Consolidated Revenue and Operating Income Improved Sequentially

Expedited Freight Segment Reports Highest Reported EBITDA Margin in Six Quarters

Forward Air Corporation (NASDAQ:FWRD) (the "Company", "we", "our", or "us") today reported financial results for the three months ended June 30, 2025, as presented in the tables below.

"We posted yet another solid quarter; even in this challenging environment, our team continues to deliver," said Shawn Stewart, Chief Executive Officer. "Operationally, we remained focused on the customer and executed well in our linehaul and terminal operations. By tightly managing costs and improving most of our operating KPIs, we have improved margins in our Expedited Freight segment. Sequentially, on a consolidated basis second quarter income from operations increased by $15 million to $20 million and Consolidated EBITDA increased by $5 million to $74 million compared to the first quarter of the year. Our team has done an exceptional job managing through a very challenging freight recession, and given our expense management discipline and operational improvements, I believe that we are equally well positioned to improve both EBITDA and cash flow from operations once the freight environment normalizes. It takes a lot of discipline, but we are not focused on the next three months or even the next three quarters, but the next three plus years.

"At the Expedited Freight segment, we are seeing the benefits from maintaining rigorous cost controls and addressing pricing actions to more closely align with the quality of service we provide. Following corrective pricing actions completed in February of this year, the second quarter revenue per hundredweight, excluding fuel surcharge, increased sequentially for the second consecutive quarter. The improvements contributed to the highest reported EBITDA margin at the Expedited Freight segment since the fourth quarter of 2023. The Expedited Freight segment encompasses one of the largest expedited LTL networks in North America and is a recognized industry leader in time-critical, high-value freight. We believe our commitment to service excellence is key to sustainable growth and long-term profitability," concluded Stewart.

Jamie Pierson, Chief Financial Officer added, "We reported consolidated revenue of $619 million in the second quarter 2025 compared to $644 million in the second quarter of 2024. Sequentially, consolidated revenue increased by $6 million compared to $613 million in the first quarter of this year. Income from operations improved to $20 million in the second quarter compared to a loss from operations of $3 million, excluding an impairment of goodwill, a year ago. On a sequential basis, that same $20 million income from operations improved by $15 million compared to $5 million reported in the first quarter 2025.

"For the second quarter, Consolidated EBITDA ("Consolidated EBITDA"), a non-GAAP measure calculated pursuant to our Senior Secured Term Loan Credit Agreement (the "Credit Agreement"), was $74 million. Correspondingly, the last twelve months Consolidated EBITDA as of June 30, 2025, was $298 million.

"Liquidity at the end of the second quarter was $368 million compared to $393 million at the end of the first quarter 2025. The $25 million decrease during the quarter includes the $34 million semi-annual interest on the Senior Secured Notes paid every April and October. Year-to-date through June 30, cash provided by operating activities is $14 million which is a $111 million improvement compared to the $97 million used by operations in the first half of 2024," concluded Pierson.

	Three Months Ended
(in thousands, except per share data)	June 30, 2025			June 30, 2024			Change			Percent Change
Operating revenue	$	618,844		$	643,666		$	(24,822	)	(3.9	)%
Income (loss) from continuing operations	$	19,522		$	(1,095,755	)	$	1,115,277		101.8	%
Operating margin		3.2	%		(170.2	)%	NM
Net loss from continuing operations	$	(20,364	)	$	(966,471	)	$	946,107		97.9	%
Net loss from continuing operations per diluted share	$	(0.41	)	$	(23.29	)	$	22.88		98.2	%
Cash used in by operating activities	$	(13,217	)	$	(45,200	)	$	31,983		70.8	%

Non-GAAP Financial Measures: ¹
Consolidated EBITDA	$	73,813		$	88,997		$	(15,184	)	(17.1	)%
Free cash flow	$	(17,157	)	$	(59,069	)	$	41,912		71.0	%

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 second quarter 2025 results on Monday, August 11, 2025 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) 267-6316, Access Code: FWRDQ225.

A replay of the conference call will be available on the Investor Relations portion of the Company's website at www.forwardaircorp.com, which we use as a primary mechanism to communicate with our 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 Mexico. 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.

