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Here are 1-2 brief analogies for Marten Transport (MRTN):

• Think of Marten Transport as 'FedEx for refrigerated and temperature-controlled freight'.

• Alternatively, they are like 'J.B. Hunt or Knight-Swift, but with a strong predominant focus on temperature-controlled transport'.

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• Temperature-Controlled Truckload: Provides specialized transportation for perishable goods and other products requiring precise temperature management.
• Dry Van Truckload: Offers standard over-the-road transportation for general commodities that do not require temperature control.
• Intermodal: Facilitates the movement of freight across longer distances by combining truck and rail transportation services.
• Logistics Services: Delivers comprehensive supply chain solutions, including freight brokerage and managed transportation services.

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Marten Transport (MRTN) is a truckload carrier primarily serving other businesses, rather than individuals. Its customer base is highly diversified. According to its recent 10-K filings, no single customer accounted for more than 10% of its total operating revenues in 2023, 2022, or 2021.

Therefore, Marten Transport does not disclose specific "major customers" by name. Its customer base primarily consists of the following categories of companies:

• Large, well-known food producers
• Consumer packaged goods companies
• Other major manufacturers and retailers

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• Daimler Truck Holding AG (FWB: DTG, OTC: DTRUY)
• PACCAR Inc. (NASDAQ: PCAR)
• Traton SE (XTRA: 8TRA)
• Wabash National Corporation (NYSE: WNC)

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Randolph L. Marten, Chairman of the Board and Chief Executive Officer

Mr. Marten was appointed CEO in January 2025, having previously served as Executive Chairman of the Board from May 2021 to October 2025. He has been a full-time employee of Marten Transport since 1974. His prior roles at the company include Chairman (1993-2021), CEO (2005-2021), President (1986-2008), Chief Operating Officer (1986-1998), and Vice President (1980-1986). Marten Transport was founded by his father, Roger Marten, in 1946. Information regarding him founding or managing other companies, selling companies to an acquirer, or a pattern of managing private equity-backed companies is not available.

James J. Hinnendael, Executive Vice President and Chief Financial Officer

Mr. Hinnendael has served as the Chief Financial Officer since 2006 and Executive Vice President since 2015. Before joining Marten Transport, he was with Ernst & Young LLP from 1987 to 1991. Information regarding him founding or managing other companies, selling companies to an acquirer, or a pattern of managing private equity-backed companies is not available.

Douglas P. Petit, President

Mr. Petit was appointed President of Marten Transport in 2021.

Adam D. Phillips, Executive Vice President and Chief Operating Officer

Mr. Phillips has served as Executive Vice President and Chief Operating Officer since December 2023. His previous positions at Marten Transport include President of Western Operations and MRTN de Mexico (August 2019 to March 2023) and Vice President of Regional and Mexico Operations (January 2014 to August 2019).

Randall J. Baier, Executive Vice President and Chief Technology Officer

Mr. Baier has held the role of Executive Vice President and Chief Technology Officer since August 2023. Prior to this, he served as Senior Vice President of Information Systems (December 2019 to 2023), Vice President of Information Systems (January 2014 to December 2019), and Senior Director of Information Systems (April 2011 to January 2014).

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The key risks to Marten Transport (MRTN) include:

1. Weak Freight Market Conditions: Marten Transport faces significant risks from a challenging freight market characterized by oversupply, weak demand, and intense pricing pressure. This environment has led to declines in revenue, net income, and operating ratios across its business segments.
2. Inflationary Operating Costs: The company is exposed to the risk of rising operating expenses, including stubborn inflation, fuel price volatility, increased labor costs due to driver shortages, and higher insurance premiums. These costs can significantly impact profitability if they cannot be fully passed on to customers.
3. Intense Industry Competition: The trucking industry is highly competitive, and Marten Transport's profitability can be negatively affected by aggressive pricing strategies from competitors, especially during periods of excess capacity in the truckload market.

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Autonomous Trucking Technology

The ongoing development and testing of autonomous heavy-duty trucks, particularly for long-haul routes, pose a significant emerging threat. While full Level 5 autonomy is still distant, Level 4 solutions for specific hub-to-hub operations are progressing. If successful, this technology could drastically reduce driver labor costs (a major component of trucking expenses), alter fleet management requirements, and potentially lead to new, more efficient business models. Early adopters could gain a substantial competitive advantage, putting pressure on traditional carriers like Marten to invest heavily in costly new technology or risk being undercut on rates. The integration of autonomous driving with temperature-controlled trailers presents unique challenges but is actively being pursued.

Electrification of Long-Haul Refrigerated Fleets

The transition towards electric heavy-duty trucks, such as the Tesla Semi and offerings from Volvo and Freightliner, is gaining momentum. For Marten, specializing in refrigerated transport, this presents a particular emerging threat due to the high energy demands of refrigeration units, which can significantly reduce electric truck range and increase charging infrastructure requirements. The substantial capital expenditure required to transition a large fleet, coupled with the need for extensive charging infrastructure and potential operational complexities (e.g., ensuring continuous refrigeration during charging or downtime, managing battery weight impacts on payload), poses a significant financial and operational hurdle if not managed effectively. Competitors who overcome these challenges more efficiently could gain a cost or sustainability advantage favored by shippers.

