Trucking and Road Freight Sector Outlook — September 2026

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INDUSTRIALS › TRANSPORTATION › TRUCKING AND ROAD FREIGHT

Trucking and Road Freight: One Label, Three Price Tiers

This report shows how the listed carriers are priced today, what separates the top of the range from the bottom, and what buyers agreed to pay for whole companies in the transaction record.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   INDUSTRIALS › TRANSPORTATION › TRUCKING AND ROAD FREIGHT

   Trucking and Road Freight: One Label, Three Price Tiers

   The cover slide introduces the Trucking and Road Freight sector report and its September 2026 scope.

   We're opening the Trucking and Road Freight sector under one label, but the market is pricing it in three distinct tiers. This deck walks through where that split comes from and what it means for anyone operating in the space.

   Everything on this page

   INDUSTRIALS › TRANSPORTATION › TRUCKING AND ROAD FREIGHT Trucking and Road Freight: One Label, Three Price Tiers This report shows how the listed carriers are priced today, what separates the top of the range from the bottom, and what buyers agreed to pay for whole companies in the transaction record. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus the appendix, starting with the bottom line.

   We've structured this deck so the bottom line comes first — a reader who stops after section one still gets the whole story. From there we move through the market landscape, valuation and situations, the precedent transaction record, and the strategic implications, backed by a full appendix. That ordering lets us front-load the conclusion and use the rest of the deck to show our work.

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   CONTENTS What This Report Covers 01 The Bottom Line Where the Money Sits in Trucking and Road Freight 02 The Landscape One Segment on Paper, a Wide Price Range in Practice 03 Valuation & Situations Two Names Hold the Top of the Range, Four Sit at the Bottom 04 Precedent Transactions What Buyers Agreed to Pay for Whole Carriers 05 Strategic Implications The Gap Between the Top and the Bottom of the Range Is Something Owners Can Work On 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Trucking and Road Freight Trades in Three Tiers Under One Label, and Margin Quality Sits with the Top Tier

   This slide summarizes the report's core finding: three pricing tiers on EV/EBITDA (CY2027E), separated primarily by margin quality.

   The headline number here is the spread itself: the top of the range sits at 15.4x versus 5.9x at the bottom, on the same CY2027E EV/EBITDA basis, with a 6.9x sector median in between. Growth is bunched together across the covered names, but the three names that clear both the group's growth line and an 18% EBITDA margin line carry an 11.7x median — well above the 6.4x median below that line. The nine-transaction precedent record runs from 8.8x down to 3.5x, mostly below today's listed median, which suggests buyers priced the specific freight book rather than a sector-wide multiple. So the label is one segment, but the pricing logic underneath it rewards durable margin, and that's the lens worth carrying through the rest of the deck.

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   01 · THE BOTTOM LINE Trucking and Road Freight Trades in Three Tiers Under One Label, and Margin Quality Sits with the Top Tier The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Top of the Range Sits with Operators Whose Earnings Hold Up The top of the range sits at 15.4x against 5.9x at the bottom, on CY2027E EV / EBITDA across the 9 names with a forward estimate. A forward multiple already credits the growth in the forecast, so a premium that survives it points to durability: freight density, door count and pricing discipline through the cycle. 2 Growth Is Bunched Together; Price Is Not The middle of the set is 6.9x on CY2027E EV / EBITDA. The 5 names growing at or above 8% sit at 7.4x against 6.4x for the 4 slower names, a narrow gap next to the distance between the two ends of the range. 3 Clearing Both the Growth and Margin Lines Is Uncommon Here On the 9 names with a forward estimate, 3 clear both the group's growth line and an 18% EBITDA margin: Saia, Inc. (SAIA), Old Dominion Freight Line, Inc. (ODFL) and Knight-Swift Transportation Holdings Inc. (KNX). The middle multiple for those 3 names is 11.7x. 4 What Buyers Agreed to Pay Sits Mostly Below the Listed Middle The EBITDA multiples in the 9-transaction record run from 8.8x (Schenker, Inc. for USA Truck, Inc., completed Nov-2023) down to 3.5x (P.A.M. Transportation for Metropolitan Trucking Inc., announced Jun-2022). That spread suggests price tracked the specific freight book and fleet in each deal, rather than a single sector rule of thumb. 6.9x Sector median EV/EBITDA CY2027E consensus · 9 rated of 10 companies 15.4x Premium end EV/EBITDA vs 5.9x at the discount end top quartile (n=2) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 18 Transactions with disclosed terms 36 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces section 02, the market landscape.

