#1FISKEY MARTEN 68026 MARTE anc maka HEAL 68026 TH 25180 M e Q1 2023 MARTEN#2Disclosure M + MARTEN This presentation and discussion will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "intends," "estimates," or similar expressions are intended to identify these forward-looking statements. These statements are based on Marten's current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. For further information, please refer to Marten's reports and filings with the Securities and Exchange Commission. TRANSPORT LTD.#3$350 $300 $250 $200 $150 $100 $218.6 Q1 '20 Q1 Operating Revenue and Net Income Since 2020 MARTEN M + TTRANSPORT LTD. Operating Revenue In millions $223.0 Q1 '21 $287.3 Q1 '22 $298.0 Q1 '23 $35 $30 $25 $20 $15 $10 $5 $13.7 Q1 '20 Net Income In millions $18.0 Q1 '21 $27.5 Q1 '22 $22.5 Q1 '23#4Improving Organic Operating Results Each year since 2018 has had a very different market environment-with the start of 2023 considerably softer In each of the five years from 2018 through 2022, we set the then-current record for our highest annual operating revenue and operating income. We also achieved in each of 2020 through 2022 our then-best operating ratio, net of fuel s/c, for any year since we became a public company in 1986. Operating revenue increased 3.7% in Q1 '23 despite the softer freight market. Operating Results Comparison - Percentage Change vs. Same Period of Prior Year Operating revenue Operating revenue, net of fuel surcharges Operating income Net income Three Months Ended March 31, 2023 vs. 2022 3.7% 3.9% (19.1)% (18.3)% Year Ended December 31, 2022 vs. 2021 29.8% 23.1% 28.3% 29.2% Year Ended December 31, 2021 vs. 2020 11.4% 8.3% 19.8% 22.9% Year Ended December 31, 2020 vs. 2019 3.7% 6.8% 21.9% MARTEN M+ TTRANSPORT LTD. 13.8% Year Ended December 31, 2019 vs. 2018 7.1% 8.6% 8.7% 11.0%#5M + Profitable Organic Growth Since the Pandemic Began MARTEN Over the twelve quarters since the pandemic began, we have delivered improving top- and bottom-line results Operating Results Since the Pandemic Began - Percentage Change vs. Same Quarter of Prior Year Operating revenue Operating revenue, net of fuel surcharges Operating income Net income Q1 2023 3.7% Q4 2022 3.9% 15.8% (19.1)% 6.9% Q3 2022 20.9% 29.1% 41.8% 28.8% (18.3)% 3.2% Q2 2022 Q1 2022 18.5% 21.8% 32.1% 23.8% Q4 2021 17.4% 16.3% Q3 2021 43.5% 49.4% 20.0% 20.6% 47.8% 52.9% 26.1% Q2 2021 12.5% 12.8% 5.0% 9.4% 16.8% 12.9% 17.9% 18.1% Q1 2021 2.0% 2.5% Q4 2020 4.7% 8.8% 33.1% 36.0% Q3 2020 0.5% 3.8% 21.8% 31.3% 24.5% 8.8% Q2 2020 0.1% TRANSPORT LTD. 4.7% 26.6% 19.4%#6● ● THE FOUNDATION of Marten's growing business platform network designed for the best, most-efficient transportation service solutions for Marten's customers Expanding Regional Operating Centers Network MARTEN + TRANSPORT LTD. Truckload - regional temp and dry and OTR operating from 15 regional service centers--40% of revenue (63% temp/37% dry) Dedicated customized solutions utilizing temp, dry and specialized equipment--36% of re enue (41% power-only/22% dry/37% temp) Brokerage - surge flexibility for customers' needs beyond Marten's assets--14% of revenue (81% temp/19% dry) Intermodal - refrigerated COFC and TOFC with extended dray from Marten's truck network--10% of revenue (89% temp/11% dry) MRTN de Mexico - door-to-door service between Mexico, the U.S. and Canada utilizing Mexican partner carriers within Mexico - our three border facilities are key to our new era of dry van expansion Pre-'09 facilities Facilities added since '09 Portland, OR Jurupa Valley, CA Phoenix, AZ Otay Mesa, CA Mondovi, WI Corporate Office Mondovi, WI Kansas City, KS Dallas, TX Laredo, TX Indianapolis, IN Memphis, TN Carlisle, PA Rio Grande Valley, TX Richmond, VA Atlanta, GA Tampa, FL#7ma 23 4 107933 PERO Marten's Solar Advantage Today's freight market heightens the importance of cost management MARTEN 65106 Marten's Solar Commitment Tractor Auxiliary Power Unit and Refrigerated Trailer Power Unit Integration C + Nationwide Terminal and Office Installations Memphis Mondovi Carlisle Dallas Richmond Laredo Atlanta Jurupa Valley Tampa Phoenix Kansas City Portland Indianapolis Otay Mesa In Partnership with All Energy Solar, St. Paul, MN Gu Me MARTENM + TTRANSPORT LTD.