#1873 68396 Gunt ARALAR 68396 25653 * Q4 2023 TE#2This 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. Disclosure MARTEN MARTENM + TTRANSPORT LTD.#3Operating Results The severe freight recession in 2023 significantly impacted our operating results 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. This year's earnings were heavily pressured by the freight market recession's weak demand and oversupply, inflationary operating costs, and cumulative impact of decreased freight rates leading to freight network disruptions. Operating Results Comparison-Percentage Change vs. Same Period of Prior Year Year Ended December 31, Year Ended December 31, 2021 vs. 2020 2023 vs. 2022 We remain focused on both minimizing the freight market's impact on our operations, and investing in and positioning our operations to capitalize on profitable organic growth opportunities as the market moves toward equilibrium from its current recessionary late stages - with fair compensation for our premium services. Accordingly, we have not agreed to any rate reductions since last August. Operating revenue Operating revenue, net of fuel surcharges Operating income Net income (10.5)% (7.7)% (37.1)% (36.2)% Year Ended December 31, 2022 vs. 2021 29.8% 23.1% 28.3% 29.2% 11.4% 8.3% 19.8% 22.9% Year Ended December 31, 2020 vs. 2019 3.7% MARTENM + 6.8% 21.9% 13.8% Year Ended December 31, 2019 vs. 2018 7.1% TRANSPORT LTD. 8.6% 8.7% 11.0%#4● ● ● The foundation of Marten's growing business platform network designed for MARTEN the best, most-efficient transportation service solutions for Marten's customers Each of our business platforms is positioned to capitalize on growth opportunities as the market moves out of the freight recession Truckload - regional temp and dry and OTR operating from 15 regional service centers--41% of revenue (63% temp/37% dry) Dedicated - customized solutions utilizing temp, dry and specialized equipment--36% of revenue (41% power-only/21% dry/38% temp) Brokerage - surge flexibility for customers' needs beyond Marten's assets--15% of revenue (79% temp/21% dry) Intermodal - refrigerated COFC with extended dray from Marten's truck network--8% of revenue (86% temp/14% 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 Portland, OR Jurupa Valley, CA Phoenix, AZ Otay Mesa, CA Mondovi, WI Corporate Office Mondovi, WI Kansas City, KS Dallas, TX Laredo, TX Indianapolis, I Memphis, TN Carlisle, PA Rio Grande Valley, TX IN + TTRANSPORT LTD. Richmond, VA Atlanta, GA Tampa, FL#5ma 23 4 107933 PERO Marten's Solar Advantage Solar has been installed at all of our facilities 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 + TRANSPORT LTD.#6$350 $325 $300 $275 $250 $225 $200 $175 $150 $125 $100 $75 $50 $25 $0 We minimized the impact of the freight recession on our dedicated operations with the disciplined management of our stable freight base Dedicated Operating Revenue (excluding fuel surcharges) In millions 22% (1)% 2017 22% 2018 Marten's Consistent Dedicated Growth 20% 2019 21% 2% 2020 2021 2022 2023 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 2014 2015 2016 2017 2018 935% Q1 Dedicated Operating Income In thousands Key: 2019 2020 2021 2022 2023 889% MARTENM + TTRANSPORT LTD. Q2 452% Q3 295% "Transformation is a process, not an event." - "Leading Change" by John P. Kotter Q4 % increases are from '14 to '23#7$220 $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 To protect our future brokerage growth, we have diversified our freight base from 90 customers at the start of '22 to an average of 140 customers throughout '23 - and we haven't moved loads from brokerage to our tractors as is common with many carriers 2017 Brokerage Operating Revenue In millions 23% 2018 26% Marten's Brokerage Growth 2019 (11)% 2020 50% 2021 41% 2022 $7,000 (19)% $6,000 2023 $5,000 $4,000 $3,000 $2,000 $1,000 $0 2014 2015 2016 2017 2018 585% Q1 Brokerage Operating Income In thousands Key: 665% 2019 2020 2021 2022 2023 MARTENM + Q2 518% Q3 TRANSPORT LTD. 422% Q4 % increases are from '14 to '23#82022 2023 <--2021 <-2022 Week 1 2023 Week 3 Week 5 Week 7 Week 9 Week 11 Week 13 Week 15 Week 17 Week 19 Week 21 Week 23 Week 27 Week 25 Week 29 Week 37 Week 39 Week 33 Week 31 Week 35 Week 43 Week 41 Week 45 Week 49 Week 47 Week 51 Week 53 Week 1 Week 3 Week 5 Week 9 Week 7 Week 13 Week 11 Week 15 Week 17 Week 19 Week 21 Week 23 Week 25 Week 27 Week 29 Week 31 Week 37 Week 33 Week 35 Week 41 Week 43 Week 39 25 Week 51 006 Week 45 Week 47 Week 49 Week 53 125 1,100 225 احمد 325 1,300 425 1,500 525 625 M₁ # 1,700 725 IMAZ 825 1,900 As 2,100 925 1,025 2,300 Dedicated Load Count Total Load Count 2021 2022 2023 <--2021 2022 2023 Week 1 Week 3 Week 5 Week 7 Week 9 Week 11 Week 13 Week 15 Week 17 Week 19 