   One sector label covers a wide range of operating models, and that's exactly what the next section maps out.

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   SECTION 02 02 THE LANDSCAPE One Segment on Paper, a Wide Price Range in Practice The sector label groups the set; the operating detail is what separates it. 02 of 06 Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Ten Names Sit in One Trucking Group, and the Valuation Spread Sits Inside That Group

   This slide groups the ten covered companies by business segment and shows the median EV/EBITDA (CY2027E) for each group.

   We've grouped the ten covered names by business segment because the sector label hides real operating differences underneath it. The valuation spread we highlighted on the bottom line lives inside this single group, not across separate industries. That's the reason a segment-level view isn't enough on its own — the next few pages break the group down by what actually drives the multiple.

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   02 · MARKET MAP The Ten Names Sit in One Trucking Group, and the Valuation Spread Sits Inside That Group 10 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED ASSET-BASED TRUCKING AND DEDICATED FLEETS 10 cos median 6.9x Old Dominion (ODFL) XPO Logistics (XPO) Knight-Swift (KNX) Saia (SAIA) Schneider National (SNDR) ArcBest (ARCB) Werner Enterprises (WERN) Universal (ULH) Covenant (CVLG) Heartland Express (HTLD) The 10 approved names all run tractors, trailers and terminals, so the comparison here is about network, freight mix and margin rather than about different business models.

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   02 · LANDSCAPE

   One Segment Label, Ten Carriers the Market Prices Very Differently

   This slide presents the segment view of the approved universe using EV/EBITDA (CY2027E) medians on rated names.

   Even within one segment label, the ten carriers here are priced very differently by the market. We keep the company-level detail in the appendix so this page stays focused on the pattern: one label, a wide range of multiples underneath it. That pattern is what the rest of this section goes on to explain.

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   02 · LANDSCAPE One Segment Label, Ten Carriers the Market Prices Very Differently Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified asset-based trucking and dedicated fleets 10 100% 6.9x Old Dominion Freight Line, Inc. (ODFL) · XPO Logistics, Inc. (XPO) · +8 more One label, ten asset-based carriers. This single group carries 100% of the set and sits at 6.9x in the middle on CY2027E EV / EBITDA. Inside it are network operators with owned doors and terminals alongside one-way truckload fleets, and the pricing range between them is where the story of this deck lives.

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   SECTION 03

   03

   This divider introduces section 03, public market valuation.

   Two names hold the top of the range and four sit at the bottom — this section shows what separates them on a forward EV/EBITDA basis.

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   SECTION 03 03 VALUATION & SITUATIONS Two Names Hold the Top of the Range, Four Sit at the Bottom Forward EV / EBITDA on CY2027E, premium end against discount end. 03 of 06 Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Holds Its Multiple Even After the Forecast Is Credited

   This slide ranks all nine rated companies by EV/EBITDA (CY2027E) against a 6.9x sector median.

   Sorting the nine rated names by EV/EBITDA (CY2027E) shows the premium end holding its multiple even after the CY2027E forecast is already credited into the price. That's notable because a forward multiple should already price in expected growth, so a premium that survives it points toward something more durable than a one-year growth story. The 6.9x sector median sits between two clearly separated tiers, and that separation is what we unpack next.

