Marten Transport (MRTN) investor relations material

Executive summary

• Operating revenue for the first six months of 2025 declined 8.6% year-over-year to $453.1 million, with net income down 34.3% to $11.5 million, or $0.14 per diluted share, amid a prolonged freight market recession and lower fleet size.

• Multifaceted business model with six platforms: refrigerated, truckload, dry truckload, dedicated, brokerage, and intermodal, plus cross-border operations.

• Dedicated and brokerage operations significantly contributed to operating income in 2024 and 1H 2025, despite market pressures.

• The company announced the sale of its Intermodal business assets for $51.8 million, expected to close by Q3 2025.

• Focus on efficiency improvements, customer diversification, and organic growth opportunities.

Financial highlights

• Q2 2025 operating revenue was $229.9 million, down 6.6% year-over-year; net income for the quarter was $7.2 million, down 8.9% year-over-year.

• Operating income for Q2 2025 was $9.7 million, slightly down from $10.0 million in Q2 2024; six-month operating income was $15.6 million, down from $22.2 million.

• Operating expenses decreased 6.8% in Q2, with notable reductions in salaries, fuel, and maintenance, but insurance and claims rose 26.2%.

• Gain on disposition of revenue equipment more than doubled to $5.2 million in Q2 2025.

• Cash and cash equivalents increased to $35.1 million as of June 30, 2025, with no long-term debt outstanding.

Outlook and guidance

• Anticipates growth opportunities as industry capacity exits increase due to regulatory enforcement.

• Management expects adequate liquidity for at least the next twelve months, with no significant constraints anticipated.

• Expects profitability to improve as freight market corrects and regulatory changes take effect.

• Quarterly cash dividends of $0.06 per share are expected to continue.