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October 29, 2026 Third Quarter 2026 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 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 attributable to common stockholders, adjusted diluted loss 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 and margin, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) 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 and margin 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 and margin to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. Adjusted operating loss margin is calculated by dividing adjusted operating loss by total net sales. A reconciliation of adjusted operating loss to operating (loss) income, the most comparable GAAP financial measure, is included in the tables following this release. Adjusted net loss attributable to common stockholders and adjusted diluted loss per share reflect an adjustment for the facility idling cost, gain on sale of facility, purchase accounting gain, Missouri legal matter and the related tax effects of those adjustments. 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 attributable to common stockholders and adjusted diluted loss per share to net (loss) income attributable to common stockholders and diluted (loss) income per share, the most comparable GAAP financial measures, are included in the tables following this release. Adjusted EBITDA includes noncontrolling interest & excludes (income) loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, impairment and other, net, facility idling costs, gain on sale of facility, purchase accounting gain, the Missouri legal matter, 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 tables following this release. 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 tables following this release. Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes income (loss) from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating (loss) income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) 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 (loss) income from operations, the most comparable GAAP financial measure, is included in the tables following this release. Information reconciling any forward-looking adjusted operating (loss) income, adjusted net loss attributable to common stockholders, 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 Accretive pricing within 2027 backlog results in expected 600Bps Material Margin expansion vs Q2-26. Changing How the World Reaches You® 1 2 3 4 5 Backlog grew 25% to $1.2b in Q3-26 and grew a further 10% to $1.3b by mid-October-26 ITC Final affirmative determination on AD/CVD rulings for China in September-26 Q3 GAAP EPS of $(0.51) or Non-GAAP adjusted EPS of $(0.63)1. Cost pull forward in Q3-26 and Q4-26 to support more rapid improvement in 2027 dry van volume CEO Highlights 1Q3 adjusted EPS reflects adjustments for facility idling costs and gain on sale of facility.
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4 GAAP Financial Results Non-GAAP Adjusted Financial Results Revenue $476M Operating Loss $(20.0)M $(27.0)M1 Operating Margin (4.2)% (5.7)%1 Net Loss Attributable to Common Stockholders $(20.7)M $(26.0)M2 Diluted EPS Attributable to Common Stockholders $(0.51) $(0.63)2 New Shipments 9,563 Trailers3 1,685 Truck Bodies Q3 2026 Consolidated Financial Performance 1Q3 Operating loss and operating margin reflect adjustments for facility idling costs and gain on sale of facility. 2Q3 Net loss and EPS reflect adjustments for facility idling costs, gain on sale of facility and the related tax effects. 3Trailer shipments do not include converter dollies for any period presented.
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5 Q3 2026 Adjusted Segment Financial Performance Transportation Solutions Parts & Services $408 $334 Q3 2026 Q3 2025 Revenue ($M) (3.5)% (3.9)% Q3 2026 Q3 2025 Adjusted Operating Margin $69 $61 Q3 2026 Q3 2025 Revenue ($M) 8.1% 10.9% Q3 2026 Q3 2025 Adjusted Operating Margin 1Adjusted operating margin, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) 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 margin 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 margin to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. Adjusted operating margin is calculated by dividing adjusted operating loss by total net sales. A reconciliation of adjusted operating (loss) income to operating (loss) income, the most comparable GAAP financial measure, is included in the tables following this release. 1 1
