding addressable market Revenue and Terminal Count $ In millions 8 Key Strategic Milestones
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SAIA Q3 2026 EARNINGS $0 $100 $200 $300 $400 $500 $600 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Operating Income* ↑17.8% Earnings Per Share* ↑13.4% Revenue* ↑11% Track Record of Driving Profitable Growth Strong Foundation to Drive Next Phase of Revenue Growth – Converting Network Scale into Greater Profitability and Enhanced Stockholder Returns 9 Operating Income ($ in millions) Growth Since 2017 *CAGR calculated from 2017 to 2025
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SAIA Q3 2026 EARNINGS Disciplined Capital Allocation Priorities Balanced Strategy Focused on Driving Enhanced Stockholder Returns 10 Strong Balance Sheet and Financial Flexibility Supported by minimal leverage, a (3.8%) net debt to capital ratio* and $564 million undrawn from revolving credit facility Pursuing Selective, High-Return Growth Opportunities Balancing continued investments in high-return opportunities with driving returns on invested capital Returning Capital to Stockholders Board authorized share repurchase program of $250 million *Non-GAAP Financial Measure. Reconciliation included in Appendix
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SAIA Q3 2026 EARNINGS Investments are Delivering Results Improving the Customer Experience • REV program delivers faster, more predictable and more transparent service • Since June, 2,000+ transit-time improvements across key national lanes, a result of building density in national network • Guaranteed 10 a.m. service automated as a standard offering – the earliest in the LTL industry • Greater control and transparency with updated ETAs and integrated customer communication • Decentralized customer service department gives customers more direct access to their local terminal 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 Q1'26Q2'26Q3'26 Claims Ratio* Improving the Customer Experience Investments are Delivering Results Consistent, Industry-Leading Service Quality Continues to Drive Customer Satisfaction and Retention 11 *Claims ratio is a ratio of cargo claims expense as a percentage of revenue
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SAIA Q3 2026 EARNINGS Investments are Delivering Results Service Quality Improvements are Driving Improved Customer Experience and Strengthening Pricing Power, Supporting Sustained Revenue Growth and Profitability LTL Revenue Per Shipment, ex. Fuel Converting Investment Into Customer Value Proposition Investments are Delivering Results 12 $150.00 $175.00 $200.00 $225.00 $250.00 $275.00 $300.00 $325.00 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 Q3 2026 *CAGR calculated from 2017 to 2025
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SAIA Q3 2026 EARNINGS Leading Service Initiatives Underscore Our Strength Enhancing the Customer Experience Through Faster, More Direct and Localized Support 13 After decentralization of customer service function, customer response times improved by more than 60% Direct access to local expertise: 99% of calls are now handled by local terminals Net Promoter Score increased 15% since Q3 2025
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SAIA Q3 2026 EARNINGS Building a strong talent pipeline Investing in leadership capabilities at all levels Providing systematic employee training Recognizing safety, performance and excellence Supporting employees and their families Celebrating employee commitment and tenure Commitment to Our People and Safety Developing, Supporting & Recognizing our People… …With Safety Embedded in Our Culture • 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 PEOPLE PROCESS TECHNOLOGY 14
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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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SAIA Q3 2026 EARNINGS Q3 2026 Financial Position • Solid capital position • Capacity to fund growth • $564 million in Revolving Credit Facility availability (In Millions) Borrowings Liquidity Cash $ − $ 202.5 Finance Leases − − Senior Fixed Notes 100.0 − Revolving Credit Facility − 564.0 Total $100.0 $766.5 Revolving Credit Facility $600.0 Borrowings − Letters of Credit Outstanding (36.0) Revolving Credit Facility Availability $ 564.0 APPENDIX 16 $84 $177 $191 $200 $296 $309 $219 $164 $113 $100 $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 9/30/26 Total Debt $ in millions
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SAIA Q3 2026 EARNINGS Historical Trends 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 ($) 17 APPENDIX *Non-GAAP Financial Measure reconciliation included in Appendix
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SAIA Q3 2026 EARNINGS Reconciliation of Non-GAAP Financial Measures In thousands, except percentages, share and per share amounts Net Debt / Total Capital: 09/30/2025 Total debt $219,199 Less: Cash and cash equivalents $35,500 Net debt $183,699 Shareholders' equity $2,526,027 Total capital $2,709,726 Net debt / Total capital 6.8% Net Debt / Total Capital: 09/30/2026 Total debt $100,000 Less: Cash and cash equivalents $202,521 Net debt ($102,521) Shareholders' equity $2,821,911 Total capital $2,719,390 Net debt / Total capital (3.8%) APPENDIX In thousands, except percentages 18
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SAIA Q3 2026 EARNINGS Reconciliation of Non-GAAP Financial Measures Adjusted Operating Income Q3 2025 Operating Income (GAAP) $118,610 Less: Net Operating Income impact of Gain on Real Estate Disposal and Impairment of Real Estate (14,503) Adjusted Operating Income (Non-GAAP) $104,107 Adjusted Diluted Earnings Per Share Q3 2025 Diluted Earnings Per Share (GAAP) $3.22 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) $2.81 Adjusted Operating Ratio Q3 2025 Operating Ratio 85.9% Add: Net Operating Ratio impact of Gain on Real Estate Disposal and Impairment of Real Estate 1.7% Adjusted Operating Ratio 87.6% In thousands, except percentages, share and per share amounts APPENDIX Free Cash Flow YTD Q3 2026 Operating Cash Flow (GAAP) $480,755 Acquisition of property and equipment (239,443) Proceeds from disposal of property and equipment 3,558 Free Cash Flow (Non-GAAP) $244,870 Free Cash Flow YTD Q3 2025 Operating Cash Flow (GAAP) $457,665 Acquisition of property and equipment (467,814) Proceeds from disposal of property and equipment 21,736 Free Cash Flow (Non-GAAP) $11,587 19