Trucking and Road Freight Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › TRANSPORTATION › TRUCKING AND ROAD FREIGHT

Carriers Give Back Ground While Pricing Discipline Holds the Line

This update covers the two-week period September 14–28, 2026: how the covered names traded, what companies announced, and what the transaction record shows.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Trucking and Road Freight Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INDUSTRIALS › TRANSPORTATION › TRUCKING AND ROAD FREIGHT

   Cover page for the Trucking and Road Freight bi-weekly industry events and M&A update covering September 14–28, 2026.

   We open this bi-weekly update on Trucking and Road Freight for the September 14–28, 2026 window, covering what changed, who moved and why, what transacted, and what it means. So what: this frames how we read share-price moves, company actions and the deal record together across the rest of the deck.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › TRANSPORTATION › TRUCKING AND ROAD FREIGHT Carriers Give Back Ground While Pricing Discipline Holds the Line This update covers the two-week period September 14–28, 2026: how the covered names traded, what companies announced, and what the transaction record shows. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Trucking and Road Freight Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Listed Prices Fell While Operators Pushed Rates and Defended Payouts

   This page summarizes the two-week period's share-price moves, company actions and deal record in one page across 11 covered names.

   We start with the headline: 10 of 11 covered names fell over the period, with a median move of -7.1%, while the S&P 500 returned +0.8%. Old Dominion Freight Line still pushed a general rate increase through its tariffs effective October 5, showing pricing intent held even as shares slid. Pony AI's American Depositary Shares were the sole gainer, up 3.4%, with its strongest single day at +6.0%. The precedent transaction record didn't move this period, holding at 36 deals with a 5.6x median multiple. So what: the drawdown looks concentrated in freight names rather than the broad market, and it sat alongside pricing and deal discipline rather than replacing it.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Listed Prices Fell While Operators Pushed Rates and Defended Payouts The two-week period in one page · 11 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Trucking and Road Freight Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 10 of 11 Covered Names Fell; The Median Move Was -7.1% The S&P 500 returned +0.8% over the same two-week period. The NeuraCap read is that the drawdown was concentrated in freight names rather than driven by the broad market. 2 An LTL Operator Still Put a Rate Increase Through Old Dominion Freight Line, Inc. (ODFL) announced a general rate increase across its existing tariffs, effective October 5. Pricing intent did not follow the share price down. 3 The Only Gainer in the Set Was an Autonomy Name Pony AI Inc. American Depositary Shares (PONY) returned +3.4%, with its strongest day of +6.0% on Sep 22. Every other covered name finished the two-week period lower. 4 The Precedent Record Sat Still No new transactions were added over the window. The standing reference set is 36 precedent transactions at a trailing median of 5.6x EV/EBITDA, against a listed sector median of 6.9x on CY2027E. +3.4% Best mover — PONY worst: WERN -10.8% · 1 up / 10 down of 11 covered -7.1% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Autonomy up, Truckload Down: Where the Period's Moves Landed

   This page ranks the two-week price moves across the covered names, comparing the sector median to the S&P 500 and flagging moves that clear the materiality bar.

   We show the two-week board of moves at a sector median of -7.1% against the S&P 500's +0.8%, with a materiality bar set at 10.7% on a sector-relative basis. Autonomy names outperformed truckload names over the window, with Pony AI's ADS up 3.4% as the standout gainer. Attribution here is calibrated to filings and headlines recorded in the window; where no driver is on record, we say so rather than guess. So what: the split between autonomy and truckload signals where investor attention moved during the period, distinct from any single company's operating results.

   Everything on this page

   PUBLIC MARKET MOVERS Autonomy up, Truckload Down: Where the Period's Moves Landed Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -7.1% · S&P 500 +0.8% · materiality bar ±10.7% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Trucking and Road Freight Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -7.1% Werner Enterprises, Inc. (WERN) -10.8% No notable in-window news was identified that clearly explains the move. At -10.8%, the decline ran deeper than the median move of -7.1% across the covered names. Discount-tier truckload names absorbed the heavier end of this period's declines. UNEXPLAINED Pony AI Inc. American Depositary Shares (PONY) +3.4% Shares moved following the September 14 unveiling of a new autonomous heavy-duty robotruck at the IAA Transportation show, with Reuters reporting the company is in talks over European road tests and sales. The stock returned +3.4%. Capital is still paying for progress on the driver cost curve even while asset-based carriers trade down. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: Rates Raised, Dividends Declared, Autonomy on Display

   This page lists the two-week period's highest-impact company events, each linked to its underlying filing or article.