#8$350 $325 $300 $275 $250 $225 $200 $175 $150 $125 $100 $75 $50 $25 $0 Marten's Dedicated and Brokerage Growth MARTEN TRANSPORT LTD. Dedicated Revenue (excluding fuel surcharges) In millions 2017 22% 20% II 21% 2% 2018 2019 2020 2021 2022 22% 11% Q1 '22 Q1 '23 $220 $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 Brokerage Revenue (including fuel surcharges) In millions 23% 26% (11)% 50% 41% 2017 2018 2019 2020 2021 2022 "Transformation is a process, not an event." - "Leading Change" by John P. Kotter (8)% Q1 '22 Q1 '23#9$16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 2014 2015 2016 2017 2018 935% Q1 Quarterly Operating Income Growth in our Dedicated and Brokerage Businesses Since 2014 Dedicated Operating Income In thousands Key: 2019 2020 2021 2022 2023 880% Q2 % increases are from '14 to '23 for Q1 and from '14 to '22 for Q2-Q4 536% Q3 451% Q4 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 585% Q1 Brokerage Operating Income In thousands 1,008% MARTEN M Q2 718% Q3 TRANSPORT LTD. 727% Q4#10-We built our regional service centers with the vision to expand into dry operations - a market 5X > temp -Operating out of our Kansas City, Phoenix, Atlanta and Tampa facilities -1H '22 expansion of our dry operations into Mexico through our Dallas, Laredo and Otay Mesa facilities with continued strong growth expected for '23 Dry Operations Tractors 400 350 300 250 200 150 100 12/31/18 Growth in Dry Regional Truckload Operations Since the EM + MARTEN Pandemic Began TRANSPORT LTD. 2018 2019 2020 2021 2022 2023 12/31/19 Key: 12/31/20 % increases are from '18 to '23 for Q1 and from '18 to '22 for Q2-Q4 12/31/21 $2,500 $2,000 $1,500 $1,000 $500 $0 12/31/22 $80 $70 $60 $50 $40 $30 $20 $10 $0 3/31/23 2019 Dry Operations Operating Income In thousands 422% 381% Q1 Dry Operations Revenue (excluding fuel surcharges) In millions Q2 2018 232% Q3 86% 10% 2020 250% Q4 21% 2021 2022 33% Q1 '22 16% Q1 '23#11MRTN de Mexico Growth -Results-driven performance -- operating revenue excluding fuel surcharges has increased 36% from $60.1 million for '21 to $81.5 million for '22 - and 11% from $18.6 million for Q1 '22 to $20.7 million for Q1 '23 -Temperature growth history with more expansive growth in the works -Dry expansion with first loads in Feb., '22 and expected strong continued growth - Facility expansion at all three MRTN de Mexico entry ports -Moved into new Otay Mesa facility in June, '22 -Expanding present Laredo facility operations space -Purchased land in Rio Grande Valley for building new facility with increased capacity EM + MARTEN New Otay Mesa, CA Facility TRANSPORT LTD.#12In millions $240 $220 $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 $141.7 2019 Net Capital Expenditures $106.3 2020 $123.7 2021 $134.9 I 2022 MARTEN M TRANSPORT LTD. $225 2023 Estim ate#13. ● Marten People, Model and Culture/Data-Driven Measured/Disciplined Management COVID-19 Pandemic has required accelerated disciplined data management changes MARTEN M TRANSPORT LTD. Marten people initiate and implement our strategic vision and key strategic initiatives Marten people developed and continuously update our proprietary information systems enabling real-time data-driven decisions for improved supply chain productivity Marten's culture: visible costs and operating data to improve and add value daily - we measure and manage as a team and cover each other's backs to provide the best service for our customers - we are disciplined and we care "If you can't measure it, you can't manage it." - Peter Drucker "Great things in business are never done by one person. They're done by a team of people." - Steve Jobs "The more they know, the