Forward Air Corporation
Condensed Consolidated Statements of Comprehensive (Loss) Income
(Unaudited, in thousands, except per share data)


	Three Months Ended						Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Operating revenues:
Expedited Freight	$	257,696		$	291,282		$	507,077		$	564,577
Omni Logistics		328,316			311,856			651,786			536,694
Intermodal		59,146			59,299			121,638			115,591
Corporate		(142	)		—			—			—
Eliminations		(26,172	)		(18,771	)		(48,376	)		(31,383	)
Operating revenues		618,844			643,666			1,232,125			1,185,479
Operating expenses:
Purchased transportation		303,300			321,587			607,562			598,602
Salaries, wages and employee benefits		145,490			144,000			287,405			272,867
Operating leases		49,505			46,258			98,298			85,061
Depreciation and amortization		36,806			48,639			74,166			80,425
Insurance and claims		15,536			14,698			30,542			27,579
Fuel expense		5,278			5,859			10,927			11,105
Other operating expenses		43,407			65,666			98,940			178,613
Impairment of goodwill		—			1,092,714			—			1,092,714
Total operating expenses		599,322			1,739,421			1,207,840			2,346,966
Income (loss) from continuing operations:
Expedited Freight		19,495			21,946			35,129			41,444
Omni Logistics		7,186			(1,105,871	)		10,561			(1,134,456	)
Intermodal		4,415			5,317			9,957			8,903
Other Operations		(11,574	)		(17,147	)		(31,362	)		(77,378	)
Income (loss) from continuing operations		19,522			(1,095,755	)		24,285			(1,161,487	)
Other expense:
Interest expense, net		(45,326	)		(47,265	)		(90,873	)		(88,018	)
Foreign exchange (loss) gain		(4,653	)		1,567			(5,575	)		899
Other (expense) income, net		(6,656	)		40			(6,552	)		49
Total other expense		(56,635	)		(45,658	)		(103,000	)		(87,070	)
Net loss from continuing operations before income taxes		(37,113	)		(1,141,413	)		(78,715	)		(1,248,557	)
Income tax (benefit) expense		(16,749	)		(174,942	)		2,840			(193,292	)
Net loss from continuing operations		(20,364	)		(966,471	)		(81,555	)		(1,055,265	)
Loss from discontinued operations, net of tax		—			(4,876	)		—			(4,876	)
Net loss		(20,364	)		(971,347	)	$	(81,555	)	$	(1,060,141	)
Net loss attributable to noncontrolling interest		(7,781	)		(325,914	)		(18,335	)		(352,996	)
Net loss attributable to Forward Air	$	(12,583	)	$	(645,433	)	$	(63,220	)	$	(707,145	)
Basic and diluted loss per share attributable to Forward Air:
Continuing operations	$	(0.41	)	$	(23.29	)	$	(2.09	)	$	(27.53	)
Discontinued operations		—			(0.18	)		—			(0.18	)
Net loss per basic and diluted share	$	(0.41	)	$	(23.47	)	$	(2.09	)	$	(27.71	)
Net loss	$	(20,364	)	$	(971,347	)	$	(81,555	)	$	(1,060,141	)
Other comprehensive loss:
Foreign currency translation adjustments		4,561			(849	)		4,826			(1,000	)
Comprehensive loss	$	(15,803	)	$	(972,196	)	$	(76,729	)	$	(1,061,141	)
Comprehensive loss attributable to noncontrolling interest	$	(7,781	)	$	(325,914	)	$	(18,335	)	$	(352,996	)
Comprehensive loss attributable to Forward Air	$	(8,022	)	$	(646,282	)	$	(58,394	)	$	(708,145	)

Expedited Freight Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	June 30, 2025		Percent of Revenue		June 30, 2024		Percent of Revenue		Change			Percent Change
Operating revenues:
Network ¹	$	193,829	75.2	%	$	223,334	76.7	%	$	(29,505	)	(13.2	)%
Truckload		42,636	16.5			44,678	15.3			(2,042	)	(4.6	)
Other		21,231	8.3			23,270	8.0			(2,039	)	(8.8	)
Total operating revenues		257,696	100.0			291,282	100.0			(33,586	)	(11.5	)