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   03 · PUBLIC MARKET VALUATION The Premium End Holds Its Multiple Even After the Forecast Is Credited EV / EBITDA (CY2027E) · all 9 rated companies, sorted descending · sector median 6.9x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 15.4x CORE · median 7.4x DISCOUNT · median 5.9x Sector median 6.9x WHAT SEPARATES THE TWO ENDS The top holds two names. Of the 10 companies on this page, 9 names carry a forward estimate. The top of the range sits at 15.4x against 5.9x at the bottom, and the gap between them is wider than anything the growth figures on their own would suggest. A forward multiple already credits growth. The lens is CY2027E, so the forecast year's earnings are already in the denominator. A premium that survives that test is associated with earnings the market expects to still be there after the freight cycle turns, not simply with a strong forecast year. Doors and density sit alongside it. The names at the top of the range run dense service geographies and owned terminal footprints, where land and zoning make a network slow to replicate. Operating ratio ex-fuel, yield per hundredweight and weight per shipment are the operating measures that move alongside that position.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 18% Margin Line Carry 11.7x Against 6.4x Below It

   This slide splits the covered names by revenue-growth and EBITDA-margin cohorts and compares the median multiple in each.

   When we split the rated names at the covered median, the margin cut does more work than the growth cut: names above the 18% margin line carry an 11.7x median against 6.4x below it, while the growth split is a narrower 7.4x against 6.4x. That gap tells us profitability is more associated with the premium here than top-line growth is, though we'd frame that as an association in this data set rather than a proven driver. For an owner or acquirer, that's the variable worth prioritizing when thinking about where the multiple can move.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 18% Margin Line Carry 11.7x Against 6.4x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 8% · EBITDA-margin split at 18% The Growth Split Moves the Multiple Only so Far The 5 names growing at or above 8% carry a middle multiple of 7.4x; the 4 slower names sit at 6.4x. That is a modest step next to the distance between the two ends of the range, so a faster top line on its own accounts for only part of the pricing spread. Margin Quality Tracks Price, but Not in a Straight Line Heartland Express, Inc. (HTLD) reports a 26% margin and sits at the bottom of the range at 4.8x, while ArcBest Corp (ARCB) sits at the middle of the range on a 10% margin. Margin is associated with part of the spread, and a margin-only case gets tested against maintenance capex, fleet age and claims development. Cost of Risk Separates Otherwise Similar Carriers Insurance retention, claims severity and adverse development now sit close to the centre of underwriting in this sector. Two carriers with the same operating ratio can be valued differently once the accident tail and the safety score behind shipper qualification are examined. Door Count Is the Constraint That Cannot Be Bought Quickly Terminal land, zoning and permitting make network capacity slow to add, which is why buyers of density pay differently from buyers of rolling stock. Dedicated contract carriage with long tenure and embedded assets behaves the same way: the freight book, not the equipment, is what is being valued.

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    03 · SITUATION MAP

    Price and Growth Put the 9 Names with a Forward Estimate in Four Positions

    This slide places the nine rated companies into four positions on price versus growth, cut at the sector median multiple and covered median growth rate.

    Mapping price against growth puts each of the nine names with a forward estimate into one of four positions relative to the 6.9x sector median and 8% covered median growth rate. We present these as observations on where each name sits today, not as recommendations to buy or sell. The value of the map is in seeing which combination of price and growth is common in this sector and which is rare — which the next page makes explicit.

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    03 · SITUATION MAP Price and Growth Put the 9 Names with a Forward Estimate in Four Positions Cut on EV / EBITDA vs the sector median (6.9x) (rows) and revenue growth vs the covered median (8%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Growing Above-median multiple · above-median revenue growth 4 names Old Dominion Freight Line, Inc. (ODFL) · Knight-Swift Transportation Holdings Inc. (KNX) · Saia, Inc. (SAIA) · +1 more Old Dominion Freight Line, Inc. (ODFL), Knight-Swift Transportation Holdings Inc. (KNX), Saia, Inc. (SAIA) and ArcBest Corp (ARCB) sit above the set's middle on both price and revenue growth. The forward multiple already assumes the operating ratio and yield hold through the next bid season, so that is where the work sits. Priced up Without the Growth Above-median multiple · below-median revenue growth 1 names XPO Logistics, Inc. (XPO) XPO Logistics, Inc. (XPO) sits above the middle on price while revenue growth sits below it. The weight of the argument therefore rests on network density, door count and margin progress rather than on volume. Growing Without the Re-Rating Below-median multiple · above-median revenue growth 1 names Werner Enterprises, Inc. (WERN) Werner Enterprises, Inc. (WERN) grows faster than the set's middle but is priced below it. That gap is where an owner argues on earnings durability: operating ratio ex-fuel, claims development and fleet condition. Below the Middle on Both Below-median multiple · below-median revenue growth 3 names Schneider National, Inc. (SNDR) · Universal Logistics Holdings, Inc. (ULH) · Heartland Express, Inc. (HTLD) Schneider National, Inc. (SNDR), Universal Logistics Holdings, Inc. (ULH) and Heartland Express, Inc. (HTLD) sit below the middle on both measures. Cash generation and balance sheet strength can still carry the story, but the re-rating case here is built on margin execution rather than on volume.