more they'll understand. The more they understand, the more they'll care. Once they care, there's no stopping them." - Sam Walton#14In millions $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 Consistent Record Improvement in Marten's Operating Revenue Excluding Fuel Surcharges $0 2009 -2022 was the 12th straight year with our highest operating revenue excluding fuel s/c- which also increased 4% in Q1 '23 despite the softer freight market (2)% 2010 11% 2011 5% 3% 2012 2013 3% 2014 8% 4% 2% 2015 2016 8% 2017 2018 9% 2019 7% 2020 8% 2021 23% 2022 M + MARTEN TRANSPORT LTD. 4% III Q1 '22 Q1 '23 "The achievements of an organization are the results of the combined effort of each individual." - Vince Lombardi "Winning takes talent; to repeat takes character." - John Wooden#15Record Improvement in Marten's Operating Income -In each of the five years from 2018 through 2022 we had the then-best operating income in our history In millions $150 $140 $130 $120 $110 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 2009 20% 22% 7% 13% (2)% 20% (5)% (2)% 24% 9% 22% 20% 28% MARTEN 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 "To succeed in this world, you have to change all the time." - Sam Walton "You can't build a reputation on what you were going to do." - Henry Ford M + TRANSPORT LTD. (19)% 11 Q1 '22 Q1 '23#1694% 93.5% 93% 92% 91% 90% 89% 88% 87% 86% 85% 84% 83% 82% 81% 80% Record Improvement in Marten's Operating Ratio, Net of Fuel S/C -In each of 2020 through 2022 we achieved our then-best ratio for any year since we became a public company in 1986 92.0% 91.2% 91.1% 90.2% 90.7% 89.7% 91.0% 90.6% 89.7% 89.7% 88.2% 87.0% 86.4% EM + MARTEN TRANSPORT LTD. 88.6% 85.4% 2022 Q1 '22 Q1 '23 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 "...admit that the waters around you have grown...then you better start swimmin' or you'll sink like a stone for the times they are a changin"" Dylan, Bob. Like a Rolling Stone; Gates of Eden. Columbia, 1965#17$1.40 $1.30 $1.20 $1.10 $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 2009 Improvement in Marten's Earnings Per Diluted Share(1) -2022 improved 31% over 2021 23% 21% ill 2011 2010 12% 10% 2012 2013 (2)% 2014 20% (3)% -%(2) 2015 2016 2017 62% (2) 2018 11% 2019 13% 2020 23% 2021 (1) Restated to reflect the three-for-two stock split on August 13, 2020, the five-for-three stock split on July 7, 2017, and the three-for-two stock split on June 14, 2013 (2) Excluding the deferred income taxes benefit related to the federal Tax Cuts and Jobs Act in 2017 462% increase from Q1 '09 to Q1 '23 2022 MARTEN 31% TRANSPORT LTD. Q1 '22 (16)% Q1 '23#18Improving Organic Operating Results MARTEN M+ TRANSPORT LTD. Nothing has changed since Chris Henry wrote this in Dec. 2018: "Quarter-over-quarter, year-over-year, Marten Transport (NASDAQ: MRTN) has delivered consistent, top quartile results. Key word is consistent. When compared to many of the others, you don't see very many blips in operating expenses or legal exposures that may cause multi-period hangovers for others. Everything I read about them through their earnings releases and SEC filings point to a very disciplined operating team... Marten has hung with and bettered the performance of many of the big dogs." Henry, Chris. Marten Transport Delivers the Goods. TCA Truckload Indexes, Dec. 2018 In each of the five years from 2018 through 2022, we set the then-current record for our highest annual operating revenue and operating income. We also achieved in each of 2020 through 2022 our then-best operating ratio, net of fuel s/c, for any year since we became a public company in 1986. Operating revenue increased 3.7% in Q1 '23 despite the softer freight market. "Energy and persistence conquer all things." - Benjamin Franklin The disciplined execution by our bright and talented people of a unique business model featuring our multifaceted business platform has driven and will continue to drive profitable growth.