4Q18 AND FULL YEAR 2018 EARNINGS PRESENTATION February 6, 2019 - PowerPoint PPT Presentation

4Q18 AND FULL YEAR 2018 EARNINGS PRESENTATION February 6, 2019

DISCLOSURE STATEMENT This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Company’s Such forward-looking statements are based on information presently available to the management and are current only as of the date made. Actual results could also differ materially from those anticipated as a result of a number of factors, including, but not limited to, those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. For those reasons, undue reliance should not be placed on any forward-looking statement. The Company assumes no duty or obligation to update or revise any forward-looking statement, although it may do so from time to time as management believes is warranted or as may be required by applicable securities law. Any such updates or revisions may be made by filing reports with the U.S. Securities and Exchange Commission, through the issuance of press releases or by other methods of public disclosure. 2

WERNER OVERVIEW, 4Q18 AND FULL YEAR 2018 HIGHLIGHTS Derek Leathers President and Chief Executive Officer

WERNER OVERVIEW Premium Truckload Transportation & Logistics Services 2018 Revenues by Segment Provider 2% Truckload Transportation Services (TTS) Headquarters Omaha 21% Werner Logistics Schools/Other 77% Market Cap 1 $2.3B Dedicated 4,500 Fleet Size 1 2018 Revenues by Vertical 2018 Revenues by Customer Top 50 Customers One-Way 3,320 Top 5 32% Fleet Size 1 Retail 52% Top 10 45% Food & Beverage 18% Associates 2 13,432 Top 25 60% Manuf./Ind. 18% Dividend 1.1% Top 50 Logistics/Other 74% 12% Yield 1 1) As of 1/31/19 for Market Cap and Dividend Yield, and as of 12/31/18 for Dedicated Fleet Size and One-Way Truckload Fleet Size 2) Associates as of 12/31/18, includes 12,852 employees and 580 independent contractor drivers 4

4Q18 AND FULL YEAR 2018 HIGHLIGHTS ▪ Revenues increased 14% to $646M ▪ GAAP EPS decreased 61% to $0.77; GAAP EPS for 4Q17 included a $110.5M favorable income 4Q18 tax adjustment, or $1.52/share, due to Tax Reform Financial ▪ Adj. EPS increased 79% to $0.75 Highlights ▪ Adj. operating income increased 63% to $73.6M ▪ Adj. operating margin improved ~350 bps to 11.4% ▪ Revenues increased 16% to $2.5B ▪ GAAP EPS decreased 17% to $2.33; same income tax adjustment as above 2018 Financial ▪ Adj. EPS increased 86% to $2.38 Highlights ▪ Adj. operating income increased 59% to $228.6M ▪ Adj. operating margin improved ~ 250 bps to 9.3% ▪ Freight demand for our One-Way Truckload fleet was stronger than normal in 4Q18, but not as Strategic Updates strong as 4Q17 and Other ▪ At 12/31/18, 7,820 total tractors in TTS, up 385 YoY and 70 sequentially; all YoY and sequential Developments fleet growth occurred in Dedicated 5

TOTAL COMPANY AND SEGMENT FINANCIAL RESULTS John Steele Executive Vice President, Treasurer and Chief Financial Officer