   We walk through the period's highest-impact events: a general rate increase, a maintained dividend, and an autonomy demonstration all landed inside the window. Each 'why it matters' line is our read tied directly to a linked source, drawn only from SEC filings, press releases and established outlets. So what: these are the actions companies actually took, and they read as steadier than the two-week share-price record.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: Rates Raised, Dividends Declared, Autonomy on Display The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Trucking and Road Freight Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · Business Wire Werner Enterprises, Inc. (WERN) set October 27 for its third quarter results and call The date fixes the next public read on operating ratio, seated truck count and revenue per loaded mile for a Discount-tier truckload carrier after a weak two-week period for its shares. The next round of truckload results is the checkpoint the market is waiting on. Sep 14 · NEWS · PRNewsWire Pony.ai unveiled a new autonomous heavy-duty robotruck developed with a commercial vehicle partner Autonomy sits adjacent to the carriers and interacts with them through pilots and capacity partnerships. A jointly developed heavy truck moves that conversation closer to real fleets. Treat autonomy as a cost-curve question for linehaul, not as an acquisition channel. Sep 21 · NEWS · Business Wire Old Dominion announced a general rate increase across its existing tariffs, effective October 5 A Premium-tier LTL operator raising published rates is yield discipline in plain view. Revenue per hundredweight is where LTL density turns into operating ratio. Published LTL pricing intent held firm through a two-week period of falling share prices. Sep 21 · NEWS · GlobeNewsWire XPO Logistics, Inc. (XPO) was named to the FreightTech 100 list for 2027 For a Premium-tier LTL name, technology recognition speaks to service reliability and cost per shipment, which is part of how a premium multiple gets argued. Network technology remains part of the case for paying up for LTL density. Sep 14 · NEWS · Reuters Pony.ai said it is pursuing European road tests and customers for its robotruck Reuters reported the company is talking to European governments and potential customers. Geographic reach is how an autonomy developer converts a product launch into freight volume. Autonomy demand signals are now being tested outside the developer's home market. Sep 15 · NEWS · GlobeNewsWire Heartland Express, Inc. (HTLD) declared its regular quarterly cash dividend Holding the regular payout through a soft freight market signals a board comfortable with cash generation and a self-funding balance sheet. Capital returns are being defended in truckload rather than trimmed.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Transaction Record Stood Still While Listed Prices Moved

   This page presents the standing precedent transaction record — 36 recorded deals at a median 5.6x EV/LTM EBITDA — noting that no new deals entered the window.

   We hold the deal record steady this period: 36 precedent transactions at a median 5.6x EV/LTM EBITDA, with no new transactions recorded in the window. That multiple compares with a listed sector median of 6.9x, a gap worth watching as a read on how public and private pricing diverge. So what: a quiet transaction window doesn't mean the reference set is stale — it means the comparison base going into any near-term conversation is unchanged.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Transaction Record Stood Still While Listed Prices Moved September 14–28, 2026 · precedent transactions: 36 recorded deals · median 5.6x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Trucking and Road Freight Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The standing reference set remains 36 precedent transactions at a trailing median of 5.6x EV/EBITDA, below the listed sector median of 6.9x on CY2027E. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 36 Recorded precedent transactions the reference set buyers and sellers price against 5.6x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What This Two-Week Period Changes for Owners, Buyers and Advisers

   This page translates the two-week period's evidence into observations for owners, buyers and advisers.

   For owners and operators, the message is that pricing and cash generation did the talking this period, even as listed prices fell. For acquirers, the reference set held at 36 transactions and a 5.6x median, against a 6.9x listed sector median, so the comparison base carries forward unchanged. For advisers, the case is to lead with what companies did, not with the price action, since a general rate increase and a maintained dividend went through in the same two weeks 10 of 11 names declined. So what: these are observations drawn from the recorded evidence, not recommendations, and they frame the deal conversation for the next window.

   Everything on this page

   WHAT IT MEANS What This Two-Week Period Changes for Owners, Buyers and Advisers The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Trucking and Road Freight Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 6.9x 10 companies in the study 3 valuation tiers Standing thesis: Trucking and Road Freight Trades in Three Tiers Under One Label, and Margin Quality Sits with the Top Tier FOR OWNERS & OPERATORS Pricing and Cash Generation Did the Talking The period's declines showed up in listed prices, not in what companies did. A general rate increase and a maintained quarterly dividend both landed inside the window. FOR ACQUIRERS The Reference Set Did Not Move; Listed Prices Did No new transactions entered the record, so the comparison base holds at 36 precedent transactions with a trailing median of 5.6x EV/EBITDA against a listed sector median of 6.9x. FOR ADVISORS Lead with What Companies Did, Not with the Price Action In a two-week period when 10 of 11 covered names fell, an LTL operator still put a general rate increase through and a truckload carrier still declared its regular dividend.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind the update and how to read its figures.

   Every figure in this update links back to the record it came from, and we list the publishers and filings drawn on for the period. So what: this is how a reader can verify any number in the deck without relying on us.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Trucking and Road Freight Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T090352Z_418_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · prnewswire.com · globenewswire.com · reuters.com

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