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Marten Transport (MRTN) operates primarily in the temperature-controlled and dry freight transportation sectors across the United States, Canada, and Mexico. The company's main services include Truckload (refrigerated and dry van), Dedicated, Intermodal, and Brokerage solutions.

Addressable Markets for Marten Transport's Main Services:

• Refrigerated Trucking Market: The United States refrigerated trucking market size is estimated at approximately USD 30.77 billion in 2025. This market is projected to reach USD 42.27 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.56% during the forecast period (2025-2030).
• Dry Van Truckload Market: The dry van truckload market is valued at approximately USD 15.64 billion in 2025. This market is projected to experience robust growth, driven by a consistent CAGR of 5.1% from 2025 to 2033. The market's growth is significantly influenced by e-commerce expansion and the movement of raw materials and finished goods for manufacturing and retail sectors. This market is implicitly North American/Global but a strong component of North America.
• Intermodal Transportation Market: The North America intermodal freight transportation market generated a revenue of approximately USD 15.28 billion in 2023. It is expected to grow at a CAGR of 10.9% from 2024 to 2030, reaching a projected revenue of USD 31.59 billion by 2030.

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Marten Transport (MRTN) is expected to drive future revenue growth over the next two to three years through several key strategies and market dynamics:

1. Organic Growth through High-Service, Premium Freight: Marten Transport's core growth strategy involves expanding organically by offering a high level of service and significant freight capacity, particularly for time- and temperature-sensitive commodities. The company targets shippers who offer consistent volumes of freight in preferred lanes and are willing to compensate for premium service. Marten aims to capitalize on profitable organic growth opportunities as the market recovers.

2. Expansion of Dedicated and Brokerage Operations: The company has highlighted its Dedicated and Brokerage platforms as valuable and resilient business segments. Marten continues to focus on increasing its volume of non-dedicated and dry van freight within its Brokerage platform. These operations have consistently shown strong results even during challenging freight market conditions, positioning them as key areas for future expansion.

3. Growth in Mexican Operations (MRTN de Mexico): Marten de Mexico has been a consistent growth area, showing quarterly increases in dry truckload and brokerage loads. The company has actively expanded its three border-crossing terminals in Laredo, McAllen, Texas, and Otay Mesa, California, and has acquired land for a new, larger facility in McAllen, indicating a strong commitment to growing its cross-border capabilities.

4. Market Share Gains from Industry Capacity Contraction: Marten anticipates capitalizing on potential industry contractions stemming from regulatory shifts, such as those requiring improved driver proficiency. These changes are expected to lead to capacity exits by smaller carriers, creating opportunities for Marten to gain market share in the tailored truckload and brokerage segments.

5. Customer Diversification: Marten Transport has demonstrated a strategic effort to diversify its customer base. By reducing its dependency on a limited number of clients, the company is spreading its revenue sources across a broader spectrum of customers. This approach helps in attracting and retaining a diverse customer portfolio, strengthening its market position.

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Share Repurchases

• On May 4, 2022, Marten Transport's Board of Directors approved an increase in its share repurchase program to $50 million, or approximately 3.1 million shares.
• During the first quarter of 2022, Marten repurchased and retired 1.3 million shares of its common stock for $25 million.
• As of September 30, 2025, $33.2 million, representing approximately 2.2 million shares, remained available for future repurchases, with no shares repurchased since the second quarter of 2022.

Share Issuance

• Marten Transport executed a three-for-two stock split on August 13, 2020.
• Issuance of common stock from share-based payment arrangement exercises, deferred compensation plan distributions, and vesting of performance unit awards amounted to $1.3 million in 2024, $1.21 million in 2023, and $2.0 million in 2022.

Outbound Investments

• On September 30, 2025, Marten Transport finalized the sale of assets related to its intermodal business to Hub Group, Inc. for $51.8 million in cash.
• The sale included over 1,200 refrigerated containers and associated contracts.
• This transaction aims to clarify Marten's focus on investing in and positioning its core operations for future organic growth opportunities.

Capital Expenditures

• In 2024, net cash flows from operating activities primarily funded the purchase of new revenue equipment, totaling $146.8 million net of dispositions.
• Net capital expenditures are estimated at $106 million for 2025, a decrease from $152.1 million in 2024, reflecting a more cautious approach during the current freight recession.
• Capital expenditures focus on maintaining a relatively new and standardized fleet of tractors and refrigerated trailers to minimize maintenance costs, and constructing/upgrading regional operating facilities. The cost of tractors increased by 17% and refrigerated trailers by 30% in 2025 compared to 2021.