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1 JUL Y 28, 2026 1 2Q26 EARNINGS PRESENTATION
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2 This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on information presently available to the Company’s management and are current only as of the date made. Such statements are by nature subject to uncertainties and risks, including, but not limited to, operational, financial, legal risks detailed in our latest available Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. For those reasons, undue reliance should not be placed on any forward-looking statement. The Company assumes no duty or obligation to update or revise any forward-looking statement, although it may do so from time to time as management believes is warranted or as may be required by applicable securities law. Any such updates or revisions may be made by filing reports with the U.S. Securities and Exchange Commission, through the issuance of press releases or by other methods of public disclosure. Non-GAAP Financial Measures and Reconciliations To supplement our financial results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we provide certain non-GAAP financial measures as defined by the SEC Regulation G, including non-GAAP adjusted operating income (loss); non-GAAP adjusted operating margin; non-GAAP adjusted operating margin, net of fuel surcharge; non-GAAP adjusted net income attributable to Werner; non-GAAP adjusted diluted earnings per share; non-GAAP free cash flow; non-GAAP covenant defined EBITDA; non-GAAP net debt; non-GAAP adjusted operating revenues, net of fuel surcharge; non-GAAP adjusted operating revenues, less purchased transportation expense; non-GAAP adjusted operating expenses; non-GAAP adjusted operating expenses, net of fuel surcharge; non-GAAP adjusted operating ratio; and non-GAAP adjusted operating ratio, net of fuel surcharge. We believe these non-GAAP financial measures provide a more useful comparison of our performance from period to period because they exclude the effect of items that, in our opinion, do not reflect our core operating performance. Our non-GAAP financial measures are not meant to be considered in isolation or as substitutes for their comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. There are limitations to using non-GAAP financial measures. Although we believe that they improve comparability in analyzing our period-to-period performance, they could limit comparability to other companies in our industry if those companies define these measures differently. Because of these limitations, our non-GAAP financial measures should not be considered measures of income generated by our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis. DISCLOSURE STATEMENT 2
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BUSINESS OVERVIEW DEREK LEATHERS Chairman and Chief Executive Officer
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4 WERNER OVERVIEW 1 Number of Associates and Independent Contractors as of 6/30/26. 2 Source: Transport Topics. With FirstFleet, the combined entity becomes the 5th largest Dedicated carrier. 3 As of 6/30/26; TTS includes Dedicated and One-Way Truckload. Trailing assets includes TTS and Logistics. 4 Revenue for the 12 months ending 12/31/25. 15% Company driverswith military experience 13% Company driverswho are women(higher than the industry average) ~14,500 Associates1 ~300IndependentContractors1 5THLargest DedicatedCarrier in the U.S.2 > 95%Dedicated CustomerRetention Rate 55%Emissions reductiongoal by 2035 6,960 DEDICATED3 1,735 ONE-WAY TRUCKLOAD3 8,695 TTS TRUCKS3 37,980 Trailing Assets3 3,823Total Drivers in company history withone million or more safe driving miles BY SEGMENT4 BY VERTICAL (TOP 50 CUSTOMERS)4 BY CUSTOMER4
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SECOND QUARTER 2026 HIGHLIGHTS 5 1 2 3 4 OWT restructuring gaining further traction, leading to significant increase in RPTPW and margin improvement High Dedicated customer retention and higher revenue per truck per week contributing to improved profitability Strong continuity with FirstFleet drivers, associates and customers driving positive integration and synergy realization ahead of schedule Higher purchased transportation costs pressured Truckload Brokerage gross margins but expect improvement as higher contract rates become more widely implemented
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6 WERNER DRIVESM BUILDING ON 5Ts AND SHAPING OUR FUTURE DRIVING GROWTH IN CORE BUSINESS DRIVING OPERATIONAL EXCELLENCE DRIVING CAPITAL EFFICIENCY ● Preserving strong operating cash flow, optimizing working capital and improving FCF conversion ● Managing CapEx ● Balanced capital allocation strategy ● Resolute focus on safety and high service ● Advancing our technology roadmap ● Embedding cost discipline throughout the organization to support margin improvement ● Realizing efficiencies and synergies related to acquisitions ● Growing Dedicated fleet size ● Increasing One-Way production and rates ● Expanding TTS & Logistics adjusted operating income margin DRIVESM STRATEGY SUPPORTS 2026 STRATEGIC PRIORITIES