Week 21 Week 23 Week 25 Week 27 Week 29 Week 31 Week 33 Week 35 Week 37 Week 39 Week 41 Week 43 Week 45 Week 47 Week 49 Week 51 Week 53 Week 1 Week 3 Week 5 Week 7 Week 9 Week 11 Week 13 Week 15 Week 21 Week 17 Week 19 Week 23 Week 25 Week 27 Week 29 Week 31 Week 33 009 Week 35 Week 37 Week 43 Week 39 Week 41 Week 45 Week 47 Week 49 0 Week 51 Week 53 700 50 800 900 100 1,000 my 1,100 At Af 1,200 150 1,300 AT MAA 200 1,400 250 Алмат murt 1,500 300 Total Loads Non Dedicated Dry Shipper Loads dedicated customers shifting brokerage loads due to the freight recession customer brokerage loads to minimize the impact in '23 of a number of our Since '22 we have focused on increasing our volume of non-dedicated and dry Shift in Brokerage Loads MARTENM + LTD. TRANSPORT#9MRTN de Mexico Growth -Minimized the impact of the freight recession with operating revenue excluding fuel surcharges of $79.2 million for '23 compared with $81.5 million for '22 1,500 -Temperature growth history with more expansive 1,300 growth in the works 1,100 -Facility expansion at all three MRTN de Mexico entry ports -Moved into new Otay Mesa facility in June, '22 -Expanded present Laredo facility operations space -Purchased land in Rio Grande Valley for building new facility with increased capacity -Dry expansion with first loads in Feb., '22 and expected continued growth MRTN de Mexico Dry TL and Brokerage Loads 900 700 500 300 100 MARTENM + TTRANSPORT LTD. Q1 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q2 '22 New Otay Mesa, CA Facility Q4 '23#10In millions $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 Net Capital Expenditures Increase in '23 due to availability delays of '22 purchases and price inflation $106.3 2020 $123.7 2021 $134.9 2022 $172.5 MARTENM + TTRANSPORT LTD. 2023 $165 II 2024 Estimate#11Marten People, Model and Culture/Data-Driven Measured/Disciplined Management MARTENM + TTRANSPORT 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 - which is a key tool in minimizing the market's current challenges to 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#12In millions $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 2009 - Marten's Operating Revenue Excluding Fuel Surcharges -2022 was the 12th straight year with our highest operating revenue excluding fuel s/c We expanded our customer diversity by adding 223 shipper codes for 107 new customers while reducing our fleet size to minimize the impact of this year's freight recession (2)% 2010 11% 2011 5% 2012 3% 2013 3% 2014 8% 2015 4% 2016 2% 2017 8% 2018 9% 2019 7% 2020 8% MARTENM + 2021 TTRANSPORT LTD. 23% 2022 (8)% 2023 "The achievements of an organization are the results of the combined effort of each individual." - Vince Lombardi#13In millions $150 $140 $130 $120 $110 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 Marten's Operating Income In each of the five years from 2018 through 2022 we had the then-best operating income in our history 2009 20% 2010 22% 2011 7% 2012 13% (2)% 2013 2014 20% (5)% 2015 2016 (2)% 2017 24% 2018 9% 2019 22% 2020 MARTENM + 20% 2021 28% 2022 TRANSPORT LTD. (37)% 2023#1494% 93% 92% 91% 90% 89% 88% 87% 86% 85% 84% 83% 82% 81% 80% 93.5% 2009 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% 2010 91.2% 91.1% 2011 2012 90.2% 2013 90.7% 2014 89.7% 2015 90.6% 2016 91.0% 2017 89.7% 89.7% 2018 2019 88.2% 2020 MARTENM + 87.0% 2021 TTRANSPORT LTD. 86.4% 2022 90.7% 2023#15$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 21% 2010 Marten's Earnings Per Diluted Share(¹) 23% 2011 12% 2012 10% 2013 (2)% 2014 20% 2015 (3)% -% (2) 2016 2017 62%(²) 2018 11% 2019 13% (2) Excluding the deferred income taxes benefit related to the federal Tax Cuts and Jobs Act in 2017 2020 (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 MARTENM + 23% 2021 TTRANSPORT LTD. 31% 2022 (36)% 2023#16Organic Operating Results Each of our business platforms is positioned to capitalize on growth opportunities as the market moves out of the freight recession MARTENM + TTRANSPORT 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. This year's earnings were heavily pressured by the freight market recession's weak demand and oversupply, inflationary operating costs, and cumulative impact of decreased freight rates leading to freight network disruptions. We remain focused on both minimizing the freight market's impact on our operations, and investing in and positioning our operations to capitalize on profitable organic growth opportunities as the market moves toward equilibrium from its current recessionary late stages - with fair compensation for our premium services. Accordingly, we have not agreed to any rate reductions since last August. "Energy and persistence conquer all things." - Benjamin Franklin