Werner Enterprises Investor Presentation — April 2024

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1Q24EARNINGS PRESENTATION

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 .

Such forward -looking statements are based on information presently available to the Company’s management and are current only as of the date made . Such

statements are by nature subject to uncertainties and risks, including, but not limited to, operational, financial, legal risks detailed in our latest available Annual Report on

Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q. These risks and uncertainties could cause actual results or events to differ materially from

historical results or those anticipated .

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 .

Non-GAAP Financial Measures and Reconciliations

To supplement our financial results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we provide certain

non-GAAP financial measures as defined by the SEC Regulation G, including non-GAAP adjusted operating income ; non-GAAP adjusted operating margin ; non-GAAP

adjusted operating margin, net of fuel surcharge ; non-GAAP adjusted net income attributable to Werner ; non-GAAP adjusted diluted earnings per share ; non-GAAP free

cash flow; non-GAAP EBITDA ; non-GAAP net debt; non-GAAP adjusted operating revenues, net of fuel surcharge ; non-GAAP adjusted operating revenues, less

purchased transportation expense ; non-GAAP adjusted operating expenses ; non-GAAP adjusted operating expenses, net of fuel surcharge ; non-GAAP adjusted

operating ratio; and non-GAAP adjusted operating ratio, net of fuel surcharge . We believe these non-GAAP financial measures provide a more useful comparison of our

performance from period to period because they exclude the effect of items that, in our opinion, do not reflect our core operating performance . Our non-GAAP financial