Operating expenses:
Purchased transportation		124,448	48.3			142,512	48.9			(18,064	)	(12.7	)
Salaries, wages and employee benefits		53,938	20.9			63,845	21.9			(9,907	)	(15.5	)
Operating leases		17,355	6.7			14,730	5.1			2,625		17.8
Depreciation and amortization		10,357	4.0			10,692	3.7			(335	)	(3.1	)
Insurance and claims		10,693	4.1			10,969	3.8			(276	)	(2.5	)
Fuel expense		2,518	1.0			2,434	0.8			84		3.5
Other operating expenses		18,892	7.4			24,154	8.3			(5,262	)	(21.8	)
Total operating expenses		238,201	92.4			269,336	92.5			(31,135	)	(11.6	)
Income from operations	$	19,495	7.6	%	$	21,946	7.5	%	$	(2,451	)	(11.2	)%

¹ Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue.

Expedited Freight Operating Statistics

	Three Months Ended
	June 30, 2025		June 30, 2024		Percent Change

Business days		64		64	—	%

Tonnage ^1,2
Total pounds		623,394		713,919	(12.7	)
Pounds per day		9,741		11,155	(12.7	)

Shipments ^1,2
Total shipments		739		870	(15.1	)
Shipments per day		11.5		13.6	(15.4	)

Weight per shipment		843		821	2.7

Revenue per hundredweight ³	$	31.09	$	31.29	(0.6	)
Revenue per hundredweight, ex fuel ³	$	24.82	$	24.38	1.8

Revenue per shipment ³	$	261.82	$	256.80	2.0
Revenue per shipment, ex fuel ³	$	209.24	$	200.05	4.6

¹ In thousands
² Excludes accessorial and Truckload and products
³ Includes intercompany revenue between the Network and Truckload revenue streams

Omni Logistics Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	June 30, 2025		Percent of Revenue		June 30, 2024		Percent of Revenue		Change		Percent Change
Operating revenue	$	328,316	100.0	%	311,856		100.0	%	16,460		5.3	%

Operating expenses:
Purchased transportation		185,040	56.4		178,674		57.3		6,366		3.6
Salaries, wages and employee benefits		61,584	18.8		57,536		18.4		4,048		7.0
Operating leases		25,686	7.8		26,751		8.6		(1,065	)	(4.0	)
Depreciation and amortization		22,419	6.8		33,235		10.7		(10,816	)	(32.5	)
Insurance and claims		1,248	0.4		2,845		0.9		(1,597	)	(56.1	)
Fuel expense		888	0.3		1,182		0.4		(294	)	(24.9	)
Other operating expenses		24,265	7.4		24,790		7.9		(525	)	(2.1	)
Impairment of goodwill		—	—		1,092,714		350.4		(1,092,714	)	(100.0	)
Total operating expenses		321,130	97.8		1,417,727		454.6		(1,096,597	)	(77.3	)
Income (loss) from operations		7,186	2.2	%	(1,105,871	)	(354.6	)%	1,113,057		100.6	%

Intermodal Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	June 30, 2025		Percent of Revenue		June 30, 2024		Percent of Revenue		Change			Percent Change
Operating revenue	$	59,146	100.0	%	$	59,299	100.0	%	$	(153	)	(0.3	)%

Operating expenses:
Purchased transportation		20,049	33.9			19,173	32.3			876		4.6
Salaries, wages and employee benefits		15,385	26.0			14,899	25.1			486		3.3
Operating leases		5,336	9.0			4,776	8.1			560		11.7
Depreciation and amortization		4,502	7.6			4,712	7.9			(210	)	(4.5	)
Insurance and claims		3,147	5.3			2,619	4.4			528		20.2
Fuel expense		1,857	3.1			2,243	3.8			(386	)	(17.2	)
Other operating expenses		4,455	7.6			5,560	9.4			(1,105	)	(19.9	)
Total operating expenses		54,731	92.5			53,982	91.0			749		1.4
Income from operations	$	4,415	7.5	%	$	5,317	9.0	%	$	(902	)	(17.0	)%

Intermodal Operating Statistics

	Three Months Ended
	June 30, 2025		June 30, 2024		Percent Change
Drayage shipments		62,313		64,877	(4.0	)%
Drayage revenue per shipment	$	862	$	826	4.4	%

Forward Air Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
	June 30, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	95,128		$	104,903
Restricted cash and restricted cash equivalents		179			363
Accounts receivable, net		335,716			322,291
Prepaid expenses		33,182			29,053
Other current assets		10,402			15,890
Total current assets		474,607			472,500

