EX-99.2 3 q22025earningsdeck.htm EX-99.2
2024 INVESTOR DAY July 30, 2025 Q2 2025 Earnings Presentation

Safe Harbor Statement Except for the historical information contained herein, the matters set forth in this presentation are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to, factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; fuel price increases or decreases, or fuel shortages; competition and growth rates within the global logistics industry that could adversely impact our profitability and achieving our long-term growth targets; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; risks associated with seasonal changes or significant disruptions in the transportation industry; risks associated with identifying and completing suitable acquisitions; our dependence on and changes in relationships with existing contracted truck, rail, ocean, and air carriers; risks associated with the loss of significant customers; risks associated with reliance on technology to operate our business; cyber-security related risks; our ability to staff and retain employees; risks associated with operations outside of the U.S.; our ability to successfully integrate the operations of acquired companies with our historic operations or efficiently managing divestitures; climate change related risks; risks associated with our indebtedness; risks associated with interest rates; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with the potential impact of changes in government regulations including environmental-related regulations; risks associated with the changes to income tax regulations; risks associated with the produce industry, including food safety and contamination issues; the impact of changes in political and governmental conditions; changes to our capital structure; changes due to catastrophic events; risks associated with the usage of artificial intelligence technologies; risks associated with cybersecurity events; and other risks and uncertainties detailed in our Annual and Quarterly Reports. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. 2©2025 C.H. Robinson Worldwide, Inc. All Rights Reserved.

Thoughts from President & CEO, Dave Bozeman 3 ■ Our Q2 results reflect six consecutive quarters of consistent outperformance through the disciplined execution of the strategic initiatives that we shared at our Investor Day in December — there is no doubt in our minds that we are on the right path to deliver sustainable outperformance in all market cycles. ■ I’m proud of the Robinson team for embracing our new operating model and the discipline needed to improve our say-do ratio and to generate higher highs and higher lows across market cycles. ■ We are not waiting for a market recovery to improve our financial results, and the strategies that our Robinson team is executing are not only working, but they are built to be effective in any market environment. ■ We’re still in the early innings of our transformation journey, but we have demonstrated our ability to responsibly grow market share and expand margins at the same time. This has enabled us to approach our mid-cycle operating margin targets despite operating in an elongated trough of the freight cycle.

IMPROVEPLAN ACTIVATE • Enterprise Strategy Map • Divisional Strategy Maps • Shared Services Strategy Maps • Regular operating review cadence (daily, weekly, monthly, quarterly) • Binary view of success (green) or opportunity (red) • Enterprise • Divisional • Shared Services • Accountable action plans on all scorecards with red • Embrace and attack the red! • e.g., Gemba walks (go to the desk) Scorecard: Measurable and Actionable Inputs Defined Strategic Workstreams Clear Long-Term Strategy and Goals Continuous and Rigorous Measurement and Action Plans Continuously Improving. Never Stops. 1 2 3 4 5 Robinson Operating Model 4

Q2 Highlights 5 ■ NAST gained market share in truckload and LTL and increased AGP/shipment Y/Y, through disciplined pricing and a cost of hire advantage ■ Global Forwarding (GF) continued to win new business and improve the yield of its portfolio by beginning to implement revenue management practices ■ NAST & GF productivity improved Y/Y, driving NAST income from operations up 16% Y/Y and GF income from operations up 25% ■ Focused on providing best-in-class service to our customers and carriers, gaining profitable share in targeted market segments, streamlining our processes, applying Lean principles and leveraging evolving AI technology to drive out waste and optimize our costs, with a disciplined operating model that arms our people with innovative tools, decouples headcount growth from volume growth and drives operating leverage $4.1B Total Revenues -7.7% Y/Y $693M Adj. Gross Profits(1) +0.8% Y/Y $216M Income from Operations +21.2% Y/Y $1.26 Net Income/Share +20.0% Y/Y Q2 2025 1. Adjusted gross profits, adjusted income from operations and adjusted net income per share are non-GAAP financial measures. Refer to pages 21 through 24 for further discussion and a GAAP to Non-GAAP reconciliation. $220M of Adj. Income from Operations(1) $1.29 of Adj. Net Income per Share(1)