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    03 · GROWTH VS PROFITABILITY

    Clearing Both the Growth Line and the Margin Line Is Uncommon in This Set

    This slide plots the nine companies with both estimates on revenue growth against EBITDA margin, cut at the covered medians, with median EV/EBITDA per quadrant.

    Cutting the nine names with both estimates on growth and margin at the covered medians — 8% growth and 18% margin — shows that clearing both lines at once is uncommon in this set. The names that manage it earn a distinctly higher quadrant multiple than the names that clear only one line or neither. That scarcity is exactly why the combination of growth and margin, not either one alone, is the sharper lens for reading this sector's pricing.

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    03 · GROWTH VS PROFITABILITY Clearing Both the Growth Line and the Margin Line Is Uncommon in This Set Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 9 companies with both estimates · cuts at the covered medians (8% growth, 18% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=2; growth-only n=2; neither n=2). Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 5.0% 6.0% 7.0% 8.0% 10% 20% 30% MARGIN ONLY median 9.6x BALANCED median 11.7x NEITHER median 6.4x GROWTH ONLY median 6.2x ULH XPO SNDR HTLD WERN SAIA ARCB ODFL KNX x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The map splits the 9 names with a forward estimate at the group's revenue growth line and at an 18% EBITDA margin. Three names clear both bars — Saia, Inc. (SAIA), Old Dominion Freight Line, Inc. (ODFL) and Knight-Swift Transportation Holdings Inc. (KNX) — and the middle multiple for those 3 is 11.7x. On the 2 names that clear margin but not growth the middle sits at 9.6x, and on the 2 that clear growth but not margin it sits at 6.2x. The margin-only median rests on 2 names and is lifted by XPO at 14.4x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 9 names clear it (ODFL).

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    03 · THE AGENDA

    The Higher Multiple Sits with the Freight Mix You Choose to Own

    This slide frames a set of questions an owner or acquirer should resolve about freight mix, presented as NeuraCap's view.

    We're framing this as an agenda rather than a scorecard: the higher multiple in this sector sits with the freight mix a carrier chooses to own. These are observations grounded in the cohort data shown earlier, not investment recommendations. The question for any owner in the room is which freight mix they're actually underwriting today, and whether that matches where the premium in this data sits.

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    03 · THE AGENDA The Higher Multiple Sits with the Freight Mix You Choose to Own NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Decide Which Freight Mix You Want to Be Valued On Dedicated contract carriage with long tenure and irregular route one-way truckload are underwritten differently. The question to resolve is how much of the book you intend to hold in contracted, embedded-asset freight three bid seasons from now. What changes the answer: A bid season where contract renewals reprice below the spot alternative. Treat Doors and Terminal Land as a Value Driver, Not Overhead Owned real estate under the terminal footprint can be valued separately from the operating business, and the rent struck in any such arrangement moves the operating multiple directly. The question is whether the network is being run for density or for occupancy cost. What changes the answer: A competitor securing permitted land in a market you had passed on. Put Cost of Risk on the Same Footing as Fuel and Driver Pay Insurance retention, claims severity and safety scoring now affect both insurability and shipper qualification. The question is whether the retention layer and reserve position would stand up to actuarial testing by an outside underwriter. What changes the answer: Adverse development in the accident tail that outruns the reserve. Set the Fleet Replacement Clock Before the Market Sets It Deferred replacement sits behind reported EBITDA, and buyers price to maintenance capex and fleet age rather than to reported depreciation. The question is what the true steady-state capex per tractor is, and whether the current plan funds it. What changes the answer: An emissions-driven step-up in new tractor cost that changes the replacement maths.

