Ryder System : Investor Overview

Investor Overview

February 2024

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Safe Harbor and Non-GAAP Financial Measures

Note Regarding Forward-Looking Statements:

Certain statements and information included in this news release are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including: our forecast; our outlook; our expectations regarding market trends and economic environment, such as rental demand, economic growth, challenging freight environment, weakening used vehicle sales and rental, and declining volumes in our omnichannel retail vertical; our expectations regarding the freight cycle, including timing, and the impact of the freight cycle on our businesses; our expectations regarding total and operating revenue, earnings per share, comparable earnings per share, adjusted ROE, earnings before income tax, net cash from operating activities from continuing operations, debt-to-equity, capital expenditures (including with respect to lease/rental replacement, lease/rental growth, and operating property and equipment), operating cash flow, free cash flow, and the causes of change; our ability to execute our balanced growth strategy; the impact of inflationary pressures, such as inflationary cost recovery; our expectations regarding commercial rental demand and utilization and used vehicle sales volume and pricing; our expectations with respect to ChoiceLease growth; our expectations with respect to the timing of OEM deliveries and vehicle production; our expectations regarding vehicle pre-buy activity; our expectations with respect to our actions to increase returns and create long-term value; our ability to outperform prior cycles; our expectations regarding long-term profitable growth and secular growth trends; our ability to profitably grow SCS/DTS, and benefits from FMS lease pricing and maintenance cost savings initiatives; our expectations regarding used vehicle inventory and fleet size; our ability to redeploy rental vehicles and leverage our expanded retail used vehicle network; our ability to execute our enhanced asset management playbook; our ability to support organic growth, including growing our contractual lease, dedicated, and supply chain businesses at targeted returns; our expectations regarding strategic investments and acquisitions, including the acquisitions of Impact Fulfillment Services and Cardinal Logistics; and our expectations regarding our ability to return capital to shareholders, including through share repurchases and dividends. Our forward-looking statements also include our estimates of the impact of residual value estimates on earnings and depreciation expense that is based in part on our current assessment of the residual values and useful lives of revenue-earning equipment based on multi-year trends and our outlook for the expected near- and long-term used vehicle market. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements; driver shortages; customer requirements and preferences; and changes in underlying assumption factors.

All of our forward-looking statements should be evaluated by considering the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include: changes in general economic and financial conditions in the U.S. and worldwide; the ongoing supply chain and labor challenges and vehicle production constraints, including OEM delays; the effect of geopolitical events; our ability to adapt to changing market conditions, including lower than expected contractual sales, decreases in commercial rental demand or utilization, poor acceptance of rental pricing, declining market demand for or excess supply of used vehicles impacting current or estimated pricing, and our anticipated proportion of retail versus wholesale sales; declining customer demand for our services; higher than expected maintenance costs; lower than expected benefits from our cost- savings initiatives; our ability to effectively and efficiently integrate acquisitions into our business; lower than expected benefits from our sales, marketing, and new product initiatives; setbacks in the economic market or in our ability to retain profitable customer accounts; impact of changing laws and regulations; difficulty in obtaining adequate profit margins for our services; inability to maintain current pricing levels due to, for example, economic conditions, business interruptions, expenditures, labor disputes, and severe weather or other natural occurrences; competition from other service providers; changes in technology and new entrants; professional driver and technician shortages resulting in higher procurement costs and turnover rates; impact of supply chain disruptions; higher than expected bad debt reserves or write-offs; decrease in credit ratings; increased debt costs; adequacy of accounting estimates; our ability to effectively and efficiently integrate acquisitions into our business; higher than expected reserves and accruals particularly with respect to pension, taxes, insurance, and revenue; impact of changes in our residual value estimates and accounting policies, including our depreciation policy; unanticipated changes in fuel and alternative energy prices; unanticipated currency exchange rate fluctuations; fluctuations in inflation or interest rates; our ability to manage our cost structure; and the risks described in our filings with the Securities and Exchange Commission (SEC). The risks included here are not exhaustive. New risks emerge from time to time, and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Note Regarding Non-GAAPFinancial Measures: This presentation includes certain non-GAAP financial measures as defined under SEC rules, including:

Comparable Earnings Measures, including comparable earnings from continuing operations; comparable earnings per share from continuing operations; and comparable earnings before income tax. Additionally, our adjusted ROE (ROE) measure is calculated based on adjusted earnings items.

Operating Revenue Measures, including operating revenue, operating revenue growth and EBT as a percentage of operating revenue, in each case for Ryder and its business segments.

Cash Flow Measures, including total cash generated and free cash flow.

Refer to Appendix - Non-GAAP Financial Measures for reconciliations of the non-GAAP financial measures contained in this presentation to the most comparable GAAP measure. Additional information regarding non-GAAP financial measures as required by Regulation G and Item 10(e) of Regulation S-K can be found in our most recent Form 10-K, Form 10-Q, and Form 8-K filed with the SEC as of the date of this presentation, which are available at http://investors.ryder.com.

All amounts subsequent to January 1, 2017, have been recast to reflect the impact of the lease accounting standard, ASU 2016-02,Leases. Amounts throughout the presentation may not be additive due to rounding.

Summary of Key Investor Themes

1 Business Model Changes Support Balanced Growth Strategy

Transformative changes to business model focused on de-risking and optimizing the model, enhancing returns and

free cash flow, and driving long-term profitable growth

1 Transformative Changes Increase Earnings and Return Profile

2 Leading Provider of Outsourced Logistics and Transportation Solutions in North America

Leadership position in three scaled businesses - each positioned for long-term profitable growth

2 Complementary Business Segments Provide Broad Range of Value-added Solutions

Vehicle Financing, Support Services, and Maintenance

Drivers, Routing, Scheduling and Administration

Warehouse Management

Transportation Management & Brokerage

E-Commerce Fulfillment

B U S I N E S S S E G M E N T S Y N E R G I E S

Last Mile Delivery (Big & Bulky)

2 Companies Performing Their Own Logistics and Transportation Services Face Increasing Challenges

SECULAR TRENDS THAT SUPPORT OUTSOURCING DECISION

Ryder is well positioned to address the challenges facing the large, non-outsourced transportation and logistics market

3 Industry Leader in New Product Innovation to Drive Future Earnings Potential

• RyderShareTM enables customers to benefit from real-time tracking and management of goods moving through their supply chains - a strategic differentiator enabling Ryder to win new business and larger deals

• e-Fulfillment network provides distribution capability to 100% of U.S. consumers within 2 days

• Ryder Last Mile profitably delivers big & bulky goods to every zip code in the continental U.S.

• Continue to evolve relationships with traditional OEMs and startups for insights on technology and commercialization within customer service offerings
• Introduced RyderElectric+TM to provide EV advisory, vehicle lease, charging, telematics and maintenance services

• Investing in innovative companies creating the technology and applications that will drive the industry forward