All Other & Corporate ■ Robinson Fresh AGP up 11.3% Y/Y due to increase in integrated supply chain solutions ■ Managed Solutions Q2 AGP up 0.9% Y/Y ■ Other Surface Transportation AGP declined to zero due to divestiture of Europe Surface Transportation business in February 2025 Global Forwarding (GF) ■ Tariff policies reduced demand & increased duty outlays for customers ■ Customs AGP up 31.7% Y/Y ■ Ocean volume declined 4.0% Y/Y & air tonnage declined 12.5% Y/Y ■ Continuing to diversify our trade lane and industry vertical exposure North American Surface Transportation (NAST) ■ Adjusted gross profit (AGP) per load/order increased Y/Y in both TL and LTL ■ NAST volume performance outpaced the market indices for the 9th quarter in a row ■ Significant opportunities for profitable growth remain in a highly fragmented market ■ Focused on initiatives that improve the customer and carrier experience and lower our cost to serve ■ Productivity improvements are being driven by removing waste and increasing automation Complementary Global Suite of Services 6 Q2 2025 Adjusted Gross Profits(2) +3.0% Y/Y -12.3% Y/Y +1.9% Y/Y 1. Measured over trailing twelve months. 2. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. Over half of total revenues are garnered from customers to whom we provide both surface transportation and global forwarding services, and this percentage has grown year-over-year due to our One Robinson go-to-market approach.(1)

NAST Q2’25 Results by Service 7 ■ Total NAST volume grew 1.0% Y/Y, reflecting the 9th consecutive quarter of market share growth(2) ■ Truckload volume flat Y/Y(2) ■ LTL AGP per order increased 3.0% Y/Y and volume increased 1.5% Y/Y(2) ■ Truckload AGP per shipment increased 2.5% Y/Y due to disciplined pricing and procurement efforts and the continued advancement of our dynamic pricing and costing capabilities, resulting in higher profit per shipment on contractual volume and an 80 bps Y/Y improvement in NAST AGP margin(2) 2Q25 2Q24 %▲ Truckload (“TL”) $261.5 $254.8 2.6% Less than Truckload (“LTL”) $150.5 $144.2 4.4% Other $20.3 $20.6 (1.8)% Total Adjusted Gross Profits $432.2 $419.7 3.0% Adjusted Gross Profit Margin % 14.8% 14.0% 80 bps Adjusted Gross Profits(1) ($ in millions) 1. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Growth rates are rounded to the nearest 0.5 percent. Second Quarter Highlights

Truckload Price and Cost Change (1)(2)(3) 8 Truckload Q2 Volume(2)(4) — % Price/Mile(1)(2)(3) +3.5 % Cost/Mile(1)(2)(3) +3.5 % Adjusted Gross Profit(4) +2.6 % 1. Price and cost change represents YoY change for North America truckload shipments across all segments. 2. Growth rates are rounded to the nearest 0.5 percent. 3. Pricing and cost measures exclude fuel surcharges and costs. 4. Truckload volume and adjusted gross profit growth represents YoY change for NAST truckload. ■ 65% / 35% truckload contractual / transactional volume mix in Q2 ■ Average routing guide depth of 1.3 in Managed Solutions business vs. 1.2 in Q2 last year, reflecting a continuing decline in industry capacity Yo Y % C ha ng e in P ric e an d C os t p er M ile YoY Price Change YoY Cost Change 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 -30% -20% -10% 0% 10% 20% 30% 40% 50%

Truckload AGP $ per Shipment Trend 9 ■ Disciplined pricing and capacity procurement efforts and continued advancement of our dynamic pricing and costing capabilities resulted in improved optimization of volume and AGP(1) ■ Increase in short haul volume contributed to higher mix of short haul and a sequential decline in AGP $ per shipment(1) N A ST A dj us te d G ro ss P ro fit $ p er T ru ck lo ad Sh ip m en t N A ST A djusted G ross Profit M argin % NAST Adjusted Gross Profit $ per Truckload Shipment (left axis) NAST Adjusted Gross Profit Margin % (right axis) Average NAST AGP $ per Truckload Shipment (left axis) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material.