Property and equipment, net of accumulated depreciation and amortization of $305,267 in 2025 and $292,855 in 2024		321,329			326,188
Operating lease right-of-use assets		419,531			410,084
Goodwill		522,712			522,712
Other acquired intangibles, net of accumulated amortization of $259,154 in 2025 and $212,905 in 2024		952,967			999,216
Other long term assets		70,089			71,941
Total assets	$	2,761,235		$	2,802,641

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	115,123		$	105,692
Accrued expenses		115,605			119,836
Other current liabilities		48,072			45,148
Current portion of debt and finance lease obligations		16,877			16,930
Current portion of operating lease liabilities		101,008			96,440
Total current liabilities		396,685			384,046

Finance lease obligations, less current portion		29,191			30,858
Long-term debt, less current portion		1,681,468			1,675,930
Liabilities under tax receivable agreement		20,158			13,295
Operating lease liabilities, less current portion		334,318			325,640
Other long-term liabilities		49,725			48,835
Deferred income taxes		33,449			38,169

Shareholders' equity:
Preferred stock		—			—
Common stock		306			298
Additional paid-in capital		551,845			542,392
Accumulated deficit		(402,451	)		(338,230	)
Accumulated other comprehensive (loss) income		2,094			(2,732	)
Total Forward Air shareholders' equity		151,794			201,728
Noncontrolling interest		64,447			84,140
Total shareholders' equity		216,241			285,868
Total liabilities and shareholders' equity	$	2,761,235		$	2,802,641

Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Three Months Ended
	June 30, 2025			June 30, 2024
Operating activities:
Net loss from continuing operations	$	(20,364	)	$	(966,471	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		36,806			48,639
Impairment of goodwill		—			1,092,714
Share-based compensation expense		4,711			3,620
Provision for revenue adjustments		990			1,121
Deferred income tax benefit		(1,933	)		(166,549	)
Other		10,673			2,300
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable		4,200			(21,770	)
Other receivables		743			164
Other current and noncurrent assets		8,952			(49,528	)
Accounts payable and accrued expenses		(57,995	)		10,560
Net cash provided by (used in) operating activities of continuing operations		(13,217	)		(45,200	)

Investing activities:
Proceeds from sale of property and equipment		804			557
Purchases of property and equipment		(4,744	)		(14,426	)
Other		55			(85	)
Net cash used in investing activities of continuing operations		(3,885	)		(13,954	)

Financing activities:
Repayments of finance lease obligations		(4,945	)		(4,567	)
Proceeds from credit facility		60,000			—
Payments on credit facility		(60,000	)		—
Proceeds from common stock issued under employee stock purchase plan		434			369
Payment of minimum tax withholdings on share-based awards		(107	)		(33	)
Net cash used in financing activities of continuing operations		(4,618	)		(4,231	)
Effect of exchange rate changes on cash		353			646
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations		(21,367	)		(62,739	)

Cash from discontinued operations:
Net cash used in operating activities of discontinued operations		—			(4,876	)
Net decrease in cash and cash equivalents, and restricted cash and restricted cash equivalents		(21,367	)		(67,615	)
Cash and cash equivalents, and restricted cash and restricted cash equivalents at beginning of period		116,674			172,270
Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period	$	95,307		$	104,655

Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Six Months Ended
	June 30, 2025			June 30, 2024
Operating activities:
Net loss from continuing operations	$	(81,555	)	$	(1,055,265	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		74,166			80,425
Impairment of goodwill		—			1,092,714
Share-based compensation expense		7,669			5,187
Provision for revenue adjustments		1,637			2,159
Deferred income tax benefit		(4,725	)		(163,604	)
Other		14,472			6,469
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable		(16,945	)		(42,265	)
Other receivables		309			5,531
Other current and noncurrent assets		9,719			(56,637	)
Accounts payable and accrued expenses		9,651			28,362
Net cash provided by (used in) operating activities of continuing operations		14,398			(96,924	)

Investing activities:
Proceeds from sale of property and equipment		1,495			1,406
Purchases of property and equipment		(16,650	)		(19,396	)
Purchase of a business, net of cash acquired		—			(1,565,242	)
Other		31			(174	)
Net cash used in investing activities of continuing operations		(15,124	)		(1,583,406	)

