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July 25, 2025 Second Quarter 2025 Earnings Release Changing How the World Reaches You®
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2 Safe Harbor Statement & Non-GAAP Financial Measures This presentation contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey Wabash National Corporation's (the "Company") current expectations or forecasts of future events. All statements contained in this presentation other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, all statements regarding the Company’s outlook for trailer and truck body shipments, backlog, expectations regarding demand levels for trailers, truck bodies, non-trailer equipment and our other diversified product offerings, pricing, profitability and earnings, cash flow and liquidity, opportunity to capture higher margin sales, new product innovations, our growth and diversification strategies, our expectations for improved financial performance during the course of the year and our expectations with regards to capital allocation. These and the Company’s other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include the Missouri product liability action and the unfavorable jury verdict, the highly cyclical nature of our business, uncertain economic conditions including the possibility that customer demand may not meet our expectations, our backlog may not reflect future sales of our products, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials including the impact of tariffs or other international trade developments, risks in implementing and sustaining improvements in the Company’s manufacturing operations and cost containment, dependence on industry trends and timing, supplier constraints, labor costs and availability, customer acceptance of and reactions to pricing changes, costs of indebtedness, and our ability to execute on our long-term strategic plan. Readers should review and consider the various disclosures made by the Company in this presentation and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q. We cannot give assurance that the expectations reflected in our forward-looking statements will prove to be correct. Our actual results could differ materially from those anticipated in these forward-looking statements. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by the factors we disclose that could cause our actual results to differ materially from our expectations. In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this presentation contains non-GAAP financial measures including adjusted operating (loss) income, adjusted net (loss) income attributable to common stockholders, adjusted diluted (loss) earnings per share, adjusted EBITDA, free cash flow, adjusted segment EBITDA, and adjusted segment EBITDA margin. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net (loss) income, and reconciliations to GAAP financial statements should be carefully evaluated. Adjusted operating (loss) income, a non-GAAP financial measures, exclude certain costs, expenses, other charges, gains or income that are included in the determination of operating income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. A reconciliation of adjusted operating (loss) income to operating income, the most comparable GAAP financial measure, is included in the appendix to this presentation. Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment. Management believes providing adjusted measures and excluding certain items facilitates comparisons to the Company’s prior year periods and, when combined with the GAAP presentation of net (loss) income and diluted net (loss) income per share, is beneficial to an investor’s understanding of the Company’s performance. A reconciliation of adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share to net (loss) income attributable to common stockholders and diluted (loss) earnings per share, the most comparable GAAP financial measures, are included in the appendix to this presentation. Adjusted EBITDA includes noncontrolling interest and excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of adjusted EBITDA, when combined with the GAAP presentations of operating (loss) income and net (loss) income, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of adjusted EBITDA to net (loss) income, the most comparable GAAP financial measure, is included in the appendix to this presentation. Free cash flow is defined as net cash (used in) provided by operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash (used in) provided by operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of free cash flow to cash (used in) provided by operating activities, the most comparable GAAP financial measure, is included in the appendix to this presentation. Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under GAAP, but that management would not consider important in evaluating the quality of the Company’s segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted segment EBITDA Margin is calculated by dividing Adjusted segment EBITDA by segment total net sales. A reconciliation of adjusted segment EBITDA to income from operations, the most comparable GAAP financial measure, is included in the appendix to this presentation. Information reconciling any forward-looking Adjusted operating (loss) income, Adjusted net (loss) income, Adjusted EPS, Adjusted EBITDA, Free cash flow, Adjusted segment EBITDA, and Adjusted segment EBITDA margin to GAAP financial measures is unavailable to us without unreasonable effort. We cannot provide reconciliations of the above noted forward looking non-GAAP measures to GAAP financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flows, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to us without unreasonable effort.
