ULH

• Recognized efforts of over 11,000 employees and contractors for their dedication. • Contract Logistics remains the cornerstone, with Parsec integration progressing. • Trucking focuses on specialized freight like wind energy. • Intermodal is working on optimizing operations and exiting unprofitable business. • New executive leadership for sales and business development, expanded sales organization, and rolled out new CRM solution.

• Q3 2025 expected top line revenues between $390 million and $410 million, operating margins 5% to 7%, EBITDA margins 14% to 16%. • Full year 2025 expected top line revenues between $1.6 billion to $1.7 billion, similar operating and EBITDA margins. • Capital expenditures for equipment expected $100 million to $125 million, real estate $50 million to $65 million. • Interest expense expected between $48 million and $51 million.

Universal Logistics Holdings reported second quarter 2025 operating revenues of $393.8 million. By segment: Contract Logistics had revenues of $260.6 million, with operating income of $21.8 million and an 8.4% margin. The integration of Parsec contributed $55 million in revenue. Trucking had revenues of $64.1 million, down nearly 30% YOY, but operating margin was 5.2%. Intermodal had revenues of $68.9 million, down 13.5% YOY, with an operating loss of $5.7 million.

• Tariffs impacted Intermodal division with falloff in volumes. • Soft freight market and uncertainties in Class 8 and OEM sectors. • Uncertainty in import volumes and impact on Intermodal performance.

Q: Just wanted to start off with a bit of the tariff headwind and discuss how impactful you guys thought it was to 2Q across the business and what are the kind of conversations you're having with customers about potential restocking into 3Q and through year-end? And I guess on that note, talk a little bit about what normal seasonality would look like in the business and how you're expecting it to trend relative to that?

A: Tim Phillips said tariffs had an impact on Intermodal division, with a falloff in volumes in May-June, and expects normal cyclical uplift in 3Q with pent-up ordering helping numbers. Jude Beres added on ISRs being flattish to down YOY.

Q: Sticking with that Intermodal part of the business, discussing some of the profitability initiatives you guys have ongoing. Can you refresh us here and walk us through the progress and time line here thus far?

A: Tim Phillips said goal is to return to profitability in 3Q or 4Q, focusing on sales activity, pricing, cross-selling, centralization of customer service and operations, rationalizing head count, and looking into spot market.

Q: Moving on to the Trucking just for a moment here. I mean, it does seem like a pretty good result for Trucking, but the business continues to shrink here. What needs to happen for this business to start growing again?

A: Jude Beres said legacy agent-based business has been shrinking due to macro environment, while specialized wind franchise was impacted by tariffs but expected to improve in back half. Tim Phillips added rationalizing agents and focusing on specialized and heavier haul opportunities.