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    SECTION 04

    04

    This divider introduces section 04, precedent transactions.

    Nine transactions in the record show what buyers actually agreed to pay for whole carriers — some completed, some still only announced.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay for Whole Carriers Nine transactions in the record, some completed and some announced only. 04 of 06 Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Buyers Agreed Prices Across a Wide Range for Whole Trucking Companies

    This slide walks through two of the nine disclosed precedent transactions as case studies, with the full list held in the appendix.

    The agreed EBITDA multiples in this record run from 8.8x, in the completed Schenker, Inc. acquisition of USA Truck, Inc., down to 3.5x, in the announced P.A.M. Transportation deal for Metropolitan Trucking Inc. That's a wide range on the same LTM-at-announcement basis, and we'd read it as evidence that price tracked each deal's specific freight book and fleet rather than a single sector rule of thumb. We're showing these two as case studies precisely because they sit at opposite ends of the recorded range; the complete transaction list is in the appendix for anyone who wants to trace the rest.

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    04 · DEAL CASE STUDIES Buyers Agreed Prices Across a Wide Range for Whole Trucking Companies 2 of 18 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 36 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 18 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Apr-2023 $100M Covenant Logistics Group, Inc. acquires Lew Thompson & Son Trucking, Inc. EV / LTM revenue n/a EV / LTM EBITDA 6.8x WHY THE DEAL HAPPENED Covenant Logistics Group, Inc. is an asset-based carrier and Lew Thompson & Son Trucking, Inc. is a dedicated trucking operation, so the transaction suggests a buyer adding contracted freight with embedded assets rather than spot capacity. At this size it reads as a bolt-on to an existing network rather than a change of platform. HOW THE TARGET WAS VALUED The record shows enterprise value of $100M at 6.8x EBITDA, recorded as completed in Apr-2023. That sits toward the upper half of the EBITDA multiples in this transaction record and below where the top of the listed range is priced on the forward lens. Jul-2017 $113M Heartland Express, Inc. acquires Interstate Distributor Co. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Heartland Express, Inc. is a truckload consolidator and Interstate Distributor Co. was a truckload carrier, so the transaction suggests a buyer adding seated trucks, drivers and lane coverage to a network it already runs. Deals of this shape are customarily underwritten on fleet age and driver retention as closely as on the earnings line. HOW THE TARGET WAS VALUED The record shows value at $113M, announced in Jul-2017, with the deal value unit unresolved. Other truckload purchases in the same record were struck at 4.3x and 5.1x EBITDA, which frames where assets of this type changed hands in that window.

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    SECTION 05

    05

    This divider introduces section 05, strategic implications.

    The gap between the top and bottom of the range is something owners can work on — this section sets out the operating moves that travel with the higher end.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Gap Between the Top and the Bottom of the Range Is Something Owners Can Work On The operating moves that travel with the higher end of the range. 05 of 06 Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Operating Traits Found at the Top of the Trucking Range Are Ones Owners Can Work On

    This slide sets out the operating traits associated with the top of the trucking valuation range, framed for owners, boards and buyers.

    Across the names with a forward estimate, the top of the range travels alongside higher margins and denser service geographies, while the bottom travels alongside heavier one-way exposure. For owners, that points to yield management, dedicated mix, seat count and deadhead discipline as the levers worth working. For boards and buyers, the transaction record shows underwriting is built on maintenance capex, fleet age and claims development rather than reported EBITDA alone — so a plan resting only on the income statement is likely to get reworked in diligence.

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    05 · STRATEGIC IMPLICATIONS The Operating Traits Found at the Top of the Trucking Range Are Ones Owners Can Work On NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS The Premium Sits Alongside Margin Quality and Network Density Across the 9 names with a forward estimate, the top of the range sits alongside higher margins and denser service geographies, and the bottom sits alongside heavier one-way exposure. The operating moves that travel with the higher end of the range are yield management ex-fuel, dedicated mix, a full seat count and disciplined deadhead. FOR BOARDS Test the Plan Against What Buyers Agreed to Pay, Not Only the Listed Middle In this transaction record, buyers agreed to pay EBITDA multiples that mostly sit below where the listed set trades today, and several entries are announced rather than completed. Underwriting here is built on maintenance capex, fleet age and claims development, so a plan resting on reported EBITDA alone gets reworked in diligence. FOR BUYERS Pricing a Network and Pricing a Fleet Are Two Different Conversations Terminals, doors and freight density are slow to replicate and are priced accordingly; tractors and trailers are appraisable and are priced against the replacement cycle. The definition of net debt, with equipment debt and capitalised leases inside it, remains one of the most negotiated items in the sector.