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• Capacity attrition continues, forcing further closures and fleet reductions; continued enforcement on ELP, Non-Domiciled CDL’s, B1 Visas, ELD’s and CDL training schools, as well as the Montgomery ruling, act as supply catalysts • Spot freight rates remained elevated in July; expect seasonal improvement throughout remainder of the year • Consumers remain choiceful but resilient, despite uncertainty surrounding items such as fuel prices and the trajectory of interest rates • Retail inventories have been worked down, with recent real inventory-to-sales ratios at or below pre pandemic averages, non-discretionary items have a more consistent replenishment cycle, providing downside protection, with potential for overall demand improvement as the administration’s policies evolve • Used truck and trailer values likely to improve, with pressure tilted upwards longer term; attrition from enforcement could create short-term pressure, but offset coming from fleets lowering their average age and the EPA27 pre-buy • Availability of quality drivers constrained; expect continued pressure as market conditions remain tight 2026 UPDATED MARKET OUTLOOK 7
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FINANCIAL RESULTS CHRIS WIKOFF Executive Vice President, Treasurer and Chief Financial Officer
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2Q26 FINANCIAL RESULTS 1 2Q26 operating income (GAAP) was $16.9M, operating margin (GAAP) was 1.8% and TTS operating margin (GAAP) was 3.9%. See attached Reconciliation of Non-GAAP Financial Measures. 2 Net of fuel surcharge revenues. 9 Revenues Adj. TTS Operating Margin1,2 Adj. Operating Margin1 Adj. Operating Income1 Adj. EPS1 GAAP Earnings Per Share $934M +24% 5.5% +270 bps 3.0% +80 bps $27.6M +67% $0.22 +178% $0.11 (85)% 2Q26 Y/Y Change HIGHLIGHTS ● Higher revenues, driven by a full quarter of contribution from the acquisition of FirstFleet, higher fuel surcharge revenues and better asset production, partially offset by a smaller One-Way fleet and lower Logistics revenues ● Dedicated fleet growth with end of period tractors up 42% Y/Y ● OWT restructuring showed progress with higher rates and miles per truck leading to OWT RPTPW that increased nearly 28% Y/Y ● Logistics revenues fell Y/Y but increased sequentially ● Insurance expense in the quarter, excluding FirstFleet, was the lowest quarterly level since 3Q24 ● Gains on sale of property and equipment decreased $4.4M Y/Y to $1.5M, an EPS impact of $0.05/share
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1 TTS operating income (GAAP) was $64.1M in 2Q25 and $27.1M in 2Q26. TTS operating margin (GAAP) was 12.4% in 2Q25 and 3.9% in 2Q26. TTS operating ratio (GAAP) was 87.6% in 2Q25 and 96.1% in 2Q26. See attached Reconciliation of Non-GAAP Financial Measures. 2 Net of fuel surcharge revenues. TRUCKLOAD TRANSPORTATION SERVICES (TTS) RESULTS Revenues ($M) Revenues, net FSC ($M) Adjusted Operating Income ($M)1 Adjusted Operating Margin1,2 Adjusted Operating Ratio1,2 2Q25 2Q26 Y/Y $517.6 $462.4 $12.8 2.8% 97.2% $702.6 $582.0 $32.3 5.5% 94.5% +36% +26% +153% +270 bps (270) bps Y/Y COMMENTARY • Higher total revenues due to the addition of FirstFleet, higher fuel surcharges, higher rates and better asset utilization • TTS adjusted margin improvements primarily from the addition of FirstFleet, profitability improvement in One-Way Truckload and lower insurance and claims expense in our legacy business, partially offset by lower gains • Dedicated fleet represents 80% of total TTS trucks at quarter end; revenue per truck per week2 increased 5.4% Y/Y • One-Way revenues per total mile2 increased 10.4% Y/Y and miles per truck increased 15.7% resulting in 27.7% higher revenues per truck per week2 10
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1TTS consists of the Dedicated and One-Way Truckload fleets. See attached Reconciliation of Non-GAAP Financial Measures. 2 Net of fuel surcharge revenues. TTS1 FLEET METRICS UPDATE TTS AVERAGE TRUCKS UP 16.3% Y/Y; QUARTER END TTS FLEET UP 15.2% Y/Y AT 8,695 11 $289 $287 $434 4,901 4,855 6,976 $4,534 $4,542 $4,789 $4,770 $4,787 $6,114 2,730 2,634 1,736 $169 $164 $138 2Q24 2Q25 2Q26 2Q24 2Q25 2Q26 2Q24 2Q25 2Q26 2Q24 2Q25 2Q26 2Q24 2Q25 2Q26 2Q24 2Q25 2Q26