Global Forwarding Q2’25 Results by Service 10 2Q25 2Q24 %▲ Ocean $107.9 $116.6 (7.5)% Air $34.0 $30.5 11.5% Customs $35.1 $26.7 31.7% Other $10.6 $10.3 3.1% Total Adjusted Gross Profits $187.6 $184.1 1.9% Adjusted Gross Profit Margin % 23.5% 20.0% 350 bps Adjusted Gross Profits (1) ($ in millions) ■ Tariff policies reduced volume in the Transpacific lane, caused global demand fluctuations & increased duty outlays for customers ■ Ongoing conflict in the Red Sea continued to cause vessel re- routing. Although rates remain elevated, they declined Y/Y due to increasing capacity and softer demand ■ Ocean AGP decreased due to a 4.0% decline in shipments and a 3.5% decrease in AGP per shipment(2) ■ Air AGP increased due to a 27.5% increase in AGP per metric ton shipped, partially offset by a 12.5% decline in metric tons shipped(2) ■ Customs AGP increased due to a 31.0% increase in adjusted gross profit per transaction and a 0.5% increase in volume(2) 1. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Growth rates are rounded to the nearest 0.5 percent. Second Quarter Highlights

All Other & Corporate Q2’25 Results 11 Robinson Fresh ■ Increased AGP due to an increase in integrated supply chain solutions for retail and foodservice customers Managed Solutions ■ Total freight under management of $1.4B in Q2 Other Surface Transportation ■ Decline in AGP driven by the divestiture of our Europe Surface Transportation business on February 1, 2025 2Q25 2Q24 %▲ Robinson Fresh $44.4 $39.9 11.3% Managed Solutions $29.0 $28.8 0.9% Other Surface Transportation $— $15.1 (100.0)% Total $73.4 $83.7 (12.3)% Adjusted Gross Profits (1) ($ in millions) 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. Second Quarter Highlights

Streamlining & Automating Processes to Drive Profitable Growth 12 12

New Customer & Carrier Experiences Driving Digital Adoption 13 ■ Improving customer and carrier outcomes with technology that supports our people and processes ■ Leveraging Gen AI and Agentic AI to capitalize on our data and information advantage ■ Delivering process optimization by eliminating productivity bottlenecks ■ Accelerating the digital execution of critical touch points in the lifecycle of a load: • Reducing manual tasks per shipment • Reducing time per task 13

© C.H. Robinson Worldwide, Inc. All rights reserved. 14 Our Customer Promise

Capital Allocation Priorities: Balanced and Opportunistic 15 Cash Flow from Operations & Capital Distribution ($M) ■ $161 million of cash returned to shareholders in Q2 2025 ■ Q2 2025 capital distribution increased 110% Y/Y ■ More than 25 years of annually increasing dividends, on a per share basis ■ 919K shares repurchased at an average price of $93.40 ■ The Y/Y increase in cash from operations was driven by growth in net income and a favorable Y/Y change in net operating working capital. ■ We'll continue to manage our capital structure to maintain our investment grade credit rating. ■ Improved leverage ratio has led to a higher likelihood of share repurchases compared to last year.

2024 INVESTOR DAY Appendix

Q2 2025 Transportation Results(1) 17 Three Months Ended June 30 Six Months Ended June 30 $ in thousands 2025 2024 % Change 2025 2024 % Change Total Revenues $ 3,746,660 $ 4,121,930 (9.1) % $ 7,468,575 $ 8,204,518 (9.0) % Total Adjusted Gross Profits(2) $ 654,019 $ 651,547 0.4 % $ 1,294,564 $ 1,279,139 1.2 % Adjusted Gross Profit Margin % 17.5% 15.8% 170 bps 17.3% 15.6% 170 bps Transportation Adjusted Gross Profit Margin % 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 19.7% 17.3% 16.4% 18.6% 15.3% 14.9% 13.5% 15.2% 15.4% 17.2% Q2 19.3% 16.2% 16.2% 18.3% 17.5% 13.8% 15.4% 15.5% 15.8% 17.5% Q3 17.6% 16.4% 16.6% 16.9% 14.4% 13.7% 15.1% 15.1% 16.4% Q4 17.2% 16.6% 17.7% 15.6% 14.3% 13.3% 15.5% 15.0% 16.9% Total 18.4% 16.6% 16.7% 17.3% 15.3% 13.8% 14.8% 15.2% 16.1% 1. Includes results across all segments. 2. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material.

