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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS
Omni Segment Reports Another Strong Quarter with Best Results Since the Acquisition

Expedited Freight Segment’s Quarterly Results Significantly Improved Year Over Year

Ended 2025 in a Solid Liquidity Position

DALLAS – (BUSINESS WIRE) – February 23, 2026 – Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three months and twelve months ended December 31, 2025, as presented in the tables below.

“We delivered solid results in 2025 despite less than favorable freight market conditions,” said Shawn Stewart, President & Chief Executive Officer. “For the full year we reported operating income of $36 million and Consolidated EBITDA of $307 million. During the year we diligently focused on what we could control including aligning our cost structure to match demand and executing our transformation strategy. We also unified our U.S. domestic ground operations and unveiled our new Latin American regional structure taking significant steps to strengthen our global logistics network.

“Our fourth quarter results were consistent with recent quarters, led by the Omni segment which continued to see strong demand for its diversified service offerings. This segment achieved its highest revenue, highest Reported EBITDA and highest Reported EBITDA margin, excluding the impact of goodwill adjustments, since we acquired the company in January 2024. Revenue increased by $34 million to $360 million compared to a year ago. Reported EBITDA increased by $4 million to $36 million and Reported EBITDA margin improved by 20 basis points to 10 percent compared to the fourth quarter 2024.

“At the Expedited Freight segment, we remained focused on charging the optimal price for freight moving through our network and actively managed expenses. Fourth quarter Reported EBITDA improved by $7 million to $25 million compared to the fourth quarter 2024. We also saw a meaningful improvement in year over year Reported EBITDA margin which increased by 350 basis points with a margin of 10.1 percent in the fourth quarter 2025 compared to 6.6 percent in the fourth quarter 2024.

“At the Intermodal segment, port activity was unfavorably impacted by trade-related softness and the typical seasonality contributed to declining shipments and revenue per shipment compared to a year ago. In the fourth quarter the Intermodal segment’s Reported EBITDA and margin were $7 million and 14.2 percent compared to $10 million and 17.5 percent a year ago. We have an experienced team leading the Intermodal segment and I am confident in their ability to deliver solid results as we manage through the current freight market,” concluded Stewart.

Jamie Pierson, Chief Financial Officer added, “We reported consolidated revenue of $631 million in the fourth quarter compared to $633 million a year ago. Consolidated EBITDA, a non-GAAP measure calculated pursuant to our Term Loan Credit Agreement, was $77 million compared to $72 million for the same period last year. For the full year 2025, Consolidated EBITDA was $307 million which is in line with the $311 million in 2024.



“Liquidity at the end of the fourth quarter was $367 million comprised of $106 million in cash and $261 million of availability under our credit facility. This compares to $382 million in liquidity at the end of 2024.

“Cash provided by operating activities was $44 million in 2025 compared to cash used in operating activities of $69 million in 2024, reflecting a year over year improvement of $113 million,” concluded Pierson.
Three Months Ended
(in thousands, except per share data)December 31, 2025December 31, 2024ChangePercent Change
Operating revenue$631,230 $632,846 $(1,616)(0.3)%
Income (loss) from continuing operations$(2,868)$75,855 $(78,723)(103.8)%
Operating margin(0.5)%12.0 %(12.5)%
Loss from continuing operations$(36,413)$(35,378)$(1,035)(2.9)%
Net loss attributable to Forward Air per diluted share$(0.91)$(1.23)$0.32 26.0 %
Cash provided by (used in) operating activities$(22,728)$(23,245)$517 2.2 %
Non-GAAP Financial Measures: 1
Consolidated EBITDA$76,628 $72,263 $4,365 6.0 %
Free cash flow$(30,664)$(27,851)$(2,813)(10.1)%
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables.

Twelve Months Ended
(in thousands, except per share data)December 31, 2025December 31, 2024ChangePercent Change
Operating revenue$2,495,118 $2,474,262 $20,856 0.8 %
Income (loss) from continuing operations$36,424 $(1,062,936)$1,099,360 103.4 %
Operating margin1.5 %(43.0)%44.5%
Loss from continuing operations$(141,725)$(1,124,841)$983,116 87.4 %
Net loss attributable to Forward Air per diluted share$(3.51)$(30.40)$26.89 88.5 %
Cash provided by (used in) operating activities$44,384 $(69,015)$113,399 164.3 %
Non-GAAP Financial Measures: 1
Consolidated EBITDA$307,129 $310,714 $(3,585)(1.2)%
Free cash flow$17,472 $(100,938)$118,410 117.3 %
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables.

