Wabash National : Raymond James Industrials Conference

WABASH NATIONAL CORPORATION

Raymond James Industrials Conference

August 25, 2021

Safe Harbor Statement & Non-GAAP Financial Measures

This presentation contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey Wabash National Corporation's (the "Company") current expectations or forecasts of future events. All statements contained in this presentation other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, all statements regarding our ability to effectively manage and operate our business given the ongoing uncertainty caused by the COVID-19 pandemic; the highly cyclical nature of our business; demand for our products; the relative strength or weakness of the overall economy; our expected revenues, income or loss; our ability to achieve sustained profitability; dependence on industry trends; our strategic plan and plans for future operations; availability and pricing of raw materials, including the impact of tariffs or other international trade developments; the level of competition that we face; reliance on certain customers, suppliers and corporate relationships; our ability to develop and commercialize new products; acceptance of new technologies and products; export sales and new markets; engineering and manufacturing capabilities and capacity, including our ability to attract and retain qualified personnel; government regulations; the outcome of any pending litigation or notice of environmental dispute; the risks associated with climate change and related government regulation; availability of capital and financing, including for working capital and capital expenditures; our ability to manage our indebtedness; our ability to effectively integrate Supreme and realize expected synergies and benefits from the Supreme acquisition; and assumptions relating to the foregoing. Readers should review and consider the various disclosures made by the Company in this presentation and in the Company's reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

We cannot give assurance that the expectations reflected in our forward-looking statements will prove to be correct. Our actual results could differ materially from those anticipated in these forward-looking statements. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by the factors we disclose that could cause our actual results to differ materially from our expectations.

In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this presentation contains non-GAAP financial measures, including free cash flow, adjusted operating income (loss), adjusted net income (loss), and adjusted earnings per share. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net (loss) income, and reconciliations to GAAP financial statements should be carefully evaluated.

Free cash flow is defined as net cash provided by (used in) operating activities minus capital expenditures. Management believes providing free cash flow is useful for investors to understand the Company's performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash provided by operating activities, is beneficial to an investor's understanding of the Company's operating performance. A reconciliation of free cash flow to cash provided by (used in) operating activities is included in the appendix to this presentation.

Adjusted operating income (loss), a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company's operating results as they are not indicative of the Company's core operating results or may obscure trends useful in evaluating the Company's continuing activities. Accordingly, the Company presents adjusted operating income (loss) excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating income (loss) to provide investors with a better understanding of the Company's view of our results as compared to prior periods. A reconciliation of adjusted operating income (loss) to operating income (loss), the most comparable GAAP financial measure, is included in the appendix to this presentation.

Adjusted net income and adjusted earnings per diluted share each reflect adjustments for sale of assets, non-cash impairment and debt transactions, and the related tax effects of these adjustments. Management believes providing adjusted measures and excluding certain items facilitates comparisons to the Company's prior year periods and, when combined with the GAAP presentation of net income (loss) and diluted net income (loss) per share, is beneficial to an investor's understanding of the Company's performance. A reconciliation of adjusted net income and adjusted earnings per diluted share to net income (loss) and net income (loss) per diluted share is included in the appendix to this presentation.

2

2

Wabash National - Changing How the World Reaches You

Key Messages

• Wabash National is the leader in transportation solutions with a portfolio of equipment spanning from First to Final Mile.
• Refreshed vision, mission & purpose pair with organizational realignment to support strategy
• Focus on Parts & Services to drive higher margin growth beyond the equipment cycle
• New level of financial performance through difficult operating environments evident in 2020 and 2021
• Expect significant increase in 2022 EPS
• Opportunity for 2023 revenue, operating margin and EPS accretion driven by strategic capacity addition and exciting product innovations

3

Wabash at a Glance (NYSE: WNC)

1985	Lafayette, IN	~$700M1	~5,800	16	$1.5B	1.5%	$104M
Founded	Headquarters	Market-cap	Global Employees	Manufacturing	2020 Revenue	2020 Adjusted	2020 Free Cash Flow
				Locations		Operating Margin²
FIRST MILE					FINAL MILE

▪	Long-haul routes of goods	▪ Products moved into or redistributed
▪	Driven by freight activity	among fulfillment centers

• Delivery of goods to home or final destination

▪ Driven by strategic positioning of goods	▪ Driven by strong growth in e-Commerce
to allow for 2-day delivery or less

Leveraging the Industry's Broadest Portfolio Across All Phases of Transportation

4	1 As of 07/30/2021	4
	² 2020 Operating Income adjusted for non-cash impairment, debt transactions, and the impact of sale and divestiture.	4

Our Future Will be Built as One Wabash

	Purpose	To change how the world reaches you

Vision

To be the innovation leader of engineered solutions for the transportation, logistics and distribution industries

Mission

To enable our customers to succeed with breakthrough ideas and solutions that help them move everything from first to final mile

Refreshed Purpose, Vision, Mission Drive Alignment with Strategic Plan

5

5