Q2 2025 NAST Results 18 1. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Includes $0.7 million of restructuring charges in the Three Months and Six Months Ended June 30, 2025 related to workforce reductions. Includes $8.5 million of restructuring charges in the Three Months Ended June 30, 2024 related to workforce reductions and charges to reduce our facilities footprint including early termination or abandonment of office buildings under operating leases and $13.4 million of restructuring charges in the Six Months Ended June 30, 2024 related to workforce reductions, impairment of internally developed software due to reprioritizing the efforts of our product and technology teams, and charges to reduce our facilities footprint including early termination or abandonment of office buildings under operating leases. Three Months Ended June 30 Six Months Ended June 30, $ in thousands 2025 2024 % Change 2025 2024 % Change Total Revenues $ 2,918,227 $ 2,989,909 (2.4) % $ 5,786,647 $ 5,990,222 (3.4) % Total Adjusted Gross Profits(1) $ 432,248 $ 419,657 3.0 % $ 850,572 $ 816,767 4.1 % Adjusted Gross Profit Margin % 14.8% 14.0% 80 bps 14.7% 13.6% 110 bps Income from Operations(2) $ 163,991 $ 141,102 16.2 % $ 307,662 $ 249,997 23.1 % Adjusted Operating Margin % 37.9% 33.6% 430 bps 36.2% 30.6% 560 bps Depreciation and Amortization $ 4,815 $ 5,525 (12.9) % $ 9,624 $ 10,875 (11.5) % Total Assets $ 2,971,926 $ 3,053,769 (2.7) % $ 2,971,926 $ 3,053,769 (2.7) % Average Headcount 5,283 5,868 (10.0) % 5,283 5,929 (10.9) %

Q2 2025 Global Forwarding Results 19 1. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Includes $2.6 million of restructuring charges in the Three Months and Six Months Ended June 30, 2025 related to workforce reductions. Includes $3.5 million of restructuring charges in the Three Months Ended June 30, 2024 and $7.0 million of restructuring charges in the Six Months Ended June 30, 2024 mainly related to workforce reductions. Three Months Ended June 30 Six Months Ended June 30 $ in thousands 2025 2024 % Change 2025 2024 % Change Total Revenues $ 797,800 $ 921,223 (13.4) % $ 1,572,688 $ 1,779,860 (11.6) % Total Adjusted Gross Profits(1) $ 187,581 $ 184,067 1.9 % $ 372,209 $ 364,112 2.2 % Adjusted Gross Profit Margin % 23.5% 20.0% 350 bps 23.7% 20.5% 320 bps Income from Operations(2) $ 51,330 $ 40,982 25.3 % $ 94,273 $ 72,534 30.0 % Adjusted Operating Margin % 27.4% 22.3% 510 bps 25.3% 19.9% 540 bps Depreciation and Amortization $ 2,188 $ 2,793 (21.7) % $ 4,327 $ 5,637 (23.2) % Total Assets $ 1,332,889 $ 1,306,075 2.1 % $ 1,332,889 $ 1,306,075 2.1 % Average Headcount 4,436 4,652 (4.6) % 4,469 4,770 (6.3) %

Q2 2025 All Other and Corporate Results 20 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Includes $1.1 million of charges in the Three Months Ended June 30, 2025 primarily related to workforce reductions. Includes $9.7 million of charges in the Six Months Ended June 30, 2025 primarily related to a $6.3 million impairment charge on our Kansas City regional center lease resulting from the execution of a sublease agreement on a portion of the building. Includes $3.1 million of restructuring charges in the Three Months Ended June 30, 2024 mainly related to workforce reductions and $7.7 million of restructuring charges in the Six Months Ended June 30, 2024 related to workforce reductions and impairment of internally developed software due to reprioritizing the efforts of our product and technology teams. Three Months Ended June 30 Six Months Ended June 30, $ in thousands 2025 2024 % Change 2025 2024 % Change Total Revenues $ 420,516 $ 572,216 (26.5%) $ 823,948 $ 1,125,577 (26.8%) Total Adjusted Gross Profits(1) $ 73,402 $ 83,685 (12.3%) $ 143,538 $ 164,259 (12.6%) Income (loss) from Operations(2) $ 598 $ (3,994) N/M $ (9,163) $ (17,308) N/M Depreciation and Amortization $ 17,863 $ 16,736 6.7% $ 36,557 $ 32,420 12.8% Total Assets $ 1,017,096 $ 1,152,502 (11.7%) $ 1,017,096 $ 1,152,502 (11.7%) Average Headcount 3,139 3,954 (20.6%) 3,414 4,032 (15.3%)

