“This recognition reflects the transformational work our team has undertaken to elevate operations, drive results, and strengthen customer relationships over the past two years,” said Shawn Stewart, President and Chief Executive Officer of Forward Air. “We are striving to set the standard of excellence in the transportation and logistics industry, and being selected as a Most Trustworthy Company by the market is a significant endorsement of our progress. I’m incredibly proud of what our team has built together and excited for the road ahead.”

Forward Air was previously named to Newsweek’s list of the Most Trustworthy Companies in America in 2022 and to Newsweek’s list of America’s Most Responsible Companies in 2025.

The Most Trustworthy Companies in America ranking is based on a comprehensive methodology combining survey data and social listening analysis. The study incorporates feedback from approximately 25,000 U.S. residents across key dimensions of trust – customer, investor and employee trust – alongside an analysis of online sentiment, reach and engagement. The final list recognizes 700 companies across 23 industries with the highest overall trust scores.

The full list was published on April 1, 2026, and is available on Newsweek.com.

About Forward Air Corporation

Forward Air 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260402060466/en/

Media
Hannah Weeg – Forward Air
hweeg@forwardair.com
678.830.4830

Source: Forward Air Corporation

The Forward Air and Omni Logistics 2026 Pros to Know are:

• Jorge DeJesus, Vice President of Quality Claims and Loss Prevention, Forward Air – Recognized as a Leader in Excellence for institutionalizing High-Value, High-Risk (HVHR) security protocols, advancing ISO 9001 integration across the enterprise, driving industry-leading claims performance and reinforcing customer trust across the unified network.
• Ryan Ferrell, Vice President of Fleet Operations, Forward Air – Named a Top Transportation Innovator for leading large-scale fleet optimization initiatives spanning more than 1,500 drivers and 200,000 annual manifests, reducing variable cost per mile and enhancing purchased transportation margins through AI-driven forecasting and network design.
• Brandon Wyatt, Director of Operations, Forward Air – Recognized as a Rising Star for spearheading the consolidation of Chicagoland operations into a unified campus model without workforce reduction, generating more than $4 million in synergies and advancing the Company’s “One Ground” integration strategy.
• Adam Cooper, Director of Air Procurement and Network Optimization, Omni Logistics – Selected as a Top Transportation Innovator for transforming global air freight procurement strategy, strengthening airline partnerships, improving quote speed and data transparency and laying the groundwork for a 24/7 global time-critical service platform.

“These recognitions are a testament to the talent, expertise, and operational excellence that define our organization,” said Shawn Stewart, President and Chief Executive Officer of Forward Air. “Jorge, Ryan, Brandon and Adam are making profound impacts both internally for our teams and business and externally for our customers and industry. Their leadership not only drives our success as a company, but reinforces our ability to deliver consistent, premier service across our network.”

"When it comes to overcoming supply chain disruption, this year's pack of supply chain leaders left no stone unturned," says Marina Mayer, editor-in-chief of Food Logistics and Supply & Demand Chain Executive and co-founder of the Women in Supply Chain Forum. “From AI implementation and warehouse automation to last-mile accuracy and returns management, they innovated, developed and executed on all cylinders, providing solutions, technologies and processes that move product from Point A to Point B in a way that almost seems seamless. And every year, I am honored to celebrate these supply chain professionals.”

Go to https://sdce.me/h6ychkwi to view the full list of winners. Go to https://www.SDCExec.com/awards to learn more about other Supply & Demand Chain Executive awards.

About Forward Air Corporation
Forward Air 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.

About Supply & Demand Chain Executive
Supply & Demand Chain Executive is the only supply chain publication covering the entire global supply chain, focusing on trucking, warehousing, packaging, procurement, risk management, professional development and more. Supply & Demand Chain Executive and its sister publication, Food Logistics, also operate SCN Summit and the Women in Supply Chain Forum. Go to www.SDCExec.com to learn more.