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6 Cash Flow & Capital Allocation Summary ($M) Q3 2026 Q3 2025 Net cash (used in) provided by operating activities $(37.3) $85.2 Cash payments for capital expenditures $(3.5) $(5.3) Expenditures for revenue generating assets $— $(19.3) Free Cash Flow1 $(40.8) $60.6 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. Cash Flow Q3 Capital Allocation 51.5% —% 48.5% CapEx Exp for Revenue Generating Assets Dividend $6.8M $3.5M $3.3M Capex Dividend Expenditure for Revenue Generating Assets $0.0M ◦ Efficient Working Capital Management bolsters Operating Cash Flow
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7 A Meaningful Step Forward in Financial Results $435M (6.5%) ($0.65) Revenue (midpoint) Operating Margin (midpoint) EPS (midpoint) OTHER KEY METRICS • Revenue: $420M - $450M • SG&A: $39M - $44M • Intangible Amortization: $3M • Interest Expense: $7M - $8M • Tax Rate: 25% • EPS Range: $(0.75) - $(0.55) • Traditional Capex: $3M - $6M Q4 2026 Financial Outlook
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Appendix
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9 Condensed Consolidated Balance Sheets Unaudited - dollars in thousands September 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 69,290 $ 31,923 Accounts receivable, net 198,614 119,874 Inventories, net 195,329 181,153 Prepaid expenses and other 39,792 86,136 Total current assets 503,025 419,086 Property, plant, and equipment, net 267,440 300,477 Goodwill 213,337 191,222 Deferred income taxes 38,219 9,047 Intangible assets, net 55,540 63,561 Investment in unconsolidated entities 16,331 7,250 Other assets 140,506 180,538 Total assets $ 1,234,398 $ 1,171,181 Liabilities and Stockholders’ Equity Current liabilities: Current portion of long-term debt $ — $ — Accounts payable 246,184 145,739 Other accrued liabilities 119,270 156,556 Total current liabilities 365,454 302,295 Long-term debt 540,257 442,852 Other non-current liabilities 55,808 57,492 Total liabilities 961,519 802,639 Commitments and contingencies Noncontrolling interest 1,792 1,184 Wabash National Corporation stockholders’ equity: Total Wabash National Corporation stockholders' equity 271,087 367,358 Total liabilities, noncontrolling interest, and equity $ 1,234,398 $ 1,171,181
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10 Condensed Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net sales $ 476,408 $ 381,595 $ 1,196,878 $ 1,221,301 Cost of sales 461,533 365,887 1,177,249 1,145,190 Gross profit 14,875 15,708 19,629 76,111 General and administrative expenses 32,358 (50,520) 96,821 (318,196) Selling expenses 6,857 5,590 20,911 18,308 Amortization of intangible assets 2,673 2,789 8,021 8,367 Impairment and other, net (6,987) 203 (8,444) 186 (Loss) income from operations (20,026) 57,646 (97,680) 367,446 Other income (expense): Interest expense (6,957) (5,373) (19,836) (15,707) Other, net 315 1,240 972 2,821 Other expense, net (6,642) (4,133) (18,864) (12,886) Income (loss) from unconsolidated entity 71 (1,845) 222 (5,890) (Loss) income before income tax expense (26,597) 51,668 (116,322) 348,670 Income tax (benefit) expense (6,244) 11,629 (28,120) 87,038 Net (loss) income (20,353) 40,039 (88,202) 261,632 Net income attributable to noncontrolling interest 395 62 608 303 Net (loss) income attributable to common stockholders $ (20,748) $ 39,977 $ (88,810) $ 261,329 Net (loss) income attributable to common stockholders per share: Basic $ (0.51) $ 0.98 $ (2.17) $ 6.25 Diluted $ (0.51) $ 0.97 $ (2.17) $ 6.22 Weighted average common shares outstanding (in thousands): Basic 40,991 40,928 40,883 41,795 Diluted 40,991 41,170 40,883 42,014 Dividends declared per share $ 0.08 $ 0.08 $ 0.24 $ 0.24
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11 Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Nine Months Ended September 30, 2026 2025 Cash flows from operating activities Net (loss) income $ (88,202) $ 261,632 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activitiesDepreciation 34,222 35,345 Amortization of intangibles 8,021 8,367 Net (gain) loss on sale of property, plant and equipment (8,784) 100 Deferred income taxes (29,172) 90,142 Stock-based compensation 7,542 8,895 Non-cash interest expense 1,088 749 Equity in (income) loss from unconsolidated entity (222) 5,890 Accounts receivable (78,147) (3,234) Inventories (14,575) 39,320 Prepaid expenses and other 9,191 (54,185) Accounts payable and accrued liabilities 99,109 128,216 Other, net (5,891) (452,137) Net cash (used in) provided by operating activities (65,820) 69,100 Cash