Review of Financial Results

Forward will hold a conference call to discuss the fourth quarter and full year 2025 results on Monday, February 23, 2026 at 4:30 p.m. ET. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, or by dialing (800) 579-2543, Access Code: FWRDQ425.

A replay of the conference call will be available on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, which we use as a primary mechanism to communicate with our
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investors. Investors are urged to monitor the Investor Relations portion of the Company’s website to easily find or navigate to current and pertinent information about us.

About Forward Air Corporation

Forward is a leading asset-light provider of transportation services across the United States, Canada and Latin America. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first- and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. Forward also operates a full portfolio of multimodal solutions, both domestically and internationally, via Omni Logistics. Omni Logistics is a global provider of air, ocean and ground services for mission-critical freight. We are more than a transportation company. Forward is a single resource for your shipping needs. For more information, visit our website at www.forwardaircorp.com.
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Forward Air Corporation
Condensed Consolidated Statements of Comprehensive (Loss) Income
(Unaudited, in thousands, except per share data)
 Three Months EndedTwelve Months Ended
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Operating revenue:
Expedited Freight$246,928 $265,879 $1,012,559 $1,115,163 
Omni359,794 325,609 1,351,164 1,196,841 
Intermodal50,563 59,829 230,533 232,832 
Eliminations and other operations(26,055)(18,471)(99,138)(70,574)
Operating revenue631,230 632,846 2,495,118 2,474,262 
Operating expenses:
Purchased transportation320,519 319,498 1,244,471 1,250,570 
Salaries, wages and employee benefits116,367 130,024 535,681 536,406 
Operating leases53,581 48,326 204,029 182,197 
Depreciation and amortization40,724 37,657 152,638 143,978 
Insurance and claims15,709 19,721 58,970 64,682 
Fuel expense4,166 5,500 20,122 21,460 
Other operating expenses83,032 75,333 242,783 309,508 
Impairment of goodwill— (79,068)— 1,028,397 
Total operating expenses634,098 556,991 2,458,694 3,537,198 
Income (loss) from continuing operations:
Expedited Freight15,206 7,238 69,780 67,951 
Omni Logistics9,852 88,520 30,162 (1,044,803)
Intermodal2,865 5,931 16,924 18,925 
Other Operations(30,791)(25,834)(80,442)(105,009)
Income (loss) from continuing operations(2,868)75,855 36,424 (1,062,936)
Other expense:    
Interest expense, net(45,099)(48,427)(180,747)(189,215)
Foreign exchange loss222 3,005 (5,892)1,093 
Other income (expense), net2,635 1,188 3,018 1,226 
Total other expense(42,242)(44,234)(183,621)(186,896)
Income (loss) from continuing operations before income taxes(45,110)31,621 (147,197)(1,249,832)
Income tax (benefit) expense(8,697)66,999 (5,472)(124,991)
Loss from continuing operations(36,413)(35,378)(141,725)(1,124,841)
Loss from discontinued operations, net of tax— (374)— (6,387)
Net loss(36,413)(35,752)$(141,725)$(1,131,228)
Net income (loss) attributable to noncontrolling interest(8,087)664 (33,929)(314,259)
Net loss attributable to Forward Air$(28,326)$(36,416)$(107,796)$(816,969)
Basic and diluted loss per share attributable to Forward Air:  
     Continuing operations$(0.91)$(1.23)$(3.51)$(30.40)
     Discontinued operation(0.01)— (0.23)
Net loss per basic and diluted share$(0.91)$(1.24)$(3.51)$(30.63)
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Expedited Freight Segment Information
(In thousands)
(Unaudited)
Three Months Ended
 December 31, 2025Percent of RevenueDecember 31, 2024Percent of RevenueChangePercent Change
Operating revenue:
Network 1
$183,914 74.5 %$199,022 74.8 %$(15,108)(7.6)%
Truckload41,597 16.8 45,087 17.0 (3,490)(7.7)
Other21,417 8.7 21,770 8.2 (353)(1.6)
Total operating revenue246,928 100.0 265,879 100.0 (18,951)(7.1)
Operating expenses:
Purchased transportation121,524 49.2 136,151 51.2 (14,627)(10.7)
Salaries, wages and employee benefits49,500 20.0 56,587 21.3 (7,087)(12.5)
Operating leases15,768 6.4 18,130 6.8 (2,362)(13.0)
Depreciation and amortization9,825 4.0 10,395 3.9 (570)(5.5)
Insurance and claims9,330 3.8 10,423 3.9 (1,093)(10.5)
Fuel expense1,841 0.7 2,605 1.0 (764)(29.3)
Other operating expenses23,934 9.7 24,350 9.2 (416)(1.7)
Total operating expenses231,722 93.8 258,641 97.3 (26,919)(10.4)
Income from operations$15,206 6.2 %$7,238 2.7 %$7,968 110.1 %
1 Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue.