About IRONMARKETS
IRONMARKETS, formerly known as AC Business Media, is a leading business-to-business media and buyer engagement platform with a portfolio of renowned brands in heavy construction, asphalt, concrete, paving, rental, sustainability, landscape, manufacturing, logistics, and supply chain markets. IRONMARKETS delivers relevant, cutting-edge content through its industry-leading digital properties, trade shows, conferences, videos, magazines, webinars, and newsletters. Learn more at https://www.iron.markets.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260324984708/en/

Media
Hannah Weeg – Forward Air
hweeg@forwardair.com
678.830.4830

Source: Forward Air Corporation

DALLAS--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or the “Company”) today announced that the Company has been named the 2026 Surface Carrier of the Year by the Airforwarders Association (AfA). The award was presented at the annual AirCargo Conference, a premier gathering for the air cargo and logistics industry.

The Surface Carrier of the Year is determined by AfA’s voting membership, representing the freight forwarders who rely on Forward Air’s expedited ground network to maintain the integrity of their air freight schedules.

“We are honored and excited to be recognized as the 2026 Surface Carrier of the Year,” said Shawn Stewart, President and Chief Executive Officer of Forward Air. “This award reinforces the strength and reliability of our ground network, the performance and execution of our incredible team, and the exceptional service we deliver for our customers and forwarder partners every day.”

Brandon Fried, Executive Director of the Airforwarders Association, added, “This recognition reflects direct member feedback on service performance, responsiveness and partnership throughout the year. Forward Air is the clear leader based on resounding recognition as a reliable, solutions-oriented, and highly engaged partner, particularly during challenging cycles for the industry.”

About Forward Air Corporation

Forward Air 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224180546/en/

Hannah Weeg – Forward Air
hweeg@forwardair.com
678.830.4830

Source: Forward Air Corporation

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

Ended 2025 in a Solid Liquidity Position

DALLAS--(BUSINESS WIRE)-- 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.

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 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.

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.

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):

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):

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260223387979/en/

Investors:
Tony Carreño
investorrelations@forwardair.com

Media:
Hannah Weeg
HWeeg@forwardair.com

Source: Forward Air Corporation

About Forward Air Corporation

Forward Air 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260129115310/en/

Investor Contact:
Tony Carreño
investorrelations@forwardair.com

Media Contact:
Hannah Weeg
HWeeg@forwardair.com

Source: Forward Air Corporation

“Being a responsible company is an integral part of our transformation into a global logistics provider. How we approach sustainability plays a pivotal role in how we grow our business, strengthen customer relationships, maximize employee engagement, and impact our planet,” said Shawn Stewart, President and Chief Executive Officer. “We remain focused on building a sustainable business model and are devoted to doing what is right for our people, planet and communities.”

2025 Sustainability Report Highlights

People: Building a safe workplace where people can grow, care for themselves and feel connected

• Decreased roadway incidents by nearly 12% in 2024, down from 2023 and 42% from 2019 through continuous training and compliance.
• Strengthened employee health and wellness benefits and policies to reflect the needs of a diverse workforce.

Planet: Monitoring and reducing the Company’s environmental impact

• Established a preliminary goal to reduce absolute Scope 1 and Scope 2 GHG emissions (combined) by 42% by 2030 from a 2021 base year.
• Began the process to onboard terminals utilizing on-site fueling to make the economically and environmentally improved switch to renewable diesel.
• Reduced idle usage across all KPIs, resulting in 15,695.33 fewer idle gallons used in 2024 than in 2023.
• Achieved 100% renewable energy sourcing for the Dallas headquarters.

Customer: Helping customers meet their goals reliably, transparently and sustainably

• Provided ad-hoc or recurring carbon accounting for all freight transported for customers to report Scope 3 emissions.
• Received awards highlighting the Company’s exceptional customer service, operational excellence and strong commitment to partners, including 2024 International and Domestic Forwarder of the Year, Commitment to Excellence Carrier of the Year for 2024, Recognition for agile support of volume and demand surge in the fourth quarter of 2024 and Empowerment Award in appreciation for the Company’s support of the Women-Owned Business Initiative.
• Maintained robust cybersecurity practices, reflecting a commitment to responsible corporate citizenship, ethical business practices and customer trust.