21 Our adjusted gross profit and adjusted gross profit margin are non-GAAP financial measures. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. Adjusted gross profit margin is calculated as adjusted gross profit divided by total revenues. We believe adjusted gross profit and adjusted gross profit margin are useful measures of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. The reconciliation of gross profit to adjusted gross profit and gross profit margin to adjusted gross profit margin are presented below: Three Months Ended June 30 Six Months Ended June 30, $ in thousands 2025 2024 2025 2024 Revenues: Transportation $ 3,746,660 $ 4,121,930 $ 7,468,575 $ 8,204,518 Sourcing 389,883 361,418 714,708 691,141 Total Revenues $ 4,136,543 $ 4,483,348 $ 8,183,283 $ 8,895,659 Costs and expenses: Purchased transportation and related services 3,092,641 3,470,383 6,174,011 6,925,379 Purchased produced sourced for resale 350,671 325,556 642,953 625,142 Direct internally developed software amortization 13,681 10,883 29,347 21,105 Total direct costs $ 3,456,993 $ 3,806,822 $ 6,846,311 $ 7,571,626 Gross profit & Gross profit margin $ 679,550 16.4% $ 676,526 15.1% $ 1,336,972 16.3% $ 1,324,033 14.9% Plus: Direct internally developed software amortization 13,681 10,883 29,347 21,105 Adjusted gross profit/Adjusted gross profit margin $ 693,231 16.8% $ 687,409 15.3% $ 1,366,319 16.7% $ 1,345,138 15.1% Non-GAAP Reconciliations

Non-GAAP Reconciliations 22 Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. Our adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture is a similar non-GAAP financial measure to adjusted operating margin, but also excludes the impact of restructuring, lease impairment, and/or losses from divestiture. We believe adjusted operating margin and adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture are useful measures of our profitability in comparison to our adjusted gross profit, which we consider a primary performance metric as discussed above. The comparisons of operating margin to adjusted operating margin and adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture are presented below: Three Months Ended June 30 Six Months Ended June 30, $ in thousands 2025 2024 2025 2024 Total Revenues $ 4,136,543 $ 4,483,348 $ 8,183,283 $ 8,895,659 Income from operations 215,919 178,090 392,772 305,223 Operating margin 5.2% 4.0% 4.8% 3.4% Adjusted gross profit $ 693,231 $ 687,409 $ 1,366,319 $ 1,345,138 Income from operations 215,919 178,090 392,772 305,223 Adjusted operating margin 31.1% 25.9% 28.7% 22.7% Adjusted gross profit $ 693,231 $ 687,409 $ 1,366,319 $ 1,345,138 Adjusted income from operations(1) 220,229 193,279 405,695 333,355 Adjusted operating margin - excluding restructuring, lease impairment charge, and/or loss on divestiture 31.8% 28.1% 29.7% 24.8% 1. In the Three Months Ended June 30, 2025, we incurred expenses of $3.9 million primarily related to workforce reductions and $0.4 million of other charges. In the Six Months Ended June 30, 2025, we incurred expenses of $5.1 million primarily related to workforce reductions and $7.8 million of other charges, which includes a $6.3 million impairment charge on our Kansas City regional center lease resulting from the execution of a sublease agreement on a portion of the building. In the Three Months Ended June 30, 2024, we incurred restructuring expenses of $9.4 million related to workforce reductions and $5.7 million of other charges, primarily related to charges to reduce our facilities footprint. In the Six Months Ended June 30, 2024, we incurred restructuring expenses of $17.4 million related to workforce reductions and $10.7 million of other charges, primarily related to an impairment of internally developed software and charges to reduce our facilities footprint.