Financing activities:
Repayments of finance lease obligations		(9,376	)		(9,127	)
Proceeds from credit facility		85,000			—
Payments on credit facility		(85,000	)		(80,000	)
Payment of debt issuance costs		—			(60,591	)
Payment of earn-out liability		—			(12,247	)
Proceeds from common stock issued under employee stock purchase plan		434			369
Payment of minimum tax withholdings on share-based awards		(1,001	)		(1,361	)
Net cash used in financing activities of continuing operations		(9,943	)		(162,957	)
Effect of exchange rate changes on cash		710			745
Net decrease in cash and cash equivalents, and restricted cash and restricted cash equivalents from continuing operations		(9,959	)		(1,842,542	)

Cash from discontinued operation:
Net cash used in operating activities of discontinued operation		—			(4,876	)
Net decrease in cash and cash equivalents, and restricted cash and restricted cash equivalents		(9,959	)		(1,847,418	)
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period		105,266			1,952,073
Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period	$	95,307		$	104,655

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 six months ended June 30, 2025 and 2024, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization ("EBITDA"), and free cash flow.

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

The Company believes that 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.

With respect to the 2025 Consolidated EBITDA guidance, please note that the Company is not providing a quantitative reconciliation of Consolidated EBITDA to Net Income because it is not available without unreasonable efforts. The Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation, or to quantify the probable significance of these items. The adjustments required for any such reconciliation of the Company's forward-looking non-GAAP financial measures cannot be accurately forecast by the Company, and therefore the reconciliation has been omitted.

The following is a reconciliation of net income to Consolidated EBITDA for the three and six months ended June 30, 2025 and 2024 (in thousands):

	Three Months Ended						Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net loss from continuing operations	$	(20,364	)	$	(966,471	)	$	(81,555	)	$	(1,055,265	)
Interest expense		45,326			47,265			90,873			88,018
Income tax (benefit) expense		(16,749	)		(174,942	)		2,840			(193,292	)
Depreciation and amortization		36,806			48,639			74,166			80,425
Reported EBITDA		45,019			(1,045,509	)		86,324			(1,080,114	)
Impairment of goodwill		—			1,092,714			—			1,092,714
Transaction and integration costs		5,987			10,018			19,913			71,942
Severance costs		830			4,029			2,404			11,585
Change in the TRA Liability		6,864			—			6,864			—
Optimization project costs		691			—			1,722			—
Pro forma synergies		—			5,747			—			16,254
Pro forma savings		—			10,328			—			21,775
Other		14,422			11,670			25,545			18,201
Consolidated EBITDA	$	73,813		$	88,997		$	142,772		$	152,357

The following is a reconciliation of net cash provided by operating activities to free cash flow for the three and six months ended June 30, 2025 and 2024 (in thousands):

	Three Months Ended						Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net cash provided by operating activities	$	(13,217	)	$	(45,200	)	$	14,398		$	(96,924	)
Proceeds from sale of property and equipment		804			557			1,495			1,406
Purchases of property and equipment		(4,744	)		(14,426	)		(16,650	)		(19,396	)
Free cash flow	$	(17,157	)	$	(59,069	)	$	(757	)	$	(114,914	)

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 expectations regarding the Company's long-term growth; ability to achieve and accelerate synergy capture and eliminate costs from our structure; expectations regarding the Company's expedited freight business; ability to achieve the intended benefits of the acquisition of Omni Logistics, including any revenue and cost synergies; the Company's expectations regarding the Company's financial performance, including Consolidated EBITDA, and the impact it may have on the business and results of operations; the Company's beliefs regarding the key drivers of sustainable growth and long-term profitability and expectations regarding 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, the Company's ability to achieve the expected strategic, financial and other benefits of the acquisition of Omni Logistics, including the realization of expected synergies and the achievement of deleveraging targets within the expected timeframes or at all, the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected, the risk that operating costs, customer loss, management and employee retention and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) as a result of the acquisition of Omni Logistics may be greater than expected, continued weakening of the freight environment, 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 these forward-looking statements, which reflect 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250811956738/en/

Investors:

Tony Carreño

investorrelations@forwardair.com

Media:

Justin Moss

(404) 362-8933

jmoss@forwardair.com

Forward Air Corporation Reports Second Quarter 2025 Results