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3 Changing How the World Reaches You® 1 2 3 4 5 Market environment continues to be challenging as economic concerns and uncertainty remain. Parts & Services continued to grow revenue in Q2, both sequentially and YoY, as we continue to build resiliency in our revenue streams. Despite limited tariff exposure due to our domestic footprint, persistent inflation will necessitate a price increase on orders for 2026. Q2 GAAP EPS of $(0.23) or Non-GAAP adjusted EPS of $(0.15)1. Non-GAAP EPS excludes appeal bond associated with legal verdict. 2025 outlook reduced to midpoints of revenue and Non-GAAP adjusted EPS of $1.6B and $(1.15), respectively taking account of current demand. CEO Highlights 1Q2 EPS is adjusted for expenses related to Missouri legal matter and related tax effects
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4 GAAP Financial Results Non-GAAP Adjusted Financial Results Revenue $459M Operating Income (Loss) $(4.8)M $(0.1)M1 Operating Margin (1.0)% 0.0%1 Net Income (Loss) Attributable to Common Stockholders $(9.6)M $(6.1)M2 Diluted EPS Attributable to Common Stockholders $(0.23) $(0.15)2 New Shipments 8,640 Trailers 3,190 Truck Bodies Q2 2025 Consolidated Financial Performance 1Q2 Operating income and operating margin are adjusted for expenses related to Missouri legal matter 2Q2 Net income and EPS are adjusted for expenses related to Missouri legal matter and related tax effects
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5 Q2 2025 Segment Financial Performance Transportation Solutions Parts & Services $400 $499 Q2 2025 Q2 2024 Revenue ($M) 3.1% 11.4% Q2 2025 Q2 2024 Operating Margin $60 $55 Q2 2025 Q2 2024 Revenue ($M) 15.2% 22.0% Q2 2025 Q2 2024 Operating Margin
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6 Cash Flow & Capital Allocation Summary ($M) Q2 2025 Q2 2024 Net cash (used in) provided by operating activities $(15.8) $11.0 Cash payments for capital expenditures $(6.2) $(17.1) Expenditures for revenue generating assets $(0.7) $— Free Cash Flow1 $(22.8) $(6.1) 1 Free cash flow is defined as net cash (used in) provided by operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. A reconciliation of free cash flow to cash (used in) provided by operating activities, the most comparable GAAP measure, is included in the appendix to this presentation. ◦ Timing of revenue within the quarter caused a drag on 2nd quarter 2025 operating cash. Cash Flow Q2 Capital Allocation 30.0% 3.4% 16.4% 50.2% CapEx Exp for Revenue Generating Assets Dividend Share Repurchases $21M $10.4M $6.2M $3.4M Capex Share Repurchases Dividend Expenditure for Revenue Generating Assets $0.7M
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7 A Meaningful Step Forward in Financial Results $1.6B -2.2% ($1.15) Revenue (midpoint) Adjusted Operating Margin1 (midpoint) Adjusted EPS2 (midpoint) OTHER KEY METRICS • Adjusted EPS Range: $(1.30) to $(1.00) • SG&A: ~$160M • Intangible Amortization: $11M • Interest Expense: $21M • Marketplace JV Expense: $7M • Capex: $30 to 40M • Tax Rate: 25% FY 2025 Financial Outlook 12025 operating margin is adjusted for gain related to Missouri legal matter 22025 EPS is adjusted for gain related to the Missouri legal matter and related tax effects
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Appendix
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9 Condensed Consolidated Balance Sheets Unaudited - dollars in thousands June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 57,423 $ 115,484 Accounts receivable, net 189,729 143,946 Inventories, net 252,454 258,825 Prepaid expenses and other 124,315 76,233 Total current assets 623,921 594,488 Property, plant, and equipment, net 327,905 339,247 Goodwill 196,650 188,441 Deferred income taxes 8,124 94,873 Intangible assets, net 68,866 74,445 Investment in unconsolidated entities 7,250 7,250 Other assets 143,318 112,785 Total assets $ 1,376,034 $ 1,411,529 Liabilities and Stockholders’ Equity Current liabilities: Current portion of long-term debt $ — $ — Accounts payable 178,385 146,738 Other accrued liabilities 194,006 161,671 Total current liabilities 372,391 308,409 Long-term debt 437,493 397,142 Other non-current liabilities 179,696 516,152 Total liabilities 989,580 1,221,703 Commitments and contingencies Noncontrolling interest 1,237 996 Total Wabash National Corporation stockholders' equity 385,217 188,830 Total liabilities, noncontrolling interest, and equity $ 1,376,034 $ 1,411,529