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    SECTION 06

    06

    This divider introduces section 06, the appendix covering the full comparables set, methodology and sources.

    Everything behind the figures in this deck — the full comparables set, the methodology and the source index — sits in this final section.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This slide lists all nine rated companies with EV/EBITDA (CY2027E), grouped by valuation tier against the 6.9x sector median, plus the one unrated name.

    This appendix carries all nine rated companies on the same EV/EBITDA (CY2027E) basis, shaded against the 6.9x sector median, alongside the one name in the covered set without an eligible multiple. It's the company-level detail behind every median and tier we've shown earlier in the deck. Anyone wanting to trace a specific name back to its source can start here.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.9x); amber marks below · 9 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 9 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥11.7x · median 15.4x · 2 companies Old Dominion Freight Line, Inc. ODFL Diversified asset-based trucking and dedicated fleets $36.6B 16.4x 8% 35% 43 XPO Logistics, Inc. XPO Diversified asset-based trucking and dedicated fleets $24.5B 14.4x 5% 18% 23 CORE — 6.4x–11.7x · median 7.4x · 3 companies Saia, Inc. SAIA Diversified asset-based trucking and dedicated fleets $9.0B 11.7x 8% 20% 28 Knight-Swift Transportation Holdings Inc. KNX Diversified asset-based trucking and dedicated fleets $12.3B 7.4x 9% 19% 27 ArcBest Corp ARCB Diversified asset-based trucking and dedicated fleets $3.2B 6.9x 8% 10% 17 DISCOUNT — <6.4x · median 5.9x · 4 companies Schneider National, Inc. SNDR Diversified asset-based trucking and dedicated fleets $5.7B 6.4x 7% 14% 20 Universal Logistics Holdings, Inc. ULH Diversified asset-based trucking and dedicated fleets $1.4B 6.4x 5% 13% 18 Werner Enterprises, Inc. WERN Diversified asset-based trucking and dedicated fleets $3.0B 5.4x 8% 14% 22 Heartland Express, Inc. HTLD Diversified asset-based trucking and dedicated fleets $995M 4.8x 7% 26% 34

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists the eighteen transactions with disclosed terms out of thirty-six recorded, newest first, with multiples on LTM financials at announcement.