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WERNER LOGISTICS RESULTS 1 Werner Logistics operating income (loss) (GAAP) was $4.3M in 2Q25 and $(3.9)M in 2Q26. Werner Logistics operating margin (GAAP) was 2.0% in 2Q25 and (1.8)% in 2Q26. See attached Reconciliation of Non-GAAP Financial Measures. 12 Revenues ($M) Revenues less purchased transportation expense ($M)1 Adjusted Operating Income (loss) ($M)1 Adjusted Operating Margin1 2Q25 2Q26 Y/Y $221.2 $32.9 $5.9 2.7% $211.7 $26.0 $(2.7) (1.3)% (4)% (21)% (146)% (400) bps Y/Y COMMENTARY • Truckload Logistics revenues (72% of Logistics revenues) decreased 10% • Intermodal revenues (16% of Logistics revenues) increased 18% • Final Mile revenues (12% of Logistics revenues) increased 14% • Lower adjusted operating margin due to lower volumes and gross margin contraction • Truckload Logistics shipments decreased 29% Y/Y and 11% sequentially
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1 As of 6/30/26. 2 See attached Reconciliation of Non-GAAP Financial Measures. 3 Excludes finance lease liabilities. 4 Includes finance lease liabilities. POSITIVE CASH FLOW & STRONG BALANCE SHEET CASH FLOW ($ millions) LIQUIDITY1 ($ millions) Cash: $57Available Credit: $600 $657 Total Liquidity 2 Strong Balance Sheet • Maintaining high liquidity • $841M of total debt1,4 ; down $90.5M sequentially • $793M of debt1,3 scheduled to mature in 2027; down $85.2M sequentially and up 9% Y/Y • $48M of finance lease liabilities associated with FirstFleet acquisition • 2.0x net debt-to-LTM covenant defined EBITDA1,2 • Long-term, low-cost capital structure Solid Cash Flow & Liquidity • Q2 operating cash flow of $85M and $168M YTD • Net CapEx (proceeds) of $(10)M in Q2 and $(8)M YTD • Free cash flow of $94M or 10.1% of revenues 13
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STRATEGIC PRIORITIES Reinvestment for Long-Term Growth • Reinvestments to maintain low-age, safe and modern trucks and trailers • Growth investments, including Technology and Terminals Return Capital to Shareholders • Quarterly dividends since 1987 • Dividend Yield: 1.3%1 • Board approved a new five million share stock repurchase program in August. All five million shares are remaining Synergistic & Accretive Acquisitions • Align with growth pillars of Werner portfolio • Deliver value and growth; accretive to earnings • Align safety-centric cultures and retain experienced management team Maintain Strong & Flexible Financial Position • Liquidity of $657M, Debt of $841M2, Equity of $1,356M (as of 6/30/26) • Maintain low and modest net leverage DISCIPLINED CAPITAL ALLOCATION CAPEX REINVESTMENT FOR GROWTH 2026 Net CapEx Priorities: • Ongoing strategic reinvestment, although lower than historical ranges • Track-record of reinvestment while maintaining a low-mile modern fleet Historical Fleet Reinvestment vs. Growth: • ~75-80% allocated to trucks and trailers, net of fleet sales • ~20-25% allocated to technology, terminals, real estate and driver schools CAPITAL ALLOCATION HISTORY 2021-2025 Reinvestment in the Business (Net CapEx) 59% Acquisitions 18% Dividends 8% Share Buybacks 15% $2.2B 14 1 As of 7/24/26. 2 Includes finance lease liabilities.
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2026 GUIDANCE METRICS AND ASSUMPTIONS 1 Net of fuel surcharge revenues. 15 PRIOR 2026 GUIDANCE (as of 4/28/26) CURRENT 2026 GUIDANCE (as of 7/28/26) ACTUAL (as of 6/30/26) 2026 GUIDANCE ASSUMPTIONS TTS Average Truck Count Growth Net Capital Expenditures (Proceeds) Dedicated RPTPW1 Growth One-Way Truckload RPTM1 Growth 23% to 28% 2026 vs. 2025 2026 $185M to $225M Flat to 3% 1% to 4% 2026 vs. 2025 2Q26 vs. 2Q25 15.2% $(8)M 3.1% 10.4% 1H26 vs. 1H25 YTD26 1H26 vs. 1H25 2Q26 vs. 2Q25 16% to 18% $215M to $250M 3% to 5% 10% to 13% 3Q26 vs. 3Q25 Effective Income Tax Rate 25.5% to 26.5% 37.4% 2026 2026YTD26 25.5% to 26.5% COMMENTARY Reducing fleet size guidance as previously anticipated growth is likely delayed beyond year-end. TTS average trucks ended the quarter up 3% sequentially and increased 16% Y/Y Increasing CapEx guidance range; refreshing the fleet and reducing average tractor age. Aimed at lowering operating expense while improving reliability and driver retention Securing low-to-mid single-digit increases in contract renewals for both our legacy Werner Dedicated fleet and FirstFleet, driving better productivity in both fleets Accelerating OWT rate increases and higher spot rates, along with improved freight options positively influencing RPTM Effective tax rate was 27.3% in Q2 including discrete tax items 2026 vs. 2025 2026 2026 vs. 2025
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APPENDIX 16
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) 17
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) 18
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) 19
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT (Unaudited) (In thousands) 20
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT (Continued) (Unaudited) (In thousands) 21
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – WERNER LOGISTICS SEGMENT (Unaudited) (In thousands) 22
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 23
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 24