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10 Condensed Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net sales $ 458,816 $ 550,610 $ 839,706 $ 1,065,886 Cost of sales 417,416 460,952 779,303 899,782 Gross profit 41,400 89,658 60,403 166,104 General and administrative expenses 37,009 33,969 (267,676) 70,642 Selling expenses 6,339 7,936 12,718 14,978 Amortization of intangible assets 2,789 2,993 5,578 6,149 Impairment and other, net 14 997 (17) 997 (Loss) income from operations (4,751) 43,763 309,800 73,338 Other income (expense): Interest expense (5,308) (4,948) (10,334) (9,936) Other, net (33) 1,572 1,581 3,181 Other expense, net (5,341) (3,376) (8,753) (6,755) Loss from unconsolidated entity (2,203) (1,415) (4,045) (2,901) (Loss) income before income tax expense (12,295) 38,972 297,002 63,682 Income tax (benefit) expense (2,692) 9,768 75,409 16,191 Net (loss) income (9,603) 29,204 221,593 47,491 Net (loss) income attributable to noncontrolling interest (14) 246 241 366 Net (loss) income attributable to common stockholders $ (9,589) $ 28,958 $ 221,352 $ 47,125 Net (loss) income attributable to common stockholders per share: Basic $ (0.23) $ 0.65 $ 5.24 $ 1.04 Diluted $ (0.23) $ 0.64 $ 5.21 $ 1.03 Weighted average common shares outstanding (in thousands): Basic 41,753 44,896 42,231 45,139 Diluted 41,753 45,365 42,458 45,751 Dividends declared per share $ 0.08 $ 0.08 $ 0.16 $ 0.16
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11 Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Six Months Ended June 30, 2025 2024 Cash flows from operating activities Net income $ 221,593 $ 47,491 Adjustments to reconcile net income to net cash used in operating activities Depreciation 23,524 20,306 Amortization of intangibles 5,578 6,149 Net loss on sale of property, plant and equipment 21 — Deferred income taxes 86,749 (3,763) Stock-based compensation 5,623 6,618 Non-cash interest expense 494 478 Loss from unconsolidated entity 4,045 2,901 Impairment (20) — Accounts receivable (45,783) (60,258) Inventories 6,371 (5,291) Prepaid expenses and other (18,767) 995 Accounts payable and accrued liabilities 40,079 (25,292) Other, net (345,613) 3,278 Net cash used in operating activities (16,106) (6,388) Cash flows from investing activities Cash payments for capital expenditures (14,925) (36,288) Expenditures for revenue generating assets (20,885) — Proceeds from the sale of assets 40 — Acquisition, net of cash acquired (1,666) — Notes receivable issued to unconsolidated entity (10,350) (7,100) Net cash used in investing activities (47,786) (43,388) Cash flows from financing activities Net cash provided by (used in) financing activities 5,831 (52,210) Cash and cash equivalents: Net decrease in cash and cash equivalents (58,061) (101,986) Cash and cash equivalents at beginning of period 115,484 179,271 Cash and cash equivalents at end of period $ 57,423 $ 77,285
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12 Q2 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended June 30, 2025 2024 Units Shipped New trailers 8,640 9,245 New truck bodies 3,190 3,925 Used trailers 30 20 Three Months Ended June 30, Transportation Solutions Parts & Services Corporate and Eliminations Consolidated 2025 New trailers $ 312,931 $ — $ (771) $ 312,160 Used trailers — 1,120 — 1,120 Components, parts and service — 32,755 — 32,755 Equipment and other 87,283 25,869 (371) 112,781 Total net external sales $ 400,214 $ 59,744 $ (1,142) $ 458,816 Gross profit $ 28,600 $ 12,800 $ — $ 41,400 Income (loss) from operations $ 12,518 $ 9,060 $ (26,329) $ (4,751) Adjusted income (loss) from operations1 $ 12,518 $ 9,060 $ (21,716) $ (138) 2024 New trailers $ 383,145 $ — $ (681) $ 382,464 Used trailers — 1,144 — 1,144 Components, parts and service — 34,453 — 34,453 Equipment and other 115,560 19,304 (2,315) 132,549 Total net external sales $ 498,705 $ 54,901 $ (2,996) $ 550,610 Gross profit $ 74,689 $ 14,969 $ — $ 89,658 Income (loss) from operations $ 56,918 $ 12,087 $ (25,242) $ 43,763 Adjusted income (loss) from operations1 $ 56,918 $ 12,087 $ (25,242) $ 43,763 1 Adjusted operating income (loss), a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating income (loss) excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating income (loss) to provide investors with a better understanding of the Company’s view of our results as compared to prior periods.
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13 Q2 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Six Months Ended June 30, 2025 2024 Units Shipped New trailers 14,930 17,745 New truck bodies 6,190 7,615 Used trailers 65 35 Six Months Ended June 30, Transportation Solutions Parts & Services Corporate and Eliminations Consolidated 2025 New Trailers $ 563,976 $ — $ (18,441) $ 545,535 Used Trailers — 2,620 — 2,620 Components, parts and service — 64,257 — 64,257 Equipment and other 183,041 44,822 (569) 227,294 Total net external sales $ 747,017 $ 111,699 $ (19,010) $ 839,706 Gross profit $ 37,014 $ 23,389 $ — $ 60,403 Income from operations $ 2,720 $ 15,970 $ 291,110 $ 309,800 Adjusted income (loss) from operations1 $ 2,720 $ 15,970 $ (46,277) $ (27,587) 2024 New Trailers $ 749,303 $ — $ (1,501) $ 747,802 Used Trailers — 2,488 — 2,488 Components, parts and service — 70,083 — 70,083 Equipment and other 219,830 31,564 (5,881) 245,513 Total net external sales $ 969,133 $ 104,135 $ (7,382) $ 1,065,886 Gross profit $ 137,800 $ 28,304 $ — $ 166,104 Income (loss) from operations $ 101,173 $ 22,607 $ (50,442) $ 73,338 Adjusted income (loss) from operations1 $ 101,173 $ 22,607 $ (50,442) $ 73,338 1 Adjusted operating income (loss), a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating income (loss) excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating income (loss) to provide investors with a better understanding of the Company’s view of our results as compared to prior periods.