    This appendix carries the eighteen disclosed-term transactions out of thirty-six recorded, ordered newest first, each on an LTM-at-announcement basis. We keep these multiples separate from the CY2027E public comparables basis and don't claim a spread between the two, since they're measuring different things at different points in time. Deal values here link through to the underlying filing for anyone who wants to verify a specific transaction.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 18 transactions with disclosed terms in this tier (36 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 36 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 18 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2023 Schenker, Inc. → USA Truck, Inc. n/a n/a 8.8x Schenker, Inc. completed the purchase of USA Truck, Inc. in Nov-2023 at 8.8x EBITDA, the highest EBITDA multiple in this record. That sits above where most of the listed set trades in the middle on the forward lens, which is uncommon for a one-way truckload book. Apr-2023 Covenant Logistics Group, Inc. → Lew Thompson & Son Trucking, Inc. $100M n/a 6.8x Covenant Logistics Group, Inc. agreed $100M for Lew Thompson & Son Trucking, Inc. in Apr-2023, recorded as completed. Contracted freight with embedded assets is underwritten on tenure and stability rather than on spot exposure. Jun-2022 Heartland Express, Inc. → Smith Transport, Inc. $170M n/a n/a Heartland Express, Inc. announced the acquisition of Smith Transport, Inc. in Jun-2022 with value recorded at $170M; the record notes the deal value unit is unresolved. The shape is a truckload consolidator adding seated trucks, drivers and lanes to an existing… Jun-2022 P.A.M. Transportation → Metropolitan Trucking Inc. n/a n/a 3.5x P.A.M. Transportation announced the acquisition of Metropolitan Trucking Inc. in Jun-2022 at 3.5x EBITDA, the lowest EBITDA multiple in this record. Prices at that level tend to sit alongside a catch-up the buyer takes on, whether in fleet age, lane balance or claims… Jan-2021 TFI International Inc. → UPS Ground Freight, Inc. n/a n/a 5.7x TFI International Inc. announced the purchase of UPS Ground Freight, Inc. in Jan-2021 at 5.7x EBITDA. The target came with terminals and doors attached, which is the part of a network that takes years and permits to assemble. Aug-2019 Heartland → Millis Transfer n/a n/a 5.1x Heartland announced Millis Transfer in Aug-2019 at 5.1x EBITDA, with the deal value unit unresolved in the record. Heartland appears repeatedly on the buy side across this record, consistently adding capacity rather than revenue. Jul-2017 Heartland Express, Inc. → Interstate Distributor Co. $113M n/a n/a Heartland Express, Inc. announced Interstate Distributor Co. in Jul-2017 with value recorded at $113M and the deal value unit unresolved. Buying a sizeable truckload fleet in one step is how seated truck count and lane coverage get added quickly. Jul-2017 Heartland Express → IDC n/a n/a 4.3x Heartland Express announced IDC in Jul-2017 at 4.3x EBITDA. Truckload assets in that window changed hands well below where the top of the listed range is priced today on the forward lens. May-2017 Hub Group → Estenson Logistics, LLC n/a n/a 6.8x Hub Group announced Estenson Logistics, LLC in May-2017, adding dedicated contract carriage alongside an existing platform. The transaction suggests mix migration toward contracted, embedded-asset freight rather than one-way spot capacity.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide continues the list of the eighteen disclosed-term transactions, newest first, on an LTM-at-announcement basis.

    This second page completes the eighteen-transaction disclosed-term list, still ordered newest first and still on the LTM-at-announcement basis used on the prior page. The same caution applies here: these multiples aren't directly comparable to the CY2027E public basis shown earlier in the deck. Together, the two pages give a full view of what buyers have actually agreed to pay across the recorded set.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 18 transactions with disclosed terms in this tier (36 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 36 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 18 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2016 Transforce Inc. → XPO North American Truckload Operation n/a n/a 4.8x Value shown as recorded in the filing; deal value unit unresolved. May-2015 Apax Partners LLP → Quality Distribution, Inc. n/a n/a 9.1x Jan-2015 Echo → Command Transportation n/a n/a 11.4x Oct-2014 Knight Transportation → Barr-Nunn Transportation n/a n/a 4.3x Value shown as recorded in the filing; deal value unit unresolved. Jun-2014 Transforce Inc. → Transport America n/a n/a 5.7x Value shown as recorded in the filing; deal value unit unresolved. Nov-2013 Heartland Express → Gordon Trucking n/a n/a 5.0x Value shown as recorded in the filing; deal value unit unresolved. Jun-2007 Mountain Lake Acquisition Co. → US Xpress n/a n/a 5.5x Mar-2007 Western Express, Inc. → Smithway Motor Xpress Corp. n/a n/a 4.1x Nov-2006 Saint Acquisition Corporation → Swift Transportation n/a n/a 5.6x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 21

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Trucking and Road Freight and it clears the coverage gate with 9 of 10 companies (90%). EV / Revenue, P / E are carried as a cross-check. The set earns: 9 of the 9 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 6 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 339 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (338) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Across the 9 Names with a Forward Estimate, the Premium Sits with Margin Quality.

    The closing slide restates the report's conclusion that the valuation premium sits with margin quality across the nine names with a forward estimate.

    Across the nine names with a forward estimate, the premium in this sector sits with margin quality, not simply with scale or growth. The companion tables alongside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace further.

    Everything on this page

    Across the 9 Names with a Forward Estimate, the Premium Sits with Margin Quality. NeuraCap AI — Trucking and Road Freight Coverage September 2026 · Prepared by NeuraCap AI · Confidential Trucking and Road Freight Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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