Community: Creating a lasting impact for employees, the industry and communities

• Advanced Forward Air’s Operation: Forward Freedom with $526,000 raised for Hope For The Warriors at the 2025 Drive for Hope event. Forward Air has raised more than $1.75 million since 2020.
• Supported local environmental disaster recovery efforts, including for the South-Central Texas floods and Greeneville, TN and Asheville, NC tornadoes.
• Maintaining partnerships with organizations that strengthen the industry and create safer, more inclusive communities, including Truckers Against Trafficking and the Women in Trucking Association.

Forward Air’s 2025 Sustainability Report can be found here.

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.

Note Regarding Forward-Looking Statements

This press release may contain statements that might be considered as forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate”, “expect”, “intend”, “plan”, “goal”, “target”, “project”, “believe”, “may”, “should”, “will”, “aim”, “would”, “seek”, “estimate”, “strategy”, “future”, “likely” and similar references to future periods. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties including Forward’s expectations regarding its ongoing commitment to ESG efforts as well as its ability to operate in a manner that positively impacts its various stakeholders. Actual events may also differ from these expectations as a result of the risks identified from time to time in our filings with the Securities and Exchange Commission. You should consider the forward-looking statements contained herein in light of such risks. We assume no duty to update these statements as of any future date.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260106694410/en/

Investors:
Tony Carreño
investorrelations@forwardair.com

Media:
Hannah Weeg
HWeeg@forwardair.com

Source: Forward Air Corporation

Continued Stable to Improving Margins at the Expedited Freight Segment

Strong Cash From Operations Contributing to Liquidity in Excess of $400 million

DALLAS--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three months ended September 30, 2025, as presented in the tables below.

“I am pleased with Forward Air’s performance, delivering another consecutive quarter of solid results, which we achieved in the face of an extended freight recession,” said Shawn Stewart, Chief Executive Officer. “In the third quarter, we reported operating income of $15 million and Consolidated EBITDA of $78 million. Optimizing our cost structure to operate more efficiently remains a top priority and in the third quarter, we implemented additional cost reduction initiatives that primarily included rightsizing our business in alignment with current freight demand and our ongoing transformation strategy.

“The solid results for the quarter were led by the Omni segment, which posted its highest revenue and reported EBITDA, excluding the impact of goodwill, since the acquisition. An increase in demand for its diversified service offerings were the primary drivers in a $5 million increase in this segment’s revenue to $340 million when compared to a year ago. Reported EBITDA also increased by $6 million to $33 million over this period.

“The Expedited Freight segment’s reported EBITDA margin of 11.5 percent is the second highest since the fourth quarter of 2023. We are also executing our transformation strategy with rigor and discipline and achieved a milestone in the quarter - integrating our U.S. and Canadian businesses operations to operate under a regional reporting structure, which lays the groundwork for the creation of One Ground Network. This consists of integrating key service lines such as linehaul, pickup and delivery, brokerage and expedited services into a single, streamlined structure that is more cohesive, agile and customer centric. We expect this to be a seamless and reliable experience for our customers with the goal of further enhancing our award-winning service,” concluded Stewart.

Jamie Pierson, Chief Financial Officer added, “We reported consolidated revenue of $632 million in the third quarter compared to $656 million a year ago. Income from operations was $15 million compared to $23 million in the same period a year ago.

“For the third quarter, Consolidated EBITDA, a non-GAAP measure calculated pursuant to our Term Loan Credit Agreement, was $78 million compared to $86 million for the same period last year. Correspondingly, the last twelve months Consolidated EBITDA as of September 30, 2025, was $299 million.

“Liquidity at the end of the third quarter was $413 million compared to $368 million at the end of the second quarter. Through the first three quarters of the year, cash provided by operations totaled $67 million, which is a $113 million improvement compared to the $46 million used by operations in the same period last year,” concluded Pierson.

Review of Financial Results

Forward will hold a conference call to discuss third quarter 2025 results on Wednesday, November 5, 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: FWRDQ325.

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 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.