Wabash Announces Second Quarter 2025 Results

Quarterly revenue of $459 million - beating midpoint of outlook range on modestly stronger than expected shipments. Parts & Services generated positive revenue growth sequentially and year-over-year.GAAP operating loss of $5 million or Non-GAAP adjusted operating loss of $0.1 million; Excludes impact of $5 million in expenses associated with the legal verdict. Quarterly GAAP EPS of $(0.23) or Non-GAAP adjusted EPS of $(0.15). Beating Expectations due to slightly higher revenue and cost containment actions throughout the quarter.Total backlog of $1.0 billion ending Q2; Market environment continues to be challenging as economic concerns and uncertainty remain.2025 revenue outlook reduced to $1.6B, Non-GAAP adjusted EPS outlook reduced to $(1.15), excluding impact in connection with the legal verdict. LAFAYETTE, Ind., July 25, 2025 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), a leader in end-to-end supply chain solutions for the transportation, logistics and infrastructure markets, today reported results for the quarter ended June 30, 2025. The Company's net sales for the second quarter of 2025 were $458.8 million, reflecting a 16.7% decrease compared to the same quarter of the previous year. The Company generated consolidated gross profit of $41.4 million, equivalent to 9.0% of sales. GAAP operating loss amounted to $4.8 million as the company recognized a $5 million loss in connection with the appeal bond and contingent interest expense associated with the legal verdict. Non-GAAP adjusted operating loss was $0.1 million for the quarter. Second quarter GAAP diluted earnings per share was $(0.23) or $(0.15) on a Non-GAAP adjusted basis. As of June 30, 2025, total Company backlog stood at approximately $1.0 billion, as customers continue to take a wait-and-see approach to capital spending. For the full-year ending December 31, 2025, the Company reduced its revenue outlook to roughly $1.6 billion and reduced its Non-GAAP adjusted EPS guidance to a range of $(1.30) to $(1.00). “Turning to the broader market environment, demand remains muted across the trailer industry. Industry forecasters have continued to revise their outlook downward, and recent updates now suggest that 2025 shipment volumes will fall well below basic replacement demand," explained Yeagy. "For now, we’ve undertaken a reassessment of 2025 and now expect midpoints of $1.6 billion in revenue and ($1.15) of adjusted EPS. Even with the revised guidance, we still expect to be near free cash flow breakeven for 2025, excluding our capital investments in Trailers as a Service. While our order book for 2026 is not yet open, we’re actively engaged in conversations with customers and preparing quotes for next year’s demand. Based on those early discussions and current industry forecasts, we’re cautiously optimistic that 2026 will reflect a return to growth." Business Segment Highlights The table below is a summary of select segment operating and financial results prior to the elimination of intersegment sales for the second quarter of 2025 and 2024. A complete disclosure of the results by individual segment is included in the tables following this release. Wabash National Corporation Three Months Ended June 30, 2025 2024 New Units Shipped Trailers 8,640 9,245 Truck bodies 3,190 3,925 Transportation Solutions Parts & ServicesThree Months Ended June 30, 2025 2024 2025 2024 (Unaudited, dollars in thousands)Net sales $400,214 $498,705 $59,744 $54,901 Gross profit $28,600 $74,689 $12,800 $14,969 Gross profit margin 7.1% 15.0% 21.4% 27.3%Income from operations $12,518 $56,918 $9,060 $12,087 Income from operations margin 3.1% 11.4% 15.2% 22.0% During the second quarter, Transportation Solutions generated net sales of $400.2 million, a decrease of 19.7% compared to the same quarter of the previous year. Operating loss for the quarter amounted to $12.5 million, representing 3.1% of sales. Parts & Services' net sales for the second quarter were $59.7 million, an increase of 8.8% compared to the prior year quarter. Operating income for the quarter amounted to $9.1 million, or 15.2% of sales. Non-GAAP Measures In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this release contains non-GAAP financial measures, 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 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. 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. 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. 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. 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 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 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 tables following this release. Information reconciling any forward-looking Adjusted Operating (Loss) Income, Adjusted EBITDA, Adjusted Net (Loss) Income, Adjusted Diluted EPS, 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. Second Quarter 2025 Conference Call Wabash will discuss its results during its quarterly investor conference call on Friday, July 25, 2025, beginning at 12:00 p.m. EDT. The call and an accompanying slide presentation will be accessible on the "Investors" section of the Company’s website at www.onewabash.com. The conference call will also be accessible by dialing (800) 715-9871, conference ID 9986205. A replay of the call will be available on the site shortly after the conclusion of the presentation. About Wabash (NYSE: WNC) is