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Expedited Freight Operating Statistics
Three Months Ended
December 31, 2025December 31, 2024Percent Change
Business days64 64 — %
Tonnage 1,2
    Total pounds 598,724 670,168 (10.7)
    Pounds per day 9,355 10,471 (10.7)
Shipments 1,2
    Total shipments708 783 (9.6)
    Shipments per day11.1 12.2 (9.0)
Weight per shipment846 856 (1.2)
Revenue per hundredweight 3
$30.70 $29.70 3.4 
Revenue per hundredweight, ex fuel 3
$24.30 $23.74 2.4 
Revenue per shipment 3
$259.77 $254.30 2.2 
Revenue per shipment, ex fuel 3
$205.63 $203.26 1.2 
1 In thousands.
2 Excludes accessorial and Truckload products.
3 Includes intercompany revenue between the Network and Truckload revenue streams.

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Omni Logistics Segment Information
(In thousands)
(Unaudited)
Three Months Ended
December 31, 2025Percent of Revenue December 31, 2024Percent of Revenue ChangePercent Change
Operating revenue$359,794 100.0 %325,609 100.0 %34,185 10.5 %
Operating expenses:
Purchased transportation207,699 57.7 183,084 56.2 24,615 13.4 
Salaries, wages and employee benefits55,398 15.4 54,056 16.6 1,342 2.5 
Operating leases31,818 8.8 23,036 7.1 8,782 38.1 
Depreciation and amortization26,058 7.2 22,605 6.9 3,453 15.3 
Insurance and claims1,117 0.3 3,911 1.2 (2,794)(71.4)
Fuel expense903 0.3 863 0.3 40 4.6 
Other operating expenses26,949 7.5 28,602 8.8 (1,653)(5.8)
Impairment of goodwill— — (79,068)(24.3)79,068 100.0 
Total operating expenses349,942 97.3 237,089 72.8 112,853 47.6 
Income from operations9,852 2.7 %88,520 27.2 %(78,668)(88.9)%



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Intermodal Segment Information
(In thousands)
(Unaudited)
Three Months Ended
 December 31, 2025Percent of RevenueDecember 31, 2024Percent of RevenueChangePercent Change
Operating revenue$50,563 100.0 %$59,829 100.0 %$(9,266)(15.5)%
Operating expenses:
Purchased transportation17,351 34.3 18,901 31.6 (1,550)(8.2)
Salaries, wages and employee benefits12,126 24.0 14,227 23.8 (2,101)(14.8)
Operating leases4,910 9.7 6,463 10.8 (1,553)(24.0)
Depreciation and amortization4,325 8.6 4,519 7.6 (194)(4.3)
Insurance and claims2,829 5.6 2,498 4.2 331 13.3 
Fuel expense1,422 2.8 2,032 3.4 (610)(30.0)
Other operating expenses4,735 9.4 5,258 8.8 (523)(9.9)
Total operating expenses47,698 94.3 53,898 90.1 (6,200)(11.5)
Income from operations$2,865 5.7 %$5,931 9.9 %$(3,066)(51.7)%

Intermodal Operating Statistics
Three Months Ended
December 31, 2025December 31, 2024Percent Change
Drayage shipments57,953 63,920 (9.3)%
Drayage revenue per shipment$790 $847 (6.7)%

