#1MARTEN M TAYAY MARTEN LC 23943 MODENA,WIS. ROGER TRANSPORT LTD Q3 2022#2PL Disclosure MARTEN M 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.#3PL Consistently Improving Organic Operating Results No Matter the Market Environment Each year since 2018 has had a very different market environment In each year from 2018 through 2021, we set the then-current record for our highest annual operating revenue and operating income. We also achieved in each of 2020 and 2021 our then-best operating ratio, net of fuel s/c, for any year since we became a public company in 1986. Operating Results Comparison In Q3YTD '22, we had the best operating revenue and operating income for any year's first nine months in our history-and the best operating ratio, net of fuel s/c, for any year's first nine months since we became a public company. Operating revenue Operating revenue, net of fuel surcharges Operating income Net income Percentage Increase Three Months Ended September 30, 2022 vs. 2021 29.1% 21.8% 18.5% 20.6% Percentage Increase Three Months Ended June 30, 2022 vs. 2021 41.8% 32.1% 43.5% 47.8% Percentage Increase Three Months Ended March 31, 2022 vs. 2021 28.8% 23.8% 49.4% 52.9% Percentage Increase Year Ended December 31. 2021 vs. 2020 11.4% 8.3% 19.8% 22.9% Percentage Increase Year Ended December 31, 2020 vs. 2019 3.7% 6.8% 21.9% MARTEN M 13.8% Percentage Increase Year Ended December 31, 2019 vs. 2018 "You can't build a reputation on what you were going to do." - Henry Ford 7.1% 8.6% TRANSPORT LTD. 8.7% 11.0%#4PL Consistent Profitable Organic Growth During the Pandemic MARTEN TRANSPORT LTD. Quarter-over-quarter for the ten consecutive quarters since the pandemic began, we have delivered consistently improving top- and bottom-line results Operating Results Since the Pandemic Began - Percentage Increase Over Same Quarter of Prior Year Operating revenue Operating revenue, net of fuel surcharges Operating income Net income Q3 2022 29.1% 21.8% Q2 2022 Q1 2022 Q4 2021 32.1% 23.8% 41.8% 28.8% 17.4% 16.3% Q3 2021 12.5% Q2 2021 18.5% 43.5% 49.4% 20.0% 16.8% 9.4% 12.8% 5.0% QI 2021 2.0% 2.5% Q4 2020 4.7% 8.8% Q3 2020 0.5% "Winning takes talent; to repeat takes character." - John Wooden 3.8% 12.9% 33.1% 36.0% 21.8% 20.6% 47.8% 52.9% 26.1% 17.9% 18.1% 31.3% 24.5% 8.8% Q2 2020 0.1% 4.7% 26.6% 19.4%#5PL . H i . Expanding Regional Operating Centers Network MARTEN THE FOUNDATION of Marten's growing business platform network designed for the best, most-efficient transportation service solutions for Marten's customers Pre-'09 facilities Truckload - regional temp and dry and OTR operating from 15 regional service centers--40% of revenue (62% temp/38 % dry) Dedicated customized solutions utilizing temp, dry and specialized equipment--34% of revenue (42% power-only / 22% dry/36% temp) Brokerage - surge flexibility for customers' needs beyond Marten's assets--16% of revenue (80% temp/20% dry) Intermodal - refrigerated COFC and TOFC with extended dray from Marten's truck network--10% of revenue (83% temp/17% dry) MRTN de Mexico - door-to-door service between Mexico, the U.S. and Canada utilizing Mexican partner carriers within Mexico 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 + TRANSPORT LTD. Tampa, FL#6PL Marten's Solar Commitment MARTEN BANA Marten's Solar Commitment Tractor Auxiliary Power Unit and Refrigerated Trailer Power Unit Integration Nationwide Terminal and Office Installations Mondovi Carlisle Richmond Laredo Atlanta Jurupa Valley Tampa Phoenix Kansas City Portland Indianapolis Otay Mesa In Partnership with All Energy Solar, St. Paul, MN Ma Memphis Dallas MARTEN M TTRANSPORT LTD.#7PL $300 $275 $250 $225 $200 $175 $150 $125 $100 $75 $50 $25 $0 Dedicated Revenue (excluding fuel surcharges) In millions 22% Marten's Consistent Dedicated, Intermodal and Brokerage Growth 20% 21% 2% 2017 2018 2019 2020 2021 01 ¹21 $160 $140 $120 $100 17% ull 01 02 02 Q3 03 '22 "21 $22 '21 '22 $80 $60 $40 $20 $0 26% 23% 25% 26% 50% (11)% $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 Brokerage Revenue (including fuel surcharges) In millions 2017 2018 2019 2020 2021 Intermodal Revenue (excluding fuel surcharges) in millions 9% 22% (9)% 3% 2017 2018 2019 2020 2021 65% MARTEN M 32% 24% 26% 80% HI Q1 Q1 02 ¹21 '22 '21 Q2 Q3 Q3 '22 '21 '22 "Transformation is a process, not an event." - "Leading Change" by John P. Kotter TRANSPORT LTD. 7% Hull 01 Q1 02 ¹21 *22 ¹21 Q2 Q3 Q3 ¹22 21 ¹22#8PL $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022 705% Q1 Consistent Growth in Quarterly Operating Income Across our Dedicated, Intermodal and Brokerage Businesses Since 2014 Dedicated Operating Income In thousands Key: 880% Q2 % increases are from '14 to ¹22 for Q1 through Q3 and from ¹14 to '21 for Q4 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Q3 536% 601% Q1 256% 1,008% $5,400 02 $4,600 $3,800 $3,000 $2,200 $1,400 $600 Q4 ($200) Q1 Brokerage Operating Income In thousands 943% 718% Q3 Intermodal Operating Income In thousands 748% 02 514% MARTEN M Q4 >100% Q3 TRANSPORT LTD. 262%#9PL -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 through 2021 -1H '22 expansion of our dry operations into Mexico through our Dallas, Laredo and Otay Mesa facilities Dry Operations Tractors 400 350 3:00 250 200 150 100 50 0 2018 2019 2020 2021 2022 Consistent Growth in Dry Regional Truckload Operations Since the Pandemic Began 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 3/31/22 6/30/22 9/30/22 Key: % increases are from '18 to ¹22 for Q1 through Q3 and from '18 to '21 for Q4 $2,500 $2,000 $1,500 $1,000 $500 $0 615% Q1 422% $60 02 $50 $40 $30 $20 $10 $0 86% Dry Operations Operating Income In thousands Dry Operations Revenue (excluding fuel surcharges) In millions 21% 2018 2019 2020 2021 10% 232% Q3 298% 2 04 MARTEN M TRANSPORT LTD. 21% 39% Holl Q1 '21 Q1 '22 02 ¹21 Q2 '22 Q3 '21 Q3 '22 39%#10PL MRTN de Mexico Growth -Results-driven performance operating revenue excluding fuel surcharges has increased 35% from $57.6 million for the TTM ended September 30, '21 to $77.7 million for the TTM ended September 30, '22 -Temperature growth history with more expansive growth in the works -Dry expansion with first loads in Feb., '22 -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 MARTEN M TTRANSPORT LTD. New Otay Mesa, CA Facility#11PL In millions $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 $104.8 2018 Net Capital Expenditures $141.7 2019 $106.3 2020 $123.7 2021 MARTEN M TRANSPORT LTD. $160 2022 Estimate#12. Marten People, Model and Culture/Data-Driven Measured/Disciplined Management COVID-19 Pandemic has required accelerated disciplined data management changes MARTEN M 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 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 "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#13I Lo In millions $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 Consistent Record Improvement in Marten's Operating Revenue Excluding Fuel Surcharges -2021 was the 11th straight year with our highest operating revenue excluding fuel s/c -In Q3YTD '22 we had the best operating revenue excluding fuel s/c for any year's first nine months in our history (2)% 11% 5% 3% 3% 8% 4% 2% 8% 9% 7% 8% 24% 32% TTRANSPORT LTD. 22% d 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 "The achievements of an organization are the results of the combined effort of each individual." Vince Lombardi Q1 '21 Q1 '22 02'21 Q2 '22 Q3 '21 Q3'22#14PL In millions $120 $110 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 Consistent Record Improvement in Marten's Operating Income No Matter the Environment -Each year from 2018 through 2021 we had the then-best operating income in our history In Q3YTD '22 we had the best operating income for any year's first nine months in our history 20% 22% 7% 13% (2)% 20% (5)% (2)% 24% 9% 22% 20% 49% MARTEN M TTRANSPORT LTD. 44% dola 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 "To succeed in this world, you have to change all the time." - Sam Walton 18% Q1 '21 Q1 '22 Q2 '21 02 '22 Q3 '21 Q3 '22#15PL Consistent Record Improvement in Marten's Operating Ratio, Net of Fuel S/C -In each of 2020 and 2021 we achieved our then-best ratios for any year since we became a public company in 1986 - In Q3YTD ¹22 we had our best ratio for any year's first nine months since we became a public company 93.5% 94% 93% 92% 91% 90% 89% 88% 87% 86.0% 86% 85.4% 84.8% 85% Th 84% 83% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1 '21 Q1 '22 Q2 '21 Q2 '22 Q3 '21 Q3 '22 "...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 92.0% 91.2% 91.1% 90.7% 91.0% 90.6% 90.2% 89.7% 89.7% 89.7% 88.2% 87.0% MARTEN M 87.9% TRANSPORT LTD. 87.5% 87.1%#16PL $1.10 $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 Consistent Improvement in Marten's Earnings - Cents Per Diluted Share(¹) 23% 12% 10% -2021 improved 23% over 2020 -Q3YTD ¹22 improved 42% over Q3YTD ¹21 (2)% 20% (3)% -% (2) 62%(2) 11% 13% 23% 21% Iff 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 53% H Q1 '21 (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 649% increase from Q3 '09 to Q3 '22 Q1 ¹22 MARTEN M Q2 ¹21 TTRANSPORT LTD. 50% 02 *22 Q3 '21 24% Q3 ¹22#17PL Stock Buyback and 50% Increase in Quarterly Cash Dividend + TRANSPORT LTD. MARTEN M Reflecting our confidence in Marten's financial strength and commitment to enhancing stockholder value, we repurchased and retired 2.3 million shares of our common stock for $41.8 million during 1H '22 and increased our regular quarterly cash dividend by 50% during Q1 '22.#18PL Consistently Improving Operating Results MARTEN 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 year from 2018 through 2021, we set the then-current record for our highest annual operating revenue and operating income. We also achieved in each of 2020 and 2021 our then- best operating ratio, net of fuel s/c, for any year since we became a public company in 1986. In Q3YTD '22, we had the best operating revenue and operating income for any year's first nine months in our history-and the best operating ratio, net of fuel s/c, for any year's first nine months since we became a public company. "Energy and persistence conquer all things." - Benjamin Franklin