the visionary leader of connected solutions for the transportation, logistics and distribution industries that is Changing How the World Reaches You®. Headquartered in Lafayette, Indiana, the company enables customers to thrive by providing insight into tomorrow and delivering pragmatic solutions today to move everything from first to final mile. Wabash designs, manufactures, and services a diverse range of products, including: dry freight and refrigerated trailers, flatbed trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. Learn more at www.onewabash.com. Safe Harbor Statement This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release 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 risks related to 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 press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q. WABASH NATIONAL CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited - dollars in thousands) June 30,2025 December 31,2024Assets 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 Wabash National Corporation stockholders’ equity: Common stock 200,000,000 shares authorized, $0.01 par value, 41,089,374 and 42,882,308 shares outstanding, respectively 787 781 Additional paid-in capital 694,843 689,216 Retained earnings 320,288 105,633 Accumulated other comprehensive loss (202) (3,229)Treasury stock at cost, 37,601,698 and 35,253,489 common shares, respectively (630,499) (603,571)Total Wabash National Corporation stockholders' equity 385,217 188,830 Total liabilities, noncontrolling interest, and equity$1,376,034 $1,411,529 WABASH NATIONAL CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited - dollars in thousands, except per share amounts) 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 WABASH NATIONAL CORPORATIONCONDENSED 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) — Changes in operating assets and liabilities 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 Proceeds from exercise of stock options 11 7 Dividends paid (7,251) (7,775)Borrowings under revolving credit facilities 40,904 431 Payments under revolving credit facilities (904) (431)Debt issuance costs paid (1) (5)Stock repurchases (26,928) (43,834)Distribution to noncontrolling interest — (603)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 Supplemental disclosures of cash flow information: Cash paid for interest$9,666 $9,394 Net cash paid for income taxes$174 $23,664 Period end balance of payables for property, plant, and equipment$2,501 $5,474 WABASH NATIONAL CORPORATIONSEGMENTS AND RELATED 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 andEliminations Consolidated2025 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. WABASH NATIONAL CORPORATIONSEGMENTS AND RELATED 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 andEliminations Consolidated2025 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. WABASH NATIONAL CORPORATIONSEGMENT AND COMPANY FINANCIAL INFORMATION(Unaudited - dollars in thousands) Adjusted Operating (Loss) Income1Three Months EndedJune 30, Six Months EndedJune 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) $73,338 1 Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. WABASH NATIONAL CORPORATIONRECONCILIATION OF GAAP FINANCIAL MEASURES TONON-GAAP FINANCIAL MEASURES(Unaudited - dollars in thousands, except per share amounts) Adjusted EBITDA1:Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income$(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 $107,408 Adjusted Net (Loss) Income Attributable to Common Stockholders2:Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income attributable to common stockholders$(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) $47,125 Adjusted Diluted (Loss) Earnings Per Share2:Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Diluted (loss) earnings per share$(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) $1.03 Weighted average diluted shares outstanding (in thousands) 41,753 45,365 42,458 45,751 1 Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of adjusted EBITDA, when combined with the GAAP presentations of operating (loss) income and net (loss) income, is beneficial to an investor’s understanding of the Company’s operating performance. 2 Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment. WABASH NATIONAL CORPORATIONRECONCILIATION OF FREE CASH FLOW1(Unaudited - dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net cash (used in) provided by operating activities$(15,834) $11,022 $(16,106) $(6,388)Cash payments for capital expenditures (6,227) (17,103) (14,925) (36,288)Expenditures for revenue generating assets (741) — (20,885) — Free cash flow1$(22,802) $(6,081) $(51,916) $(42,676) 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. 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. WABASH NATIONAL CORPORATIONRECONCILIATION OF ADJUSTED SEGMENT EBITDA1AND ADJUSTED SEGMENT EBITDA MARGIN1(Unaudited - dollars in thousands) Transportation Solutions Parts & ServicesThree 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 & ServicesSix 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% 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. Media Contact:Dana StelselDirector, Communications(765) 771-5766dana.stelsel@onewabash.com Investor Relations:Jacob PageSenior Analyst, Corporate Development & IR(765) 414-2835jacob.page@onewabash.com

Wabash Announces Second Quarter 2025 Results

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