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Forward Air Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
 December 31, 2025December 31, 2024
Assets
Current assets:
Cash and cash equivalents$105,996 $104,903 
Restricted cash and restricted cash equivalents— 363 
Accounts receivable, net343,559 322,291 
Other receivables6,147 205 
Prepaid expenses28,045 29,053 
Other current assets37,254 15,685 
Total current assets521,001 472,500 
Property and equipment, net of accumulated depreciation and amortization of $340,021 in 2025 and $292,855 in 2024
297,882 326,188 
Operating lease right-of-use assets412,535 410,084 
Goodwill522,712 522,712 
Other acquired intangibles, net of accumulated amortization of $301,453 in 2025 and $212,905 in 2024
906,791 999,216 
Other long term assets58,023 71,941 
Total assets$2,718,944 $2,802,641 
Liabilities and Shareholders' Equity 
Current liabilities: 
Accounts payable$121,752 $105,692 
Accrued expenses114,422 119,836 
Other current liabilities69,130 45,148 
Current portion finance lease obligations15,995 16,930 
Current portion of operating lease liabilities107,026 96,440 
Total current liabilities428,325 384,046 
Finance lease obligations, less current portion22,387 30,858 
Long-term debt1,687,248 1,675,930 
Liabilities under tax receivable agreement11,548 13,295 
Operating lease liabilities, less current portion327,011 325,640 
Other long-term liabilities53,540 48,835 
Deferred income taxes27,221 38,169 
Shareholders' equity:
Preferred stock— — 
Common stock313 298 
Additional paid-in capital559,551 542,392 
Accumulated deficit(447,100)(338,230)
Accumulated other comprehensive income (loss)580 (2,732)
Total Forward Air shareholders' equity113,344 201,728 
Noncontrolling interest48,320 84,140 
Total shareholders' equity161,664 285,868 
Total liabilities and shareholders' equity$2,718,944 $2,802,641 
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Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
December 31, 2025December 31, 2024
Operating activities:
Net loss from continuing operations$(36,413)$(35,378)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization40,724 37,657 
Impairment of goodwill— (79,068)
Share-based compensation expense2,380 2,100 
Provision for revenue adjustments930 874 
Deferred income tax (benefit) expense(10,425)63,646 
Impairment of abandoned software project costs19,765 — 
Other493 10,621 
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable(2,114)43,596 
Other receivables(7,092)3,518 
Other current and noncurrent assets(28,804)3,130 
Accounts payable and accrued expenses(2,172)(73,941)
Net cash used in operating activities of continuing operations(22,728)(23,245)
Investing activities:
Proceeds from sale of property and equipment415 2,644 
Purchases of property and equipment(8,351)(7,250)
Purchases of a business, net of cash acquired— (10,977)
Other(125)
Net cash used in investing activities of continuing operations(7,936)(15,708)
Financing activities:
Repayments of finance lease obligations(4,319)(3,086)
Proceeds from credit facility25,000 75,000 
Payments on credit facility(25,000)(75,000)
Payment of debt issuance costs— 8,120 
Proceeds from common stock issued under employee stock purchase plan412 398 
Payment of minimum tax withholdings on share-based awards(21)130 
Net cash (used in) provided by financing activities of continuing operations(3,928)5,562 
Effect of exchange rate changes on cash234 875 
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations(34,358)(32,516)
Cash from discontinued operation:
Net cash used in operating activities of discontinued operations— (374)
Net decrease in cash and cash equivalents, and restricted cash and restricted cash equivalents(34,358)(32,890)
Cash and cash equivalents, and restricted cash and restricted cash equivalents at beginning of period140,354 138,156 
Net decrease in cash and cash equivalents, and restricted cash and restricted cash equivalents(34,358)(32,890)
Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period$105,996 $105,266 
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Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Twelve Months Ended
December 31, 2025December 31, 2024
Operating activities:
Net loss from continuing operations$(141,725)$(1,124,841)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization152,638 143,978 
Impairment of goodwill— 1,028,397 
Share-based compensation expense13,429 10,188 
Provision for revenue adjustments3,249 3,635 
Deferred income tax benefit (10,948)(133,510)
Impairment of abandoned software project costs19,765 — 
Other11,504 14,917 
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable(18,005)9,546 
Other receivables(7,365)9,677 
Other current and noncurrent assets(24,422)(15,085)
Accounts payable and accrued expenses46,264 (15,917)
Net cash provided by (used in) operating activities of continuing operations44,384 (69,015)
Investing activities:
Proceeds from sale of property and equipment2,204 5,137 
Purchases of property and equipment(29,116)(37,060)
Purchase of a business, net of cash acquired— (1,576,219)
Other— (444)
Net cash used in investing activities of continuing operations(26,912)(1,608,586)
Financing activities:
Repayments of finance lease obligations(17,305)(18,425)
Proceeds from credit facility110,000 75,000 
Payments on credit facility(110,000)(155,000)
Payment of debt issuance costs— (52,471)
Payment of earn-out liability— (12,247)
Proceeds from common stock issued under employee stock purchase plan846 753 
Payment of minimum tax withholdings on share-based awards(1,074)(1,442)
Net cash used in financing activities of continuing operations(17,533)(163,832)
Effect of exchange rate changes on cash791 1,013 
Net increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations730 (1,840,420)
Cash from discontinued operation:
Net cash used in operating activities of discontinued operations— (6,387)
Net increase (decrease) in cash and cash equivalents, and restricted cash and restricted cash equivalents730 (1,846,807)
Cash and cash equivalents, and restricted cash and restricted cash equivalents at beginning of period 105,266 1,952,073 
Net increase (decrease) in cash, cash equivalents, and restricted cash equivalents730 (1,846,807)
Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period$105,996 $105,266 
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Forward Air Corporation Reconciliation of Non-GAAP Financial Measures

In this press release, the Company includes financial measures that are derived on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States (GAAP). The Company believes that meaningful analysis of its financial performance requires an understanding of the factors underlying that performance, including an understanding of items that are non-operational. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions as well as evaluating the Company’s performance.