flows from investing activities Cash payments for capital expenditures (8,946) (20,207) Expenditures for revenue generating assets (242) (40,189) Proceeds from the sale of assets 39,723 138 Acquisition, net of cash acquired (2,872) (1,666) Investment in unconsolidated affiliates and other (6,174) (12,350) Net cash provided by (used in) investing activities 21,489 (74,274) Cash flows from financing activities Net cash provided by (used in) financing activities 81,698 (18,635) Cash and cash equivalents: Net increase (decrease) in cash and cash equivalents 37,367 (23,809) Cash and cash equivalents at beginning of period 31,923 115,484 Cash and cash equivalents at end of period $ 69,290 $ 91,675
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12 Q3 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended September 30, 2026 2025 Units Shipped New trailers (1) 9,563 6,675 New truck bodies 1,685 3,067 Used trailers 39 20 (1) Trailer shipments do not include converter dollies for any period presented. Three Months Ended September 30, Transportation Solutions Parts & Services Corporate and Eliminations Consolidated 2026 New trailers $ 363,426 $ — $ (453) $ 362,973 Used trailers — 1,952 — 1,952 Components, parts and service — 31,443 — 31,443 Equipment and other 44,434 35,961 (355) 80,040 Total net external sales $ 407,860 $ 69,356 $ (808) $ 476,408 Gross profit $ 4,008 $ 10,867 $ — $ 14,875 (Loss) income from operations $ (7,541) $ 5,756 $ (18,241) $ (20,026) Adjusted (loss) income from operations1 $ (14,382) $ 5,632 $ (18,241) $ (26,991) 2025 New trailers $ 259,038 $ — $ (13,473) $ 245,565 Used trailers — 929 — 929 Components, parts and service — 32,584 — 32,584 Equipment and other 75,436 27,451 (370) 102,517 Total net external sales $ 334,474 $ 60,964 $ (13,843) $ 381,595 Gross profit $ 5,077 $ 10,631 $ — $ 15,708 (Loss) Income from operations $ (13,116) $ 6,621 $ 64,141 $ 57,646 Adjusted (loss) income from operations1 $ (13,116) $ 6,621 $ (17,066) $ (23,561) 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 (loss) 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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13 Q3 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Nine Months Ended September 30, 2026 2025 Units Shipped New trailers (1) 23,233 20,495 New truck bodies 4,592 9,253 Used trailers 109 85 (1) Trailer shipments do not include converter dollies for any period presented. Nine Months Ended September 30, Transportation Solutions Parts & Services Corporate and Eliminations Consolidated 2026 New trailers $ 886,389 $ — $ (1,432) $ 884,957 Used trailers — 4,792 — 4,792 Components, parts and service — 97,067 — 97,067 Equipment and other 126,301 84,953 (1,192) 210,062 Total net external sales $ 1,012,690 $ 186,812 $ (2,624) $ 1,196,878 Gross (loss) profit $ (5,522) $ 25,151 $ — $ 19,629 (Loss) income from operations $ (58,791) $ 15,524 $ (54,413) $ (97,680) Adjusted (loss) income from operations1 $ (61,241) $ 9,611 $ (54,413) $ (106,043) 2025 New trailers $ 823,014 $ — $ (31,914) $ 791,100 Used trailers — 3,549 — 3,549 Components, parts and service — 96,841 — 96,841 Equipment and other 258,477 72,273 (939) 329,811 Total net external sales $ 1,081,491 $ 172,663 $ (32,853) $ 1,221,301 Gross profit $ 42,091 $ 34,020 $ — $ 76,111 (Loss) Income from operations $ (10,396) $ 22,591 $ 355,251 $ 367,446 Adjusted (loss) income from operations1 $ (10,396) $ 22,591 $ (63,343) $ (51,148) 1 Adjusted (loss) income from operations, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) 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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14 Reconciliation of Adjusted Segment Operating Loss1 Unaudited - dollars in thousands Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Transportation Solutions Loss from operations $ (7,541) $ (13,116) $ (58,791) $ (10,396) Adjustments: Facility idling and related costs 500 — 4,891 — Gain on sale of facility (7,341) — (7,341) — Adjusted operating loss (14,382) (13,116) (61,241) (10,396) Parts & Services Income from operations 5,756 6,621 15,524 22,591 Adjustments: Facility idling and related costs — — 206 — Gain on sale of facility (124) — (124) — Purchase accounting gains — — (5,995) — Adjusted operating income 5,632 6,621 9,611 22,591 Corporate (Loss) income from operations (18,241) 64,141 (54,413) 355,251 Adjustments: Missouri legal matter — (81,207) — (418,594) Adjusted operating loss (18,241) (17,066) (54,413) (63,343) Consolidated (Loss) income from operations (20,026) 57,646 (97,680) 367,446 Adjustments: Facility