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14 Reconciliation of Adjusted Segment Operating (Loss) Income1 Unaudited - dollars in thousands Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Transportation Solutions Income from operations $ 12,518 $ 56,918 $ 2,720 $ 101,173 Adjustments: N/A — — — — Adjusted operating income 12,518 56,918 2,720 101,173 Parts & Services Income from operations 9,060 12,087 15,970 22,607 Adjustments: N/A — — — — Adjusted operating income 9,060 12,087 15,970 22,607 Corporate (Loss) income from operations (26,329) (25,242) 291,110 (50,442) Adjustments: Missouri legal matter 4,613 — (337,387) — Adjusted operating loss (21,716) (25,242) (46,277) (50,442) Consolidated (Loss) income from operations (4,751) 43,763 309,800 73,338 Adjustments: Missouri legal matter 4,613 — (337,387) — Adjusted operating (loss) income $ (138) $ 43,763 $ (27,587) $ 73,338 1 Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods.
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15 Reconciliation of Adjusted Net (Loss) Income Attributable to Common Stockholders and Adjusted Diluted EPS Unaudited - dollars in thousands Adjusted Net (Loss) Income Attributable to Common Stockholders1: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income attributable to common stockholders $ (9,589) $ 28,958 $ 221,352 $ 47,125 Adjustments: Missouri legal matter 4,613 — (337,387) — Tax effect of aforementioned items (1,163) — 85,090 — Adjusted net (loss) income attributable to common stockholders $ (6,139) $ 28,958 $ (30,945) $ 47,125 Adjusted Diluted (Loss) Earnings Per Share1: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Diluted (loss) earnings per share $ (0.23) $ 0.64 $ 5.21 $ 1.03 Adjustments: Missouri legal matter 0.11 — (7.95) — Tax effect of aforementioned items (0.03) — 2.01 — Adjusted diluted (loss) earnings per share $ (0.15) $ 0.64 $ (0.73) $ 1.03 Weighted average diluted shares outstanding (in thousands) 41,753 45,365 42,458 45,751 1 Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment.
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16 Reconciliation of Adjusted EBITDA and Free Cash Flow Unaudited - dollars in thousands Adjusted EBITDA1: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income $ (9,603) $ 29,204 $ 221,593 $ 47,491 Income tax (benefit) expense (2,692) 9,768 75,409 16,191 Interest expense 5,308 4,948 10,334 9,936 Depreciation and amortization 14,070 13,719 29,102 26,455 Stock-based compensation 2,374 3,372 5,623 6,618 Missouri legal matter 4,613 — (337,387) — Impairment and other, net 14 997 (17) 997 Other, net 33 (1,572) (1,581) (3,181) Loss from unconsolidated entity 2,203 1,415 $ 4,045 $ 2,901 Adjusted EBITDA $ 16,320 $ 61,851 $ 7,121 $ 107,408 Free Cash Flow2: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net cash (used in) provided by operating activities $ (15,834) $ 11,022 $ (16,106) $ (6,388) Cash payments for capital expenditures (6,227) (17,103) (14,925) (36,288) Expenditures for revenue generating assets (741) — (20,885) — Free cash flow $ (22,802) $ (6,081) $ (51,916) $ (42,676) 1 Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock- based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. 2 Free cash flow is defined as net cash (used in) provided by operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets.
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17 Reconciliation of Adjusted Segment EBITDA1 and Adjusted Segment EBITDA Margin1 1 Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under GAAP, but that management would not consider important in evaluating the quality of the Company’s segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted segment EBITDA margin is calculated by dividing Adjusted segment EBITDA by segment total net sales. Unaudited - dollars in thousands Transportation Solutions Parts & Services Three Months Ended June 30, 2025 2024 2025 2024 Income from operations $ 12,518 $ 56,918 $ 9,060 $ 12,087 Depreciation and amortization 11,686 12,089 1,265 516 Adjusted segment EBITDA $ 24,204 $ 69,007 $ 10,325 $ 12,603 Adjusted segment EBITDA margin 6.0 % 13.8 % 17.3 % 23.0 % Transportation Solutions Parts & Services Six Months Ended June 30, 2025 2024 2025 2024 Income from operations $ 2,720 $ 101,173 $ 15,970 $ 22,607 Depreciation and amortization 24,384 23,421 2,417 1,062 Adjusted segment EBITDA $ 27,104 $ 124,594 $ 18,387 $ 23,669 Adjusted segment EBITDA margin 3.6 % 12.9 % 16.5 % 22.7 %