For the three and twelve months ended December 31, 2025 and 2024, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“Reported EBITDA”), Consolidated EBITDA and free cash flow.

All non-GAAP financial measures are presented on a continuing operations basis.

The Company believes that Reported EBITDA improves comparability from period to period by removing the impact of its capital structure (interest and financing expenses), asset base (depreciation and amortization) and tax impacts. The Company believes that free cash flow is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance shareholder value.

The Company is also providing Consolidated EBITDA calculated in accordance with our credit agreement as we believe it provides investors with important information regarding our financial condition and compliance with our obligations under our credit agreement.

Non-GAAP financial measures should be viewed in addition to, and not as an alternative to or substitute for, the Company’s financial results prepared in accordance with GAAP. The Company has included, for the periods indicated, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Investors and other readers are encouraged to review the related U.S. GAAP financial measures and the reconciliations of the non-GAAP measures to their most directly comparable U.S. GAAP measures set forth below.























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The following is a reconciliation of net income to Consolidated EBITDA for the three and twelve months ended December 31, 2025 and 2024 (in thousands):

Three Months EndedTwelve Months Ended
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Loss from continuing operations$(36,413)$(35,378)$(141,725)$(1,124,841)
Interest expense45,099 48,427 180,747 189,215 
Income tax (benefit) expense(8,697)66,999 (5,472)(124,991)
Depreciation and amortization40,724 37,657 152,638 143,978 
Reported EBITDA40,713 117,705 186,188 (916,639)
Impairment of Goodwill— (79,068)— 1,028,397 
Transaction and integration costs5,746 10,074 31,473 81,467 
Severance costs570 1,923 5,743 16,337 
Change in the TRA Liability(2,583)— (1,747)— 
Optimization project costs— 9,873 2,732 9,873 
Abandoned software project costs19,765 — 19,765 — 
Proforma synergies— 1,353 — 22,239 
Proforma savings1,350 8,051 14,117 35,625 
Other11,067 2,352 48,858 33,415 
Consolidated EBITDA$76,628 $72,263 $307,129 $310,714 


The following is a reconciliation of net cash (used in) provided by operating activities to free cash flow for the three and twelve months ended December 31, 2025 and 2024 (in thousands):

Three Months EndedTwelve Months Ended
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Net cash (used in) provided by operating activities$(22,728)$(23,245)$44,384 $(69,015)
Proceeds from sale of property and equipment415 2,644 2,204 5,137 
Purchases of property and equipment(8,351)(7,250)(29,116)(37,060)
Free cash flow$(30,664)$(27,851)$17,472 $(100,938)

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Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements included in this press release relate to management's expectations regarding the Company’s long-term growth; the Company's ability to achieve synergy capture and eliminate costs; the results of operations of the Expedited Freight, Omni Logistics, and Intermodal segments; the Company’s financial performance, including Consolidated EBITDA, and the impact it may have on the business and results of operations; the key drivers of sustainable growth and long-term profitability; and the Company's revenue growth strategies, including with respect to operational efficiency and cost control.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as tariffs, recessions, inflation, higher interest rates and downturns in customer business cycles, our ability to achieve ongoing strategic, financial and other benefits as we continue to transform our business after the acquisition of Omni Logistics, including the realization of expected synergies and the achievement of deleveraging targets within the expected timeframes or at all, continued weakening of the freight environment, our future debt and financing levels, our ability to deleverage, including, without limitation, through capital allocation or divestitures of non-core businesses, our ability to secure terminal facilities in desirable locations at reasonable rates, more limited liquidity than expected which limits our ability to make key investments, the creditworthiness of our customers and their ability to pay for services rendered, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers’ transportation needs, our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network, the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers’ compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, changes in fuel prices, loss of a major customer, increasing competition, and pricing pressure, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024, and as may be identified in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

We caution readers that any forward-looking statement made by us in this press release is based only on information currently available to us and they should not place undue reliance on any forward-looking statement, which reflects management's opinion as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise unless required by law.

Contact:

Investors:
Tony Carreño
investorrelations@forwardair.com
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Media:
Hannah Weeg
HWeeg@forwardair.com
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