Non-GAAP Reconciliations 23 Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the impact of restructuring, lease impairment, and/or losses from divestiture. We believe that these measures provide useful information to investors and include them within our internal reporting to our chief operating decision maker. Accordingly, the discussion of our results of operations includes discussion on the changes in our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted). The reconciliation of these non-GAAP measures are presented below (in thousands except per share data): Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 NAST Global Forwarding All Other and Corporate Consolidated NAST Global Forwarding All Other and Corporate Consolidated Income (loss) from operations $ 163,991 $ 51,330 $ 598 $ 215,919 $ 307,662 $ 94,273 $ (9,163) $ 392,772 Severance and other personnel expenses 677 2,576 635 3,888 677 2,576 1,822 5,075 Other selling, general, and administrative expenses — — 422 422 — — 7,848 7,848 Total adjustments to income (loss) from operations(1)(2) 677 2,576 1,057 4,310 677 2,576 9,670 12,923 Adjusted income (loss) from operations $ 164,668 $ 53,906 $ 1,655 $ 220,229 $ 308,339 $ 96,849 $ 507 $ 405,695 Adjusted gross profit $ 432,248 $ 187,581 $ 73,402 $ 693,231 $ 850,572 $ 372,209 $ 143,538 $ 1,366,319 Adjusted income (loss) from operations 164,668 53,906 1,655 220,229 308,339 96,849 507 405,695 Adjusted operating margin - excluding lease impairment charge, restructuring, and loss on divestiture 38.1% 28.7% N/M 31.8% 36.3% 26.0% N/M 29.7% $ in 000's per share $ in 000's per share Net income and per share (diluted) $ 152,471 $ 1.26 $ 287,773 $ 2.37 Lease impairment charge, pre-tax — — 6,259 0.05 Restructuring and related costs, pre-tax 3,881 0.04 3,881 0.03 Loss on divestiture, pre-tax 429 0.00 2,783 0.02 Tax effect of adjustments (1,005) (0.01) (2,031) (0.01) Adjusted net income and per share (diluted) $ 155,776 $ 1.29 $ 298,665 $ 2.46 1. The Three Months Ended June 30, 2025 includes severance and other personnel expenses of $3.9 million related to workforce reductions and $0.4 million of other charges. 2. The Six Months Ended June 30, 2025 includes severance and other personnel expenses of $5.1 million primarily related to workforce reductions and $7.8 million of other charges, which includes a $6.3 million impairment charge on our Kansas City regional center lease resulting from the execution of a sublease agreement on a portion of the building.

Non-GAAP Reconciliations 24 Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the impact of restructuring, lease impairment, and/or losses from divestiture. We believe that these measures provide useful information to investors and include them within our internal reporting to our chief operating decision maker. Accordingly, the discussion of our results of operations includes discussion on the changes in our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted). The reconciliation of these non-GAAP measures are presented below (in thousands except per share data): Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 NAST Global Forwarding All Other and Corporate Consolidated NAST Global Forwarding All Other and Corporate Consolidated Income (loss) from operations $ 141,102 $ 40,982 $ (3,994) $ 178,090 $ 249,997 $ 72,534 $ (17,308) $ 305,223 Severance and other personnel expenses 4,758 2,179 2,508 9,445 7,784 5,394 4,209 17,387 Other selling, general, and administrative expenses 3,776 1,331 637 5,744 5,654 1,592 3,499 10,745 Total adjustments to income (loss) from operations(1)(2) 8,534 3,510 3,145 15,189 13,438 6,986 7,708 28,132 Adjusted income (loss) from operations $ 149,636 $ 44,492 $ (849) $ 193,279 $ 263,435 $ 79,520 $ (9,600) $ 333,355 Adjusted gross profit $ 419,657 $ 184,067 $ 83,685 $ 687,409 $ 816,767 $ 364,112 $ 164,259 $ 1,345,138 Adjusted income (loss) from operations 149,636 44,492 (849) 193,279 263,435 79,520 (9,600) 333,355 Adjusted operating margin - excluding restructuring 35.7% 24.2% N/M 28.1% 32.3% 21.8% N/M 24.8% $ in 000's per share $ in 000's per share Net income and per share (diluted) $ 126,251 $ 1.05 $ 219,155 $ 1.83 Restructuring and related costs, pre-tax 15,189 0.13 28,132 0.24 Tax effect of adjustments (3,645) (0.03) (6,746) (0.06) Adjusted net income and per share (diluted) $ 137,795 $ 1.15 $ 240,541 $ 2.01 1. The Three Months Ended June 30, 2024 includes severance and other personnel expenses of $9.4 million related to workforce reductions and $5.7 million of other charges, primarily related to reducing our facilities footprint including early termination or abandonment of office buildings under operating leases. 2. The Six Months Ended June 30, 2024 includes severance and other personnel expenses of $17.4 million related to workforce reductions and $10.7 million of other charges, primarily related to an impairment of internally developed software and charges related to reducing our facilities footprint including early termination or abandonment of office buildings under operating leases.

2024 INVESTOR DAY Thank you INVESTOR RELATIONS: Chuck Ives 952-683-2508 chuck.ives@chrobinson.com