4Q18 FINANCIAL PERFORMANCE ($M) Total Revenues Adjusted Operating Income Adjusted EPS and Operating Margin $73.6 $800 20.0% $790 $780 $770 $760 $0.75 $750 $70.0 $740 $730 $646 $720 18.0% $710 $700 $690 $680 $670 $660 $567 $650 $640 $60.0 16.0% $630 $620 $610 $600 $590 $580 $570 $45.1 $560 14.0% 11.4% $550 $540 $50.0 $530 $520 $510 $500 $490 $480 12.0% $470 $460 $0.42 $450 $440 $430 $40.0 $420 7.9% $410 $400 10.0% $390 $380 $370 $360 $350 $340 $330 $320 $30.0 8.0% $310 $300 $290 $280 $270 $260 $250 $240 6.0% $230 $220 $210 $20.0 $200 $190 $180 $170 $160 4.0% $150 $140 $130 $120 $110 $10.0 $100 $90 $80 2.0% $70 $60 $50 $40 $30 $20 $10 $0 $0.0 0.0% $0.00 4Q17 4Q18 4Q17 4Q18 4Q17 4Q18 ▪ 14% total revenues growth ▪ 63% Adj. operating income growth ▪ 79% Adj. EPS growth ▪ +6.9% TTS revenues per truck per ▪ Adj. TTS operating margin ▪ Adj. TTS contributed Adj. EPS week* improved 360 bps growth of $0.24 ▪ +4.7% TTS average trucks ▪ Logistics operating margin grew ▪ Logistics contributed Adj. EPS 350 bps growth of $0.05 ▪ 22% logistics revenues growth ▪ Continued to invest in our professional drivers; driver pay increase of over 9% per company mile 7 * Net of fuel surcharge revenues

FULL YEAR 2018 FINANCIAL PERFORMANCE ($M) Total Revenues Adjusted Operating Income Adjusted EPS and Operating Margin $228.6 $250.0 20.0% $240.0 $3,000 $2,990 $2,980 $2,970 $2,960 $2,950 $2.38 $2,930 $2,940 $2,920 $2,910 $230.0 $2,900 $2,890 $2,880 $2,870 $2,860 $2,850 18.0% $2,840 $2,830 $2,820 $2,810 $2,800 $220.0 $2,790 $2,780 $2,770 $2,760 $2,750 $2,740 $2,730 $2,720 $2,458 $2,710 $210.0 $2,700 $2,690 $2,680 $2,670 $2,660 $2,650 $2,640 $2,630 $2,620 $2,610 $2,600 $200.0 16.0% $2,590 $2,580 $2,560 $2,570 $2,540 $2,550 $2,520 $2,530 $2,510 $2,500 $2,490 $190.0 $2,480 $2,470 $2,460 $2,450 $2,440 $2,430 $2,410 $2,420 $2,390 $2,400 $2,380 $2,370 $2,117 $180.0 $2,360 $2,350 $2,340 $2,330 $2,320 14.0% $2,300 $2,310 $2,280 $2,290 $170.0 $2,270 $2,260 $143.8 $2,250 $2,240 $2,230 $2,220 $2,210 $2,200 $2,190 $2,180 $2,170 $160.0 $2,160 $2,150 $2,140 $2,130 $2,120 $2,100 $2,110 $2,090 $2,080 $2,070 $2,060 $150.0 12.0% $2,050 $2,040 $2,020 $2,030 $2,010 9.3% $2,000 $1,990 $1,980 $1,970 $1,960 $1,950 $140.0 $1,940 $1,930 $1,910 $1,920 $1.27 $1,890 $1,900 $1,880 $1,860 $1,870 $130.0 $1,850 $1,840 $1,820 $1,830 $1,810 $1,800 10.0% $1,790 $1,780 $1,770 $1,760 $1,750 $120.0 $1,730 $1,740 $1,720 $1,710 $1,700 $1,690 $1,680 $1,670 6.8% $1,660 $1,650 $1,640 $110.0 $1,630 $1,620 $1,610 $1,600 $1,590 $1,580 $1,570 $1,560 $1,550 $1,540 $100.0 8.0% $1,530 $1,510 $1,520 $1,500 $1,490 $1,470 $1,480 $1,460 $1,450 $1,440 $1,430 $90.0 $1,410 $1,420 $1,400 $1,390 $1,380 $1,370 $1,360 $1,350 $1,340 $1,320 $1,330 $80.0 $1,300 $1,310 $1,290 $1,270 $1,280 6.0% $1,250 $1,260 $1,230 $1,240 $1,220 $1,210 $70.0 $1,190 $1,200 $1,180 $1,170 $1,160 $1,140 $1,150 $1,130 $1,120 $60.0 $1,110 $1,100 $1,090 $1,080 $1,070 $1,060 $1,050 $1,030 $1,040 $1,020 $1,010 $50.0 4.0% $1,000 $990 $980 $970 $950 $960 $940 $930 $920 $910 $900 $40.0 $890 $880 $870 $860 $840 $850 $820 $830 $810 $790 $800 $30.0 $770 $780 $760 $750 2.0% $730 $740 $710 $720 $690 $700 $20.0 $680 $670 $660 $650 $640 $630 $620 $600 $610 $590 $580 $10.0 $570 $550 $560 $540 $530 $520 $510 $500 $0.0 0.0% $0.00 FY 2017 FY 2018 FY 2017 FY 2018 FY 2017 FY 2018 ▪ 16% total revenues growth ▪ 59% Adj. operating income growth ▪ 86% Adj. EPS growth ▪ +8.4% TTS revenues per truck per ▪ Adj. TTS operating margin ▪ Adj. TTS contributed Adj. EPS week* improved 290 bps growth of $0.78 ▪ +4.3% TTS average trucks ▪ Logistics operating margin grew ▪ Logistics contributed Adj. EPS 180 bps growth of $0.12 ▪ 24% logistics revenues growth ▪ Continued to invest in our professional drivers, driver pay increase of over 10% per company mile 8 * Net of fuel surcharge revenues

