Forward Air Corporation Earnings Presentation 3Q25 November 5, 2025 Earnings Presentation Statements & Disclaimers Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," ...

Financial Performance - Forward Air Corporation reported revenue of $619 million in 2Q25[35] - The company's Consolidated EBITDA for 2Q25 was $74 million, with a margin of 119%[37] - The company's LTM Net Leverage was 57x[39] - Expedited Freight segment revenue for 2Q25 was $258 million[48] with Reported EBITDA Margin of 116%[49] - Omni Logistics segment revenue for 2Q25 was $328 million[59] with Reported EBITDA Margin of 90%[60] - Intermodal segment revenue for 2Q25 was $59 million[63] with Reported EBITDA Margin of 151%[64] Liquidity and Debt - The company's liquidity stands at $368 million[38] - Operating cash flow improved by $40 million year-over-year in 2Q[73] - No long-term debt maturities until December 2030[83] Operational Highlights - Expedited Freight segment claims ratio is approximately 01%[55] - Over $100 million in annualized cost savings realized since closing the Omni acquisition[88]

Financial Performance - Forward Air Corporation reported Q1 2025 revenue of $613 million[31] - The company's Consolidated EBITDA for Q1 2025 was $69 million, with a margin of 112%[31] - The company's LTM Net Leverage was 53x[31] - Expedited Freight segment revenue for Q1 2025 was $249 million[41], with Reported EBITDA of $26 million and a margin of 104%[42] - Omni Logistics segment revenue for Q1 2025 was $323 million[52], with Reported EBITDA of $26 million and a margin of 79%[53] - Intermodal segment revenue for Q1 2025 was $62 million[57], with Reported EBITDA of $10 million and a margin of 164%[58] Operational Metrics - The company's Expedited Freight segment maintained a claims ratio of approximately 01%[48] - The company realized over $100 million in annualized cost savings since closing the Omni acquisition[80] Geographic Exposure - Approximately 12% of the company's revenue is generated outside of the United States[26] - The revenue split by customer region is approximately 88% in the United States, 4% in the Americas (excluding the US), 7% in APAC, and less than 1% in EMEA[26]