idling and related costs 500 — 5,097 — Gain on sale of facility (7,465) — (7,465) — Purchase accounting gains — — (5,995) — Missouri legal matter — (81,207) — (418,594) Adjusted operating loss1 $ (26,991) $ (23,561) $ (106,043) $ (51,148) 1 Adjusted operating loss, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) 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 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 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 Attributable to Common Stockholders1 and Adjusted Diluted EPS1 Unaudited - dollars in thousands Adjusted Net Loss Attributable to Common Stockholders1: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net (loss) income attributable to common stockholders $ (20,748) $ 39,977 $ (88,810) $ 261,329 Adjustments: Facility idling and related costs 500 — 5,097 — Gain on sale of facility (7,465) — (7,465) — Purchase accounting gains — — (5,995) — Missouri legal matter — (81,207) — (418,594) Tax effect of aforementioned items 1,741 20,015 2,090 105,105 Adjusted net loss attributable to common stockholders $ (25,972) $ (21,215) $ (95,083) $ (52,160) Adjusted Diluted Loss Per Share1: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Diluted (loss) income per share $ (0.51) $ 0.97 $ (2.17) $ 6.22 Adjustments: Facility idling and related costs 0.01 — 0.12 — Gain on sale of facility (0.18) — (0.18) — Purchase accounting gains — — (0.15) — Missouri legal matter — (1.97) — (9.96) Tax effect of aforementioned items 0.05 0.49 0.05 2.50 Adjusted diluted loss per share $ (0.63) $ (0.51) $ (2.33) $ (1.24) Weighted average diluted shares outstanding (in thousands)2 40,991 41,170 40,883 42,014 1 Adjusted net loss attributable to common stockholders and adjusted diluted loss per share reflect adjustments for facility idling costs, gain on sale of facility, purchase accounting gains, Missouri legal matter and the related tax effect of those adjustments.
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16 Reconciliation of Adjusted EBITDA1 and Free Cash Flow2 Unaudited - dollars in thousands Adjusted EBITDA1: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net (loss) income $ (20,353) $ 40,039 $ (88,202) $ 261,632 Income tax (benefit) expense (6,244) 11,629 (28,120) 87,038 Interest expense 6,957 5,373 19,836 15,707 Depreciation and amortization 13,604 14,610 41,223 43,712 Stock-based compensation 2,460 3,272 7,542 8,895 Impairment and other, net 478 203 (979) 186 Other, net (315) (1,240) (972) (2,821) (Income) loss from unconsolidated entity (71) 1,845 (222) 5,890 Facility idling and related costs 500 — 5,097 — Gain on sale of facility (7,465) — (7,465) — Purchase accounting gains — — (5,995) — Missouri legal matter — (81,207) — (418,594) Adjusted EBITDA $ (10,449) $ (5,476) $ (58,257) $ 1,645 Free Cash Flow2: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net cash (used in) provided by operating activities $ (37,303) $ 85,206 $ (65,820) $ 69,100 Cash payments for capital expenditures (3,456) (5,282) (8,946) (20,207) Expenditures for revenue generating assets (7) (19,304) (242) (40,189) Free cash flow $ (40,766) $ 60,620 $ (75,008) $ 8,704 1 Adjusted EBITDA includes noncontrolling interest & excludes (income) loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, impairment and other, net, facility idling costs, gain on sale of facility, purchase accounting gains, the Missouri legal matter, 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 income (loss) from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating (loss) income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) 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 September 30, 2026 2025 2026 2025 (Loss) income from operations $ (7,541) $ (13,116) $ 5,756 $ 6,621 Depreciation and amortization 10,481 12,299 1,915 1,132 Impairment and other, net — 219 78 (15) Facility idling and related costs 500 — — — Gain on sale of facility (7,341) — (124) — Adjusted segment EBITDA1 $ (3,901) $ (598) $ 7,625 $ 7,738 Adjusted segment EBITDA margin1 (1.0) % (0.2) % 11.0 % 12.7 % Transportation Solutions Parts & Services Nine Months Ended September 30, 2026 2025 2026 2025 (Loss) income from operations $ (58,791) $ (10,396) $ 15,524 $ 22,591 Depreciation and amortization 31,734 36,689 5,961 3,561 Impairment and other, net (368) 212 (912) (26) Facility idling and related costs 4,891 — 206 — Gain on sale of facility (7,341) — (124) — Purchase accounting gains — — (5,995) — Adjusted segment EBITDA1 $ (29,875) $ 26,505 $ 14,660 $ 26,126 Adjusted segment EBITDA margin1 (3.0) % 2.5 % 7.8 % 15.1 %