TRUCKLOAD TRANSPORTATION SERVICES (TTS) RESULTS 4Q18 4Q17 Change YoY $494.7 $439.2 13% Revenues ($M) TTS RPTPW* +6.9%; led by One-Way TL RPTPW* +9.8%, ▪ including 10.5% higher One-Way TL RPTM* $68.0 $44.5 53% Adj. Op. Income ($M) TTS RPTPW* increases and operating margin expansion led to ▪ $23.4M Adj. operating income growth 13.7% 10.1% 360 bps Adj. Op. Margin 7 consecutive quarters of TTS operating margin improvement ▪ Adj. OR, net FSC 84.1% 88.3% (420) bps 2018 2017 Change YoY TTS RPTPW* +8.4%; led by One-Way TL RPTPW* +13.2%, ▪ including 13.2% higher One-Way TL RPTM* $1,881.3 $1,635.2 15% Revenues ($M) TTS RPTPW* increases and operating margin expansion led to ▪ $212.9 $138.1 54% Adj. Op. Income ($M) $74.8M Adj. operating income growth Fluctuating fuel prices and fuel surcharge (FSC) revenues ▪ 11.3% 8.4% 290 bps Adj. Op. Margin impact the TTS operating ratio (OR) when FSC revenues are reported on a gross basis as revenues vs netting FSC revenues against fuel expense (affects 4Q and full year) 86.8% 90.3% (350) bps Adj. OR, net FSC 9 * Net of fuel surcharge revenues

TTS* FLEET METRICS UPDATE Dedicated Truckload Average Tractors Revenues / Tractor / Week** Trucking Revenues** ($M) $817 4,472 $900 4,277 4,009 $3,703 $3,673 $695 3,822 $800 $3,502 $3,496 $700 $600 $500 $400 $215 $300 $183 $200 $100 $- 2017 2018 4Q17 4Q18 2017 2018 4Q17 4Q18 2017 2018 4Q17 4Q18 One-Way Truckload Trucking Revenues** ($M) Average Tractors Revenues / Tractor / Week** $900 $4,739 $771 $4,432 $4,316 $709 $800 $3,914 3,483 3,427 $700 3,345 3,315 $600 $500 $400 $300 $204 $192 $200 $100 $0 2017 2018 4Q17 4Q18 2017 2018 4Q17 4Q18 2017 2018 4Q17 4Q18 * TTS consists of the Dedicated and One-Way Truckload fleets ** Net of fuel surcharge revenues 10